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)

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Tarsisius R.Suganda_Abstract_1832014

SINYAL PROFITABILITAS DAN REAKSI PASAR MODAL TERKAIT PENINGKATAN DIVIDEN SAAT LABA MENINGKAT

Tarsisius Renald Suganda
El Hezekiah Sabbat
Fakultas Ekonomi dan Bisnis Universitas Ma Chung Malang
Villa Puncak Tidar N-01, Malang, 65151, Indonesia.

Korespondensi dengan Penulis:
T. Renald Suganda: Telp. +62 341 550 171; Fax. +62 341 550 175
E-mail: renald.suganda@machung.ac.id

Abstract
Dividend policy was a topic that still caused the pros and cons. Based on signaling theory, the announcement of dividend would be reacted by the market. The purposes of this study were to investigate the effect of the company’s profitability as a result of dividend announcement, to examine the market reaction (using abnormal return and trading volume activity as the indicators) toward the announcement of dividend increase when the earning or profit was increasing. Event study method was used to answer the research questions. The result showed that there was a significant ROE decreasing in a year after the announcement. The market reaction showed that there was a negative abnormal return during the period of the announcement of dividend increase when the earning or profit was increasing. The study also showed that the average trading volume was insignificantly increasing after the announcement. This study showed that the announcement indicated a bad signal for the Indonesian market. However, the findings of the research gave some suggestions for the same researches in Indonesia capital market.

Keywords: abnormal return, dividend, event study, ROE, signaling theory, trading volume activity

(Full Text.pdf)

Gusti A.Purnamawati_Abstract_1822014

ANALISIS KOMPARATIF KINERJA KEUANGAN PERBANKAN ASEAN SETELAH KRISIS GLOBAL

I Gusti Ayu Purnamawati

Fakultas Ekonomi dan Bisnis Universitas Pendidikan Ganesha

Jl.Udayana No.11 Singaraja-Bali, 81116, Indonesia.

  • Korespondensi Penulis:
  • I Gusti Ayu Purnamawati: Telp. +62 362 26830
  • E-mail: ayupurnama07@yahoo.com

Abstract

The globalization of world trade era presented a competitive challenge for the banking sector, especially the countries that were members of the Association of Southeast Asian Nations (ASEAN) such as: Indonesia, Thailand, and Malaysia. The banking sector was very vulnerable to the economic turmoil that often occurred. The uncertainty in the global economic recovery resulted a high risk in the financial sector for the importance of the bank’s financial performance assessment for the stakeholders. This study aimed to compare the financial performance of the banking sector in Indonesia, Thailand, and Malaysia by using financial ratios. The sample was limited to banks that fell into the category of 5 largest banks in Indonesia, Thailand, and Malaysia during 2009-2012. The research data was secondary data obtained from the Indonesia Stock Exchange. The analysis method used was Kolmogorov Smirnov test for data normality test and one-way ANOVA parametric test. The results showed that: (1) There were significant differences of indicators ROA, ROE and LDR in the financial performance of banks in Indonesia, Thailand and Malaysia; (2) There was no difference of CAR indicator in banking finance in Indonesia, Thailand and Malaysia.

Key words: banking, capital adequacy ratio, loan to deposit ratio, return on assets, return on equity

(Full Text.pdf)

Fadjar OP. Siahaan_Abstract_1722013

STRUKTUR PERUSAHAAN DAN PROFITABILITAS
PADA INDUSTRI REAL ESTATE DAN PROPERTY DI INDONESIA

 Fadjar O.P. Siahaan

Universitas Kebangsaan Bandung
Jl. Terusan Halimun No.37 Bandung, 40263.

Korespondensi dengan Penulis:
Fadjar O.P.Siahaan: Telp. +62 22 972 1999; Fax. +62 22 934 434 52
E-mail: fadjarsiahaan@yahoo.co.id

Abstract

Real estate & property industry was a sector which had difficult characteristics to predict and high risk. When Economy growth was high, it was booming and tended to be over supplied and the main capital was generally got through bank loans. The purpose of this research was to analyze the impact of firm structure consisting of the firm size, firm age, capital structure, and stock ownership toward profitability measured using ROI and ROE. The sample was selected using purposive sampling with 120 observations from 52 real estate & property companies listed in Indonesian Stock Exchange in 2009 – 2011. By using multiple regression, the result of this research showed that (1) firm size had positive significant effect on ROI and ROE; (2) firm age had negative significant effect on ROI but it did not have significant effect on ROE; (3) capital structure had positive significant effect on ROE but did not have significant effect on ROI; (4) public ownership had negative significant effect on ROI and ROE.

Key words: capital structure, firm size, firm age, public ownership, return on equity (ROE), return on investment (ROI) 

 (Full Text. pdf)

 

Endri_abstract_1622012

PENGARUH MEKANISME CORPORATE GOVERNANCE TERHADAP KINERJA PROFITABILITAS PERBANKAN SYARIAH DI INDONESIA

 

Endri
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
E-mail: endri76@yahoo.com

Abstract

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 

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