FOREIGN INSTITUTIONAL OWNERSHIP ANDSTOCK RETURN VOLATILITY IN INDONESIA
Irwan Adi Ekaputra
Departemen Manajemen, Fakultas Ekonomi dan Bisnis, Universitas Indonesia
Kampus UI, Depok 16424, Indonesia
This paper examines the impact of foreign institutional ownership on contemporaneous stock return volatility in Indonesia. In this study, return volatility is measured as standard deviation of daily stockreturns. The dynamic panel data results based on System GMM (S-GMM) estimation, confirm that foreign institutional ownership tend to linearly and convexly increase monthly stock return volatility.The linear impact seems to be weaker for stocks with higher market capitalization, but stronger for stocks with higher turnover.Furthertest reveals that foreign financial institutional ownershiplinearly contributes to return volatility upsurge, while foreign non-financial corporation ownership convexly contribute to return volatility increase.The additional test also uncovers that domestic financial and non-financial institutionalownerships do not impact return volatility.
JEL classifications: F32, G15, G23, G32
Keywords:capital market liberalization;general methods of moments; institutional ownership;volatility; Indonesia
19315357367_Irwan Adi Ekaputra (Full Text)
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
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
KEPEMILIKAN INSTITUSIONAL DAN KUALITAS AUDIT TERHADAP PENGUNGKAPAN INFORMASI DAN FUTURE EARNINGS RESPONSE COEFFICIENT
Fakultas Ekonomi Universitas Trisakti
Jl. Kyai Tapa No.1 Grogol-Jakarta Barat, 11440, Indonesia.
- Korespondensi Penulis:
- Etty Murwaningsari: Telp.+62 21 566 3232; Fax.+62 21 564 4270
- E-mail: firstname.lastname@example.org
The objectives of this research were to analyze the direct effects of institutional ownership and audit quality towards future earnings response coefficient, as well as their indirect effects towards future earnings response coefficient through disclosure as intervening variable. This research used secondary data from manufacturing companies listed in Indonesia Stock Exchange (IDX) between 2002-2011. The number of samples used in this research were 111companies. The method used in this research was Structure Equation Model (SEM) processed using AMOS 6. The results of this research demonstrated that institutional ownership and disclosure had positive significant effect while audit quality had negative significant effects towards future earnings response coefficient. On the other hand, institutional ownership had positive significant effect while audit quality had negative significant effects towards disclosure. Further testing proved that indirect effect was very weak. Control variable which had positive significant effect was profitability towards disclosure while leverage and long term investment had negative significant towards future earnings response coefficient. Liquidity variables were proven that they had no effect towards disclosure.
Key words: audit quality, disclosure, future earnings response coefficient (FERC), institutional ownership
KEPEMILIKAN MANAJERIAL DAN KEPEMILIKAN INSTITUSIONAL TERHADAP KEBIJAKAN LEVERAGE MELALUI PENDEKATAN KESEMPATAN BERTUMBUH DAN RISIKO PERUSAHAAN
Program Studi International Business Management
Fakultas Ekonomi Universitas Ciputra
Waterpark Boulevard, Citra Raya Surabaya, 60219.
Korespondensi dengan Penulis:
Cliff Kohardinata: Telp.+62 31 745 1699; Fax. 62 31 745 1698
The main purpose of company was to increase company’s value through increased prosperity of owner or shareholders. However, the management often had other objectives that caused conflicts of interest between management and shareholders of the company, in which the conflict was referred to as Agency Problem (Jensen & Meckling, 1976). To minimize the differences between the interests of owners and managers, the owner could give shares to managers or increased stock ownership by institutional in order to monitor managers. If the owner of the company wanted to reduce agency conflicts by increasing managerial ownership and institutional ownership, they will affect corporate leverage policy because managerial ownership and institutional ownership could reduce the financial risk that occurred from leverage. This study aimed to analyze the effect of managerial ownership and institutional ownership on leverage policy. This study used the entire population of companies listed in Indonesia Stock Exchange. Sampling was purposive sampling, and analytical techniques used was ordinary least squares. The control variables were structure of assets, return on assets, financial distress, asset utilization, asset growth. Furthermore, this paper considered growth opportunities and risks of the company. This study found that managers considered risk factors more than growth opportunities, and the institutional shareholders considered growth opportunities more than company risk.
Keywords: institutional ownership, leverage, managerial ownership
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CORPORATE GOVERNANCE DAN ETNISITAS TERHADAP PENGUNGKAPAN CORPORATE SOCIAL RESPONSIBILITY
Trudy Maryona Nussy
Politeknik Negeri Ambon
Jl. Ir. Putuhena Wailela Ambon, 97234.
Korespondensi dengan Penulis:
Trudy Maryona Nussy: Telp. +62 911 322 609; Fax. +62 911 343 591
The objective of research was to examine the effect of corporate governance and ethnicity on the disclosure of Corporate Social Responsibility (CSR). Corporate governance mechanisms used in this research were managerial ownership, institutional ownership, independent commissioner, and audit committee. Research was conducted against the companies listed in Indonesia Stock Exchange in the period of 2005 and 2011. Sampling technique was purposive sampling. Hypothesis testing was conducted by independent sample t-test and multiple regressions. Test and analysis were carried out separately in 2005 and 2011. The result of research indicated that there was a difference in the CSR disclosure rate. The use of CSR in Indonesia in 2011 was higher than that in 2005. The managerial ownership and the institutional ownership influenced CSR disclosure in 2005, while independent commissioner, audit committee and ethnicity did not influence CSR disclosure in 2005. The disclosure of CSR in 2011 was affected by institutional ownership, independent ownership and audit committee. The managerial ownership and ethnicity did not influence CSR disclosure in this year.
Key words: audit committee, CSR disclosure, ethnicity, independent commissioner, institutional ownership, managerial ownership
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ANALISIS KETERKAITAN ANTARA KEBIJAKAN HUTANG, DIVIDEN, KEPEMILIKAN MANAGERIAL, DAN KEPEMILIKAN INSTITUSIONAL DALAM RANGKA MENGURANGI KONFLIK ANTARA MANAJER DENGAN PEMILIK MODAL
Fakultas Ekonomi Universitas Pekalongan
Jl.Sriwijaya No.3 Pekalongan, 51111.
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
FAKTOR-FAKTOR YANG MEMENGARUHI KEBIJAKAN UTANG PERUSAHAAN MANUFAKTUR YANG TERDAFTAR DI BURSA EFEK INDONESIA
Christine Dwi Karya Susilawati
Fakultas Ekonomi Jurusan Akuntansi Universitas Kristen Maranatha
Jl. Suria Sumantri No.65 Bandung, 40164.
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