CORPORATE GOVERNANCE DAN INTERDEPENDENSI ANTARA LEVERAGE, PROFITABILITAS SERTA KEBIJAKAN DIVIDEN DALAM MENCAPAI NILAI PERUSAHAAN
Muhamad Umar Mai
Prodi Keuangan dan Perbankan Politeknik Negeri Bandung
Jl. Geger Kalong Hilir Ds. Ciwaruga Bandung, 40012, Indonesia
Korespondensi dengan Penulis:
Muhamad Umar Mai: Telp.+62 22 2013 789; Fax. +62 22 2013 889
This research aimed to find out and to analyze the role of corporate governance mechanism in utilizing the interdependence among funding decisions, financial performance, and dividend policy in an attempt to increase the value of the company. The study was conducted at the manufacturing companies listed in Indonesia Stock Exchange, with the observation in the period of 2000-2012. A pooled data with a total of 290 companies were analyzed using path analysis. This study proved that the escalation in the value of the company was mainly influenced by the company’s ability to increase the profitability and dividend payments. Institutional ownership and board size as a proxy of corporate governance mechanism played a crucial part to encourage companies to enhance its return on equity, while the independent board persuaded the companies to amplify its dividend payments. The Board size showed a strong role in inspiring companies to improve its profitability, and it had a positive effect on firm value.
Keywords: corporate governance mechanism, dividend payout ratio, firm’s value, leverage, return on equity
19215213225_Muh.Umar Mai (Full Text)
FAKTOR PENENTU RETURN SAHAM DENGAN PRICE TO BOOK VALUE SEBAGAI VARIABEL MODERASI
DI BURSA EFEK INDONESIA
Sri Lestari Kurniawati
Linda Purnama Sari
Nurul Hasanah Uswati Dewi
Jurusan Manajemen Fakultas Ekonomi STIE Perbanas Surabaya
Jl. Nginden Semolo No.34-36 Surabaya, 60118.
- Korespondensi dengan Penulis:
- Sri Lestari Kurniawati: Telp. +62 31 594 7151/ Fax. +62 31 593 5937
- E-mail: email@example.com
The purpose of this study was to exemine the effect of the company’s financial performance variables consisting of earning growth ratio, dividend payout ratio and size, the variable return equity price to book value as a moderating variable. The samples in this study were all companies listed on the Indonesia Stock Exchange from 2005 to 2010 by using purposive sampling with criteria that the company had a positive book value of equity during the study period. The company splitted the cash dividend and the company did not do corporate actions such as stock splits, reverse stock, stock dividend. The data used in this study were all companies listed on the Indonesia Stock Exchange from 2005 to 2010 (except for companies engaged in finance and banking) by using multiple linear regression to test the interaction or Multiple Regresion Analysis (MRA). The study found that the price to book value was not able to significantly moderate the effect of earning growth ratio, dividend payout ratio and size toward the stock return variable for the interaction test results showed the significant value was greater than interaction of alpha as 5%.
Key words: earning growth ratio, dividend payout ratio, size, stock return, price to book value
FAKTOR-FAKTOR YANG MEMPENGARUHI
DIVIDEND PAYOUT RATIO PADA PERUSAHAAN JASA KEUANGAN
Januar Eko Prasetio
Jurusan Akuntansi Fakultas Ekonomi UPN “Veteran” Yogyakarta
Jl. SWK 104 (Ringroad Utara) Condongcatur – Yogyakarta, 55282
Telp. +62 274 486 733 Ext.222
The objective of this research was to analyze what factors influencing dividend payout ratio at the Indonesian Stock Exchange (ISE). The method used in this research was the survey method. This research was conducted at the ISE using 82 emissaries as the sample based on purposive sampling. The first and second hypothesis was analyzed using multiple regression. The result of the first hypothesis analysis showed profitability, liquidity, debt policy, institutional ownership, growth, and firm size simultaneously influential to dividend payout ratio. The second hypothesis analysis showed that only growth influencing dividend payout ratio.
Key words: dividend payout ratio, profitability, liquidity, debt policy, institutional ownership, growth, firm size
FAKTOR FUNDAMENTAL DAN RISIKO SISTEMATIK IMPLIKASINYA TERHADAP HARGA SAHAM
M. Syahirman Yusi
Jurusan Administrasi Niaga Politeknik Negeri Sriwijaya Palembang
Jl. Srijayanegara Negara Palembang, 30139
Telp.+62 711 353 414, Fax. +62 711 355 918
The objective of the research was to examine the implication of fundamental factors and systematic risk toward the stock’s price, especially on manufacture industrial products in Indonesian Stock Exchange. It was a survey research by survey research type. The number of sample required the criteria to be examined was 20 respondents taken by purposive sampling. Through statistical analysis, the fundamental factors having a significant effect toward the stock’s price were return on assets (ROA), debt to equity ratio (DER), and value book. Among those variables, value book was the most dominant factor, and dividend payout ratio (DPR) was not significant. The other factor added having a significant effect toward the stock’s price was systematic risk measured by beta index.
Key words: fundamental factors, return on assets, debt to equity ratio, book value, dividend payout ratio, systematic risk