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All Journal Jurnal Riset Akuntansi dan Keuangan Jurnal Riset Manajemen dan Bisnis
Ari Christianti
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Decision Sciences, Operations Research & Management Economics, Econometrics & Finance Social Sciences

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ANALISIS PENGARUH NILAI SAHAM YANG BEREDAR, STRUKTUR MODAL, RISIKO PASAR, DAN SUKU BUNGA TERHAD AP RETITRN SAHAM DI BEJ DENGAN PENDEKATAN MODEL DINAMIS (Studi Kasus Pada Sektor Aneka lndustri Tahun 1996-2002) Ari Christianti; Murti Lestari
Jurnal Riset Akuntansi dan Keuangan Vol 1, No 1 (2005): Jurnal Riset Akuntansi dan Keuangan
Publisher : Fakultas Bisnis UKDW

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21460/jrak.2005.11.110

Abstract

The study aims at empirically proving and analyzing the balance model of Capital Asset Pricing Model (CAPM with the multifactor of risks, consisting of: outstanding stocks value, capital structure represented by Debt EquiQ Ratio (DER), market risk as represented by stock market beta, and the interest rate on company return on stock.This research uses a dynamic model approach considering the existence of the weaknessesin a classic linear model. Since the investment is related to investors behavior that need a lag to market change, the use of the dynamic model approach will be better. It is because the dynamic model uses autoregressive approach containing the lag. The dynamic model used here is Partial Adjustment Model (PAM) and Error Correction Model (ECM).  Based on the estimation of the PAM model it is proven that the model is inefficient in finding the evidence confirming the hypothesis. Subsequently,based on the result of the examination of the ECM model it isconcluded that outstanding stocks value has a positive and signiJicant impact in short term and a negative impact in long term. It means that in the short term outstanding stocks value serves as the consideration for investors in making an investment. However in the long term they are likely to believe that the use of smaller internal capital proportion will be more beneficial for them. The capital structure has only a longierm impact on the return on stock. It means that the impact of DER on stock return on miscellaneous industry sector needs the quite long lag to influence the investors in determining stocks return. It indicates that in the long term they believ:e that the use of increasing number of loan will causes the decrease in company liquidity. Consequently, the opportunity for the company to go bankrupt is bigger Beta stock in the study has a negative impact in the long term. Theoretically, it is not consistent with the parameter direction and indicated that beta stock does notserve as an app;r,pviate prory in measuring the rislcs on. miscellaneous industry sector The interest rate has in the long term a negative impact on stocks return and needs the long lag to influence the investors in determining the return on stocks.Keywords: Stock return, outstanding stock value, DER (Debt Equity Ratio), beta, interest rote, ECM (Eruor Correction Model)
PENGUJTAN PECKTTVG ORDER THEORY (POT): Pengaruh Leverage Terhadap Pendanaan Surplus dan Defisit pada lndustri Manufaktur di Bursa Efek lndonesia Ari Christianti
Jurnal Riset Akuntansi dan Keuangan Vol 4, No 2 (2008): Jurnal Riset Akuntansi dan Keuangan
Publisher : Fakultas Bisnis UKDW

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21460/jrak.2008.42.145

Abstract

This research is empirically examines the Pecking Mer Theory eOD. This is important since the POT discuss the factors effected the tevet of debt used by tfui company srrch as: the capocity of deficit due to internal cash tlow inadequocy for exercising the hwestment and its commitment to regululy pay dividend- On doing so, this research is intended to specifically examine the effect of surphs and deficit financing on the use of debt. The samples oe dr*vn trom compoies within maru{acturingsector which are listed at the Indonesiott Capital Stock Erchangeduring 2000-2005. Furthermore the data will be analyzed using the regression with dumrny vsiables. The result sltows, there is a negatively effect between long term debt with deficrt. The possible explanation is muket and economic condition effect the capital stttcryre decision. Keyword: Pecking Mer Theory eOD, debt, sarplus, deficit
PENGARUH SIZE, LIKUIDITAS, PROFITABILITAS, RISIKO BISNIS, DAN PERTUMBUHAN PENJUALAN TERHADAP STRUKTUR MODAL PADA SEKTOR INDUSTRI PROPERTI Anissa Mega Ratri; Ari Christianti
Jurnal Riset Manajemen dan Bisnis Vol 12, No 1 (2017): Jurnal Riset Manajemen dan Bisnis
Publisher : Fakultas Bisnis UKDW

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (439.693 KB) | DOI: 10.21460/jrmb.2017.121.271

Abstract

This research aimed to test the effects of size, liquidity, profitability, business risk, and sales growth to capital structure. The objects of this research were companies in property and real estate sector listed in Jakarta Stock Exchange. This research used period from 2010 to 2014 and used panel dataanalysis. The result showed size had positive effect on capital structure. Furthermore, liquidity, profitability, business risk, and growth of sales had negative effect on capital structure. This research could be concluded to support the Pecking Order Theory.Keywords: Capital Structure, Size, Liquidity, Profitability, Business Risks , and Sales GrowthPenelitian ini bertujuan untuk menguji pengaruh ukuran perusahaan, likuiditas, profitabilitas, risiko bisnis, dan pertumbuhan penjualan terhadap struktur modal. Adapun objek dalam penelitian iniadalah perusahaan yang termasuk dalam sektor properti dan real estate yang terdaftar di Bursa Efek Indonesia periode 2010-2014 dengan menggunakan analisis data Panel. Hasil penelitian menunjukkan bahwa ukuran perusahaan berpengaruh positif terhadap struktur modal. Selanjutnya, tingkat likuiditas, pertumbuhan profitabilitas, risiko bisnis, dan pertumbuhan penjualan berpengaruh negatif terhadap struktur modal. Hasil penelitian ini secara keseluruhan mendukung teori strukturmodal Pecking Order.Kata kunci: Struktur Modal, Ukuran, Likuiditas, Profitabilitas, RisikoBisnis, danPenjualanPertumbuhan
Pengaruh Tingkat Suku Bunga dan Inflasi terhadap Nilai Tukar Dollar Amerika (Pendekatan Model Linier Klasik, Autoregressive, dan Granger) Ari Christianti
Jurnal Riset Manajemen dan Bisnis Vol 3, No 1 (2008): Jurnal Riset Manjemen dan Bisnis
Publisher : Fakultas Bisnis UKDW

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (16776.838 KB) | DOI: 10.21460/jrmb.2008.31.203

Abstract

This research is empirically examined the factors fficting exchange rate. The examination will employ three models, namely, classical linier model, autoregressive, and granger. The data are drann from Indonesian monthly macro economics indicators, narnely, interest, inflation, and exchange rate. The data'is collected from 2005-2007. The empirical result of this research indicates that the most fficient model is Granger Causality Model. Moreover, the result also find that interest and inflation rate affect the exchanged rate.Keywords: Interest, inflation, exchange rate, classical linier model, autoregressiu.e, and granger causality model
PENGARUH SIZE, LIKUIDITAS, PROFITABILITAS, RISIKO BISNIS, DAN PERTUMBUHAN PENJUALAN TERHADAP STRUKTUR MODAL PADA SEKTOR INDUSTRI PROPERTI Anissa Mega Ratri; Ari Christianti
Jurnal Riset Manajemen dan Bisnis Vol. 12 No. 1 (2017): Jurnal Riset Manajemen dan Bisnis
Publisher : Fakultas Bisnis Universitas Kristen Duta Wacana

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21460/jrmb.v12i1.183

Abstract

ABSTRACT This research aimed to test the effects of size, liquidity, profitability, business risk, and sales growth to capital structure. The objects of this research were companies in property and real estate sector listed in Jakarta Stock Exchange. This research used period from 2010 to 2014 and used panel data analysis. The result showed size had positive effect on capital structure. Furthermore, liquidity, profitability, business risk, and growth of sales had negative effect on capital structure. This research could be concluded to support the Pecking Order Theory. Keywords: Capital Structure, Size, Liquidity, Profitability, Business Risks , and Sales Growth ABSTRAK Penelitian ini bertujuan untuk menguji pengaruh ukuran perusahaan, likuiditas, profitabilitas, risiko bisnis, dan pertumbuhan penjualan terhadap struktur modal. Adapun objek dalam penelitian ini adalah perusahaan yang termasuk dalam sektor properti dan real estate yang terdaftar di Bursa Efek Indonesia periode 2010-2014 dengan menggunakan analisis data Panel. Hasil penelitian menunjukkan bahwa ukuran perusahaan berpengaruh positif terhadap struktur modal. Selanjutnya, tingkat likuiditas, pertumbuhan profitabilitas, risiko bisnis, dan pertumbuhan penjualan berpengaruh negatif terhadap struktur modal. Hasil penelitian ini secara keseluruhan mendukung teori struktur modal Pecking Order. Kata kunci: Struktur Modal, Ukuran, Likuiditas, Profitabilitas, RisikoBisnis, dan PenjualanPertumbuhan
Co-Authors Anissa Mega Ratri Murti Lestari