Sri Dwi Ari Ambarwati_Abstract_1832014

PERSPEKTIF BIRD IN THE HAND: PENENTU DIVIDEND PAYOUT RATIO PERUSAHAAN MANUFAKTUR

Sri Dwi Ari Ambarwati
Prodi Manajemen Fakultas Ekonomi
Universitas Pembangunan Nasional ‘Veteran’ Yogyakarta
Jl. SWK Lingkar Utara No.104, Condongcatur, Yogyakarta, 55283, Indonesia.

Korespondensi dengan Penulis:
Sri Dwi Ari Ambarwati: Telp./Fax.+62 274 486 372
E-mail: ambarwati_73@yahoo.com

Abstract
This research was specially to test impact of Return On Investment’s (ROI), Insider Ownership (INSD), Debt to Equity Ratio (DER) to dividend payout ratio (DPR) by the use of free cash flow (FCF) as moderating variable on manufacturing firm listed on Indonesian Stock Exchange (ISE) period 2005 until 2011. This research hypothesized that moderating variable had a positive influence to dividend payout ratio (DPR). Hypothesis testing was done by the use of linear regression model (OLS). Empirical result on panel A (without moderating variable) and panel B (with moderating) were simultaneously ROI, INSD, DER, FCF and moderated variable (FCF*ROI) had a significant impact to DPR. Meanwhile panel A showed an evident that DER variable and FCF had an impact to dividend payout ratio (DPR) and panel B pointed out that DER, FCF, FCF*ROI and FCF*INSD had a significant impact to dividend payout ratio (DPR). Based on moderated regression analysis (Panel B) FCF as moderating variable had an influence on the relationship between insider ownership and dividend payout ratio (DPR). It was seen in increasing R2 and Adjusted R2 in regression model before being moderated and after. It meant that FCF as moderating variable increased the contribution on model one which was proposed.

Keywords: debt to equity ratio, free cash flow, insider ownership, return on investment

(Full Text.pdf)

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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)

 

Sri Isworo Ediningsih_abstract_1422010

EVA DAN BEBERAPA VARIABEL FUNDAMENTAL PERUSAHAAN TERHADAP HARGA SAHAM

Sri Isworo Ediningsih
Nilmawati
Jurusan Manajemen Fakultas Ekonomi UPN “Veteran” Yogyakarta
Jl. SWK 104 Ringroad Utara, Condong Catur, Yogyayakarta

Korespondensi dengan Penulis:
Sri Isworo Ediningsih: Telp. +62 274 486 733 Ext. 260
E-mail: wororio@yahoo.co.id

Abstract
Economic Value Added (EVA) as performance measure had been proven in United States. In Indonesia, EVA had been used by several companies. However, since 2001 Saw magazine, Mark Plus & Co and Maxi UI consistently made rating on 100 companies with EVA. The purpose of this study was to analyze both simultaneously and partially the influence of EVA and several fundamental variables (CR, ROI, Size and PER) on stock price. The sample was taken by using purposive sampling with positive EVA as criteria. There were 88 companies as sample.  By using multiple regression, this study found that: 1) simultaneously EVA and several fundamental variables (CR, ROI, Size and PER) significantly influenced  stock price 2) EVA, ROI and PER significantly influenced stock price and 3) CR and size company did not significant influence stock price.
Key words: Economic Value Added, current ratio, ROI, size, PER, stock price

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