Fitri Susilowati_191156775

KONFLIK KEAGENAN: HUBUNGAN SIMULTAN KEPEMILIKAN MANAJERIAL, KEBIJAKAN UTANG, DAN KEBIJAKAN DIVIDEN

 Fitri Susilowati

Prodi Manajemen Fakultas Ekonomi Universitas PGRI Yogyakarta

Jl. PGRI No.117 Sonosewu, Yogyakarta 55182, Indonesia.

  • Korespondensi dengan Penulis:
  • Fitri Susilowati: Telp. +62 274 376 808
  • E-mail: fitri.susilowati82@gmail.com

 Abstract

The main purpose of this research was to determine the agency theory in Indonesia capital market. The variable of agency conflict was represented by asset utility variable, while controlling the agency conflicts mechanism was represented by the managerial ownership, leverage, and dividend. The secondary data used in this research was drawn from the Indonesia Capital Market Directory (ICMD) and Blommberg. The sample data were limited at the manufacture companies and non-financial services, and they were listed on the Indonesia Stock Exchange (BEI). The research method approach used was quantitative method. The time period of the data was year to year from 2000 to 2011. The instrument of analysis was seemingly unrelated regression (SUR), with panel data and simultaneous model regression techniques. The result of this research was that the managerial ownership had a positive and significant effect on performance. Debt policy had a positive effect but not significant to performance, so 1b hypothesis was not accepted. Dividend policy had a positive and significant effect on performance. Simultaneously there was a substitution and interdependence relationship between the managerial ownership and debt policy. The relationship between two variables namely the managerial ownership and dividend policy could not be concluded.

Keywords:  agency conflict, dividend, leverage, managerial ownership, Seemingly Unrelated Regression (SUR)

191156775_FitriSusilowati_(encrypted)

Tarsisius R.Suganda_Abstract_1832014

SINYAL PROFITABILITAS DAN REAKSI PASAR MODAL TERKAIT PENINGKATAN DIVIDEN SAAT LABA MENINGKAT

Tarsisius Renald Suganda
El Hezekiah Sabbat
Fakultas Ekonomi dan Bisnis Universitas Ma Chung Malang
Villa Puncak Tidar N-01, Malang, 65151, Indonesia.

Korespondensi dengan Penulis:
T. Renald Suganda: Telp. +62 341 550 171; Fax. +62 341 550 175
E-mail: renald.suganda@machung.ac.id

Abstract
Dividend policy was a topic that still caused the pros and cons. Based on signaling theory, the announcement of dividend would be reacted by the market. The purposes of this study were to investigate the effect of the company’s profitability as a result of dividend announcement, to examine the market reaction (using abnormal return and trading volume activity as the indicators) toward the announcement of dividend increase when the earning or profit was increasing. Event study method was used to answer the research questions. The result showed that there was a significant ROE decreasing in a year after the announcement. The market reaction showed that there was a negative abnormal return during the period of the announcement of dividend increase when the earning or profit was increasing. The study also showed that the average trading volume was insignificantly increasing after the announcement. This study showed that the announcement indicated a bad signal for the Indonesian market. However, the findings of the research gave some suggestions for the same researches in Indonesia capital market.

Keywords: abnormal return, dividend, event study, ROE, signaling theory, trading volume activity

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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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Yuliani_Abstract_1732013

KEPUTUSAN INVESTASI, PENDANAAN, DAN DIVIDEN TERHADAP NILAI PERUSAHAAN DENGAN RISIKO BISNIS SEBAGAI VARIABEL MEDIASI
 
Yuliani
Isnurhadi
Samadi W. Bakar
Fakultas Ekonomi Jurusan Manajemen Universitas Sriwijaya
Jl. Raya Prabumulih Zona A Fakultas Ekonomi, Inderalaya, Ogan Ilir, 30662.

Korespondensi dengan Penulis:
Yuliani: Telp.+62 711 580230; Fax. +62 711 580 964
E-mail:yuliasyapril@yahoo.com

Abstract
This study aimed to analyze: the effect of investment decisions on firm value, the role of business risk as a mediating effect investment decisions on firm value, the effect of financing decisions on firm value,the role of business risk as a mediating effect decisions financing on firm value, effect of dividend decisions on firm value, the role of business risk as a mediating effect dividend on firm value the effect of business risk on firm value. The research was conducted in the companies listed in Indonesia Stock Exchange (IDX). The observation period was 2009-2011. Based on the criteria population defined, the sampling method was census. The number of analyzed samples were 18 companies. Data analysis was path analysis. The research findings were: the investment decisions  could increase firm value,business risk  did not have mediating effect on relationship between investment decisions and firm value, the funding did not increase firm value, business risk as a full mediation had an effect on relationship of funding and firm value, dividend decision did not have effect on  firm value, business risk did not have mediating effect on relationship between dividend decisions and firm value, business risk could increase  firm value.

Keywords: business risk, dividend,financing,firm value, investment decisions 

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Emrinaldi Nur DP_Abstract_1732013

EFEK INTRA INDUSTRI, DAMPAK PERUSAHAAN REPORTER DAN NONREPORTER DIVIDEN TERHADAP KANDUNGAN INFORMASI

Emrinaldi Nur DP
Fakultas Ekonomi, Universitas Riau
Kampus Bina Widya Km.12,5 Simpang Baru Pekanbaru, 28293.
 
St. Dwiarso Utomo
Enny Susilowati Mardjono
Fakultas Ekonomi, Universitas Dian Nuswantoro,
Jl. Nakula I No.5-11 Semarang, 50131.

Korespondensi dengan Penulis:
Emrinaldi Nur DP: Telp.+62 76163266; Fax. +62 761 63279
E-mail:enurdp@yahoo.co.uk
 

Abstract
The influence of information not only for company itself which announcement company policy like financial statement, divident or others, but also the other company in same industry or same market. The purpose of the research was to investigate the information content and intra industry effect of dividend announcement. The analysis include four aspects: information content, risk (beta), intra industry effect of dividen bybig and small size firms, and impact firm characteristics to abnormal return nonreporter firm.The analysis for information content, risk (beta), intra industry effect used event study and for impact of firm characteristics used multiple linier regressions.Result of this research showed that there was information content around the date of dividend announcement, but there was no difference between abnormal return by big and small size firms. The difference between beta before and after dividend announcement is not significant. The difference between beta big size firms and small size firms after dividend announcement is not significant. The intra industry effect of dividend announcement showed abnormal return with two effects: competitive effect and contagion effect. The firm specific characteristics used in this research were not significant to explain the fenomena intra industry.

 Keywords: competitive effects, contagion effects, dividend, information content, intra industry effect.

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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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Sri Isworo_Abstract_1632012

PENDEKATAN MODEL PENILAIAN DALAM PENGAMBILAN KEPUTUSAN INVESTASI SAHAM DI BURSA EFEK INDONESIA

 

Sri Isworo Ediningsih
Aryono Yacobus
Jurusan Manajemen Fakultas Ekonomi UPN “Veteran” Yogyakarta
Jl. SWK 104 (Lingkar Utara) Condongcatur Yogyakarta, 55283.

 

  • Korespondensi dengan Penulis:
  • Sri Isworo Ediningsih:  Telp. /Fax.+ 62 274 487 275
  • E-mail: wororio@yahoo.co.id

 

Abstract

A valuation model was a mechanism that converted a set of forecast, a series of company and economic variables into a forecast of market value for the company’s stock. The purpose of this study was to examine relevance among dividend yield, retained earnings, book value and total debt on stock price: approximation valuation model in the Indonesia Stock Exchange. Samples in this study were manufacture firms listed on the Indonesia Stock Exchange period 2008–2011 and divided dividend. The results showed that few of samples were undervalue and the others were overvalue. It meant valuation model could be applicated in the Indonesian stock exchange.  By using multiple regressions, this study found that: valuation model relevans used in investment decission in manufacture firms in the Indonesia Stock Exchange could prove simultaneously dividend yield, retained earnings, book value and total debt had significant effect to stock price and partially dividend yield had no significant effect to stock price and whereas retained earnings, book value and total debt had significant effect in partial to stock price.

 Key words: valuation model, dividend yield, retained earnings, book value, total debt, stock price

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