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Journal : BISNIS

Factors Influencing Dividend Policy on Mining Companies Listed in Indonesia Stock Exchange 2011-2015 Ingrit, Ingrit; Siregar, Hermanto; Syarifuddin, Ferry
BISNIS & BIROKRASI: Jurnal Ilmu Administrasi dan Organisasi Vol. 24, No. 2
Publisher : UI Scholars Hub

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Abstract

The mining sector has an important role in economic development in Indonesia. Mining company has to have good responsibility to make investors trust in investing, especially in dividend policy. The dividend policy influenced by many factors such as micro and macroeconomics variables which influence investors to invest in mining companies. This research aims to examine the analysis of the current ratio, debt to equity ratio, return on assets, investment credit interest rate, exchange rate, mining stock price index and industrial production index toward the dividend policy. The samples used in this study are 10 mining companies listed in Indonesia Stock Exchange during the period 2011 to 2015. The significance influence test of independent variables is using panel data regression model with significant level (α) of 1%. 5% and 10%. Classic assumptions testing are conducted in order to obtain the best results including normality test, multicolinearity test, and heterocedasticity test. The result shows that the current ratio, debt to equity ratio, return on assets, investment credit interest rate, mining stock price index and industrial production index significantly toward dividend payout ratio. The results also show that the exchange rate is not a significant toward dividend payout ratio.
Abnormal Returns and Trading Volume in the Indonesian Stock Market in Relation to the Presidential Elections in 2004, 2009, and 2014 Imelda, Imelda; Siregar, Hermanto; Anggraeni, Lukytawati
BISNIS & BIROKRASI: Jurnal Ilmu Administrasi dan Organisasi Vol. 21, No. 2
Publisher : UI Scholars Hub

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Presidential election is considered as relevant information for stock market’s investors to make investment decision. The objective of this study is to examine differences in average abnormal return and trading volume activity on sectoral indices’ stocks before and after the presidential elections in 2004, 2009, and 2014. The research uses the event study method. The data are collected from the Indonesia Stock Exchange. The daily closing prices on sectoral indices used in this study consist of 120 days preceding and 30 days succeeding the elections. There is a strong evidence of differences in average abnormal return on Indonesian’s sectoral stock market before and after the presidential elections especially for the mining sector. However, the trading volume activities of the Indonesian’s sectoral stock market before and after the elections were statistically the same. The litigation from the last election results had no impact on most Indonesian’s sectoral stock, except for the financial as well basic industry and chemical sectors. The analysis concludes that the trade, services, and investment are the most stable sectors, while mining is the opposite one.
Co-Authors . Lukytawati . Mahyuddin ., Harianto AA Sudharmawan, AA Abitur Asianto Adhitya Wardhana Adis Imam Munandar Adler H. Manurung Adler Haymans Manurung Affendi Anwar Agus Lukman Hakim Ahmad Aris, Ahmad Ahmad Naufaldy Pasaribu Ahmad, Fahmi Salam Aini Nurachman Dini Akbar, Chaeka Fitria Ramadhania Akbar, Dudi Duta Akhmad Fauzi Akhmadi Akhmadi Alim, Muhammad sahirul Alla Asmara Alya Dinda Nurrahmi Amzul Rifin Andam Dewi Andrea Emma Pravitasari, Andrea Emma Anggelina Delviana Klau Anny Ratnawati Aprilia Sukmawati Apriyana, Alfin Ardila, Fitri Aning Dwi Ardina Puspitasari Arham Rivai Ari Binuko Arief Darjanto Arief Daryanto Arief Daryanto Arif Imam Suroso Arif Naldi Aris, Diba Anggraini Aristo Purboadji ASEP SAEFUDDIN Asirin, Asirin Astoeti Wahjoe Widiarti Avianto, Wahyu Aviliani Aviliani Azis, Muh. Ikhsan Aziz, Lukmanul Hakim Azizah B D Nasendi Baba Barus Bagio Baida Soraya Bambang Juanda Bandono, Bayu Basyid Ahmad Bayu Bandono Benar Darius Ginting Benny Kurniawan Boedi Tjahjono Bonar M Sinaga Bonar M Sinaga, Bonar M Bonar M. Sinaga Bonar Marulitua Sinaga Bronson Marpaung Bunasor Sanim Bungaran Saragih Bungaran Saragih Bustanul Arifin D. S. Priyarsono D. S. Priyarsono Dahri Dahri Darmawan, Indra Darsono . Deddy S. Bratakusumah Dedi Budiman Hakim Desi Maryanti Diana Septiningrum Diana Septiningrum, Diana Dikky Indrawan Dirga, Satria Prawira Ditha Mangiri Djajuli, Idja Dodik Ridho Nurrochmat Dominicus Savio Priyarsono Dudi S. Hendrawan Dwi Haryono Dwi Suprastyo DWI SURYANTO Dyan Vidyatmoko Dyan Vidyatmoko E. Batara Manurung E. Gumbira-Sa’id Ebed Hamri Eddi Wahyudi, Eddi Eddy Silamat Eduart Wolok Edwin Mahatir Muhammad Ramadhan Eka Intan KP Eka Intan Kumala Putri Eko Wahyu Nugrahadi Endah Murniningtyas Endah Murniningtyas ENDANG SUHENDANG Endriatmo Soetarto Eri Susanto Hariyadi Eri Susanto Hariyadi, Eri Susanto Eriyatno . ERLINA Erlina Erlina Erliza Noor Ernan Rustiadi Erwin Susanto Sadirsan Evi Lisna Evita H. Legowo Fahriyah Fahriyah Faizal Irvansyah Faizul Mubarok Farida Farida Fauzi, Firman Fazri, Muhammad Febriyana, Alfonsia Ferry Ardiansyah Ferry Syarifuddin Ferry Syarifuddin Ferry Syarifuddin Fitria Yuliani Fitriana, Rizqi Gonarsyah, Isang Gustiyan Taufik Mahardika Hadi, Setia Hadiwidjaja, Rini Dwiyani Hakim, Dedi Budiman Hani Laksono Hannoeriadi A., Ivan Hapsari, Umi Indah Harahap, Muhammad Syafril Hardinsyah Hariandja, Nancy Megawati Harianto Harianto Harianto . Harianto Harianto Harianto Harianto Harianto Harianto Harianto Harianto Harianto Harianto Hastori, . Hendri Tanjung Hendro Sasongko Hendro Sasongko Heni Hasanah Hermawan, Rachmad Heru Kustanto Hery Setiawan Heti Mulyati I Gusti Putu Wigena I Wayan Mangku I Wayan Nuka Lantara Ichsan Ichsan, Aulia Idqan Fahmi Ilham, Nyak Ilham, Nyak Illah Sailah Imam Teguh Saptono Imam Teguh Saptono Iman Widhiyanto Iman Widhiyanto Indra Darmawan Indra Gunawan Indra Gunawan Indraprahasta, Galuh Syahbana Ingratubun, Muhammad A Ingrit, Ingrit Irfan Syauqi Beik Isang Gonarsyah Ismail, Ahmad Faizal Ivan Hannoeriadi A. Iyan Anriansyah Jajang Jajang Johan Firmansyah Joko S. Usman Jonahar Joyo Winoto Joyo Winoto, Joyo Kadar, Laila Kodrat Wibowo Kusnadi - Kustanto, Heru Lala M Kolopaking Latuconsina, Olivia CH Limetry Liana Mey Limetry Liana, Limetry Liston Siringo Ringo Lokot Zein Nasution, Lokot Zein Lukman M. Baga Lukytawati Anggraeni Lukytawati, . M Parulian Hutagaol M Parulian Hutagaol M. Bobby Afif Nasution M. Husein Sawit M. Ilham Riyadh M. Parulian Hutagaol M. R. Yantu M. Said Didu M. Suryadinata, M. Suryadinata M. Syamsul Maarif Machfud Machfud Machmud, Musdhalifah MANGARA TAMBUNAN Mangara Tambunan Mangasa Augustinus Sipahutar, Mangasa Augustinus Manuwoto, Manuwoto Marpaung, Lenny Romauli Martua Eliakim Tambunan Marulitua Sinaga, Bonar Maulana, Muhamad Neko Maulana, Tubagus NA Megasari, Debbie Minesa, Punti Moch Hadi Santoso Moch. Hadi Santoso Moch. Hadi Santoso Mochammad Imron Awalludin Mohammad Nur Hadi Mudinillah, Adam Muhammad Arief Dirgantoro Muhammad Fazri Muhammad Fazri Muhammad Firdaus muhammad Firdaus Muhammad Firdaus Muhammad Firdaus Muhammad Nanang Prayudyanto Mulya E. Siregar Mulya E. Siregar Mulya E. Siregar Mulya Siregar Murti, Prima Puspita Indra Nadiah Hidayati Nashwari, Inti Pertiwi Nasution, Sahruddin Naufaldy Pasaribu, Ahmad nFN Sudradjat Nila Rifai Nimmi Zulbainarni nirdukita ratnawati, nirdukita Nugroho Setyo Utomo Nunung Kusnadi Nunung Nuryartono Nur Hasanah Nur Hasanah Nurcahningsih, Astrika Erlin Nurcahyaningsih, Astrika Erlin Nurlaila Firdani Fajri Nyak Ilham Nyak Ilham Oktovianus Pantjar Simatupang Parulian Hutagaol Perdana Wahyu Santoso Permadi, Hengki Petrus F.T.P. Tampubolon Prabono Roeshardianto Pratikto Winardi Bakhram Prima, Ghaniy Ridha Purwanta, Putri Ayu Purwoko, Agus Putri, Rizavia Mardhika R Marsuki Iswandi R Susila, Wayan Rachmat Pambudy Rahmanta Rahmanta Rahmanta, Rahmanta Ranti Wiliasih Renaldo Prima Sutikno Rezki Erdian Ries Wulandari, Ries Rifki Ismal Rina Oktaviani Rina Oktaviani Rina Oktaviani Rina Oktaviani Rini Dwiyani Hadiwidjaja Riny Kusumawati Ristianto Pribadi Ristiyanto, Nirwan Ristiyanto, Nirwan Riyanto Riyanto Rizal Rahman H. Teapon Rizavia Mardhika Putri Roeshardianto, Prabono Roy Sembel Roy Sembel Rulhendri Rulhendri Safrida . Sajudi, Aditya Santun R.P. Sitorus Sarma, Ma’mun Satriadi, Dharma Sekarlaras, Amanda Fortuna Arum Sembel, Roy H. M. Setia Hadi Setia Hadi Setiadi Djohar Setiawan, Andi Sinaga, Jovan Siregar, Mulya E Siti Aida Adha Taridala Situmorang, Kaspar Sjafri Mangkuprawira Sofyan Sjaf Sri Hartoyo Sri Hartoyo Sri Mulatsih Sri Mulatsih Sri Nuryanti Sri Wahyuni Stephen Thenu Sugema, Iman Sugeng Budiharsono Sugimin Pranoto Sugiyanto Sugiyanto Suhardiono, Suhardiono Sul, Suliamin Kasnar Suprehatin Surjono H. Sutjahjo Surtiati Surtiati Surya Abadi Sembiring Suryaningsih, Widiani Sutikno, Renaldo Prima Sutriono Edi Suwarno Suwarno Suwinto Johan Syahbana, Galuh Syahrir, Azhar Syaiful . Syaiful Syaiful Syaiful Syaiful Syamsul Arifin Syamsul Hidayat Pasaribu Syamsul Ma'arif Syarifuddin, Ferry Syarifuddin, Ferry Syauqi, Muhamad Sylvia Sandyazmara Devi Tanti Novianti Taofiq Rachmat Tatik Mariyanti, Tatik TB Nur Ahmad Maulana Tb. N Ahmad Maulana, Tb. N Ahmad Tony Irawan Trias Andati Trias Andati Trias Andati Trias Andati Trias Andati Trias Andati Trias Andati Trias Andati Tubagus Nur Ahmad Maulana Tubagus Nur Ahmad Maulana Tubagus Nur Ahmad Maulana Tutut Sunarminto Usman - Vidyatmoko, Dyan Wibisono, Afrid Widhiyanto, Iman Widyastutik Winardi Winardi Winardi Winardi Winardi, Winardi Winoto, Joyo Wiwiek Rindayati Wonny A. Ridwan Wulandari Kuswahariani Wulandari, Lita Wurdaningsih Yantu, M. R. Yati Nuryati Yenna Sri Mardiana Yulismi, Yulismi Yusman Syaukat Yusman Syaukat Z. Karim, Taufik