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INTERNAL CASH FLOWS, INSIDER OWNERSHIP, INVESTMENT OPPORTUNITY, DAN CAPITAL EXPENDITURES: SUATU PENGUJIAN TERHADAP HIPOTESIS PECKING ORDER DAN MANAGERIAL Hamidi, Masyhuri
Journal of Indonesian Economy and Business Vol 18, No 3 (2003): July
Publisher : Journal of Indonesian Economy and Business

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (265.226 KB)

Abstract

The objectives of this study are to observe the impact of internal cash flows, insider ownership, and investment opportunity on the capital expenditure in two different theories. Those theories are: (1) the pecking order hypothesis and (2) the managerial hypothesis, tested in Indonesian case.On the one hand, the pecking order hypothesis postulates that managers can choose the level of capital expenditure to maximize the wealth of current shareholders without considering insider ownership in the company. On the other hand, according to the managerial hypothesis, managers whose ownership proportions are small tend to use higher level of internal cash flows to finance the capital expenditure than that which would maximize the wealth of current shareholders.This study is predicated on Griner and Gordon’s study (1995) and focused on manufacturing companies listed in BEJ. The data used in this study are taken from the period of 1993-1996. There are 64 companies chosen based on purposive sampling.The result of this study shows that the internal cash flows and the investment opportunity have positive and significant impact on the capital expenditures. However, the impact of insider ownerships on the capital expenditures is not significant. Eventually, this study substantiates the pecking order hypothesis.Keywords: Pecking Order Hypothesis, Managerial Hypothesis, Internal Cash Flows, Insider Ownership, Investment Opportunity, Capital Expenditures
ONBUSINESS E-COMMERCE IN MALAYSIA: AN INVESTIGATION OF KEY ADOPTION Igau, Oswald Aisat; Mohd Kassim, Abdul Wahid; Hamidi, Masyhuri; Sidin, Julian Paul; Tahajuddin, Sulaiman; Ayub, Mat Salleh
JURNAL BISNIS STRATEGI Vol 17, No 1 (2008): Juli
Publisher : Magister Manajemen, Fakultas Ekonomika dan Bisnis Undip

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (1516.124 KB) | DOI: 10.14710/jbs.17.1.49-68

Abstract

Non-business EC is a relatively new research niche In the general e-commerce stream. It denotes the use of e-commerce by non-business institutions such as academic institutions (as in the present study), not- for profit organizations, religious organizations, and government agencies to reduce their expenses or to improve their operations and customer service. A field survey was conducted to determine key factors that facilitate the adoption of non-business EC In Malaysian Universities. Since e-commerce adoption decision is a strategic one, a comprehensive list of potential facilitators and non-facilitators for the strategic use of information technology was derived from past research and used as the basis for collecting data from 65 schools, centres and units from 5 public universities in Kota Kinabalu and Kuala Lumpur. These data were factor-analysed to determine the key underlying dimensions of facilitators. On the basis of the resulting five dimensions namely, relative advantage, network orientation, Information efficiency, innovativeness, and competitiveness, regression analysis was done to determine the impact of the five dimensions on adoption. Non-business EC was parted Into two: (1) partial EC (or a-brochure) where adoption Is solely for promotion and dissemination of product or service information, (2) full EC, which Includes the use of the application for ordering or reserving service, payment, and off-line or on line delivery. The results suggest that relative advantage, network orientation, and Information efficiency are the most lmportant facilitators. Inhibitors were not estimated eventually, as there were no non-users among the respondents. In other words all the respondents are at least adopters of partial EC. Full Implications of the findings are discussed.
ANALYSIS OF THE EFFECT OF DIVIDEND PAYMENTS, GLOBAL FINANCIAL CRISIS, INTERNAL FINANCE, AND EXTERNAL FINANCE ON COMPANY SALES GROWTH IN INDONESIA Elita Permanawati; Masyhuri Hamidi; Fajri Adrianto
JBTI : Jurnal Bisnis : Teori dan Implementasi Vol 13, No 1 (2022): April 2022
Publisher : Universitas Muhammadiyah Yogyakarta

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.18196/jbti.v13i1.14177

Abstract

This study aims to determine the effect of dividend payments, the global financial crisis, internal finance, and external finance on the company's sales growth in Indonesia. There are several control variables such as size, leverage, profitability, and past growth assets. The reason for taking this research sample in Indonesia is because Indonesia is one of the developing countries whose economy is currently growing even though it is being hit by the Covid 19 pandemic. Investment is a good climate in Indonesia for sales growth. And also still few studies describe this research. The sample used is the consumer goods sector companies listed on the IDX for the 2016-2020 period as many as 21 companies selected using purposive sampling technique. This study uses panel data regression analysis and moderated regression analysis (MRA). The results showed that dividend payments influenced the company's sales growth. Meanwhile, the variables of the global financial crisis, internal finance and external finance had no effect on the company's sales growth. Then the variables of size, leverage, profitability, and past assets as control variables have no effect on the company's sales growth as control variables.
PENGARUH LITERASI KEUANGAN, EFIKASI KEUANGAN, DAN FAKTOR DEMOGRAFI TERHADAP PENGAMBILAN KEPUTUSAN INVESTASI (STUDI KASUS PADA MAHASISWA MAGISTER MANAJEMEN FAKULTAS EKONOMI UNIVERSITAS ANDALAS PADANG) Wilantika Waskito Putri, Masyhuri Hamidi
Jurnal Ilmiah Mahasiswa Ekonomi Manajemen Vol 4, No 1 (2019): Februari
Publisher : Departemen Manajemen

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (533.438 KB) | DOI: 10.24815/jimen.v4i1.10703

Abstract

The basis of investment decisions consists of the expected rate of return, the level of risk, and the relationship between return and risk. This research is to measure how the influence of financial literacy, financial efficacy and demographic factors on investment decisions. Case study on MM Unand Padang students. The sampling technique is using the proposive sampling method. Where the researcher determines the sampling by specifying specific characteristics that are in accordance with the objectives of the study so that it is expected to answer the research problems. Respondents were taken as samples listen to the criteria: Students who are active from 2018 B class morning, night and Friday-Saturday to 2016 B at the Faculty of Economics, Master of Management, Andalas University, Padang, have personal or work income. The net  of samples is 200 MM Unand Padang students. Data were analyzed through by  smart PLS. The results show that Financial Literacy has a positive and significant effect on investment decision making in MM Faculty of Economics Unand Padang Students. Financial Efficacy has a positive and significant effect on investment decision making at MM Faculty of Economics Unand Padang Students. And Demographic factors do not have a significant effect on investment decision making at MM Faculty of Economics Unand Padang students. Keywords : Financial Literacy, Financial Efficacy, Demographic Factors, Investment Decisions 
INTERNAL CASH FLOWS, INSIDER OWNERSHIP, INVESTMENT OPPORTUNITY, DAN CAPITAL EXPENDITURES: SUATU PENGUJIAN TERHADAP HIPOTESIS PECKING ORDER DAN MANAGERIAL Masyhuri Hamidi
Journal of Indonesian Economy and Business (JIEB) Vol 18, No 3 (2003): July
Publisher : Faculty of Economics and Business, Universitas Gadjah Mada

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (265.226 KB) | DOI: 10.22146/jieb.6629

Abstract

The objectives of this study are to observe the impact of internal cash flows, insider ownership, and investment opportunity on the capital expenditure in two different theories. Those theories are: (1) the pecking order hypothesis and (2) the managerial hypothesis, tested in Indonesian case.On the one hand, the pecking order hypothesis postulates that managers can choose the level of capital expenditure to maximize the wealth of current shareholders without considering insider ownership in the company. On the other hand, according to the managerial hypothesis, managers whose ownership proportions are small tend to use higher level of internal cash flows to finance the capital expenditure than that which would maximize the wealth of current shareholders.This study is predicated on Griner and Gordon’s study (1995) and focused on manufacturing companies listed in BEJ. The data used in this study are taken from the period of 1993-1996. There are 64 companies chosen based on purposive sampling.The result of this study shows that the internal cash flows and the investment opportunity have positive and significant impact on the capital expenditures. However, the impact of insider ownerships on the capital expenditures is not significant. Eventually, this study substantiates the pecking order hypothesis.Keywords: Pecking Order Hypothesis, Managerial Hypothesis, Internal Cash Flows, Insider Ownership, Investment Opportunity, Capital Expenditures
The Effect of Corporate Governance on Tax Avoidance in Manufacturing Sector Companies on the IDX for the 2015-2019 Period Septa Skundarian; Masyhuri Hamidi
Enrichment : Journal of Management Vol. 12 No. 1 (2021): November: Management Science
Publisher : Institute of Computer Science (IOCS)

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (1041.485 KB) | DOI: 10.35335/enrichment.v12i1.366

Abstract

Tax Avoidance is one of the tax planning strategies carried out by the company. The tax avoidance strategy is a way to reduce taxes that are legally recognized. In practice, tax avoidance is carried out based on the provisions of tax law. The purpose of this study was to determine the effect of Institutional Ownership, Independent Commissioner, Audit Committee, and Audit Quality on Tax Avoidance in the annual reports of Manufacturing Industry companies listed on the Indonesia Stock Exchange. The data used in this research is secondary data. To explain the effect of the independent variable on the dependent variable, the data obtained in this study were analyzed using panel data regression model analysis. The results of the study indicate that the independent variables jointly affect the dependent variable. However, individually, institutional ownership, independent commissioners, and audit quality have a significant positive effect on tax avoidance, while the audit committee has no significant effect on tax avoidance.
Pengaruh mekanisme Corporate Governance, Profitability, dan Firm Size terhadap pengungkapan Corporate Social Responsibility Shelby Edinov; Rida Rahim; Masyhuri Hamidi
Owner : Riset dan Jurnal Akuntansi Vol. 6 No. 3 (2022): Artikel Volume 6 Issue 3 Periode Juli 2022
Publisher : Politeknik Ganesha Medan

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.33395/owner.v6i3.1091

Abstract

In this study was conducted to determine the effect of corporate governance mechanisms, profitability and firm size on the disclosure of corporate social responsibility (CSR) of Indonesian Stock Exchange companies for the 2018-2020 period. The independent variables in this study include the audit committee, independent board of commissioners, foreign ownership, public ownership, ROA, ROE and firm size as well as growth control variables, debt equity ratio and current assets. Meanwhile, the disclosure of CSR is used as the dependent variable. The sampling technique was carried out by purposive sampling so that 36 companies were used as research samples. The data analysis technique used in this study is panel data regression analysis, where the results obtained by each variable on CSR disclosure are as follows; the audit committee has a positive and insignificant effect, the independent board of commissioners has a positive and insignificant effect, foreign ownership has a negative and insignificant effect, public ownership has a positive and insignificant effect, ROA has a negative and insignificant effect, ROE has a positive and insignificant effect, and firm size positive and significant effect. The results of the simultaneous test conducted show that the audit committee, independent board of commissioners, foreign ownership, public ownership, ROA, ROE and firm size have no effect on CSR disclosure.CSR disclosure
Factors Affecting Company Value Khairul Rahman; Mohamad Fany Alfarisi; Masyhuri Hamidi
Enrichment : Journal of Management Vol. 12 No. 5 (2022): December: Management Science And Field
Publisher : Institute of Computer Science (IOCS)

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (367.228 KB) | DOI: 10.35335/enrichment.v12i5.887

Abstract

This study aims to analyze the effect of managerial Ownership Structure, Liquidity, Profitability, Profit Growth and Capital Structure on firm value in manufacturing companies in the basic and chemical industrial sectors as well as in the consumer goods sector. The population of this study amounted to 142 companies listed on the IDX and used a sample of 20 companies in the basic and chemical industry sector and 16 companies in the consumer goods sector that have been listed on the IDX for the 2016-2020 period. Sampling in this study using non-probability sampling method using purposive sampling technique. The results of research in the basic and chemical industry sectors obtained that managerial ownership structure has an insignificant negative effect on firm value, Liquidity has a positive and insignificant effect on firm value and profitability, growth earnings and capital structure have a negative and significant effect on firm value in the basic and chemical industry sectors
Esg and Dividend Policy in Indonesia Wardah Awwalin Ikhsaniah Saldi; Fajri Adrianto; Masyhuri Hamidi
Journal of Social Research Vol. 2 No. 3 (2023): Journal of Social Research
Publisher : International Journal Labs

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.55324/josr.v2i3.596

Abstract

The purpose of this paper is to determine the effect of environmental, social and corporate governance (ESG) performance on company dividend policy in Indonesia. This paper uses three controlled variables: firm size, firm age, and firm leverage. The data used in this research are secondary data from Thomson Reuters Eikon Database on 17 companies listed on the Indonesian Stock Exchange over 2011-2020. To analyze the data, this research uses Panel Data Regression Analysis with Common Effect Model aided by STATA 17. The results show that Environmental, Social and Corporate Governance performance has a positive and significant effect on company dividend policy in Indonesia. This paper adds value to the existing literature as it provides an overview of the impact of Environmental, Social and Corporate Governance, especially in relation to the performance of companies Indonesia. It can therefore provide a good basis for understanding of how Indonesian companies can be more appealing to investors.
The Effect of Sustainability Report Disclosure Compliance on the Company's Financial Performance Amelia Rahmadhani Putri Amrigan; Masyhuri Hamidi; Fajri Adrianto
Journal of Social Research Vol. 2 No. 4 (2023): Journal of Social Research
Publisher : International Journal Labs

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.55324/josr.v2i4.692

Abstract

The issue of the sustainability of a company today is very important. Where the company must think ahead how the business carried out can be beneficial not only for internal but also external companies at this time and in the future. This study aims to determine the effect of compliance on sustainability reports disclosure on financial performance as measured using the Tobin's Q ratio. The sample in this study were all companies that received bronze to platinum ratings on ASRRAT for the 2018-2021 period and were listed on the stock exchange. This data is processed using panel data regression. The results of this study are that economic disclosure has a negative effect and significant, environmental disclosure has a negative effect but not significant, while social disclosure has a positive effect and significant.