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Journal : Jurnal Ekonomi

Pengaruh Karakteristik Perusahaan Terhadap Struktur Modal Dinamis (Pendekatan Nilai Pasar) Di Bursa Efek Indonesia Herman Ruslim
Jurnal Ekonomi Vol. 15 No. 3 (2010): November 2010
Publisher : Fakultas Ekonom dan Bisnis, Universitas Tarumanagara

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.24912/je.v15i3.174

Abstract

In financing its activity, a firm depends on its capital structure. Although the nature of financing activities through debt and equity is dynamic, the underlying motivation for selecting proper capital structure remains a puzzle. This research attempts to study the effect of stock return and the firm's characteristics on dynamic capital structure. This research used a sample of the 56 companies, which are listed in the Indonesia Stock Exchange (BEI) of the period from 1998 to 2007. The analysis method used in this research was time series analysis with a generalized method of moment technique (GMM). The research results indicated that the firm did not make an adjustment to achieve the target capital structure referring to tradeoff theory, based on time series analysis it is concluded that firm characteristic has a significant effect on dynamic capital structure such as profitability, retained earning, long term debt and growth opportunity. It was found that the firm characteristic in size and operating risk does not have a significant effect on the dynamic capital structure. Despite these, the firm characteristics have a significant effect simultaneously on the dynamic capital structure.
Pengaruh Proporsi Komisaris Independen, Jumlah Direktur, Jumlah Komite Audit, Kepemilikan Saham Institusional, Kepemilikan Saham Manajemen Dan Ukuran Perusahaan Terhadap Kinerja Keuangan Perusahaan Herman Ruslim; Ieneke Santoso
Jurnal Ekonomi Vol. 23 No. 3 (2018): November 2018
Publisher : Fakultas Ekonom dan Bisnis, Universitas Tarumanagara

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.24912/je.v23i3.417

Abstract

This study aims to test the impact of the independent commissioners, board of directors, audit committee, ownership of institutional and management shares and size of the firm on the firm performance of the firms listed at Indonesian Stock Exchange Index LQ45 for two consecutive years of the period  February 2014 to January 2016.  This study uses the sampling data of 31 firms.  The sampling is based on the method of purposive sampling.  The process of analyzing data is carried out with analysis partially first and then analysis simultaneous. The statistic method used is SPPS ( Statistical Product and Service Solution) to obtain descriptive statistics, correlation of variables and analysis of variance. The result of the partial analysis shows that there are two variables has a significant influence on the firm performance which is a portion of independent commissioner and ownership of institutional shares.  Whereas, the result of the simultaneous analysis has shown a significant impact.
The Effect Of Profitability And Financial Leverage On Cost Of Debt Moderated Earnings Management Herman Ruslim; Renny Muspyta
Jurnal Ekonomi Vol. 26 No. 1 (2021): March 2021
Publisher : Fakultas Ekonom dan Bisnis, Universitas Tarumanagara

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.24912/je.v26i1.716

Abstract

This study aims to determine the effect of profitability and Financial Leverage on the Cost of Debt, and the role of Earnings Management as a moderating variable. In this study, profitability is measured by the ratio of return on equity, financial leverage is measured by the proxy debt ratio, earnings management is measured by discretionary accruals, and cost of debt is measured by the ratio of interest expense divided by the average total debt. The population in this study are publicly traded companies listed on the IDX, and the sample used in manufacturing companies listed on the IDX for the 2016-2019 period. Based on the purposive sampling method, the samples obtained were 69 manufacturing companies and 276 observations. The results showed that profitability has a negative effect on the cost of debt, while financial leverage has no effect on the cost of debt, earnings management cannot weaken the negative effect of profitability on the cost of debt and earnings management cannot weaken the negative effect of financial leverage on the cost of debt.