Articles
Speed of Adjustment Capital Structure
Sibuea, Ely Yulianita;
Yulianto, Arief
Management Analysis Journal Vol 7 No 4 (2018): Management Analysis Journal
Publisher : Universitas Negeri Semarang
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DOI: 10.15294/maj.v7i4.23480
The aim of this study is to analyze the effect of company size variables, asset growth, asset structure and business risk against capital structure adjustment speed with dynamic approach. The number of samples in this study was 63 companies by using purposive sampling method. Multiple regression method with fixed effect model was used as data analysis in this study. The results of this study indicate that company size and asset structure have positive significant effect on capital structure adjustment speed, whereas asset growth has significant negativeeffect on capital structure adjustment speed and business risk does not have significanteffect on capital structure adjustment speed.
Pengujian Pecking Order Theory di Indonesia
Febriana, Devita;
Yulianto, Arief
Management Analysis Journal Vol 6 No 2 (2017): Management Analysis Journal
Publisher : Universitas Negeri Semarang
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DOI: 10.15294/maj.v6i2.16700
Pecking Order Theory berdasarkan asumsi asimetris informasi, perusahaan akan menggunakan pendanaaan eksternal berupa utang yang memiliki risiko rendah dibandingkan dengan penerbitan sekuritas saham. Beberapa penelitian sebelumnya tentang pengujian pecking order theory telah banyak dilakukan, namun hasil penelitian tersebut menunjukkan hasil yang tidak konsisten antara satu penelitan dengan penelitian yang lain. Tujuan penelitian ini adalah untuk menguji penerapan pecking order pada perusahaan Manufaktur di Bursa Efek Indonesia Periode 2011-2015. Penelitian ini menggunakan data panel. Populasi dalam penelitian ini adalah perusahaan Manufaktur yang terdaftar di Bursa Efek Indonesia periode 2011-2015. Sampel digunakan sebanyak 35 perusahaan. Metode analisis data yang digunakan dalam penelitian ini adalah pemilihan estimasi model data panel, analisis regresi dengan pendekatan Fixed Effect Model dan pengujian hipotesis. Hasil regresi menunjukkan defisit pendanaan berpengaruh positif dan sifnifikan terhadap penerbitan utang. Namun, Perusahaan hanya mengambil keputusan pendanaan melalui utang sebesar 45.5%. Simpulan dari penelitian ini adalah perusahaan Manufaktur menerapkan pecking order theory dalam kebijakan struktur modal mereka. Saran yang berkaitan dengan hasil penelitian ini adalah: Bagi Investor penelitian ini bermanfaat sebagai bahan pertimbangan dalam menentukan pengambilan keputusan investasi yang tepat. Bagi kreditor dapat menganilisis kemampuan membayar perusahaan atas utang yang diajukan kepada kreditor. Bagi perusahaan Manufaktur perlu mempertimbangkan risiko yang terjadi karena adanya penambahan utang dalam struktur modal mereka.
DETERMINANTS OF DIVIDEND PAYOUT OF INDONESIAN COMPANIES
Octaviana, Irma;
Yulianto, Arief
Management Analysis Journal Vol 8 No 3 (2019): Management Analysis Journal
Publisher : Universitas Negeri Semarang
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DOI: 10.15294/maj.v9i3.34306
Dividend policy is a decision about how much earning after tax that will paid as dividend rather than being retained for investment in the company. The data from Indonesia Stock Exchange show that there are still many company that do not pay dividends consistently, whereas dividend policy use as a signal given by the company to outsiders for their performance. This study aims to determine the effect of profitability, leverage, and firm size to dividend policy.The type of this research is a quantitative research by using secondary data. The population in this research are the company that listed in Indonesia Stock Exchange period 2005-2017. The samples used are 43 companies with purposive sampling method. The method of data analysis used is multiple linear regression by using fixed effect model (Least Square Dummy Variable). The research results reveals that leverage and firm size affects significantly on the dividend policy, whereas profitability do not affect significantly on the dividend policy.
AGENCY THEORY: OWNERSHIP STUCTURE AND CAPITAL STRUCTURE AS DETERMINANTS OF DIVIDEND POLICY
Anggoro, Haris Dwi;
Yulianto, Arief
Management Analysis Journal Vol 8 No 4 (2019): Management Analysis Journal
Publisher : Universitas Negeri Semarang
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DOI: 10.15294/maj.v9i4.34313
The purpose of this study is to analyze the effect of ownership structure and capital structure in decision-making about dividend policy. Observation units used in this study consisists off all manufacturing companies listed on the Indonesia Stock Exchange which pay dividend during 2008 to 2017. This research uses purposive sampling method. The number of samples in this study was 21 companies consist of 210 data. The research variables consist of Institutional Ownership, Public Ownership and Capital Structure as independent variables and Dividend Policy as the dependent variable. Data analysis method used is descriptive analysis, determinan of panel data estimation model, multiple linear regression with Eviews 9. The result of this study shows that institutional ownership and public ownership has a negative effect and significant to the dividend policy. Capitsal structure has a positive but not significant to the dividen policy.
BOARD INTERLOCKING AND FIRM PERFORMANCE: EVIDENCE FROM INDONESIA
Pertiwi, Meilinda Brielyan;
Yulianto, Arief
Management Analysis Journal Vol 9 No 1 (2020): Management Analysis Journal
Publisher : Universitas Negeri Semarang
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DOI: 10.15294/maj.v9i1.34585
This study aims to determine the relationships of board interlocking and firm performance as measured by Return on Assets (ROA). This research method uses a quantitative approach with research objects of all companies listed on the Indonesia Stock Exchange period 2008-2017. The sample selection method uses a purposive sampling. The sample used was 4450 observation. Data analysis methods used are descriptive analysis and dummy variable regression Analysis of Covariance (ANCOVA). The result showed that the average performance of companies that do interlock of directors at other companies at the same time is higher than companies that do not do interlock. The existence of a director who has do interlock allows directors to get access in other places and can mutually utilize resource supported by empirical result where the total assets of companies that do interlock higher than companies that did not interlock. Although concurrent positions can improve the company, the company still complies with government regulations so that the company does not get the law and get sanctionse.
INSTITUTIONAL OWNERSHIP, POLITICAL CONNESTIONS AND DIVIDEND PAYMENT
Yunita, Ratna;
Yulianto, Arief
Management Analysis Journal Vol 9 No 1 (2020): Management Analysis Journal
Publisher : Universitas Negeri Semarang
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DOI: 10.15294/maj.v9i1.34971
This study aims to examine the effect of institutional ownership and differences in the average dividend payout policy in the presence of a political connection variable. The population in this study are all companies listed on the Indonesia Stock Exchange in 2008-2017. The sample in this study was based on purposive sampling. The sample of this study were 1157 observations. The analytical method used is a dummy covariance analysis (ANCOVA) regression model. The results showed that institutional ownership had a coefficient value of 0.039768. political connections have a coefficient value of 0.042068. That is, institutional ownership and political connections have a positive influence on dividend payment policies in Indonesia.
GOVERNMENT OWNERSHIP AND DIVIDEND PAYMENT POLICY
Putri, Pavita Bayu;
Yulianto, Arief
Management Analysis Journal Vol 9 No 2 (2020): Management Analysis Journal
Publisher : Universitas Negeri Semarang
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DOI: 10.15294/maj.v9i2.37344
The purpose of this study to examine and analyze differences in the average policy of dividend payments with government ownership in companies listed on the Indonesia Stock Exchange in period 2008-2017. Previous research still shows differences in research results or inconsistent results between one study and another. The results showed that the average dividend payment policy carried out by the government was higher than companies that did not have government ownership. This is considered as government ownership, so the amount of dividends distributed will increase. Based on the results of this study it can be concluded that government ownership provides an average higher dividend payment policy than non-government ownership. Suggestions for company management, in making dividend payment policies, the company should always consider the interests of the company?s owners. Investors should pay attention to factors outside the economy in investing. For further researchers, it can be used as an additional reference and research can be done one by one sector.
Problematic Firms Mostly Take More Risks? : Prospect Theory Testing in Indonesia
Rahman, Fernanda Alfian;
Yulianto, Arief
Management Analysis Journal Vol 10 No 2 (2021): Management Analysis Journal
Publisher : Universitas Negeri Semarang
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DOI: 10.15294/maj.v10i2.49034
Prospect Theory Kahneman & Tversky (1979) is a behavioral theory that discusses risk taking viewed under certain conditions, whether in a win or loss condition. There is inconsistent behavior between theory and reality in companies in Indonesia. This research method uses a quantitative approach with the object of research being all companies listed on the Indonesia Stock Exchange from 2010 to 2019. The sample selection uses a purposive sampling method. The sample used as many as 206 companies with 1614 observations. This research uses ANOVA data analysis technique. Based on the results of this study, it shows that prospect theory is not supported in this study
Pengaruh Non Performing Loan (NPL) dan Capital Adequacy Ratio (CAR) terhadap Profitabilitas (Studi Kasus pada Perusahaan Perbankan yang Terdaftar di BEI Periode 2010-2013)
Putrianingsih, Dwi Indah;
Yulianto, Arief
Management Analysis Journal Vol 5 No 2 (2016): Management Analysis Journal
Publisher : Universitas Negeri Semarang
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DOI: 10.15294/maj.v5i2.7622
The purpose of this study was to know the influence level of Non Performing Loan (NPL) and Capital Adequacy Ratio (CAR) towards the profitability (ROA) in banking companies listed in BEI. The population in this research is the entire banking company registered in BEI in 2010-2013. Research of sampling is performed using the method of purposive sampling. Analysis technique used are multi liniear regression of ordinary least square and hypotheses test used is t-statistic. Based on the results of the survey, encountered that Non Performing Loan (NPL) influenced negative toward profitability. Capital Adequacy Ratio (CAR) influential effect negatively to profitability. Suggestions from this study is banking in Indonesia should maintain the continued level of capital has improved even more capital because it can increase the profit of capital adequacy that is ROA. And then minimize bad debts or reduce the value of pon performing loan, because with the declining value of non performing loan will increase the profits obtained by the ROA.
Pengaruh Kepemilikan Manajerial dan Kebijakan Dividen terhadap Nilai Perusahaan
Anita, Aprilia;
Yulianto, Arief
Management Analysis Journal Vol 5 No 1 (2016): Management Analysis Journal
Publisher : Universitas Negeri Semarang
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DOI: 10.15294/maj.v5i1.8116
The purpose of this study was to examine the effect of managerial ownership and dividend policy on firm value (the study is a manufacturing company that is listed on the Indonesia Stock Exchange in 2010 until 2013). The population in this study are all manufacturing companies listed on the Indonesia Stock Exchange in 2010 until 2013. Samples were taken purposive sampling technique that is based on specific criteria. Data analysis tools used in this research is descriptive analysis and multiple linear regression analysis. The results obtained multiple linear regression analysis Y = 0.855 + 2.797 - 0.004 + e. The results of the simultaneous test (F test) showed managerial wnership and dividend policy jointly affect firm value. Managerial ownership effect on firm value. Dividend policy is no effect on firm value. The conclusions of this research is managerial ownership effect on firm value. Dividend policy is no effect on firm value. Advice given to the owner/shareholders of the companies to increase managerial ownership and dividend policy in order to reduce the agency conflict.