Leverage, Asymmetric Information, Firm Value, and Cash Holdings in Indonesia

This research aimed to analysis the effect of leverage and asymmetry information on the firm value through cash holding as mediation variable. The populations of this research were all the firms which listed on the Indonesia Stock Exchange since 2012 – 2015. Sample of this research was saturated sample and census, consisted 56 firms related the population criteria. This research used secondary data from the firm financial report through path analysis method. This research showed that leverage had negative effect on the cash holdings, asymmetry information had negative effect on the firm value through cash holding, and cash holding had negative effect on the firm value. With leverage and effect on cash holding can not affect the firm value, due to investor risk averse, investor risk seeker, and neutral investor have their own point of view in assessing the company. Cash holdings can lead to asymmetric information that can lead to agency conflict that can affect a company\u27s performance, so that indirectly, with the existence of asymmetry information had effect on the declining the firm value

Analisis Kinerja Reksadana Saham Dan Reksadana Indeks Dalam Penilaian Tingkat Efisiensi Pasar Modal Indonesia

The objectives of this research are: first, to know whether LQ-45 Index Fund performs better than the equity mutual fund in Indonesian capital market; second, to measure the level of Indonesian capital efficiency. Results show that the raw performance and risk-adjusted performance of the LQ-45 Index Fund is better than the performance of all equity mutual funds (concurrently). For the investors who wish to invest their capital in equity mutual fund, however, we have found two individual equity mutual fund which perform better than the LQ-45 Index Fund, that is Phinisi Dana Saham and Rencana Cerdas. The result of this research also shows that the excess performance of the LQ-45 Index Fund is smaller than the excess performance of (individual) equity mutual fund. From this result, we may conclude that Indonesian capital market is an inefficient capital market

Analisis Sikap Konsumen terhadap Atribut Sabun Mandi (Studi pada Sabun Mandi Merek Lux dan Giv di Kota Malang)

The study has as its rationale the fact that there are numerous brands of bath soap in the market. The changes of consumer behavior, which influenced by the economy crisis occurred in the Indonesia, has suppressed the producers to readjust their marketing programs. It is crucial for the firms to recognize the consumer attitudes on their marketing program. Moreover, consumer attitude is dominantly used in predicting the consumer behavior, in estimating the future demand of product, and in developing the appropriate marketing programs. The study aimed at understanding : (1). The consumer attitudes on the bath soaps (i.e, Lux and Giv brands) attributes, (2). The influence of the consumers social environment toward the subjective norm in making the purchasing decisions on the Lux and Giv, (3). The differential of consumers attitudes on the Lux and Giv. Interview and questionnaire were used to collect data, by using the semantic differential scale method. Fishbein model and Wilcoxons signed rank test were applied to the studys results. The result of research indicate that : (1) There was a positive attitude of consumer on both the Lux and Giv. Attribute "Prestige" owning lowest positive score value for the brand of Lux and Giv, (2) Social environment from consumer influence consumer subjective norm of consumer in making the purchasing decisions of the Lux and Giv. Family Members was the dominant variable of both the Lux and Giv, (3) Do not there are difference by significant attitude from consumer to product. Later, then different test to every attribute, do not there are difference by significant consumer attitude to product attribute. Based on the study results and empirical evidences supported by the statistical testing, it is showed that the two bath soap brands have dominated the consumers mind. Nevertheless, in making their purchasing decisions, the consumers have the difference attitudes is assessing those two brands depends on their desires. Thus, it is suggested that the firms need to have variation and to differentiate their products to maintain the consumers loyalties, to develop some promotional strategies involving the sellers, to create the advertisements that strongly conspicuous the prominent attributes of the product, and to choose the ads media that can reach all consumer levels. Keywords : attitude consumer, attribute toilet soa

Pengaruh Variabel Fundamental terhadap Harga Saham dan Laba Per Saham (Studi Kasus pada Industri Properti yang Go Public di Bursa Efek Jakarta )

This research aims at investigating two issues. First, Whether the several fundamental variables simultantly and partially influence toward the stock price and earning per share on property companies that go public at Jakarta Stock Exchange. Second, Which of several fundamental variables have the most dominant influence either toward the stock price or earning per share. Population used in this research include the entire property companies that go public at Jakarta Stock Exchange with criteria that those companies had the data availibility during 4 periods, those are from the year of 1998 until 2001, from that criteria are obtained about 31 companies where the 24 companies were selected as sample with the simple random sampling technically. The method of analysis is Structural Equation Modelling (SEM). Research results indicate that (1) Simultantly, fundamental indicators have the positive influence toward the stock price (Y1) and earning per share (Y2), these are indicated by positive coefficient for the two variables, however the influence to the earning per share are stronger than to the stock price because its coefficient is bigger than another. In addition, partially there are the significant influence for the variables of earning quality (X7), capital expenditure (X3), gross margin (X4), selling and administration expenses (X5) and inventory (X1) because the p-value are smaller than the 5% significant level, while the variables of account recievable (X2), effective tax rate (X6) and labour force (X9) have not the significant influence. (2) And for the variable of earning quality (X7) has the most dominant influence either to the stock price or earning per share because the p-value is the smallest

Pengaruh Variabel Internal Dan Eksternal Perusahaan Terhadap Risiko Sistematis Saham Pada Kondisi Pasar Yang Berbeda (Studi Pada Saham-saham Ilq 45 Di Bursa Efek Jakarta)

Fluctuation of stock price in the capital market as an indicator of uncertainty market, it can influence any investment decision of investors. Any rational investors, their investment decisions are based on return valuation and risk assessment in any investment alternatives. This research aimed to analyze effects of internal and external variables on the systematic risk of stock at different condition of market. Secondary data used ion this research are financial report of stock price. Research population is all of emiten which involve in calculation of LQ45 indexes during periode of 1999 – 2003. Purposive sampling is used in this research and result in 15 emiten as a research sample. Results of research show that internal and external variables simultaneously influence the systematic risk of stock at the bullish market and bearish market. Partially, variables of TATO, DER, ROI, PER significantly influence the systematic risk of stock at bullish market, the dominant variable is TATO. At the bearish market condition, variables of CR, TATO, DER, PER, PBV, and AS significantly influence the systemnatic risk of stock, the dominant variables is AS

PENGARUH KREDIT MACET TERHADAP PROFITABILITAS MELALUI KECUKUPAN MODAL, BIAYA DAN PENDAPATAN OPERASIONAL

This study analyzes both of directly effects between NPL on ROA and indirectly effect through CAR and BOPO. As an explanatory study, research framework developed by testing the mediation effect of CAR and BOPO in order to increasing the effect of NPL to ROA. Subjects of this study were all the private bank listed in Indonesia Stock Exchange (IDX). Based on population criteria stated previously the total population was 25 companies. The sampling technique used in this research was census method with total unit data 125 in five year period. By using path analysis with software SPSS 23 version, findings revealed that NPL have no significant effect on both of CAR and ROA. Thus, NPL have negative significant effect on BOPO. Otherwise, CAR and BOPO have positive significant effect to ROA. In testing the mediating effect, BOPO fully mediating in the effect of NPL on ROA, in contrary CAR was not. Discussion and suggest for future research are discussed further in this study. DOI : https://doi.org/10.26905/jbm.v5i1.231

An Analysis on the Navy's Defense Planning Based on the Potential Phenomenon of Arms Races in Southeast Asia and the Minimum Essentials Force Strategy

Indonesia as an archipelagic country which has thousand islands and an area of two-thirds of the total territorial waters as well as a strategic geographical location is very vulnerable to military and non-military threats. Thus, Indonesia should be providing an appropriate defense development methods to build its military strength, especially the Indonesian Navy, in order to make it capable to deal with the phenomenon of arms races in the Southeast Asia region and to protect Indonesian maritime jurisdiction from existing threats and conflicts. The research method used is descriptive with a qualitative approach. The results of this study are that arms races have become a phenomenon that can be destabilize the Southeast Asia security which is classified into several levels ranging from very low, low, moderate, high and very high, based on 8 (eight) factors as indicators of classification and definition. arms races; Minimum Essential Forces (MEF) is a national development mandate in the field of defense and security as well as a strategy used by the Government of Indonesia to enhance the capabilities and strength of the TNI, which is based on 3 (three) main components, such as capability based planning, threat based planning and flash points; and the Naval Concept of Operations (Conops) can be used as an additional component to harmonizes the 3 (three) main components that make up the MEF in order to create a professional and modern Navy with regional projection capabilities and global commitment

Penerapan Grafik Klip dalam Pendidikan Karakter untuk Pembelajaran Sikap di Sekolah Menengah

Tujuan penelitian ini (1) mengetahui proses pembelajaran sikap menggunakan grafik klip pendidikan karakter, (2) mengetahui respons siswa terhadap pembelajaran sikap menggunakan grafik klip, dan (3) mengetahui hasil pembelajaran sikap siswa menggunakan grafik klip. Menggunakan prosedur penelitian deskriptif. Sampel penelitian di SMP Negeri 2 Megaluh Jombang dan SMA Negeri 2 Blitar. Pengumpulan data menggunakan metode wawancara dan isian lembar refleksi siswa. Hasil simpulan menunjukkan proses belajar, respons, dan hasil belajar siswa dengan baik

Pengaruh Kemandirian Komersial Dan Jangkauan Sosial Terhadap Sustainabilitas Dimediasi Kinerja Pinjaman Terliterasi (Studi Pada Koperasi Simpan Pinjam Di Indonesia)

Penelitian ini bertujuan untuk menguji dan membuktikan secara empiris peran kinerja pinjaman terliterasi dalam memediasi pengaruh kemandirian komersial dan jangkauan sosial terhadap sustainabilitas. Secara teoritis hasil penelitian ini diharapkan dapat memperkuat pengembangan teori manajemen keuangan strategik, serta dapat bermanfaat bagi akademisi dan praktisi. Populasi penelitian ini KSP, KSPPS, serta unit simpan pinjam/syariah yang tersebar di 11 propinsi di Indonesia. Jumlah populasi meliputi 1.400 KSP/KSPPS/USP/USPPS yang memiliki sertifikat NIK per 31 Desember 2019. Unit koperasi dengan pengurus/pengelola/pengawas diikutkan dalam diklat sertifikasi kompetensi manajer sebanyak 1.400-unit. Sampel penelitian yaitu 230- unit koperasi sesuai tabel Isaac dan Michael. Pengambilan sampel meggunakan metode purposive sampling dan penelitian menggunakan SEM (Structural Equation Model). Hasil penelitian menunjukkan bahwa kemandirian komersial dan kinerja pinjaman terliterasi terbukti berpengaruh signifikan terhadap sustainabilitas, kinerja pinjaman terliterasi memediasi pengaruh kemandirian komersial terhadap sustainabilitas secara parsial dan memediasi pengaruh jangkauan sosial terhadap sustainabilitas secara penuh, dan jangkauan sosial tidak berpengaruh terhadap sustainabilitas secara langsung