Relationship Between Macroeconomic Fundamentals, Bank’s Credit Scheme, Firm’s Performance and Firm’s Value Dimensions

Abstract

This study investigated the relationship among macroeconomic fundamentals, bank's credit scheme, firm's performance and firm's value dimentions. The research design was explanatory research, using a structural equation model. The sample is PT. Bank Persero industry in Indonesia from 1999-2014 monthly. Empirically, based on confirmatory test it could be described that the variables represented for each dimension were that the dominant variable in macroeconomic was currency exchange rate IDR to USD, and working capital interest rate represented the bank credit interest scheme dimension, ROA was dominant for firm's performance, and the frequency of stock trading was representing the firm's value dimension. For the next, based on structural equation model with regression coefficient, path analysis could be discussed as follows. First, working capital credit interest rate was as weak mediation variable between exchange rate IDR to USD and ROA. Second, working capital credit interest rate influenced the frequency of stock trading through ROA. In this case ROA was as strong mediation variable. The last path analyzed the influence of exchange rate IDR against USD to the frequency of stock trading through ROA. Here ROA was the strong mediation variable. AbstrakPenelitian ini meneliti pola hubungan antar dimensi fundamental makroekonomi, skema bunga kredit, kinerja perusahaan, dan nilai perusahaan. Rancangan penelitian berupa penelitian eksplanatori, dengan menggunakan analisis Model Persamaan Terstruktur (SEM). Sampel penelitian adalah industri PT. Bank Persero di Indonesia periode 1999-2014 secara bulanan. Hasil penelitian menunjukkan, berdasarkan hasil pengujian model konfirmatori dapat dijelaskan bahwa variabel-variabel yang mewakili masing-masing dimensi yaitu: variable perubahan nilai kurs mewakili dimensi fundamental makro, tarif bunga kredit modal kerja mewakili dimensi skema bunga kredit bank, ROA dominan mewakili kinerja perusahaan dan frekuensi perdagangan saham merepresentasikan dimensi nilai perusahaan. Analisis selanjutnya, berdasarkan variable dominan yang sudah diperoleh dengan mendasarkan pada hasil koefisien regresi terstandar dapat didiskusikan analisis jalur, yaitu: jalur pertama, dapat dijelaskan bahwa, bunga kredit modal kerja sebagai variable mediasi yang lemah antara variable nilai kurs dengan kinerja perusahaan ROA. Kondisi jalur kedua yakni bunga kredit modal kerja berpengaruh terhadap frekuensi perdagangan saham melalui ROA, dalam hal ini ROA berperan sebagai variabel mediasi yang menguatkan. Dan jalur terakhir menganalisis pengaruh perubahan nilai kurs terhadap frekuensi perdagangan saham melalui ROA, dalam hal ini ROA mewakili dimensi kinerja perusahaan merupakan variable mediasi yang menguatkan.

The Effect of Gold Price Changes, Usd/Idr Exchange Rate Changes and Bank Indonesia (Bi) Rate on Jakarta Composite Index (Jci)’s Return and Jakarta Islamic Index (Jii)’s Return

“…The BI rate (BI Rate) and 7-days repo rate use data obtained from the official website of Bank Indonesia (2017a). Effective since August 19, 2016, Bank Indonesia strengthened the monetary operations framework by introducing a new BI rate or BI rate policy, replacing the BI Rate even in the transitional period of the BI Rate (Harmono, 2017). In this research, BI rate (for period before August 2016) and the BI 7-Day Repo Rate which replacing BI rate (for period after August 2016) used as risk-free-rate proxy in this study.…”

“…These factors can be external factors (i.e., world financial market movements) as well as internal factors (i.e., Indonesian macro indicators). Associated with these factors, many studies have attempted to conduct studies, such as research conducted by Gumilang, Hidayat, and NP (2014); Haholongan (2016); Harmono (2017); Hersugondo, Robiyanto, Wahyudi, and Muharam (2015); Kurniawati (2015); Triyono and Robiyanto (2017); Uligoma (2014); Yuswandy (2013). Gumilang et al (2014) conducted a study on the effects of macroeconomic variables, gold prices, and world oil prices on the Jakarta Composite Index (JCI).…”

Pengaruh Rasio Profitabilitas, Ukuran Perusahaan, Struktur Modal, dan Kebijakan Dividen Terhadap Nilai Perusahaan

“…Kerangka Pemikiran Teknik pengambilan sampel menggunakan nonprobability sampling dengan metode purposive sampling. Anggota sampel dipilih secara khusus berdasarkan tujuan penelitian (Hardani, 2020). diaudit serta dipublikasikan dengan periode pengamatan 3 tahun sehingga total sampel penelitian (N) adalah 57.…”

Predicting the Potential Bankruptcy of Coal Mining Companies Using Altman Z-Score Method During 2012-2016 Period

“…If the amount of networking capital is negative, it is likely that the company will face problems in meeting its short-term liabilities due to the high liabilities of the company as well as the insufficient current assets to meet the obligations. Conversely, companies with positive net working capital will rarely face difficulties in fulfilling their obligations (Gerald et al, 2003;Harmono, 2017). The ratio of retained earnings to total assets is the profitability ratio that measures the accumulation of the company's operation.…”