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Silalahi, Donalson
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KONSENTRASI KEPEMILIKAN SAHAM DAN DAMPAKNYA TERHADAP KINERJA KEUANGAN PERUSAHAAN DI BURSA EFEK INDONESIA Silalahi, Donalson
Jurnal Manajemen dan Bisnis Vol 14 No. 2 Tahun 2014
Publisher : UNIKA Santo Thomas

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.54367/jmb.v14i2.88

Abstract

The study aims to: First, obtain empirical evidence about the impact of the concentration of stock ownership to the company's financial performance by using size of the compay and capital structure as a control variable in the Indonesia Stock Exchange. Second, obtain empirical evidence about the the impact of the company's financial performance to the concentration of stock ownership by using the size of the company and capital structure as a control variable in the Indonesia Stock Exchange. Third, obtain empirical evidence about the optimal concentration of share ownership in the Indonesia Stock Exchange. To achieve these objectives, the research conducted at the Indonesian Stock Exchange with a sample size as many as 195 companies and in explaining the relationship between the concentration of share ownership with the company's financial performance, firm size and capital structure as control variables and used t test, F test with α by 10 percent. Based on the results of research, the conclusions can be stated as follows: First, the concentration of share ownership and financial performance of the company can be placed as dependent and independent variables. The concentration of stock ownership have a significant positive effect on the company 's financial performance both before and after included firm size and capital structure as a control variable. Company's financial performance have a significant positive effect on the concentration of ownership of shares before and after included firm size and capital structure as a control variable. That is, the relationship between the concentration of share ownership with the company's financial performance is not a systematic relationship. Second, there is no an optimal concentration of share ownership, but there is a tendency of non- monotonic relationship between the concentration of share ownership with the company's financial performance. That is, the more concentrated the ownership of shares resulting majority shareholder actions that benefit themselves, to the detriment of minority shareholders
SPREAD DAN STRUKTURNYA SERTA DAMPAKNYA TERHADAP STOCK RETURN DI BURSA EFEK INDONESIA Purba, Saut; Silalahi, Donalson
Jurnal Manajemen dan Bisnis Vol 14 No. 2 Tahun 2014
Publisher : UNIKA Santo Thomas

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.54367/jmb.v14i2.90

Abstract

The research on the influence of bid ask spread on the stock return has been widely applied. Some of these research indicates that spread has a positive and significant effect on the stock return and the other research show that spread has a negative and significant effect on the stock return. Referring to the results of these studies, the purpose of this research is to explain why the relationship of spread and stock return is not consistent. The study was conducted at the Indonesia Stock Exchange between the year 2007 and 2008 with the sample size 1.707 observations. In this study, first done decomposition of spread to information friction and real friction. Based on the decomposition of spread, further the component of information friction and real friction associated with the stock return. The results of the research showed that the component of information friction has a positive and significant effect on the stock return. Furthermore, the component of real friction has a negative and significant effect on the stock return. Therefore, the inconsistency coefficient direction of the influence of spread on the stock return caused components of the spread. Furthermore, the results showed that the stock return are highly sensitive to the changes of information friction
STRUKTUR MODAL PERUSAHAAN-PERUSAHAAN NON KEUANGAN YANG TELAH GO PUBLIC DI BURSA EFEK INDONESIA BERDASARKAN TRADE OFF THEORY Silalahi, Donalson
Jurnal Manajemen dan Bisnis Vol 15 No. 1 Tahun 2015
Publisher : UNIKA Santo Thomas

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.54367/jmb.v15i1.95

Abstract

This study aims, First, to obtain the empirical evidence about the capital structure of non-financial firms in Indonesia Stock Exchange. Second, to obtain the empirical evidence about the impact of capital structure on the value of non-financial firms in Indonesia Stock Exchange. Third, to obtain the empirical evidence about the impact of profitability, size of the firm, growth opportunity, the structure of assets, and the cost of bankruptcy to capital structure of non-financial firms in Indonesia Stock Exchange. To achieve these objectives, conducted research on companies listed on the Indonesia Stock Exchange. Research conducted on 163 companies with the observation period in 2011. All the required data obtained from the Indonesian Capital Market Directory. Furthermore, to explain the determinants of capital structure of the firm to used the t and F test with alpha 10 percent. Based on the results of the study, the conclusions as follows: First, the capital structure of the firm has a negative and significant effect on the value of the firm. Second, there is no optimal capital structure on a non-financial corporations. Third, the size of the firm, the structure of assets, and the cost of bankruptcy have positive and significant effect on the capital structure of the firm. Fourth, profitability and the growth opportunities of the firm does not significantly influence to the capital structure. Fifth, variations in the profitability, size of the firm, growth opportunities, the structure of assets, and the cost of bankruptcy are able to explain the variations of capital structure 10,2 percent. Sixth, the coefficient towards research results influence the profitability and bankruptcy costs the company is not in accordance with the trade-offs theory.
PENGARUH FINANCIAL SLACK TERHADAP KINERJA PERUSAHAAN STUDI PADA PERUSAHAAN-PERUSAHAAN MANUFAKTUR YANG TELAH GO PUBLIC DI BURSA EFEK INDONESIA Silalahi, Donalson
Jurnal Manajemen dan Bisnis Vol 15. No. 2 Tahun 2015
Publisher : UNIKA Santo Thomas

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.54367/jmb.v15i2.101

Abstract

The relationship between financial slack with the company's performance is not clear. Therefore, this issue more interesting to study. Financial slack can be grouped into two types: available slack and potential slack. Therefore, this study is intended to clarify the effect of available slack and potential slack to company performance. To achieve this aim, used a linear regression equation. The study focused on companies listed on Indonesia Stock Exchange by using purposive sampling technique in sampling research so that the sample size were 112 companies. The data used in this research is secondary data with observations in the period 2008-2010. To explain the effect of financial slack on the performance of companies used the t and F test with α by 10 percent. Based on the analysis and discussion, some conclusions as follows: Firstly, available slack and potential slack have significant negative effect on the performance of the company. Second, the greater the slack of the company, there is a tendency that corporate leaders will tend to use the slack to fulfill its interests. Based on the above conclusions, some suggestions as follows: Firstly, if the company's performance would be improved, financial slack needs to be lowered to a level that is needed. Second, the results of this study can be used as a basis for regulators to make regulations to improve the quality of corporate governance of the corporation. Third, further research is needed by differentiating the sample of companies over companies that implement good corporate governance and corporate governance is not good.
ANALISIS PENGARUH FAKTOR FUNDAMENTAL DAN PASAR TERHADAP HARGA SAHAM PADA PERUSAHAAN MANUFAKTUR YANG TERDAFTAR DI BURSA EFEK INDONESIA Karo-Karo, Anastasia F.; Silalahi, Donalson
Jurnal Manajemen dan Bisnis Vol 15. No. 2 Tahun 2015
Publisher : UNIKA Santo Thomas

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (591.726 KB) | DOI: 10.54367/jmb.v15i2.102

Abstract

This study aimed to analyze the influence Earning Per Share, Return on Equity, Book Value, Growth Company and market factors, namely Capitalization Rate on stock price on manufacturing companies listed in Indonesia Stock Exchange. The object of this research is manufacturing companies listed in Indonesia Stock Exchange 2010-2012 period who actively publish the financial statements in the period of observation. In this study, the data collected is of secondary data is data obtained indirectly from the object of research. Therefore, in this study the data capture technique using the documentation techniques. The procedure of sample selection is purposive sampling and analysis model used is the Multiple regression to test the hypothesis that the t test and F test and also performed classical assumption. The results showed that the Earning Per Share, Return on Equity, Book Value positive and significant effect on stock prices and capitalization rates and a significant negative effect on stock prices. Based on the test results indicate that simultaneous Earning Per Share, Return on Equity, Book Value, Growth companies and capitalization rates affect stock prices. Variations independent variable Earning Per Share, Return on Equity, Book Value, Growth companies and capitalization rate is able to explain the variation in stock prices by 95.64%.
PENGARUH STRUKTUR KEPEMILIKAN SAHAM TERHADAP KEBIJAKAN DIVIDEN (STUDI PADA PERUSAHAAN-PERUSAHAAN YANG TERDAFTAR DI BURSA EFEK INDONESIA) Purba, Saut; Silalahi, Donalson
Jurnal Manajemen dan Bisnis Vol 15. No. 2 Tahun 2015
Publisher : UNIKA Santo Thomas

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.54367/jmb.v15i2.106

Abstract

Dividend policy is an interesting theme in financial research. The dividend policy often used to reduce conflicts of interest between shareholders and managers. Therefore, would be argued that the ownership structure affect the dividend policy. This study aims to: First, to explain the ownership structure and dividend policy. Second, to obtain the empirical evidence about the impact of ownership structure on dividend policy by used size, capital structure and profitability of the firm as control variables. The study was conducted in Indonesia Stock Exchange using the 198 companies as samples and use multiple regression as an analytical tool. Based on the results of the study suggested that: First, the institutional ownership before and after the control variables included positive and significant effect on the dividend payout ratio. Second, managerial ownership before and after the control variables included no significant effect on the dividend payout ratio. Third, the size of the company have significant positive effect on the dividend payout ratio. Fourth, capital structure and profitability of the firm has no significant effect on the dividend payout ratio.
PERBAIKAN IKLIM BERINVESTASI UNTUK MENINGKATKAN ARUS MASUK NET PENANAMAN MODAL Silalahi, Donalson
Jurnal Manajemen dan Bisnis Vol 10 No. 2 Tahun 2010
Publisher : UNIKA Santo Thomas

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.54367/jmb.v10i2.108

Abstract

From the time that the crisis of economy at the year 1997, the flows of the net capital investment in Indonesia is low or negative for some period. Thus, the Government is difficulty to realized the target of economic growth at the year 2010. The capital investment is the decisive factor that influence economic growth to compare with the other fiactors. Thus, the capital investment is the important facctor to achieved the target of economic growth. The role of the capital investment is difficulty to create if the problems of the climate if the capital investment like that bureaucracy, grease money, and the implementation of autonomy area did not to solve immediately. This paper aims to describes and discuss how to improve the climate of the capital investment to increased the flows of the net capital investment. If the climate of the capital investment in Indonesia to improve, so the flows of the net capital investment is increase and then the economic growth increase too. By the way, the government and the local goverment necessary to improve the climate of the capital investment with implementation of the policy with to give lots of the facilities, ease to investment, and the incentives to investor with mapping the industry if Indonesia.
KUALITAS PASAR OBLIGASI KORPORASI INDONESIA Silalahi, Donalson
Jurnal Manajemen dan Bisnis Vol 11. No. 1 Tahun 2011
Publisher : UNIKA Santo Thomas

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.54367/jmb.v11i1.114

Abstract

lndonesia corporate bond market development can he done from various aspects, among others, through the stability and improvement of macroeconomic indicators, improving the quality of financial infrastructure, and improving the quality of the corporate bond market. This study aimed to describe the quality Indonesian corporate bond market based transaction costs approach. Therefore, the quality of the corporate bond market in this study manifested by transaction costs and decomposition of transaction costs (information friction and real friction). Based on the estimation of transaction costs and decomposition of transaction costs, regulators and market managers can create a variety of policies to improve the quality of the corporate bond market. To achieve these goals, the data used were corporate bond registered and transacted in the bond market and the sources of data from Securities Division reported OTC-FIS (Over the counter – Fixed Income Service). The research samples were 2336 observations using the purposive sampling technique to gather samples. The data were analyzed using the multiple regression equation. The research indicates that: First, transaction costs ty’ corporate bond is 0-798 with t-statistic is 31.964. Second, the contribution of information friction againts transaction cost is 45.1 percent with t-statistic is 18.20. "third, the contriliution real friction againts transaction cost is 14.2 percent with t-statistic is 5.71. Fourth, the information friction have the greater contribution to transaction cost with or without the classification of sample. Fifth, in the change of bond price segmentation, the contribution of information friction increases with the increase of the change of bond price. With reference to the research results, the quality of the corporate bond market can he improved by lowering the transaction costs in trade mechanism. Transaction costs can be reduced through increased transparency and improved the trading niechanisni of corporate bond market. Furthermore, the result if this research can be used by investors in creating portfolios and holding periods and for bond emitters in issuing bonds.
DEKOMPOSISI TRADED SPREAD SAHAM DI BURSA EFEK INDONESIA: ORDER PROCESSING COST, INVENTORY HOLDING COST, DAN ADVERSE SELECTION COST Silalahi, Donalson
Jurnal Manajemen dan Bisnis Vol 16 No. 1 Tahun 2016
Publisher : UNIKA Santo Thomas

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.54367/jmb.v16i1.121

Abstract

Stock market performance can be viewed from various aspects. One of this aspect is the amount of traded spread. The greater of traded spread can be caused by a lack of trading system and disclosure. Therefore, the decomposition of traded spread is important for the study. This research was conducted to develop a model of traded spread and prove that: the order processing cost, inventory holding cost, and adverse selection cost are the component of traded spread. To achieve these objectives, the stock price and order flow observed during the years 2007 - 2008 and using the purposive sampling as the sampling technique. Samples were observed at 1.782 and using trade indicators to determine whether the transactions undertaken based on the ask price or bid price. The data were analyzed using the multiple regression. The research indicated that: First, the model of traded spread can be used to explain the decomposition of traded spread. Second, the contribution of order processing cost is 29 per cent, the contribution of inventory holding cost is 68 per cent, and the contribution of adverse selection cost is 3 percent. Third, the contribution of adverse selection cost is relatively low when compared with the contribution of real spread. Furthermore, the results of this study can be used to determine the policies in reducing of traded spread.
PENGARUH KEPEMILIKAN INSTITUSIONAL TERHADAP KARAKTERISTIK PASAR SAHAM DI BURSA EFEK INDONESIA Silalahi, Donalson
Jurnal Manajemen dan Bisnis Vol 16 No. 2 Tahun 2016
Publisher : UNIKA Santo Thomas

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.54367/jmb.v16i2.128

Abstract

The role of institutional ownership in the financial markets became very important. However, until today there is no consensus among researchers about the influence of institutional ownership on the characteristic of stock market. Therefore, researchers are motivated to conduct further research the influence of institutional ownership on the characteristic of stock market. The research conducted at the Indonesian Stock Exchange with traded spread and adverse selection costs as dependent variable and institutional ownership as independent variable. In addition to institutional ownership, also used standard deviation of common stock price and trading volume as a control variable to clarify the relationship of institutional ownership on the characteristic of stock market. The study was conducted on 120 firms with observations in the period 2010-2011. All the required data obtained from the Indonesian Capital Market Directory. The results showed that: First, institutional ownership has a negative and significant effect on traded spread. Second, the variability of traded spread is able to be explained by the variability of institutional ownership, standard deviation of the stock price, and trading volume 24.8 percent. Third, institutional ownership has a negative and significant effect on adverse selection costs. Fourth, the variability of adverse selection costs is able to be explained by the variability of institutional ownership, standard deviation of the stock price, and trading volume 26.2 percent. Fifth, the relationship between institutional ownership to traded spread and adverse selection cost before and after entering the control variables remain negative and significant.
Co-Authors Afnita, Vinda Anitha P. Tinambunan Ansella Thalita Hulu, Ruth Bangun, Dinalorena Br Barus, Adriana Theresia Barus, Clara Silvina Debataraja, Mega Silvia Esli Silalahi Fransiskus , Randa Gea, Jerni Natalia Girsang, Marianus Jhon Libert Girsang, Marianus Jhonlibert Gonti Simanullang Gultom, Metro Haloho, Befriana Utami Hulu, Ruth Ansella Thalita Hutapea, Putri Wildasari br. Imanuel Tarigan INDRIANI, LAU RENSIA RIRI Karo-Karo, Anastasia F. Kornel Munthe Laoly, Eka Putri Limbong, Sriladepa Manalu, Asdius Manik, Denada Marbun, Patricia Mei Veronika Sri Endang Siagian Nainggolan, Ruminsar Nauli, Harum Nauli, Kembang Ndruru, Devi Sartika Paulina, Sonti Purba, Saut Riko Fridolend Sianturi Sabeth Sembiring Sagala, Roslinda Saragih, Alvyoni SAUT PURBA Sianturi, Sitra Sigalingging, Maria E. Sihombing, Thomas H Silalahi , Esli Silitonga, Parasian DP. Simanihuruk, Elsa Simanjuntak, Adi Sinaga, Irma Suriyani Sinaga, Ria Veronica Sinambela, Julivacius Gok Asi Sinar Ritonga Sipahutar, Robinson Sipangkar, Helena Siregar, Esra Rapma Sitanggang, Evi Junita Sitanggang, Lestari Pratiwi Sitompul, Pandapotan Situmorang, Hesti Wahyuni Situmorang, Paulina Octavia Tambunan, Putri Handini Tarigan, Miska Irani Theresia Br Barus, Adriana TONNI LIMBONG