7 research outputs found

    Testing of Pecking Order Theory Through the Relationship: Earnings, Capital Structure, Dividend Policy, and Firm's Value

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    This study aimed to test the pecking order theory through its correlation among earnings dimension, capitalstructure, dividend policy and firm's value perspective. By loading the correlation between dimension one toanother, it indicated that management behavior tended to retained earnings accumulation or to debt collectionin financing the operation of the firm. The pecking order theory were tested when the management behaviortended to retained earnings in accumulating sources of the fund equity rather than borrowing liabilities fromcreditors. Therefore, rationally if the capital structure was optimum, management tended to external financinguntil any trade off between earnings and debt financing. Based on the testing hypothesis, it indicated that therole of capital structure dimension had significance as intervening variable between earnings dimension andfirm's value. On the other hand, the dividend policy had no significance to become intervening variable.Empirically, it could be concluded that the management behavior in Indonesia tended to leverage rather thanretained earnings accumulation in supporting the pecking order theory. Furthermore, the variable had the roleto differentiate the characteristic of industries represented by the capital structure dimension, especially, debtto assets and debt to equity ratio

    Managing Small Business Enterprise: Social Capital and Financial Approach at Regency Probolinggo

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    This study attempted to analyze management model of small business enterprise inProbolinggo regency. Conceptual framework was based on social capital and financial approach.Terms of finance would be analyzed with financial audit, and social capital consisting ofindividual behavior, organization behavior in groups, relationship with others and governmentinstitution which followed local social norms enhancing goals congruence. Research designintegrated both exploratory and confirmatory research. The unit of analysis was small businessenterprise, members of community organization Urban Poverty Project-2 in Probolinggoregency. The finding of research indicated four dimensions representing the managementmodel of small business enterprise. They were: 1) financial factor; 2) skill; 3) disciplines forquality; and 4) relationship factor. The next analysis was adjusted with demography cluster.Based on cluster and factors analysis it could be described that, groups in first cluster were 19%concerning in financial and relational factors. The second cluster was just 5% concerning toskill and discipline for quality. The third cluster consisted of 26% concerning to relational, andthe forth cluster was as the majority members, 50% of the population, concerning in financialand skill factors, and having significantly correlation between educations and income. Thisresult was appropriate to financial and institution audit

    Faktor Fundamental Makro Dan Skim Bunga Kredit Sebagai Variabel Intervening Pengaruhnya Terhadap Kinerja Bank

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    This study aim to analysis the effect of macroeconomic fundamental and credit interest scheme to financialperformance of conventional Bank in Indonesia. The operational of dependent variable, by using Capital AdequacyRatio, non-performing loan, net interest margin, return on assets, and loan to deposits ratio. And theothers hand,independent variable are measured by macroeconomics fundamental;i.e.Interest Rate of IndonesianCentral Bank, inflation, and exchange rate of rupiah to US$.Credit interest scheme consist of working-capitalcredit interest rate, investment credit, and interest rate of consumption credit. Sampling technique,using purposivesampling and the number of samples is conventional banks in Indonesia. Data will be analysis 2006-2010monthly. Analysis technique isstructural equation model. The discovery results showed, the macroeconomicfundamental factors have significant to bank performance and dimension of credit interest scheme have role asintervening variable in supporting macro fundamental in influencing to financial performance of conventionalbanking in Indonesia. For represented of variables have any significant in contributed to each dimension can bedescribed, for macroeconomic fundamental, all variable is significant to contribute in factor construct. For creditinterest scheme was too all of variable, and bank performance just Capital Adequacy Ratio and Return on Assets

    Kedudukan Debitur dan Bank sebagai Kreditur dalam Hal Wanprestasi Developer (Studi di PT. Bank X, Cabang Tebing Tinggi)

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    Credit channeling activities by banks are developing fast. One of the facilities which people are interested in is KPR (Housing Ownership Credit). In the distribution of the facilities of the KPR, sometimes a bank cooperates with a developer to look for a prospective debtor to buy the developer's houses which have been built or the houses which will be built; or, on the contrary, a developer appoints a certain bank to provide some funds to a debtor who will buy the developer's houses. The form of cooperation between the bank and the developer is written in a contract. After the prospective debtor is approved to get the credit facilities from the bank, a credit contract commitment and other contract commitments are done. In this case, a debtor buys two houses owned by a developer using KPR facilities of PT. Bank X, but after the credit is liquified by Bank X, the developer fails to build the houses

    Relationship Between Macroeconomic Fundamentals, Bank's Credit Scheme, Firm's Performance, and Firm's Value Dimensions

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    This study investigated the relationship among macroeconomic fundamentals, bank's credit scheme, firm's performance and firm's value dimentions. The research design was explanatory research, using a structural equation model. The sample is PT. Bank Persero industry in Indonesia from 1999-2014 monthly. Empirically, based on confirmatory test it could be described that the variables represented for each dimension were that the dominant variable in macroeconomic was currency exchange rate IDR to USD, and working capital interest rate represented the bank credit interest scheme dimension, ROA was dominant for firm's performance, and the frequency of stock trading was representing the firm's value dimension. For the next, based on structural equation model with regression coefficient, path analysis could be discussed as follows. First, working capital credit interest rate was as weak mediation variable between exchange rate IDR to USD and ROA. Second, working capital credit interest rate influenced the frequency of stock trading through ROA. In this case ROA was as strong mediation variable. The last path analyzed the influence of exchange rate IDR against USD to the frequency of stock trading through ROA. Here ROA was the strong mediation variable. Penelitian ini meneliti pola hubungan antar dimensi fundamental makroekonomi, skema bunga kredit, kinerja Perusahaan, dan nilai Perusahaan. Rancangan penelitian berupa penelitian eksplanatori, dengan menggunakan analisis Model Persamaan Terstruktur (SEM). Sampel penelitian adalah industri PT. Bank Persero di Indonesia periode 1999-2014 secara bulanan. Hasil penelitian menunjukkan, berdasarkan hasil pengujian model konfirmatori dapat dijelaskan bahwa variabel-variabel yang mewakili masing-masing dimensi yaitu: variable Perubahan nilai kurs mewakili dimensi fundamental makro, tarif bunga kredit modal kerja mewakili dimensi skema bunga kredit bank, ROA dominan mewakili kinerja Perusahaan dan frekuensi perdagangan saham merepresentasikan dimensi nilai Perusahaan. Analisis selanjutnya, berdasarkan variable dominan yang sudah diperoleh dengan mendasarkan pada hasil koefisien regresi terstandar dapat didiskusikan analisis jalur, yaitu: jalur pertama, dapat dijelaskan bahwa, bunga kredit modal kerja sebagai variable mediasi yang lemah antara variable nilai kurs dengan kinerja Perusahaan ROA. Kondisi jalur kedua yakni bunga kredit modal kerja berpengaruh terhadap frekuensi perdagangan saham melalui ROA, dalam hal ini ROA berperan sebagai variabel mediasi yang menguatkan. Dan jalur terakhir menganalisis pengaruh Perubahan nilai kurs terhadap frekuensi perdagangan saham melalui ROA, dalam hal ini ROA mewakili dimensi kinerja Perusahaan merupakan variable mediasi yang menguatkan