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FAMILY CONTROL, INSTITUTIONAL OWNERSHIP, AND DIVIDEND POLICY OF MANUFACTURING COMPANIES LISTED IN INDONESIA STOCK EXCHANGE Madyan, Muhammad; Meidiaswati, Harlina; Sasikirono, Nugroho; Herlambang, Muhammad Hadyan
Jurnal Reviu Akuntansi dan Keuangan Vol 9, No 1: Jurnal Reviu Akuntansi dan Keuangan
Publisher : Universitas Muhammadiyah Malang

This study is conducted to examine the effect of family share ownership on the dividend policy of manufacturing companies in the Indonesia Stock Exchange (IDX). In this study, we also examine the moderating effect of institutional ownership on the relationship between family ownership and dividend policy. The number of observations 137 firm-years, consisting of family companies in the manufacturing sector listed on the IDX in the period 2013-2016. The test results show that family ownership has a positive effect on the dividend payout ratio. Research also shows that institutional ownership weakens the relationship between family ownership and dividend payout ratio.

LOAN-TO-VALUE POLICY AND PROPERTY LOANS RISK IN CONVENTIONAL COMMERCIAL BANKS OF INDONESIA Sasikirono, Nugroho; Sumanto, Syelma; Sudana, I Made; Meidiaswati, Harlina
INTERNATIONAL RESEARCH JOURNAL OF BUSINESS STUDIES Vol 12, No 3 (2019): December 2019 - March 2020
Publisher : Universitas Prasetiya Mulya

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (158.401 KB)

This study aims to determine the effect of loan-to-value (LTV) policy on bank's property loan risk. This study utilizes a purposive sampling method and multiple linear regression analysis techniques. The number of samples in this study is 66 banks with 563 observations data. The results show that bank's property loan risk, which is proxied by the NPL ratio of property loans, is lower in the LTV tightening policy period than the easing period. We utilize some control variables in this study: inflation, gross domestic product growth, property loan growth, and bank size. Inflation, property loan growth, and bank size have a significant positive effect on non-performing loans, while gross domestic product growth has a significant negative effect.

ZOMBIE COMPANY AND CSR PERFORMANCE WITH CORPORATE GOVERNANCE AND OWNERSHIP AS MODERATOR VARIABLES Madyan, Muhammad; Sasikirono, Nugroho; Maulidya, Putri
Riset Akuntansi dan Keuangan Indonesia Vol 5, No 3 (2020): Riset Akuntansi dan Keuangan Indonesia
Publisher : Universitas Muhammadiyah Surakarta

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.23917/reaksi.v5i3.11756

This study aims to determine the relationship between zombie companies and the performance of corporate social responsibility, with corporate governance and ownership as moderator variables. A zombie company is a near-insolvent firm due to inefficiency and low profitability but still survive with external support from the government or bank (Kane, 1987). The determination of the sample is done by a purposive sampling method, with OLS and Moderated Regression Analysis methods. The number of research samples is 288 companies with a total of 1865 observations for the period 2010-2017. The analysis shows that CSR performance in zombie companies is lower than that of non-zombies. The moderator variable of corporate governance is proxied by board composition, while ownership is proxied by family ownership and institutional ownership. The board composition and institutional ownership variables do not moderate the negative effects of zombie companies on CSR performance, while the family ownership variable worsens the relationship between zombie companies and CSR performance. The research control variables are financial leverage, a dummy of state-owned enterprise, and firm size. While financial leverage has no effect on the CSR performance, the state-owned enterprise and firm size are positively related to that performance.

FAMILY CONTROL, INSTITUTIONAL OWNERSHIP, AND DIVIDEND POLICY OF MANUFACTURING COMPANIES LISTED IN INDONESIA STOCK EXCHANGE Muhammad Madyan; Harlina Meidiaswati; Nugroho Sasikirono; Muhammad Hadyan Herlambang
Jurnal Reviu Akuntansi dan Keuangan Vol. 9 No. 1: Jurnal Reviu Akuntansi dan Keuangan
Publisher : Universitas Muhammadiyah Malang

This study is conducted to examine the effect of family share ownership on the dividend policy of manufacturing companies in the Indonesia Stock Exchange (IDX). In this study, we also examine the moderating effect of institutional ownership on the relationship between family ownership and dividend policy. The number of observations 137 firm-years, consisting of family companies in the manufacturing sector listed on the IDX in the period 2013-2016. The test results show that family ownership has a positive effect on the dividend payout ratio. Research also shows that institutional ownership weakens the relationship between family ownership and dividend payout ratio.

The Role of Family Involvement in Moderating The Relationship Between Company Characteristics and Dividend Policy in Indonesia Muhammad Madyan; Nugroho Sasikirono; Wida Kusmayana; Harlina Meidiaswati
Matrik : Jurnal Manajemen, Strategi Bisnis dan Kewirausahaan Volume 15 Nomor 1 Tahun 2021
Publisher : Universitas Udayana

This study seeks out the relationship between the characteristics of companies and dividend policy, as well as the role of family involvement as a moderator of such relationships. This study utilized a purposive sampling method. We conducted the analysis by multiple linear regression and moderated regression analysis. The number of samples in this study is 192 observations in non-financial companies listed on the LQ45 index. The Result shows that profitability, size, and investment opportunities have a positive effect on dividend payout ratio. Meanwhile, financial leverage has a negative relationship with the dividend payout ratio. Family involvement weakens the positive influence of profitability on dividend policy but strengthens the positive effect of investment opportunities. Family involvement does not moderate the effect of size, and financial leverage on dividend policy.

Waran pada Initial Public Offerings di Pasar Modal Indonesia Harlina Meidiaswati; Nugroho Sasikirono; I Made Sudana
Matrik : Jurnal Manajemen, Strategi Bisnis dan Kewirausahaan Volume 14 Nomor 1 Tahun 2020
Publisher : Universitas Udayana

This study aims to determine whether the warrants offerings in the Initial Public Offerings in the Indonesian Capital Market are carried out as a form of staged financing mechanism (Schultz, 1993) or are an attempt to convey signals about the company (Chemmanur and Fulghieri, 1997 ). The study was conducted on 96 IPO companies during the 2010-2013 period on the Indonesia Stock Exchange. The results show that IPOs with warrants are carried out by companies that are younger, have lower profitability, and with the tendency of owners to maintain a lower proportion of ownership after IPO. The results of the OLS analysis show the higher initial return of IPOs with warrants than normal IPOs. Probit analysis shows that the decision to conduct IPOs with warrants is influenced by age and leverage. The results of the study, in general, support the staged financing theory.

Zombie Company and CSR Performance with Corporate Governance and Ownership as Moderator Variables Muhammad Madyan; Nugroho Sasikirono; Putri Maulidya
Riset Akuntansi dan Keuangan Indonesia Vol 5, No 3 (2020): Riset Akuntansi dan Keuangan Indonesia
Publisher : Universitas Muhammadiyah Surakarta

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.23917/reaksi.v5i3.11756

This study aims to determine the relationship between zombie companies and the performance of corporate social responsibility, with corporate governance and ownership as moderator variables. A zombie company is a near-insolvent firm due to inefficiency and low profitability but still survive with external support from the government or bank (Kane, 1987). The determination of the sample is done by a purposive sampling method, with OLS and Moderated Regression Analysis methods. The number of research samples is 288 companies with a total of 1865 observations for the period 2010-2017. The analysis shows that CSR performance in zombie companies is lower than that of non-zombies. The moderator variable of corporate governance is proxied by board composition, while ownership is proxied by family ownership and institutional ownership. The board composition and institutional ownership variables do not moderate the negative effects of zombie companies on CSR performance, while the family ownership variable worsens the relationship between zombie companies and CSR performance. The research control variables are financial leverage, a dummy of state-owned enterprise, and firm size. While financial leverage has no effect on the CSR performance, the state-owned enterprise and firm size are positively related to that performance.

Loan-to-Value Policy and Property Loans Risk in Conventional Commercial Banks of Indonesia Nugroho Sasikirono; Syelma Sumanto; I Made Sudana; Harlina Meidiaswati
INTERNATIONAL RESEARCH JOURNAL OF BUSINESS STUDIES Vol 12, No 3 (2019): December 2019 - March 2020
Publisher : Universitas Prasetiya Mulya

Show Abstract | Download Original | Original Source | Check in Google Scholar

This study aims to determine the effect of loan-to-value (LTV) policy on bank's property loan risk. This study utilizes a purposive sampling method and multiple linear regression analysis techniques. The number of samples in this study is 66 banks with 563 observations data. The results show that bank's property loan risk, which is proxied by the NPL ratio of property loans, is lower in the LTV tightening policy period than the easing period. We utilize some control variables in this study: inflation, gross domestic product growth, property loan growth, and bank size. Inflation, property loan growth, and bank size have a significant positive effect on non-performing loans, while gross domestic product growth has a significant negative effect.Keywords:Loan-to-value policy, bank risk, property loan risks, non-performing loans, Indonesia.* Faculty of Economics and Business, Universitas Airlangga, **PT Mandiri Sekuritas *** Faculty of Economics, Kartini University https://doi.org/10.21632/irjbs.12.3.267-276

THE INTENDED USE OF FUNDS AND IPOs MARKET PERFORMANCE IN INDONESIAN CAPITAL MARKET Harlina Meidiaswati; Nugroho Sasikirono; Dina Novita
Jurnal Manajemen dan Kewirausahaan Vol. 21 No. 2 (2019): SEPTEMBER 2019
Publisher : Management Study Program, Faculty of Business and Economics, Petra Christian University

Specific information on the IPO prospectus can affect the stock's market performance, both the initial returns and the long-term performance. The disclosure of the purpose of IPO proceeds to: acquisition, investment, group financing, debt repayment and working capital, as a specific form of information is indicated to affect both initial return and long-term stock returns. We conducted a test of 148 IPOs on the Indonesia Stock Exchange in the period 2006–2013. Data analysis was performed using OLS and probit regression. The test results show that there is a negative relationship between the intention of the acquisition and debt repayment with underpricing. The results also show that IPOs with the purpose of the debt repayment is positively related to the long-term market performance. The age of the company has a negative effect on IPOs with the purpose of acquisition and debt repayment, while the size of the company proxied by total assets is positively related to the intentions of group financing and debt repayment

Country Governance and Financial Leverage with Institutional Ownership as Moderating Variables Nugroho Sasikirono; Rosita Dwi Kusuma; Harlina Meidiaswati
Riset Akuntansi dan Keuangan Indonesia Vol 7, No 2 (2022): Riset Akuntansi dan Keuangan Indonesia
Publisher : Universitas Muhammadiyah Surakarta

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.23917/reaksi.v7i2.19014

This study aims to determine the effect of country governance and the components of country governance (voice and accountability, political stability and absence of violence, government effectiveness, regulatory quality, law, and control of corruption) on financial leverage, as well as the moderating effect of institutional ownership on the influence of country governance and the components of country governance (voice and accountability, political stability and absence violence, government effectiveness, regulatory quality, law, and control of corruption) on financial leverage. This study uses a sampling method using purposive sampling. The analysis method is multiple linear regression and moderated regression analysis. The number of samples in this study was 1853 observations on manufacturing companies listed on the stock exchanges of Indonesia, Malaysia, Thailand, Singapore, and the Philippines. The results show that country governance, political stability and absence aof violence, government effectiveness, regulatory quality, law, and control of corruption have a significantly negative effect on financial leverage, while voice and accountability have a significant positive on financial leverage. Institutional ownership weakens the negative influence of country governance, political stability and absence of violence, government effectiveness, regulatory quality, law, and control of corruption on financial leverage, while institutional ownership strengthens the positive effect of voice and accountability on financial leverage. In addition, tangible assets, profitability, interest rates, and GDP growth also affect financial leverage.

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