This study examines the impact of dividend policy, investment decision, and funding policy on firm value in the Indonesian manufacturing companies. This study was conducted by using 178 manufacturing companies listed in the Indonesia Stock Exchange (IDX) during the period 2009 -2016. Samples were taken by using a purposive sampling method. This study aims to examine the firm value's main determinants of the manufacturing companies in Indonesia based on basic theory of capital structure through building theoretical model. Partial Least Square through path analysis was used to analyze the data. The findings shows that dividend policy, investment decision, and funding policy have a positive impact on the Indonesian manufacturing companies' firm value. This study supports the theory of pecking order and agency theory. Penelitian ini mengkaji dampak kebijakan dividen, keputusan investasi, dan kebijakan pendanaan terhadap nilai perusahaan manufaktur di Indonesia. Penelitian ini dilakukan dengan menggunakan 178 perusahaan manufaktur yang terdaftar di Bursa Efek Indonesia (BEI)selama periode 2009 -2016 sebagai sampel. Metode pengambilan sampel yang dipergunakan adalah purposive sampling. Penelitian ini bertujuan untuk menguji determinan utama perusahaan dari perusahaan manufaktur di Indonesia berdasarkan teori dasar struktur modal melalui model teoritis bangunan. Partial Least Square dengan analisis jalur digunakan untuk menganalisa data. Temuan ini menunjukkan kebijakan dividen, keputusan investasi, dan kebijakan pendanaan berdampak positif terhadap nilai perusahaan manufaktur Indonesia. Hasil penelitian ini mendukung teori pecking order dan agency theory.
This research examines the effect of institutional ownership, independent board and the board size to firm performance. Using fixed effect data panel regression, this research investigates 293 firms listed in the Indonesian Stock Exchange during 2010-2015. Firm performance is proxied by market measure (Tobin's Q). The findings of this research suggest that the institutional ownership, the board of Independence has a positive impact only to Tobin's Q value, while the board size can increase both Tobin's Q. This research also finds that the board size has a non-linear relationship with investment as proxied by IOS. While the IOS variables can mediate the effect of board size on firm performance.
This research aims to develop theoretical approach to complete the conceptual controversy regarding the research results on the investment Keywords: investment opportunity set (IOS), dividend pay out ratio (DPR), firm value PENDAHULUANTujuan operasional perusahaan secara umum adalah untuk memaksimalkan kekayaan dan kesejahteraan pemegang saham. Hal ini bisa dicapai dengan berbagai upaya yaitu melalui keputusan penggunaan profit untuk pembayaran deviden, kesempatan investasi atau investment opportunity set (IOS) dan kebijakan pendanaan.Menurut Jiambalvo dan Rajgopal (2002), harga saham, IOS dan keputusan pendanaan mencerminkan nilai perusahaannya. Harga transaksi yang terjadi antara penjual dan pembeli berdasarkan nilai perusahaan ini sesungguhnya disebut nilai pasar perusahaan. Nilai pasar perusahaan ini yang nantinya akan memunculkan 83
The main objective of this paper is to explore the most significant determinants of financial distress of manufacturing companies in Indonesia and to provide explanations on this issue by using multiple regression models. With Modigliani and Miller’s and Trade-off theories were reviewed to formulate a testable proposition on the determinants of financial distress of manufacturing companies in Indonesia. Multiple regression models were used as a statistical tool to investigate the most significant profitability determinants of manufacturing companies in Indonesia. The Lisrel software was used to analyze 300 manufacturing companies listed on the Indonesia Stock Exchange. It was found that institutional ownership, firm size, profitability, and board independence as variables had a positive relationship in an effort to avoid financial distress. Meanwhile, the board size variable had an insignificant positive relationship. The findings are consistent with the pecking order and financial agency theory which helps in understanding the application of financial distress studies for manufacturing companies in Indonesia.
This study aimed to predict the JKII (Jakarta Islamic Index) price as a price index of sharia stocks and predict the loss risk. This study uses geometric Brownian motion (GBM) and Value at Risk (VaR; with the Monte Carlo Simulation approach) on the daily closing price of JKII from 1 August 2020–13 August 2021 to predict the price and loss risk of JKII at 16 August 2021–23 August 2021. The findings of this study were very accurate for predicting the JKII price with a MAPE value of 2.03%. Then, using VaR with a Monte Carlo Simulation approach, the loss risk prediction for 16 August 2021 (one-day trading period after 13 August 2021) at the 90%, 95%, and 99% confidence levels was 2.40%, 3.07%, and 4.27%, respectively. Most Indonesian Muslims have financial assets in the form of Islamic investments as they offer higher returns within a relatively short time. The movement of all Islamic stock prices traded on the Indonesian stock market can be seen through the Islamic stock price index, namely the JKII (Jakarta Islamic Index). Therefore, the focus of this study was predicting the price and loss risk of JKII as an index of Islamic stock prices in Indonesia. This study extends the previous literature to determine the prediction of JKII price and the loss risk through GBM and VaR using a Monte Carlo simulation approach.
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