Collateral Assets Research Articles

Does Capital Structure Impact Financial Performance? (Banking Enterprise in ASEAN 2017- 2021)

This study intends to investigate how capital structure affects the financial health of ASEAN banking organizations. Demands for improving banking performance must always be carried out so that their survival can be maintained properly. A company's financial performance is influenced by various factors, and capital structure is one of them. The sample used in this study is the ranking of the top 10 banking companies with the largest assets in ASEAN in 2021 during the 2017-2021 period. The dependent variable in this study is financial performance which is proxied by ROA, ROE, and Tobin's Q. Leverage, DER, and collateralizable assets are used as proxies for the independent variable, capital structure. The method used in this research is panel data regression analysis. The results of this study are that there is a negative effect of leverage on ROA, DER has no effect on ROA, CA has a positive effect on ROA, Leverage has a positive effect on ROE, DER has a negative effect on ROE, CA has a positive effect on ROE, leverage has a positive effect on Tobin's q, DER and CA has no effect on Tobin's q.

Banking for tourism in the digital age: Access to credit and cashless payments for community-based tourism household-owned businesses in Vietnam

This paper examines the impact of access to banking services on household-owned community-based tourism businesses in Northwestern Vietnam. Using a unique dataset of 370 households in 33 tourist destinations, a partialing-out lasso instrumental-variable regression was applied to control endogeneity and model uncertainty. In-depth interviews with relevant stakeholders were also conducted to better interpret findings. Results showed that bank credit and cashless payments have increased income for household-owned community-based tourism businesses. In addition, the education of household heads and collateral assets influence access to these banking services. While the level of training, credit information, and agricultural land use certificates were found to be the main drivers of access to credit, ownership of bank accounts was the main determining factor for the adoption of cashless payments. Results imply that policymakers should focus on relaxing access constraints to expanding credit and cashless payments for community-based tourism development in mountainous rural areas.

Effect of Currency Devaluation on Performance of Small and Medium Firms in Beirut, Lebanon

Currency devaluation refers to a deliberate and official reduction in the value of a country's currency in relation to other currencies. It can occur through various mechanisms, such as adjusting interest rates, intervening in foreign exchange markets, or implementing monetary policies aimed at reducing the supply of domestic currency. Currency devaluation can create financial challenges for SMEs. Financial institutions may be more cautious in extending credit due to increased risks associated with exchange rate fluctuations. Devaluation reduces the value of collateral assets, making it harder for SMEs to secure financing.  The research used the descriptive research design. The target population was 200 small and medium firms in Beirut, Lebanon.  The study did sampling of 150 participants that were chosen from the target population of 200 small and medium firms in Beirut, Lebanon. Questionnaires were utilized to gather data. In conclusion, the devaluation of the Lebanese currency has presented numerous challenges for these businesses, impacting their competitiveness, profitability, and sustainability. It is crucial for SMEs to understand the direct and indirect impacts of currency devaluation. Increased import costs, inflationary pressures, and reduced purchasing power have placed significant strain on SMEs. By recognizing these challenges, SMEs can develop effective financial management strategies and explore hedging mechanisms to mitigate currency risk. The study recommended that Lebanese SMEs should consider developing export-oriented strategies, including identifying new export markets, conducting market research, and adapting their products and services to meet international demand. By capitalizing on export opportunities, SMEs can diversify their revenue streams and reduce their vulnerability to the domestic economic challenges caused by currency devaluation. Keywords: Currency Devaluation, Performance, Small and Medium Firms, Lebanon

THE ROLE OF MANAGERIAL OWNERSHIP AS MODERATION ON FACTORS AFFECTING DEBT POLICY IN COMPANIES WITH LARGE MARKET CAPITALIZATION IN INDONESIA

the goal of this study was to gather empirical evidence of the effect of Profitability, Dividend Policy, and Collateral Assets on Debt Policy with Managerial Ownership as a moderating variable. This research relies on secondary data from the Indonesia Stock Exchange (IDX). The population used in this study are companies with large capitalization values that are included in the LQ45 index in the 2016-2020 period. Sampling in this study used purposive sampling method, and the data that met the criteria were 70 data which were processed using Statistical Package for the Social Sciences (SPSS) vers 25.0. Partially, Profitability and Collateral Assets have a significant impact on Debt Policy, while Dividend Policy has no significant effect on Debt Policy. Managerial Ownership unable to moderate the effect of Profitability, Dividend Policy and Collateral Assets on Debt Policy. The implication of this research is that companies with large capitalization of managerial ownership should play a greater role in determining debt policy by maintaining the level of profitability and collateral assets.

THE ROLE OF MANAGERIAL OWNERSHIP AS MODERATION ON FACTORS AFFECTING DEBT POLICY IN COMPANIES WITH LARGE MARKET CAPITALIZATION IN INDONESIA

THE ROLE OF MANAGERIAL OWNERSHIP AS MODERATION ON FACTORS AFFECTING DEBT POLICY IN COMPANIES WITH LARGE MARKET CAPITALIZATION IN INDONESIA

FACTORS AFFECTING DIVIDEND POLICY ON LQ45 INDEX COMPANIES ON THE INDONESIA STOCK EXCHANGE

Dividends are one of the considerations in stock investment. The purpose of this study is to analyze the effect of “Board Size, Board Independence, “Management Ownership”, Institutional Ownership, and “Collateral Assets” on the “Dividend Policy”. This study uses 17 samples of public companies that are part of the LQ45 Index with 84 data observation during 2016-2020. The sampling method used purposive sampling technique. data analysis using multiple regression analysis where data is processed using IBM SPP Statistic Version 25.0 software. The results show that “Management Ownership” and “Collateral Assets” have a positive and significant effect on “Dividend Policy”. Meanwhile, “Board Size”, “Board Independence”, and “Institutional Ownership” have no significant effect on “Dividend Policy”. The implication of this research is that there is a need for Institutional Ownership representatives on the company's “Board of Directors” in order to influence the companies’ “Dividend Policy” and provide a good signal for investors.

FACTORS AFFECTING DIVIDEND POLICY ON LQ45 INDEX COMPANIES ON THE INDONESIA STOCK EXCHANGE

Dividends are one of the considerations in stock investment. The purpose of this study is to analyze the effect of “Board Size, Board Independence, “Management Ownership”, Institutional Ownership, and “Collateral Assets” on the “Dividend Policy”. This study uses 17 samples of public companies that are part of the LQ45 Index with 84 data observation during 2016-2020. The sampling method used purposive sampling technique. data analysis using multiple regression analysis where data is processed using IBM SPP Statistic Version 25.0 software. The results show that “Management Ownership” and “Collateral Assets” have a positive and significant effect on “Dividend Policy”. Meanwhile, “Board Size”, “Board Independence”, and “Institutional Ownership” have no significant effect on “Dividend Policy”. The implication of this research is that there is a need for Institutional Ownership representatives on the company's “Board of Directors” in order to influence the companies’ “Dividend Policy” and provide a good signal for investors.

Fungsi Akta De Command dalam Proses Lelang Jaminan Debitur Menurut Peraturan Perundang-undangan di Indonesia

The Notaries are charged with great responsibility for every action taken, in this case making an authentic deed. The world of auctions is known for the acte de command. The temporary purchase plan by the bank must begin with the creation of an authentic deed known as the Deed of Purchase for Others or also known as the Acte de command which essentially contains a statement that the creditor bank will participate in the auction to purchase its credit collateral assets. Acte de command has an important role for banks that have auctioned off their auctioned collateral. The auction is carried out in the context of paying off bad loans by debtors. In practice, there are banks that use Acte de command in situations where there are several other bidders who are interested in buying the bank's collateral. takeover of collateral through an auction by signing an agreement to take over the collateral between the bank and the debtor or making a notarial report of credit settlement, then proceed with making an Acte de Command, which is a statement between the buyer appointed by the bank (usually a bank employee) and the debtor which states that the buyer is acting buying collateral is done for the benefit of another party whose name will be determined at a later date who is appointed to replace the buyer. The legal issue in this thesis is the obscurity of norms, because not all banks in Indonesia use de command deed for the auction process. Collateral goods purchased must be sold no later than 1 (one) year. If the parties to the deed are in default, then proceed with the court process and the goods guaranteed will be auctioned, and if the maximum time limit for the de command expires, the deed will be canceled or forfeited

Pengaruh Collateral Assets, Kebijakan Hutang, dan Investment Opportunity Terhadap Kebijakan Dividen

The purpose of study is to examine the effect of collateral assets, debt policy, and investment opportunity on dividend policy. The type of research is quantitative approach. The research population food and beverage companies listed on the Indonesia Stock Exchange in 2019-2021. The sample of research by using purposive sampling of the research sample selection of 11 food and beverage companies. The data analysis technique used classical assumption test, descriptive analysis, multiple linear regression, hypothesis testing and determination test. The results show that collateral assets, debt policy, and investment opportunity have no effect on dividend policy. Recommendations for further research are to expand the object and period of the research year so that the research results are more accurate and can be used as a general reference.

Analysis of the Influence of Managerial Ownership, Collateralizable Assets, and Sales Growth on Dividend Policy

This study aims to determine the effect of Managerial Ownership (MO), Collateralizable Assets (CA) and Sales Growth (SG) on Dividen Policy (DPR). The population of this research are manufacturing companies in the consumer goods sector which are listed on the Indonesia Stock Exchange (IDX) in the period 2015 – 2019. Company samples obtained from the selection are 18 companies so that the sample is 72 data. The result found that Managerial Ownership (MO), Collateralizable Assets (CA) and Sales Growth (SG) are simultaneous effect on Dividen Policy (DPR). Partially Managerial Ownership (MO) and Collateralizable Assets (CA) have no effect on Dividen Policy (DPR). Meanwhile Sales Growth (SG) has a positive and significant effect on Dividen Policy (DPR).

Effect Of Operating Cash Flow, Collateral Assets, And Company Size On Dividend Policy

Dividend policy is the amount of income that will be distributed to investors.The purpose of this study was to determine the factors that influence dividend policyin Property & Real Estate companies listed on the Indonesia Stock Exchange (IDX)with the year 2016-2020 research period. Is therea relationship between OperatingCash Flow, Collateral Assets and Company Size Against Policy. The dependent variable in this study is Dividend Policy. the data used is secondary data. The sample in this study is financial report data for five years in the period 2016 - 2020for Property & Real Estate companies listed on the Indonesia Stock Exchange (IDX). The total population in this study was 60 companies using purposivesampling, 8 companies were obtained. The method used in this research is descriptive quantitative. Tests in this study are descriptive analysis, classicalassumption test, multiple linear regression analysis and hypothesis testing. Based on the results of this study, a significant level of 5% indicates that the variable Operating Cash Flow partially has no effect 0.220 > 0.05 which is greater than a significant 5%, which means it has no effect on Dividend Policy. Collateral Assets0.629 > 0.05 is greater than 5% significant, which means it has no effect on Dividend Policy. Firm size 0.001 <0.05 is less than 5% significant, which means ithas a partial effect on dividend policy. While simultaneously the variable OperatingCash Flow, Collateral Assets, Company Size, 0.04 <0.05 is smaller than the significance of 0.05, meaning that it simultaneously influences Dividend Policy. Overall Dividend Policy has an effect of 12% The remaining 88% is explained by variables that are not examined.

The Role of Collateralizable Asset, Profitability and Operating Cash Flow on Dividend Policy: A Study on ASEAN Non-Financial Companies

Purpose of the study: This study examines the role of collateralizable assets, profitability, and operating cash flow on dividend policy. Methodology: In this study, researchers used data obtained from the OSIRIS database, which processes data from each exchange in the country studied and compiled a panel data set of ASEAN non-financial companies. Main Findings: The results of this study found that profitability and operating cash flow significantly affect dividend policy, namely, securing assets that can be guaranteed. Individual collateral assets do not affect dividend policy. Meanwhile, using the proxy return on assets, profitability has a positive effect on dividend policy, and operating cash flow also significantly influences dividend policy, but the impact is negative. Research limitations/implications: With this research can maintain its profitability value so that it can take future dividend policies that benefit investors or companies themselves. Novelty/Originality of this study: This study focuses on collateralizable assets, profitability, and cash flow operations. This has been done because we are very interested in the phenomenon. After all, as we know, this collateral asset is an asset that can be pledged, and so we want to see if a dividend policy can cover this collateral. Because it must be high collateral, it must be able to signal to the company that the company has a high asset value, making it management's responsibility not to be afraid to pay dividends. policies.

Dynamic Asset-Backed Security Design

Abstract Borrowers obtain liquidity by issuing securities backed by the current period payoff and resale price of a long-lived collateral asset, and they are privately informed about the payoff distribution. Asset price can be self-fulfilling: a higher asset price lowers adverse selection and allows borrowers to raise greater funding, which makes the asset more valuable, leading to multiple equilibria. Optimal security design eliminates multiple equilibria, improves welfare, and can be implemented as a repo contract. Persistent adverse selection lowers debt funding, generates volatility in asset prices, and exacerbates credit crunches. The theory demonstrates the role of asset-backed securities on stability of market-based financial systems.

PENGARUH INVESTMENT OPPORTUNITY SET, KEBIJAKAN UTANG, PERTUMBUHAN PERUSAHAAN DAN COLLATERALIZABLE ASSETS TERHADAP KEBIJAKAN DIVIDEN

This study aims to examine the effect of investment opportunity set, debt policy, company growth and collateralizable assets on dividend policy. The population in this study are manufacturing companies listed on the Indonesia Stock Exchange (BEI) 2016-2019.The sampling technique used in this study was purposive sampling with a sample size of 30 manufacturing companies listed on the Indonesia Stock Exchange (BEI) 2016-2019. The data analysis used in this research is multiple linear regression analysis. The results of this study indicate that the investment opportunity set has a positive effect on dividend policy, while debt policy, company growth and collateralizable assets have a negative effect on dividend policy. While the simultaneous test results show that the investment opportunity set, debt policy, company growth and collateralisable assets together have a positive effect on dividend policy

Factors Affecting Dividend Policy In Companies In The Era of Covid-19 Pandemic

This study aims to examine the effect of free cash flow, profitability, collateralizable asset and debt policy on dividend policy. The method of data analysis in this study uses the method of multiple regression analysis on Eviews program assistance and data collection method using purposive sampling. The data used are secondary data obtained from 81 data financial statements of sector property, real estate and building construction companies listed on the Indonesia Stock Exchange in 2019-2021. The results of this study indicate that the free cash flow and collateralizable assets variable has a positive influence on dividend policy, while profitability and debt policy variable has no postitive effect on dividend policy

PENGARUH UKURAN PERUSAHAAN, COLLATERALIZABLE ASSETS DAN LEVERAGE TERHADAP DIVIDEND PAYOUT RATIO DENGAN PROFITABILITAS SEBAGAI PEMODERASI

The dividend policy is applied by the company in determining the profits to be distributed to shareholders and has been approved for dividend payments . This study aims to analyze company size, collateralizable assets, leverage, profitability and dividend payout ratio in listed manufacture companies simultaneously (IDX) for the 2015-2020 period. This study is to analyze the partial effect of firm size, collateralizable assets and leverage on and dividend payout ratio with profitability as a moderating variable. The analytical method used is descriptive statistical testing and moderated regression analysis (MRA). The sampling technique in this study used a sampling method based on criteria with a predetermined purpose of sampling and 32 companies were obtained as research samples. The results showed that the size of the company and collateralizable assets had no significant effect on the DPR, while leverage had significant negative effect on the DPR. Profitability as a moderating variable weakens the influence of firm size and leverage on the DPR, while profitability fails to weaken the moderating Collateralizable assets against the DPR. Keywords: Dividend policy, Firm size, Collateralizable asset Leverage, Profitability

Do Nonfinancial Firms Use Financial Assets to Take Risk?

Abstract Using hand-collected data on financial asset portfolios and exploiting the 2014 oil price crisis as an exogenous cash flow shock, we investigate financial risk-taking at distressed firms. We find that distressed firms, with high debt rollover risk proxied for by short-term liabilities, substantially increase their investments in risky financial assets, including corporate debt, equity, and mortgage-backed securities. The effects are stronger for unhedged firms with low collateral assets. Overall, we provide new evidence that distressed firms take risk using financial assets camouflaged as cash reserves, which, compared to real assets, are less visible and carry lower transaction costs and accelerated payoffs. (JEL G32, G34)

Stock Comovement and Financial Flexibility

AbstractWe develop a dynamic model of corporate investment and financing, in which shocks to the value of collateralizable assets generate variation in firms’ debt capacity. We show that the degree of similarity among firms’ financial flexibility forecasts cross-sectional variation in return correlation. We test the implications of the model with firm-level data in two empirical analyses using i) an instrumental variable approach based on shocks to the value of collateralizable corporate assets and ii) the outbreak of the COVID-19 crisis as an event study. We find that firms in the same percentile of the cross-sectional distribution of financial flexibility have 62% higher correlation in stock-return residuals than firms 50 percentiles apart.

Creditors’ Rights, Threat of Liquidation, and the Labor and Capital Choices of Firms

In 2002, India introduced a legal reform that allowed secured creditors to seize and liquidate a defaulter’s assets, thereby strengthening creditors’ rights. We study the impact of the legal change on firms’ real decisions regarding their capital and labor, exploiting variation in their prepolicy proportion of collateralizable assets. We find that firms increased employment and reduced their capital investments. These effects are especially strong for firms in regions with less-efficient courts. Our results are consistent with an increased threat of liquidation for firms following the passage of the law.

A review of microfinance and women empowerment in Ethiopia

Microfinance has a positive impact on the living standard of the poor people in particular and alleviates poverty in their households in general. It is not only undermining poverty in the city but also empowering women through surviving and making their life prosperous with dignity and self-reliance by providing financial services. This study aims to provide information for a better understanding of the constraints of women to access microfinance institutions (MFIs) in Ethiopia and establishes a knowledge base that helps to make a sound decision by providing information for policymakers and identifying research gaps, MFIs, and other lending institutions, and stakeholders. The study uses the literature review methods. From the findings of the study, Ethiopian Microfinance is facing different challenges in empowerment such as lack of collateral assets, lack of information, work burden, production failures, verbal abuse, lack of infrastructure and low institutional capacity. Keywords: Collateral, empowering women, microfinance, poverty eradication