Capital Companies Research Articles

Perbedaan Saham Blue Chip dan Non Blue Chip: Analisis Volume Perdagangan dan Return Saham Atas Kebijakan Stock Split

The stock split phenomenon is still challenging to understand the returns to companies and investors. A stock split is a corporate actions to break up more shares so that the price per share changes to a smaller one, which aims to increase stock liquidity. The purpose of this study is to analyze differences in trading volume, and stock returns before and after the company's stock split policy implemented in blue-chip and non blue-chip Indonesian companies in the 2017-2019 period, amounting to 34 companies. This study uses data analysis techniques in the Wilcoxon Signed Ranks Test and the Mann-Whitney T-Test. The results showed a significant difference to the average trading volume, but there was no significant difference to the average stock return before and after the stock split policy. The test results of the average difference between blue chip and non blue-chip companies have no significant differences. The company's market capitalization has no significant effect on stock returns and trading volume in the stock split period. The results of this study can be used as reference material for investors and companies in making decisions.

Eksekusi Putusan Pailit Atas Perusahaan Modal Asing Di Indonesia

A bankruptcy Decision is a decision which states that a company is normatively bankrupt. Decisions were issued by the Indonesian Commercial Court and given to foreign companies in Indonesia due to the end of PKPU. This research is normative legal research, with a legal approach. The data sources are primary and secondary legal materials, which will be analyzed qualitatively. From this research, it is known that normatively a foreign capital company in Indonesia can be declared bankrupt by the Commercial Court if it fulfills the elements in Article 2 Paragraph (1) and Article 3 Paragraph (4) of the Bankruptcy Law. The problem that arises then is the execution stage of the decision. During the management and settlement of bankrupt assets, it is certain that other legal problems will arise, namely if the assets of the bankrupt debtor in Indonesia are not sufficient so that the debtor's assets are outside the jurisdiction of Indonesia. To overcome this problem, the government needs to enter into international agreements bilaterally and multilaterally, and the government also needs to ratify the Uncitral Model Law on Cross-Border with Guide to Enactment agreement made by the United Nations which can apply to fellow countries that ratify the regulation.

POLITICAL CULTURE AND ITS ROLE IN THE DEVELOPMENT OF SOCIAL CAPITAL

The aim of this paper is to highlight aspects relating to the relationship between a company's political culture and social capital. Thus, a high level of political culture leads to the development of the social capital and the whole social body in general. At the same time, the relationship between the two concepts is directly influenced by other elements such as the level of education or the standard of living of an individual.

Project portfolio management as a tool for implementing an organization's strategy: development of a project selection and ranking system

At the current stage, development of economic relations is characterized by high competition in all sectors of economy with no exception. Requirements, applicable to the quality of products and services, resource conservation, environmental safety of products and technologies are increasing. Hence, these changes need investments and a balanced approach to the implementation of projects, having versatile foci and scale. In this regard, a portfolio management toolkit is increasingly used, since it allows for an optimal set of portfolio components and a clear focus on strategic changes in the company's activities. The portfolio management motivation is the ability to optimize investment resources and set disbursement priorities.
 Given the strategic focus of the project portfolio, it is necessary to implement such processes as the assessment of each project from the standpoint of compliance with corporate strategic objectives, elimination of task duplication within the portfolio, cost and feasibility assessment, as well as project ranking and balancing. Many researchers believe that it is advisable to use expert analysis methods for the project selection and ranking, since experts are able to assess not only the quantitative, but also the qualitative characteristics of components, their strategic focus, and use extra data. The most acceptable methods are the analytic hierarchy process, the strategic buckets method.
 Given that each project portfolio component has been examined and selected according to the commercial efficiency criteria, it is necessary to solve the task of assessing each component’s impact on the targets of the portfolio as a whole. We believe that the problem of developing a system of target indicators, related to the company activities, requires further consideration. To generate the project portfolio objective, it is advisable to apply the SMART methodology, which is focused on such characteristics of objectives as being specific, measurable, achievable, relevant for the company, and time-bound. This approach is quite consistent with the strategic focus of the project portfolio. The dynamic nature of the project portfolio implementation, along with the permanency of the strategic objectives, requires balancing the portfolio not only at the verification stage, but also at each life cycle phase, which will allow to avoid risks.
 This paper aims to review and summarize approaches, goals and principles of a strategic project portfolio management in an organization, develop suggestions for ranking projects in the portfolio taking into account the interdependence of projects, the ability to implement strategic changes. Having focused on the standard project classification, the co-authors propose a step-by-step approach to the formation of an optimal set of the project portfolio components, providing systemic synergy. The co-authors propose a system of targets for ranking the project portfolio components to be based on the provisions of the portfolio management methodology and the experience of its implementation in various spheres of economy, regulatory legal acts, and opinions of well-known economists. The proposed project portfolio criteria are consistent with the requirements of the SMART goal setting methodology and include the following positions: revenue increase; production costs decrease; market share growth; the company's market capitalization growth. The rating of the portfolio component is determined by the sum of the contribution points to the achievement of the above targets.

The Analytical Review of Foreign Studies on the Impact of Taxation on Corporate Investment

The article provides an overview of foreign studies, mainly American ones, on the impact of tax policy on corporate investment. The research revealed the positive impact of maneuvering tax rates and tax incentives on investments in the corporate sector. At the macro level, special attention is paid to the Laffer curve and its modern applications. The possible use of the King - Fullerton model, as well as the active use of regression analysis in its various variations, are analyzed at the micro level. Besides, the taxation of income from investors' capital, including taxes on dividends, capital gains, and income from bonds are the ussies under analysis. The article also pointed out the complexity of tax systems in most countries, the importance of tax competition between different countries, the impact of tax policy on the structure as well as the cost of capital of companies. The authors identify the areas for further research at the macro and micro levels, emphasizing the lack of such research for developing countries and the need for the study of «natural experiments».

Sharia Venture Capital As Alternative Capital For MSMEs In Indonesia

Abstract This study aims to find out how the role or exsitence of Sharia venture capital as an alternative financial institution that provides capital assistance for MSMEs actors in Indonesia. This research is a type of research using qualitative methods with information and data collection techniques through library research and secondary data sources. The results show that the existence of the role of Sharia venture capital as an alternative capital for MSMEs has succeeded in helping MSMEs not only in terms of strengthening capital but also in terms of HR management, with management assistance, increasing product distribution efficiency by utilizing marketing technology and increasing the ability to earn profits. So that the existence of Sharia venture capital becomes an alternative financing for MSMEs in Indonesia. The benefits obtained by MSMEs from sharia venture capital financing are supported by the role of sharia venture capital companies, which of course cannot be obtained from banking institutions.

KETERKAITAN ABNORMAL RETURN DAN TRADING VOLUME ACTIVITY PADA BERBAGAI PERISTIWA PEMILU

This research is an event study that aims to find out whether there is empirical evidence of the reaction of the Indonesian capital market to political events in the country, namely the 2015 Regional Head Election, 2014 Presidential Election, and 2020 US Presidential Election, using abnormal return indicators and trading volume activity. The population in this study are stocks that are included in the top 10 capitalization companies in Indonesia. The data used in this study is secondary data consisting of daily stock prices, daily stock trading volume, and daily stock price index for five days before and five days after the incident. The statistical tool used to test the hypothesis is the paired sample t-test. The results of the statistical calculation of the paired sample t-test both abnormal return and trading volume activity show that there is no difference in the average abnormal return and trading volume activity before and after the event

Implementation of Islamic Business Ethics as a Competitive Strategy at PT Mahesa Energi Persada Jakarta

This study aims to analyze the application of Islamic business ethics at PT Mahesa Energi Persada Jakarta as a competitive strategy. Given the rampant unhealthy competition carried out by companies engaged in the solar sector. This type of research uses qualitative research. The type of data used is primary data obtained by observation, interviews and documentation, secondary data obtained from books and journals. The data analysis technique of this research is descriptive qualitative. The results of this study are the implementation of Islamic business ethics by PT Mahesa Energi Persada by applying the principles of Islamic business ethics including the Principle of Unity, the Principle of Balance, the Principle of Free Will, the Principle of Responsibility and the Principle of Virtue. It can be concluded that PT Mahesa has implemented Islamic business ethics as competitive advantage. The suggestion from the author is that PT Mahesa Energi Persada is expected to be consistent in applying the principles of Islamic business ethics, increasing the quantity and quality of human resource management and increasing the company's capital by looking for investors.

Efficiency Analysis of Sharia Ventura Capital Companies Using Data Envelopment Analysis (DEA) Period 2014 – 2018

Efficiency is one of the performance parameters that theoretically underlies the entire performance of a venture capital company. A lot of research on the efficiency of venture capital companies mostly focuses on conventional venture capital companies. Recently, Islamic venture capital companies have developed in various regions in Indonesia and are operated in a modern and sharia manner like other Islamic venture capital companies. This study evaluates the efficiency performance of Islamic venture capital companies in the period 2014 - 2018 (this study uses annual data) using Data Envelopment Analysis (DEA), where the first step is to measure the technical efficiency performance of venture capital companies using Data Envelopment Analysis (DEA) with using an intermediation approach. Based on the efficiency measurement using the DEA method, it shows that the Sharia Venture Capital Company during the 2014 - 2018 period was still inefficient. The efficiency value of the most efficient venture capital company is 100%. The data used in this study is secondary data, collected from financial reports published by the Financial Services Authority (OJK) and the websites of each company. The sampling technique used in this study was purposive sampling by taking a sample of 5 (five) Islamic venture capital companies. The input variables used in this study are total assets, capital and labor costs. While the output variable includes financing and revenue sharing.

The Influence of Company Size, Capital Structure and Enterprise Risk Management on the Value of Companies Listed on the Indonesia Stock Exchange (IDX) 2014-2018.

This research was conducted to apply the Influence of Company Size, Capital Structure and Enterprise Risk Management on the Value of Companies Listed on the Indonesia Stock Exchange (IDX) in 2013-2018. This research is a quantitative research type. The sampling technique used is purposive sampling. The sample used is 60 with the number of companies as many as 12 companies. The analytical tool used is Eviews version 10. This data was analyzed by, Classical Assumption Test, Panel Data Regression, T-Test, F-Test, and R2 Test. The results of this study indicate that firm size has a significant effect on firm value in construction companies listed on the Indonesia Stock Exchange. Capital structure (DER) does not significantly affect firm value on construction companies listed on the Indonesia Stock Exchange. Enterprise Risk Management (ERM) has a significant effect on firm value in construction companies listed on the Indonesia Stock Exchange.

Autorytaryzm w zarządzaniu spółkami kapitałowymi

The article focuses on the validity and utility of using the term “authoritarianism” in relation to certain models of management in capital companies as well as groups of companies. The article draws attention to the risks and consequences arising from authoritative management of capital companies. The article indicates the need to introduce appropriate safeguards which will protect the socioeconomic environment from the abuse of such a style of management in capital companies.

Modal Ventura Indonesia

Venture capital companies (PMV) not only provide financial financing but also participate in providing strategic direction to investee (PPU), thus providing solutions for PPU in carrying out company operations. This study uses a quantitative descriptive method related to PMV conditions in Indonesia for the 2015-2020 period. As a result, the number of PMVs showed a decreasing trend, but in contrast to the number of PPUs, PMV performance, assets, liabilities and equity showed an increasing trend during the study period. This indicates that PMV in Indonesia is able to grow and develop even though the number of PMV has decreased. It is hoped that PMV can increase the financing of shares and convertible bonds, so that PMV is able to bring micro, small and medium companies to successfully exit and enter the expansion stage either through mergers, acquisitions or IPOs in the capital market.

Odpowiedzialność za zobowiązania spółki kapitałowej w organizacji na podstawie art. 13 § 1 Kodeksu spółek handlowych. Glosa częściowo krytyczna do wyroku Sądu Najwyższego z dnia 10 września 2020 r. (V CSK 118/19, LEX nr 3080092)

The commented judgement rightly recognizes the need to identify the liabilities of a capital company in the process of formation and their scope. This issue is of particular importance in the context of the possibility to attribute the liability under Article 13 § 1 of the Code of Commercial Partnerships and Companies to persons acting on behalf of the company. The Supreme Court, by distinguishing the obligation (debt) from the resulting legal relationship, and having regard to the legal nature of the contract concluded, assumed that the obligations of the parties had arisen at the stage of limited liability company already formed, which precludes liability from being attributed to a person acting on behalf of the company (the representative appointed by the shareholders’ resolution). The commentary outlines the Supreme Court’s position, with partial criticism thereof.

The legal restructuring framework in Poland: Does it help indebted enterprises avoid bankruptcy?

AbstractThe purpose of the article is to present the latest research regarding the usefulness of restructuring proceedings in Poland, which enterprises threatened with insolvency or already insolvent may use to avoid bankruptcy. Changes in the legal system in Poland in 2015 were ground‐breaking, as not only the bankruptcy law was amended, but also the legal system was enriched with a new Restructuring Law (in force from 2016). The contribution of this article is threefold. First, the specifics of the four types of restructuring proceedings and the main actions to be carried out during the proceedings are discussed. Second, an analysis of the phenomenon of enterprise restructuring in Poland has been conducted on the basis of statistical data published by the Ministry of Justice. Third, the effects of 533 restructuring proceedings opened against capital companies in the period 2016–2018 have been assessed. The results achieved have allowed for the formulation of initial conclusions on the usefulness of the legal debt restructuring framework in Poland for business entities experiencing temporary financial difficulties.

The Participant of Venture Capital Company in Malaysia

The Participant of Venture Capital Company in Malaysia

Translocate, to fund or not to fund: challenges in funding an emerging market start-up

Subject area: Financial management – Specifically start-up valuations. Study level/applicability: Honours or masters level (professional or academic). Case overview: The case is around a tech start-up in the informal transport market in South Africa, that has obtained some government funding and developed a working SaaS. However, requires funding to expand and grow. Informal transport is significant in emerging and developing markets and the product is portable internationally. In South Africa, two listed companies (US and SA) were started with similar concepts in Logistics and private client market and are now global in 124 and 24 countries. Management of the venture capital firm are senior and experienced and have invested years and funding into this company, and while willing to offer equity had quite a high value in mind, the venture capital company (with an impact mandate) needs to decide whether to fund the start-up and negotiate a value. Expected learning outcomes: Characteristics of a successful start-up are formulating an appropriate discount rate, using real world data; performing a DCF and relative valuations given limited information; scenario analysis and sensitivity analysis; and the importance of negotiating (understanding managements side). Supplementary materials Teaching notes are available for educators only. Complexity academic level This case was written for use in financial management classes in either an academic full-time student (final year undergraduate/bachelor) or a postgraduate program with working students/professional (MBA) program level. Subject code CSS: 1: Accounting and finance.

An Empirical Analysis of the Annual Report Effect of High Market Capitalization Companies in China

In this paper, we study the abnormal stock price returns of the top 10 stocks in the Chinese stock market in terms of total market capitalization before and after the release of their annual reports in the past 10 years, using the event study method implemented by the Event Study package of the Alpha Library under Python, using a market model to estimate normal returns. The results find that and most of the events have insider phenomenon.

Legal regime of auditors and financial auditors in the matter of companies

Abstract This research aims to analyze one of the most important components of the activity of a company, namely the activity of management control. The paper is structured in three parts, thus aiming to achieve an objective synthesis that faithfully reflects the current structure and regulation of the company’s management control. The first part will address the introductory and general aspects of management control according to each type of company, respectively, the rules applicable to partnerships, capital companies but also limited liability companies. The second part of the paper aims to present in a timely manner all the essential aspects regarding the censors, as corporate control bodies. Thus, the analysis following aspects such as the term of office, the rights and obligations of auditors in relation to the company but also their responsibility for the activity carried out. The third part exhaustively analyzes the legal regime of financial auditors and in this sense will prefer to follow the regulation of the company law but also of the special applicable legislation. In carrying out this research, specialized works in the field of society were used, as well as the regulations from the updated special legislation.

Legal aspects regarding the increase of the capital of a joint-stock company and a limited liability company

Abstract In the business world, certain needs of the company may impose the necessity to increase its capital. These needs may consist either in the desire of the partners to develop the company’s activity, either to remove certain financial difficulties. The modalities and procedures for increasing the capital are regulated by Law no. 31/1990 on companies, having various particularities and immediate effects. The current paper, therefore, aims in presenting these methods and their particularities, both from a theoretical and practical point of view, in a comparative way, for the joint-stock companies and the limited liability companies, as the most frequently existing types of company in Romanian law.

SHARIA LOCAL FUNDING (SALAF CARD): INNOVATION ON SMES FUNDING USING ISLAMIC BOARDING SCHOOL VENTURE CAPITAL

Islamic boarding school is one of the educational institutions that have a strong network. Until now, there were 27,230 Islamic boarding schools scattered throughout Indonesia. Today, the function of Islamic boarding schools is not only functioning as an Islamic-based educational institution but also Islamic boarding schools has a function as a social institution. Islamic boarding schools are considered potential to become the basis of empowerment local people's economy and the center of economic development of the people in the regions, both in the form of Islamic financial institutions or Islamic boarding school cooperation. Law in Indonesia, No.33 of 2014 concerning guarantees on halal products provides significant opportunities for innovative product development given the huge potential of Indonesia's Muslim population. In the process, the requirement to use halal certification in trade as mandated by national law carries a dilemma on halal industrial players as well as micro, small and medium enterprises (SMEs). The problem of capital and funding is key problem. This qualitative paper offers a literature review. The purpose of this paper is to understand how innovative funding models are through Islamic Boarding School venture capital the company spurred the growth and development of the halal industry. The Sharia Local Funding Card (SALAF) is innovative Mudharabah and Musyarakah transaction models at Baitul Mal Wattamwil, which are realized in sustainable funding with the Sharia business capital company for halal industry players. Allocation of profit sharing is based on the contract by specifying several parts other than cards as productive deposits. These deposits will be managed as productive stimulus funds for maintenance of halal certification, training, and business assistance, and the SALAF card balance itself. SALAF card is an innovative model that has a sustainable funding agreement that involves several stakeholders to improve productivity, growth, and presence of halal products in the nation trade arena.
 Keywords: financing, SMES, SALAF card, Islamic Boarding School venture capital