No abstract

Financial instrument shares as part-ownership rights of a company which is evidence of or participation in a company. This study analyzes the effect of profitability, solvency, activity liquidity, and company size on pharmaceutical companies listed on the Indonesian stock exchange for 2013 – 2019. This study will also examine the dividend policy variable used as the moderating variable in the research model. The population is pharmaceutical companies listed on the Indonesia Stock Exchange for the period 2013 – 2019. All populations in this study were used as research samples of as many as nine companies. Moreover, the number of observations used was 63 observations. The type of data used is secondary data and the data analysis technique used in Panel Data Regression Analysis and Interaction Moderating Test with the help of EViews10 software. This study indicates that at alpha five percent, profitability and firm size have a significant positive effect on stock prices. In contrast, solvency, liquidity, and activity ratios have no significant effect on stock prices. This study also shows that dividend policy can strengthen the influence of solvency and liquidity on stock prices. However, dividend policy cannot moderate profitability, activity, firm size on stock prices. Keywords: Profitability, solvency, liquidity, activity, company size, dividend policy, stock price.

The purpose of this research is to test influence of Budget Participation and Leadership Style against rebudgeting on the work unit of regional apparatus (SKPD). Data were collected using questionnaires filled out by respondents from SKPD at 18 (eighteen) local government regencies/cities in Aceh, Indonesia for 110 (one hundred) questionnaires out of 150 were distributed. The results showed that Budget Participation and Leadership Style had a positive influence on SKPD rebudgeting. The finding of this research is to find that agency problems in regional budgeting have a bearing on leadership. In addition, the leadership style of the regional head as the regional financial authority is related to the process of budgeting based on the performance-based budget of local government and should be used on the performance indicators in the proposal of every program and activity.

Technology is one of the tools to facilitate work. The development of technology has now become a thing that is a major human need in completing work. The development of technology began with the Industrial Revolution 1.0 to the Industrial Revolution 4.0. Besides, changes in human behavior are also marked by the development of Society 5.0. The impact of technological development greatly affects the behavior of the Economic Community especially on e-commerce activities. The development of ecommerce is very dominating in Indonesia. As of March 2019, Indonesia had 30 million people who became e-commerce actors. Based on the results of a survey of 67 respondents in the scope of the University of Pembangunan Panca Budi with an average age of 19-34 years produced 43.3% of respondents chose e-commerce with convenience obtained when dealing with e-commerce. Besides, 56.7% of respondents prefer shopping online compared to conventional shopping systems. Based on the results of the survey, the behavior of the economic community through e-commerce in Indonesia was very dominant in the era of Society5.0 because people expect ease in meeting their needs.

Penelitian ini bertujuan untuk mengetahui pengaruh Pendapatan Asli Daerah(PAD), Selisih Lebih Pembiayaan Anggaran (SiLPA) dan Dana Perimbangan (DAU, DAK dan DBH) terhadap pengalokasian anggaran belanja modal. Selain itu, penelitian ini juga akan menguji variabel pertumbuhan ekonomi yang dijadikan sebagai variabel pemoderasi. Jenis penelitian ini bersifat asosiatif. Populasi dalam penelian ini adalahPemerintahan Kabupaten/Kota di Provinsi Sumatera Utara, Bangka Belitung, Kepulauan Riau dan Bengkulu.Pengambilan Sampel dalam penelitian ini menggunakan teknik purposive sampling, maka jumlah sampel penelitian diketahui adalah sebanyak 46Kabupaten/Kota. Penelitian ini dilakukan untuk periode 2012-2018 yaitu 7 tahun maka jumlah observasi dalam penelitian ini adalah 322 obsrevasi. Jenis data yang digunakan adalah data sekunder dan teknik analisis data yang digunakan dalam penelitian ini adalah Analisis Regresi Data Panel dan Uji moderasi secara Interaksi dengen menggunakan software STATA. Hasil pengujian dalam penelitian ini pada alfa 5% menunjukkan bahwaSiLPA, DAK dan DBH memiliki pengaruh yang positif dan signifikan terhadap pengalokasian anggaran belanja modal. Sedangkan PAD dan DAU tidak terbukti berpengaruh signifikan terhadap pengalokasian anggaran belanja modal pada Pemerintah Kabupaten/Kota di Provinsi Sumatera Utara, Bangka Belitung, Kepulauan Riau dan Bengkulu. Selain itu, variabel moderasi yang digunakan dalam penelitian ini yaitu pertumbuhan ekonomi terbukti mampu  dijadikan sebagai variabel pemoderasi dalam pengaruh PAD dan DAU terhadap pengalokasian anggaran belanja modal. Namun pertumbuhan ekonomi tidak mampu dijadikan variabel moderasi pada pengaruh SiLPA, DAK dan DBH terhadap pengalokasian anggaran belanja modal.