Tarsisius R.Suganda_Abstract_1832014

SINYAL PROFITABILITAS DAN REAKSI PASAR MODAL TERKAIT PENINGKATAN DIVIDEN SAAT LABA MENINGKAT

Tarsisius Renald Suganda
El Hezekiah Sabbat
Fakultas Ekonomi dan Bisnis Universitas Ma Chung Malang
Villa Puncak Tidar N-01, Malang, 65151, Indonesia.

Korespondensi dengan Penulis:
T. Renald Suganda: Telp. +62 341 550 171; Fax. +62 341 550 175
E-mail: renald.suganda@machung.ac.id

Abstract
Dividend policy was a topic that still caused the pros and cons. Based on signaling theory, the announcement of dividend would be reacted by the market. The purposes of this study were to investigate the effect of the company’s profitability as a result of dividend announcement, to examine the market reaction (using abnormal return and trading volume activity as the indicators) toward the announcement of dividend increase when the earning or profit was increasing. Event study method was used to answer the research questions. The result showed that there was a significant ROE decreasing in a year after the announcement. The market reaction showed that there was a negative abnormal return during the period of the announcement of dividend increase when the earning or profit was increasing. The study also showed that the average trading volume was insignificantly increasing after the announcement. This study showed that the announcement indicated a bad signal for the Indonesian market. However, the findings of the research gave some suggestions for the same researches in Indonesia capital market.

Keywords: abnormal return, dividend, event study, ROE, signaling theory, trading volume activity

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Sri Dwi Ari Ambarwati_Abstract_1832014

PERSPEKTIF BIRD IN THE HAND: PENENTU DIVIDEND PAYOUT RATIO PERUSAHAAN MANUFAKTUR

Sri Dwi Ari Ambarwati
Prodi Manajemen Fakultas Ekonomi
Universitas Pembangunan Nasional ‘Veteran’ Yogyakarta
Jl. SWK Lingkar Utara No.104, Condongcatur, Yogyakarta, 55283, Indonesia.

Korespondensi dengan Penulis:
Sri Dwi Ari Ambarwati: Telp./Fax.+62 274 486 372
E-mail: ambarwati_73@yahoo.com

Abstract
This research was specially to test impact of Return On Investment’s (ROI), Insider Ownership (INSD), Debt to Equity Ratio (DER) to dividend payout ratio (DPR) by the use of free cash flow (FCF) as moderating variable on manufacturing firm listed on Indonesian Stock Exchange (ISE) period 2005 until 2011. This research hypothesized that moderating variable had a positive influence to dividend payout ratio (DPR). Hypothesis testing was done by the use of linear regression model (OLS). Empirical result on panel A (without moderating variable) and panel B (with moderating) were simultaneously ROI, INSD, DER, FCF and moderated variable (FCF*ROI) had a significant impact to DPR. Meanwhile panel A showed an evident that DER variable and FCF had an impact to dividend payout ratio (DPR) and panel B pointed out that DER, FCF, FCF*ROI and FCF*INSD had a significant impact to dividend payout ratio (DPR). Based on moderated regression analysis (Panel B) FCF as moderating variable had an influence on the relationship between insider ownership and dividend payout ratio (DPR). It was seen in increasing R2 and Adjusted R2 in regression model before being moderated and after. It meant that FCF as moderating variable increased the contribution on model one which was proposed.

Keywords: debt to equity ratio, free cash flow, insider ownership, return on investment

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C.Ambar Pujiharjanto_Abstract_1832014

IDENTIFIKASI VARIABEL PENENTU STRUKTUR MODAL DAN ADJUSTMENT TO TARGET CAPITAL STRUCTURE: TRADE-OFF THEORY

C. Ambar Pujiharjanto
Nilmawati
R. Hendri Gusaptono

Prodi Manajemen Fakultas Ekonomi
Universitas Pembangunan Nasional ‘Veteran’ Yogyakarta
Jl. SWK Lingkar Utara No.104, Condongcatur, Yogyakarta, 55283, Indonesia.

Korespondensi dengan Penulis:
C. Ambar Pujiharjanto: Telp./Fax.+62 274 486 372
E-mail: denkelik@yahoo.co.id

Abstract
The purpose of this paper was to test the trade-off theory of capital structure. We started with identifying variables that influenced capital structure. Partial Adjustment Model used in this study was to test adjustment to target capital structure. Based on a sample of non-financial Indonesian listed firms from 2008 to 2012, we found liquidity, profitability, tangible asset, growth, and cash flow influenced the use of debt on the firm. The results of the test Speed of Adjustment (SOA) with Partial Adjustment Model showed the inconsistency of the Dynamic Trade-Off Theory.

Keywords: adjustment to target capital structure, trade-off theory of capital structure

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Risa Rolita_Abstract_1832014

HUBUNGAN STRUKTUR MODAL DAN KEPUTUSAN INVESTASI PADA PERUSAHAAN MANUFAKTUR

Risa Rolita
Fakultas Ekonomi dan Bisnis Universitas Ma Chung Malang
Villa Puncak Tidar N-01 Malang, 65151, Indonesia.

Korespondensi dengan Penulis:
Risa Rolita: Telp. +62 341 550 171; Fax. +62 341 550 175
E-mail: chaca_risa@yahoo.com

Abstract
The background of this study was begun with the manufacturing company needs capital to continually improve their performance and investors needs to look at the capital structure to determine their decision to invest. The purpose of this research was to know the relation between capital structure and investment decisions in manufacturing company listed on the Indonesia Stock Exchange during six years (2008-2013). This study was a causal research. Sampling technique used purposive sampling method. Adjusted R2 test was used to measure the model capability in explaining the variation of dependent variable. T-test was used to test the partial regression coefficient with a significance level of 5%. Capital structure was represented by Debt to Asset Ratio (DAR), Debt to Equity Ratio (DER), Long term Debt to Asset Ratio (LDAR), Long term Debt to Equity Ratio (LDER), Equity to Asset Ratio (EAR). Investment decision was represented by changes of Fixed Asset Ratio (∆AT Ratio). The result of this research was DAR and DER gave significant effect on investment decisions.

Keywords: capital structure, investment decisions, debt ratio

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Christine Dwi Karya Susilawati_Abstract_1832014

FAKTOR-FAKTOR FUNDAMENTAL DAN JENIS INDUSTRI TERHADAP CORPORATE SOCIAL RESPONSIBILITY SERTA DAMPAKNYA TERHADAP HARGA SAHAM

Christine Dwi Karya Susilawati
Se Tin
Lidya Agustina
Prodi Akuntansi Fakultas Ekonomi Universitas Kristen Maranatha
Jl. Suria Sumantri No.65 Bandung, 40164, Indonesia.

Korespondensi dengan Penulis:
Christine Dwi Karya Susilawati: Telp. +62 22 201 2186; Fax. +62 22 201 7625
Email: buwenfa@yahoo.co.uk

Abstract
Different characteristics could be determined by using three approaches categories: structure, performance, and market. Structure was determined by factors associated with the development of the company included firm size, firm age, and the ability to repay the debt. Performance was determined by quantitative factors included the company’s liquidity and profitability, while the market was determined by factors namely qualitative form of public shares, and the status of the company. The purpose of this study was to test the influence of fundamental factors, namely liquidity, profitability, leverage, stock ownership, firm size, firm age and status of the company’s CSR, and to test the different types of industries (Consumer Goods, Mining and Forestry sectors Banking and widespread influence of CSR disclosure in Indonesia). The samples used were 30 companies of consumption sector, 31 companies of mining sector and plantation, and 28 companies of banking sector during 2010-2012. The company’s data was taken from the annual report. Data analysis technique used multiple regression analysis. The results of this study indicated that the stock ownership and firm age had a significant effect on the area of CSR (CSR Index), and a significant effect on the CSR Index stock price and type industry influence on the CSR Index.

Keywords: Corporate Social Responsibility, firm size, firm age, leverage, liquidity, profitability, status of the company’s, stock ownership, stock price

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Luh Gede Sri Artini_Abstract_1832014

STRUKTUR KEPEMILIKAN SAHAM TERHADAP KEBIJAKAN UTANG PERUSAHAAN DI BURSA EFEK INDONESIA

Luh Gede Sri Artini
Ni Nyoman Ayu Diantini
Prodi Manajemen Fakultas Ekonomi dan Bisnis Universitas Udayana
Jl. P.B. Sudirman, Denpasar, Bali, 80232, Indonesia.

Korespondensi dengan Penulis:
Luh Gede Sri Artini: Telp. +6281 558 030 970
E-mail: lg_artini @yahoo.com

Abstract
This paper examined the effects of insider ownership, institutional investors and shareholders dispersion on debt ratio by pooled regression model. The research Population was all the firms in LQ 45 in Indonesia Stock Exchange (IDX) from 2009 until 2012, and sampling conducted in this research was purposive sampling method. Based on the criteria obtained by purposive sampling, 15 companies were eligible to be utilized as the research sample. The results of this research were that the impact of insider ownership was positive significant on debt ratio, the institutional investor had a significant positive impact on debt ratio, shareholder dispersion was not significantly effect on debt ratio.

Keywords: insider ownership, institutional investors, shareholders dispersion, debt ratio

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Verani Carolina_Abstract_1832014

KARAKTERISTIK EKSEKUTIF TERHADAP TAX AVOIDANCE DENGAN LEVERAGE SEBAGAI VARIABEL INTERVENING

Verani Carolina
Maria Natalia
Debbianita
Prodi Akuntansi Fakultas Ekonomi Universitas Kristen Maranatha
Jl. Prof. Drg. Suria Sumantri, MPH No.65 Bandung, 40164, Indonesia

Korespondensi dengan Penulis:
Verani Carolina: Telp. +62 22 201 2186 Ext.1528; Fax.+62 22 201 7625
E-mail: velove_n4_jc@yahoo.com

Abstract
This research aimed to examine the influence of the executive characteristic on corporate tax avoidance. Risk taker’s executive tended to be more courageous and aggressive in taking decision related to the tax. On the contrary, the risk averse executive tended to be carefully (Low, 2006). This research used leverage as intervening variable. Therefore, there was an assumption that the executive characteristic determined the corporate leverage which then influenced their tax avoidance in the company. Manufacturing companies which were listed in Indonesia Stock Exchange during the period 2010-2012 were used as samples. This research used purposive sampling method to select the sample with the criteria as follows: they were listed in Indonesia Stock Exchange during the period of 2010-2012, they made a profit during the period of 2010-2012, and they used rupiah as reporting currency. Data was processed using path analysis and the result showed that the executive characteristic had an impact on corporate tax avoidance with leverage as the intervening variable. The result of this research could be used for the investors to assess the corporate tax avoidance before they made a decision, and also for the policy makers to detect the corporate tax avoidance.

Keywords: characteristics of the executive, leverage, tax avoidance

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Agus Haryono_Abstract_1832014

RISIKO INVESTASI, BID-ASK SPREAD, DAN COST OF EQUITY CAPITAL DI PASAR MODAL INDONESIA

Agus Haryono
Edi Subiyantoro
Prodi Akuntansi Fakultas Ekonomi dan Bisnis Universitas Merdeka Malang
Jl. Terusan Raya Dieng No.62-64 Malang, 65146, Indonesia.

Korespondensi dengan Penulis:
Agus Haryono: Telp./Fax. + 62 341 561 448
E-mail: agusharyono34@gmail.com

Abstract
A number of studies investigated how financial information affected investment decisions. The study extended this line of research by examining the effect of risk, proxied by price per share, number of shareholders, number of dealers, trading volume, accounting risk and market risk measures on the bid ask spread. Further, the research tried to test the relationship between bid ask spread and cost of equity capital. The samples of this research were the manufacturing companies listed at Indonesian Stock Exchange which shared the dividend for 3 years; there were 40 companies. Data analysis technique used multiple regression analysis. The results of regression provided evidence of statistically significant effect of price per share, market value, asset size and price variability on bid ask spread. At last, there was a positive relationship between bid ask spread and cost of equity capital

Keywords: bid-ask spread, cost of equity capital, invesment risk

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Nyoman Triaryati_Abstract_1832014

HUBUNGAN RETURN SAHAM DAN INFLASI DI INDONESIA

Nyoman Triaryati
Prodi Manajemen Fakultas Ekonomi dan Bisnis Universitas Udayana
Jl. P.B. Sudirman No.4 Denpasar, Bali, 80234, Indonesia.

Korespondensi dengan Penulis:
Nyoman Triaryati: Telp. +62 361 234 133
E-mail: 3aryati@gmail.com

Abstract
The effect of inflation to the stock return research had been held since three decades ago based on Generalize Fisher’s Hypotheses, but ‘how inflation influenced stock return’ had become a debate until today. In Indonesia most of the related research used inflation as one of the variables that influenced stock return despite of others in short period of time. This research investigated the effect of inflation to the stock return in Indonesia within fifteen years, which was divided into 3 (three) periods of time reflecting different economic growth for each of it. The purpose of this allotment was to see the consistency how inflation influenced the stock market. Using a secondary data from monthly inflation and IHSG period 1998 until 2012, included three hundred and sixty observation, simple regression model analyses was applied. This research acknowledged that inflation negatively influenced stock return in a long time period, but it did not exist in the short time period, except when the level of inflation reached 10%. In conclusion, inflation influence on the stock return was not ascertained by how long the investigation was held but if there was any inflation rate reaching 10% within the period of investigation.

Keywords: Inflation, Generalize Fisher’s Hypotheses, stock return

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Satia Nur Maharani_Abstract_1832014

MENELUSURI MEKANISME KERJA SYARAF OTAK UNTUK MEMBUKA KOTAK HITAM BIAS PSIKOLOGIS DI PASAR KEUANGAN

Satia Nur Maharani
Prodi Akuntansi Fakultas Ekonomi Universitas Negeri Malang
Jl. Semarang No. 5 Malang, 65145, Indonesia.

Korespondensi dengan Penulis:
Satia Nur Maharani: Telp. +62 341 551 312; Fax. +62 341 575 330
E-mail: tiamaharani@ymail.com

Abstract
Neuro economics was a new science as an academic effort to explore the brain nerve when behavior was influenced by psychological biases. Though neuro economics was relatively new, but it was a very interesting field to study, especially because it was still minimal reviewed by scientists in Indonesian economy. This article introduced the concept of neuro economics in the role of explaining the behaviors of investors affected by psychological biases. Some findings of neuro economics studies were to provide an understanding of this study that contributed the development of the field of science especially behavioral finance. In addition, some of the constraints in the development of neuro economics in Indonesia was also described as a reflection to the opening up to the spirit of science as an interdisciplinary effort to develop a comprehensive science.

Keywords: behavior finance, neuro economics, psychological bias

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