Riko Hendrawan_19215263270

TEST OF SPEED OF ADJUSTMENT TOWARDS THE CAPITAL STRUCTURE IN INDONESIA TELECOMMUNICATION INDUSTRY

Riko Hendrawan
Dwipanca Adi Nugraha
Magister Manajemen Universitas Telkom
Jl. Gegerkalong Hilir No.47 Bandung, 40152, Indonesia

Korespondensi dengan Penulis:
Riko Hendrawan: Telp. +62 22 201 1388/ +62 22 201 13887
E-mail: riko_hendrawan@yahoo.com

Abstract
The purpose of this research was to test whether or not the pecking order theory occurred in telecommunication industry in Indonesia and also in its speed of adjustment. Using the purposive sampling method and taking 7 years period of data collection from 2006 up to 2012, the data were gathered from the companies’ financial statement. The data were analyzed using the random effect model of Hausman test with interest bearing debt as its dependent variable and deficit as its independent variable. Finding from this research showed that pecking order theory was not applied in the telecommunication industry in Indonesia and it was quite different from the finding of Huang & Ritter (2009) that publicly traded firms in US adjusted to their target leverage at a moderate speed with a period of 3.9 years. It also discovered that the fastest growth of the speed of adjustment was shown by XL Axiata with -493.96% per year, and then Bakrie Telecom with -65.62%. Indosat and Telkom Indonesia showed a different behavior with a slower speed of adjustment Indosat with 13.22%, and Telkom Indonesia with 274.14% slower.

Keywords: capital structure, pecking order theory, speed of adjustment

19215263270_Riko Hendrawan (Full Text)

Erna Setijani_19215283294

INVESTIGASI KEWIRAUSAHAAN SEBAGAI VARIABEL MODERASI KEPUTUSAN STRUKTUR MODALTERHADAP KINERJA KEUANGAN

Erna Setijani
Pudjo Sugito
Chodidjah
Prodi Manajemen Fakultas Ekonomi dan Bisnis Universitas Merdeka Malang
Jl. Terusan Raya Dieng 62-64 Malang, 65146, Indonesia

Korespondensi dengan Penulis:
Pudjo Sugito: Telp.+62 341 568 395; Fax.+62 341 561 448
E-mail: pudjo.sugito@unmer.ac.id

Abstract
This study intends to analyze the role of entrepreneurship as a moderating variable on the effects of capital structure decisions on financial performance. Population, all the small and medium industries (SMEs) in the town of Probolinggo, with a sample set of 100 units of SMEs and data collection using purposive random sampling technique. Data were analyzed using factor analysis in the SEM is used to confirm the most dominant factors in a group of variables and regression weight on the SEM used for confirmatory examine how much the relationship between variables. Furthermore, SEM modeling needs to step (a) the development of a theoretical model, (b) the development path diagram (c) selecting an input matrix and estimation of covariance or correlation models, (d) the possibility of the emergence of problem identification, (e) evaluation criteria of goodness-of-fit and (f) the interpretation and modification of the model. The results showed, capital structure decisions have a significant effect on financial performance. Capital structure decisions have a significant
effect on the financial performance through entrepreneurship moderating variable. Entrepreneurship significant effect on the financial performance.

Keywords: capital structure, entrepreneurship, financial performance

19215283294_Erna Setijani (Full Text)

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

(Full Text.pdf)

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

(Full Text.pdf)

Palti M.Sitorus_Abstract_1822014

STRUKTUR MODAL DAN KEPUTUSAN INVESTASI PADA PERUSAHAAN TELEKOMUNIKASI INDONESIA

Palti Marulitua Sitorus

Prodi Manajemen Fakultas Ekonomi dan Bisnis Universitas Telkom

Jl.Telekomunikasi No.1 Terusan Buah Batu-Bandung, 40257, Indonesia.

D.S. Priyarsono

Adler Haymans Manurung

Tubagus Ahmad Maulana

Program Doktor Manajemen dan Bisnis Pascasarjana Institut Pertanian Bogor

Jl. Raya Pajajaran Bogor, 16151, Indonesia.

  • Korespondensi Penulis:
  • Palti Marulitua Sitorus: Telp.+62 22 756 4108; Fax.+62 22 756 5200
  • E-mail: pmts_dori@yahoo.com

 Abstract

This study aimed to explore the interconnection of capital structure and investment decisions based on the relationship between corporate leverage and investment options. The samples used were telecommunication companies in Indonesia which had already become public companies from 2006 to 2013. The data was processed by using multiple regression technique and t test and F test to see the difference of investment source. This study revealed that an increase in the firm value as a result of an increase in the debts of the company and its increase was different between the companies that the investment came from foreign investment and local investment. Investment selection by using the debt was considered to be the correct choice made by management. The value of the company was obtained better by companies that used local investment. Telecommunication business was still considered by investors to be the prospective industries.

Key words: capital structure, investment decision, telecommunication

(Full Text.pdf) 

Triani Pujiastuti_Abstract_1812014

ANTESEDEN PROBABILITAS FINANCIAL DISTRESS PADA PERUSAHAAN MANUFAKTUR DI INDONESIA: LOGISTIC REGRESSION MODEL

 

Triani Pujiastuti

Yuharningsih

Jurusan Manajemen Fakultas Ekonomi UPN “Veteran” Yogyakarta

Jl. SWK No.104 Lingkar Utara Condong Catur, 55283

  • Korespondensi dengan Penulis:
  • Triani Pujiastuti: Telp./Fax. +62 274 486 733
  • E-mail: triani.pujiastuti@gmail.com

 

Abstract

Based on theory and previous research, some factors which influenced probability of corporate financial distress were found. This research was done for testing the consistency of  research result with different research period that would strengthen the related empirical research finding. The purpose of this research was to test the impact of profitability ratio (Return on Assets), working capital policy, capital structure, size, current ratio and firm age toward the probability of financial distress of manufacturing firms at Indonesian Stock Exchange. The method used in this research was purposive sampling, which was taking data with certain criteria. The criteria was that the companies or firms used were those which issued bond and were listed in Indonesian Stock Exchange between 2007 until 2012 and had data completion needed in this research. The research results using Logistic Regression were 1) test of profitability ratio, working capital policy ratio, capital structure, size, and firm age had significant influence to the probability of financial distress manufacturing firms in Indonesia, 2) partially only profitability ratio that had negative significant influence to the probability of financial distress manufacturing firms in Indonesia while working capital ratio, capital structure, size, and age firm did not have significant influence to financial distress manufacturing firms in Indonesia. This research produced prediction model of financial distress.

 Key words: capital structure, financial distress, firm age, firm size, profitability ratio, working capital

(Full Text.pdf) 

Palti Marulitua Sitorus_Abstract_1732013

STRUKTUR MODAL OPTIMAL PADA PERUSAHAAN TELEKOMUNIKASI INDONESIA

Palti Marulitua Sitorus
Universitas Telkom Bandung
Telekomunikasi No.1 Bandung, 40257.

Korespondensi dengan Penulis:
Palti Marulitua Sitorus: Telp.+62 22 7 564 108; Fax. +62 22 756 4500
E-mail:pmts_dori@yahoo.com

Abstract
The background of this study was begun with the operational capital needs of telecommunication operators in debt. Bad managing of debt could cause the bankruptcy of the company. The purpose of this research was to know the optimal capital structure of telecommunication companies in Indonesia. The method used were a simple linear regression and graphs of simulation. The logic was used when a company that used capital with low cost   got high value of company. There were two companies that had an optimal capital structure i.e. PT Excelcomindo Axiata and PT Indosat with optimal capital structure 1, 132 and 1,003.

 Keywords: capital structure, debt equity ratio, weighted  average cost of capital

Full Text (pdf)

Fadjar OP. Siahaan_Abstract_1722013

STRUKTUR PERUSAHAAN DAN PROFITABILITAS
PADA INDUSTRI REAL ESTATE DAN PROPERTY DI INDONESIA

 Fadjar O.P. Siahaan

Universitas Kebangsaan Bandung
Jl. Terusan Halimun No.37 Bandung, 40263.

Korespondensi dengan Penulis:
Fadjar O.P.Siahaan: Telp. +62 22 972 1999; Fax. +62 22 934 434 52
E-mail: fadjarsiahaan@yahoo.co.id

Abstract

Real estate & property industry was a sector which had difficult characteristics to predict and high risk. When Economy growth was high, it was booming and tended to be over supplied and the main capital was generally got through bank loans. The purpose of this research was to analyze the impact of firm structure consisting of the firm size, firm age, capital structure, and stock ownership toward profitability measured using ROI and ROE. The sample was selected using purposive sampling with 120 observations from 52 real estate & property companies listed in Indonesian Stock Exchange in 2009 – 2011. By using multiple regression, the result of this research showed that (1) firm size had positive significant effect on ROI and ROE; (2) firm age had negative significant effect on ROI but it did not have significant effect on ROE; (3) capital structure had positive significant effect on ROE but did not have significant effect on ROI; (4) public ownership had negative significant effect on ROI and ROE.

Key words: capital structure, firm size, firm age, public ownership, return on equity (ROE), return on investment (ROI) 

 (Full Text. pdf)

 

Harmono_Abstract_1632012

TESTING OF PECKING ORDER THEORY THROUGH THE RELATIONSHIP: EARNINGS, CAPITAL STRUCTURE, DIVIDEND POLICY AND FIRM’S VALUE

Harmono
Jurusan Manajemen Fakultas Ekonomi Universitas Merdeka Malang
Jl. Terusan Raya Dieng No.62-64 Malang, 65146.

Abstracts

This study aimed to test the pecking order theory through its correlation among earnings dimension, capital structure, dividend policy and firm’s value perspective. By loading the correlation between dimension one to another, it indicated that management behavior tended to retained earnings accumulation or to debt collection in financing the operation of the firm. The pecking order theory were tested when the management behavior tended to retained earnings in accumulating sources of the fund equity rather than borrowing liabilities from creditors. Therefore, rationally if the capital structure was optimum, management tended to external financing until any trade off between earnings and debt financing. Based on the testing hypothesis, it indicated that the role of capital structure dimension had significance as intervening variable between earnings dimension and firm’s value. On the other hand, the dividend policy had no significance to become intervening variable. Empirically, it could be concluded that the management behavior in Indonesia tended to leverage rather than retained earnings accumulation in supporting the pecking order theory. Furthermore, the variable had the role to differentiate the characteristic of industries represented by the capital structure dimension, especially, debt to assets and debt to equity ratio.

Key words: pecking order theory, earnings, capital structure, dividend policy, firm’s value 

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Sugeng Haryanto_abstract_1622012

KARAKTERISTIK PERUSAHAAN DAN RISIKO BISNIS TERHADAP STRUKTUR MODAL PADA PERUSAHAAN OTOMOTIF

Sugeng Haryanto
Program D-3 Keuangan dan Perbankan Universitas Merdeka Malang
Jl. Terusan Dieng No. 62-64 Malang, 65146.

Korespondensi dengan Penulis:
Sugeng Haryanto: Telp. +62 341 568 395, Fax. +62 341 580 558
E-mail: p3et@yahoo.com

Abstract

The company financial management should be able to meet the needs of the funds that would be used to operate or expand their businesses. Financing the use of corporate funds was faced to a choice: debt or raise capital with the level of consequence risk of each. Consideration of a company was choosing the source of funds in an efficient and profitable enterprise for both current and for the foreseeable future. It considered that the choice of the source of the funds would have an impact on corporate performance in the future, namely funding responsibility of the company. The objective of this study was to analyze the influence of company characteristics and business risk significantly influenced capital structure, to determine the effect of the variable characteristics of companies and business risk simultaneously on the company’s capital structure, to determine the variables of company characteristics and business risk simultaneously toward the company capital structure, to know the variables that had most dominant impact toward capital structure. The results of the analysis showed the intensity of DOL assets, sales growth, profitability (ROA) affected the company’s capital structure, while the variable of ROA had dominant contribution. Free variables simultaneously affected the capital structure.

 

Key words: capital structure, the intensity of the assets, sales growth structure, profitability.

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