Novriyanthi Taungke_19315368377


Novriyanthi Taungke


Fakultas Ekonomika dan Bisnis Universitas Kristen Satya Wacana

 Jl. Diponegoro 52-60 Salatiga, 50711


The aim of this study is to analyze whether the stock prices decrease at ex-dividend date in Indonesia Stock Exchange (IDX) that is determined by amount of dividend drop-off ratio (DDR). This study also attempts to investigate the differences the stock prices decrease at  ex-dividend date based on  Investment Opportunity Set (IOS).  Sample consist of  the companies that announced the dividend during 2010-2012 periods. By using non-parametric tests, especially Chi-square Test and Mann Whitney Test,  the result of this study showed the stock prices decreased less than dividend amount on ex-dividend date.  Besides, the non-growth firms experienced decrease more than growth firms.

Keywordsex-dividend date, dividend drop-off ratio, IOS

19315368377_Novriyanthi Taungke (Full Text)

Sri Dwi Ari Ambarwati_19315391399

Dampak  Struktur Kepemilikan, Financial Leverage, Board Director terhadap Nilai Perusahaan

 Sri Dwi Ari Ambarwati


Rini Dwi Astuti


Fakultas Ekonomi UPN “Veteran” Yogyakarta



This study tried to analyze the effect of ownership structure, financial leverage, size of board directors and sales Growth on the performance of companies with lower growth opportunities , whether there is a proxy growth opportunities with low PER. This research was conducted at the manufacturing company with the selection criteria for purposive sampling method 2010-2012 period, based on the criteria  the obtained sample of 32 companies  with  low growth opportunities. Thus obtained 96 obervasi for each group. The results showed that: 1). simultaneously the ownership structure, financial leverage, size of board directors and sales Growth affect the performance of  companies with low growth opportunities. 2). Partially, it was found empirical evidence that financial leverage and variable size of board directors significantly affect the company’s performance with lower growth opportunities. For institutional ownership structure revealed a significant effect on performance, but at a rate of 10% alpha tolerated.

 Keyword: Ownership structure, leverage, size of board, growth opportunities

19315391399_Sri Dwi Ari Ambarwati (Full Text)

Annisa Putri Caesari_19315409417


 Annisa Putri Caesari

Abdul Kohar Irwanto

Muhammad Syamsun

Pasca Sarjana Ilmu Manajemen Institut Pertanian Bogor

Jl. Raya Darmaga, Bogor, Jawa Barat 16680


The operational activities of a company are conducted to maximize the profits of shareholders. But besides that, the company also has an obligation to give contribution to society. To accommodate the goals and the obligations of the company, systems called Corporate Governance (CG) and Corporate Social Responsibility (CSR) can be applied. The implementations of CG and CSR are related because CSR is the consequence of applying CG. Besides CG and CSR are related one another, CG and CSR also linked to Corporate Financial Performance (CFP). A research was conducted on one hundred companies listed in Kompas100 index in order to know the relation among the implementation of CG, the exposure of CSR, and CFP. Analysis to know the relation of three variables was conducted using analysis of structural equation modeling (SEM). The result shows that the implementation of CG positively influenced to the exposure of CSR. Nevertheless, the implementation of CG is negatively nfluenced to the CFP. Similarly, the exposure of CSR is negatively influenced to the CFP. Due to the influence CG to CFP and the influence CSR to CFP is negative, implementation of CG is also influence negatively to the CFP through the disclosure of CSR as a moderating variable.

Keywords: CG, CSR, CFP

19315409417_Annisa Putri Caesari (Full Text)