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All Journal EKOMBIS REVIEW: Jurnal Ilmiah Ekonomi dan Bisnis SOLUSI
Susy Muchtar
Trisakti University
Decision Sciences, Operations Research & Management Economics, Econometrics & Finance Energy Social Sciences Other

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Impact of Board Composition and Ownership Structure to Dividend Policy with Profitability as Moderating Variable Alwan Ayyasyi; Rico Akbar Rianto; Susy Muchtar
EKOMBIS REVIEW: Jurnal Ilmiah Ekonomi dan Bisnis Vol 14 No 3 (2026): Juli
Publisher : UNIVED Press

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.37676/ekombis.v14i3.10245

Abstract

This research investigates the impact of board composition and ownership structure on dividend policy, with profitability serving as a moderating variable. Board composition is represented by Board Size and Board Independence, while ownership structure is described by Institutional Ownership and Managerial Ownership. Profitability, measured by Return on Equity (ROE), acts as the moderating variable. Using a purposive sampling technique, the study analyzed 47 manufacturing firms listed on the Indonesia Stock Exchange that consistently distributed dividends from 2020 to 2024, resulting in 235 firm-observations. Panel data regression with the Common Effect Model (CEM) was employed for analysis, as determined by Chow, Hausman, and Lagrange Multiplier tests. The findings reveal that Board Size, Board Independence, Institutional Ownership, and Managerial Ownership all exert a significant positive effect on Dividend Policy. However, Firm Size, included as a control variable, showed no significant influence on Dividend Policy. In terms of moderation, profitability does not significantly moderate the relationship between Board Size and Dividend Policy. Conversely, profitability significantly strengthens the positive relationships between Board Independence and Dividend Policy, Institutional Ownership and Dividend Policy, and Managerial Ownership and Dividend Policy, acting as a quasi-moderator in these relationships. Collectively, the independent variables, along with their moderating effects, explain 88.91% of the variation in Dividend Policy, indicating a strong simultaneous influence.
The Influence of Internal and Macroeconomic Factors on Bank Profitability Moderated by Asset Quality Rully Hardiansyah; Samuel Yosafat Beso; Susy Muchtar
EKOMBIS REVIEW: Jurnal Ilmiah Ekonomi dan Bisnis Vol 14 No 3 (2026): Juli
Publisher : UNIVED Press

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.37676/ekombis.v14i3.10594

Abstract

This study aims to analyze the impact of internal bank factors, including solvency (CAR), liquidity (LDR), and credit risk (NPL), as well as macroeconomic factors such as Gross Domestic Product (GDP) and inflation, on bank profitability measured by Return on Assets (ROA). In addition, the study examines the moderating role of Asset Quality (AQ) in influencing the relationship between independent variables and ROA. The data used in this research are derived from the financial statements of conventional banks in Indonesia and macroeconomic indicators covering the 2019–2024 period. The analysis is conducted using panel data regression with a moderation approach, applying the Generalized Least Squares (GLS) method and robustness testing with the Generalized Method of Moments (GMM). The results indicate that internal and macroeconomic variables collectively exert a significant influence on bank profitability. Partially, credit risk (NPL), asset quality (AQ), and bank size (SIZE) show statistically significant effects on ROA. Higher credit risk reduces profitability, while larger banks achieve greater efficiency and returns due to economies of scale. Asset quality demonstrates a dual role enhancing or constraining profitability depending on its management effectiveness. Moreover, AQ significantly moderates the relationship between internal and external factors, emphasizing the importance of prudent credit management and sound asset allocation for sustainable profitability in Indonesia’s banking sector.
ANALISIS PENGARUH RASIO KEUANGAN TERHADAP HARGA SAHAM PERBANKAN KOMERSIAL PADA INDEKS IDX-PEFINDO Leidya Meirina Sukmana; Susy Muchtar
Solusi Vol. 22 No. 2 (2024): April
Publisher : Fakultas Ekonomi, Universitas Semarang

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.26623/slsi.v22i2.8992

Abstract

Penelitian ini bertujuan menganalisis pengaruh Rasio Keuangan terhadap Harga Saham Perbankan Komersial pada indeks IDX-PEFINDO yang terdaftar pada Bursa Efek Indonesia. Purposive sampling menjadi teknik pengumpulan data yang digunakan dengan sampel yang digunakan untuk penelitian ini adalah 9 perbankan komersial pada indeks IDX-PEFINDO yang terdaftar pada Bursa Efek Indonesia. Indeks IDX-PEFINDO dipilih menjadi sampel pada penelitian ini untuk menganalisis sektor perbankan yang memiliki peringkat tertinggi berdasarkan investment rating factor, kapitalisasi pasar, likuiditas, valuasi dan legal, serta total aset. Variabel bebas pada penelitian ini adalah Net Profit Margin (NPM), Earning per Share (EPS), Return on Equity (ROE), dan Debt to Equity Ratio (DER) sedangkan variabel terikat yaitu harga saham pada indeks IDX-PEFINDO yang terdaftar di Bursa Efek Indonesia pada periode 2016-2022. Regresi data panel menjadi metode yang digunakan dalam penelitian. Analisa data menggunakan SPSS versi 25 dan Eviews versi 9. Hasil regresi data panel menunjukkan bahwa Net Profit Margin (NPM) berpengaruh positif signifikan terhadap harga saham, Earning per Share (EPS) tidak berpengaruh terhadap harga saham, Return on Equity (ROE) tidak berpengaruh terhadap harga saham, dan Debt to Equity Ratio (DER) berpengaruh negatif signifikan terhadap harga saham. Implikasi bagi perbankan komersial yaitu diharapkan dapat meningkatkan rasio keuangan dengan melakukan manajemen utang, peningkatan laba per saham dan dividen untuk menarik investor. 
Analisis Implikasi Capital Scructure, Operating Efficient dan Non-interest Income Terhadap Profitabilitas Bank Michael Jordy; Susy Muchtar
Solusi Vol. 23 No. 1 (2025): January
Publisher : Fakultas Ekonomi, Universitas Semarang

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.26623/slsi.v23i1.9600

Abstract

Penelitian ini bertujuan untuk mengevaluasi pengaruh Struktur Modal, Efisiensi Operasional, dan Pendapatan Non-Bunga terhadap profitabilitas bank konvensional yang terdaftar di Bursa Efek Indonesia selama periode 2018-2022. Menggunakan metode regresi data panel, penelitian ini melibatkan 32 bank sebagai sampel. Variabel independen yang dianalisis mencakup Leverage Ratio, Ukuran Bank (Size), Non-interest Income Ratio, Operating Efficiency, dan Capital Ratio, sedangkan variabel dependen adalah profitabilitas. Berdasarkan hasil regresi data panel, ditemukan bahwa Leverage Ratio dan Ukuran Bank tidak memiliki pengaruh signifikan terhadap profitabilitas bank dalam sampel. Namun, Non-interest Income Ratio dan Capital Ratio menunjukkan pengaruh positif dan signifikan terhadap profitabilitas, yang mengindikasikan bahwa pendapatan non-bunga dan rasio modal yang lebih tinggi dapat meningkatkan profitabilitas bank. Sebaliknya, Efisiensi Operasional (Operating Efficiency) memiliki dampak negatif dan signifikan, yang menunjukkan bahwa semakin tinggi biaya operasional relatif terhadap pendapatan, semakin rendah tingkat profitabilitas bank. Hasil ini memberikan wawasan penting tentang faktor-faktor yang mempengaruhi kinerja keuangan bank konvensional di Indonesia selama periode studi. Penelitian ini memperkaya pemahaman tentang elemen-elemen yang berpengaruh terhadap profitabilitas bank di Indonesia, memberikan panduan bagi manajemen bank, regulator, dan peneliti mengenai dampak struktur modal, efisiensi, dan pendapatan non-bunga terhadap kinerja bank. Di samping itu, penelitian ini membuka peluang untuk studi lebih lanjut dalam konteks pasar keuangan Indonesia yang terus berkembang, sehingga semakin banyak faktor yang dapat dianalisis untuk memahami profitabilitas perbankan konvensional di Indonesia.
Co-Authors Alwan Ayyasyi Leidya Meirina Sukmana Michael Jordy Rico Akbar Rianto Rully Hardiansyah Samuel Yosafat Beso