DETERMINANT OF PROFITABILITY AND ITS IMPACT ON FIRM VALUE: EVIDENCE FROM INDONESIA STOCK EXCHANGE

Firm value is experiencing a downward trend is a problem that must be resolved. It is not firm’s main objective of maximizing shareholder wealth. This study aimed to analyze the effect of the debt to equity (DER), sales growth (SG), current ratio (CR), and total asset turnover (TATO) to the price to book value (PBV) with return on equity (ROE) as a variable intervening. Population in this research using manufacturing companies in Indonesia Stock Exchange in the period 2010-2015. Sampling technique used is purposive sampling with 34 companies selected according to predetermined criteria. The analysis technique used is the analysis using SPSS program, which previous research data has passed the test classic assumptions. The first regression model showed that the DER has a negative effect on ROE and significantly affect ROE. Sales Growth and TATO has a significant and positive effect on ROE. Meanwhile, CR does not have an impact on ROE. The second model shows that ROE has a significant and positive effect on the level of 5% on PBV.CR significant and positive effect on the level of 10% on PBV. Meanwhile, SG, TATO, and DER does not have effect on PBV, the study also showed that the ROE mediating influence between SG and TATO on PBV

DYNAMIC RELATIONS AND SHARIA STOCK MARKET INTEGRATION WITH OIL PRICES (Studies: Indonesia, Malaysia, USA, UK, Japan 2012-2016)

The purpose of this research is to analyze the relationship of dynamic and integration between world sharia stock market with world crude oil price. This research can find out the integration relationship between world sharia stock market with world crude oil price. The object of this research is sharia stock market in Indonesia, Malaysia, United States, UK, Japan during period 2012-2016. The research method is Dynamic Coditional Correlation Multivariate-GARCH method is used to test the hypothesis in order to know the relationship of sharia stock market integration in world with world oil price. In this case to test the conditional correlation multivariate-GARCH method, reasearcher have taken any steps is descriptive statistical testing, heteroskedasticity testing, stationary test, and GARCH univariate testing. The result of the research shows that there is a significant dynamic correlation in world sharia stock price (Indonesia, Malaysia, United States, United Kingdom, Japan) and significant dynamic relationship between world sharia stock market with world crude oil price. It can be explained indirectly proves the existence of integration relationship between world sharia stock market with world crude oil price. Keywords: sharia stocks integration, sharia stock price, world crude oil price, Dynamic Conditional Correlation Multivariate-GARCH (DCC-MGARCH)

ANALYSIS OF FACTORS AFFECTING THE VOLATILITY OF STOCK PRICE IN INDONESIA STOCK EXCHANGE: THE ROLE OF DIVIDEND POLICY MEDIATION (Case Study On Companies Listed on BEI Year 2013-2015)

Penelitian ini bertujuan untuk menganalisis faktor-faktor apa saja yang mempengaruhi volatilitas harga saham pada perusahaan manufaktur yang terdaftar di BEI pada periode tahun 2013-2015. Populasi pada penelitian ini adalah semua saham yang terdaftar di Bursa Efek Indonesia (BEI). Teknik pengambilan sampelnya menggunakan teknik purposive sampling. Metode pengumpulan data dalam penelitian ini adalah metode dokumentasi. Berdasarkan dari hasil pembahasan pada bagian sebelumnya, maka dapat ditarik kesimpulan sebagai berikut : (1) Size berpengaruh positif terhadap dividen. (2) Leverage berpengaruh negatif terhadap dividen, (3) Earnings growth berpengaruh positif terhadap dividen (4) Asset growth berpengaruh positif terhadap dividen (5) Dividen berpengaruh positif terhadap volatilitas harga saham (6) Size berpengaruh positif terhadap volatilitas harga saham (7) Leverage berpengaruh negatif terhadap volatilitas harga saham (8) Earnings growth berpengaruh positif terhadap volatilitas harga saham (9) Asset growth berpengaruh positif terhadap volatilitas harga saham (10) Dividen mampu memediasi pengaruh positif size terhadap volatilitas harga saham (11) Dividen mampu memediasi pengaruh negatif leverage terhadap volatilitas harga saham (12) Dividen mampu memediasi pengaruh positif earnings growth terhadap volatilitas harga saham (13) Dividen mampu memediasi pengaruh positif asset growth terhadap volatilitas harga saham

ANALISIS PENGARUH BIAYA PROMOSI, BIAYA PENDIDIKAN, SUKU BUNGA DASAR KREDIT DAN FEE BASED INCOME TERHADAP RETURN ON ASSET DENGAN LOAN TO DEPOSIT RATIO SEBAGAI VARIABEL INTERVENING ( Studi Perusahaan Perbankan yang Terdaftar di Bursa Efek Indonesia 2012-2015)

This study aims to examine the effect of Promotion Cost, Education Cost, Base Lending Rate (SBDK) and Fee Based Income (FBI) on Return on Asset (ROA) with Loan to Deposit Ratio (LDR) as intervening variable. This study was conducted on conventional commercial banks listed on the Indonesia Stock Exchange in the period of 2012-2015. This research is done by path analysis method and sample selection using purposive sampling method. The sample of this research is 19 banks listed on the BEI in the period of 2012-2015. Researchers tested the normality, multicollinality, fit models, and residual covariance in this study. The results of this study found that Base Lending Rate (SBDK) have a significant influence on LDR variables, while Promotion Cost and Educattion Cost have no significant relationship. From the partial test, obtained the result that Base Lending Rate (SBDK) have significant negative relation to LDR. Significant relation also happened to LDR, Education Cost, and Fee Based Income (FBI) to ROA, while Promotion Cost and Base Lending Rate (SBDK) have no significant relationship. The results obtained that Education Costs have a significant positive effect, while FBI and LDR has a significant negative effect on ROA. In addition, LDR is also able to mediate between Base Lending Rate (SBDK) to ROA. Adjusted R Square of 14.7% to LDR and 59.0% to ROA which means variations (14.7%) LDR and (59.0%) ROA respectively can be explained by Promotion Cost, Education Cost, SBDK, and FBI variables

ANALISIS PENGARUH RASIO KECUKUPAN MODAL, LIKUIDITAS, NON PERFORMING LOANS, EQUITY TO ASSET RATIO DAN TIME DEPOSIT RATIO TERHADAP RETURN ON ASSETS BANK (Studi Empiris Pada Bank Umum Konvensional di Indonesia Periode 2006-2010)

This research aim to know influence of Capital Adequacy, Liquidity, Non Performing Loans, Equity to Assets Ratio and Time Deposit to Return On Assets of conventional banks in Indonesia. Independent variables used in this research is CAR, LDR, NPL, EAR and TDR to dependent variable ROA. The sampling technique by sample selection aims (Purposive Sampling) with selection method based on the consideration (Judgement Sampling). Samples used are all conventional banks that listed in Indonesia Stock Exchange 2006-2010 period amounted to 22 banks with linear regression analysis techniques. Based on testing performed all the classical assumptions show the result of regression equation has assumption of normality, no problem multikolonieritas, heterocedastity and autocorrelation. The result of analysis with t-statistical test showed that partially only NPL and TDR have an significant impact on ROA with a significance level less than 0,05 (both 0,000). While CAR, LDR and EAR doesn’t significantly with each level of significance 0,953, 0,423 and 0,063 greater than 0,05. Simultaneously based on test result of the F-Statistic variable CAR, LDR, MPL, EAR and TDR proved significant effect on ROA banks at significance level of 0,000 less than 0,05. Adjusted R2 value 0f 0,387 indicates predictive ability of the five variables on ROA is 38,7% and the remaining 61,3% influence by other factors beyond the research model

ANALISIS PENGARUH TOTAL ASSET TURNOVER, BOOK TO MARKET RATIO, DEBT EQUITY RATIO TERHADAP EXPECTED RETURN DENGAN TRADING VOLUME ACTIVITY SEBAGAI VARIABEL INTERVENING (Studi Pada Perusahaan Perbankan yang Terdaftar pada BEI Periode 2011-2014)

The purpose of this study is to investigate: (1) The effect of total asset turnover (TATO), book to market ratio (BMR), and debt equity ratio (DER) to trading volume activity (TVA), (2) The effect of of total asset turnover (TATO), book to market ratio (BMR), debt equity ratio (DER), and trading volume activity (TVA) to the expected return (E(Ri)), (3) The effect of total asset turnover (TATO), book to market ratio (BMR), and debt equity ratio (DER) to the expected return (E(Ri)) through trading volume activity (TVA) as an intervening variable. Population of this research is 45 banking companies listed in Indonesia Stock Exchage. After used purposive sampling technique, then obtained total sample of 16 companies listed in Indonesia Stock Exchage 2011-2014. Path analysis used to be analysis technique using program SPSS 20 for windows to determine the effect of mediation. The result of this study showed that TATO and BMR significantly positive effect on TVA. DER have positif effect on TVA but not significant. TATO, BMR, and DER have positif effect on E(Ri) but not significant. TVA significantly positive effect on E(Ri). The result of sobel test showed that TVA can used as intervening variable because significantly positive mediate the relation between TATO and BMR toward E(Ri)

PENGARUH GIRO WAJIB MINIMUM (GWM), SUKU BUNGA DEPOSITO BERJANGKA, DANA PIHAK KETIGA (DPK) DAN COST OF LOANABLE FUNDS (COLF) TERHADAP BASE LENDING RATE (BLR) (Studi Pada Bank Swasta Nasional dan Bank Persero yang Terdaftar di Bursa Efek Indonesia Periode 2010-2014)

Base lending rate is the implementation process of the management of bank funding. In banking industry which more competitive, banks are required to offer a low base lending rate. On the other hand, the banks had no motivation to maximize revenue. This study aimed to analyze the effect of reserve requirements, deposit interest rates, third party funds and cost of loanable funds to the base lending rate. The samples used in this study are 14 private national banks and state-owned banks listed on the Indonesia Stock Exchange in 2010-2014. The method of this research is using multiple regression model with IBM SPSS Statistics 22 program to analyse the effect of independent variables to the dependent variable. The result shows that the deposit interest rate and the cost of the loanable funds have positive and significant effect to the base lending rate. However, reserve requirements and third party funds does not affect to base lending rate. These results proved that high interest rates on time deposits are the bank's strategy to increase market share of time deposits which is bank's largest sources of funding and the component that has the biggest influence on BLR is COLF amounted to 33.79% of the components that form BLR

ANALISIS PERBANDINGAN TRADING VOLUME ACTIVITY DAN ABNORMAL RETURN SAHAM SEBELUM DAN SESUDAH PEMECAHAN SAHAM (Studi kasus pada perusahaan yang terdaftar di Bursa Efek Indonesia periode 2007-2011)

Stock split is one kind of corporate action implemented by companies in order to rearrange stock price to be a more liquid range and provide more positive signal to investor. The purpose of this research is to analyze the differences of trading volume activity and abnormal return before and after stock split event, so that investors could use this event to gain benefit. This research uses event study method to observe average trading volume activity, and abnormal return, within five days before and after event date. This research uses secondary data that collected from Indonesian Capital Market Directory ( ICMD ) 2007 up to 2011, IDX Statistics 2011 and www.idx.co.id. The data used in research were taken from : announcement date of stock split applied as event date ( t 0 ), daily closing price, indeks daily closing of the companies applying stock split within observation period ( IHSG ), the amount of daily traded share and the amount of listed share. There are 30 sampels for this research. They are stocks of the companies which implemented stock split policy within 2007 up to 2011 and which have been listed in BEI. Results of the study show that there are significant differences of trading volume activity before and after event. And there are no significant differences of abnormal return before and after event

ANALISIS PENGARUH CAPITAL ADEQUACY RATIO, LOAN TO DEPOSIT RATIO, BOPO, dan NET INTEREST MARGIN TERHADAP KINERJA KEUANGAN BANK. ( Studi pada Bank Umum Konvensional yang Terdaftar di Bursa Efek Indonesia Tahun 2010-2014 )

This study aims to obtain empirical evidence about the effect of Capital Adequacy Ratio (CAR), Loan Deposit Ratio (LDR), Operating Expenses to Operating Income (BOPO) and Net Interest Margin (NIM) to the Return On Assets (ROA) and determine the variabel that give the dominant influence on the annual report of conventional banks in Indonesia. The populations used in this study were all conventional banks operating in Indonesia. At first, writer totally used 41 conventional banks and then to be 18 conventional banks because this data in transformation to produce for good data. Data was used as a form of financial statements publicized. This study used the purposive sampleing method. The data analyses employed the use of multiple linear regression which is previously performed classical assumption, such as normality test, multicollinearity test, autocorrelation test, and heteroskedastisitas test. Hypotesis testing by using the F test and t test. The result from this study indicates that CAR and NIM has not significant influences on ROA. And then, LDR and BOPO has significant influence on ROA. The amount of determination degree test (Adjusted R Square) is equal to 0,661. This means the independent variabels such as CAR, LDR, BOPO and NIM have the impact on ROA of 66,1%. Meanwhile, the remaining 33,9% is explained by other variabels outside the model of this study