This study aims to examine the relationship between financial performance with firm value with dividend policy as an intervening variable in an emerging market, Indonesia. The samples in this study are large firms listed on the Indonesia Stock Exchange (IDX). The sampling method uses a purposive sampling technique according to research criteria, especially members of the LQ45 index. The study used the data analysis by using multiple regression analysis, path analysis, and Sobel test to find the direct, indirect, and intervening effect and significance in this study. The results indicated that profitability and activity have a positive effect, leverage has a negative effect, but liquidity has no effect on the value of the firms. The subsequent analysis shows that profitability and leverage do not affect dividend policy, liquidity has a negative effect, while activity has a positive effect, significantly. Dividend policy has a positive effect on firm value. Liquidity and leverage do not affect the firm value, but profitability and activity effect positively on the firm value through intervening dividend policy. Conclusions: in general, financial performance indicates an influence on firm value and less effect on dividend policy. As an intervening variable, dividend policy weakens the effect of financial performance on firm value.

Financial performance and corporate governance play an important role in financial distress in the mining sector, which is one of the most significant contributors to the Indonesian economy. This study aims to analyze the effect of corporate characteristics on financial distress (FD), which is moderated by corporate governance (audit quality), and uses the controlling variables (inflation rate and GDP). The study uses data from audited financial statements from mining sector in the Indonesia Stock Exchange for the period 2013–2018. Since the dependent variable (FD) is dichotomous, this study used a binary logistic regression model, as it is the case in many studies regarding the probability of bankruptcy filing. In line with the current study and some previous studies, leverage, efficiency (activity), market-to-book value, audit quality, and GDP affect the probability of financial distress significantly. Only liquidity and inflation do not impact FD. Besides, the moderating audit quality weakens the effect of liquidity and PBV; otherwise, it strengthens leverage and efficiency in predicting financial distress. As for managerial implications, this study concludes that corporate performance, corporate governance, and macro-risk factors affect the probability of financial distress. The authors suggest that mining firms need to pay attention to corporate governance and should watch the economic condition for business sustainability.

ABSTRAKMutu pelayanan merupakan faktor yang esensial dalam seluruh kegiatan Klinik atau RS, dimana berdampak terhadap kenyamanan pasien serta berdampak pada menurunnya kepercayaan terhadap Klinik/ RS. Salah satu kegiatan yang berdampak terhadap mutu pelayanan adalah pengambilan sampel darah yang memiliki risiko hematom. Kami meneliti kegiatan pengambilan darah di Klinik “P” yang dapat menyebabkan hematom. Hasil penelitian kami ternyata resiko terjadinya hematom disebabkan oleh beberapa factor, yaitu alat, prasarana, persiapan pasien, proses pengambilan darah dan lokasi penusukan jarum pada pengambilan darah. Dari keempat faktor tersebut didapatkan 12 risiko, dengan 8 risiko memerlukan tindakan segera untuk mengelola risiko dan 4 risiko diperlukan tindakan untuk mengelola risiko. Tindakan yang harus diambil diantaranya menerapkan manajemen risiko, memperhatikan kualitas alat, prasarana, meningkatkan keterampilan petugas dengan mengadakan pelatihan, sosialisasi SOP kepada petugas serta meningkatkan service excellent bagi petugas sehingga kepuasan pelanggan dapat terpenuhi. Dengan mengetahui dampak dan peluang dari terjadinya hematom serta dapat melakukan mitigasi dengan tepat dan benar. Maka diharapkan dapat mengurangi dampak bahkan menghindari risiko yang akan terjadi diKlinik “P”

No abstract

Branchless Banking is one of the programs of Indonesia's financial inclusion strategy. The programs' name is "Financial Service Without Office in the Framework of Inclusive Financial" which called “Laku Pandai.” This study aims to portrait the implementation of the Branchless Banking program concerning the obstacles that occurred to achieve program objectives. The research conducted using qualitative methods. The existence of Branchless Banking agents close to the community has fulfilled the program objective, to make an easy way for society to do financial transactions without having to go to the bank office. Therefore, the implementation of the Branchless Banking program met the criteria for eliminating non-price barriers in financial services in remote areas. However, delegation authority to the agent as an extension of the bank to provide limited financial services has encouraged agents to engage in moral hazard behaviors by charging the tariff that greater than the official rate set by the managing bank. It showed that the agent has taken the consumer surplus provided by the Branchless Banking technology. Although accepted by society since considerably cheaper than the fee to go to the nearest bank office, that condition becomes a price barrier for the future development of Branchless Banking.