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All Journal Jurnal Keuangan dan Perbankan Jurnal Ekonomi Modernisasi JAM : Jurnal Aplikasi Manajemen Arthavidya Jurnal Ilmiah Ekonomi El-Mujtama: Jurnal Pengabdian Masyarakat
Sahala Manalu, Sahala
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Religion Decision Sciences, Operations Research & Management Economics, Econometrics & Finance Education Social Sciences Other

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Journal : Jurnal Keuangan dan Perbankan

 1 
Pecking Order and Trade-off Theory in Capital Structure Analysis of Family Firms in Indonesia Mia Oktavina; Sahala Manalu; Sari Yuniarti
Jurnal Keuangan dan Perbankan Vol 22, No 1 (2018): January 2018
Publisher : University of Merdeka Malang

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.26905/jkdp.v22i1.1793

Abstract

The purpose of this study has analyzed the determinants of policy decisions of the capital structure of family firms listed on the Indonesia Stock Exchange (IDX) in 2012-2016. The company's capital structure was measured by using debt to equity ratio (DER). Determinants of capital structure used include profitability (ROA), asset structure, growth (growth), firm size (size) and business risk (risk). This research was a quantitative research with a kind of causal research. Using a sample of 38 family companies in Indonesia listed on the Indonesia Stock Exchange (IDX). Hypotheses testing method of multiple linear regression. The result showed that ROA had a negative effect not significant to DER. The asset structure had a significant positive effect on DER, growth had no significant negative effect on DER, size had no significant positive effect on DER, and risk had a significant negative effect on DER. The findings research that the average family firm in Indonesia still uses the Pecking Order Theory in the application of capital structure.JEL Classification: G31, G32, G34DOI: https://doi.org/10.26905/jkdp.v22i1.1793
HUBUNGAN NILAI KURS DENGAN INDEKS HARGA SAHAM PERTANIAN DI INDONESIA Vania Jessica Tedjamulia; Sahala Manalu; Rony Joyo Negoro Octavianus
Jurnal Keuangan dan Perbankan Vol 17, No 3 (2013): September 2013
Publisher : University of Merdeka Malang

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (197.047 KB) | DOI: 10.26905/jkdp.v17i3.760

Abstract

This study was conducted to test the independent variable exchange rate USD/IDR, EUR/IDR, JPY/IDR, andthe dependent variable agricultural stock index during five years (2008-2012). Sampling technique used waspurposive sampling method. Data analysis technique used was Auto Regressive Distributed Lag (ARDL)proposed by Pesaran et al. (2001) in order to investigate the order of co-integration. Hypothesis test used wasF-test to test the simultaneous effect and t-test for testing the partial regression coefficient with a significancelevel of 5%. F-test results indicated that exchange rate of USD/IDR, EUR/IDR, and JPY/IDR gave significanteffect on agriculture stock index. The t-test results indicated that the variable exchange rate of USD/IDR, EUR/IDR and JPY/IDR gave partially significant effect on agricultural stock index period 2008-2012. Adjusted Rsquare (R2) was 7,8%. The statistical results of Auto Regressive Distributed Lag indicated that changes inUSD/IDR and JPY/IDR were negatively related to changes in stock price index of agriculture. EUR/IDR hada positive impact to the stock price index of agriculture
Co-Authors Alkalas, Nasa Ilham Alkalas, Nasa Ilham Asegaf, Fatimah Tsaralya Basory, Hartomy Akbar Catharina Aprilia Hellyani Hutapea, Tommy Mora Hamonangan J.N., Rony Octovianus J.N., Rony Octovianus Kalmadara, Galuh Safarina Sari Mia Oktavina Natalia, Sheren Nicola, Daniel Rino Tam Cahyadi, Rino Tam Rony Joyo Negoro Octavianus Rony Joyo Negoro Octavianus, Rony Joyo Negoro Sari Yuniarti Setio, Steve Subagio, David Kurniawan Subagio, David Kurniawan Susilo, Sony Wicaksono Vania Jessica Tedjamulia Wahyono, Seno Aji