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Journal : mabis

Kebijakan Manajemen Leverage dan Pengaruhnya Terhadap KEnaikan Profitabilitad Perusahaan Studi Kasus pada Perusahaan PT Charoen Pokphan Indonesia, Tbk Santoso, Hadi
MABIS Vol 2, No 1: Juli 2011
Publisher : MABIS

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Abstract

The use of leverage in running a company aims to increase its profit. Leverage can be differentiated into two; operating and financial leverage. In the daily operations, the company uses both leverages simultaneously. In other words, the company uses a combined leverage. The aim is to increase the shareholders net income or earnings per share because of the increase in the sales resulted from the use of leverage. This study aims to determine the extent of the influence of using combined leverage to increase return on equity and earnings per share. The study was conducted using case study method. The poultry feed company, PT Charoen Pokphan Indonesia, Tbk (CPIN), became the object of the research. The results show that CPIN used a fairly large leverage in its operation during 2005 to 2008. However, the company management took another policy which was to reduce the use of operational leverage in 2009. The result indicates that the use of leverage did not bring significant impact on improving ROE and EPS. This happened because the cost of the companys operations outside the fixed costs as a result of using leverage was very large. Therefore, CIPN should control its operational costs in the future.
Kajian Penerapan GCG, Kinerja Keuangan dan Kaitannya dengan Nilai Perusahaan Yang Terdaftar di LQ-45 Santoso, Hadi
MABIS Vol 2, No 2: Desember 2011
Publisher : MABIS

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Abstract

This study examines the influence of good corporate governance mechanisms consisting of the number of independent Commisioner members, institutional ownership, the number of audit committee members, the number of board members, return on assets and the price to book value ratio of the selected companies. This study uses as its sample, the 36 companies listed in the LQ-45 from the period August 2008 until January 2010. The data used are taken from the annual reports of the companies from 2008 to 2010. Data are analyzed with classical assumption test and multiple linear regression analysis using SPSS version 16. The normality test shows a normal distribution of data in this study; there is no multicollinearity or heteroscedasticity, and no autocorrelation. Hypothesis testing shows variable X1 (number of independent commisioner members), variable X2 (Institutional Ownership), and variable X3 (number of audit committee) had no significant effect on firm value. However, variable X4 (number of board members) and variable X5 (return on assets) show significant effect on firm value. Simultaneous testing demonstrated a significant effect from the five independent variables on firm value. The analysis indicates that applied good corporate governance will significantly affect company performance and hence will be transferred to company