Indonesia Stock Exchange Year Research Articles

Pengaruh Karakteristik Eksekutif terhadap Tax Avoidance dengan Intensitas Modal sebagai Variabel Intervening

This study aims to examine and analyze the influence of the executive characteristics on tax avoidance with capital intensity as an intervening variable in that LQ45 companies listed in Indonesia Stock Exchange Year 2016-2018. This study uses a quantitative approach. The study includes 28 companies LQ45 listed in Indonesia Stock Exchange within the period 2016-2018. The results showed that the executive characteristics does not affect of tax avoidance, the capital intensity of the positive effect on tax avoidance, executive characteristics positive effect on capital intensity and executives characteristics positive effect on tax avoidance through the capital intensity as an intervening variable. Keywords: Tax Avoidance, Executive characteristics, Capital intensity .

The Influence of Profitability Liquidity, Leverage and Growth on Dividend Policies and Free Cash Flow as Moderating Variable In The Companies Listed on The Indonesia Stock Exchange Year 2015-2017

One of the objectives of investors to invest is to increase their wealth. Added wealth is obtained through dividends distributed by company management. Management’s decision to divide dividends (dividend policy) is an attraction for investors to buy company shares even at high prices so that it will strengthen the company’s cash position to be used to run company operations with the aim of gaining high profits and increasing company value. The high value of the company will make it easier for management to raise funds. Logically high profits will produce high liquidity, with high liquidity in addition to being able to pay off all of its obligations as well as being able to finance the growth of the company and set aside free cash to be distributed to shareholders as dividends. Therefore the purpose of this study is to examine whether free cash flow can strengthen or weaken profitability, liquidity, leverage and growth towards management policies to pay dividends. Using a sampling purpose, the company’s sampling consists of 31 companies listed on the Indonesia Stock Exchange in 2015-2017. For testing used logistic regression analysis consisting of logistic regression test, significant test of fit model with the approach of maximum likelihood method and partial test and model formation. The results of this study indicate that free cash flow cannot encourage / strengthen the influence of profitability, liquidity, leverage and growth on dividend policy, so that profitability, liquidity, leverage and growth have no effect on dividend policy. Keywords: Profitability, liquidity, leverage, growth, free cash flow and dividend policy.

ANALISIS PENGARUH KUALITAS AUDIT, LEVERAGE, DAN KEPEMILIKAN MANAJERIAL TERHADAP MANAJEMEN LABA (STUDI EMPIRIS PADA PERUSAHAAN MANUFAKTUR YANG TERDAFTAR DI BURSA EFEK INDONESIA TAHUN 2015--2017)

Earnings management is an important thing to that affects financial report as a base of decision making. This research aims to analyze the effect of audit quality, leverage, and managerial ownership on earnings management and how it affected the quality of financial report.This research use 267 data samples from manufacturing company listed in Indonesia Stock Exchange year 2015 – 2017. The methods of analysis use for the study are descriptive statistic method and multiple linear regression analysis method. The result of this research shows that audit quality has positive effect on earnings management, leverage has no effect on earning management, and managerial ownership has no effect onearnings management.

PENGARUH DIVIDEN PAYOUT RATIO, TINGKAT PERTUMBUHAN, DAN UKURAN PERUSAHAN TERHADAP STRUKTUR MODAL PERUSAHAAN FARMASI DI BURSA EFEK INDONESIA PERIODE 2013-2017.

Abstract: This study aims to determine the effect of dividend payout ratio, firm size, and company growth rate on the capital structure of pharmaceutical companies in Indonesia Stock Exchange year 2013-2017. The sample selection technique used purposive sampling and research sample obtained 9 companies. The data analysis method used is multiple linear regression analysis. Data analysis techniques used are classical assumption test and multiple linear analysis. Based on the results of the analysis shows that the dividend payout ratio does not affect the capital structure, firm size does not affect the capital structure, corporate growth has no effect on capital structure.

PERAN KEBIJAKAN DIVIDEN DALAM MEMODERASI HUBUNGAN RASIO KEUANGAN DENGAN NILAI PERUSAHAAN

The purpose of this research was to analyze the effect of financial ratio on corporate value with dividend policy as moderation. Population on this research is all companies listed in Indonesia Stock Exchange (IDX) year 2015-2017. 108 companies selected using the purposive sampling method. Financial ratio used variable liquidity, solvency and profitability. The analysis method of this research is moderate regression analysis (MRA) by using SPSS 25 version. The result of this research shows that: liquidity has no significant effect on the corporate value, solvency and profitability has significant effect on the corporate value. Dividend policy has moderated relationship solvency and profitability with corporate value

PENGARUH KINERJA KEUANGAN TERHADAP HARGA SAHAM PADA PERUSAHAAN PROPERTI DAN REAL ESTATE YANG TERDAFTAR DI BURSA EFEK INDONESIA

This research aims to determine the effect of liquidity ratio (CR), solvency ratio (DER), profitability ratio (ROA), and activity ratio (TATO) on the Stock Price. The object that is used in this research are property and real estate sub sector companies listed in Indonesia Stock Exchange year 2015-2017. The population in this research is a whole of property and real estate sub sector companies listed in Indonesia Stock Exchange year 2015-2017 were 48 companies. The sampling technique is used purposive sampling with several criteria, namely property and real estate sub sector companies listed in Indonesia Stock Exchange year 2015-2017, companies that submit financial reports during the research period, and companies that have positive net income report. The number of samples that fit the criteria were 34 companies. Data were analyzed by using data regression analysis with Eviews 6 software. The results of this research showed that current ratio, debt to equity ratio and total asset turn over are partially have positive and not have significant effect on the stock price, while return on assets have negative and not have significant effect on the stock price. Simultaneously that the current ratio, debt to equity ratio, return on assets and total asset turnover not have significant effect on the stock price. R-square value of 0.019 indicates that the ability of the current ratio, debt to equity ratio, return on assets, and total asset turnover while explaining the Stock Price is 1.9%, and the 98.1% is explained by other variables which not contained in this research.

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>

The Influence of Good Corporate Governance, Financial and Environmental Performance towards Firm Value: Case of Manufacturing Companies in Indonesia

This study aims to observe and analyze the influence of proportion of independent board commissioners, the audit committee, board of directors, return on asset, return on equity and environmental performance towards firm value. Firm value was proxied with Tobin’s Q. The population in this study is manufacturing companies listed in Indonesia Stock Exchange year 2013 – 2017. The study used 18 sample companies from 160 companies. The sample was determined by using purposive sampling. The result of this study showed that proportion of independent board commissioners, audit committee and Return On Assets has a significant effect on firm value while the board of directors, Return On Equity and PROPER has no significant effect on firm value.

Pengaruh Komponen Risk Based Bank Rating Pada Nilai Perusahaan Perbankan

This study aims to empirically examine the effect of the risk-based bank rating component as measured by non-performing loans, loan to deposit ratio, good corporate governance, return on assets and capital adequacy ratio on the value of banking companies listed on the Indonesia Stock Exchange (BEI) Year 2013-2017. The research sample was selected using the nonprobability sampling method with a purposive sampling technique and obtained as many as 6 banking companies, so that the number of observations with a study period of 5 years was 30 observations. The data analysis technique used is multiple linear regression analysis. The results of this study indicate that non-performing loans and loan to deposit ratios have a negative effect on the value of banking companies. Return on assets and capital adequacy ratio have a positive effect on the value of banking companies and good corporate governance does not affect the value of banking companies.
 Keywords : Risk Based Bank Rating; Company Value; Banking.

Analysis of Non-Financial Determinants of Company Value In Manufacturing Companies in Indonesia

This study aims to investigate the nonfinancial determinants of Firm Value of manufacturing firms listed in the Indonesia Stock Exchange year 2013 up to 2017 period. The determinants represented by Good Corporate Governance (GCG), Firm Size, Dividend, Inflation Rate, Exchange Rate and Corporate Social Responsibility (CSR). The sampling method used purposive sampling and the analysis used Eviews 9.0 version. The study result shows that only one variable significantly affects Firm Value which is Institutional Ownership as proxied of GCG and the rest variables that are Independent Board another proxied of GCG, Firm Size, Dividend, Inflation Rate, Exchange Rate, and CSR does not significantly affect the Firm Value. All independent variables significantly affect Firm Value weakly simultaneously. This study implies that in formulating firm improvement performance strategy, a manufacturing firm is suggested to consider nonfinancial determinants of firm value that is Good Corporate Governance (GCG), Firm Size, Dividend, Inflation Rate, Exchange Rate and Corporate Social Responsibility (CSR).

Fraud Diamond Model for Fraudulent Financial Statement Detection

Many cases of fraud that occur and are revealed. something happened in the realm of employee fraud and fraud management. One of the frauds that causes substantial losses is fraudulent financial reporting. Fraudulent financial statement becomes one of the fraud schemes that growth simultaneously within the current years. Many of this fraud scheme cause large sum amount of loss to investor, creditors and other financial statement user. The purpose of this research is to gain empirical evidence about financial statements fraud detection using fraud diamond elements. This research is conducted on listed banking companies in Indonesia Stock Exchange year 2014-2018. There is a total of 190 samples companies used in this research which further analyzed by using Logistic Regression Analysis. Statistical test is conducted to test the hypothesis. The test included: determination of coefficient, logistic regression and partial hypothesis testing. Fraudulent financial statement is proxies by Beneish M-score. The research concluded that Pressure proxies by Changes in Total Assets affects significantly to fraudulent financial statements detection. Meanwhile, Pressure proxies by Return on Assets, Opportunity proxies by Ratio of Independent Board of Commissioners, Rationalization proxies by Changes of External Auditor and Capability proxies by Changes in Board of Director do not affect significantly towards fraudulent financial statements detection. Determination of coefficient test result indicates that 20% of fraudulent financial reporting was able to be explained by pressure, opportunity, rationalization and capabilities.

Analysis of bankruptcy issues at manufacturing companies, sub-sectors of cosmetics and houseappliances registered in Indonesia Stock Exchange (IDX) year 2015-2017 using Altman Z-score

This research aims to figure out the level of companies bankruptcy by applying Altman Z-Score at the manufacturing companies registered in the Indonesia Stocks Exchange. The result of the research has indicated that ZScore model is applicable to detect the company’s potential bankruptcy issues, especially manufacturing company subsectors of cosmetics and houseappliances. Altman Z-Score model has classified the companies into three categories; safe, grey area and distress. Based on the result of the research, for the companies which are in the grey area category are suggested to improve their financial performance and to use the benefit of all the assets properly to get the revenue as much as possible. However, for the companies which are in the safe category are suggested to increase their performance, especially marketing performance so that they will receive bigger amount of the revenue, nevertheless, the potential of financial distress can be minimized accordingly. Keywords: manufacturing company, financial distress, Altman Z-Score.

PENGARUH STRUKTUR AKTIVA, RETURN ON ASSETS DAN PERTUMBUHAN PENJUALAN TERHADAP STRUKTUR MODAL PADA PERUSAHAAN PROPERTY DAN REAL ESTATE DI BURSA EFEK INDONESIA TAHUN 2011 – 2015

The purpose of the research is to analyze the effect of Assets Structure, Return On Assets and Growth of Sales on Capital Structure at Property and RealEstate Companies in Indonesia Stock Exchange year of 2011-2015. The research used some theories relating to Assets Structure, Return On Assets, Growth of Sales and Capital Structure. The approach of this research was quantitative. This type of research is descriptive explanatory. Populations in this research are 53 companies of Property and RealEstate in the Indonesia Stock Exchange in the year of 2011-2015. The result of the research samples were 25 companies of Property and RealEstate in the Indonesia Stock Exchange in the year of 2011-2015. The result of the research stated that partially Assets Structure had a negative significant effect on Capital Structure, Partially Return On Assets did not have a significant effect on Capital Structure, Partially Growth of Sales did not have a significant effect on Capital Structure at Property and RealEstate companies in Indonesia Stock Exchange in the year of 2011-2015. Simultaneously, Assets Structure, Return on Assets and Growth of Sales had a significant effect on Capital Structure at Property and Real Estate in Indonesia Stock Exchange in the year of 2011-2015.

FAKTOR-FAKTOR YANG MEMENGARUHI PENGUNGKAPAN TANGGUNG JAWAB SOSIAL PADA PERUSAHAAN DIBIDANG PERTAMBANGAN YANG TERDAFTAR DI BURSA EFEK INDONESIA

In the company’s efforts to achieve profit, companies often pay less attention to the impact of their activities. This matter can cause global warming. To prevent these problems, the law is issued that requires every company to do some activities that are environmentally friendly. This activity is expressed throuth the corporate social responsibility disclosure. The purpose of this research to test whether profitability, liquidity, leverage, and media exposure have a positive influence to corporate social responsibility disclosure. The object of this research is a mining company listed in Indonesia Stock Exchange year 2014-2016 with the unit observation is annual financial statements with a total sample of a company is 36 companies. The research method used is observation method with an observation to company data. Based on test results, liquidity and media exposure significantly influence CSR disclosure, while profitability and leverage had no significant influence to CSR disclosure. Keyword: Corporate Social Responsibility, Disclosure, Profitability, Liquidity, Leverage, Media Exposure

Analysis of bankruptcy issues at manufacturing companies, sub-sectors of cosmetics and houseappliances registered in Indonesia Stock Exchange (IDX) year 2015-2017 using Altman Z-score

This research aims to figure out the level of companies bankruptcy by applying Altman Z-Score at the manufacturing companies registered in the Indonesia Stocks Exchange. The result of the research has indicated that ZScore model is applicable to detect the company’s potential bankruptcy issues, especially manufacturing company subsectors of cosmetics and houseappliances. Altman Z-Score model has classified the companies into three categories; safe, grey area and distress. Based on the result of the research, for the companies which are in the grey area category are suggested to improve their financial performance and to use the benefit of all the assets properly to get the revenue as much as possible. However, for the companies which are in the safe category are suggested to increase their performance, especially marketing performance so that they will receive bigger amount of the revenue, nevertheless, the potential of financial distress can be minimized accordingly. Keywords: manufacturing company, financial distress, Altman Z-Score.

Analisis Tingkat Kebangkrutan Pada Perusahaan Asuransi Yang Terdaftar Di Bursa Efek Indonesia

The purpose of this research study is to determine the result of prediction analysis of potential bankruptcy on eleven insurance companies sector which has been listed in Indonesia Stock Exchange year 2015 to 2018. Bankruptcy is a condition when a company experiences insufficient funds to run its business. Bankruptcy is uncertainty about the ability of a company to continue its operations if the financial condition held has decreased. In fact, not all companies experience financial management problems that often lead to bankruptcy. Based on the result and conclusions of the analysis using Altman Z-Score method that: in 2015-2018 there were several companies that were safe, namely: PT. Bina Dana Arta Insurance Tbk, PT. Harta Aman Pratama Insurance Tbk, PT. Jasa Tania Insurance Tbk, PT Indonesian reinsurance airline Tbk, PT. Panin Insurance Tbk, PT. Panin Financial Tbk, PT Victoria Insurance Tbk. Then there are companies that in 2015- 2017 are healthy but in 2018 in prone conditions, namely: PT. Bintang Insurance Tbk,and PT. Multi Artha Guna Insurance Tbk, but different from PT. Mitra Maparya Insurance Tbk which in 2015 was in vulnerable condition but in 2016-2018 is safe. And PT. Ramayana from 2015-2018 is in vulnerable condition.

ANALISA KESEHATAN KEUANGAN PERUSAHAAN UNTUK MEMPREDIKSI KEBANGKRUTAN PERUSAHAAN DENGAN MENGGUNAKAN METODE ALTMAN (STUDI KASUS PADA PERUSAHAAN MANUFAKTUR SEKTOR KOMPONEN OTOMOTIF YANG TERDAFTAR DI BURSA EFEK INDONESIA PERIODE 2011 – 2015)

The Indonesian government has set the motor vehicle industry as one of the priority industries of the national interest, economic growth, and increased productivity. In order for the survival of a company is maintained, then the management should be able to maintain or even more spur increased performance. Various analyzes were developed to predict the beginning of the bankruptcy of the company. One analysis is widely used today is the analysis of Altman Z-Score, which this analysis refers to the financial ratios of the company. The purpose of this study was to analyze the bankruptcy of the automotive components companies that go public in Indonesia Stock Exchange year period 2011–2015. This study used a sample of four companies from the automotive components sector. Source of data is done by using secondary data. The data is processed by the method of the Z-score formula Z = 1,2X1 + 1,4X2 + 3,3X3 + 0,6X4 + 0,999X5. With the description of Z < 1,8 the company categorized into unhealthy/will be bankrupt, the value Z 1,8 < 2,99 the company is considered to be in the uncertain/grey area and the value of Z > 2,99 then the company is in a very healthy. In general, the results of these studies indicate that the four automtive components companies namely PT Astra Otoparts year 2011 value of Z = 14,67 year 2012 value of Z = 10,88 year 2013 value of Z = 13,90 year 2014 value of Z = 10,54 year 2015 value of Z = 4,94, PT Gajah Tunggal year 2011 value of Z = 5,72 year 2012 value of Z = 4,75 year 2013 value of Z = 3,10 year 2014 value of Z = 2,79 year 2015 value of Z = 1,58 and the average value of 2011-2015 periode Z = 3,59, PT Goodyear Indonesia year 2011 value of Z = 2,07 year 2012 value of Z = 2,44 year 2013 value of Z = 2,57 year 2014 value of Z = 2,02 year 2015 value of Z = 2,76, PT Indomobil Sukses Internasional year 2011 value of Z = 6,19 year 2012 value of Z = 3,99 year 2013 value of Z = 3,17 year 2014 value of Z = 2,59 year 2015 value of Z = 1,74. The average value 2011-2015 period showed 3 companies are in very healthy state and 1 company is in the uncertain/grey area. Keywords: Financial Ratio Analysis, Analysis of bankruptcy, Altman Z-Score Analysis, Automotive Components Company, Go Public.

ANALISIS RASIO KEUANGAN PERBANKAN TERHADAP KINERJA KEUANGAN DENGAN SUKU BUNGA SEBAGAI MODERASI

This study to analyze the effect of loan to deposit ratio, operational income operational expense, economic value added, return on asset, and capital adequacy ratio to stock return with interest rate of bank Indonesia as a moderation variable. Population used in this research is listed banking sector issuer in Indonesia Stock Exchange year 2012-2016. Data processing using SPSS version 24.0 testing using moderated regression analysis. Result on the research showed loan to deposit ratio, operational income operational expense, and capital adequacy ratio influence on stock return. Meanwhile, economic value added and return on assets not have influence on stock return. Simultaneously loan to deposit ratio, operational expense of operating income, economic value added, return on asset, and capital adequacy ratio have an effect on stock return.

Profitabilitas Terhadap Harga Saham Perusahaan Sektor Industri Dasar Dan Kimia

The purpose of this research is to analyze the influence of Return On Equity (ROE), Net Profit Margin (NPM) to stock price in 2011-2017. This study uses secondary data, the sample in this study as many as 28 data derived from livestock feed companies listed on the Indonesia Stock Exchange from 2011 to 2017 and include complete financial report data. Sampling technique using purposive sampling technique or sampling based on certain considerations and criteria. The analytical method used is simple linear regression analysis and multiple linear regression analysis with first classical asusmsi test which includes normality test, heteroscedasticity test, autocorrelation test. The results of this study show that partially Return On Equity (ROE) has a positive and insignificant effect on price, Net Profit Margin (NPM) has a positive and insignificant effect on stock prices. Simultaneously Return On Equity (ROE) and Net Profit Margin (NPM) have positive and insignificant effect to stock price at company of basic industry and kumia subs of poultry feed listed on Indonesia Stock Exchange (BEI) year 2011- 2017.

Ukuran Perusahaan Memoderasi Pengaruh Free Cash Flow dan Leverage Terhadap Kebijakan Dividen

Determining the optimal cash dividend policy a company should consider several factors. An optimal dividend policy is required because it can create a balance between dividends and current growth in the next period. The purpose of this study is to obtain empirical evidence on the effect of free cash flow and leverage on dividend policy and firm size capability in moderating the effect of free cash flow and leverage against dividend policy. Companies going public listed on the Indonesia Stock Exchange (BEI) year 2013-2017 is the location of research with purposive sampling as a method of determining the sample. Companies that meet the criteria are 10 companies with a total of 39 observations. Moderated Regression Analysis (MRA) was used to test in this research. The result showed that free cash flow had positive and leverage effect negatively on dividend policy. The study also found that firm size is able to strengthen the effect of free cash flow on dividend policy and weaken the influence of leverage on dividend policy.
 Keywords: dividend policy, free cash flow, leverage, company size..