APAKAH PINJAMAN KORPORASI DINILAI SECARA WAJAR? STUDI EMPIRIS DI INDONESIA

Atmojo, Ivana and Marciano, Deddy and wijaya, Liliana Inggrit (2005) APAKAH PINJAMAN KORPORASI DINILAI SECARA WAJAR? STUDI EMPIRIS DI INDONESIA. In: Proceeding 2nd Annual Symposium on Management : Achieving Excellence through Service Management, 16 -17 March 2005, Universitas Surabaya.

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Abstract

The vast growth of banking loans from 1990-1997 is marked with the seemingly high NPL rate. This raises doubts to whether lenders have indeed assessed risk properly, thus resulting in an appropriate loan pricing. This research aims to examine if loan pricing prior the crisis in Indonesia has been performed properly, in a way that perceived 'bad borrowers' (high- risk borrowers) are charged higher loan price than are perceived 'good borrowers' (low-risk borrowers). The variables employed in this research are: loan maturity, loan size, the existence of collateral, borrowers' status (listed or non-listed), and some control variables such as industry and loan contract 's deal date. This research also examines subsamples based on their asymmetry information level, specifically: non-listed borrowers and listed borrowers, then foreign and domestic lenders. We run our models with Ordinary Least Squares (OLS) regression, using white correction heteroskedasticity. The primay source of data for this study is the Dealscan database compiled by LPC (Loan Pricing Corporation). Data sample used are prior to the crisis from the period 1990-1997. All in all, the research indicates that loan pricing in Indonesia were not properly conducted. Loan pricing are better performed on listed borrowers than on non-listed borrowers. . Still, the results confirm that lenders generally ignore borrowers' financial ratios. The result of foreign and domestic lenders reveals that domestic lenders tend to assess risk and price loans better than do foreign lenders.

Item Type: Conference or Workshop Item (Paper)
Uncontrolled Keywords: Non-performing loans, Pinjaman korporasi, Risiko, Penilaian pinjaman, Asimetri informasi, Agency problem, Adverse selection.
Subjects: H Social Sciences > HG Finance
Divisions: Faculty of Business and Economic > Department of Management
Depositing User: Karyono
Date Deposited: 20 Mar 2012 04:08
Last Modified: 20 Mar 2012 04:08
URI: http://repository.ubaya.ac.id/id/eprint/164

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