THE IMPACT OF CAPITAL ADEQUACY RATIO (CAR), NET INTEREST MARGIN (NIM), LOAN TO DEPOSIT RATIO (LDR), AND COST TO INCOME RATIO (CIR) TOWARD BANKS PROFITABILITY (Comparison Study of Domestic Bank and Foreign Bank in Indonesia from 2011 to 2015)

The purpose of this research is to analyze Capital Adequacy Ratio (CAR), Net Interest Margin (NIM), Loan to Deposit Ratio (LDR), Cost to Income Ratio (CIR) toward Return On Asset (ROA) of Domestic Banks and Foreign Banks in Indonesia from 2011 to 2015. The population of this research is all domestic banks and foreign banks in Indonesia that operate from 2011 to 2015. This research uses purposive sampling method as sampling technique, therefore total samples of this research is 92 domestic banks and 10 foreign banks. The analysis technique that is used in this research is multiple linear regression analysis. This research also uses Chow test to compare the influence of CAR, NIM, LDR, CIR toward ROA between domestic banks and foreign banks. The result of analysis shows that CAR, NIM, LDR, and CIR have significant influence toward ROA in domestic banks. Meanwhile, only CAR and CIR in foreign banks show significant influence toward ROA. Chow test result shows that there is different influence of CAR, NIM, LDR, CIR toward ROA between domestic banks and foreign banks

ANALYSIS THE EFFECT OF ENTREPRENEURIAL ORIENTATIONS AND ADAPTATION OF EXTERNAL ENVIRONMENT TO SMEs PERFORMANCE WITH COMPETITIVE ADVANTAGES AS INTERVENING VARIABLES (STUDY ON SMEs FASHION SECTOR IN SEMARANG)

Phenomenon in this study is the Performance of SMEs in the Fashion Sector Micro Enterprises Semarang experiencing fierce competition and the still weak. SMEs have a dynamic business environment and full of uncertainty (such as competitors, customers, suppliers, regulators and business associations), as well as the intensity of competition is high enough that the competitiveness of SMEs is becoming weaker, which in turn makes the Performance of SMEs to be blocked. There are factors - factors that affect the competitive advantage and ultimately affect the Performance of SMEs in the Fashion Sector Micro Enterprises Semarang. The purpose of this study was to analyze the Effect of Entrepreneurial Orientation and Adaptation to the External Environment on Competitive Advantage and Performance of Micro Enterprises SMEs Fashion Sector in the city of Semarang. The population selected in this study were all SMEs assisted the Department of Cooperatives and SMEs Semarang is a 11 585 SMEs. The number of respondents that used in this study were 150 SMEs Semarang engaged in the fashion sector. The sampling technique in this research is purposive sampling method. The method of collecting data is by using a questionnaire. Data analysis method used is Structural Equation Modeling. Based on research, Entrepreneurial Orientation and Adaptation to the External Environment positive effect on Competitive Advantage, Entrepreneurial Orientation and Adaptation to the External Environment does not affect the Performance of SMEs, while the Competitive Advantage on the Performance of SMEs. In the case of tests fit model, stating that the model has a good fit. So, from this we can conclude that the model has a fairly good fit to predict buying interest

Profitability determinants of manufacturing firms in Indonesia

Purpose: The purpose of this study is to explore the most significant profitability determinants of the manufacturing companies in Indonesia. Design/Methodology/Approach: Several independent variables examined for their influence on profitability were working capital, firm size, firm growth, capital structure, and non-debt tax shields. The sample of this study were manufacturing firms listed on the Indonesia Stock Exchange from 2010 to 2017. The number of samples were 350 manufacturing companies. Findings: The results of this study indicate that working capital, firm size and firm growth were positively related to profitability. Meanwhile, capital structure and non-debt tax shield did not affect profitability. The findings of this study were consistent with the pecking order theory and the financial agency theory. Practical implications: This study implies that managers need to adjust their investment needs with the profitability that has been achieved and the total assets of the company, and to maximize the value of the company by managing current assets so that the rate of the return on marginal investment is equal to or greater than the cost of capital used to finance the current assets. Furthermore, financial managers must be able to determine essential investment objectives by maximizing the use of assets and fixed assets which are expected to make the company to enjoy the sales growth in the future. Originality/Value: Although this study organically builds upon recent studies about the firms’ profitability, it conducted in the new administrative setting in Indonesia, which is the Widodo’s administration. Widodo’s administration supports the manufacturing industry to be able to compete globally.peer-reviewe

ANALISIS PENGARUH CURRENT RATIO (CR), DEBT TO EQUITY RATIO (DER), TOTAL ASSET TURNOVER (TAT) DAN SIZE TERHADAP RETURN ON EQUITY (ROE) DENGAN INSTITUTIONAL OWNERSHIP (INSTOWN) SEBAGAI VARIABEL MODERATING PENGARUH DER TERHADAP ROE (Studi pada Perusahaan Animal Feed and Husbandry yang terdaftar di BEI)

This research is performed in order to test the influence of variable current ratio (CR), debt to equity ratio (DER), total asset turnover (TAT) and size toward return on equity (ROE) with institutional ownership (INSTOWN) as moderating variable of debt to equity ratio toward return on equity. Population of this research was acquired 4 company of animal feed and husbandry over period 2001 – 2009 that listed in BEI. Data analysis with multi linier regression of ordinary least square and hypotheses test used t-statistic and f-statistic at level of significance 5%. Empirical evidence show as CR, DER, TAT and SIZE have influence simultaneously toward ROE at level of significance less than 5%. TAT have positive influence toward ROE at level of significance less than 5%. CR have negative influence toward ROE at level of significance less than 5%. While, DER not influence toward ROE at level of significance more than 5% and Size not influence toward ROE at level of significance more than 5%. Predictable of the four variables toward ROE is 55,6% as indicated by adjusted R square is 55,6% while the rest 44,4% is affected by other factors is not included into the study model. The result of this research also show Institutional Ownership is not able to be moderating variable of debt to equity ratio toward return on equity at level of significance more than 5

ANALISIS FAKTOR-FAKTOR YANG MEMPENGARUHI KEBIJAKAN DIVIDEND PAYOUT RATIO (Studi Kasus Pada Perusahaan Yang Terdaftar Di Bursa Efek Indonesia non Keuangan Periode 2005-2009)

This research was conducted to examine the influence of the company’s financial performance through the NPM, Cash Ratio, DER, Growth and Size of the company's dividend payout ratio in non-financial companies listed on Stock Exchange Indonesia (BEI) in the period 2005 to 2009. Problems of this study is due contradiction between the theory with facts about the influence of NPM, Cash Ratio, DER, Growth and Size of dividend payout ratio during the observation period of the year 2005 to 2009. Sampling of this study using methods purposive sampling, a sample of 11 companies that accordance with the criteria that have been determined by the long study period 2005-2009, data obtained from the Indonesian Capital Market Directory. The method of analysis used is multiple regression quadratic equation with the smallest and hypothesis testing using the t-statistic to test the regression coefficient and partial F-statistics to test the influence simultaneously. Besides previously also tested the assumption which includes the classical normality test, test Multicollinearity, Heteroskedastisitas test, and test Autocorrelation. The results showed that there were no deviation classical assumptions, it indicates that the data available have been eligible to use the model multiple linear regression. The resulting regression equation is DPR = -25 571 + NPM 4421 - 8580 -2537 Cash Ratio DER -3768 +3626 Size Growth From the analysis shows partial results of that variable NPM positive and significant influence on the DPR. Variable of Cash Ratio indicates negative and significant influenceon the Dividend Payout Ratio. Debt to Equity Variable ratio (DER) and the Growth shows negative and not significant influence on the Dividend Payout Ratio , Firm Size showed positive and significant influence on the DPR. Then regression estimation results show the predictive capability of Six independent of the Dividend Payout ratio of 29.5% while the remaining 70.5% influenced by other factors outside the model that has not been included in this analysi

KEBIJAKAN HEDGING DAN FAKTOR-FAKTOR YANG MEMPENGARUHINYA (Studi Empiris Pada Perusahaan Non Finansial yang Terdaftar di BEI periode 2012-2014)

Foreign exchange risk is one of the biggest risks facing the company in its activities in international trade. Changes in foreign currency exchange rates may result in losses to the company. Therefore, companies must anticipate doing risk management one of which is through hedging policy. This study aimed to analyze the effect of liquidity, managerial ownership, dividend policy, leverage, cash flow volatility, growth opportunity and control variables company size on the derivative instruments hedging policy on non-financial companies listed on the Stock Exchange 2012-2014. This study using purposive sampling method in order to obtain a total of 27 sample companies. This study used logistic regression analysis to determine the variables that affect the use of derivative instruments as hedging policy tool. Tests using logistic regression analysis only Overall Model Fit Test, Cox and Snell's R Square and Nagelkerke's R Square, Hosmer and Lemeshow Goodness of Fit Test, Classification Table and logistic regression analysis, so it does not require normality test. The results showed empirical evidence there are two variables that significantly influence the policy of hedging derivative instruments. Variable liquidity and volatility of cash flow positive and significant effect and in accordance with the predicted against the policy of hedging with derivatives insturmen. As for the other independent variables that significantly affect dividend policy does not however have the effect as predicted direction. In variable managerial ownership, leverage and growth opportunity not show direction as predicted. Control variables firm size did not show significant results on the dependent variable.

Analisis Pengaruh CAR, ROA, FDR, dan Dana Pihak Ketiga (DPK) terhadap Pembiayaan Murabahah Periode Maret 2001 - Desember 2009 (Studi Kasus pada PT. Bank Muamalat Indonesia, Tbk.)

This research is motivated by the existence of murabahah financing which dominates the Islamic Banking financing in Indonesia, this also happens in Bank Muamalat Indonesia. This suggest that financing on the basis of selling and buying (murabahah) have a greater contribution compared with financing on the basis of profit loss sharing (mudharabah and musyarakah). Whereas, for an ideal towards Islamic banking should be financing with contract profit loss sharing (PLS) is more dominant. But the fact that the current non-PLS financing is more prevalent. As for the question research with this study is "How the Capital Adequacy Ratio (CAR), return on asset (ROA), financing to deposit ratio (FDR), and the Third Party Funds (DPK) affect the murabahah financing?". This study tried to determine the factors that influence the murabahah financing at Bank Muamalat Indonesia. The purpose of this study to analyze the effect of each variable, the Capital Adequacy Ratio (CAR) (X1), return on asset (ROA) (X2), financing to deposit ratio (FDR) (X3), and the Third Party Funds (DPK) (X4) of Murabahah Financing (Y). The population in this study is PT. Bank Muamalat Indonesia, Tbk in Indonesia. The sample in this study is to report quarterly financial Muamalat Indonesia during the period 2001 - 2009. However, the sample numbered only 32, mainly due to the incompleteness of the data. Data collected were analysed with descriptive analysis and multiple linear regression analysis using computer program SPSS 17. The results of this study indicate that the variable CAR, ROA, FDR and DPK simultaneously has an influence on Murabahah financing. Test results show that the coefficient of determination of these three variables affect the dependent variable and the remaining 98%. 2% influenced by other variables not studied. Partially CAR,ROA and DPK has a positive and significant influence on the Murabahah financing. While the FDR has not significant influence on the Murabahah financin

ANALISIS PENGARUH VARIABEL MAKROEKONOMI TERHADAP INDEKS HARGA SAHAM AGREGAT DI KAWASAN ASIA TENGGARA (Studi Komparasi Pada 5 Negara ASEAN Periode 2001–2015)

This study analyzes the effect of macroeconomic variebles to the composite index in Southeast Asian countries include Indonesia, Malaysia, Singapore, Philippines, and Thailand. Population and sample of this study are the data of inflation, interest rates, exchange rates, GDP, crude oil price, primary commodity price and wage in Indonesia, Malaysia, Singapore, Philippines, and Thailand. This study uses time series data and the sample retrieval technique in this research is using purposive sampling method by the following criteria: (1) the data available for 2001 to 2015, (2) the data available in each country, which are Indonesia, Malaysia, Singapore, Philippines, and Thailand. Data analyzing techniques were using the Generalized Autoregressive Conditional Heteroscedasticity models (GARCH) and Threshold Autoregressive Conditional Heteroscedasticity (TARCH). In this study also tested the data stationery, heteroscedasticity, normality, multicollinearity and autocorrelation to support the analysis techniques by GARCH and TARCH method. The results of this study are (1) inflation has a negative and significant effect on composite index in Indonesia, Malaysia, Singapore and Philippines. But in Thailand, inflation has a positive and significant effect on composite index. (2) Interest rates has a negative and significant effect on composite index only in Thailand. But in Indonesia, Malaysia, Singapore and Philippines, the interest rate has a positive and significant effect on composite index. (3) Exchange rate has a positive and significant effect on composite index in Malaysia and Thailand. While in Singapore, even the exchange rate has a positive effect on composite index but not significant. But in Philippines, exchange rate has a negative and significant effect on composite index. While in Indonesia, even the exchange rate has a negative effect on composite index but not significant. (4) GDP has a positive and significant effect on composite index in Indonesia, Malaysia, Singapore and Philippines. But in Thailand, GDP has a negative and significant effect on composite index. (5) Crude oil price has a positive and significant effect on composite index in Indonesia, Malaysia and Singapore. While in Philippines and Thailand, even crude oil price has a positive effect on composite index but not significant. (6) The primary commodity price has a positive and significant effect on composite index only in Singapore. While in Malaysia, even the primary commodity price has a positive effect on composite index but not significant. But in Philippines and Thailand, the primary commodities price has a negative and significant effect on composite index. While in Indonesia, even the primary commodity price has a negative effect on composite index but not significant. (7) Wage has a positive and significant effect on composite index in Indonesia, Malaysia, Singapore and Thailand. But in Philippines, wage has a negative and significant effect on composite index. This study has a benefit for capital market investors who want to invest in the capital market in Southeast Asia, especially in Indonesia, Malaysia, Singapore, Philippines and Thailand can consider to various macroeconomic factors such as inflation, interest rates, exchange rates, GDP, crude oil price, primary commodity price and wage because based on the results of this study, these variables have a significant effect on composite index in these countries

PENGARUH CAPITAL DEMAND, INVESTOR SENTIMENT, DAN STOCK MARKET CONDITION TERHADAP VOLUME IPO PERUSAHAAN DENGAN SIZE PERUSAHAAN SEBAGAI VARIABEL MODERATING (Studi Pada Perusahaan Publik yang Terdaftar di Bursa Efek Indonesia dan Go Public Pada Tahun 2009 – 2014)

This study aimed to analyze the effect of capital demand to the volume of IPO (Initial Public Offering), to analyze the effect of investor sentiment towards the volume of IPO (Initial Public Offering), to analyze the effect of stock market condition to the volume of IPO (Initial Public Offering), to analyze the effect of capital demand to the volume of IPO (Initial Public Offering) with the size of the company as a moderating variable, analyze the influence of investor sentiment towards the volume of IPO (Initial Public Offering) with the size of the company as a moderating variable, analyze the effect of stock market condition to the volume of IPO (Initial Public Offering ) with the size of the company as a moderating variable. This study uses secondary data types. The sample in this research is a public company listed on the Indonesia Stock Exchange that an IPO during 2009 through 2014. The data analysis technique that is used tends to regress with classical assumptions. Based on the research results it was concluded from this study, among others: (1) There is a positive effect of capital demand to the volume of IPO. It can be seen from the significant value under 0.05 , so the hypothesis is accepted. So the higher the capital demand in this study was measured by proxy Growth in GDP (Gross Domestic Product) will be a positive influence on the volume of IPO. (2) There is a positive effect of investor sentiment towards the volume of IPO. It can be seen from the significant value under 0.05 so the hypothesis is accepted. So the higher the investor sentiment as measured by the SBI indicates that the economic growth indicators are good and strong so this is a good news for investors who have an impact on the increase in IPO volume. (3) There is a positive effect of stock market condition to the volume of IPO. It can be seen from the significant value below 0.10, so the hypothesis is accepted. So the higher the stock market as measured by JCI condition will have an impact on the increase in IPO volume increased due to JCI indicates good economy. (4) There is a positive effect of capital demand to the volume of IPO with the size of the company as a moderating variable. It can be seen from the significant value under 0.05 so the hypothesis is accepted. So the higher the GDP growth especially in companies with substantial assets will further increase the volume of IPO. (5) There is a positive effect of investor sentiment towards the volume of IPO with the size of the company as a moderating variable. It can be seen from the significant value under 0.05 so the hypothesis is accepted. So the higher the SBI especially in companies with substantial assets will further increase the volume of IPO. (6) There is a positive effect of the stock market condition to the volume of IPO with the size of the company as a moderating variable. It can be seen from the significant value under 0.05, so the hypothesis is accepted. So the higher the JCI (Jakarta Composite Index) especially in companies with substantial assets will further increase the volume of IPO