Freddy Semuel Kawatu_abstract_1332009

MEKANISME CORPORATE GOVERNANCE TERHADAP NILAI PERUSAHAAN DENGAN KUALITAS LABA SEBAGAI VARIABEL INTERVENING

Freddy Semuel Kawatu
Fakultas Ekonomi Universitas Negeri Manado
Jl. Kampus UNIMA, Tondano 95618

Korespondensi dengan Penulis:
Freddy Semuel Kawatu: Telp + 62 431 321 845-7, Fax. +62 431 321 866
E-mail: freddy_kawatu@yahoo.com

Abstract:

The objectives of the study were to investigate the relationship between corporate governance and earnings quality, earnings quality and value of the firm, corporate governance mechanism and value of the firm, and whether earnings quality was the intervening variable between corporate governance and value of the firm. By using 74 samples and 197 observations, the result indicated that first, corporate governance influenced earnings quality. (1)Managerial ownership positively influenced earnings quality, (2) Board of commissioner negatively influenced earnings quality, (3) Audit committee positively influenced earnings quality. Second, earnings quality positively influenced value of firm. Third, corporate governance mechanism influenced value of the firm. Finally, the result indicated that earnings quality was not the intervening variable between corporate governance mechanism and value of the firm.

 

Key words:  corporate governance, earnings quality, discretionary accrual,  corporate value

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Riesanti Edie Wijaya_abstract_1332009

KEBERADAAN CORPORATE GOVERNANCE DAN KONDISI FINANCIAL DISTRESSED TERHADAP VOLUNTARY DISCLOSURE 

Riesanti Edie Wijaya
Fakultas Ekonomi Universitas Surabaya
Jl. Raya Kalirungkut Surabaya, 60293

Korespondensi dengan Penulis:
Riesanti Edie Wijaya: +62 31 298 1297, Fax. +62 31 298 1131
E-mail: riesanti_ew@yahoo.com

Abstract:
Voluntary disclosure meant giving information to public either about financial or non-financial regarding the firm’s operations without any legal requirement (Fishman and Hagerty, 1997). Giving information about voluntary disclosure enables all the concerned parties obtaining more relevant information about the strategies and critical elements of the firms. In this study, we examined the impact of corporate governance and financial distress condition on the level of voluntary information disclosure. This research used a sample of manufacture firms listed in Indonesian stock exchange. Based on data processing using sample above, we found that corporate governance and financial distress could be associated with the voluntary disclosure level.

Key words:  voluntary disclosure, corporate governance, financial distress.

Muhammad Asril Arilaha_abstract_1332009

CORPORATE GOVERNANCE DAN KARAKTERISTIK PERUSAHAAN TERHADAP KEBIJAKAN DIVIDEN

 
Muhammad Asril Arilaha
Fakultas Ekonomi Universitas Khairun Ternate
Jl. Kampus II Gambesi, Ternate Selatan
 
Korespondensi dengan Penulis:
Muhammad Asril Arilaha: Telp. +62 921 311 0322, Fax.+62 921 311 0901
E-mail: asril_arilaha@yahoo.co.id

Abstract:

The objective of this study was to give empirical evidence, the influence of corporate governance, profitability, and firm growth to dividend policy. Population of study was firms which were followed survey by The Indonesian Institute for Corporate Governance (IICG) in 2006-2008. Data was collected by purposive sampling and multiple regressions. The result showed there is no support substitution that firm which had bad corporate governance mechanism would give dividend to investors. Firm profitability and firm size gave positive influence to dividend policy, but firm growth gave negative influence to dividend policy.

 Key words: corporate governance, profitability, firm size, firm growth, dividend policy

Ni Luh Putu Wiagustini_abstract_1332009

INVESTMENT OPPORTUNITY, INSTITUTIONAL OWNERSHIP, CASH FLOW, COMPANY LIFE CYCLE TERHADAP
KEBIJAKAN DIVIDEN DAN RETURN SAHAM
 
 Ni Luh Putu Wiagustini
Fakultas Ekonomi Universitas Udayana
Jl. P.B. Sudirman – Denpasar
 
Korespondensi dengan Penulis:
Ni Luh Putu Wiagustini: +Telp /Fax: +62 361 229 119
E-mail: wiagustini@yahoo.com 
Abstract:

The objective of this research was to examine and to analyze the influences of investment opportunity, cash flow, company institutional ownership, and company life cycle stages to dividend policy; and the influences of dividend policy to investment opportunity, cash flow, institutional ownership, and company life cycle stages to share return. The samples used in this research were manufacturing companies registered at Indonesia Stock Exchange (ISX), who paid dividend regularly within the period of 2003 – 2006. Path Analysis was used as technical analysis in this research. The research result indicated that, the investment opportunity negatively influenced the dividend policy, while the cash flow did not influence the dividend policy determination; ownership structure did not influence dividend policy determination; the company life cycle stages influenced the dividend policy determination; dividend policy determination influenced company share return; investment opportunity did not directly influence to share return; the cash flow negatively influenced to share return; company institutional ownership negatively influenced the company share return;  and company life cycle stages negatively influenced the company share return.  

Key words:  investment opportunity, company institutional ownership, free cash flow, company life cycle stages

Endri_abstract_1332009

PERMASALAHAN PENGEMBANGAN SUKUK KORPORASI DI INDONESIA MENGGUNAKAN METODE ANALYTICAL NETWORK PROCESS (ANP)


E n d r i
ABFI Institute Perbanas Jakarta
Jl. Perbanas, Karet Kuningan, Setia Budi – Jakarta 12940
Korespondensi dengan Penulis:
E n d r i: Telp. +62 21 525 2533
E-mail: endri67@yahoo.com

 

Abstract:

This paper analyzed the problem of developing corporate sukuk in Indonesia using Analytic Network Process (ANP) methodology, proceeded by literature survey and in-depth interview with scholars, practitioners, and regulator of Islamic capital market to fully understand the problem and to develop an appropriate ANP network. The cause of this problem could be grouped into four aspects, namely 1) market player; 2) product characteristic; 3) regulation; and 4) government. This research found that the problems of developing corporate sukuk in Indonesia could be summed up into two main causes from market player and regulation aspects, namely the lack of market player understanding and quality of human resource which involved in Islamic capital market, and also the uncertainty of tax regulations. The suggested solution was to increase understanding of market player by promoting Islamic capital market intensively, and then providing quality of human resource by training and education comprehensively, revising tax regulation to avoid double taxation become the next solution. Other suggested solution from government aspect was to give support through issuance sovereign sukuk. Moreover, the most effective policy strategy to overcome the problems of Islamic capital market, especially in developing corporate sukuk market was by implementing market driven strategy, where policies were intended to make market mechanism running well.

 

Key words: Sukuk, Analytical Network Process, market player, product characteristic, regulation government

Asih Widajati_abstract_1432010

FAKTOR YANG MEMPENGARUHI RISIKO KREDIT DAN YIELD OBLIGASI PADA PERUSAHAAN PERBANKAN

Asih Widajati
Jurusan Administrasi Niaga Politeknik Negeri Malang
Jl. Soekarno-Hatta No.9 Malang, 65141

Korespondensi dengan Penulis:
Asih Widajati: Telp.+62 341 404 424, Fax.+62 341 404 420
E-mail: asihwidajati@yahoo.com

Abstract
Investing in bonds was preferred by investors with the reason that the bonds offer the returns that are positive with fixed income so that more bond guarantee from the stock. Investors choose the bonds with rank considered (rating) of bonds and bond return (expressed in yield). This study aimed to analyze the influence. Corporate governance of credit risk, the influence of corporate governance on bond yield, the effect of credit risk on the bond yield. The used data was secondary data. The research population was banks that issue bonds from 2008 to 2010. Sampling was done by using purposive sampling technique so that there were 7 banks that meet the condition sets in the sample. Tests analysis used path analysis. The results showed that corporate governance the effect to credit risk and yield bonds. The results showed that bond was the choice of investors to invest.

Key words: credit risk, bond, yield

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Surroya Favourita_abstract_1432010

EFEKTIFITAS IMPLEMENTASI MODEL QUANTUM LEAP DALAM MENINGKATKAN PANGSA PASAR

Suroyya Favourita H
Program Doktor Ilmu Administrasi
Fakultas Ilmu Administrasi Universitas Brawijaya
Jl. MT. Haryono No.69 Malang, 65145

Korespondensi dengan Penulis:
Suroyya Favourita H: Telp. +62 341 719 836, Fax.+62 341 719 837
E-mail: favourita2009@gmail.com

Abstract
The aim of this research was to find out the difference of fund and credit market share before quantum leap model implementation and one year after implementation. This research had been done at the Bank X (Persero) Tbk. in region 06 Surabaya. It consists of 29 branches as population and respondents. It used the tool of t-test and ANOVA to compare fund and credit market share before and after implementation. The result of this research showed that fund declines after implementation. This condition was strengthened by hypothesis test result. So, it was shown that there was no significance differences between before and after implementation. Company ability in credit contribution improved, the change was regarded as significant between before and after implementation. Based on market share data result, it could be concluded that the company ability in getting fund decline in average, so quantum leap model was not effectively improves fund market share. In contrary, quantum leap model effectively improves credit market share.

Key words: quantum leap, market share, business strategy

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