Dampak Struktur Kepemilikan, Financial Leverage, Board Director terhadap Nilai Perusahaan
Sri Dwi Ari Ambarwati
Rini Dwi Astuti
Fakultas Ekonomi UPN “Veteran” Yogyakarta
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)
CORPORATE GOVERNANCE DAN STRUKTUR KEPEMILIKAN TERHADAP MANAJEMEN LABA DAN KINERJA KEUANGAN
Lusye Corvanty Kumaat
Politeknik Negeri Manado
Kampus Politeknik Kelurahan Buha Manado, 85254
Korespondensi dengan Penulis:
Lusye Corvanty Kumaat: Telp. +62 431 815 332
The research was aimed to examine the effect of corporate governance and ownership structure on profit management and financial performance. Corporate governance mechanisms that were used in this research were managerial ownership, independent commissioner and audit committee. Ownership structure that was used was concentrated ownership structure. Research was conducted on the manufacturing companies that were listed at Indonesia Stock Exchange in period of 2007-2011. Sampling technique was purposive sampling. Hypothesis testing tool was multiple regression. Earning management in this research was measured using Modified Jones Models, while financial performance was measured by cash flow return on assets (CFROA). Result of research indicated that managerial ownership, independent commissioner, and ownership structure was positively influencing profit management. Independent commissioner and ownership structure positively influenced financial performance, while managerial ownership negatively influenced financial performance. Audit committee was not influencing earning management and financial performance, and earning management was not proved as influencing financial performance.
Key words: corporate governance, earning management, financial performance, ownership structure
PENGARUH MEKANISME CORPORATE GOVERNANCE TERHADAP KINERJA PROFITABILITAS PERBANKAN SYARIAH DI INDONESIA
ABFI Institute Perbanas Jakarta
Jl. Perbanas, Karet Kuningan, Setiabudi, Jakarta 12940.
Korespondensi dengan Penulis:
Endri: Telp. +62 21 5252 533; Fax. + 62 21 5228 460
The objective of this study was to examines the relationship among ownership structure, the proportion of independent commissioner board and syariah banking performance. This study employed a stepwise regression method to test the hypothesis that ownership structure and the proportion of independent commissioner board affected finance performance of syariah bankingpositively. The result of analysis showed that there was no significant relationship between managerial and domestic institutional ownership and bank syariah performance. But there was a significant positive relationship between foreign institution ownership and return on asset, and also between the percentage of independent board director and return on equity.
Key words: corporate governance, ownership structure, return on equity, return on asset
STRUKTUR KEPEMILIKAN, UKURAN PERUSAHAAN DAN PRAKTEK CORPORATE GOVERNANCE TERHADAP MANAJEMEN LABA
Wahyu Agung Setyo Nugroho
Jurusan Akuntansi Fakultas Ekonomi Universitas Islam Indonesia
Jl. Ringroad Utara, Condong Catur, Sleman, Yogyakarta, 55283
Korespondensi dengan Penulis:
Reni Yendrawati: Telp. +62 274 881 546; Fax. +62 274 882 589
Many companies conducted earnings management in order to attract potential investors. The extent to which those companies undertook profit management was influenced by many factors, such as: ownership structure, company size and corporate governance practices. The objective of this study was to determine the effect of ownership structure, company size and corporate governance practices toward earnings management. Ownership structure was the proxy of management ownership, and firm size was the proxy of the log of total assets. In addition, corporate governance was measured by the composition of the board of commissioners and industry specialization of audit firm. The companies used in this study were 16 LQ 45 firms from the year 2008 to 2010. The method of analysis used in this study was multiple linear regressions. The results showed that the composition of commissioner board had a significant negative effect on earnings management while the other three variables, namely the ownership structure, firm size, and KAP industry specialization did not affect significantly toward earning management.
Key words: corporate governance, ownership structure, firm size and earnings management.
STRUKTUR KEPEMILIKAN, PROFITABILITAS, DAN RISIKO PERUSAHAAN TERHADAP STRUKTUR MODAL DAN
Pius Bumi Kellen
Fakultas Ilmu Sosial dan Ilmu Politik Universitas Nusa Cendana
Jl. Adisucipto-Pentui, Kupang, NTT, 85000.
Telp. +62 380 881 183
This study aimed to examine and analyze the effect of ownership structure, corporate growth, corporate profitability and risk of capital structure as well as the influence of four determinants and capital structure on firm value. Originality of this study was the addition of risk variables with indicator accounting firm beta. The study used panel data namely merging cross-section (36 companies) and time series data (5 years) sourced from secondary data analysis with 180 units. Analysis of data used a model of Partial Least Square (PLS). The study found that ownership structure did not have significant negative effect on capital structure and significant impact on corporate value. The company growth did not have significant negative effect on capital structure and corporate value. Profitability did not have significant positive effect on capital structure and it had significant impact on corporate value. Corporate risk had a positive effect, no significant effect on capital structure and corporate value, capital structure and it had a significant negative effect on firm value.
Key words: ownership structure, profitability, corporate risk, capital structure, corporate value
STRUKTUR KEPEMILIKAN DAN STRUKTUR MODAL TERHADAP KEBIJAKAN DIVIDEN DAN NILAI PERUSAHAAN
Luh Gede Sri Artini
Ni Luh Anik Puspaningsih
Fakultas Ekonomi Universitas Udayana
Jl. PB.Sudirman Denpasar Bali, 80232
Telp. +62 361 229 119
The company’s long-term goal was to maximize corporate value. Maximization of corporate value could be realized by using the aspect of corporate financial decisions and the amount of stock ownership by management in the company. This study aimed to determine the effect of direct and indirect ownership structure and capital structure toward dividend policy and firm value. Ownership structure was measured by total percentage of stock ownership by management, capital structure was measured with Debt to Equity Ratio (DER), dividend policy was measured by Dividend Payout Ratio (DPR) and the value of the firm measured by Price to Book Value (PBV). Population research was all the firms in the manufacturing industries listed in Indonesia Stock Exchange (IDX) from 2006 until the year of 2009 namely 149 companies. Sampling conducted in the 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 the impact of ownership structure was not significant on dividend policy, the ownership structure had a significant positive impact on corporate value, capital structure did not significantly effect on dividend policy, capital structure did not significantly affect the value companies, dividend policy had a significant positive impact on corporate value.
Key words: ownership structure, capital structure, dividend policy, corporate value.
RETURN SAHAM, INFLASI, DAN STRUKTUR KEPEMILIKAN TERHADAP RISIKO INVESTASI
Jl. Cikutra No. 204A Bandung, 40125
Telp. + 62 22 727 5855 Ext. 258; Faks. +62 22 720 2997
E-mail : email@example.com
The economic crisis in Indonesia had an impact on the declining performance of the company’s fundamentals on the stock market. This degradation was caused by a failure in risk management, especially the unsystematic risk. Many companies could not manage their debt policy, investment decision, earnings management, liquidity, and ownership structure that had implications for the risk. The objective of this research was to investigate the effect of stock return, inflation and ownersip stucture to investment risk of manufacturer industries in 2003-2009. Population of this research was manufacturing companies listed in BEI. The sampling method used in this research was purposive sampling and the results were 126 companies based on the criteria of the sample. Polling data method and judgment sampling were used to collect the data and two stage least squares (2 SLS) were as the analysis method. Based on the hypothesis test, it could be summarized that all predictors had a significant effect simultaneously. Result of the 1st model showed that only investment and profitability effect to stock return partially ; 2nd model, SBI, KURS, and M2 had an effect to the inflation partially; 3rd model was only dividend payout ratio and debt to equity ratio effected to ownership structure partially ; 4th model showed that only return variable significantly influenced to investment risk partially.
Key words: stock return, inflation, ownership structure, investment risk