Sri Dwi Ari Ambarwati_Abstract_1832014

PERSPEKTIF BIRD IN THE HAND: PENENTU DIVIDEND PAYOUT RATIO PERUSAHAAN MANUFAKTUR

Sri Dwi Ari Ambarwati
Prodi Manajemen Fakultas Ekonomi
Universitas Pembangunan Nasional ‘Veteran’ Yogyakarta
Jl. SWK Lingkar Utara No.104, Condongcatur, Yogyakarta, 55283, Indonesia.

Korespondensi dengan Penulis:
Sri Dwi Ari Ambarwati: Telp./Fax.+62 274 486 372
E-mail: ambarwati_73@yahoo.com

Abstract
This research was specially to test impact of Return On Investment’s (ROI), Insider Ownership (INSD), Debt to Equity Ratio (DER) to dividend payout ratio (DPR) by the use of free cash flow (FCF) as moderating variable on manufacturing firm listed on Indonesian Stock Exchange (ISE) period 2005 until 2011. This research hypothesized that moderating variable had a positive influence to dividend payout ratio (DPR). Hypothesis testing was done by the use of linear regression model (OLS). Empirical result on panel A (without moderating variable) and panel B (with moderating) were simultaneously ROI, INSD, DER, FCF and moderated variable (FCF*ROI) had a significant impact to DPR. Meanwhile panel A showed an evident that DER variable and FCF had an impact to dividend payout ratio (DPR) and panel B pointed out that DER, FCF, FCF*ROI and FCF*INSD had a significant impact to dividend payout ratio (DPR). Based on moderated regression analysis (Panel B) FCF as moderating variable had an influence on the relationship between insider ownership and dividend payout ratio (DPR). It was seen in increasing R2 and Adjusted R2 in regression model before being moderated and after. It meant that FCF as moderating variable increased the contribution on model one which was proposed.

Keywords: debt to equity ratio, free cash flow, insider ownership, return on investment

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Luh Gede Sri Artini_Abstract_1832014

STRUKTUR KEPEMILIKAN SAHAM TERHADAP KEBIJAKAN UTANG PERUSAHAAN DI BURSA EFEK INDONESIA

Luh Gede Sri Artini
Ni Nyoman Ayu Diantini
Prodi Manajemen Fakultas Ekonomi dan Bisnis Universitas Udayana
Jl. P.B. Sudirman, Denpasar, Bali, 80232, Indonesia.

Korespondensi dengan Penulis:
Luh Gede Sri Artini: Telp. +6281 558 030 970
E-mail: lg_artini @yahoo.com

Abstract
This paper examined the effects of insider ownership, institutional investors and shareholders dispersion on debt ratio by pooled regression model. The research Population was all the firms in LQ 45 in Indonesia Stock Exchange (IDX) from 2009 until 2012, and sampling conducted in this research was purposive sampling method. Based on the criteria obtained by purposive sampling, 15 companies were eligible to be utilized as the research sample. The results of this research were that the impact of insider ownership was positive significant on debt ratio, the institutional investor had a significant positive impact on debt ratio, shareholder dispersion was not significantly effect on debt ratio.

Keywords: insider ownership, institutional investors, shareholders dispersion, debt ratio

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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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Indri Erkaningrum_Abstract_1712013

INTERDEPENDENSI ANTARA INSIDER OWNERSHIP, KEPUTUSAN INVESTASI, DAN RISIKO BISNIS   

Indri Erkaningrum Florentina
ASMI Santa Maria Yogyakarta Jl. Bener No.14 Yogyakarta, 55243

Korespondensi dengan Penulis:
Indri Erkaningrum Florentina: telp. +62 274 585 836; Fax. +62 274 585 841            E-mail : indri_erkaningrum@yahoo.co.id    

Abstract:

Asymmetric information and agency issues made stockholders need to control business activities through optimalization insider ownership and investment decision. Optimalization of insider ownership and investment decision were expected to make business risk controlled. This research aimed at verifying empirically the influencing factors of insider ownership, investment decision, business risk, and finding the interdependency among insider ownership, investment decision, and business risk. The samples of this research were 90 real estate and property companies listed at Indonesia Stock Exchange from the year  of 2006 to 2010. Simultaneous equation model of three stage least squares (3 SLS) was applied to analyze the interdependency among insider ownership, investment decision, and business risk. The analysis result of interdependency among insider ownership, investment decision, and business risk showed that: there was interdependency between insider ownership and investment; there was interdependency between insider ownership and business risk; investment influenced business risk. The empirical evidence of interdependency among insider ownership, investment decision, and business risk helped the companies make financial policies.

Key words: business risk, insider ownership, investment decision 

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Sahalu Manalu_Abstract_1632012

KETERKAITAN INSIDER OWNERSHIP DAN PREDIKSI KINERJA PERBANKAN DI BURSA EFEK INDONESIA

 

Sahala Manalu
Jurusan Manajemen Fakultas Ekonomi dan Bisnis Universitas Ma Chung-Malang
Jl. Villa Puncak Tidar N-01 Malang, 65151.
Norman Sitinjak
Jurusan Manajemen Fakultas Ekonomi Universitas Merdeka-Malang
Jl. Terusan Raya Dieng No.62-64 Malang, 65146.
 

  •  Korespondensi dengan Penulis:
  • Sahala Manalu: Telp./Fax.: +62  341 550 171
  • E-mail: sahala.manalu@machung.ac.id

 

Abstract

Insider ownership in banking business had two different roles, namely as both owner and manager of the business at the same time. As managers, they were given the right of bank ownership in the hope of improving banking performance. With insider ownership, managers had greater rights to make decisions and also had a broader responsibility for decisions taken as they now shared the business risks. They also had greater control over the banks where they worked, such that they had access to strengthen their position in their respective banks. Explanatory variables used in this study was insider ownership, while the dependent variable consisted of the CAR (Capital Adequacy Ratio), ROA (Return on Asset), BOPO (compared to Operating Income Operating Expenses), and the ratio NPLgross (Non-Performing Loans gross). Using a statistical method PLS (Partial Least Square), the results showed that insider ownership could predict the performance of banks in terms BOPO and NPLgross, but could not predict the CAR and ROA.

 Key words:  insider ownership, capital adequacy ratio, return on asset, operating income operating expense, non-performing loan

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