Merger Dan Akuisisi: Alternatif Meningkatkan Kesejahteraan Pemegang Saham

SI Dampak merger dan akuisisi terhadap kesejahteraan pemegang saham menunjukkan adanya perbedaan hasil. Satu pihak mengakibatkan kenaikkan kesejahteraan pemegang saham dan disisi lain menurunkan kesejahteraan pemegang saham. Merger dan akuisisi tepat untuk memenuhi kekurangan sumber daya jika sumber daya yang dibutuhkan memiliki nilai stratejik yang tinggi, adanya perbedaan yang kuat dengan sumber daya yang ada, adanya ketidakpastian pasar dan teknologi yang moderat atau rendah. Merger dan akuisisi akan mengahasilkan kesejahteraan pemegang saham dengan diperolehnya abnormal return yang positif bagi Perusahaan pengakuisisi maupun yang diakuisisi, jika kedua Perusahaan tersebut memiliki sumber daya yang bernilai stratejik yang terkospesialisasi (cospecialized)

ANALISIS FAKTOR-FAKTOR YANG MEMPENGARUHI PROFITABILITAS PADA BANK UMUM SYARIAH DI INDONESIA PERIODE TAHUN 2010-2014

The process of the development of Islamic banks in Indonesia is very impressive, reaching an average asset growth of more than 65% of the year, within the last five years. Therefore, the role of Islamic bank in supporting the national economy is expected to be increasingly significant. Profitability is one indicator that is of considerable concern in observing the development of Islamic bank. Profitability can be measured by using a ratio Return On Assets (ROA). ROA is the ratio that indicates the bank's financial performance benchmarks in net income from total assets. The lower ROA ratio means Islamic banks have a low level of profits and more problematic position of these banks in terms of asset utilization. This study aimed to analyze the factors that influence ROA Islamic bank in Indonesia. This study using Capital Adequacy Ratio (CAR), Liquid Assets to Total Assets (LTA), market share of financing, and Net Interest Margin (NIM) as the independent variable and profitability ratio measured by ROA as the dependent variable. The sample in this study was obtained from a purposive sampling method and obtained five Islamic Banks that qualify as research sample is BCA Syariah, BRI Syariah, Bank Syariah Mandiri, Bank Mega Syariah and Bank Muamalat Indonesia in 2010-2014. This study using secondary data obtained from semi-annual financial statements that can be downloaded from the official website of each bank and the official website of Bank Indoneisa. The analytical method used in this study is Multiple Linear Regression Analysis with a significance level of 5%. The result showed that simultaneously CAR, LTA, market share of financing and NIM have significant effect on ROA of Islamic banks. Partially, variable CAR has negative significant effect, while the LTA, market share of financing and NIM have positive and significant effect on ROA of Islamic banks. Results of regression estimation showed the predictive ability of the model 52.2%, while 47.8% were influenced by other factors outside the model that has not been covered in this research

ANALISIS PENGARUH STOCK SELECTION SKILL, MARKET TIMING ABILITY, EXPENSE RATIO, FUND SIZE DAN TURNOVER RATIO TERHADAP KINERJA REKSA DANA SAHAM PERIODE 2010-2014

This research aims to analyze the relationship between performance of equity mutual fund with Sharpe’s method with variables that affect it includes stock selection skill, market timing ability, expense ratio, fund size, and turnover ratio . The data used in this research are 11 sample of equity mutual funds and the number of obeservations as many as 55 data for the period 2010 until the end of 2014. The analytical method used in this research is Mutiple Linier Regression Analysis where previously performed classical assumption that includes Normality Test, Multicollinearity Test, Autocorrellation Test, and Heteroskedastisitas Test with significance level of 5%. The result showed that the Stock Selection Skill and Market Timing Ability have significant positive impact to performance of equity mutual funds. Expense Ratio and Fund Size have no significant negative impact to performance of mutual funds. Then Turnover Ratio have no significant positive impact to performance of equity mutual funds. Based on test result show the value of the coefficient of determination adjusted R square of 0,486, so that the variables in this research may explain the variable performance of equity mutual funds amounted 48,6%

ANALISIS PENGARUH GOOD CORPORATE GOVERNANCE TERHADAP NILAI PERUSAHAAN (Studi Empiris pada Perusahaan Manufaktur yang terdaftar di Bursa Efek Indonesia Periode 2005-2009)

Large-scale corporate failures, financial scandals and crises in various countries, have focused attention on the importance of good corporate governance. Implementation of supervision that can be used to minimize irregularities in the management company can do with corporate governance mechanism that is expected to enhance firmvalue. One of the company's main objective is to enhance firm value through increased prosperity of the owners or shareholders. This research was conducted to examine the influence of managerial ownership variables, institutional ownership, board of size, the size of independent commissioners, and the size of the board of directors of the company proxy with PBV (Price Book Value). Samples are manufacturing companies whose shares are listed on the BEI period 2005- 2009 with a total of 20 companies using purposive sampling method. While the analytical methods used are classical assumption and hypothesis testing and regression analysis. The results showed that the independent variables and managerial ownership is not significantly positive influence on Price Book Value with a significance level of 0.587> 0.050, institutional ownership is not significantly positive influence on Price Book Value with a significance level of 0.991> 0.050, the size of the board of commissioners of Price Book Value has a significant positive with a significance level of 0.010 <0.050, size commissioner independent negative effect is not significant to Price Book Value with a significance level of 0.719> 0.050, and the size of the board of directors of Price Book Value has a significant positive with a significance level of 0.010 <0.050. The five variables influence for 53.8% of the firm value of the proxy Price Book Value

ANALISIS PENGARUH SIZE, ROA, FDR, NPF DAN BOPO TERHADAP CAPITAL ADEQUACY RATIO PADA BANK UMUM SYARIAH DI INDONESIA PERIODE TAHUN 2010 - 2014

This research aims to analyze the influence of Size, Return On Asset (ROA), Financing to Deposits Ratio (FDR), Non Performing Financing (NPF), and Operating Expenses Operating Income (BOPO) to Capital Adequacy Ratio (CAR). Case study on Indonesian Islamic banks in 2010-2014. The number of sample used in this research were 11 banks. Secondary data were obtained from financial statements can be downloaded from the official website of each bank and the official website of Bank Indonesia covering the period of 2010 until the end of 2014. The analytical method used in this research is Multiple Linear Regression Analysis where previously performed classical assumption that includes Normality Test, Multicollinearity Test, Autocorellation Test, and Heteroskedastisitas Test with a significance level of 5%. The study found that Financing to Deposits Ratio (FDR) is positively significant influenced to Capital Adequacy Ratio (CAR). Meanwhile, Size and Non Performing Financing (NPF) are significant but negatively influenced to the Capital Adequacy Ratio (CAR). On the other hand, Return On Assets (ROA) and Operating Expenses Operating Income (BOPO) have no significant effect on capital adequacy of Indonesian Islamic bank. Based on the coefficient determination, variable Size, Return On Asset (ROA), Financing to Deposits Ratio (FDR), Non Performing Financing (NPF), and Operating Expenses Operating Income (BOPO) have 64,3% effect against Capital Adequacy Ratio (CAR). While the remaining 35,7% is influenced by other variables that are not used in this study

ANALISIS FAKTOR-FAKTOR YANG MEMPENGARUHI DEBT MATURITY (Studi pada Perusahaan Manufaktur yang Terdaftar pada Bursa Efek Indonesia (BEI) Periode 2012-2015)

This research aims to analyze the influence of firm size, growth opportunities, liquidity and profitability to debt maturity. Case study on registered manufacturing companies in Indonesia Stock Exchange (IDX) period of 2012-2015. The number of sample used in this research were 54 companies. Sample were chosen using purposive sampling technique. The analytical method used in this research is Multiple Linear Regression Analysis where previously performed classical assumption that includes Normality Test, Multicollinearity Test, Autocorrelation Test and Heterokedastisitas Test with level of significance 5%. The result of this research found that firm size and liquidity are positively significance influenced to debt maturity. Meanwhile, growth opportunities have no significance effect on debt maturity. On the other hand, profitability is significance but negatively influenced to the debt maturity

ANALISIS PENGARUH RETURN ON EQUITY, DEBT TO EQUITY RATIO, CURRENT RATIO, DAN PRICE TO BOOK VALUE TERHADAP RETURN SAHAM SYARIAH (Studi Kasus Pada Perusahaan yang Terdaftar Dalam Jakarta Islamic Index Periode 2011-2015)

This research aims to determine the influence of variables consisting of Return On Equity, Debt to Equity Ratio, Current Ratio, and privce to Book Value of the stock return of sharia in the companies belonging to the Jakarta Islamic Index (JII) in the year 2007-2011. Sharia stocks are stocks in Jakarta Islamic Index (JII) are corporations stocks while are in operation not contradiction with Islamic Sharia, either on the product or its management. The grouping of Sharia stocks are in Jakarta Islamic Index (JII) in the Jakarta Stock Exchange. This research uses secondary data obtained from the financial statements of companies belonging to the Jakarta Islamic Index (JII). Sampling was done by purposive sampling method, the number of samples used by 14 companies. The analytical method used in this research is multiple linear regression method. The results of this study indicate that the Return On Equity, Debt to Equity Ratio, Current Ratio and Price to Book Value simultaneously significant effect on stock returns. The results of the analysis of partial Return On Equity significant negative effect, while the Debt to Equity Ratio and Price to Book Value significant positive effect, the Current Ratio is not significant positive effect on stock returns. The results showed that 42.7% of variation variable stock returns can be explained by the variable Return On Equity, Debt to Equity Ratio, Current Ratio and Price to Book Value. While 57.3% stock return variable variation explained by other factors

ANALISIS PENGARUH BANKS INCOME STRUCTURE TERHADAP RISIKO BANK SYARIAH DI INDONESIA (Studi Kasus pada Bank Umum Syariah yang terdaftar di Bursa Efek Indonesia periode tahun 2011-2015)

The research objective is to analyze influence of independent variables which consist of profit and los sharing (PLS), non profit and loss sharing (NonPLS), and commission and fee (COM) to risk. Selection of sample use purposive sampling method. Purposive sampling method is the method which based on certain criteria. The sample that used in this study are eleven of Islamic bank for period 2011 to 2015. Quantitative data for this study get from Bank Indonesia and monthly financial report of Islamic bank. The data were analyzed by linear regression analysis using SPSS version 16.0 where previously performed classical assumption that includes Normality Test, Multicollinearity Test, Autocorrelation Test and Heterokedastisitas Test with level of significance 5%. The result of t test shows that profit and los sharing (PLS) and non profit and los sharing (NonPLS) have negative and significant influence to risk of Islamic bank. Commission and fee (COM) have negative but not significant influence to risk. Based on the result of this count, PLS and non profit and los sharing (NonPLS) variable prove to have negative and significant influence to risk Islamic bank and it’s known that Commission and fee (COM) variable has no effect to risk Islamic bank

ANALISIS PENGARUH SUKU BUNGA, INFLASI, CAR, BOPO, NPF TERHADAP PROFITABILITAS BANK SYARIAH (Studi Kasus pada Bank Mega Syariah, Bank Muamalat dan Bank Syariah Mandiri Periode Tahun 2008-2011)

Islamic Bank is well-known as a bank which is resistant to the global crisis that hitted Indonesia couple years ago. The performance of Islamic Bank could be maintained so that continuity of bussines also could be well maintained. Those performance could be measured by the size of the Islamic banking profitability. The factors affecting the profitability of Islamic banks used in this study are the interest rate, inflation, CAR, BOPO and NPF. While the purpose of this study was to determine the effect of interest rates, inflation, CAR, BOPO, and NPF toward the profitability of Islamic banks. The population used for the study is islamic banks whose financial statements have been published to Bank Indonesia from 2008 to 2011. For its Sampling in this study used purposive sampling obtained three islamic banks. The data of this study used secondary data from the website of each bank and also Bank Indonesia. The method of data analysis which was used is multiple linear regression analysis. The results of this study indicate that the interest rate variable has no effect on ROA, inflation had no effect on ROA, CAR had no effect on ROA and neither did NPF. While BOPO variable had significant influence with negatif directio

ANALISIS PENGARUH CAR, NPF, FDR, DAN BOPO TERHADAP PROFITABILITAS BANK SYARIAH DI INDONESIA (Studi pada Bank Umum Syariah di Indonesia Periode Tahun 2011 – 2015)

Banking is the core subject in building economic and monetary system Indonesia because in can act as intermediary institution which is an institution that is capable to distribute back the funding which the economic units has in surplus to economic units that in need of funding or deficit. The existence of Islamic banks withstand in the middle of economic crisis that is getting worse. This study aims to analyze factors that influence the profitability of Islamic banking. Data of this research comes from financial statements and yearly reports on Islamic banking from Otoritas Jasa Keuangan (OJK) and Info Bank Magazine. Population of this research Islamic banking are in the course of 2011 up to 2015 that ranging in total of 45 data. The sampling techniques of this research uses purposive sampling method or taking samples deliberately. The analysis tools used here is multiple regression linier with SPSS version 17 computer program. The result of this arch shows Capital adequacy ratio (CAR) and Operating Expenses to Operating Income (OEOI) on Islamic Bank in Indonesia proven to have negative and significant effect to Profitability of Islamic bank. Financing deposit ratio (FDR), Non Performing Financing (NPF) Variable are not proven to have significant effect on Islamic bank. The variation on profitability of Islamic bank variable can be explained with CAR, NPF, FDR, and OEOI variables that has 85,7 percent of impact on Islamic bank, while the 14,3 percent is affected by another variabl