No abstract

Capital market functions as a mediator between parties who have excess funds that is, investors and those who need the funds that is, emitents. Decision to sell and buy shares of a financial asset is very strategic decision for investors because it is associated with the chances of return to be earned in the future. The objective of this paper is to investigate the investor's psychology on buying and selling common stock in the stock exchange in emerging market. The specific purpose of this research is to provide the simultaneous empirical evidence about the perception of risk, psychology aspects towards the confidence and performance. The sample consists of 100 individual investors in Palembang, South Sumatera, Indonesia. The data were collected during March-May 2016 using questionnaire. Research findings show that perception of risk and psychology significantly affect confidence. Furthermore, confidence has a significantly positive impact on performance. This research has not been explained entirely towards the investor's psychological behavior aspects, so the additional variable may be needed as the full reflection of investor's psychology. The further research may use experimental study, starts from buying stocks, and factors that can be considered in selling stock.

Company value reflects the current value of the desired revenue in the future and the indicator for the market in assessing the company holistically. Implementing the financial management function is the way that can be done to achieve the company's objectives. The optimal combination of management decision can optimize company value that will affect shareholder wealth. The funding decision is a very significant decision for the company because it involves the acquisition of funding sources for operational activities and to finance the company's investment activities. In this case, funding decision and investment decision are interconnected. Funding sources within the company can be obtained from inside or outside the company. KEY WORDSFunding decision, investment decision, dividend policy, company.

Introduction. Capital structure must be the concern of the company's financial managers in expanding and financing the company's operations. The financing decisions that will be used must have strong implications for the value of the company in the future. The data used in this study were secondary data obtained from the Indonesia Stock Exchange website and from the HOTS PT application. Mirae Aset Sekuritas as well as from the official website of each company in the researched samples. The researched population was listed retail ing sector companies on the Indonesia Stock Exchange (IDX) over the period of 2012-2016. The number of companies used was 18. The data analysis used panel data regression on the fixed effect assumption. Purpose. The purpose of this study was to conduct an analysis and obtain empirical evidence of the effect of the Profitability, Tangibility, Firm Size, Growth Opportunity, Liquidity, Business Risk and Non-Debt Tax Shield variables on the capital structure. Results. The results of the study showed that the capital structure (leverage) was influenced by variables of profitability, firm size, liquidity and non debt tax shields (NDTS). Variables of assets tangibility, growth opportunity and business risk did not affect the leverage. Conclusion. The company finance managers should prioritize the internal funding sources and need to be thoroughly in utilizing external funding. The results of the analysis showed that the Pecking Order (POT) theory was more influential than the Trade-Off (TOT) theory. Internal financing sources were preferred to avoid high loan interest rates in Indonesia, foreign exchange risk losses for loans in foreign currencies, government regulations that limit the amount of interest costs that can be charged as tax deduction fees and the Indones ian economy which is vulnerable to global influences.

The aims of this study are to investigate the effect of Debt to Equity Ratio and Return on Equity on stock returns with dividend policy as an intervening variable on the property and real estate companies in Indonesia. We collected annual data for eighteen property and real estate companies in Indonesia from the Indonesia Stock Exchange over the period of 2014-2018. We applied multiple linear regression model using SPSS and the Sobel test. Our analysis results found that Debt to Equity Ratio (DER), Return on Equity (ROE), and Dividend Payout Ratio (DPR) have a positive and significant affect on stock returns, both partially nor jointly. Furthermore, the result of Sobel test revealed Dividend Payout ratio (DPR) can be mediate the relationship of Debt to Equity Ratio (DER) and and Return on Equity (ROE) on stock returns. Based on these findings, we concluded that Debt to Equity Ratio (DER) and Return on Equity (ROE) have direct and indirect effects on Stock Return in 18 Indonesia's property and real estate companies.