This study aims to analyze and recognize the effect of financial performance measured through company size, financial leverage and profitability to Corporate Social Responsibility Disclosure (CSRD). The research was done in Tobacco Company listed in Indonesia Stock Exchange during period of 2007-2011. Descriptive analysis and verification method was used as the research method. The purposive sampling method was used to obtain the sample and there are three cigarette companies as the sample. Multiple linear regression and correlation analysis using t test and F test were applied as a technique of analysis. The test of the classical assumption such as the normality, multicollinearity, heteroscedasticity, and autocorrelation applied before the multiple linear regression. The result shows that the company size had positive and significant effect to the CSR disclosure, financial leverage does not show significant effect to the CSR disclosure, profitability does not have significant effect to the CSR disclosure during the investigation.
This study aims to predict the possibility of Financial distress in the textile and garment industry using the Altman Z-score prediction model and analyze the impact of Financial distress on the company's stock performance as measured by stock returns. This research used descriptive analysis and verification methods. Applying a purposive sampling method, the research sample consisted of 15 issuers from the textile and garment industry during the observation period of 2012-2016. This research used panel data regression to analyze research data. The results showed that one company did not experience financial problems, one company had potential financial problems, and the 13 other companies experienced Financial distress. The results of model testing showed that Altman Z-score can be used to predict Financial distress conditions in the textile and garment industry for the 2012-2016 period. The results of hypothesis testing showed that only one ratio of the Altman Z-score model has a significant effect on stock returns, i.e., market value of equity to book value of debt, while other ratios of working capital to total assets, retained earnings to total assets, earnings before interest and taxes to total assets, and sales to total assets have no significant effect on stock returns. These findings imply that the investors in the textile and garment industry attentively observe the company's market value in making any investment decisions. Keywords: Altman Z-score, Financial distress, stock returns, textile and garment industry
Arbitrage Pricing Theory (APT) is one of model that can be used to quantify the risk for investors in order to produce capital gain.There are two empirical models are used in implement the APT: the factor loading model (FLM) and the macro variable model (MVM). Model used in this research was MVM as used by Chen, Roll dan Ross (1986), and Chen, Hsieh dan Jordan (1997). The purpose of this study is to capture the application of APT in Jakarta Islamic Index (JII) using macroeconomic variables (inflation, exchange rate, and interest rate) as the determinants of Syariah stock return and found macro economics variables having powerful effect to the Syariah stock return. To achieve the objectives of this study, a total of 11 listed syariah firms of Jakarta Islamic Index (JII) in Indonesia Stock Exchange were selected by using purposive sampling method from the period of 2009 to 2014. Multiple linear regression has been conducted to capture the application of APT in analized determinants of Syariah stock return. The result shows that only interest rate has effect to the syariah (JII) stock return. Meanwhile inflation and exchange rate have no effect to the syariah stock return. Emperical results clearly indicate that application of APT in justifying returns on Syariah stocks is still weak. Keywords: Arbitrage Pricing Theory, Exchange Rate, Inflation, Interest Rate, Stock Return
Sektor Usaha Mikro Kecil Menengah telah berhasil menjelma menjadi sumber penggerak ekonomi baru di Indonesia. Maka tidak berlebihan apabila kita menyebut bahwa ekonomi di Indonesia tumbuh pesat melalui sektor UMKM. Peran UMKM terhadap perekonomian Indonesia, dalam hal penyerapan tenaga kerja memang tidak perlu lagi diragukan. Namun, dalam sektor perpajakan, UMKM masih belum mencerminkan kontribusi yang dominan. Diperlukan pengetahuan serta keterampilan di dalam menyusun laporan perpajakan, terutama memaksimalkan stimulus dari pemerintah lewat terbitnya aturan pajak melalui PMK 44/PMK/2020 dan perubahannya PMK 86/PMK/2020. Pemerintah memberikan kompensasi stimulus perpajakan berupa PPh pasal 4 Ditanggung pemerintah serta PPh pasal 21 karyawan yang mempunyai gaji dibawah 16jt/bulan yang ditanggung pemerintah, Tujuan agar para pelaku UMKM dapat menyusun laporan pajak serta laporan realisasi pajak berupa PPh Final tarif 0,5% dari omzet serta PPh Pasal 21 pajak karyawan yang ditanggung pemerintah, Dengan adanya pelatihan tersebut para pelaku UMKM dapat bangkit kembali yang berdampak pada peningkatan pendapatan omzet pasca pandemi Covid 19. Pelatihan ini dilaksanakan pada tanggal 24 Juli 2020 s.d 30 Juli. Peserta pelatihan dibatasi hanya 50 orang UMKM di Jawa Barat, Hal ini dilakukan agar kegiatan pelatihan perpajakan on line ini dapat berjalan secara effektif dan effisien.
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