DETERMINANTS OF INDONESIAN FIRMS’ CAPITAL STRUCTURE: PANEL DATA ANALYSES*

Tulisan ini bertujuan untuk menelaah determinan struktur modal perusahaan di Indonesia. Sampel yang diambil adalah 87 perusahaan yang terdaftar di BEJ. Model panel data digunakan sebagai metoda dalam menganalisis determinan struktur modal. Dari hasil regresi diketahui bahwa variabel tangibility, growth opportunity, size, dan profitability mempunyai pengaruh terhadap struktur modal perusahaan.Keywords: Capital Structure, Determinant, Indonesia, Panel Data

THE IMPLICATION OF INNOVATION STRATEGY TOWARDS CAPITAL STRUCTURE DECISIONS: A STUDY IN INDONESIAN MANUFACTURING COMPANIES

This explanatory study uses the panel data analysis to test the influence of innovation strategy on firm’s capital structure. This study has three objectives. Firstly, the empirical investigation will assess the extent to which Indonesian manufacturing companies listed in BEI investing their money to R&D activities as the way to be an innovator in their industry. Secondly, we will investigate the role of innovation strategy in explaining the capital structure decision. Finally, the study will also examine the relationship between the interaction of innovation strategy and firm’s profitability toward capital structure decision. Previous study suggest that firms pursuing an innovation strategy require a certain level of equity that provide a financial buffer to ensure stability and availability of funds for research efforts, new product launches, and on-going development of knowledge based capabilities (O’Brien, 2003). In other words, firms need to maintain their financial slack before decided to take innovation strategy as their grand strategy. This paper is made by considering that corporate strategy can help in explaining the variation in capital structure choices made by manufacturing companies in Indonesia. In an Industry, competitive strategy forms that were chosen by managers will determine the strategic value of decision to retain their certain financial slacks. Using Annual Report data of 67 manufacturing companies from 2000 until 2005, this study confirms that financial slack be the important determinant for the firm to lead innovation strategy. Firms pursuing an innovation strategy have low financial leverage. This study also finds that the more important innovation for company strategy, the stronger the negative relationship between profitability and leverage will b

STRATEGIC RESPONSE OF COMPANIES AND RETAIL OUTLETS TO BRTI POLICY NO. 01 OF 2018

Abstract : The objectives of this research is the (1) To find out the company's strategic response in responding to the BRTI regulations number 01 of 2018, (2) To find out the response to the r strategy. This study uses qualitative methods, respondents research is the leadership of PT. Telkomsel Tbk, PT.Indosat Tbk, PT. TRI Tbk, PT.XL AxiataTbk and 25 Retail Outlets, each taken 5 from the city of Bengkulu, kab. Bengkulu Tengah, Kab. Kepahiang, Kab. Rejang Lebong, Kab. Lebong, with a population of 1362 retail outlets in Bengkulu province, then 25 retail outlets were taken to be used as samples, the sampling technique used the Non Probability Sampling method with purposive sampling technique, this study was conducted by interviewing 29 samples, data collection techniques using the interview method, while The data analysis used is descriptive data analysis. The results of this study are A. The Company's Strategic Response to the BRTI Policy No. 01 of 2018 1. The response of telecommunications service providers as a whole can be concluded positively that the BRTI policy Number 01 of 2018 can reduce crime through telecommunications services, but the impact felt by the implementation of this policy is the decline in sales of starter packs, this is due to registration restrictions starter packs and this makes selling starter packs difficult. 2. The company's strategies or efforts to increase sales of starter packs in the form of price discounts, rewards, sp bundling programs, CSO teams by picking up the ball and also launching new products with more bonuses for consumers, but the policies or strategies that have been issued have not had a significant impact on the increase in sales of starter packs, this is because customers are still complaining about the difficulty of registering a starter pack by having to submit a family card which is limited to 1 NIK which can only be registered for 3 numbers. B. Retail Outlet Strategy Response to BRTI Policy No. 01 Year 2018, (1) Retail outlets said that the BRTI policy No. 01 of 2018 concerning restrictions on registration of 1 Nik starter packs can only be 3. This number can reduce crime, but based on what is currently happening, criminal acts through telecommunications media are still happening even though the policy of limiting registration and being registered must be according to customer data, it has been implemented, sales of starter packs have decreased significantly and there are even cards that have expired so that respondents experience losses, (2) Retail outlet strategy as a whole they sell starter packs at low prices and there are also retail outlets that provide education to customers on how to register starter packs and there are also outlets that make regular offers related to starter pack products to consumers by explaining the advantages of the starter pack itself, however, in terms of sales of starter packs, there has not been an increase, there are even retail outlets who say that no matter what strategy they take while restrictions on registration of starter packs are still in effect, selling starter packs is still difficult. This research is inseparable from limitations and weaknesses, on the other hand the limitations and weaknesses found in this study can be used as a source of ideas for future research. The limitations found in this study were that the sample used in this study was only 4 companies providing telecommunications services in Prov. Bengkulu and 25 Retail Outlets taken each 5 retail outlets in Bengkulu City, Kab. Central Bengkulu, Kab. Kepahiang, Kab. Rejang Lebong, Kab. Lebong. Keywords: Response, Strategy, Company, Retail Outlet, BRTI Policy No. 01 Year 2018 Abstrak : Tujuan dari penelitian ini adalah (1) Untuk mengetahui respon strategis perusahaan dalam menyikapi peraturan BRTI nomor 01 Tahun 2018, (2) Untuk mengetahui respon terhadap strategi r. Penelitian ini menggunakan metode kualitatif, responden penelitian adalah pimpinan PT. Telkomsel Tbk, PT.Indosat Tbk, PT. TRI Tbk, PT.XL AxiataTbk dan 25 Retail Outlet masing-masing diambil 5 dari kota Bengkulu, kab. Bengkulu Tengah, Kab. Kepahiang, Kab. Rejang Lebong, Kab. Lebong dengan populasi 1362 gerai di provinsi Bengkulu, maka diambil 25 gerai untuk dijadikan sampel, teknik pengambilan sampel menggunakan metode Non Probability Sampling dengan teknik purposive sampling, penelitian ini dilakukan dengan mewawancarai 29 sampel, pengumpulan data tekniknya menggunakan metode wawancara, sedangkan analisis data yang digunakan adalah analisis data deskriptif. Hasil dari penelitian ini adalah A. Respon Strategis Perusahaan Terhadap Kebijakan BRTI No. 01 Tahun 2018 1. Respon penyelenggara jasa telekomunikasi secara keseluruhan dapat disimpulkan positif bahwa kebijakan BRTI No. 01 Tahun 2018 dapat menekan kejahatan melalui jasa telekomunikasi , namun dampak yang dirasakan dari pemberlakuan kebijakan tersebut adalah menurunnya penjualan kartu perdana, hal ini dikarenakan adanya pembatasan pendaftaran paket perdana dan hal ini membuat penjualan paket perdana menjadi sulit. 2. Strategi atau upaya perusahaan dalam meningkatkan penjualan starter pack berupa potongan harga, reward, program sp bundling, tim CSO dengan jemput bola dan juga launching produk baru dengan bonus yang lebih banyak untuk konsumen, namun kebijakan atau strategi yang telah dikeluarkan belum memberikan dampak yang signifikan terhadap peningkatan penjualan kartu perdana, hal ini dikarenakan pelanggan masih mengeluhkan sulitnya pendaftaran kartu perdana dengan harus menyerahkan kartu keluarga yang dibatasi hanya 1 NIK yang hanya dapat terdaftar untuk 3 nomor. B. Strategi Gerai Ritel Menanggapi Kebijakan BRTI No. 01 Tahun 2018, (1) Gerai Ritel menyampaikan bahwa kebijakan BRTI No. 01 Tahun 2018 tentang pembatasan pendaftaran 1 paket perdana Nik hanya boleh 3. Jumlah ini dapat menekan angka kriminalitas, namun berdasarkan yang terjadi saat ini, tindak pidana melalui media telekomunikasi masih terjadi walaupun kebijakan pembatasan pendaftaran dan pendaftaran harus sesuai dengan data pelanggan, sudah diterapkan, penjualan kartu perdana mengalami penurunan yang signifikan bahkan ada kartu kadaluarsa sehingga responden mengalami kerugian, (2) Strategi gerai retail secara keseluruhan mereka menjual kartu perdana dengan harga murah dan ada juga gerai ritel yang memberikan edukasi kepada pelanggan cara pendaftaran paket perdana dan ada juga gerai yang melakukan penawaran berkala terkait produk paket perdana kepada konsumen dengan cara menjelaskan kelebihan dari kartu perdana itu sendiri, namun dari segi penjualan kartu perdana belum ada peningkatan, bahkan ada retailer yang mengatakan bahwa apapun strategi yang mereka ambil sementara pembatasan pendaftaran kartu perdana masih dalam efeknya, jualan starter pack masih susah. Penelitian ini tidak terlepas dari keterbatasan dan kelemahan, di sisi lain keterbatasan dan kelemahan yang ditemukan dalam penelitian ini dapat dijadikan sebagai sumber ide untuk penelitian selanjutnya. Keterbatasan yang ditemukan dalam penelitian ini adalah sampel yang digunakan dalam penelitian ini hanya 4 perusahaan penyedia jasa telekomunikasi di Prov. Bengkulu dan 25 Gerai Diambil masing-masing 5 Gerai di Kota Bengkulu Kab. Bengkulu Tengah, Kab. Kepahiang, Kab. Rejang Lebong, Kab. Lebong. Kata kunci: Respons, Strategi, Perusahaan, Gerai Ritel, Kebijakan BRTI No. 01 Tahun 201

FINANCIAL MANAGEMENT DAN PENINGKATAN PROFITABILITAS USAHA KECIL MENENGAH DI KOTA BENGKULU

Common problem faced by SMEs is inefficient financial management practices. This study intended to present a description of the characteristics of SMEs in Bengkulu City, how are their financial management practices, do they have efficient financial practices, and their impact on profitability. Therefore, we try to explore the simultaneous effects of the practices of financial management and financial characteristics of SMEs (ie, liquidity proxied by current ratio, business activities proxied by turnover, capital structure proxyied by leverage ratio) on their business profitability and then determine the best way to improve the profitability of SMEs. The study shows that SMEs in Bengkulu City play an important role in job creation, and increase people’s income. Based on our empirical data, it is found that almost all the SMEs in our sample were profitable, but the amounts of profit vary in type of industrial and form of organization. In general, the data shows there are many SMEs in our sample do not have efficient financial management practices, especially for receivables management (PIUTANG), fixed assets management (FA), accounting information systems (SLA), and cash management (KAS). Regarding the influence of the financial characteristics and efficiency of the management practices of financial profitability, this research found that the current ratio negatively affect profitability, while the turnover, leverage and efficiency of financial management practices have a positive impact on profitability. From the results of regression analysis, it is found that the coefficient of turnover having the greatest magnitude compared to the coefficients of other variables, so the increase in business activity (turnover) is the best measure to improve the profitability of SMEs. Results are generally indicates that the empirical data still consisten with the existing financial theory

Tunnelling: Evidence From Indonesia Stock Exchange

This study investigates the relationships between corporate governance variables and tunnelling activities in Indonesia. Using 2216 firm-year observations from 2005 to 2012, we find that several corporate governance variables contribute to explaining the phenomenon of tunnelling in Indonesia. The data reveal that approximately 276 firms had experienced expropriation in the form of tunnelling, particularly expropriation from majority to minority shareholders, which can be identified through the related party transaction. We find that firms with family and state ownership tend to experience tunnelling. This result is consistently revealed when we separate the data into eight industries. We document that the SINGLE ownership variable, which depicts family ownership, the STATE ownership variable, and the LEVERAGE variable have a positive influence on TUNNELING. In contrast, the institutional (INST) ownership variable has a negative influence on TUNNELING. However, BOARD_SIZE, OUTSIDERS, GROUP ownership, and BIG FIVE auditor variables have no significant effect on TUNNELING activities

Manajemen Pemeliharaan Sapi Bali untuk Penggemukan

Penguatan sistem pembibitan dapat dilakukan dengan memperbaiki manajemen penggemukan sapi bakalan. Peternakan sapi potong Enhal Farm adalah salah usaha peternakan yang bergerak dibidang usaha penggemukan Sapi Bali. Penelitian dilakukan dengan kunjungan langung ke lokasi peternakan dengan teknik pengambilan data pengamatn dan wawancara. Teknik penggemukan sapi yang dilakukan Enhal farm adalah dikurung di dalam kandang (sistem kereman). Pakan yang diberikan ada dua macam, yaitu hijauan dan konsentrat. Air minum diberikan secara ad libitum. Enhal farm menggunakan kandang dari bahan kayu dan ventilasi cukup baik. Atap kandang terbuat dari genteng dan dinding dari papan setinggi ±1,5 meter. Tempat pakan dibuat dari papan dan ban mobil berbentuk baskom, dibuat rapat setinggi bahu sapi dengan ketinggian dari permukaan tanah sekitar 0,5 meter. Lantai kandang terbuat dari semen. Kandang dibuat tipe ganda, terdiri dua baris sapi yang saling berhadapan atau bertolak belakang dan diantara kedua barisan sapi dibatasi gang selebar 1,5 meter sebagai jalan untuk memberi makanan/air minum dan membersihkan kandang.  Manajemen pemeliharaan kesehatan selalu diupayakan dengan tindakan pencegahan. Sebaiknya lokasi usaha Enhal farm dibuat lebih jauh lagi dari pemukiman penduduk sehingga tidak mencemari lingkungan. Sebaiknya lokasi usaha Enhal farm dibuat lebih jauh lagi dari pemukiman penduduk sehingga tidak mencemari lingkungan. Kata Kunci: Sapi Bali, manajemen pemeliharaan, penggemukan, pakan, air minum

PENGARUH PENERAPAN TOTAL QUALITY MANAGEMENT DAN BUDAYA ORGANISASI TERHADAP KINERJA MANAJERIAL (Studi Empiris pada Perusahaan Swasta dan BUMN Cabang Kota Bengkulu)

A company in an effort to run its business requires a structured and systematic rule in providing direction and elements within the company to maximize its performance. One such structured effort is implementing TQM. Total Quality Management (TQM) is a paradigm in running a business that seeks to maximize organizational competitiveness through a focus on customer satisfaction, involvement of all employees, and continuous improvement of the quality of products, services, people, processes and organizational environment. According to (Kujala & Ullrank, 2004) and (Metri, 2005), organizational culture is one of the most important variables in the success or failure of a TQM program. The prevailing organizational culture is believed to be able to support TQM by providing a more conducive environment that paves the way for the successful implementation of TQM (Baird et al., 2011). Managerial behavior has been observed to have an interest in the job performance of employees in organizations (Andersson & Florén, 2011; Wong & Li, 2015) indicating that manager behavior strongly influences employee and customer satisfaction in the workplace. This study examines the effect of Total Quality Management (TQM) and organizational culture on managerial performance in private companies and BUMN branches in Bengkulu city. The sample used in this study are managers who work in private companies and state-owned enterprises in Bengkulu City. The questionnaire distributed was 146 copies, which returned 137 copies, which did not return 9 copies, so the total that could be processed was 137 copies. The sampling technique in this study is purposive sampling (sampling with the aim of) that is sampling with managers of private companies and state-owned enterprises. The analytical tool used is SPSS. Based on the results of the study, total quality management has a positive effect on managerial performance, meaning that the better state and private companies in Bengkulu implement total quality management, the better managerial performance will be. Based on the results of the study, organizational culture has a positive effect on managerial performance, meaning that the better the culture in BUMN and private companies in Bengkulu, the better managerial performance. As for the limitations of this study, the obstacles during the research process were the difficulty of obtaining research permits in state-owned and private companies, because the respondents were managers, and the waiting period for the withdrawal of the questionnaire. Keywords: Total Quality Management, Organizational Culture, Managerial Performance and SPSS

EFFECT OF DIVIDEND POLICY ON FIRM VALUE WITH MANAGERIAL OWNERSHIP MODERATION

Abstract : The value of the company can be influenced by the dividend policy, because in essence the value of the company can be maximized by the dividend policy. However, until now, the business decisions taken by the Manager acting as an agent of the shareholders are inconsistent so that managers often have different goals from The value of the company can be influenced by the dividend policy, because in essence the value of the company can be maximized by the dividend policy. This study was conducted to obtain information about the moderating effect of managerial ownership on the effect of dividend policy on firm value. The method used is statistical descriptive analysis with panel data techniques (time series). Research results Based on the data and the reality that happened, in conventional and sharia in Indonesia from 2018 to 2021, bank ownership by management, both directors and commissioners, is less than 5%. However, until now, the business decisions taken by the manager acting as an agent of the shareholders have been inconsistent so that managers often have different goals from shareholders.Managerial ownership is a variable that can moderate the effect of dividend policy on the value of banking firms. This means that the managerial role of bank ownership has an effect on dividend policy making by management and of course has an impact on the value of the banking industry company.reholders.   Key words : Dividen policy, Firm value, and Managerial ownership   Abstrak: Nilai perusahaan dapat dipengaruhi oleh kebijakan dividen, karena pada hakekatnya nilai perusahaan dapat dimaksimalkan dengan kebijakan dividen. Namun hingga saat ini keputusan bisnis yang diambil oleh Manajer yang bertindak sebagai agen pemegang saham tidak konsisten sehingga seringkali manajer memiliki tujuan yang berbeda dari Nilai perusahaan dapat dipengaruhi oleh kebijakan dividen, karena pada hakikatnya nilai perusahaan dapat dimaksimalkan dengan kebijakan dividen. Penelitian ini dilakukan untuk memperoleh informasi tentang efek moderasi kepemilikan manajerial terhadap pengaruh kebijakan dividen terhadap nilai perusahaan. Metode yang digunakan adalah analisis deskriptif statistik dengan teknik data panel (time series). Hasil Penelitian Berdasarkan data dan realita yang terjadi, secara konvensional dan syariah di Indonesia dari Tahun 2018 hingga 2021, kepemilikan bank oleh manajemen baik direksi maupun komisaris kurang dari 5%. Namun hingga saat ini keputusan bisnis yang diambil oleh manajer yang bertindak sebagai agen pemegang saham tidak konsisten sehingga seringkali manajer memiliki tujuan yang berbeda dengan pemegang saham. Kepemilikan manajerial merupakan variabel yang dapat memoderasi pengaruh kebijakan dividen terhadap nilai perbankan. perusahaan. Artinya peran manajerial kepemilikan bank berpengaruh terhadap pengambilan kebijakan dividen oleh manajemen dan tentunya berdampak pada nilai pemegang saham perusahaan industri perbankan.   Kata Kunci : Kebijakan Dividen, Nilai Perusahaan, dan Kepemilikan Manajeria

HUBUNGAN ANTARA KUALITAS KEHIDUPAN KERJA DENGAN SEMANGAT KERJA PADA KARYAWAN PT.X

Abstrak Sumber daya manusia memiliki peran yang sangat penting bagi setiap perusahaan. Semangat kerja ialah salah satu hal penting yang perlu diperhatikan sebagai bentuk upaya agar produktivitas kerja meningkat sehingga tujuan organisasi dapat tercapai. Kualitas kehidupan kerja yang ada di perusahaan memiliki keterkaitan sebagai pendorong semangat kerja yang dimiliki para karyawan. Penelitian ini memiliki tujuan untuk mengetahui hubungan antara kualitas kehidupan kerja dengan semangat kerja pada karyawan di PT. X. Metode penelitian kuantitatif pada rancangan penelitian ini menggunakan instrument penelitian berupa kuisioner sebagai alat ukurnya. Penelitian ini menggunakan skala kualitas kehidupan kerja dan skala semangat kerja yang disusun berdasarkan teori dari masing-masing variabel dengan model skala Likert. Teknik pengambilan data pada penelitian ini yaitu teknik sampling total dimana subjek yang dilibatkan ialah seluruh karyawan tetap yang bekerja di PT. X dengan rincian 30 karyawan untuk try out dan 48 karyawan untuk penelitian. Teknik analisis data yang digunakan dalam penelitian ini ialah uji korelasi product moment pearson. Hasil yang didapat dalam penelitian ini menunjukkan nilai koefisien korelasi sebesar 0,778 (r = 0,778) dengan taraf signifikansi 0,000 (p<0,05) yang berarti bahwa terdapat hubungan yang signifikan antara kualitas kehidupan kerja dengan semangat kerja pada karyawan PT. X. Kata Kunci: Semangat Kerja, Kualitas Kehidupan Kerja, Karyawan                                                                                           Abstract Human resources are a golden asset that must be maintained in a company. Morale is one of the important things that need to be considered as a form of effort to increase work productivity so that organizational goals can be achieved. The quality of work life in the company has a relationship as a driver of employee morale. This study aims to see the relationship between quality of work life and morale of employees at PT. X. The quantitative research method in the research design uses a research instrument in the form of a questionnaire as a measuring tool. This study uses a quality of work life scale and a morale scale which is arranged based on the theory of each variable with a Likert scale model. The data collection technique in this study was a total sampling technique where the subjects involved all permanent employees who worked at PT. X with details of 30 employees for try out and 48 employees for research. The data analysis technique used in this study was the pearson product moment. The results obtained in this study indicate the value obtained is 0.778 (= 0.778) with a significance level of 0.000 (p <0.05), which means that there is a significant relationship between the quality of work life and morale of the employees of PT. X. Keywords: Morale, Quality of Work Life, Employe