Struktur Modal Perusahaan-Perusahaan Non Keuangan Yang Telah Go Public Di Bursa Efek Indonesia Berdasarkan Trade Off Theory

This study aims, First, to obtain the empirical evidence about the capital structure of non-financial firms in Indonesia Stock Exchange. Second, to obtain the empirical evidence about the impact of capital structure on the value of non-financial firms in Indonesia Stock Exchange. Third, to obtain the empirical evidence about the impact of profitability, size of the firm, growth opportunity, the structure of assets, and the cost of bankruptcy to capital structure of non-financial firms in Indonesia Stock Exchange. To achieve these objectives, conducted research on companies listed on the Indonesia Stock Exchange. Research conducted on 163 companies with the observation period in 2011. All the required data obtained from the Indonesian Capital Market Directory. Furthermore, to explain the determinants of capital structure of the firm to used the t and F test with alpha 10 percent. Based on the results of the study, the conclusions as follows: First, the capital structure of the firm has a negative and significant effect on the value of the firm. Second, there is no optimal capital structure on a non-financial corporations. Third, the size of the firm, the structure of assets, and the cost of bankruptcy have positive and significant effect on the capital structure of the firm. Fourth, profitability and the growth opportunities of the firm does not significantly influence to the capital structure. Fifth, variations in the profitability, size of the firm, growth opportunities, the structure of assets, and the cost of bankruptcy are able to explain the variations of capital structure 10,2 percent. Sixth, the coefficient towards research results influence the profitability and bankruptcy costs the company is not in accordance with the trade-offs theory

Pengaruh Kepemilikan Institusional terhadap Karakteristik Pasar Saham di Bursa Efek Indonesia

The role of institutional ownership in the financial markets became very important. However, until today there is no consensus among researchers about the influence of institutional ownership on the characteristic of stock market. Therefore, researchers are motivated to conduct further research the influence of institutional ownership on the characteristic of stock market. The research conducted at the Indonesian Stock Exchange with traded spread and adverse selection costs as dependent variable and institutional ownership as independent variable. In addition to institutional ownership, also used standard deviation of common stock price and trading volume as a control variable to clarify the relationship of institutional ownership on the characteristic of stock market. The study was conducted on 120 firms with observations in the period 2010-2011. All the required data obtained from the Indonesian Capital Market Directory. The results showed that: First, institutional ownership has a negative and significant effect on traded spread. Second, the variability of traded spread is able to be explained by the variability of institutional ownership, standard deviation of the stock price, and trading volume 24.8 percent. Third, institutional ownership has a negative and significant effect on adverse selection costs. Fourth, the variability of adverse selection costs is able to be explained by the variability of institutional ownership, standard deviation of the stock price, and trading volume 26.2 percent. Fifth, the relationship between institutional ownership to traded spread and adverse selection cost before and after entering the control variables remain negative and significant

Pengaruh Financial Slack Terhadap Kinerja Perusahaan Studi Pada Perusahaan-Perusahaan Manufaktur Yang Telah Go Public Di Bursa Efek Indonesia

The relationship between financial slack with the company\u27s performance is not clear. Therefore, this issue more interesting to study. Financial slack can be grouped into two types: available slack and potential slack. Therefore, this study is intended to clarify the effect of available slack and potential slack to company performance. To achieve this aim, used a linear regression equation. The study focused on companies listed on Indonesia Stock Exchange by using purposive sampling technique in sampling research so that the sample size were 112 companies. The data used in this research is secondary data with observations in the period 2008-2010. To explain the effect of financial slack on the performance of companies used the t and F test with α by 10 percent. Based on the analysis and discussion, some conclusions as follows: Firstly, available slack and potential slack have significant negative effect on the performance of the company. Second, the greater the slack of the company, there is a tendency that corporate leaders will tend to use the slack to fulfill its interests. Based on the above conclusions, some suggestions as follows: Firstly, if the company\u27s performance would be improved, financial slack needs to be lowered to a level that is needed. Second, the results of this study can be used as a basis for regulators to make regulations to improve the quality of corporate governance of the corporation. Third, further research is needed by differentiating the sample of companies over companies that implement good corporate governance and corporate governance is not good

Pengaruh Volume Perdagangan Saham dan Harga Saham terhadap Bid-ask Spread Studi pada Perusahaan-Perusahaan Manufaktur yang Terdaftar di Bursa Efek Indonesia

The purpose of this study is to determine the effect of stock trading volume and stock prices on bid-ask spreads on manufacturing companies listed on the Indonesia Stock Exchange. The population in research is 155 companies and by using purposive sampling as sampling technique, then the sample in this research is 46 company. The data used are secondary data and use multiple regression equation as an analytical tool. Based on the results of the research it can be argued that, trading volume and stock prices have a negative and significant effect on the bid-ask spread both before and after the data grouping. The results also show that stock trading in Indonesia Stock Exchange is liquid. Investors or potential investors who want to invest in the capital market should make trading volume and stock price as a reference in making investment decisions, because simultaneously these two variables have a significant effect on bid-ask spreads

Pengaruh Kepemilikan Insider dan Kepemilikan Institusional terhadap Dividend Payout Ratio dengan Mempergunakan Struktur Modal sebagai Variabel Kontrol pada Perusahaan yang Go Public di Bursa Efek Indonesia

This study aimed to examine the effect of ownership structure on dividend policy on companies that go public in Indonesia Stock Exchange in 2012-2013 with a sample of 54 companies. Data were obtained from the Indonesian Capital Market Directory (ICMD) and the Indonesia Stock Exchange website. There are two equations developed in this study. The first equation to examine the effect of the company\u27s ownership structure on dividend policy. While in the second equation entered the control variables, namely the debt-to-equity ratio to test the consistency of the company\u27s ownership structure influence on dividend policy. Techniques using multiple linear regression analysis and hypothesis testing statistical t and F statistics. Hypothesis test results indicate that the stock insider ownership variable significant negative effect on the company\u27s dividend policy, while the institutional ownership variables significant negative effect on dividend policy. Taken together the ownership structure share a significant effect on the company\u27s dividend policy which go public in Indonesia Stock Exchange. Adjusted R2 values after admission control variable increased from 0,053 to 0,044 be inferred variable debt to equity ratio is a variable that helps to explain the variation in the dividend policy of the company went public in Indonesia Stock Exchange

Analisis Pengaruh Faktor Fundamental Dan Pasar Terhadap Harga Saham Pada Perusahaan Manufaktur Yang Terdaftar Di Bursa Efek Indonesia

This study aimed to analyze the influence Earning Per Share, Return on Equity, Book Value, Growth Company and market factors, namely Capitalization Rate on stock price on manufacturing companies listed in Indonesia Stock Exchange. The object of this research is manufacturing companies listed in Indonesia Stock Exchange 2010-2012 period who actively publish the financial statements in the period of observation. In this study, the data collected is of secondary data is data obtained indirectly from the object of research. Therefore, in this study the data capture technique using the documentation techniques. The procedure of sample selection is purposive sampling and analysis model used is the Multiple regression to test the hypothesis that the t test and F test and also performed classical assumption. The results showed that the Earning Per Share, Return on Equity, Book Value positive and significant effect on stock prices and capitalization rates and a significant negative effect on stock prices. Based on the test results indicate that simultaneous Earning Per Share, Return on Equity, Book Value, Growth companies and capitalization rates affect stock prices. Variations independent variable Earning Per Share, Return on Equity, Book Value, Growth companies and capitalization rate is able to explain the variation in stock prices by 95.64%

Synchronization and Stability in Noisy Population Dynamics

We study the stability and synchronization of predator-prey populations subjected to noise. The system is described by patches of local populations coupled by migration and predation over a neighborhood. When a single patch is considered, random perturbations tend to destabilize the populations, leading to extinction. If the number of patches is small, stabilization in the presence of noise is maintained at the expense of synchronization. As the number of patches increases, both the stability and the synchrony among patches increase. However, a residual asynchrony, large compared with the noise amplitude, seems to persist even in the limit of infinite number of patches. Therefore, the mechanism of stabilization by asynchrony recently proposed by R. Abta et. al., combining noise, diffusion and nonlinearities, seems to be more general than first proposed.Comment: 3 pages, 3 figures. To appear in Phys. Rev.

Sensitivity of Chaos Measures in Detecting Stress in the Focusing Control Mechanism of the Short-Sighted Eye

yesWhen fixating on a stationary object, the power of the eye’s lens fluctuates. Studies have suggested that changes in these so-called microfluctuations in accommodation may be a factor in the onset and progression of short-sightedness. Like many physiological signals, the fluctuations in the power of the lens exhibit chaotic behaviour. A breakdown or reduction in chaos in physiological systems indicates stress to the system or pathology. The purpose of this study was to determine whether the chaos in fluctuations of the power of the lens changes with refractive error, i.e. how short-sighted a subject is, and/or accommodative demand, i.e. the effective distance of the object that is being viewed. Six emmetropes (EMMs, non-short-sighted), six early-onset myopes (EOMs, onset of short-sightedness before the age of 15), and six late-onset myopes (LOMs, onset of short-sightedness after the age of 15) took part in the study. Accommodative microfluctuations were measured at 22 Hz using an SRW-5000 autorefractor at accommodative demands of 1 D (dioptres), 2 D, and 3 D. Chaos theory analysis was used to determine the embedding lag, embedding dimension, limit of predictability, and Lyapunov exponent. Topological transitivity was also tested for. For comparison, the power spectrum and standard deviation were calculated for each time record. The EMMs had a statistically significant higher Lyapunov exponent than the LOMs ( 0.64±0.330.64±0.33 vs. 0.39±0.20 D/s0.39±0.20 D/s ) and a lower embedding dimension than the LOMs ( 3.28±0.463.28±0.46 vs. 3.67±0.493.67±0.49 ). There was insufficient evidence (non-significant p value) of a difference between EOMs and EMMs or EOMs and LOMs. The majority of time records were topologically transitive. There was insufficient evidence of accommodative demand having an effect. Power spectrum analysis and assessment of the standard deviation of the fluctuations failed to discern differences based on refractive error. Chaos differences in accommodation microfluctuations indicate that the control system for LOMs is under stress in comparison to EMMs. Chaos theory analysis is a more sensitive marker of changes in accommodation microfluctuations than traditional analysis methods