Sri Dwi Ari Ambarwati_19315391399

Dampak  Struktur Kepemilikan, Financial Leverage, Board Director terhadap Nilai Perusahaan

 Sri Dwi Ari Ambarwati

email: ambarwati-73@yahoo.com

Rini Dwi Astuti

email: rinidwiastuti@upnyk.ac.id

Fakultas Ekonomi UPN “Veteran” Yogyakarta

Abstract

 

This study tried to analyze the effect of ownership structure, financial leverage, size of board directors and sales Growth on the performance of companies with lower growth opportunities , whether there is a proxy growth opportunities with low PER. This research was conducted at the manufacturing company with the selection criteria for purposive sampling method 2010-2012 period, based on the criteria  the obtained sample of 32 companies  with  low growth opportunities. Thus obtained 96 obervasi for each group. The results showed that: 1). simultaneously the ownership structure, financial leverage, size of board directors and sales Growth affect the performance of  companies with low growth opportunities. 2). Partially, it was found empirical evidence that financial leverage and variable size of board directors significantly affect the company’s performance with lower growth opportunities. For institutional ownership structure revealed a significant effect on performance, but at a rate of 10% alpha tolerated.

 Keyword: Ownership structure, leverage, size of board, growth opportunities

19315391399_Sri Dwi Ari Ambarwati (Full Text)

Muh.Umar Mai_19215213225

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
E-mail: umarmai@yahoo.com

Abstract
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)

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)

Christine Dwi Karya Susilawati_Abstract_1832014

FAKTOR-FAKTOR FUNDAMENTAL DAN JENIS INDUSTRI TERHADAP CORPORATE SOCIAL RESPONSIBILITY SERTA DAMPAKNYA TERHADAP HARGA SAHAM

Christine Dwi Karya Susilawati
Se Tin
Lidya Agustina
Prodi Akuntansi Fakultas Ekonomi Universitas Kristen Maranatha
Jl. Suria Sumantri No.65 Bandung, 40164, Indonesia.

Korespondensi dengan Penulis:
Christine Dwi Karya Susilawati: Telp. +62 22 201 2186; Fax. +62 22 201 7625
Email: buwenfa@yahoo.co.uk

Abstract
Different characteristics could be determined by using three approaches categories: structure, performance, and market. Structure was determined by factors associated with the development of the company included firm size, firm age, and the ability to repay the debt. Performance was determined by quantitative factors included the company’s liquidity and profitability, while the market was determined by factors namely qualitative form of public shares, and the status of the company. The purpose of this study was to test the influence of fundamental factors, namely liquidity, profitability, leverage, stock ownership, firm size, firm age and status of the company’s CSR, and to test the different types of industries (Consumer Goods, Mining and Forestry sectors Banking and widespread influence of CSR disclosure in Indonesia). The samples used were 30 companies of consumption sector, 31 companies of mining sector and plantation, and 28 companies of banking sector during 2010-2012. The company’s data was taken from the annual report. Data analysis technique used multiple regression analysis. The results of this study indicated that the stock ownership and firm age had a significant effect on the area of CSR (CSR Index), and a significant effect on the CSR Index stock price and type industry influence on the CSR Index.

Keywords: Corporate Social Responsibility, firm size, firm age, leverage, liquidity, profitability, status of the company’s, stock ownership, stock price

(Full Text.pdf)

Verani Carolina_Abstract_1832014

KARAKTERISTIK EKSEKUTIF TERHADAP TAX AVOIDANCE DENGAN LEVERAGE SEBAGAI VARIABEL INTERVENING

Verani Carolina
Maria Natalia
Debbianita
Prodi Akuntansi Fakultas Ekonomi Universitas Kristen Maranatha
Jl. Prof. Drg. Suria Sumantri, MPH No.65 Bandung, 40164, Indonesia

Korespondensi dengan Penulis:
Verani Carolina: Telp. +62 22 201 2186 Ext.1528; Fax.+62 22 201 7625
E-mail: velove_n4_jc@yahoo.com

Abstract
This research aimed to examine the influence of the executive characteristic on corporate tax avoidance. Risk taker’s executive tended to be more courageous and aggressive in taking decision related to the tax. On the contrary, the risk averse executive tended to be carefully (Low, 2006). This research used leverage as intervening variable. Therefore, there was an assumption that the executive characteristic determined the corporate leverage which then influenced their tax avoidance in the company. Manufacturing companies which were listed in Indonesia Stock Exchange during the period 2010-2012 were used as samples. This research used purposive sampling method to select the sample with the criteria as follows: they were listed in Indonesia Stock Exchange during the period of 2010-2012, they made a profit during the period of 2010-2012, and they used rupiah as reporting currency. Data was processed using path analysis and the result showed that the executive characteristic had an impact on corporate tax avoidance with leverage as the intervening variable. The result of this research could be used for the investors to assess the corporate tax avoidance before they made a decision, and also for the policy makers to detect the corporate tax avoidance.

Keywords: characteristics of the executive, leverage, tax avoidance

(Full Text.pdf)

 

Meythi_Abstract_1822014

NILAI PERUSAHAAN: DAMPAK INTERAKSI ANTARA PROFITABILITAS DAN RISIKO FINANSIAL PADA PERUSAHAAN MANUFAKTUR

Meythi

Oktavianti

Riki Martusa

Program Pendidikan Profesi Akuntansi Universitas Kristen Maranatha

Jl. Prof. Drg. Suria Sumantri, MPH No.65, Bandung, 40164.

Korespondensi dengan Penulis:

Meythi: Telp. +62 22 201 2186 Ext.1528; Fax:  +62 22 201 7625

E-mail: meycute79@yahoo.com

Abstract

This research was aimed to examine and find out the empirical evidence of the impact of the interaction between profitability and financial risk on firm value. Samples used in this research were manufactured companies listed in Indonesia Stock Exchange in 5 years observation period (2007-2012). The total samples were 31 companies. Sample election was done by using the purposive sampling method. The result of moderated regression analysis (MRA) showed that there was no interaction effect between profitability and financial risk on firm value. Thus, the hypothesis of the research was not empirically supported.

Key words: financial risk, firm value, leverage, market to book ratio, net profit margin, profitability

(Full Text.pdf)

Sri Isworo_Abstract_1812014

UTANG DAN PENGARUHNYA TERHADAP KINERJA PERUSAHAAN

 

Sri Isworo Ediningsih

Nilmawati

Joko Sukendro

Jurusan Manajemen Fakultas Ekonomi UPN “Veteran” Yogyakarta

Jl. SWK No.104 LIngkar Utara, Condong Catur, Sleman, Yogyakarta, 55283.

Korespondensi dengan Penulis:

Sri Isworo Ediningsih: Telp. +62 274 486 733

E-mail: wororio@yahoo.co.id

 Abstract

The purpose of this paper was to investigate the influence of debt on profitability of firms listed on Indonesian Stock Exchange. Multiple regression analysis was used in the study in estimating the relationship between debt and firm performance. This study also used three of accounting-based measures and one of market-based measure of financial performance i.e. return on equity (ROE), return on assets (ROA),  gross profit margin (GPM), and Tobin’s Q). Based on a sample of non-financial Indonesian firms listed from 2006 to 2010 the results revealed that debt had a negative impact on firm’s performance. The result showed that industry of Hotel and Travel, and Construction was susceptible to use debt.

Key words: debt, firm age, firm size, growth, leverage, profitability

(Full Text.pdf)