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All Journal Jurnal Ilmiah Ecosystem Dinasti International Journal of Economics, Finance & Accounting (DIJEFA) Economics and Digital Business Review JURNAL ECONOMINA
Rajaman Rajaman
Universitas Bosowa, Makassar, Indonesia
Agriculture, Biological Sciences & Forestry Civil Engineering, Building, Construction & Architecture Decision Sciences, Operations Research & Management Economics, Econometrics & Finance Education Law, Crime, Criminology & Criminal Justice Social Sciences

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Multiple Large Shareholder dan Gender Terhadap Kebijakan Dividen Melalui Investment Opportunity Set Pada Perusahaan Manufaktur di Indonesia Udyono, Udyono; Manda, Darmawati; Rajaman, Rajaman
Jurnal Ilmiah Ecosystem Vol. 23 No. 3 (2023): Ecosystem Vol. 23 No 3, September - Desember Tahun 2023
Publisher : Lembaga Penelitian dan Pengabdian kepada Masyarakat

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.35965/eco.v23i3.3899

Abstract

Penelitian ini bertujuan untuk mengetahui Interaksi Investment Opportunity Set Terhadap Hubungan Multiple Large Shareholder dan Gender pada kebijakan dividen perusahaan manufaktur di Indonesia. Penelitian ini menggunakan data sekunder dengan mengambil data dari laporan tahunan dan laporan keuangan perusahaan manufaktur yang terdaftar di Bursa Efek Indonesia, yaitu www.idx.co.id. Teknik pengambilan sampel dalam penelitian ini yaitu purposive sampling sehingga jumlah sampel yang digunkan yaitu berjumlah 53 dengan 159 data observasi.Teknik analisis data dalam penelitian ini menggunakan uji Analisis Regresi Linear Berganda dan Moderate Regression Analisis (MRA) dengan menggunakan bantuan SPSS yang diarahkan untuk menjawab rumusan masalah atau hipotesis yang telah dirumuskan dalam penelitian ini serta digunakan untuk menguji hubungan variabel Multiple Large Shareholder dan Gender terhadap Kebijakan Dividen dengan Investment Opportunity Set sebagai variabel moderasi pada perusahaan manufaktur di Indonesia. Hasil penelitian ini menunjukkan bahwa Multiple Large Shareholder berpengaruh negatif sinifikan terhadap Kebijakan Dividen dan Gender berpengaruh positif signifikan terhadap Kebijakan Dividen. Selain itu, Hasil penelitian dengan uji Moderate Regression Analisis (MRA) menunjukkan bahwa Investment Opportunity Set memoderasi hubungan antara Multiple Large Shareholder dengan Kebijakan Dividen selain itu Investment Opportunity Set juga memoderasi hubungan antara Gender dengan Kebijakan Dividen. This research aims to determine the interaction of the Investment Opportunity Set on the Relationship between Multiple Large Shareholders and Gender in the Dividend Policy of Manufacturing Companies in Indonesia. This research uses secondary data by taking data from annual reports and financial reports of manufacturing companies listed on the Indonesia Stock Exchange, namely www.idx.co.id. The sampling technique in this research is purposive sampling so that the number of samples used is 53 with 159 observation data. The data analysis technique in this research uses Multiple Linear Regression Analysis and Moderate Regression Analysis (MRA) tests using the help of SPSS which is directed to answer the formula The problem or hypothesis that has been formulated in this research is used to test the relationship between the Multiple Large Shareholder and Gender variables on Dividend Policy with the Investment Opportunity Set as a moderating variable in manufacturing companies in Indonesia. The results of this research indicate that Multiple Large Shareholders have a significant negative effect on Dividend Policy and Gender has a significant positive effect on Dividend Policy. Apart from that, the results of research using the Moderate Regression Analysis (MRA) test show that the Investment Opportunity Set moderates the relationship between Multiple Large Shareholders and Dividend Policy. Apart from that, the Investment Opportunity Set also moderates the relationship between Gender and Dividend Policy.
Global Trade Tensions, Capital Structure, and Firm Value: Evidence from Multinational Companies Listed on the Indonesia Stock Exchange Udyono, Udyono; Rajaman, Rajaman; Razak, Muhammad Maula
Dinasti International Journal of Economics, Finance & Accounting Vol. 6 No. 6 (2026): Dinasti International Journal of Economics, Finance & Accounting (January - Feb
Publisher : Dinasti Publisher

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.38035/dijefa.v6i6.5740

Abstract

Global trade tensions are a critical issue with significant implications for multinational corporations. This study aims to analyze the influence of global trade tensions and capital structure on the firm value of multinational corporations listed on the Indonesia Stock Exchange during the 2021–2024 period. The research variables consist of the World Trade Uncertainty Index to represent global trade tensions, the Debt-to-Equity Ratio to capture capital structure, and Tobin’s Q ratio to measure firm value. The data were analyzed using multiple linear regression with 48 observations. The results indicate that the World Trade Uncertainty Index has a negative but insignificant effect on firm value, whereas the Debt-to-Equity Ratio has a positive and significant effect. These findings highlight that global trade uncertainty has not been strong enough to suppress the market value of companies, while optimal management of capital structure can enhance firm value. This study provides a theoretical contribution by reinforcing the perspectives of trade-off theory and signaling theory, and offers practical implications for financial managers and investors in designing financing strategies amid global uncertainty.
Profitability as a Boundary Condition Between Global Trade Tensions, Capital Structure, and Firm Value: Evidence from Multinational Corporations in Indonesia Udyono Udyono; Ariawan Ariawan; Indriani Mentaruk; Rajaman Rajaman; Muhammad Maula Razak
JURNAL ECONOMINA Vol. 5 No. 6 (2026): JURNAL ECONOMINA, Juni 2026
Publisher : LPPM Sekolah Tinggi Ilmu Ekonomi 45 Mataram

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.55681/economina.v5i6.3748

Abstract

Increasing global trade uncertainty caused by changes in trade policies, geopolitical tensions, and international supply chain disruptions has created strategic challenges for multinational corporations highly exposed to the global economy. This study aims to analyze the effects of global trade tensions and capital structure on firm value and to examine the moderating role of profitability among multinational corporations operating in Indonesia. This research adopts a quantitative approach with an explanatory research design using data from multinational corporations listed on the Indonesia Stock Exchange during 2021–2024. The sample was selected through purposive sampling, resulting in 48 observations. Global trade tensions were measured using the World Trade Uncertainty Index (WTUI), capital structure was proxied by the Debt-to-Equity Ratio (DER), firm value was measured using Tobin’s Q, and profitability was represented by Return on Assets (ROA). Data analysis was conducted using multiple linear regression and Moderated Regression Analysis (MRA). The findings reveal that global trade tensions negatively and significantly affect firm value, while capital structure has a positive and significant effect. Profitability strengthens both relationships, indicating that firm value depends on internal capabilities and responses to global external pressures.
Cost Reduction: Trend and Bibliometric Analysis Based on Scopus Database Rajaman Rajaman; Udoyono Udoyono
Economics and Digital Business Review Vol. 5 No. 2 (2024)
Publisher : STIE Amkop Makassar

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.37531/ecotal.v5i2.1728

Abstract

Pengurangan biaya merupakan subjek yang menarik dan dibahas secara aktif di kalangan akademisi dan praktisi. Studi ini bertujuan untuk memberikan wawasan tentang tren dan pola pengurangan biaya melalui analisis bibliometrik yang komprehensif terhadap literatur ilmiah. Penelitian ini menggunakan Bibliophagy, alat berbasis web yang dikembangkan di R-studio dan bagian dari paket Bibliometric, untuk mengidentifikasi jurnal, penulis, negara, artikel, dan tema utama secara otomatis. Temuan penelitian menunjukkan bahwa Journal of Cleaner Production merupakan jurnal yang paling produktif. Menurut h-index, Journal of Cleaner Production juga menonjol sebagai publikasi yang paling berpengaruh. Wang Y diidentifikasi sebagai penulis yang paling produktif, sementara Tiongkok muncul sebagai negara terdepan dalam menerbitkan penelitian tentang pengurangan biaya. Kata kunci yang paling sering digunakan adalah pengurangan biaya, diikuti oleh manfaat analisis biaya, pengendalian emisi, dan pengambilan keputusan. Penelitian ini berfungsi sebagai referensi berharga bagi para akademisi yang melakukan studi bibliometrik tentang Pengurangan Biaya, yang menawarkan wawasan tentang jurnal, penulis, negara asal, dan kata kunci utama di bidang ini. Selain itu, temuan studi ini membantu peneliti dalam mengeksplorasi kolaborasi akademis yang luas dalam domain ini.
Co-Authors Ariawan, Ariawan Indriani Mentaruk Manda, Darmawati Muhammad Maula Razak Razak, Muhammad Maula Udoyono Udoyono Udyono