Indonesia Stock Exchange Year Research Articles

Pengaruh ROA, Pertumbuhan Penjualan, Likuiditas dan Ukuran Perusahaan terhadap Struktur Modal Perusahaan Manufaktur Sektor Makanan dan Minuman di BEI

Food and beverage companies are industries that compete in the world market and make major contribution to the value of national exports. Companies that have good capital structure have a good reputation and affect the high stock price. This research aimed to find out the effect of ROA, sales growth, liquidity, company size variable to capital structure variable in annual report listed on the Indonesia Stock Exchange year 2017–2019. The population are all food and beverage manufacturing companies listed on the Indonesia Stock Exchange, and obtained samples of amount 14 companies. The type of this research is a quantitative study. The data analysis used several analyzes, namely multiple linear analysis, the coefficient of determination test, the classical assumption test, R2 test, the F test, and the t test. Based on the results of this research, that partially profitability has significant positive effect on capital structure. Sales growth has no significant negative effect on capital structure. Liquidity has no significant negative effect on capital structure. Company size variable has significant positive effect on capital structure. The results of F test show that profitability, sales growth, liquidity, company size have significant positive effect on capital structure.

Role Analysis of Debt Equity Ratio on Dividend Payout Ratio, Stock Return and Earning Per Share with Firm Size and Return on Equity as Intervening Variable (Case Study of Infrastructure Companies Listed in Indonesia Stock Exchange Year of 2015-2019)

The Indonesian government has been catching up with infrastructure development in recent years. In carrying out infrastructure development, funding and determination of the optimum capital structure are needed because this will affect a company's financial structure. The company's source of funds comes from foreign capital and equity as measured by the debt-to-equity ratio. However, in realizing the optimal determination of capital structure will affect several other financial ratios, therefore the aim of this study is to identify and examine the relationship between DER and DPR, SR and SR which uses FS and ROE as intervening variables. The data used were fourteen companies engaged in building construction and toll road construction. The results of this study indicate that there is a significant positive relationship between DER on FS, ROE, EPS and DPR, FS on EPS and ROE on DPR and EPS. The DER variable on DPR and EPS which is moderated by ROE and FS also has a significant positive relationship. On the other hand, the relationship between FS and DPR and the DER variable against DPR moderated by FS, show a significant negative, while the relationship between DER and SR is negative and insignificant. In addition, the relationship between FS and ROE on SR and DER against SR which is moderated by FS and ROE shows a positive but insignificant. Keywords: Debt Equity Ratio, Firm Size Earning Per Share, Return on Equity, Dividend Payout Ratio dan Stock Return.

Does Innovation Efficiency Matter to Firm Performance the Moderating Role of Environmental Uncertainty?

We examine the relationship between innovation efficiency and firm performance, as well as the moderating role of environmental uncertainty in the relationship. Competitive globalization pressures, dynamic changes in customer demand, and rapid technological advances make it difficult for firms to achieve and maintain their competitive advantage. We argue that when environmental uncertainty increases, innovation is needed to maintain the firm’s competitive advantage, by making it efficient in its implementation. We tested manufacturing companies listed on the Indonesia Stock Exchange year 2013-2019 with a total number 564 observations. We find that a innovation efficiency improves firm performance, and environmental uncertainty can encourage firms to be more efficient in innovating to improve their performance. This study contributes to a greater understanding of the relationship between innovation efficiency and firm performance in the situation of dynamic environmental uncertainty from the perspective of contingency theory. The evidence shows that environmental uncertainty, as a contingency problem, is an opportunity for firms to improve their performance, by being more active in carrying out innovation projects. When environmental uncertainty increases, policymakers within the firm must ensure that the innovation projects carried out can run efficiently, thus providing great benefits for improving firm performance.

Good Corporate Governance Memoderasi Pengaruh Corporate Sosial Responsibility dan Penerapan Green Accounting terhadap Kinerja Keuangan

The Covid-19 pandemic situation in Indonesia has caused many social responsibility programs that have been planned to be held in 2020 to be delayed. This condition requires companies to design adaptive and innovative CSR programs to respond to the needs of the community. The purpose of this research is to determine the influence of Corporate Social Responsibility (CSR) and the application of green accounting on the company's financial performance and to know the role of Good Corporate Governance (GCG) in strengthening the influence of Corporate Social Responsibility on the company's financial performance. The population in this study are all Green Industry Award-Winning companies listed on the Indonesia Stock Exchange year 2017-2019. The data analysis technique used Moderated Regression Analysis (MRA) with the IBM SPSS Statistics 20 program. The results showed that Corporate Social Responsibility and the interaction of Corporate Social Responsibility with Good Corporate Governance had a positive and significant effect on financial performance. The application of Green accounting has no significant effect on financial performance. The results also show that GCG is a type of all moderation (quasi moderation).
 Keywords : CSR; Green Accounting; GCG; Financial Performance.

Equity Mutual Fund Performance Analysis using Sharpe and Treynor Indices 2012-2013

This research examines stock mutual fund performance compared with market performance (IHSG) by Sharpe and Treynor approaches. The research problems are whether there are significant difference between stock mutual fund performance and market performance (IHSG) in Indonesia Stock Exchange (IDX) by Sharpe approach, whether there are significant difference between stock mutual fund performance and market performance (IHSG) in Indonesia Stock Exchange (IDX) by Treynor approach, and which one of stock mutual fund has the best performance if measured using Sharpe and Treynor approach. The sample in this research are 31 stock mutual fund listed in Indonesia Stock Exchange year 2012 to 2013 from 11 Investment Management which have the biggest AUM. The analysis used in this research is Independent Sample T-Test by SPSS version 16 program package. The results show that there is a significant difference between stock mutual fund performance with market performance used Sharpe Index and there is a significant difference between stock mutual fund performance with market performance used Treynor Index. Stock mutual fund which has the best performance if measured uses Sharpe and Treynor approach is Trim Kapital Plus. The findings implied that investors should use Treynor approach to evaluate the performance stock mutual fund because it is consistence. Meanwhile, investment managers must reconsider stock portofolio and the use of Treynor approach in evaluating performance stock mutual fund.

Pengaruh EPS, PER, dan DER Terhadap Harga Saham Pada Perusahaan Rokok yang Terdaftar di Bursa Efek Indonesia

Abstract
 
 This research was conducted on 4 cigarette companies listed on the Indonesia Stock Exchange with financial statements in 2013 - 2017 with the aim to determine the influence of Earning Per Share (EPS), Price Earning Ratio (PER) and Debt to Equity Ratio (DER) simultaneously and partially on the share price of Cigarette Companies listed in IDX in 2013 – 2017. This type of research uses causal research. Data is collected by documentation, data analysis methods in the form of multiple linear regression analysis. The results showed that there was a significant influence of EPS, PER and DER simultaneously on the share price, there was a significant influence of EPS partially on the share price, while the variables PER and DER partially had no significant effect on the share price of cigarette companies listed on the Indonesia Stock Exchange (IDX) year 2013 – 2017. Variable EPS that has a dominant effect on the share price with the value of Standardized Coefficients Beta = 0.870.
 Keyword: EPS, PER, DER, Share Price.

Innovation, Current And Future Firms Performance (Study On Manufacturing Firms Listed 0n Indonesia Stock Exchange 2016-2018)

Globalization in the industrial economy and the current global competitive nature are some of the main forces that need to be faced by firms to survive. Based on this statement, firms should have good strategies to gain a competitive advantage over their competitors to compete on a global scale. One of the strategies is an innovation strategy consisting of product innovation and organizational innovation. Therefore, this study aims to determine the effect of product innovation and organizational innovation on firm performance. The data used in this study are the financial statements of manufacturing firms listed on the Indonesia Stock Exchange (IDX) year 2016 to 2018. The data were collected using a purposive sampling method. Then, the data were analyzed using multiple linear regression analysis. The findings showed that product innovation and organizational innovation have a positive and significant effect on firm performance

Modal Intelektual (Intellectual Capital) dan Nilai Perusahaan Pada Industri Manufaktur

Information about company value and intellectual capital is important information to be known by investors. This research aimed to find out the influence of intellectual capital against the value of the company's of manufacturing companies listed on the Indonesia stock exchange year 2014 – 2017. This type of research is quantitative research. This population includes all manufacturing companies listed on the Indonesia stock exchange and obtained samples of as many as 17 companies. Based on the results of research, partially Value Added Capital Employed (VACA) and Value Added Intellectual Coefficient (VAIC) have an effect on company value (Tobin's Q). Value Added Human Capital (VAHU) and Value Added Structural Capital (STVA) have no effect on company value (Tobin's Q). Based on the suitability test of Value Added Capital Employed (VACA) models, Value Added Human Capital (VAHU), Value Added Structural Capital (STVA), and Intellectual Capital were proxied by Value Added Intellectual Coefficient (VAIC) simultaneously has an effect on Company Value (Tobin's Q). From the result of this research, investors in order to make intellectual capital as a consideration before making investment decisions because better company value will show better growth prospects so as to provide prosperity for investors and shareholders.

PENGARUH FINANCIAL DISTRESS DAN LEVERAGE TERHADAP AUDIT DELAY DENGAN UKURAN PERUSAHAAN SEBAGAI VARIABEL MODERASI

Audit delay is the length of time for the completion of an audit of a company's financial statements measured from the closing date of the book year to the date of issuance of financial statements. This study aims to analyze the effect of financial distress and leverage on audit delay. In addition, this study also uses company size as a moderating variable, which aims to determine the role of company size in the relationship between financial distress and leverage on audit delay. This research was conducted at the Indonesia Stock Exchange (IDX) through the investment gallery especially in the banking sector in Indonesia in 2014-2018. This study uses secondary data in the form of financial statements of banking companies in 2014-2018. The research sample is quantitative and uses purposive sampling method, with a total sample of 130 samples. The research methodology used is multiple linear regression and Moderated Regression Analysis (MRA) using SPSS version 24. The results of this study are that financial distress has a significant effect on audit delay, leverage has a significant effect on audit delay in the banking sector in the Indonesia Stock Exchange (BEI) year 2014-2018. And company size strengthens the relationship between financial distress and leverage on audit delay in the banking sector on the Indonesia Stock Exchange (IDX) in 2014-2018.

KETERKAITAN PERTUMBUHAN PENJUALAN PERPUTARAN PERSEDIAAN, PERPUTARAN PIUTANG, DAN PERPUTARAN KAS TERHADAP PROFITABILITAS PERUSAHAAN LQ 45 DI BURSA EFEK INDONESIA

The research aims to determine and provide empirical evidence of , sales growth inventory turnover, receivables Turnover, and significant cash turnover on profitability in LQ 45 Company on Indonesia Stock Exchange year 2016-2018.
 The samples in this study used purposive sampling so obtained 21 company samples from 45 LQ 45 company population listed on the Indonesia Stock Exchange, with 63 observations of financial statements (21 companies x 3 years of financial statements warning). Dependent variables in this study, namely profitability. While independent variables in this study, sales growth namely inventory turnover, turnover receivables, , cash turnover. The data analysis method used is a type of multiple regression test to test the relationship of independent variables with the dependents
 The results of the research hypothesis testing proved that the turnover of receivables, and cash turnover significantly positively affect profitability. And sales growth has a negative and significant effect on profitability. While inventory turnover has a negative and insignificant effect on profitability in LQ 45 company in the Indonesia 
 
 Keywords: sales growth,inventory turnover, turnover receivable, cash turnover,profitability

The Effect of Current Earnings, Operating Cash Flows and Accrual Quality on Future Earnings (Empirical Study on Manufacturing Companies Listed on The Indonesia Stock Exchange Year 2016 – 2018)

The Effect of Current Earnings, Operating Cash Flows and Accrual Quality on Future Earnings (Empirical Study on Manufacturing Companies Listed on The Indonesia Stock Exchange Year 2016 – 2018)

The Effect Of Managerial and Institutional Ownership Towards Earnings Management With Profitability As Moderating Variable

This research aims to predict the effect of managerial ownership and institutional ownership towards earnings management with profitability as moderating variable.  The population of this research is 52 consumer goods industrial companies that are listed in Indonesia Stock Exchange year 2016-2018. The sample of this research consists of 18 consumer goods industrial companies which are chosen using purposive sampling method. Technique of data analysis carried out in this research are multiple linear regression analysis and moderated regression analysis. The result of the research states that managerial ownership does not affect negatively towards the earnings management. That is because the managerial ownership is not capable to be the media of the corporate governance which could decrease interest disharmony between management with owner or shareholder.  Besides, the percentage of managerial ownership in Indonesia is still low. So does institutional ownership does not negatively affect the earning management. It is because there are many institutions that less active in giving pressure to management activity and lacks of supervision towards the management’s work. Meanwhile, profitability with return on assets proxy is not able to weaken the effect of managerial ownership and institutional ownership towards earnings management. From the result of the research, it can be concluded that companies should increase the implementation of good corporate governance to decrease the practice of earning management. Besides, investors should be careful in their investments activities of a company.

Influence Tax Avoidance, Company Size, Debt Ratio and AgeagainstDebt Costs in Manufacturing Companies Listed on the Indonesia Stock Exchange in 2015-2017)

The purpose of this research to obtain empirical evidence about the influence of tax avoidance, firm size, leverage and firm age on cost of debt in companies listed in Indonesia stock exchange year 2015-2017.The data used is secondary data and samples of annual report from 25 manufacturing company listed in Indonesian stock exchange year 2015-2017 use purposive sampling and data analyzed use statistical tests descriptive, the classic, assumption linear regression analysis multiple, and test a hypothesis. Data analyzed by using softwareStatistical Package for the Social Sciences version 24.The results of studies show that the variable tax avoidance significant impact on cost of debt, while variable of firm size, leverage and firm age no significant impact on cost of debt.

Do distressed firms manage earnings?

Purpose: This research aims to test and analyze whether the central role of SOE compare with the phenomenon of financial distress will result in dysfunctional behavior. This motivates researchers to investigate SOE financial performance and behavior. Thus, this study aims to prove that the influence of financial distress on SOE and POE behavior is different. Design/methodology/approach: The researcher employs a quantitative approach to test the hypotheses. The data collected using documentation of financial data of 55 SOE and 135 POE listed in Indonesia Stock Exchange year 2014-2018. Distress status determines using Altman Z-score and earnings management measured using the Modified Jones Model. This study examines two groups of samples originating to test hypotheses using two independent sample t-tests. Findings: The research results succeeded in proving that SOE and POE react to a distressing condition in different ways. While SOE responds in the increasing pattern, means income maximization, the POE were in the opposite direction. Research limitations/implications: Scoring bankrupt prediction use only one equation, that is Altman Z-score, thus there are bias potential due to “no one-size-fits-all” view point. Practical implications: This result suggests that the government and other shareholders should be careful in making decisions concerning distressed SOE. Originality/value: Most earnings study was conducted in good financial performance in order to get a general conclusion. Since other scholars focus on how SOE performance in a “normal” situation, this research tries to investigate their behavior in the “abnormal situation.

PENGARUH DEVIDEND PER SHARE (DPS) DAN RETURN ON EQUITY (ROE) TERHADAP HARGA SAHAM PADA PERUSAHAAN INDEKS LQ45 YANG TERDAFTAR DI BURSA EFEK INDONESIA (BEI)

<div><table cellspacing="0" cellpadding="0" align="left"><tbody><tr><td align="left" valign="top"><p><em>This study aims to determine the effect of Devidend Per Share (DPS) And Return On Equity (ROE) Against Stock Price. This research use sample Company Indeks LQ45 year 2010-2016 Devidend Per Share (DPS), Return On Equity (ROE) and Stock Price are measured by looking at the financial statements of companies that are listed on the Indonesia Stock Exchange (IDX) for 2010-2016 period.</em></p><p><em>Population in this research as many as 45 companies that listed in Indonesia Stock Exchange (IDX) period 2010-2016. After the selection by Purposive Sampling method in the population, there are 11 companies Indeks LQ45 used as sample. This research uses quantitative method with descriptive approach to know influence between Devidend Per Share (DPS) and Return On Equity (ROE) to Stock Price. Using secondary data and data analysis technique using multiple regression analysis.</em></p><p><em>Based on the results of the study, Devidend Per Share (DPS) has a positive and significant effect on Stock Prices of Indeks LQ45 companies listed in Indonesia Stock Exchange (IDX) year 2010-2016.with positive regression coefficient and t value of 8,342 significant 0,000. And Return On Equity (ROE) have positive and significant effect to stock price of company Indeks LQ45 which listed in Indonesia Stock Exchange (IDX) year 2010-2016 with result of positive regression coefficient value and t value 4,337 significant 0,000.</em><strong></strong></p></td></tr></tbody></table></div>

Influence of Investment Decisions, Corporate Social Responsibility and Company Growth in Companies Manufacturing of the Sub-Sector of Consumption Goods Registered in Indonesia Stock Exchange Year 2017-2019

This study aims to determine the effect of investment decisions, corporate social responsibility and company growth in consumer goods manufacturing companies listed on the Indonesia Stock Exchange in 2017-2019. Several previous studies on different firm values. Therefore, other research needs to be done to retest the theory of value. The research data is obtained from sample companies which can be downloaded from the Indonesia Stock Exchange website. The data analysis technique used is multiple regression analysis. The data analysis process that is done first is the classical assumption test, multiple regression analysis and then testing the hypothesis. The results of the study partially show that only investment decisions have a positive and significant effect on firm value. Meanwhile, the growth of companies and corporate social responsibility has no effect on firm value. The results of the research simultaneously show that corporate social responsibility and company growth have a significant effect on firm value.

PENGARUH TOTAL ASSETS TURN OVER, CURRENT RATIO, DEBT TO EQUITY RATIO DAN RETURN ON ASSETS TERHADAP NILAI PERUSAHAAN PADA PERUSAHAAN SUB SEKTOR FARMASI YANG TERDAFTAR DI BURSA EFEK INDONESIA PERIODE 2015 – 2018

The population in this research is all pharmaceutical companies listed on the Indonesia Stock Exchange year 2015 - 2018. Sampling techniques by using the purposive sampling technique obtained as much as 7 out of 10 companies. Data analysis methods using classic assumptions, multiple linear regression analyses, t tests, F tests, and coefficient of determination (R2). The results of T-Test analysis show that profitability has significant effect on the company's value because it has a significance value, total assets turn over significantly affect the value of the company because it has a significance value of, current ratio significantly affects the value of the company because it has a significance value, debt to equity ratio has significant effect on the company's value as it has a significance value. The F test results show that total assets turn over, current ratio, debt to equity ratio, and return on assets have significant effect on the company's value because of the significance value.

Analysis of Final TaxAtion on Construction Services Companies Listed on the Indonesia Stock Exchange Year 2015-2019

This study aims to analyze about the imposition of final taxes on construction services companies. This research will discuss before and after the implementation of the Final Income Tax on construction services to find out the comparison of the two and to find out the resulting reform goals whether or not to create a balanced tax system. Data collection techniques in this research is quantitative. The analysis techniques used are descriptive, where the author describes in detail the existing data of each activity related to the Final Income Tax of construction services companies. Through the indicators described in the writing, the author will see the difference before it is applied and after the implementation of the Final Income Tax on construction services in each company. If the application of the Final Income Tax can reduce the burden of taxation on the company then the Final Income Tax on construction services has created a balanced taxation system, and vice versa.

FAKTOR-FAKTOR YANG BERPENGARUH TERHADAP NILAI PERUSAHAAN

The purpose of the Company was established to obtain profits and to improve the shareholders' welfare. Maximizing firm value is very important because the company's goals can be realized. The higher the firm value will be a signal for the market to trust the company's prospects in the long run. The purpose of this study was to determine significant the effect of dividend policy, debt policy, company size, growth opportunity and liquidity to firm value of manufacturing companies listed in the Indonesia Stock Exchange year 2015-2018. This study uses multiple linear regression analysis. The population used is a manufacturing company listed in the Indonesia Stock Exchange year 2015-2018 with a total sample of 160 samples. The results of the study simultaneously show that the variables of dividend policy, debt policy, firm size, growth opportunity and liquidity affect the firm value. The results of the study partially stated that dividend policy and debt policy variables positive effect of the firm value. But, firm size, growth opportunity and liquidity do not effect of the firm values

Effect of Corporate Social Responsibility (CSR) and Compensation For Performance Management Manufacturing Companies Listed in Indonesia Stock Exchange Year 2014-2018

<p><em>In the midst of an increasingly modern business, requires companies to compete in maintaining their business and increase profits. Companies are also required not only for profit, but also improve the lives of the people, workers, stakeholders and gain confidence in the public eye. To achieve these objectives the company must pay attention to the company's performance and the factors that support the continuity of the company's performance. Corporate social responsibility and compensation management is an important aspect that should be viewed by the company to the sustainability of future performance. With the background of the problem, this study aims to examine the influence of corporate social responsibility and management compensation to company performance. The population in this study are all manufacturing companies listed in Indonesia Stock Exchange 2014-2018 period as many as 153 companies with a total sample of 21 companies were selected based on criteria predetermined. The analytical method used in this research is multiple linear regression and the results show that corporate social responsibility is a significant positive effect on company performance and compensation management is not significant positive effect on company performance. The more disclosures made by the company in the annual report the company's performance is increasing.</em></p>