This study aims to examine the moderating role of family commitment to the influence of the financial knowledge, positive experience with debt suppliers, and economic goal orientation to owner-managers' attitudes toward debt financing in family firms. This study was conducted through a questionnaire survey of 66 owners of family firms, operated in Special Region of Yogyakarta. This study used moderated regression analysis. The results of this study found several important things as follows. First, the high family commitment toward business strengthened the positive effect of the positive experience with debt suppliers to owner-managers' attitudes toward debt financing in family firms. Second, the result of the interaction coefficient of economic goal orientation and family Commitment was negative and not significant. Third, the result of the interaction coefficient of financial knowledge and family commitment toward business was positive and not significant. This result was opposite to the direction of prediction of the hypothesis. Abstrak: Penelitian ini bertujuan untuk menguji peran moderasi komitmen keluarga terhadap bisnis pada pengaruh pengetahuan keuangan, pengalaman positif dengan penyedia utang, orientasi tujuan ekonomi terhadap sikap keuangan pada utang. Penelitian dilakukan melalui survey kuesioner terhadap 66 pemilik perusahaan keluarga yang beroperasi di Yogyakarta. Penelitian ini menggunakan analisis regresi moderasi.Hasil penelitian empiris menyimpulkan beberapa hal penting sebagai berikut. Pertama, komitmen keluarga yang tinggi pada bisnis akan memperkuat pengaruh positif dari pengalaman positif manajer/pemilik dengan penyedia utang terhadap sikap keuangan pemilik/manajer pada utang. Kedua, hasil koefisien interaksi Orientasi Tujuan Ekonomi dan Komitmen Keluarga Terhadap Bisnis adalah negatif dan tidak signifikan. Ketiga, hasil koefisien interaksi Pengetahuan Keuangan dan Komitmen Keluarga Terhadap Bisnis adalah positif dan tidak signifikan. Hasil ini berlawanan dengan arah prediksi hipotesis. PENDAHULUAN Keputusan keuangan merupakan keputusan penting yang dilakukan oleh para pengusaha. Pengambilan keputusan keuangan merupakan tantangan bagi pemilik dan manajemen baik bagi perusahaan keluarga maupun non keluarga, karena modal keuangan merupakan sumber bagi pertumbuhan dan kelangsungan hidup perusahaan (Mahérault
This paper aims to examine the effect of blockholder of political connected firm on the performance of conglomerates. The sample of this paper is all 66 conglomerates listed on the Indonesia Stock Exchange from 2006 to 2014. Regression panel data with General Least Square was used for this analysis. It was found that Family and state blockholder have positive and significant effect on firm value at all cut off (10%-50%), political connections in the family, state, and public blockholder have significant positive effect on firm value. The result of this paper indicates that the structure of companies' ownership has contribution to determine the political connections in the conglomerates. The concentration of ownership in the company and family as controlling highest conglomerate in Indonesia as well as their involvement in politics implies that Indonesia has fallen into oligarchy state, in which the rules are held by a group of wealthy political elites.
Dual beta became a debate between researchers in finance especially investment and portfolio. This research test CAPM using dual beta predictions in conditional market timing. The research tested unconditional and conditional Beta, that showed linear and positive affect of return toward risk on single and multiperiods. The beta’s slope skewed but with moderate skewness, and there is no zero beta. However if the investors have les diversified portfolio, its show idiosyncratic risk and systematic risk determine the securities pricing model. Conditional beta test, showed positive slope for SML on bullish market, and negative for bearish market. There is also showed a shock to volatility because of leverage effect and or volatility feedback. The responsiveness of positive shock (bullish market) and negative (bearish market) is positive, however the magnitude of SML slope higher for bearish than bullish market. Dual beta remains consistent in explaining positive effect of risk and return. Dual beta able to reduce the idiosyncratic risk on bearish market rather than on bullish market.
The purpose of this study is to see the political connections DER, EPS, SIZE, growth and ROA influence on the company's dividend distribution policy. The sample in the study SOE listed on the Indonesia Stock Exchange in 2010-2018 period. The sample was selected using purposive sampling technique and obtained 12 companies. This study uses a quantitative approach with analysis tools using multiple linear regression with the help of EViews 9.0 software. The results of this study indicate that political connections, Capital structure, Growth have a negative effect on dividend policy and size, EPS, ROA have a positive effect on dividend policy.
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