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PENGUJIAN FAMA-FRENCH THREE-FACTOR MODEL DI INDONESIA Damar Hardianto; Suherman Suherman
Jurnal Keuangan dan Perbankan Vol 13, No 2 (2009): May 2009
Publisher : University of Merdeka Malang

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (1015.625 KB) | DOI: 10.26905/jkdp.v13i2.929

Abstract

This study empirically examined the Fama-French three factor model of stock returnsfor Indonesia over the period 2000-2004. We found evidence for pervasive market, size, andbook-to-market factors in Indonesian stock returns. We found that cross-sectional mean returnswere explained by exposures to these three factors, and not by the market factor alone. Theempirical results were reasonably consistent with the Fama-French three factor model.
APAKAH DIVERSITAS GENDER MEMENGARUHI STRUKTUR MODAL? BUKTI EMPIRIS DI INDONESIA Suherman Suherman
Jurnal Keuangan dan Perbankan Vol 21, No 2 (2017): April 2017
Publisher : University of Merdeka Malang

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (191.61 KB) | DOI: 10.26905/jkdp.v21i2.636

Abstract

The purpose of this study is to know the influence of gender diversity that proxied by the existance and proportion of female directors in a firm on capital structure that proxied by debt to asset ratio (DAR) and debt to equity ratio (DER). Sample of this study consists of 78 firms (384 observations) listed on Kompas100 Index between 2011 and 2015. Controlling for firm size, profitability (ROA) and asset growth, the results show that 1)the existance of female on board of directors has positive and significant effect on DAR 2)female proportion on board of directors has no significant effect on DAR 3) the existance of female on board of directors has no significant effect on DER 4)female proportion on board of directors has no significant effect on DER
PENGARUH KINERJA PERUSAHAAN, CORPORATE GOVERNANCE, DAN KARAKTERISTIK EKSEKUTIF TERHADAP KOMPENSASI EKSEKUTIF Suherman Suherman; Yoseph Y. P Pardede; Umi Mardiyati
Jurnal Keuangan dan Perbankan Vol 20, No 1 (2016): January 2016
Publisher : University of Merdeka Malang

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (97.322 KB) | DOI: 10.26905/jkdp.v20i1.138

Abstract

Abstract The objectives of this research are 1)to examine the effect of firm performance on executive compensation, 2)to investigate the effect of corporate governance on executive compensation, and 3)to find out the effect of execu-tive characteristics on executive compensation. Sample of this research consists of 46 firms (157 observations) listed on Kompas100 index between 2010 and 2013. Controlling for firm size, the results show that 1)ROA has positive and significant effect on executive compensation, but NPM and Tobins Q do not, 2)institutional ownership and independent commissioner do not have significant effect on executive compensation, and 3)ex-ecutive age and gender do not have significant effect on executive compensation.
THE Effect of Institutional Ownership and Executive Compensation on Company Performance (Study on Food and Beverage Industry Listed in Indonesia Stock Exchange From 2014-2018) Yunita Riaswati; Suherman; Umi Mardiyati
JURNAL DINAMIKA MANAJEMEN DAN BISNIS Vol 4 No 1 (2021): Jurnal Dinamika Manajemen dan Bisnis
Publisher : LPPM Universitas Negeri Jakarta

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21009/JDMB.04.1.3

Abstract

ABSTRACT The purpose of this study is to determine the effect of institutional ownership and executive compensation on company performance in the food and beverage industry listed on the Indonesia Stock Exchange from 2014-2018. The variables used in this study are institutional ownership and executive compensation as independent variables, company performance (proxied by Tobin's Q, ROA, and ROE) as the dependent variable, as well as company size, leverage (proxied by DAR), and company age as the dependent variable. . This study uses annual report data and financial statements of food and beverage sub-sector companies listed on the Indonesia Stock Exchange in the 2014-2018 period. The sampling method used was the purposive sampling method, using balanced panel data as a method of data analysis. The results of this study indicate that institutional ownership has a significant positive effect on company performance (on Tobin's Q proxy) and insignificant (on the proxy of ROA and ROE), and executive compensation does not have a significant effect on company performance.
The Effect of Women Executive on Bank Performance (Study on Banking Firms Listed in Indonesia Stock Exchange in The Period Of 2010 – 2019) Cassania Dela Pena; Suherman; Sholatia Dalimunthe
JURNAL DINAMIKA MANAJEMEN DAN BISNIS Vol 4 No 1 (2021): Jurnal Dinamika Manajemen dan Bisnis
Publisher : LPPM Universitas Negeri Jakarta

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21009/JDMB.04.1.6

Abstract

The aim of this study is to determine the effect of Women Executive on the bank performance of banking firms listed in Indonesia Stock Exchange period of 2010- 2019. Independent variables used in this study is women executive which is measured with female CEO. Dependent variable used in this study is bank performance which is measured with Return on Asset (ROA) and Return on Equity (ROE). This study also uses control variables including board of commissioner size, the proportion of foreign commissioner, the proportion of independent commissioner, firm size, firm growth, dividend policy, firm age, Net Performing Loan (NPL), and Loan to Deposit Ratio (LDR). The data used in this study is taken from annual report of banking firms that are listed in Indonesia Stock Exchange during 2010-2019. The sampling method of this study is purposive sampling. The research model used is unbalanced panel data with Random Effect Model approach. The results obtained from this research is female CEO has significant effect on ROE, but does not have significant effect on ROA.
The Influence of Corporate Social Responsibility on Firm Value With Institutional Ownership and Managerial Ownership as Moderating Variables Rosa Salsa Bila; Suherman; Agung Dharmawan Buchdadi
JURNAL DINAMIKA MANAJEMEN DAN BISNIS Vol 5 No 1 (2022): Jurnal Dinamika Manajemen dan Bisnis
Publisher : LPPM Universitas Negeri Jakarta

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21009/JDMB.05.1.1

Abstract

This study aims to determine the effect of Corporate Social Responsibility (CSR) on firm value, with institutional ownership and managerial ownership as moderating variables in manufacturing companies listed on the Indonesia Stock Exchange (IDX) for the 2014-2019 period. The data used for the research sample is in the form of annual reports from manufacturing companies listed on the IDX for the 2014-2019 period. The method used for the sampling process is the purposive sampling technique, while the model used in this study is panel data with a random-effects model approach. The results of this study indicate that CSR does not have a significant effect on firm value. Institutional ownership as a moderating variable cannot moderate the relationship between CSR and firm value. Meanwhile, managerial ownership is shown to moderate the relationship between CSR and firm value but has a weakening effect.
The Impact Of Dividend Policy, Managerial Ownership, Institutional Ownership To Capital Structure On Manufacturing Company In Indonesia Stock Exchange (Idx) Period 2012-2016 Ratna Putri Indah Puspita; Suherman Suherman
Journal of Business and Behavioural Entrepreneurship Vol 2 No 1 (2018): Journal of Business and Behavioural Entrepreneurship
Publisher : Fakultas Ekonomi, Universitas Negeri Jakarta

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (677.135 KB) | DOI: 10.21009/JOBBE.002.1.04

Abstract

This study aims to determine the effect of dividend policy, managerial ownership and institutional ownership on the capital structure of manufacturing companies listed on the IDX for the 2012-2016 period. The data used in this study is an annual report of the Manufacturing Sector listed on the IDX for the period 2012-2016. By using purposive sampling method, 56 companies were obtained and consisted of 280 observations. The model used in this research is panel data analysis using the Random Effect Model approach. The results of this study indicate that the dividend policy has a positive but not significant effect on DER, but has a significant positive effect on DAR. While managerial ownership is influential but not significantly negative on the capital structure (DER and DAR). Institutional ownership has a significant negative effect on DER, but has a negative but not significant effect on DAR. Profitability has a significant negative effect on the capital structure (DER and DAR), while the structure of assets and company size does not have a significant effect on the capital structure. (DER and DAR).
The Effects Of Financial Performance Toward Firm Value With Ownership Structure As Moderating Variable (The Study On Manufacturing Companies Listed In Indonesia Stock Exchange In The Period Of 2012-2016) Anida Amalia Luthfiah; Suherman Suherman
Journal of Business and Behavioural Entrepreneurship Vol 2 No 1 (2018): Journal of Business and Behavioural Entrepreneurship
Publisher : Fakultas Ekonomi, Universitas Negeri Jakarta

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (703.53 KB) | DOI: 10.21009/JOBBE.002.1.03

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The aim of this study is to determine the effect of Financial Performance toward Firm Value with Ownership Structure as Moderating Variable on Manufacturing Companies Listed in Indonesia Stock Exchange in The Period of 2012-2016. Independent variable of this study is Financial Performance with Return on Assets as a proxy. Dependent variable of this study is Firm Value with Tobin's Q as a proxy. While moderating variable used in this study is a mechanism of Corporate Governance in the form of Ownership Structure with Managerial Ownership and Institutional Ownership as the proxy. Then control variable in this study are Firm Size and Leverage. The research model of this study employs panel data analysis with Fixed Effect Model approach. The empirical result shows that Financial Performance has positive significant effect on Firm Value. Managerial Ownership and Institutional Ownership can't moderate the relation between Financial Performance on Firm Value. Firm Size has negative significant effect on Firm Value. And Leverage has insignificant effect on Firm Value.
Apakah Kinerja Jangka Panjang Penawaran Umum Perdana Di Indonesia Underperformed? Suherman
Jurnal Ekonomi Vol. 21 No. 1 (2016): March 2016
Publisher : Fakultas Ekonom dan Bisnis, Universitas Tarumanagara

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.24912/je.v21i1.379

Abstract

The objective of this research is to investigate the long-run performance of Indonesian Initial Public Offerings (IPOs). The sample of this research covers 101 IPO firms between 1999 and 2005 listed on Jakarta Stock Exchange. The sample is categorized into panel A (all IPOs sample), panel B (non-financial firm IPOs), panel C (non-privatized IPOs) and panel D (privatized IPOs). The results show that insignificant underperformance is found for EWCAR and VWCAR (except privatized IPOs showing insignificant outperformance), significant underperformance is found for EWBHAR (except privatized IPOs showing outperformance, although insignificant), and significant outperformance is found for VWBHAR (except privatized IPOs showing insignificant outperformance). The underperformance disappears, however, when the calendar-time approach is utilized. The intercepts in Fama-French three-factor regressions are insignificantly different from zero, suggesting no abnormal performance.
Pengaruh Struktur Aset, Likuiditas, dan Profitabilitas terhadap Struktur Modal yang Dimoderasi Oleh Ukuran Perusahaan Suherman Suherman
MIX: JURNAL ILMIAH MANAJEMEN Vol 9, No 2 (2019): MIX: Jurnal Ilmiah Manajemen
Publisher : Universitas Mercu Buana

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (397.04 KB) | DOI: 10.22441/mix.2019.v9i2.009

Abstract

Penelitian ini bertujuan untuk mengetahui pengaruh struktur aset, likuiditas, dan profitabilitas terhadap struktur modal dimoderasi oleh ukuran perusahaan. Sampel penelitian ini adalah 59 perusahaan non-keuangan yang terdaftar tidak berturut-turut pada indeks LQ45 periode 2012-2017 di Indonesia. Model ini menggunakan data panel tidak berimbang dengan pendekatan Fixed Effect Model. Dikontrol oleh sales growth, hasil penelitian menunjukkan bahwa struktur asset dan likuiditas berpengaruh positif signifikan terhadap struktur modal. Profitabilitas berpengaruh positif tidak signifikan terhadap struktur modal. Size memoderasi pengaruh struktur aset dan likuiditas terhadap struktur modal. Size tidak memoderasi pengaruh profitabilitas terhadap struktur modal.