THE IMPACT OF INTERNATIONALIZATION AND R&D ON FIRM PERFORMANCE

The aim of this study is to examine the effect of internationalization on firm performance namely operating performance and financial performance. The dependent variables in this study are operating performance, which is divided ROA and ROS, and also financial performance, which is divided stock return and Tobin’s Q. Independent variables used are internationalization and R&D, as well as control variables such as industry return, leverage, fixed assets ratio, market to book value, and firm size. This study uses sample of 10 industrial manufacturing companies in Indonesia Stock Exchange 2010-2015 period. The result shows that internationalization has a significant positive effect on ROA and ROS of the company, but no significant effect on stock return and Tobin’s Q. R&D has no significant effect on ROA, ROS, and stock return, but has a significant positive effect on Tobin’s Q

Interdependence Relationship Internationalization-Performance in Manufacturing Firms Listed in Indonesia Stock Exchange and Chinese Stock Exchanges

The purpose of this paper is to investigate the interrelationship between performance and internationalization of Indonesian and Chinese manufacturing firms. This paper uses a sample of 88 Indonesian firms and 989 Chinese firms from Indonesia stock exchange, Shanghai stock exchange and Shenzhen stock exchange for the period 2014 to 2018, and applies the methods of panel least squares regression to examine the relationships. The results show that the firm's internationalization degree has inverted S-shaped relationship on firm's performance in Indonesia firms and has U-shaped relationship in Chinese firms. The firm's oversea expansion speed has N-shaped relationship on firm's performance both in Indonesia firms and Chinese firms. In turn, the firm's performance has S-shaped on firm's internationalization degree in Indonesia firms and has inverted U-shaped in Chinese firms. The firm's performance doesn't have a significant relationship on firm's internationalization oversea expansion speed in Indonesia firms and Chinese firms

EFFICIENCY OF CORPORATE INTERNATIONAL DIVERSIFICATION: EVIDENCE FROM INDONESIA MANUFACTURING FIRMS OVER PERIOD 2009-2013

-In a more globalized world, especially because of liberalization of trade, business practices are experiencing international market expansion and diversification. However, when a company become more internationally diversified, the firm performance of the company also will be affected naturally. Therefore, a simple question arises: “Does greater internationalization in a company lead to a better performance?”. This research is conducted to help in explaining the relationship between internationalization and current firm performance using residual income approach. Residual income is considered as an appropriate measure for strategic performance because it comprises the financial risk, measured by cost of capital, and company’s profitability. Moreover, In order to know the international diversification and long term firm performance relationship, this research uses Tobin’s Q as the representation of incorporating expectations measure. The model has been tested at the sample of Indonesian companies in manufacturing sector from 2009-2013. This research result indicated that the relationship between degree of internationalization and current firm performance follows a non-linear horizontal S-shape pattern, while the future performance, measured by Tobin’s Q follows an inverted U-curve pattern

FACTORS THAT INFLUENCED SYNDICATED LOANS DECISIONS IN THE ASEAN OVER THE PERIOD 2006-2010

Syndicated loans are very important tools for financing investments of firms in a country and consequently for the development of the country as a whole. The emerging markets like ASEAN poses significantly high information asymmetry problem compared to Europe and United States, so that research on syndicated loans in this region is very necessary and important. This necessity also arises from the very promising growth and economic potential of the ASEAN region. The research uses Logit regression model to determine whether the loan size, loan maturity, public status of companies, secured loans, and country risks could affect the decision of the lead arranger to syndicate the loan in the ASEAN region over the period 2006-2010. Robustness check that uses the Probit regression model were performed to check the efficiency of the results. It was found that the lead arranger tends to syndicate the loans when the maturity of the loan is shorter, the loan is secured, and the country risk is higher. The size of the loan and the public company status has insignificant effects to the decision of the lead arranger to syndicate the loan. Those findings show that the lead arranger considers to diversify the risk of the loan in the ASEAN market which has high level of risk and information asymmetry issues. This contradicts with the findings in the United States and Europe market as developed countries. Lead arranger in those markets applying a “certification effect” theory that syndicates the low risk loans to maintain their reputation

EFEK MODERASI KONSENTRASI KEPEMILIKAN DALAM HUBUNGAN ANTARA KARAKTERISTIK DEWAN KOMISARIS/DIREKSI DAN KINERJA PERUSAHAAN

Penelitian ini bertujuan untuk menganalisis pengaruh konsentrasi kepemilikan dan karakteristik dewan komisaris/direksi serta interaksinya terhadap kinerja perusahaan. Variabel yang digunakan adalah konsentrasi kepemilikan dan karakteristik dewan direksi yang meliputi board size, board professionals, dan board independents. Penelitian ini menggunakan pendekatan kuantitatif dengan model analisis regresi linier berganda dengan lima model penelitian. Model 1 merupakan model regresi dasar sedangkan model 2-5 merupakan model regresi interaksi. Sampel yang digunankan dalam penelitian ini adalah perusahaan sektor manufaktur yang terdaftar di Bursa Efek Indonesia (BEI) pada periode tahun 2012-2016. Jumlah sampel yang digunakan dalam penelitian ini adalah 109 observasi. Secara umum penelitian ini menyimpulkan adanya efek moderasi dari konsentrasi kepemilikan baik itu memperkuat atau memperlemah hubungan antara karakteristik dewan komisaris/direksi dan kinerja perusahaan. Pada efek moderasi yang pertama, konsentrasi kepemilikan memperlemah hubungan negatif antara ukuran dewan komisaris terhadap kinerja perusahaan. Sebaliknya efek moderasi kedua, konsentrasi kepemilikan memperkuat hubungan negatif antara dewan direksi profesional terhadap kinerja perusahaan. Akhirnya, konsentrasi kepemilikan juga memperlemah hubungan positif dewan komisaris independen terhadap Kinerja Perusahaan

Capital Investment, Internationalisation and Firm Performance: An Empirical Study of Listed Manufacturing Firms in The Indonesian Stock Exchange 2011 – 2015

The aims of this study are to investigate the impact of capital investment (CAPEXTA) on the internationalisation (FSTS) and foreign sales growth (FSG), and examines the effect of FSTS on firm performance. The study includes 83 samples of manufacturing firms out of 415 firms that are listed in the Indonesian Stock Exchange (IDX) from 2011 to 2015. This research exercises the dependant variables such as FSTS, FSG and return on asset (ROA) and the independent variables are comprised of CAPEXTA, FSTS. Also includes the controlled variables like industry return, leverage, firm size, fixed assets ratio, market to book value and sales growth. Two models include a simple linear regression and an ordinary least-squares (OLS) are to be applied to surmise the stipulated hypotheses. The result documents that correlation between CAPEXTA and FSTS is negative and U-shaped, conversely the correlation between CAPEXTA and FSG is significantly positive. And, FSTS is negatively correlated with firm performance

ASYMMETRY INFORMATION AND CREDIT RISK EFFECT ON LOAN PRICING IN ASIA PACIFIC

The purpose of this research is to test the relationship of the independent variables (commercial bank, mix bank, country risk, CPI, foreign lender, log amount, maturity, ticker, secure, senior, deal purpose, and sector industries) to the dependent variables (loan spread). Key issues in this study consisted of information asymmetry, moral hazard, adverse selection and country risk. The results of this research shows the variable that significantly affect the loan pricing decisions by lenders especially in Asia Pacific countries. Borrowers in Asia Pacific can learn from the lender’s behavior in the loan pricing decision. They also can have more knowledge on the determinants influence the procedure of the loan pricing.Governments of the Asia Pacific countries can use this study to gain more information about factors that influence the loan pricing. They should make a regulation according loan pricing decisions and they should monitored the process of the loans for the local banks so they wouldn’t be bankrupt because loans in Asia Pacific contains high risk

The Effect Of Corruption And Country Risk On Syndicated Loan Establishment And Structure In Asia 1999-2003

This research objective is to test whether the corruption perception index (CPI), and country risk index, both as a macroeconomic variable, could affect the lead arranger decision for syndicated loans or the size determination for syndicated loans. In this research, we use logit methodology to analyze the lead arranger decision to approve a syndicated loans application, meanwhile to analyze the size determination, we used tobit model analysis. The sample for this research came from all recorded loan transaction in Asia during 1999-2003. To strenghten the research analysis, we also apply robustnest check with an ordinary least square method. From this research, it is showed that the lead arranger consider their reputation and certification effect as an important factor that lead them to prefer a low risk syndicated loans. For size determintation, lead arranger will decide a higher size for a higher risk loan, since they expect a higher return as a risk compensation for the investment

KOMPARASI KARAKTERISTIK KEUANGAN PERUSAHAAN INTERNASIONAL DAN PERUSAHAAN DOMESTIK PADA SEKTOR MANUFAKTUR YANG TERCATAT DI BURSA EFEK INDONESIA PERIODE 2009-2014

ABSTRACT - This research has two purposes. The first purposes is to examine the differences between multinational companies and domestic companies. The second purposes is to examine the impact of internationalization, profitability, agency cost of debt, firm’s size, business risk and foreign exchange risk to the company’s capital structure, which is measured by leverage. This research’s objects is manufacturing companies which is listed in Indonesia Stock Exchange in 2009-2014. Univariate test is used to examine the differences between multinational companies dan domestic companies. Univariate test shows that multinational companies have higher leverage, lower profitability, higher agency cost of debt, higher business risk and higher foreign exchange risk than domestic companies. Multiple linear regression is used to examine the impact of independent variables to dependent variable. The equation in this research use linear and quadratic equation. The result is internationalization, firm’s size and business risk has positive impact to leverage, while profitability, agency cost of debt and foreign exchange risk has negative impact to leverage. The result of quadratic model shows that internationalization has negative impact only in the first stage of internationalization, then on the next stage, internationalization has positive impact to leverage. Keywords: Capital Structure, Internationalization,Univariate Test, Multiple Linear Regression

CAPITAL INVESTMENT, INTERNASIONALISASI, DAN FIRM PERFORMANCE : STUDI EMPIRIS PADA PERUSAHAAN MANUFAKTUR YANG TERCATAT DI BURSA EFEK INDONESIA PERIODE 2011-2015

The objective of this study is to examine the effect of capital investment to internationalization and f oreign sales growth and al so the effect of internationalization to firm performance in manufacturing company that listed in the I ndonesia Stock Exchange 2011-2015 period. The dependent variables in this study are internationalization, foreign sales growth, and ROA . Independent variables used are capital investmentandinternationalization, as well as control variables used are industry return, leverage, firm size, fixed assets ratio, market to book value, andsales growth. This study uses 2 regression analysis model, which is linear and quadratic model to test the hypothesis with a sample of 83 industrial manufacturing companies in Indonesia Stock Exchange 2011-2015 period. The numbers of observation used in this study are 415 observations. The result shows that capital investment has a s ignificant negative effect and U-shaped on internationalization of the company, capital investment has a significant positive effect on foreign sales growth of the company. Internationalization has no significant effect on firm performance