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EKUITAS (Jurnal Ekonomi dan Keuangan)

ekuitas
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Published by Sekolah Tinggi Ilmu Ekonomi Indonesia Surabaya

ISSN : 2548298X EISSN : 25485024 DOI : -

Core Subject : Economy,

Economics, Econometrics & Finance

Diterbitkan oleh Sekolah Tinggi ilmu Ekonomi Indonesia (STIESIA) Surabaya secara berkala (setiap tiga bulan) yaitu setiap Maret, Juni, September, dan Desember, dengan tujuan untuk menyebarluaskan hasil penelitian, pengkajian, dan pengembangan bidang ekonomi dan keuangan, khususnya bidang akuntansi, manajemen, pasar modal hukum bisnis, perpajakan, sistem informasi, serta bidang ekonomi dan keuangan lainnya. Artikel yang dipublikasikan dalam EKUITAS dapat berupa Artikel Penelitian maupun Artikel Konseptual (non-penelitian).

Arjuna Subject : -

Articles 7 Documents

Search results for , issue "Vol 14 No 1 (2010)" : 7 Documents clear

DAMPAK STRUKTUR MODAL PADA SENSITIVITAS PENERAPAN KOMPENSASI OPSI SAHAM KARYAWAN TERHADAP KINERJA Nur Fadjrih Asyik
EKUITAS (Jurnal Ekonomi dan Keuangan) Vol 14 No 1 (2010)
Publisher : Sekolah Tinggi Ilmu Ekonomi Indonesia (STIESIA) Surabaya(STIESIA) Surabaya

This study aims to test whether the management that receive compensation in the form of stock options having an positive impact on company performance. This study considers the external performance measurement by identifying Cumulative Abnormal Return (CAR). In addition, this study aims to test whether the company's capital structure affects the sensitivity level of employee stock option compensation and firm performance. Capital structure is measured with debt to equity ratio. The result indicates that the proportion of Employee Stock Option Plan (ESOP) influence company performance in accordance with the predictions. This shows that the more stock options offered to employees then came a sense of belonging which resulted in more motivated managers to improve company performance. Furthermore, the higher the market performance of companies that can be achieved, the higher the profit (gain) will be obtained by the recipient of stock options. In addition, this study also shows that the impact of stock option grants at the company's performance declined with the greater capital structure of liability. This shows that the capital structure of liabilities will lower the sensitivity level of employee stock option compensation and firm performance. The higher the company's liabilities would reduce the rights of the owner of the dividends each period in accordance with the ownership of shares held since the company must take into account the interest costs to be paid to the creditor.

KEBIJAKAN RESTRUKTURISASI UTANG MELALUI DEBT TO EQUITY SWAP Wimba Respatia
EKUITAS (Jurnal Ekonomi dan Keuangan) Vol 14 No 1 (2010)
Publisher : Sekolah Tinggi Ilmu Ekonomi Indonesia (STIESIA) Surabaya(STIESIA) Surabaya

This research aim to obtain the understanding about debt restructuring to improve the efficiency and its productivity. An essential difference between these and the usual swapping of debt into equity is that the former allow a wider range of aplications. The firm’s owner have the option of choosing the sequence of restructuring negotiation with the creditors. The firm can combine the existing models, which is certainly with the agreement of the creditor and investor. This research has studied the choice of debt restructuring model carried out by PT X which is caused by the fact that the companies have difficulty paying their debts. Data collecting methods were conducted through literature study and field research from financial report of PT X. The result of this research indicate that PT X should choose debt for equity swap by converting their debt for equity swap that which giving lower cost of capital. By choosing debt for equity swap enable to change the liability profile from one to the other type, to create a more optimal capital structure debt equity and equity debt in what is called recapitalisation. Decision of converting their debt for equity swap will cause PT X be a mojority shareholder and increase the ability to compete with other aluminium company

ACCRUAL ACCOUNTING & FINANCIAL REPORTING IN THE PUBLIC SECTOR TO ENHANCE ACCOUNTABILITY AND TRANSPARENCY (REFRAMING IMPLEMENTATION IN INDONESIA) Nanang shonhadji
EKUITAS (Jurnal Ekonomi dan Keuangan) Vol 14 No 1 (2010)
Publisher : Sekolah Tinggi Ilmu Ekonomi Indonesia (STIESIA) Surabaya(STIESIA) Surabaya

Implementation modified cash basis at public sector in Indonesia have adopted to implement accrual accounting and financial reporting as the basis for their reformed accounting policy. Public administration in Indonesia has changed dramatically since 1999. The country has gone through one of the fastest and most comprehensive devolution reforms ever seen. Managerial and financial responsibilities have been decentralized from central government, mostly to local government at the district level. Under accrual accounting, government reports financial flows in terms of an operating statement equivalent to a business profit and loss statement. If the budget operating balance is zero, then this year's operating expenses are being fully covered by this year's revenue. Expenses are not the same as outlays so expenses measure this year's costs of production, whereas outlays does not. Prior to the introduction of accrual accounting, the Indonesian government have fiscal policy indicator which underlying cash balance. It was the cash budget balance which the local government. With the arrival of accrual accounting, however, the cash budget balance has been supplanted in this context. This helps us to compare the cash budget balance with fiscal balance. This phenomenon has been widely debated in public management circles, and within the academic literature. Many of these debates however, have been arid and narrowly technically focused. This paper reviews the harmonization process of Indonesian local public sector accounting suppose some main adjustments regarding and prepared exposures draft to harmonize this problem

MANAJEMEN LABA PADA PERUSAHAAN YANG MELANGGAR PERJANJIAN UTANG Nurul Herawati
EKUITAS (Jurnal Ekonomi dan Keuangan) Vol 14 No 1 (2010)
Publisher : Sekolah Tinggi Ilmu Ekonomi Indonesia (STIESIA) Surabaya(STIESIA) Surabaya

This research aims to give empirical evidence concerning earnings management in firms violating debt covenant and to test whether earnings management in those firms are larger than that in control firms. Research population is manufacturing company listed at Bursa Efek Indonesia. The sample includes 17 firms violating debt covenant and 22 firms complying debt covenant as control firms. The sampling method is purposive sampling. Method of statistics used is t-test. The statistic test of first hypothesis shows that mean of discretionary accruals at a year before violation is significantly larger than that at the year debt covenant violation. This result supports debt covenant hypothesis. But, mean difference at the year of violation and at a year after violation does not provide the support for the hypothesis. The statistic test of second hypothesis shows that mean of discretionary accruals of firms violating debt covenant at a year before and at the year violation of debt covenant is significantly larger than that of control firms. Thus, we can conclude that violation of debt covenant motivate management to perform earnings management.

OWNERSHIP STRUCTURE, DIVIDEND PAYMENT, AGENCY COST AND CORPORATE VALUE (SUATU PENGUJIAN MODEL STRUKTURAL) Isti Fadah
EKUITAS (Jurnal Ekonomi dan Keuangan) Vol 14 No 1 (2010)
Publisher : Sekolah Tinggi Ilmu Ekonomi Indonesia (STIESIA) Surabaya(STIESIA) Surabaya

The agency problem come because of separation between ownership and management on large corporate, there is a conflict between shareholder as an owner and manager as an agent. Manager focus on high growth of corporate (low dividend) but the owner prefer high dividend. The aims of the research are (1) to analysis the effect of free cash flow, risk and ownership structure to dividend payment ,(2) to analysis the effect of free cash flow, risk and ownership structure to agency cost. (3) to analysis the effect of dividend payment to corporate value, and (4) to analysis the effect of and agency cost to corporate value The technique sampling is purposive sampling. Secondary data is used in this research. It is from financial report like balance sheet, financial statement and cash flow report. It is gotten from Indonesian Stock Exchange. The research period is 2000 up to 2006. It uses pooled data ( joint of time series data and cross section data) so the analysis units are 271 (n=271). To Analysis data is used descriptive analysis and also statistical analysis that’s name structural equation model (SEM). It uses structural equation model (SEM) because the model has a ladder causality relationship and several variable like ownership structure, agency cost, risk , dividend payment and corporate value are latent variables. The results show that (1) risk has a positive significant effect to the agency cost, It means that agency cost can reduce the risk especially high risk investment that manger can do. (2) Dividend payment has a positive significant effect to the corporate value, It supports the-birds-in-the-hand theory and (3) risk has a positive significant effect to the corporate value. It means that investor always care about risk of corporate where they will invest.

PENGARUH KUALITAS SUMBER DAYA MANUSIA TERHADAP KINERJA PENGRAJIN SENTRA INDUSTRI KECIL TENUN IKAT Sonang Sitohang
EKUITAS (Jurnal Ekonomi dan Keuangan) Vol 14 No 1 (2010)
Publisher : Sekolah Tinggi Ilmu Ekonomi Indonesia (STIESIA) Surabaya(STIESIA) Surabaya

This study aimed is to analyze both simultaneously and partially the effect of the variable quality of human resources consisting of; technical skill, mental attitude, work discipline, work motivation, as well as between the four variables which are the dominant influence on the performance weaving ikad craftsmen small industries. Sampling technique use the census method. The number of respondents who were 52 of weaving craftsmen small industries in Lamongan. Instrument tests using validity and reliability test. Method of data analysis is a classic assumption test (normality test, multicollinearity, heteroskedastitas test), multiple regression analysis and hypothetical test (F test and t test) with significance level 5%. The test results shows either simultaneously or pasial, indicates that the variable quality of human resources consisting of technical skill, mental attitude, work discipline, work motivation, significant effect on performance. Meanwhile, the technical skill is the dominant variable affecting to the performance of weaving craftsmen small industries in Lamongan.

PENGHINDARAN RISIKO KREDIT INVESTASI OLEH DEBITUR DI INDONESIA PASCA KRISIS 1997 Aloysius Deno Hervino
EKUITAS (Jurnal Ekonomi dan Keuangan) Vol 14 No 1 (2010)
Publisher : Sekolah Tinggi Ilmu Ekonomi Indonesia (STIESIA) Surabaya(STIESIA) Surabaya

This research aimed to estimate the short run and long run (steady state) model on credit market, which influenced on risk hindering behavior by debtor, and taking banking regulation into model as a shock. Analyzing on investment credit market is related with asymmetric information problem and dynamic decision. This research was using Autoregressive Distributed Lag Error Correction Model (ARDL-ECM) to analyze this behavior because all variables were integrated on different level. In the short run, the debtor behaviors is only influenced by real interest rate on rupiah working capital, and in the long run his behavior influenced by real interest rate on rupiah working capital, and expected on real national income. But debtor behavior do not influence by real interest rate on rupiah investment credit in short and long run. Banking regulation do not influence the investment credit risk hindering behavior on debtor. On average, every change in explanatory variables need 24 days by debtor to adjust his behavior on investment credit market.

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