PENGARUH STRUKTUR KEPEMILIKAN DARI CORPORATE GOVERNANCE PADA BADAN USAHA PUBLIK YANG TERDIVERSIFIKASI DAN TIDAK TERDIVERSIFIKASI DALAM HUBUNGANNYA DENGAN LAYANAN BAGI PIHAK INTERNAL DAN EKSTERNAL BADAN USAHA

The stakeholders of the firm have the same objective to the survival of the firm. In order to survive, the firm can diversify its line of business. Through diversification the firm gets several benefit, such as financial synergy, increasing debt capacity, and earning stability. However, there are possibilities that the managers do the diversification for their personal intention, such as prestige, higher compensation, and risk-shelter. Since there is a difference between the goal of shareholders and managers, then it will induce the agency conflict. Therefore diversification could have positive and negative side to the firm. The strategy of doing diversification is influenced by ownership structure and corporate governance. The proxy for corporate governance are leverage, size of the firm, growth opportunity, and financial performance. This research try to test the influence of both factors above by using logit regression model. The result is that only size of the firm gives a siginifcant influence to the diversification strategy. The possible explanations are still few public firms do diversification, many firms are owned by family member, and there are nonfinancial factors, such as the composition of board of directors

FACTORS AFFECTING CORPORATE DEBT POLICY OF COMPANIES LISTED IN THE JAKARTA STOCK EXCHAGE

Putusan keuangan badan usaha adalah cara badan usaha membiayai kegiatan investasinya yang secara garis besar dapat dilakukan dengan dua cara yakni menggunakan sumber pembiayaan dari dalam (internal financing) dan dari luar (external financing). Pembiayaan internal dapat dilakukan dengan menggunakan laba ditahan sedangkan pembiayaan eksternal dapat dilakukan dengan beberapa alternatif antara lain dengan menggunakan pinjaman bank, menerbitkan surat utang jangka pendek, yaitu commercial paper; surat utang jangka panjang yaitu obligasi, dan ekuitas atau saham. Penelitian ini memfokuskan pada urutan pertama dari pembiayaan eksternal yaitu dengan menggunakun pinjaman. Secara teori, ada beberapa faktor yang mempengaruhi badan usaha dalam menentukan besar-kecilnya penggunaan utang, antara lain profitabilitas risiko bisnis, skala badan usaha, besarnya pajak yang dibayar, dan struktur kepemilikan badan usaha tersebut. Dalam praktiknya tingkat signifikansi dari faktor-faktor tersebut berbeda antara badan usaha yang satu dengan yung lain dan besar kecilnya pengaruh faktar-faktor tersebut dalam menjelaskan besar-kecilnya penggunaan utang tiap badan usaha berbeda-beda

Perbandingan Kinerja Keuangan Pada Sektor Keuangan Dan Perdagangan, Jasa, & Investasi Yang Terdaftar Di Pt Bursa Efek Jakarta Sebelum (1994-1996) Dan Selama (1997-2001) Krisis Ekonomi Dengan Menggunakan Pendekatan Accounting-Based Dan Market-Based

The economic condition of Indonesia has declined since financial crisis in mid of 1997. Indonesian Rupiah has been depreciated sharply againts American Dollar and it caused rising in inflation and interest rate. Two of nine sectors that have been affected by financial crisis are financial sector and trade, service, and investment sector. Those two sectors are very closely related. Banking as one of sub-sector in financial sector has an important role as a generator to trade, service and investment sector. Meanwhile, from the investor's point of view, financial performance of a firm is become the most important factor that should be condered before making investment decision. Financial performance can be measured by two approaches. Those are accounting-based and market-based. The difference is only at the measurement tools that will be used. Accounting based uses financial ratios, while market-based uses market return as a basis to make an analysis of firm's financial performance. There are three methods in market-based approach: Sharped method, Jensen method, and Treynor method. This research is classified as a descriptive research and has an objective to compare the financial performance between financial sector and trade, service and investment sector based on accounting-based and market-based before and during financial crisis. T-test was used in hipothesis testing. The result of this research shows that there is a significant difference in financial performance between those two sectors based on accounting-based and market-based before and during financial crisis

FACTORS AFFECTING CORPORATE DEBT POLICY OF COMPANIES LISTED IN THE JAKARTA STOCK EXCHANGE

Putusan keuangan badan usaha adalah cara badan usaha membiayai kegiatan investasinya yang secara garis besar dapat dilakukan dengan dua cara yakni menggunakan sumber pembiayaan dari dalam (internal financing) dan dari luar (external financing). Pembiayaan internal dapat dilakukan dengan menggunakan laba ditahan sedangkan pembiayaan eksternal dapat dilakukan dengan beberapa alternatif antara lain dengan menggunakan pinjaman bank, menerbitkan surat utang jangka pendek, yaitu commercial paper, surat utang jangka panjang yaitu obligasi, dan ekutias atau saham. Penelitian ini memfokuskan pada urutan pertama dari pembiayaan eksternal yaitu dengan menggunakan pinjaman. Secara teori, ada beberapa faktor yang mempengaruhi badan usaha dalam menentukan besar-kecilnya penggunaan utang, antara lain profitabilitas, risiko bisnis, skala badan usaha, besarnya pajak yang dibayar, dan struktur kepemilikan badan usaha tersebut. Dalam praktiknya tingkat signifikansi dari faktor-faktor tersebut berbeda antara badan usaha yang satu dengan yang lain dan besar kecilnya pengaruh faktor-faktor tersebut dalam menjelaskan besar-kecilnya penggunaan utang tiap badan usaha berbeda-beda

Valuation of Start-Up Company Using Real and Financial Assets Rate of Return

The objective of this research is to analyse and describe the valuation of start-up company using the Discounted Cash Flow Analysis. There are several combination of discount rates, including combination of beta, risk free rate and market return. There are several market returns applied in the calculation of the discount rate, such as gold price, crude oil, property price index and IDX composite. The object of research is PT. XYZ, which is a start-up company engaged in the field of software (System & Mobile Application). The results showed that PT. XYZ is a start-up that has a systematic risk (Beta) of 5.1 point, which is lower than the average beta of hi-tech start-up companies. The fair value of PT. XYZ is Rp 3,729,416,128,911. Using a confidence level of 95%, the deviation of company’s value is between Rp102,726,286,407 and Rp7,356,105,971,415. It is concluded that valuing the start-up using real and financial asset return as a benchmark will provide high fair value. The reason is the return in those assets are lower because of lower risk. The lower rate of return will make the value of the start-up company higher. Therefore, investors will request the start-up company to provide higher value

Diversifikasi "Market Return" Di Bursa Efek Anggota Asian Security Forum

Many investors like to create a portfolio by investing in one OT mo1'e stocks in the same stock market or in the various stock markets. InvestOT have several alternatives of investment, either domestically or internationally. By creating a portfolio, investor will be able to diversify their investment in OTder to reduce their risk through identifying the coefficient of correlation among those stock markets, particularly those countries in Asia Securities Forum. This paper identify the coefficient of correlation among stock market in ASF in order to difersify international market value