Articles
<![CDATA[PENGARUH GROWTH DAN LEVERAGE TERHADAP PRICE TO BOOK VALUE DALAM MEDIASI RETURN ON EQUITY DAN DIVIDEND PAYOUT RATIO ]]>
<![CDATA[Mai, Muhamad Umar]]>
<![CDATA[ Performance Vol 19 No 1 (2014): Performance ]]>
Publisher : <![CDATA[Faculty of Economics and Business Universitas Jenderal Soedirman ]]>
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<![CDATA[This study aims to examine the influence of leverage and growth to price book value, and test the mediation return on equity and dividend payout ratio in the causal relationship. The study population was categorized as a company of Jakarta Islamic Index listed on the Indonesia Stock Exchange in the period 2004-2009. Data collection methods used is purposive sampling. Criteria on the sample used, the company must have positive earnings per share and issued financial statements make it possible to determine the variables of the study.Testing of all hypotheses in this study using path analysis with Amos 16.0 package program. Furthermore, some important findings from this study can be statedas follows: 1)growth does not significantly effect the price to book value, 2) leveragehas positive and significant effect on the price to book value, 3) return on equity anddividend payout ratio to mediate the influence growth of the price to book value. However, this study found no evidence that the return on equity mediates the effect ofleverage on price to book value.]]>
<![CDATA[PERILAKU OPORTUNISTIK MANAJERIAL, KEBIJAKAN DIVIDEN, DAN MEDIASI PROFITABILITAS ]]>
<![CDATA[Mai, Muhamad Umar]]>
<![CDATA[ Performance Vol 12 No 1 (2010): Performance ]]>
Publisher : <![CDATA[Faculty of Economics and Business Universitas Jenderal Soedirman ]]>
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<![CDATA[This study aims to examine the influence of managerial opportunistic behavior on dividend policy, either directly or through an intervening variable as a profitability. The population of this research is the manufacturing companies listed in Indonesia Stock Exchange with the observation period starting in 2001 until the year 2007. Data collection method used was purposive sampling, and obtained as many as 154 sample firms. Furthermore, testing of all hypotheses in this study used path analysis through Amos program package 16.0. Results showed that: 1) managerial opportunistic behavior as proxy for business risk (systematic risk) have a positive effect and significant on profitability; 2) profitability and managerial opportunistic behavior with a proxy of debt to asset ratio have a positive influence and significant on dividend policy; and 3 ) profitability does not mediate the relations of causality between managerial opportunistic behavior and dividend policy.
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<![CDATA[MEKANISME CORPORATE GOVERNANCE INTERNAL DAN KECENDERUNGAN MANAJER UNTUK BERPERILAKU OPORTUNISTIK ]]>
<![CDATA[Mai, H. Umar]]>
<![CDATA[ Performance Vol 11 No 2 (2010): Performance ]]>
Publisher : <![CDATA[Faculty of Economics and Business Universitas Jenderal Soedirman ]]>
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<![CDATA[This study aims to determine and analyze the influence of internal corporate governance mechanisms of the tendency of managers to behave opportunistically. Samples used are manufacturing companies listed in Indonesia Stock Exchange with the observation period started in 2000 to 2007, and data analysis methods used are the path analysis through Amos 1.6 program. The results of this study show that: 1) internal corporate governance mechanisms that represented with independent boards and boards size could prevent the tendency of managers to opportunistic behavior represented by debt to assets ratio; 2) the internal mechanisms of corporate governance represented by boards size are able to prevent the tendency of managers to behave opportunistic represented with systematic risk.
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<![CDATA[STRUKTUR MODAL, PRODUKTIVITAS, DAN PROFITABILITAS SERTA CAPAIAN NILAI PERUSAHAAN ]]>
<![CDATA[Mai, Muhamad Umar]]>
<![CDATA[ Performance Vol 22 No 2 (2015): Performance ]]>
Publisher : <![CDATA[Faculty of Economics and Business Universitas Jenderal Soedirman ]]>
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<![CDATA[The purpose of this study is to investigate and analyze: First, the effect of capitalstructure decisions towards the level of productivity of firm. Second, the effect of capitalstructure decisions and the level of productivity towards the company's profitability.Third, the effect of capital structure decisions and profitability towards achievements ofthe value of firm. This study conducted at the manufacturing companies went public inthe Indonesia Stock Exchange, with the observation period from 2010 to 2012.The results showed that the use of debt in the capital structure of firm is proxied totaldebt to total asset ratio (leverage) when controlled properly in the sense of caution orcare, it will have a positive impact to the profitability proxy return on equity and valueof the firm. is proxied price to book value. However, manufacturing firms are profitablein the period 2010 to 2012 in the Indonesia Stock Exchange has a strong tendency toreduce the portion of debt in their capital structure]]>
<![CDATA[Pengaruh Struktur Modal Terhadap Kinerja Perusahaan Pada Industri Manufaktur Kriteria Syariah di Bursa Efek Indonesia ]]>
<![CDATA[Mai, Muhamad Umar]]>;
<![CDATA[Setiawan, Setiawan]]>
<![CDATA[ Jurnal Riset Akuntansi dan Keuangan Vol 8, No 1 (2020): Jurnal Riset Akuntansi dan Keuangan. April 2020 [DOAJ & SINTA Indexed] ]]>
Publisher : <![CDATA[Program Studi Akuntansi FPEB UPI ]]>
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DOI: 10.17509/jrak.v8i1.20065
<![CDATA[Abstract. Sharia criteria companies are not permitted to have a ratio of total interest-based debt to total assets of more than 45%, and a ratio of total non-halal income to total income of more than 10%. Financial literature and research results to date have yet to agree on the relationship between capital structure and firms performance. This research was conducted at Sharia criteria manufacturing companies on the Indonesia Stock Exchange in 2011-2017. This study uses a balanced panel data that is analyzed by E-views software through the Random Effect Model. The results of the analysis prove that the capital structure (BLEV) has a positive effect on firm performance (TBNSQ and ROE). SIZE and AGE control variables are positively related to firm performance (TBNSQ and ROE). This research proves that liquidity (LIQ) has a positive relationship, and TANG shows a negative relationship with firm performance (TBNSQ and ROE).Abstrak.Perusahaan-perusahaan kriteria Syariah tidak diperkenankan memiliki rasio total utang berbasis bunga terhadap total aset lebih dari 45%, dan rasio total pendapatan tidak halal terhadap total pendapatan lebih dari 10%. Literatur keuangan dan hasil-hasil penelitian sampai saat ini belum sepakat tentang hubungan antara struktur modal dan kinerja perusahaan. Penelitian ini dilakukan pada perusahaan-perusahaan manufaktur kriteria Syariah di Bursa Efek Indonesia tahun 2011-2017. Penelitian ini menggunakan balance panel data yang dianalisis dengan software E-views melalui Random Effect Model. Hasil analisis membuktikan bahwa struktur modal (BLEV) berpengaruh positif tehadap kinerja perusahaan (TBNSQ dan ROE). Variabel kontrol SIZE dan AGE berhubungan positif dengan kinerja perusahaan (TBNSQ dan ROE). Penelitian ini membuktikan bahwa Likuiditas (LIQ) memiliki hubungan positif, dan TANG menunjuk-kan hubungan yang negatif dengan kinerja perusahaan (TBNSQ dan ROE).Kata kunci. Kinerja Perusahaan; Perusahaan Kriteria Syariah; Struktur Modal.]]>
<![CDATA[PENGARUH MEKANISME CORPORATE GOVERNANCE TERHADAP NILAI PERUSAHAAN DAN MEDIASI KEBIJAKAN DIVIDEN ]]>
<![CDATA[Mai, Mochamad Umar]]>
<![CDATA[ Ekonomi & Bisnis Vol 10, No 1 (2011): Jurnal Ekonomi dan Bisnis ]]>
Publisher : <![CDATA[Politeknik Negeri Jakarta ]]>
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DOI: 10.32722/eb.v10i1.84
<![CDATA[This study aims to determine and analyze 1) the influence of corporate governance mechanisms on dividend policy and value of the firm; 2) the effects of dividend policy mediated in order of causality between corporate governance mechanisms and value of the firm. The sample used was the manufacturing companies listed in Indonesia Stock Exchange with the observation period starting in 2000 to 2007. The results showed that: 1) corporate governance mechanisms in istitutional ownership represented by institutional ownership have a positive and significant impact on dividend policy represented by dividend payout ratio; 2) corporate governance mechanisms are represented by institutional ownership, independent boards, and board’s size have a positive effect and significant impact on dividend policy, represented by Tobin's q; and 3) the dividend policy does not mediate the relationship of causality between corporate governance mechanisms (which are represented by boards institutional ownership and board’s size) with Tobin's q. Key Word : corporate governance mechanism, value of the firm, boards independent, dividend payout ra]]>
<![CDATA[PENGARUH CORPORATE SOSIAL RESPONSIBILITY TERHADAP KINERJA PERUSAHAAN PADA PERUSAHAAN MANUFAKTUR SYARIAH ]]>
<![CDATA[Nadya, Galuh Raina]]>;
<![CDATA[Mai, Muhamad Umar]]>;
<![CDATA[Setiawan, Setiawan]]>
<![CDATA[ Ekonomi & Bisnis Vol 19, No 1 (2020): JURNAL EKONOMI BISNIS VOL 19 NO 1 JUNI 2020 ]]>
Publisher : <![CDATA[Politeknik Negeri Jakarta ]]>
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DOI: 10.32722/eb.v19i1.2782
<![CDATA[The purpose of this study is to investigate how the influence of corporate social responsibility towards the corporate performance in general, and the influence of each subject of the corporate social responsibility. Corporate social responsibility is company’s activities in achieving a balance or integrations between the economic, social, and environment development without compromising the expectations of shareholder (obtain profit). In this research corporate performance measured by ROE (return on equity). The samples used in this study are all manufacturing companies enrolled in Indeks Saham Syariah Indonesia listing in 2017 and published the annual report in 2017 by using method of purposive judgement sampling. There are 87 companies that meet the criteria of the study sample. The analysis method used is path analysis. Data collection method used in this research is a method of documentation and literature study method. The results of this study indicate that the disclosure of CSR as in general has a significant effect on the performance of the company with a positive traits. Disclosure of CSR in the economic subject has no significant effect on company performance. Disclosure of CSR in the Environment has a significant effect on the performance of companies with positive traits. Disclosure of CSR in the Social subject has a significant effect on the performance of the company with a positive traits.]]>
<![CDATA[PENGARUH GROWTH DAN LEVERAGE TERHADAP PRICE TO BOOK VALUE DALAM MEDIASI RETURN ON EQUITY DAN DIVIDEND PAYOUT RATIO ]]>
<![CDATA[Umar Mai, Mochamadi]]>
<![CDATA[ Ekonomi & Bisnis Vol 11, No 1 (2012): Jurnal Ekonomi dan Bisnis ]]>
Publisher : <![CDATA[Politeknik Negeri Jakarta ]]>
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DOI: 10.32722/eb.v11i1.97
<![CDATA[This study aims to examine the influence of leverage and growth to price book value, and test the mediation return on equity and dividend payout ratio in the causal relationship. The study population was categorized as a company of Jakarta Islamic Index listed on the Indonesia Stock Exchange in the period 2004-2009. Data collection methods used is purposive sampling. Criteria on the sample used, the company must have positive earnings per share and issued financial statements make it possible to determine the variables of the study. Testing of all hypotheses in this study using path analysis with Amos 16.0 package program. Furthermore, some important findings from this study can be stated as follows: 1) growth does not significantly effect the price to book value, 2) leverage has positive and significant effect on the price to book value, 3) return on equity and dividend payout ratio to mediate the influence growth of the price to book value. However, this study found no evidence that the return on equity mediates the effect of leverage on price to book value. Key Word : corporate governance mechanism, value of the firm, boards independent, dividend payout ratio]]>
<![CDATA[Corporate governance dan Keputusan Struktur Modal Pada Sektor Perbankan di Bursa Efek Indonesia ]]>
<![CDATA[Mai, Muhamad Umar]]>;
<![CDATA[Pratiwi, Leni Nur]]>;
<![CDATA[Mauluddi, Hasbi Assidiki]]>
<![CDATA[ Jurnal Riset Akuntansi dan Keuangan Vol 9, No 1 (2021): Jurnal Riset Akuntansi dan Keuangan. April 2021 [DOAJ & SINTA Indexed] ]]>
Publisher : <![CDATA[Program Studi Akuntansi FPEB UPI ]]>
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DOI: 10.17509/jrak.v9i1.27136
<![CDATA[Penelitian ini menguji pengaruh corporate governance terhadap keputusan struktur modal dengan bank-specific factors sebagai variabel kontrol. Penelitian dilakukan pada sub sektor perbankan yang tercatat di Bursa Efek Indonesia tahun 2009-2018. Hasil analisis membuktikan bahwa institutional ownership berpengaruh negatif terhadap debt to assets ratio dan debt to equity ratio. Board directors size berpengaruh positif terhadap debt to asset ratio dan debt to equity ratio. Independent board of commissioners berpengaruh positif terhadap debt to asset ratio, dan negatif terhadap  debt to equity ratio. Penelitian ini tidak menemukan adanya pengaruh yang signifikan dari female board of directors dan audit committee size terhadap debt to assets ratio dan debt to equity ratio. Selanjutnya, return on assets berpengaruh negatif terhadap debt to assets ratio dan debt to equity ratio. Liquidity berpengaruh positif terhadap debt to assets ratio, tetapi tidak berpengaruh terhadap debt to equity ratio.]]>
<![CDATA[Pola Kinerja Perusahaan Sesudah Merger dan Akuisisi serta Analisis Terhadap Faktor-Faktor yang Mempengaruhinya ]]>
<![CDATA[Nurdin, Ade Ali]]>;
<![CDATA[Mai, Muhamad Umar]]>;
<![CDATA[Setiawan, Setiawan]]>
<![CDATA[ Jurnal Riset Akuntansi dan Keuangan Vol 8, No 2 (2020): Jurnal Riset Akuntansi dan Keuangan. Agustus 2020 [DOAJ & SINTA Indexed] ]]>
Publisher : <![CDATA[Program Studi Akuntansi FPEB UPI ]]>
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DOI: 10.17509/jrak.v8i2.20064
<![CDATA[This study aims to arrange the pattern of corporate performance after mergers and acquisitions that cover the performance outcomes for 12 years. Another objective is to analyze the determinants of company performance outcomes after mergers andacquisitions. The research was conducted at the Indonesia Stock Exchange from 2003 to 2014. The results show that the company performance in the first until the third year is below the average performance before the mergers and acquisitions happened. Entering the fourth year the company performance improved above the performance before mergers and acquisitions and had it peaked in the eleventh year, after which it declined. High profitability is the main target that companies must achieve after mergers and acquisitions. The result of the analysis shows that the return on investment positively influenced by total asset turnover and the increase of exchange rate, and negatively related to leverage and BI Rate. The company will achieve a higher total asset turnover if institutional investors own most of its shares. Firms with larger board size and institutional ownership have higher leverage.Abstrak.Penelitian ini bertujuan, pertama: untuk menyusun pola kinerja perusahaan setelah merger dan akuisisi yang menjangkau capaian kinerja untuk jangka waktu 12 tahun; kedua: untuk menganalisis faktor determinan capaian kinerja perusahaan setelah merger dan akuisisi. Penelitian dilakukan di Bursa Efek Indonesia tahun 2003-2014. Hasil penelitian menunjukkan bahwa kinerja perusahaan pada tahun pertama sampai tahun ketiga berada di bawah rata-rata capaian kinerja sebelum merger dan akuisisi. Memasuki tahun keempat kinerja perusahaan meningkat di atas kinerja sebelum merger dan akuisisi, dan mencapai puncaknya pada tahun kesebelas, setelah itu mengalami penurunan. Profitabilitas yang tinggi merupakan target utama yang harus dicapai perusahaan setelah merger dan akuisisi. Hasil analisis menunjukkan bahwa return on invesment dipengaruhi secara positif oleh total asset turn over dan kenaikkan Kurs. Return on invesment berhubungan negatif dengan leverage dan BI Rate. Total asset turn over akan lebih tinggi dicapai perusahaan apabila sebagian besar sahamnya dimiliki investor institusi. Perusahaan-perusahaan dengan board size dan institutional ownersip yang lebih besar memiliki leverage yang lebih tinggi.]]>
