LABA AKUNTANSI, LEVERAGE, DAN UKURAN PERUSAHAAN TERHADAP HARGA SAHAM DI BURSA EFEK INDONESIA
Jurusan Akuntansi Fakultas Ekonomi dan Bisnis Universitas Merdeka Malang
Jl. Terusan Raya Dieng 62-64 Malang, 65146.
Korespondensi dengan Penulis:
Pujo Gunarso: Telp. +62 341 568 395; Fax. +62 341 56148
Research data observed in 2008-2010 coincided with the global financial crisis that caused the stock price to decline and could trigger the companies listed in Indonesia Stock Exchange to perform income smoothing practices, with the condition of the researcher wanted to examine the effect of variable earnings, leverage and firm size on stock prices. The purpose of this study was to analyze the effect of accounting earnings , leverage and firm size on stock prices of public companies listed in the Indonesia Stock Exchange. The method of data analysis used was multiple linear regression analysis. The results showed that some of the first findings of accounting earnings and firm size significantly affected stock prices. Both leverages did not significantly affect the stock price. The empirical results showed that the higher the accounting profit and the size of the company were, the higher the price of shares outstanding was, and conversely the smaller the size of the company’s stock price was, the less the price of shares outstanding was. The results of this study supported the theory and the researches done by Ball & Brown (1968), Susan (2008), Sasongko & Wulandari (2006), Daniati & Suhairi (2006).
Key words: accounting income, firm size, leverage, stock price
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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LIKUIDITAS, LEVERAGE, KOMISARIS INDEPENDEN, DAN MANAJEMENLABA TERHADAP AGRESIVITAS PAJAK PERUSAHAAN
Krisnata Dwi Suyanto
Fakultas Ekonomika dan Bisnis Universitas Kristen Satya WacanaJl. Diponegoro 52-60 Salatiga, 50711.
Tax aggressive was the action designed to reduce taxable income appropriate to tax plan, which could be legal or illegal. This study investigated if extent of liquidity, leverage, independent commissioners and earning management affected corporate tax aggressiveness. Effective tax rate (ETR) and cash effective tax rate (CETR) were used to measure tax aggressiveness. Test was conducted for manufacturing firms which were listed in Indonesian Stock Exchange during the period of 2006-2010. Panel data regression was used to test the hypothesis. The result of the hypothesis was that it failed to find significant relation between liquidity and tax aggressiveness. Independent commissioners had a negative impact to tax aggressiveness, but leverage and earning management had a positive impact to tax aggressiveness.
Keywords: corporate tax aggressiveness, liquidity, leverage, independent commissioners, earning management.
PENGUJIAN STRUKTUR MODAL OPTIMAL MELALUI
POLA HUBUNGAN ANTAR VARIABEL LEVERAGE, PROFITABILITAS, DAN NILAI PERUSAHAAN
Lembaga Penelitian dan Pengabdian kepada Masyarakat
Universitas Merdeka Malang
Jl. Terusan Raya Dieng No.62-64 Malang, 65146
Korespondensi dengan Penulis:
Harmono: Telp./ Fax. +62 341 581 056
These research reviewed theoretical and empirical literature compared among the capital structure theory, Modigliani and Miller model, traditional model, and combined with ROE framework by Evans (2000) for testing optimum capital structure related with corporate value concepts. The research design of this study used descriptive and co-relational model with population which were some industries which had been published in Indonesia Stock Exchange, and purposive sampling for fulfillment of the capital structure assume, and relationship with leverage concept. The finding of this research based on the descriptive and co-relational analysis was that, first, the average of capital structure for industries at level 55% consisted of; food and beverage 51%, automotive 51%, textile 68%, property 44%, and selected by descriptive analysis, the optimum capital structure analysis, in which debts to total assets indicated at level 40%. The second, results of multiple regressions indicated that financial performance had any significant to corporate values, but not significant to financial leverage, and then the effect of leverage variable to firm value was significant. Thus, the theoretical framework of optimum capital structure was testable having any correlation and significant with corporate value.
Key words: optimum capital structure, leverage, profitability, corporate value