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All Journal Forum Ekonomi : Jurnal Ekonomi, Manajemen dan Akuntansi Arthavidya Jurnal Ilmiah Ekonomi
Sri Maemunah Soeharto
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Economics, Econometrics & Finance Other

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Determinan Share Repurchase Pada Perusahaan Non Keuangan Yang Terdaftar Di Bursa Efek Indonesia Lailiyah, Elliv Hidayatul; Soeharto, Sri Maemunah
Arthavidya Jurnal Ilmiah Ekonomi Vol 21, No 1 (2019)
Publisher : Arthavidya Jurnal Ilmiah Ekonomi

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (297.835 KB)

Abstract

This study examined the determinants of share repurchase. The sample determined by purposive sampling method with certain criteria, non-financial companies listed on the Indonesia Stock Exchange in 2009-2017 and conducted share repurchase between 2010 and 2017 periode. Multiple linear regression used for data analysis. This study found that free cash flow had a positive impact on share repurchase. Dividend had a positive impact and share repurchase was a complement of dividend. Misprice had a positive impact because in Indonesia, share repurchase  also carried out by companies with overvalued shares. Companies with leverage below the target tend to share repurchase. Size had a positive impact and managerial ownership had no impact on share repurchase. Key word: determinant; share repurchase
Motif perusahaan dalam stock repurchase Lailiyah, Elliv Hidayatul; Soeharto, Sri Maemunah
FORUM EKONOMI Vol 21, No 2 (2019)
Publisher : Faculty of Economics and Business Mulawarman University

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (338.942 KB) | DOI: 10.29264/jfor.v21i2.4846

Abstract

Penelitian ini mengenai motif stock repurchase terutama motif distribusi kas, investasi dan struktur modal (meningkatkan rasio leverage). Sampel ditentukan dengan metode purposive sampling dengan kriteria tertentu, yaitu perusahaan non-keuangan yang terdaftar di Bursa Efek Indonesia pada 2012-2017 dan melakukan pembelian kembali saham antara periode 2013 hingga 2017. Regresi linier berganda digunakan untuk analisis data. Penelitian ini menemukan bahwa motif untuk distribusi kas adalah motif utama perusahaan dalam melakukan stock repurchase karena hal ini sesuai dengan tujuan perusahaan yaitu memaksimalkan kekayaan pemegang saham. Stock repurchase dilakukan untuk motif investasi karena perusahaan memiliki kelebihan kas dan tidak memiliki peluang investasi menguntungkan lainnya. Studi ini tidak mendukung motif signaling undervaluation, karena di Indonesia tidak hanya perusahaan undervalue yang melakukan stock repurchase tetapi perusahaan yang overvalue juga melakukan. Penelitian ini membuktikan bahwa motif untuk meningkatkan rasio leverage juga merupakan salah satu alasan perusahaan melakukan stock repurchase. Perusahaan dengan rasio leverage di bawah target cenderung untuk membeli kembali saham mereka.
Determinan Share Repurchase Pada Perusahaan Non Keuangan Yang Terdaftar Di Bursa Efek Indonesia Lailiyah, Elliv Hidayatul; Soeharto, Sri Maemunah
Arthavidya Jurnal Ilmiah Ekonomi Vol 21 No 1 (2019)
Publisher : Fakultas Ekonomi Universitas Wisnuwardhana

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (297.835 KB) | DOI: 10.37303/a.v21i1.116

Abstract

This study examined the determinants of share repurchase. The sample determined by purposive sampling method with certain criteria, non-financial companies listed on the Indonesia Stock Exchange in 2009-2017 and conducted share repurchase between 2010 and 2017 periode. Multiple linear regression used for data analysis. This study found that free cash flow had a positive impact on share repurchase. Dividend had a positive impact and share repurchase was a complement of dividend. Misprice had a positive impact because in Indonesia, share repurchase  also carried out by companies with overvalued shares. Companies with leverage below the target tend to share repurchase. Size had a positive impact and managerial ownership had no impact on share repurchase. Key word: determinant; share repurchase
Co-Authors Elliv Hidayatul Lailiyah Faried Wijaya Mansoer