Sri D.A.Ambarwati_Abstract_1802014

HUBUNGAN STRUKTUR KEPEMILIKAN, TINGKAT UTANG, DIVIDEN, DAN NILAI PERUSAHAAN DALAM MENGURANGI KONFLIK KEAGENAN DI INDONESIA

Sri Dwi Ari Ambarwati

Khoirul Hikmah

Jurusan Manajemen Fakultas Ekonomi UPN “Veteran” Yogyakarta

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

Korespondensi Penulis:

Sri Dwi Ari Ambarwati: Telp./Fax.+62 274 486 255

E-mail: ambarwati_73@yahoo.com

Abstract

This research tried to analyze substitution relationship among debt policy, dividend and insider ownership structure as the agency control mechanism on manufacturing firms in period 2005-2009. The hypothesis proposed in this paper were there was a substitution relationship between insider’s ownership and debt policy in reducing agency conflict, there was a substitution relationship between debt and dividend policy in reducing agency conflict and there was substitution relationship between insider’s ownership and dividend policy in reducing agency conflict. This research used purposive sampling method to determine samples and there were 42 firms as the samples. The analysis instrument used was simultaneous equation model by using two stages least square method. These empirical results verified that debt and dividend policy was determined by simultaneous, while insider ownership did not influence debt policy. Hypothesis test showed that there was no substitution relationship between insider’s ownership and debt policy in reducing agency conflict, there was substitution relationship between debt and dividend policy in reducing agency conflict and there was substitution relationship between insider’s ownership and dividend policy in reducing agency conflict. Because as a whole, eventhough not fully, there was simultaneity among debt policy, insider’s ownership and dividend it was expected to increase firm value. 

Key words: corporate value,  debt policy, dividend policy, insider’s ownership

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Sri Isworo_Abstract_1812014

UTANG DAN PENGARUHNYA TERHADAP KINERJA PERUSAHAAN

 

Sri Isworo Ediningsih

Nilmawati

Joko Sukendro

Jurusan Manajemen Fakultas Ekonomi UPN “Veteran” Yogyakarta

Jl. SWK No.104 LIngkar Utara, Condong Catur, Sleman, Yogyakarta, 55283.

Korespondensi dengan Penulis:

Sri Isworo Ediningsih: Telp. +62 274 486 733

E-mail: wororio@yahoo.co.id

 Abstract

The purpose of this paper was to investigate the influence of debt on profitability of firms listed on Indonesian Stock Exchange. Multiple regression analysis was used in the study in estimating the relationship between debt and firm performance. This study also used three of accounting-based measures and one of market-based measure of financial performance i.e. return on equity (ROE), return on assets (ROA),  gross profit margin (GPM), and Tobin’s Q). Based on a sample of non-financial Indonesian firms listed from 2006 to 2010 the results revealed that debt had a negative impact on firm’s performance. The result showed that industry of Hotel and Travel, and Construction was susceptible to use debt.

Key words: debt, firm age, firm size, growth, leverage, profitability

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Chalimah_abstract_1022006

ANALISIS KETERKAITAN ANTARA KEBIJAKAN HUTANG, DIVIDEN, KEPEMILIKAN MANAGERIAL, DAN KEPEMILIKAN INSTITUSIONAL DALAM RANGKA MENGURANGI KONFLIK ANTARA MANAJER DENGAN PEMILIK MODAL

Chalimah

Fakultas Ekonomi Universitas Pekalongan
Jl.Sriwijaya No.3 Pekalongan, 51111.
E-mail: chalimahmuhammad@yahoo.co.id

Abstract:

The purpose of this research is to examining relation between debt policy, dividend, managerial ownership, institutional ownership. Endogenous variables in this study including debt policy, dividend, managerial ownership, institutional ownership, and exogenous variables including risk, return on assets (ROA), fixed assets, sales growth, size, beta, and economics conditions. The sample of the research is some manufacturing firm which listed in Jakarta Stocks Exchange during 1991-2002, use purposive sampling technique. With data pooling for the collection data method, this study obtaining 104 firms for the sample. This research also employing three-stage least square for statistical method. The result of this research show that debt policy and dividend have positively relation with institutional ownership, and managerial ownership have a negative relation to institutional ownership, but relation between debt policy with managerial ownership, debt policy with institutional ownership, and dividend with managerial ownership show is not significant result.

Key words: debt, dividend, managerial ownership, institutional ownership

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Meythi_Abstract_1632012

DAMPAK INTERAKSI ANTARA KEBIJAKAN UTANG DAN KEBIJAKAN DIVIDEN DALAM MENILAI PERUSAHAAN

Meythi

Program Pendidikan Profesi Akuntansi Universitas Kristen Maranatha
Jl. Prof. Drg. Suria Sumantri, MPH No. 65, Bandung, 40164.

  • Korespondensi dengan Penulis:
  • Meythi: Telp. +62 22 201 2186 Ext.510; Fax. +62 22 201 7625
  • E-mail: meycute79@yahoo.com

 

Abstract

This research aimed to examine and know empirical evidence of the positive effect of debt policy on firm’s value with dividend policy as moderating variable. Samples used in this research were manufacturing companies listed in Indonesia Stock Exchange in 4 years observation period (2007-2010). Total samples were 13 companies. The data were collected by using purposive sampling method. The result of moderated regression analysis (MRA) showed that debt policy did not effect firm’s value with dividend policy as moderating variable. Thus, the hypothesis of the research was not empirically supported.

 Keywords: debt policy, dividend policy, and firm’s value.

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Christine_Abstract_1622012

FAKTOR-FAKTOR YANG MEMENGARUHI KEBIJAKAN UTANG PERUSAHAAN MANUFAKTUR YANG TERDAFTAR DI BURSA EFEK INDONESIA

Christine Dwi Karya Susilawati
Lidya Agustina
Se Tin

Fakultas Ekonomi Jurusan Akuntansi Universitas Kristen Maranatha

Jl. Suria Sumantri No.65 Bandung, 40164.

Abstract

In the last several years, there had been an increase on the research emphasized on the agent-principal concept at financial corporation. The objective of this research was to test empirically the agency concept and their relation toward the debt policy of corporations. This research analyzed the factors influencing debt policy at manufacturing firms in Indonesia. Analyzing instruments in this research was multiple regression analysis. The result of this research showed that firm size, profitability and free cash flow had significant influence to debt policy while managerial ownership, institutional ownership, dividend policy and structure asset did not have significant influence to debt policy. However, simultaneously the seven variables had significant influence to debt policy.

 

Key words: debt policy, managerial ownership, institutional ownership, structure asset, firm size, free cash flow

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Zaenal Fanani_abstract_1332009

EARNINGS MANAGEMENT: DETERMINANT FACTORS AND STOCK PRICE IN DEVELOPING MARKET

 Zaenal Fanani
Accounting Department, Faculty of Economics, Airlangga University
Jl. Airlangga No.4 Surabaya 60286

Korespondensi dengan Penulis:
Zaenal Fanani: Telp +62 31 503 3642, + 62 31 503 6584
Email: fanani_unair@yahoo.com

 

Abstract:

The aim of this study was to prove whether manager its earnings for the purpose of informative or target opportunistic. Research also investigated whether investment opportunity set influenced the choice of manager to report as opportunistic to hide performance, or to report earning more informative concerning with debt, political cost, market share, and earning. Sample of this research was chosen by using purposive sampling of 350 manufacturing business listed in the Jakarta Stock Exchange, started from 1997 up to 2002. Structural Equation Modeling (SEM) by using program of Analysis of Moment Structures (AMOS) was considered as the appropriate statistical technique to examine pattern relation of formed model. The results showed that earning management conducted by manager in  Developing Market such as Indonesia represented informative earning management which meant all investors had more own belief in earning reporting, but this research could not prove that company owning high investment opportunity set tended to conduct informative earning management.

Key words: earning management, investment opportunity set, debt, political cost, market share

Supramono_abstract_1412010

PERSEPSI DAN FAKTOR PSIKOLOGIS DALAM
PENGAMBILAN KEPUTUSAN UTANG

Supramono
Nancy Putlia
Program Pascasarjana Magister Manajemen
Universitas Kristen Satya Wacana
Jl. Diponegoro No.52-60 Salatiga, 50711

Korespondensi dengan Penulis:
Supramono: Telp. +62 298 321 212, Fax. +62 298 329 200
E-mail: supramono@staff.uksw.edu

Abstract
The finance literature supported an increasing role for psychological aspects in the context of financial decision making. This paper explored perception of the owner and psychological aspects related to debt as source of fund.  Samples were the owner of industry of fermented soybean cake in Salatiga. The result of this study showed that the owner had perception that debt was as stimulator. It meant debt encouraged the owner more professional in financial management, work better, more productive and discipline. The study also documented that overconfidence, illusion of control and availability played important role in the debt decision.
Key words: overconfidence, illusion of control,  availability

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