EX-DIVIDEND DATE DAN PERUBAHAN HARGA SAHAM
Fakultas Ekonomika dan Bisnis Universitas Kristen Satya Wacana
Jl. Diponegoro 52-60 Salatiga, 50711
The aim of this study is to analyze whether the stock prices decrease at ex-dividend date in Indonesia Stock Exchange (IDX) that is determined by amount of dividend drop-off ratio (DDR). This study also attempts to investigate the differences the stock prices decrease at ex-dividend date based on Investment Opportunity Set (IOS). Sample consist of the companies that announced the dividend during 2010-2012 periods. By using non-parametric tests, especially Chi-square Test and Mann Whitney Test, the result of this study showed the stock prices decreased less than dividend amount on ex-dividend date. Besides, the non-growth firms experienced decrease more than growth firms.
Keywords— ex-dividend date, dividend drop-off ratio, IOS
19315368377_Novriyanthi Taungke (Full Text)
KEPEMILIKAN BLOCKHOLDER, INVESTMENT OPPORTUNITY SET, RASIO LIKUIDITAS, DAN NILAI PERUSAHAAN
Fakultas Ekonomi Jurusan Manajemen Universitas Sriwijaya
Jl. Raya Prabumulih, Inderalaya, Ogan Ilir, Indonesia, 30662.
- Korespondensi Penulis:
- Yuliani: Telp.+62 711 580 230; Fax.+62 711 580 964
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This research aimed to measure and to find empirical evidence, blockholder ownership toward firm value, the role of Investment Opportunity Set (IOS) as mediating effect of blockholder ownership on firm value and role of liquidity ratio as moderating effect of IOS on firm value. The research was conducted at manufacturing companies listed in Indonesia Stock Exchange in 2008-2012 period. This research used purposive sampling, and the units of analysis were 120 observations. Data analysis used was Structural Equation Modeling (SEM). The result showed that blockholder ownership did not have significant effect to firm value. IOS as full mediation had an effect on blokcholder ownership toward firm value and liquidity ratio as quite moderation in strengthening the effect of IOS to firm value.
Key words: blockholder ownership, firm value, investment opportunity set, liquidity ratio
EARNINGS MANAGEMENT: DETERMINANT FACTORS AND STOCK PRICE IN DEVELOPING MARKET
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
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