Internal Cash Flows, Insider Ownership, Investment Opportunity, Dan Capital Expenditures: Suatu Pengujian Terhadap Hipotesis Pecking Order Dan Managerial

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\u27s 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

ANALISIS PENGARUH GOOD CORPORATE GOVERNANCE, STRUKTUR KEPEMILIKAN, DAN CASH HOLDINGS TERHADAP NILAI PERUSAHAAN (Studi Empiris Pada Perusahaan BUMN yang Terdaftar di BEI Tahun 2018-2020)

The value of the company is very important for the company that can affect the stock price. This can reflect the investor's decision to invest. Therefore, there needs to be a Good Corporate Governance in making company policies to stabilize a sustainable business. The purpose of this study is to find out the influence of Good Corporate Governance, Ownership Structure, and Cash Holdings on the Value of State-Owned Enterprises listed on the Indonesia Stock Exchange in 2018-2020. Research methods use descriptive quantitative methods. The data used is secondary data with a period (time series) of three years of research. The population used is the annual financial statements. Sampling technique using purposive sampling and obtained 15 SOEs and 45 annual financial statements for three years. Data analysis uses multiple linear regression analysis. Data processing uses IBM SPSS 22.  The results of this study explained that the Board of Directors had a significant negative effect on the Value of the Company, the Audit Committee and Institutional Ownership had no effect on the Value of the Company, while the Board of Commissioners and Cash Holdings had a significant positive effect on the Value of the Company. Keyword: Good Corporate Governance, Institutional Ownership, Cash Holdings, Company Valu

Analisis Pengaruh Kebijakan Utang, Kepemilikan Saham Publik, Risiko Kebangkrutan Terhadap Biaya Agency

Financial management strategic decision that can not be ignored is the decision regarding the dividend policy, investment, and financing, are closely associated with the company's goal is to optimize the value of the company. However, the goals are often not carried out in connection with the separation of the functions  of ownership and management functions of the company, which makes the manager to act independently and not in line with company objectives. Conflicts over the source of the problem that causes the cost of the agency (agency cost), ie all costs incurred to carry out surveillance (monitoring) on the performance of managers. The research objective was to determine whether the debt ratio, managerial ownership, and earnings volatility significantly affect the cost of agency. Results showed that the ratio of debt, stock ownership by top managers, and earnings volatility significantly not affect the cost of agency

Pengaruh Kebijakan Utang, Good Corporate Governance, Cash Holding, Dan Sales Growth Terhadap Nilai Perusahaan (Pada Perusahaan Manufaktur Yang Terdaftar Di Bursa Efek Indonesia (BEI) Tahun 2018-2021)

The purpose of this study was to determine the effects of debt policy, good corporate governance, cash holding, and sales growth on the value of the company. The method used in this research is a quantitative method through secondary data in the form of financial information of manufacturing companies listed on the Indonesia Stock Exchange starting in 2018 until 2021. Data obtained from www.idx.co.id and www.finance.yahoo.com, and the company's official website. The sampling technique used was purposive sampling and this study used a sample of 188 observations. In conducting data testing using analytical methods, namely multiple linear analysis of panel data using eviews 12 software. The results showed that good corporate governance debt policy, and cash holding had no effect on firm value, while sales growth had a positive effect on firm value. Keywords: Debt Policy, Good Corporate Governance, Cash Holding, Firm Value, Sales Growt

Investment Decisions in Business Strategy: The Role of Leverage, Sales Growth, Liquidity, Profitability, and Cash Flow

The purpose of this study is to ascertain how investment decisions in technology businesses listed on the Indonesia Stock Exchange are influenced by factors such as leverage, cash flow, profitability, sales growth, and liquidity. By gathering annual reports and financial report data, this study was carried out on technology companies listed on the Indonesia Stock Exchange (BEI).  The population of this research is 44 technology sector companies listed on the IDX. The sample was determined using the Purposive Sampling method using criteria. There are six companies that meet the criteria, and this research was conducted for five years, so there is a total of 30 data in this research. The type of data used is quantitative data in the form of financial reports and annual reports of technology sector companies listed on the IDX for the 2018-2022 period, which is secondary data from this research. The data analysis method used in this research is a quantitative descriptive analysis method with Multiple Linear Regression analysis using the SPSS ( Statistical Package for the Social Sciences) statistical tool. The findings of this research are that leverage influences investment decisions . The sales growth variable has a positive effect on investment decisions . The liquidity variable has a positive effect on investment decisions with value significant of 0.041 . Meanwhile, the profitability and cash flow variables partially have no effect on investment decisions, with significance values of 0.112 and 0.113 respectively

PENGARUH LIKUIDITAS, LEVERAGE, PROFITABILITAS, CASH HOLDING TERHADAP NILAI PERUSAHAAN PADA PERBANKAN YANG TERDAFTAR DI BURSA EFEK INDONESIA

Penelitian ini bertujuan untuk menganalisis pengaruh likuiditas, leverage, profitabilitas, cash holding terhadap nilai perusahaan. Sebanyak 161 data yang digunakan dalam penelitian ini berupa laporan keuangan perusahaan perbankan yang terdaftar di Bursa Efek Indonesia tahun 2016 sampai dengan 2020. Penelitian ini menggunakan metode kuantitatif dan analisis regresi linier dengan SPSS Versi 20. Hasil penelitian ini menunjukkan bahwa likuiditas, leverage, profitabilitas, cash holding berpengaruh terhadap nilai perusahaan. Penelitian ini diharapkan dapat menjadi pedoman bagi perbankan dalam mengambil kebijakan terhadap kinerja perusahaan yang diukur dengan likuiditas, leverage, profitabilitas, cash holding yang diukur dengan nilai perusahaan, sehingga bank umum konvensional devisa memiliki pedoman tersendiri dalam menentukan kebijakan.           &nbsp

Pengaruh cash flow, expenditure dan nilai perusahaan terhadap cash holding pada perusahaan sektor pertambangan yang terdaftar di bursa efek indonesia periode 2012-2015

Penelitian  ini  bertujuan  untuk  menganalisis  pengaruh  arus  kas,  pengeluaran  dan  nilai perusahaan  terhadap  cash  holding.  Model  penelitian  ini  dianalisis  dengan  Fixed  Effect  Methode (FEM). Populasi perusahaan penambangan penelitian ini terdaftar Bursa Efek Indonesia. Penelitian ini menggunakan  metode  purposive  sampling.  Sampel  dalam  penelitian  ini  adalah  27  perusahaan pertambangan  yang  terdaftar  di  Bursa  Efek  Indonesia  dari  tahun  2012-2015.  Penelitian  ini menggunakan  data  panel,  data  yang  digunakan  dalam  penelitian  ini  berasal  dari  laporan  keuangan tahunan  dan  laporan  keberlanjutan  perusahaan  pertambangan  yang  terdaftar  di  Bursa  Efek  Indonesia untuk  periode  2012-2015.  Hasilnya  menunjukkan  bahwa  arus  kas  dan  pengeluaran  tidak  signifikan positif  dalam  memegang  uang  tunai,  sementara  nilai  perusahaan  secara  signifikan  negatif  pada perusahaan holding tunai

THE FACTORS AFFECTING DIVIDEND POLICY OF MANUFACTURING COMPANIES IN INDONESIA STOCK EXCHANGE

Dividends as returns on investment in company shares are expected to increase investor wealth. Companies are not required to pay dividends every year but shareholders value stocks that pay dividends regularly. The purpose of this study is to analyze dividend policy in manufacturing companies listed on the Indonesian stock exchange. We analyze the relationship between company dividend policy and various determinant variables which are variables used as company life cycle, profitability, capital structure, liquidity, company assets, and institutional share ownership. By using data panel analysis and multivariate regression analysis, we process financial statement data for the period 2014-2016. We find that profitability, capital structure and assets have a significant effect on dividends while other variables have no effect. This research provides additional empirical evidence that explains the theory of life cycles in growth level and signaling explanation. Keywords: dividend payout, life cycle, profitability, capital structure, firm’s characteristic