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Faktor-Faktor Penentu Struktur Modal serta Dampaknya Terhadap Nilai Perusahaan (Studi pada Perusahaan Manufaktur yang Terdaftar di Bursa Efek Indonesia dan Bursa Efek Malaysia ) Mas'ud, Masdar
Jurnal Aplikasi Manajemen Vol. 7 No. 1 (2009)
Publisher : Universitas Brawijaya, Indonesia

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Abstract

Results of research indicate that the factors of capital structure determiners have significant effect on capital structures such as profitability, size, growth opportunity, asset structure, and cost of financial distress. The exception may be tax shields effects without significant effect at all on capital structure. The latter becomes evident because the depreciation and amortization rates of Indonesia listed manufacturing companies do not seem significant to contribute company cash flow such that it stands out of company debt proportion. In Malaysia, the factors of capital structure determiners with significant effect on capital structures involve profitability, size, asset structure, cost of financial distress and tax shields effects. Size and growth opportunity do not have significant effect on the capital structure because Malaysia manufacturing companies consider little investment rate to finance equity financing to deal with financial risk regardless the size of company. It shows the similarity of these factors of capital structure determiner between manufacturing companies listing at Indonesia Stock Exchange and Malaysia Stock Exchange. The significantly similar determiner factors pertain to growth opportunity, asset structure and company value. Meanwhile, the difference also develops between the factors of capital structure determiner in the manufacturing companies listing at Indonesia Stock Exchange and Malaysia Stock Exchange. The significantly different determiner factors will be profitability, size, cost of financial distress, tax shields effects and capital structure.
Pengaruh Struktur Kepemilikan, Kebijakan Dividen, dan Ukuran Perusahaan Terhadap Nilai Perusahaan Pada Perusahaan Perbankan BUMN Dan BUMD Yang Terdaftar Di Bursa Efek Indonesia Syawal, Ahmad; Mas'ud, Masdar; Arif, Muh.
Benefit: Journal of Bussiness, Economics, and Finance Vol. 4 No. 2 (2026): BENEFIT: Journal Of Business, Economics, and Finance
Publisher : Lembaga Penelitian Dan Publikasi Ilmiah (lppi) Yayasan Almahmudi Bin Dahlan

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.70437/benefit.v4i2.1777

Abstract

Abstract This study aims to examine the impact of ownership structure, dividend policy, and firm size on firm value. The sample in this study consisted of six state-owned and regionally-owned banking companies listed on the Indonesia Stock Exchange for the 2020-2024 period. This study used a quantitative approach with time series data. The data analysis technique used panel data regression with the help of E-Views. The results show that (1) ownership structure has a negative and significant effect on firm value, meaning that the higher the proportion of institutional ownership, particularly ownership by the central and regional governments, the lower the firm value. (2) Dividend policy does not have a significant effect on firm value, meaning that the amount of dividends distributed by state-owned and regionally-owned banking companies is not a major factor influencing investors' perceptions of firm value. (3) Company size has a positive and significant effect on company value, meaning that the larger the company, the higher the company value, as reflected in investor perceptions. (4) Ownership structure, dividend policy, and company size simultaneously have a significant effect on company value. Keywords: Ownership Structure, Dividend Policy, Company Size, Company Value
Pengaruh Pengembangan Sumber Daya Manusia, Motivasi Dan Kompetensi Terhadap Kinerja Pegawai Pada Dinas Kesehatan Kabupaten Halmahera Tengah Sahil, Ummu Hani; Mas'ud, Masdar; Sinring, Bahar
Paradoks : Jurnal Ilmu Ekonomi Vol. 9 No. 2 (2026): February - April
Publisher : Fakultas Ekonomi, Universitas Muslim Indonesia

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Abstract

Reformasi birokrasi menempatkan sumber daya manusia (SDM) sebagai faktor strategis dalam meningkatkan kinerja organisasi sektor publik, khususnya pada sektor kesehatan yang berhadapan langsung dengan kualitas pelayanan masyarakat. Penelitian ini bertujuan untuk menganalisis pengaruh pengembangan sumber daya manusia, motivasi, dan kompetensi terhadap kinerja pegawai pada Dinas Kesehatan Kabupaten Halmahera Tengah. Penelitian ini menggunakan pendekatan kuantitatif dengan metode survei terhadap seluruh pegawai yang berjumlah 95 orang menggunakan teknik sensus. Data dikumpulkan melalui kuesioner dengan skala Likert dan dianalisis menggunakan regresi linear berganda. Pengujian dilakukan melalui uji asumsi klasik, uji F, uji t, serta koefisien determinasi (R²). Hasil penelitian menunjukkan bahwa secara simultan pengembangan SDM, motivasi, dan kompetensi berpengaruh signifikan terhadap kinerja pegawai. Secara parsial, ketiga variabel juga berpengaruh positif dan signifikan, dengan kompetensi sebagai variabel yang paling dominan. Nilai koefisien determinasi sebesar 0,397 menunjukkan bahwa model mampu menjelaskan 39,7% variasi kinerja pegawai, sementara sisanya dipengaruhi oleh faktor lain di luar penelitian. Temuan ini menegaskan bahwa peningkatan kinerja pegawai tidak cukup hanya melalui program pengembangan formal, tetapi harus diarahkan pada penguatan kompetensi yang relevan dengan pekerjaan serta didukung oleh peningkatan motivasi kerja secara berkelanjutan.