Capital Expenditure Ratio Research Articles

ANALISIS KINERJA KEUANGAN PEMERINTAH DAERAH KABUPATEN KAUR

One positive impact of the implementation of regional autonomy is the expansion of provincial and district / city that almost occurred throughout Indonesia. One area is the result of the expansion area Kaur regency in Bengkulu Province. As a new district that grows future regional autonomy, Kaur District has the authority to manage their own regions. The purpose of this study was to determine the Financial Performance of the District Government Kaur. Data collection method used is documentation. While the method of analysis using quantitative methods using financial ratios. Financial Performance of the District Government Kaur years 2001-2014 when viewed from the Regional Financial Independence Ratio is relatively low once (an average of 2.44% per year). Effectiveness Ratio PAD is known that the effectiveness of Kaur regency in 2011, 2013 and 2014 runs Ineffective indicated by the value ratio between 75% -89%, but in 2012 went very effective with a ratio reached 107.3%. Activity Ratio of the ratio of Operating Expenditure quite well that the value ratio between 50% -100% or the average value of 76.7% per year, while the ratio of Capital Expenditure classified as not good because it has value ratio is less than 50% or the average value -rata year by 23.2% per year). Growth in revenue (PAD) Kaur District has increased from year to year, but the growth was relatively moderate growth with an annual average value of 45.22% per year. Key Words: Financial performance, Ratio of Regional Financial Independence, Effectiveness Ratio, Activity Ratio, Growth Ratio, Kabupaten Kaur.

Investigate The Relationship Between Cost Management Strategy, Organization Size, Growth Options and The Performance Of Companies In Tehran Stock Exchange

This study aimed to investigate the relationship between cost management strategy, organization size and growth Options on the performance of the company. In this regard, the financial statements of 76 companies listed in Tehran Stock Exchange for the years 2009 to 2013 were analyzed. In this study, cost management strategy (the ratio of capital expenditure to sales, sales of the book value of fixed assets) and size (natural logarithm of total assets) and growth Options (market value of assets to book value of assets) as a variable. independent, and firm performance (return on assets, sales growth) was used as the dependent variable, so that the relationship between strategy, size, growth Options and firm performance during a 5-year period studied. The method used for data collection, library and field. To test the hypotheses of the model Autoregressive conditional heteroscedasticity (ARCH) and generalized regression model, the conditional heteroscedasticity (GARCH) were analyzed using the software Eviews8. And significance was determined using a Z score and likelihood ratio. The criteria for the variable sales strategy to sell the book value of fixed assets and the capital expenditure of a significant and positive relationship with sales growth. In the capital, Tehran Stock Exchange Market participants are recommended to consider it as the time-varying volatility and time efficiencies associated with corporate assets can be public relations strategy, cost management and growth Options of the company described. Also associated with the company's sales growth can be described by the relationship between the size and cost management strategy

PENGARUH PENERAPAN IFRS BERDASARKAN KARAKTERISTIK PERUSAHAAN TERHADAP PENGUNGKAPAN INTELECTUAL CAPITAL

This study aims to test the disclosure of Intellectual Capital in theperiod before and after the full adoption of IFRS in Indonesia. Adoption ofpeuh in Indonesia has been in effect since 2012. Testing of Companycharacteristics based on company age in operation, firm size and leveragelevel. The sample used in this study was taken from 96 companies that meetthe criteria ratio of capital expenditure above 8. The results show that theold company higher in the disclosure of Intellectual capital after the fulladoption period. While there is no disclosure of intellectual capital of largecorporations and small companies before and after the full adoption period ofIFRS. The disclosure of intellectual capital in high leverage companies andlow leverage companies in both absolute and statistically is not different.

ANALISIS BELANJA PEMERINTAH DAERAH KOTA BENGKULU

Ahmad Soleh; Local Government Expenditure Analysis of Bengkulu. This study aims to analyze the expenditure in terms of spending growth, harmony expenditure and expenditure to GRDP ratio Bengkulu 2010-2013. This study uses secondary data from the Budget Realization Report from the local government of Bengkulu city and Bengkulu city's economy is sourced from the Badan Pusat Statistik (BPS) Bengkulu city. Data analysis techniques such as quantitative analysis by using the formula of growth and expenditure ratio. The analysis showed that local government spending in 2011-2013 Bengkulu city fluctuated with an average growth of 11.76% per year, this is not in line with the growth in revenue realization that tends to increase in each year. The ratio of operating expenditure to total expenditure tends to increase by an average of 85.20% per year and is the ratio of total expenditure dominates the area while the ratio of capital expenditure to total expenditure tends to decrease with an average of 14.78% per year. The ratio of government expenditure to GDP local area Bengkulu years 2010-2013 tends to increase with the average ratio of 27.04% per year. The value of this ratio is also influenced by the value of the growth of GDP and total expenditure. The growth of total government expenditure Bengkulu area is relatively higher when compared with GDP growth. Kata Kunci: Pertumbuhan Belanja, Keserasian Belanja, Rasio Belanja, Kota Bengkulu

Macroeconomic Variables and Value Creation in the Nigerian Quoted Companies

This study uses 1,425 observations, relating to firm level and time series data sets, to examine the effect of macroeconomic variables on the economic value created by the Nigerian quoted companies. The data described macroeconomic variables such as inflation (INF), interest rates (INT), capital expenditure ratio of government (CAR) foreign exchange rates (FRXG), gross domestic product (GDPG) and the developments in the capital (CMKG) and labour market (LBMG), on the one hand and the economic value added (EVA) by 186 purposively selected quoted companies for the years 2001-2012, on the other. To allow for comparison of results, the companies were categorized into two sub-sectors: manufacturing (715 observations) and services (710 observations). The study uses descriptive and inferential statistical tools such as mean, standard deviation, correlation, pooled ordinary least square (OLS) regression and generalized method of moments (GMM) techniques to analyze data. The study found that EVA followed an autoregressive function after one period hence, lagged EVA was included in the model estimated. Due to the problem of heteroskedasticity i.e. the presence of significant serial correlation in disturbance term, Generalized Method of Moment results were relied upon and significant (positive and negative) impact of CAR (β=-0.0173, p

The Relationship between Organization Strategy, Fixed-Assets Investment and Earnings Quality

One of the important sources for investors to evaluate is the information provided in the financial statements disclosed by firms. Past researches consider that worse financial statement quality has higher information risks from the aspect of information risks but they ignore the investors’ degree of tolerance and aversion towards risks. Furthermore, the accounting signals hidden behind financial statements can be considered as important information for investors to evaluate the futurity of enterprises. Thus, it is our main research topic as how to apply accounting signals on investment risks. This study uses data of the U.S. during 1991-2008 to review the influence of accounting signals on investment risks. Result finds that in the investment management essentials in firm-wise, the accounting signals for capital expenditure ratio per person can lower the investment risks no matter in cost leadership firms or differentiation strategy firms. For the investment management essentials in industry-wise, we have the below findings: In cost leadership strategy samples, there is competitive convergence if enterprises over-pursue the fixed asset turnover ratio. In the samples that adopt differentiation strategy, increasing the ixed asset turnover ratio can enhance organization’s competitiveness and reduce investment risks. This is the first study that applies capability index of accrual quality (investors’ degree of tolerance and aversion towards risks) on researches of accounting signals and discovers that competitive convergence exists in organizations that adopt cost leadership strategy.

PENGARUH CAPITAL EXPENDITURE, STRUKTUR MODAL DAN PROFITABILITAS TERHADAP NILAI PERUSAHAAN (STUDI PADA PERUSAHAAN MANUFAKTUR YANG TERDAFTAR DI BURSA EFEK INDONESIA)

The purpose of this research is to analyze the influence of Capital Expenditure, capital structure and profitability to firm value (Price to Book Value) on Manufacturer company which listed on Indonesian stock exchange. This research include to causative research. Research sample was chosen by purposive sampling method and research period in 2006 untill 2009, so the sample of this research is 106 companies. The kind of data is secondary data from www.idx.co.id . Analysis method is double linear regression. Hyphotesis test use t statistic test. The result of this research shows that Capital Expenditure (Ln Capital Expenditure Ratio) and Profitability (Ln ROE) that impact to firm value (Ln Price to Book Value). Meanwhile, capital structure (Ln LTDER) can not influence firm value (Ln Price to Book Value).

Analisis Kinerja Keuangan Perbandingan Antara Daerah Induk Dan Daerah Pemekaran

This research tested the difference of financial performance between parent areas and new autonomy areas. The financial performances that meant in this research were degree of decentralization, level of independence, capital expenditure ratio, and level of financing capability. The aim of this research was to analyze the difference of financial performance between parent area and new autonomy area. The objects in this research were districts or cities that become parent areas and districts or cities that become new autonomy areas. The division period that used in this research was in the year of 1999—2004. Samples that used in this research were consists of 48 parent areas and 49 new autonomy areas. Data that used in this research is local government revenues and expenditures budget realization report in the period of 2005 —2007. Data analysis performed using independent sample t test from SPSS for window program. Level of significance that used in this research was 5%. Result of this research showing that a) parent areas degree of decentralization significantly better than new autonomy areas, b) parent areas level of independence significantly better than new autonomy areas, c) no significantly difference of financing capability level both parent areas and new autonomy areas and d) new autonomy areas capital expenditure ratio significantly better than parent areas. Key words: parent areas, new autonomy areas, regional financial performance, degree of decentralization, level of independence, financing capability level, capital expenditure ratio.

Deconstructing local government performance and infrastructure measurement

PurposeThis paper revisits the debate regarding myriad measurement bases and begins a new discussion within a public sector environment. It does this by considering the under‐researched technical aspect of measurement within Neely et al.'s measures design template framework.Design/methodology/approachUsing the full population from Australia's largest state, New South Wales (NSW), the annual reports of all local councils were analysed over a seven‐year period. In addition, interviews were conducted with a sample of councils representing all geographical areas of the state.FindingsUnder the auspices of the modified Neely et al.'s measures design template, additivity problems associated with valuing infrastructure, property, plant and equipment (IPPE) were found to result in the production of unreliable performance indicators – in this case, the capital expenditure ratio (CER).Research limitations/implicationsThe limitations include the research using an untested model; local councils in only one Australian state and one performance indicator analysed. Future research will examine the behavioural aspects of local councils as a result of being judged on an inappropriate indicator.Originality/valueThis paper considers two research issues – the imposition of private sector ideas to public sector entities and problems associated with combining myriad measurement bases to produce performance indicators used for decision making in local government. By introducing the CER as an exemplar within Neely et al.' measures design template, problems associated with combining myriad measurement bases to produce performance indicators used for decision‐making provide an unique insight into local government reporting.

STUDI TERHADAP PENGUKURAN KINERJA AKUNTANSI PERUSAHAAN PROSPEKTOR DAN DEFENDER, DAN HUBUNGANNYA DENGAN HARGA SAHAM: ANALISIS DENGAN PENDEKATAN LIFE CYCLE THEORY

The objective of the study is to empirically examine the difference from accounting performance measures that implicated by prospector and defender strategies, and to examine the differences between market reactions to both organizational strategies. Variables that implicated by organizational strategy are income growth, sales growth, and dividend pay out. Life cycle theory is used to analyze the difference from accounting performance measures. Four variables are used to determine prospector and defender firms: the price-to- book value ratio, the ratio of employees to sales, the ratio of capital expenditure to market value of equity, and the ratio of capital expenditure to total asset. These variables are analyzed by common factor analysis. Based on the common factor analysis, 25 prospector and 25 defender firms are derived from 74 manufacturing public firms at Jakarta Stock Exchange. The empirical results show that income and sales growth of prospector firms are greater than that of defender firms (significant at 0.01 level). Dividend pay out and market reaction, however, are not significantly difference between prospector and defender firms. Multivariate test was employed to understand more the differences between prospector and defender firms in relation to the stock prices. The results show that the magnitude of income and sales growth of prospector firms significantly affects the magnitude of abnormal return (significant at 0.05 and 0.10 level, respectively). While, at defender firms, only the magnitude of income growth significantly affects the magnitude of abnormal return. Dividend pay out does not affect the magnitude of abnormal return for both prospector and defender firms. However, the effects of the magnitude income and sales growth to the magnitude of abnormal return between prospector and defender firms are not significantly difference.