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Published by Universitas Merdeka Malang

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Core Subject : Economy,

Economics, Econometrics & Finance

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Articles 784 Documents

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ANALISIS PENENTUAN MODEL MERGER-AKUISISI YANG SINERGIS DI BURSA EFEK INDONESIA Mai, Muhamad Umar
Jurnal Keuangan dan Perbankan Vol 20, No 3 (2016): September 2016
Publisher : University of Merdeka Malang

The aim of this study was as follow: a) to examine the differences in financial performance and the value of the firm before and after the merger-acquisition of go public company in Indonesia Stock Exchange for the period of 2000-2012;b) to identify and analyze the critical success factors of mergers-acquisitions; c) designing a model of synergistic merger-acquisition. Wilcoxon signed ranks test results showed that the financial performance and the value of the company for certain years are different, in the sense of increased, significantly. The determinant factors of successfull merger-acquisition of 30 synergistic firms, are: a) current ratio and cash ratio was below the industry average; b) debt to asset ratio and debt to equity ratio is above the industry average; c) return on investment and return on equity also above the industry average. Analysis of the 30 synergisticbidders firm shows that the company has a very adequate corporate governance mechanism, namely: a) more than 50% of its stocks owned by other institutions; b) the shares held by the management is below 5%; c) the membership of the board of commissioners and directors have an independent boards and outside directors of more than 30%; and d) the average number of commissioners as many as six people.

ANALISIS FINANCIAL DISTRESS PADA PERUSAHAAN AGRIBISNIS DI BURSA EFEK INDONESIA Annisa Nurfajrina
Jurnal Keuangan dan Perbankan Vol 20, No 3 (2016): September 2016
Publisher : University of Merdeka Malang

Agribusiness is one of important sector in Indonesia. Agribusiness has unique characteristics and high complexity which can lead to financial problems. Therefore, its important to analyzed financial distress in agribusiness company to avoid bankruptcy. This research analyzed financial factors that influence financial distress in agribusiness companies listed in Indonesia stock exchange period 2010-2014. Eleven agribusiness companies were selected based on purposive sampling. This study used DSCR (debt service coverage ratio) as a proxy of financial distress. The method of analysis used panel data regression. The results showed that financial ratios are EBITDA to total assets, ROE, and TATO have a significant positive effect to DSCR. However, DAR and working capital to total assets have no significant effect to DSCR

DETERMINAN INTERNAL DIVIDEND PAYOUT RATIO PERUSAHAAN FARMASI TERDAFTAR DI BURSA EFEK INDONESIA Zulkifli Zulkifli; Endri Endri; Augustina Kurniasih
Jurnal Keuangan dan Perbankan Vol 21, No 2 (2017): April 2017
Publisher : University of Merdeka Malang

This study aimed to examine and analyze the effect of the internal determinant of dividend payout ratio pharmaceutical company, annual data observation period 2008 until 2014. The type of this study was quantitative research. The population of the research was the entire pharmaceutical company consisting of 10 companies. The sampled criteria were pharmaceutical companies that consistently paid cash dividends. There were 6 companies listed in Indonesia Stock Exchange with non-probability sampling technique namely purposive sampling. Data analysis using panel data regression fixed effect which had larger R square value. The results showed that current ratio, return on assets, debt to equity ratio, earnings growth, return on equity, earnings per share and market to book value simultaneously were having significant influence to the dividend payout ratio. Partially return on assets and market to book value had a positive significant effect on the dividend payout ratio, while current ratio, debt to equity ratio and return on equity had a significant negative effect. Earnings growth and earnings per share did not have a significant influence on the dividend payout ratio. It was suggested to add external variables factors using more samples of companies.

PENGUJIAN PECKING ORDER HYPOTHESIS MELALUI KETERKAITAN DIVIDEND PAYOUT RATIO, FINANCIAL LEVERAGE DAN INVESTMENT OPPORTUNITY Yuharningsih Yuharningsih
Jurnal Keuangan dan Perbankan Vol 12, No 1 (2008): January 2008
Publisher : University of Merdeka Malang

This study is aimed to examine the prediction of Pecking Order hypothesis inIndonesia by relationship between dividend payout ratio, financial leverage and investmentopportunity. The Pecking Order hypothesis indicates there is negative relationship betweendividend payout ratio and investment opportunity. The dividend payout ratio determinantsare financial leverage, investment opportunity, cashflow, earnings and growth of sale. Thefinancial leverage determinants are dividend payout ratio, investment opportunity, earnings,size and growth of sale. The investment opportunity determinants are dividend payout ratio,financialo leverage, earnings, assets structure and Q ratio. The data is collected from 28manufacturing is listed in Jakarta Stock Exchange for the period 2000 2004. Analize of Thesimultaneous equation model is used computer statistic program; Generall Method of Moment(GMM) technics. These result imply that the have relationship simultans of dividend payoutratio, financial leverage and investment opportunity but no significant evidence thatmanufacturing companies in Indonesia tend to follow the Pecking Order hypothesis. In additionthat dividend payout ratio and investment opportunity gives positif and significant influence,financial leverage and investment opportunity gives negative and significant influence, financialleverage gives positif and significant influence on dividend payout ratio but divedend payoutratio no significant influence on financial leverage.

BENARKAH PASAR MODAL KITA EFISIEN? BUKTI DARI JAKARTA STOCK EXCHANGE Dwiarso Utomo; Fuad Fuad
Jurnal Keuangan dan Perbankan Vol 12, No 1 (2008): January 2008
Publisher : University of Merdeka Malang

This study tested efficiency of market hypothesis to stock prices in Indonesia byusing two unit root tests. First, we implemented a test that could account for two structuralbreaks because of financial crisis in the underlying series. Second, we employed variance ratiotest to test the null hypothesis of random walk after adjusting for heterocedasticity. The resultsindicated that there were breaks, particularly in the intercept of the trend function. We alsofound that our heterocedastic-consistent variance ratio test documents rejected random walkhypothesis. The results somehow revealed the ambiguous results which were perhaps due toheterocedasticity in the data.

PENGUJIAN EFISIENSI PASAR BENTUK SETENGAH KUAT TERHADAP PERISTIWA PENGUMUMAN DIVIDEN TUNAI MENURUN DI BEJ N. Agus Sunarjanto; L. Adisastra
Jurnal Keuangan dan Perbankan Vol 12, No 1 (2008): January 2008
Publisher : University of Merdeka Malang

The Objective of this study was to examine the market efficiency of Jakarta StockExchange (JSX). Analyses of stock price and IHSG were gathered from 14 companies listed atJSX period 20042005 which shared lower dividend. Market model with t- test was used totest the hypothesis. The result of this study revealed that there was a significant abnormalreturn in t +1. It meant that lower cash dividend had information content which was shownby the quick responds of market, so the Jakarta Stock Exchange categorized it as half strengthmarket

FAKTOR-FAKTOR YANG MEMPENGARUHI AUDIT DELAY PADA PERUSAHAAN-PERUSAHAAN GO PUBLIC DI BEJ Reni Yendrawati; Fandli Rokhman
Jurnal Keuangan dan Perbankan Vol 12, No 1 (2008): January 2008
Publisher : University of Merdeka Malang

Timeliness represented a very important matter in determining financial statementvalue. This research was purposed to investigate the influence of audit delay factors, namelycompany size, company that announced loss, level of company profitability, auditors opinionand industrial sector. Audit delay could affect the timeliness of accounting information releases,and it would be known that timeliness was associated with the market reaction to theinformation released. Sampels were selected by method of purposive sampling. Regressionanalysis was used to investigate audit delay factors. The results could be interpreted thataudit delays tended to be longer for the company that announced loss in non-manufacturessampel, auditors opinion in overall sampel and auditors opinion in non-manufactures sampel.

OWNERSHIP STRUCTURE AND THE CORPORATE GOVERNANCE ROLE OF DIVIDENDS Lukas Setia Atmaja
Jurnal Keuangan dan Perbankan Vol 12, No 1 (2008): January 2008
Publisher : University of Merdeka Malang

This paper reviewed the theoretical and empirical literature on the relationshipbetween ownership structure and dividends. Agency theory suggested that dividend was servedto reduce agency problems between owners (or large controlling shareholders) and managers(or minority shareholders) by reducing the amount of free cash flow and increasing monitoringby external parties. It also proposed that ownership concentration and composition mightmitigate or exacerbate agency problems. We might expect substitutability or complementaryrelationship existed between dividend and ownership concentration/composition. Empiricalevidence showed that the relationship between dividend and managerial or large shareholdingscould be negative (i.e., consistent with substitute argument), positive (i.e., consistent withcomplementary argument) or non-linear (i.e., consistent with entrenchment hypothesis). Inaddition, the literature suggested that family controlled firms might expropriate minorityshareholders by paying lower dividends or mitigate moral hazard conflicts by distributingmore cash. Empirical research on this issue, however, provided mixed findings.

KAJIAN KESIAPAN PEMENUHAN API PADA BUSN YANG BERKANTOR PUSAT DI SURABAYA Setiawan, Djoko Budi; Haryati, Sri
Jurnal Keuangan dan Perbankan Vol 12, No 1 (2008): January 2008
Publisher : University of Merdeka Malang

The purpose of the research was to provide empirical evidence on the variablesthat affected Tier 1 capital. The variables used to assess financial performance were financialratios: profitability, assets quality, solvability and growth. While the visualization of the positionof bank financial performance was analyzed by Radar Method. The result of the research wassupposed to take decisions in implementing the Indonesian Banking Architecture. The researchpopulation was Indonesian Commercial Banks whose headquarter was in Surabaya, and thesecondary data were the publication of bank financial statements of thirteen time perceptionswhich were in period June 2000 June 2006. Binary Logistic Regression with stepwise methodand Radar Method was used for instrument analysis. The result of the research showed thatfrom eighteen variables which were analyzed, there were only five variables representing thesignificant determination of Tier 1 capital. Referring to the four analyzed financial ratios,these five variables refered to profitability (two variables), asset quality (two variables), andgrowth (one variable). These significant variables and Radar analysis were used by the banksthat had not fulfill Tier 1 capital yet to make a decision on whether they realized their actionplan or implement consolidation program.

APAKAH DIVERSITAS GENDER MEMENGARUHI STRUKTUR MODAL? BUKTI EMPIRIS DI INDONESIA Suherman Suherman
Jurnal Keuangan dan Perbankan Vol 21, No 2 (2017): April 2017
Publisher : University of Merdeka Malang

The purpose of this study is to know the influence of gender diversity that proxied by the existance and proportion of female directors in a firm on capital structure that proxied by debt to asset ratio (DAR) and debt to equity ratio (DER). Sample of this study consists of 78 firms (384 observations) listed on Kompas100 Index between 2011 and 2015. Controlling for firm size, profitability (ROA) and asset growth, the results show that 1)the existance of female on board of directors has positive and significant effect on DAR 2)female proportion on board of directors has no significant effect on DAR 3) the existance of female on board of directors has no significant effect on DER 4)female proportion on board of directors has no significant effect on DER

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