The purpose of this study was to examine the influence of demographic factors such as gender, age, education, occupation, income, and investment experience on investor behavior bias such as overconfidence bias, disposition effects, herding bias, and mental accounting. This type of research was causal research with a quantitative approach, and the analytical method used was the analysis of SEM (structural equation modeling). This research was conducted by distributing questionnaires to investors listed on the Indonesia Stock Exchange with a minimum age of 17 years. The results showed that overconfidence bias was influenced by investment experience while disposition effect was influenced by age, income level, and investment experience. Herding bias was influenced by age and occupation while mental accounting was influenced by income level.
Penelitian ini bertujuan untuk menginvestigasi faktor-faktor yang menentukan struktur modal pada perusahaan-perusahaan yang bergerak pada sektor pertambangan di negara-negara ASEAN. Penelitian ini juga menguji apakah terdapat perbedaan penentuan struktur modal pada perusahaan-perusahaan tersebut. Sampel yang digunakan dalam penelitian ini terdiri dari 70 perusahaan yang ada dalam sektor pertambangan, dengan kriteria sampel yang digunakan adalah perusahaan menerbitkan laporan keuangan lengkap dan tersedia di database Osiris. Variabel dependen dalam penelitian ini adalah utang, sedangkan variabel-variabel independennya adalah profitabilitas, ukuran perusahaan, asset tangibility, pertumbuhan perusahaan dan nondebt tax shield. Penelitian ini menggunakan pendekatan pooled least square. Hasil penelitian menunjukkan faktor yang menentukan kebijakan utang adalah profitabilitas, ukuran perusahaan, asset tangibility dan tingkat pertumbuhan. Dilain pihak, non-debt tax shield tidak memiliki pengaruh yang signifikan. Lebih lanjut, penelitian ini juga menemukan bahwa tidak ada perbedaan praktek yang nyata antara penggunaan utang di keenam negara ASEAN.
This study aims to analyze the influence of good corporate governance (GCG) on financial distress. This study also aims to create a bankruptcy prediction model by using historical data from nonfinancial sector companies listed on Indonesia Stock Exchange (IDX) over the period of 2011-2015. This study used quantitative approach by using logistic regression. The final sample used in this study were 337 companies with 1,685 years observation. The study findings suggest that the proportion of independent outside directors, audit opinion, size, and ownership type from the category of good corporate governance are incorporated into the model. All the variables are significant. The results suggest that the accuracy of this bankruptcy prediction model was 99.7%.
Research BackgroundDividend announcement by a company is a signal to shareholders. Basically, managers and shareholders have different information, where managers have more complete information than shareholders. The shareholders will interpret the increase in dividend payments by the company, as the signal that management has a high cash flow forecast future (Black, 1976). Conversely, the decline in dividend payments interpreted as anticipation manager of the limited cash flow in the future. Lintner (1956) advocated the view that firms increase dividend payments only if the manager believes that these high dividend payments can be maintained in the future. ThisCreate PDF with GO2PDF for free, if you wish to remove this line, click here to buy Virtual PDF Printer 2 research was continued by Fama and Babiak (1968) showed support for the model developed by Lintner. Bhattacharya (1979) and Miller and Rock (1985) predicts that the dividend payment announcement containing information about the condition of cash flow that is in good company for current and future (Allen and Michaely, 2002).The study discusses the direct relationship between dividends and stock prices have been a lot done, but the results are still ambiguous (Jensen and Smith, 1984).Miller and Modigliani (1961)-hereinafter referred to as MM-argued that the assumption of perfect markets, rational behavior and perfect certainty, find the relationship that the value of the company and the current dividend policy is irrelevant. MM Research ignore that there is information that is not the same between the parties to a transaction. In fact, there is informational asymmetry, where the parties conducting the sales have more information about the company's condition compared to the potential investors. The presence of different information will encourage the role of dividends as a signal to outsiders (Dong, Robinson and Veld, 2005). Absence of significant influence of the dividend was also raised by Black and Scholes (1974). Meanwhile, Litzenberger and Ramaswamy (1979) in his research to include the finding that dividend taxes have a negative effect on stock price movements. This is because the tax on dividends is higher than the taxes imposed on capital gains, and tax on capital gains realized only when the transaction (Brigham and Daves, 2002). Bajaj and Vijh (1990) states that the impact of dividend changes on stock prices is large and the impact of dividend yield are stronger in small firms. On the other hand, Ammihud and Li (2002) Create PDF with GO2PDF for free, if you wish to remove this line, click here to buy Virtual PDF Printer (1984) states that it is difficult to explain the effect of dividend policy on stock price movements in isolation.In this research further discussed antecedents of dividend policy and its impact on stock prices. In addition to dividends, to examine other factors that influence stock prices, among others, is the investment opportunity set (Miller and Modigliani, 1961;Myers, 1977;Lang and Litzenberger, 1989;H...
This research objective is to observe the influences of good corporate governance, analyst coverage, company life cycle, investment opportunities set, size, and profitability towards the dividend policy. This study employs the corporate data from Indonesian Stock Exchange during 2005-2008 and weighted least square methods. The latest sample is 279 years of observation. The result shows that only life cycle stage of the company and its profitability are influential towards the dividend policy. The findings show that the relationship between the good corporate governance is consistent with the hypothesis but not significant.
AbstrakPenelitian ini menguji pengaruh idiosyncratic risk dan likuiditas saham terhadap return saham. Penelitian mengggunakan data 50 perusahaan di Bursa Efek Indonesia periode 2009-2011. Variabel independen adalah idiosyncratic risk dan likuiditas saham, serta variabel kontrol berupa ukuran perusahaan. Dengan menggunakan panel data dan pooled least square diperoleh hasil bahwa idiosyncratic risk memiliki pengaruh negatif signifikan terhadap stock return, likuiditas saham berpengaruh positif signifikan, dan ukuran perusahaan berpengaruh negatif signifikan. Hal ini memberikan implikasi bahwa perusahaan dengan idiosyncratic risk kecil akan lebih disukai investor yang tidak mampu melakukan diversifikasi, sehingga permintaan dari individual dan insitusi secara bersamaan akan mendorong harga saham dan memberikan return yang lebih tinggi. Kata kunci: Idiosyncratic risk, likuiditas saham, stock return. Abstract This study examined the effect of idiosyncratic risk and liquidity of shares on stock return. It used data of 50 companies on the Indonesia Stock Exchange 2009-2011 period. The independent variable was the idiosyncratic risk and the liquidity of the shares, as well as control variables such as firm size.Using panel data and pooled least square, result show that idiosyncratic risk had a significant negative effect on stock return, liquidity of the shares had significant positive and significant negative effect of firm size. This implied that firms with small idiosyncratic risk that small investors will be preferred, so the demand from individuals and institutions simultaneously will push stock prices and provide a higher return.
This study aims to compare the financial performance of non-finance companies listed on the Indonesia Stock Exchange for the period 2010-2014 before and after a merger and acquisition. This study used the long-term pre and post-merger financial data to investigate the long-term performance. The present work conducted a comprehensive ratio analysis of 14 major ratios related to profitability, efficiency, leverage, and liquidity. The method used in testing the research was a quantitative approach with paired t-test and Wilcoxon test. The results of this study show that financial performance after the merger and acquisition (M&A) was better than before.
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