Profitability, Managerial Ownership, And Investment Opportunity Set On Dividend

Dividend payment is one way to reduce agency costs between the company and shareholders. However, in facts that not all companies listed on the Indonesia Stock Exchange in 2016-2018 distribute dividends continuously. This study aims empirically to examine the effect of profitability, managerial ownership and investment opportunity sets on dividends. The population of this study are all listed companies on the Indonesia Stock Exchange which carry out corporate actions in the distribution of cash dividends at the Indonesian Central Securities Depository (KSEI). The research sample of 18 companies from various industries which carried out corporate actions at KSEI. This research is a quantitative study using the common effect panel data regression . The results showed that profitability had a positive effect on the dividend payout ratio and the investment opportunity set had a negative effect on the dividend payout ratio. This research contributes that the adequacy of internal funding affects the level of dividend distribution. In addition, companies that have high and stable profitability will tend to distribute dividends continuously. Conversely, if the company has many investment projects in the future, the dividend distribution will be smaller as long as the company is still focused on investment projects

Uji integrasi dan contagion effect pasar modal pada lima negara ASEAN (riset empiris pasca terjadinya krisis subprime mortgage dan krisis Yunani)

Financial market comovement in ASEAN main member countries is still attractive to scrunitized, because this area is vulnerable to the impact on a global economic event. This study examined capital market integration of five ASEAN main members (Indonesia, Singapore, Malaysia, Philippines, and Thailand) by using September 2008—30 April 2013 data period. This period will divided into the post 2008 Subprime Mortgage crisis period and the post 2010 Greece crisis period. Vector Autoregressive (VAR) was used to test the comovement occurance among these capital markets and Granger ausality Test was used to analyze the contagion effect among these capital markets. The finding shows that the comovement was occurred among Indonesia, Malay-sia, Singapore and Thailand’s capital market during September 2008 to 30 April 2013 period. The comovement was still occured after 2008 Subpime Mortgage crisis period and 2010 Greece crisis period, although there is country namely Philippines which did not have the comovement at all against the other countries. Further-more, the finding shows that Indonesia capital market gives contagion effect to other ASEAN countries after 2008 Subprime Mortgage crisis and Greece financial crisis

Pengaruh investment opportunity set, kinerja keuangan, dan intangible asset terhadap nilai perusahaan

Tujuan penelitian ini adalah untuk membuktikan adanya pengaruh IOS, profitabilitas, likuiditas, solvabilitas, dan intangible asset terhadap nilai perusahaan. Teori sinyal digunakan dalam penelitian ini untuk menghubungkan variabel dependen dengan variabel independen. Hipotesis yang diajukan adalah bahwa IOS, profitabilitas, solvabilitas, dan intangible asset berpengaruh positif terhadap nilai perusahaan, sedangkan likuiditas berpengaruh negatif terhadap nilai perusahaan. Populasi penelitian ini adalah perusahaan pada lima subsektor manufaktur Indonesia, antara lain makanan dan minuman, tekstil dan pakaian, otomotif, kimia, dan elektronika yang terdaftar di Bursa Efek Indonesia (BEI) tahun 2016-2018. Kelima subsektor tersebut dipilih sebagai populasi penelitian karena menjadi prioritas pengembangan proyek pemerintah Making Indonesia 4.0 pada tahap awal. Jumlah sampel penelitian yang digunakan setelah diseleksi adalah 43 perusahaan. Sumber data dalam penelitian ini adalah data sekunder berupa laporan keuangan perusahaan yang didapat melalui website BEI dan website pribadi perusahaan sampel. Metode analisis yang digunakan adalah analisis regresi data panel. Hasil penelitian menunjukkan bahwa IOS dan solvabilitas berpengaruh positif terhadap nilai perusahaan sehingga kedua hipotesis berikut diterima. Profitabilitas berpengaruh negatif terhadap nilai perusahaan sehingga hipotesis tersebut ditolak. Likuiditas dan intangible asset tidak berpengaruh terhadap nilai perusahaan sehingga kedua hipotesis ditolak

The Integration of ASEAN-5 Capital Market after the Donald Trump Election

Donald Trump’s victory as the 45th President of the United States had negative responses on the ASEAN countries, especially on the stock market performance. This study conducted to investigate the existence of integration and contagion effect on the capital market of the ASEAN-5 countries after the election of Donald Trump. The five countries used in the research were Indonesia, Singapore, Malaysia, Thailand, and the Philippines. The five countries selected based on the highest FDI (foreign direct investment) flows among other ASEAN countries. Vector Error Correction models (VECM) and Granger Causality tests used as the analysis tools in the study. The daily closing stock price index of ASEAN-5 countries in 2016–2017 collected to be analyzed. The result of VECM model analysis and Granger causality test found the integration and contagion effect of the capital market in ASEAN-5 countries. The Granger Causality test showed that the Philippines had a contagion effect from other ASEAN-5 countries after the election of Donald Trump as the 45th President of the United States. In addition, it also found a two-way causal relationship between Singapore and Thailand, which showed that these two countries gave each other contagion effects

Studi Corporate Information Transparency on the Internet (e-CTI) pada Bursa Efek Indonesia, Malaysia dan Singapura

Tujuan dari penelitian ini adalah untuk menganalisis pengaruh faktor makro dan mikro terhadap e-CTI di tiga negara yaitu Indonesia, Malaysia, dan Singapura. Alasan pemilihan ketiga negara tersebut karena besarnya investasi asing yang masuk ke Indonesia pada tahun 2017. Adanya kerjasama Indonesia Malaysia Singapura – Growth Triangle (IMS-GT) menyebabkan Singapura dan Malaysia sebagai investor paling dominan di Indonesia. Sampel penelitian adalah 65 perusahaan yang terdaftar di indeks paling likuid pada ketiga bursa efek. Hasil penelitian membuktikan jika banyaknya dewan direksi ternyata berpengaruh positif pada e-CTI. Karena adanya lebih banyak dewan direksi akan meningkatkan kemampuannya dalam mendorong manajemen untuk lebih transparan. Hal ini didorong dengan tugas dan tanggung jawab dewan direksi terhadap pemegang kepentingan yang tertera pada peraturan ketiga negara. Adanya revolusi industri 4.0 merupakan faktor lain yang memudahkan dewan direksi dalam memenuhi tanggung jawab dan tugasnya The purpose of this study is to analyze the influence of macro and micro factors on e-CTI in three countries namely Indonesia, Malaysia, and Singapore. The reason for the selection of the three countries was due to large foreign investment entering Indonesia in 2017. The agreement of Indonesia Malaysia Singapore –Growth Triangle (IMS-GT) made Singapore and Malaysia as the most dominant investors in Indonesia. The research sample consist of 65 companies listed on the most liquid indexes on the three stock exchanges. The result showed that the total board of directors had a positive effect on e-CTI. It concludes that the existence of more boards of directors will increase its ability to encourage management to be more transparent. This is driven by the duties and responsibilities of the board of directors stated in the regulations of the three countries. The existence of a industrial revolution 4.0 is another factor that facilitates the board of directors in fulfilling their responsibilities and duties

Gambler's Fallacy as Behavioural Bias Of Young Investor

This research aims to identify the behavioural bias of Gambler's Fallacy of young investors in Malang. This research was done by doing a survey method i.e. doing the dissemination of questionnaires to young investors in Malang. The number of samples gained from questionnaires were 108 respondents. questionnaires were assessed using Likert scale and analysed by using non-parametric test: Chi Square Test and Wilcoxon Signed-Rank Test to answer the hypothesis and research questions. The results showed that behavioural bias of Gambler’s Fallacy on young investors in Malang when they trade in uptrend and downtrend stock market with an equal probability. Based on the results, this research concluded that in making trading decisions, young investors in Malang are still very influenced by psychological factors and tend to follow their personal intuition. This shows that weak-form efficiency is inefficient

ACCRUAL AND REAL EARNINGS MANAGEMENT THROUGH CASH FLOWS OPERATING ACTIVITY TOWARDS MARKET PERFORMANCE

This research aims to obtain empirical evidence regarding the influence of accrual earnings management and real earnings management through cash flow operating activities towards market performance. The sample is 52 manufacturing’s firm listed on the Indonesia Stock Exchange in the period 2012-2016. This study using instrumental variable (IV) models (Kang and Sivaramakrishnan, 1995) to measure accrual earnings management, and using the Roychowdhury’s model (2006), to measure real earnings management through cash flow operating activities. Market performance is measured by the cumulative abnormal return (CAR) with market adjusted models. Then, descriptive statistics, one sample t-test, and multiple regression test to test the hypothesis. The results of this research show that there is no negative influence of accrual earnings management with market performance, and there is no positive influence of real earnings management through cash flow operating activities with market performance. Earnings management through accrual and do not affect market performance, because in the longterm period investor have many relevance information apart from financial statements to decide on investment. The suggestions for further research is to explore more about real earning management techniques and consider other factors that might be able to influence market performance on earnings management

Event Study, Teori dan Pembahasan Reaksi Pasar Modal Indonesia

Buku ini menyajikan teori dan pembahasan reaksi pasar modal Indonesia terhadap beberapa contoh peristiwa yang dipilih oleh penulis berdasarkan pertimbangan tertentu pada tahun 2016-2018. Penekanan buku ini terletak pada teori dan pembahasan sederhana yang diharapkan dapat membantu para pembaca dalam mengidentifikasi reaksi pasar modal Indonesia terhadap suatu peristiwa. Peristiwa apa saja yang akan dianalisis, bagaimana mekanisma pengujian efisiensi pasarnya, serta apa indikator reaksi pasar dan bagaimana pengukurannya, akan dijelaskan sekilas oleh penulis di bagian Pendahuluan pada buku ini. Bagian lengkap buku ini dapat diunduh melalui Google Play : https://play.google.com/store/books/details/Tarsisius_Renald_Suganda_Event_Study?id=_VF1DwAAQBA

An Empirical Study on the Relationship between Corporate Social Responsibility and Default Risk: Evidence in Korea

Focusing on the Korean stock market, this paper expands on previous research on the relationship between corporate social responsibility (CSR) and default risk. By using a comprehensive sample of 6977 firm-year observations during the 2011–2021 period, we employ the year fixed effects and industrial sector dummies classified by FnGuide Industry Classification Standard to control for shifting economic conditions over time and effects within industries. The Z-score is employed as the primary proxy for default risk, and the finding of the study confirms a negative association between CSR practices and default risk. Moreover, testing the three components of CSR, we also find that each component has a negative impact on the default risk. To ensure the robustness of our findings, we conduct a robustness check using two additional proxies of default risk: the K-score, a specific measure of default risk for the Korean market, and the distance to default (DTD), a market-based model. Our results remain consistent and robust even when utilizing alternative proxies, further confirming the negative relationship between CSR and default risk. This has significant implications for businesses and regulators who aim to decrease the risk of default through implementing CSR initiatives

PORTOFOLIO SAHAM OPTIMAL MENGGUNAKAN SINGLE INDEX MODEL PADA SELURUH KANTOR SEKURITAS DI KOTA MALANG

Investment was the commitment of funds to one or more assets that would be held over some future time period.The goal of doing investment was to get the best return. Investment portfolio was one of the main considerationsto achieve the goal. This study aimed to establish the optimal stock portfolio using stock mutual fund productdata which was obtained from the survey results on securities office in Malang City in 2011 as a researchpopulation. Research method used was Single Index Model and data used were daily stock prices for 47 sharesin 2011. The results of this study indicated that there were twelve stocks in the optimal portfolio, namely:JKON, KAEF, TSPC, BKSL, BFIN, MAPI, KKGI, BHIT, CTRA, GGRM, MYOR. Based on the calculation, theresult was 76.71% for portfolio expected return and 7.23% for portfolio risk in 1 year