Buku ini menyajikan teori dan pembahasan reaksi pasar modal Indonesia terhadap beberapa contoh peristiwa yang dipilih oleh penulis berdasarkan pertimbangan tertentu pada tahun 2016-2018. Penekanan buku ini terletak pada teori dan pembahasan sederhana yang diharapkan dapat membantu para pembaca dalam mengidentifikasi reaksi pasar modal Indonesia terhadap suatu peristiwa. Peristiwa apa saja yang akan dianalisis, bagaimana mekanisma pengujian efisiensi pasarnya, serta apa indikator reaksi pasar dan bagaimana pengukurannya, akan dijelaskan sekilas oleh penulis di bagian Pendahuluan pada buku ini. Bagian lengkap buku ini dapat diunduh melalui Google Play : https://play.google.com/store/books/details/Tarsisius_Renald_Suganda_Event_Study?id=_VF1DwAAQBAJ
This research aims to examine the mediating effect of competitive advantage in the relationship between intellectual capital and financial performance of the banking sector in five ASEAN countries. Furthermore, this research analyzes the differentiation level of intellectual capital using its components namely human capital, structural capital, and relational capital measured by Extended VAIC Plus (E-VAIC+). This research using partial least square method to test the mediation effect and ANOVA to test the differentiation level of intellectual capital on the banking sector in five ASEAN countries. The results show intellectual capital has a positive effect to financial performance and competitive advantage, competitive advantage has a positive effect to financial performance, and there is a different level of intellectual capital in Indonesia, Laos, Vietnam, Philippines, and Thailand. These findings support the resource-based theory which asserts that a unique set of resources that are owned and controlled can make the company have superior sustainable performance. These resources can be derived from the intellectual capital component that is exploited in such a way as a competitive advantage.
Dividend payment decision is an essential policy of companies to provide investors’ expectation of investment returns. This research is aimed to prove the catering theory of dividend and financial characteristics affecting corporate decisions in dividend payments. The study was conducted on a manufacturing company published on the Indonesia Stock Exchange (IDX). Analyzing the prediction of catering theory and financial analysis of companies in making dividend payments is conducted using the logistic regression method. This research is a quantitative research and moreover manufacturing companies as research sample were used from 2014 to 2018. Financial statements were obtained from the Indonesia Stock Exchange (IDX). The result of this study indicated that investors’ demand has positive effect on dividend payment decisions. Hence, companies consider catering in dividend payment decisions. While corporate financial characteristics such as free cash flow have positive effect on dividend payment decisions, profitability has no influence on dividend payment decisions and moreover, leverage has a negative influence on dividend payment decisions. Keywords: Catering Theory, Investor Demand, Free Cash Flow, Profitability, Leverage
This research aims to obtain empirical evidence regarding the influence of accrual earnings management and real earnings management through cash flow operating activities towards market performance. The sample is 52 manufacturing's firm listed on the Indonesia Stock Exchange in the period 2012-2016. This study using instrumental variable (IV) models (Kang and Sivaramakrishnan, 1995) to measure accrual earnings management, and using the Roychowdhury's model (2006), to measure real earnings management through cash flow operating activities. Market performance is measured by the cumulative abnormal return (CAR) with market adjusted models. Then, descriptive statistics, one sample t-test, and multiple regression test to test the hypothesis. The results of this research show that there is no negative influence of accrual earnings management with market performance, and there is no positive influence of real earnings management through cash flow operating activities with market performance. Earnings management through accrual and do not affect market performance, because in the longterm period investor have many relevance information apart from financial statements to decide on investment. The suggestions for further research is to explore more about real earning management techniques and consider other factors that might be able to influence market performance on earnings management.
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