scholarly journals THE EFFECT OF CREDIT RATING, DISCRETIONARY ACCRUAL, AND FINANCIAL DISTRESS ON CREDIT FACILITIES IN MANUFACTURING COMPANIES IN INDONESIA

2021 ◽  
Vol 6 (2) ◽  
pp. 209
Author(s):  
Ema Annisa ◽  
Sri Ningsih
Keyword(s):  
Financial Distress ◽  
Credit Rating ◽  
Random Effect ◽  
Random Effect Model ◽  
Fixed Effect Model ◽  
Least Square ◽  
Manufacturing Companies ◽  
Discretionary Accrual ◽  
Effect Model ◽  
Maturity Date

This study aims to analyze the effect of credit rating, discretionary accrual, and financial distress on credit facilities, namely the rate spread, credit collateral, and maturity date extended by banks. This study uses static panel equations and panel data, consisting of 50 manufacturing companies in Indonesia from 2010 to 2017. The research methods used are the Pooled Least Square (PLS), Fixed Effect Model (FEM), Random Effect Model (REM), and logit panels. This study concludes that earnings management has a negative and insignificant impact on the rate spread and maturity date but positively and significantly affects the collateral variable. Financial distress has a positive and insignificant effect on the rate spread and maturity date but negatively impacts the collateral variable. The company's investment rating has a negative and insignificant impact on the three dependent variables, namely, rate spread, collateral, and maturity date.Keywords: credit rating, discretionary accrual, financial distress, credit facilitiesJEL Classification: C23, G21, G24

Analysis of Board Size and Firm Performance: Evidence from NSE Companies Using Panel Data Approach

2016 ◽  
Vol 9 (2) ◽  
pp. 148-172 ◽  
Author(s):  
Anjala Kalsie ◽  
Shikha Mittal Shrivastav
Keyword(s):  
Firm Performance ◽  
Panel Data ◽  
Panel Data Analysis ◽  
Random Effect ◽  
Random Effect Model ◽  
Fixed Effect Model ◽  
Least Square ◽  
Empirical Literature ◽  
Board Size ◽  
Effect Model

This article seeks to examine the relationship between the board size and firm performance. Existing literature on board size is based on different theories of corporate governance. While agency theory and resource dependency theory suggest that the board size positively affects performance, stewardship theory favours smaller board size and argues that larger board size negatively impacts the firm performance. The present article adds to the empirical literature by employing panel data analysis of 145 non-financial companies listed in the NSE CNX 200 Index of India corresponding to 16 industries. The study is carried out for a period of five years from 2008 to 2012. The firm performance has been measured using Tobin’s Q and the market-to-book value ratio (MBVR) as market-based measures and return on assets (ROA) and return on capital employed (ROCE) as accounting-based measures. The fixed effect model, random effect model and feasible generalised least square (FGLS) regression models are applied to achieve the above-mentioned objectives. The results conclude that the board size has a positive and significant impact on the firm performance.

scholarly journals FAKTOR DETERMINAN AUDIT REPORT LAG PADA PERUSAHAAN MANUFAKTUR YANG TERDAFTAR DI BURSA EFEK INDONESIA TAHUN 2017-2019

2021 ◽  
Vol 5 (2) ◽  
pp. 132-141
Author(s):  
Zulfa Rosharlianti
Keyword(s):  
Financial Distress ◽  
Stock Exchange ◽  
Random Effect ◽  
Random Effect Model ◽  
Manufacturing Companies ◽  
Audit Report ◽  
Investment Opportunity ◽  
Analysis Techniques ◽  
Effect Model ◽  
Independent Variable

This study aims to determine the description and determinants of audit report lag factors in manufacturing companies listed on the Indonesia Stock Exchange in 2017-2019. The research independent variable is financial distress, investment opportunity and KAP reputation, while the dependent variable is audit report lag. Samples were taken through purposive sampling, in order to obtain a number of 31 companies. Data analysis techniques used multiple linear regression panel data Random Effect Model. The results of this study are that together financial distress, investment opportunity and KAP reputation have a significant effect on audit report lag. Partially, financial distress has no effect on the audit report lag, investment opportunity has no effect on the audit report lag, and the reputation of KAP has no effect on the audit report lag.

Pengaruh Variabel Ekonomi Makro terhadap Yield Spread Negara-negara di Asia Timur, Amerika Latin, dan Karibian

2018 ◽  
Vol 3 (1) ◽  
pp. 61-67
Author(s):  
Irwan Diko Purba
Keyword(s):  
Random Effect ◽  
Random Effect Model ◽  
Fixed Effect Model ◽  
Least Square ◽  
Real Effective Exchange Rate ◽  
Yield Spread ◽  
Macroeconomic Variables ◽  
Effect Model ◽  
Effective Exchange ◽  
Effective Exchange Rate

A country’s credit worthiness decided by macroeconomic factors. This research aims to examine the impact of macroeconomic and external factor on yield spread of East Asia, Latin America, and Caribbean countries. Macroeconomic variables used in this research are classified as macroeconomic variables that influence liquidity and solvency, and macroeconomic variables that influence macroeconomic fundamental. This research is conducted by using quarterly yield spread data of 11 countries from 2000Q1 to 2015Q4 and analyzed panel data regression using Pooled Least Square (PLS), Fixed Effect Model (FEM) and Random Effect Model (REM). Study results show that macroeconomic variables that have impact on yield spread are external debt to GDP ratio, fiscal balance to GDP ratio, amortization to international reserve ratio, current account to GDP ratio, real effective exchange rate, and GDP per capita growth. External factors that have impact on yield spread are US Treasury Bond 10 year yield and Volatility Index. Abstrak Kelayakan utang (credit worthiness) sebuah negara ditentukan dari kondisi ekonomi makro negara tersebut dan faktor eksternal. Penelitian ini bertujuan untuk menguji pengaruh faktor ekonomi makro serta faktor eksternal terhadap yield spread negara-negara di Asia Timur, Amerika Latin dan Karibian.  Variabel ekonomi makro yang digunakan dalam penelitian ini digolongkan dalam dua kelompok yakni yang memengaruhi likuiditas dan solvensi serta yang memengaruhi fundamental ekonomi makro. Penelitian dilakukan dengan menggunakan yield spread triwulanan dari 11 negara untuk periode 2000Q1:2015Q4 dan analisis regresi data panel menggunakan Pooled Least Square (PLS), Fixed Effect Model (FEM) dan Random Effect Model (REM). Hasil penelitian menunjukkan bahwa variabel ekonomi makro yang memengaruhi yield spread adalah rasio utang luar negeri terhadap PDB,  rasio keseimbangan anggaran fiskal terhadap PDB, rasio amortisasi terhadap cadangan devisa, rasio transaksi berjalan terhadap PDB, nilai tukar riil (real effective exchange rate) dan  pertumbuhan PDB per kapita. Faktor eksternal yang memengaruhi yield spread adalah yield US Treasury 10 tahun dan Volatility Index (VIX).

GREEN GROWTH: IMPORTANT DETERMINANTS

2015 ◽  
Vol 60 (02) ◽  
pp. 1550014 ◽  
Author(s):  
GHULAM SAMAD ◽  
RABIA MANZOOR
Keyword(s):  
Time Series Data ◽  
Random Effect ◽  
Random Effect Model ◽  
Developed Countries ◽  
Fixed Effect Model ◽  
Least Square ◽  
Series Data ◽  
Market Size ◽  
Green Growth ◽  
Effect Model

We discuss the important determinants requires to develop green patents, which eventually reinforce green growth. The theoretical framework examined four elements, the enforcement of intellectual property rights (IPRs), research and development (R&D) expenditures, market size and environmental taxations. We empirically test the green patent data to test the interrelationship of green patents representing the green innovations and IPR, R&D expenditures, market size and environmental taxations. Keeping in view the availability of the data we studied 11 developed countries, which are Austria, Australia, Canada, France, Japan, Finland, Germany, Sweden, U.K and U.S. The panel data can better handled the technological change rather than the pure cross section or pure time series data. Therefore, this study used the Pooled Least Square estimation techniques like Fixed Effect Model (FEM) and random effect model (REM) for both balance period of 1995–2010 and unbalanced period from 1995–2010. We only interpreted the balance period results depicting the enforcement of IPRs has negative and significant impact on green patents while the R&D expenditures, market size and environmental taxations has positive and significant impact on the green patents e.g. development of green innovations. We believe that the enforcement of explanatory variables will eventually acquire green growth.

An Investigation of Factors Affecting Financial Distress: Analysis Among PN17 Companies in Bursa Malaysia

2021 ◽  
Vol 8 ◽  
Author(s):  
Suhaily Maizan Abdul Manaf ◽  
Nor Farah Hanim Amzah ◽  
Wan Anisabanum Salleh
Keyword(s):  
Financial Distress ◽  
Random Effect ◽  
Random Effect Model ◽  
Least Square ◽  
Lagrangian Multiplier ◽  
Corporate Financing ◽  
Factors Affecting ◽  
Ordinary Least Square ◽  
Effect Model ◽  
Using Data

Financial distress is a condition of problems in corporate financing, in which there is a means of inability to pay to a creditor and is at risk of bankruptcy in the future. Those publicly listed companies having financial problems and any related issues will fall under Practice Note 17 (PN17). To have a better understanding, this study has aimed to examine the factors affecting financial distress among the PN17 companies in Bursa Malaysia for ten years of analysis, using data from 2008 to 2017. A total of 154 observations have been taken from 17 companies by using the Pooled Ordinary Least Square (POLS) and Random Effect Model (Breusch and Pagan Lagrangian Multiplier Test). Profitability, size of firm, sales growth, liquidity, and leverage have been chosen as independent variables, while total debt acts as a dependent variable for this investigation. Findings suggest that liquidity, size of firm, and leverage have a significant impact on financial distress, while profitability and growth sales have it in the other direction. A further implication is that it is beneficial for those companies and investors to make wise decisions on short- and long-term investments towards their shareholdings.

scholarly journals The Effect of Financial Variables on Systematic Risk in Six Industries in Thailand

2020 ◽  
Vol 9 (2) ◽  
pp. 63-68
Author(s):  
Vilayphone Vongphachanh ◽  
Khairunisah Ibrahim
Keyword(s):  
Firm Growth ◽  
Panel Data Analysis ◽  
Random Effect ◽  
Random Effect Model ◽  
Systematic Risk ◽  
Fixed Effect Model ◽  
Least Square ◽  
Financial Variables ◽  
Effect Model ◽  
Main Factors

Risk is classified into two types which are systematic risk and unsystematic risk. Unsystematic risk is known as a diversifiable risk that can be avoided or managed. On the other hand, systematic risk is the market-related risk which cannot be controlled or diversified away. Between these two types of risks, the systematic risk becomes the major concern of firms and investors as this type of risk cannot be avoided or diversified away, but need to be strategized and managed accordingly. The purpose of this study is to examine the main factors influence on the behavior of systematic risk in six industries of Thailand, the period of study is 15 years from 2002 to 2016 and consist of 372 non-financial listed firms. This study employs the panel data analysis, comprising of the random effect model (REM), fixed effect model (FEM), and pool ordinary least square (POLS). The overall findings show some common financial variables such as financial leverage, liquidity, firm size, firm growth, and profitability are considered as the main factors affecting systematic risk in Thai consumer goods, technology, telecommunication, utilities, and health care. However, Thai consumer service is reported as an insignificant relationship between financial variables and systematic risk. Apart from financial variables, there is an impact of the financial crisis (2009) on systematic risk in all industries. Findings in this study extent in the finance literature on systematic risk, different internal industries may have different factors influencing the behavior of systematic risk. 

An Analysis of Factors Affecting Student Dropout: The Case of Tunisian Universities

2021 ◽  
pp. 105678792110231
Author(s):  
Samir Srairi
Keyword(s):  
Random Effect ◽  
Random Effect Model ◽  
Dropout Rate ◽  
Fixed Effect Model ◽  
Positive Influence ◽  
Least Square ◽  
University Education ◽  
Positive Interaction ◽  
Student Dropout ◽  
Effect Model

The purpose of this paper is to analyze the determinants of university dropout in the first year of bachelor programs at Tunisian universities. We consider 160 higher education institutions with an average of 671 bachelor study programs per year from 2013 to 2018. Using several econometric models (pooled ordinary least square, fixed effect model, and random effect model), we regress student dropout rate on four categories of indicators: student characteristics, and institutional, contextual, and external factors. The estimation results suggest that the institutional characteristics have a significant impact on dropouts. The findings show that student–staff ratio has a positive influence on student dropout. We also find a negative association between staff quality and dropout rate. In addition, the analysis reveals the importance of contextual factors such as university accommodation in helping students to complete university education. Finally, regression also indicates a significant and positive interaction between unemployment rate and the dropout rate.

Pengaruh Pertumbuhan Ekonomi, Foreign Direct Investment dan Tax Rate Terhadap Penerimaan PPh Badan Negara ASEAN

2020 ◽  
Vol 5 (4) ◽  
pp. 325-342
Author(s):  
Merry Inriama ◽  
Milla Sepliana Setyowati
Keyword(s):  
Foreign Direct Investment ◽  
Gross Domestic Product ◽  
Direct Investment ◽  
Random Effect ◽  
Random Effect Model ◽  
Least Square ◽  
Domestic Product ◽  
Tax Rate ◽  
Effect Model

Keterbukaan perekonomian menjadi penentu yang penting dalam pertumbuhan ekonomi. Kondisi perekonomian suatu negara dapat memberi dampak terhadap penerimaan sektor perpajakan. Hal ini dapat dilihat dari salah satu penerimaan pajak suatu negara yaitu melalui penerimaan PPh Badan. Tujuan dalam penelitian ini adalah untuk menganalisis pengaruh pertumbuhan ekonomi yang diukur dengan Gross Domestic Product (GDP), Foreign Direct Investment (FDI), dan Tax Rate terhadap besarnya penerimaan PPh Badan (CIT) dalam kasus lima negara ASEAN selama periode 1999-2018. Metode penelitian ini dilakukan dengan menggunakan regresi data panel dengan estimasi Random Effect Model atau Generalized Least Square (GLS) dengan program Eviews. Hasil penelitian ini secara simultan menunjukkan bahwa variabel independen yaitu GDP, FDI, dan tax rate memiliki pengaruh yang signifikan terhadap variabel dependen yaitu penerimaan PPh Badan (CIT). Secara parsial PDB dan tax rate memiliki pengaruh positif dan signifikan yang artinya kenaikan atau penurunan GDP dan tax rate akan mempengaruhi kenaikan atau penurunan penerimaan PPh Badan (CIT), sedangkan FDI tidak memiliki pengaruh terhadap penerimaan PPh Badan (CIT). Melalui penelitian ini diharapkan dapat mengukur variabel-variabel yang memiliki pengaruh terhadap penerimaan PPh Badan, sehingga penerimaan PPh Badan dapat ditingkatkan.

scholarly journals PENGARUH VARIABEL MAKROEKONOMI TERHADAP DANA PIHAK KETIGA BANK UMUM SYARIAH DI INDONESIA

2020 ◽  
Vol 4 (1) ◽  
pp. 164
Author(s):  
Muhammad Dzulfaqori Jatnika
Keyword(s):  
Interest Rates ◽  
Commercial Banks ◽  
Random Effect ◽  
Random Effect Model ◽  
Least Square ◽  
Third Party ◽  
Ordinary Least Square ◽  
Effect Model ◽  
Per Capita ◽  
The Right

Tujuan penelitian ini  adalah menganalisis pengaruh faktor makroekonomi yaitu nilai tukar, inflasi, suku bunga, dan GDP per kapita terhadap dana pihak ketiga di bank umum Syariah. Penelitian ini merupakan penelitian kuantitatif dengan data sekunder yang berupa data panel. Teknik analisis yang digunakan adalah metode analisis linier berganda Ordinary Least Square (OLS). Hasil uji Hausman menunjukan model yang tepat dalam penelitian ini adalah random effect model. Semua variabel signifikan, variabel inflasi dan nilai tukar memiliki pengaruh positif sedangkan variabel suku bunga dan GDP per kapita memiliki pengaruh yang negatif terhadap dana pihak ketiga di bank umum Syariah. Hasil penelitian ini memiliki implikasi bagi para pelaku usaha perbankan untuk menentukan waktu yang tepat dalam menarik dan menyalurkan dana pihak ketiga dari masyarakat. Dan dapat menjadi acuan untuk mengeluarkan kebijakan terkait bisnisnya. Dan bagi peneliti selanjutnya dapat menjadi acuan untuk mengembangkan kembali penelitian berikutnya. Pada penelitian selanjutnya diharapkan dapat menambah variabel-variabel terkait lainnya selain variabel yang telah diteliti dalam penelitian ini. Kebaruan dalam penelitian ini adalah tambahan variabel yang mempengaruhi dana pihak ketiga dan juga tambahan sampel bank umum Syariah sehingga diharapkan penelitian ini lebih mendalam daripada penelitian sebelumnya.  The purpose of this study is to analyze the influence of macroeconomic factors, namely the exchange rate, inflation, interest rates, and GDP per capita on third party funds in Islamic commercial banks. This research is a quantitative study with secondary data in the form of panel data. The analysis technique used is the Ordinary Least Square (OLS) multiple linear analysis method. The Hausman test results showed the right model in this study was the random effect model. All variables are significant, inflation and exchange rates have a positive effect while interest rates and GDP per capita have a negative effect on third-party funds in Islamic commercial banks. The results of this study have implications for banking businesses to determine the right time in attracting and channelling third party funds from the public. And can be a reference for issuing policies related to business. And for further researchers can be a reference to develop further research. In the next research, it is expected to be able to add other related variables besides the variables that have been examined in this study. The novelty in this study is the addition of variables that affect third party funds and also additional samples of Islamic commercial banks so that this research is expected to be more in-depth than previous research.

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