scholarly journals DERIVATIVE INSTRUMENTHEDGING ACTIVITY ON COMPANY’S INTERNAL AND EXTERNAL ECONOMIC FLUCTUATIONS

2017 ◽  
Vol 5 (1) ◽  
pp. 35
Author(s):  
Dian Oktarina
Keyword(s):  
Interest Rates ◽  
Automotive Industry ◽  
Financial Distress ◽  
Stock Exchange ◽  
Data Sampling ◽  
Preventive Action ◽  
Derivative Instruments ◽  
Negative Effect ◽  
Economy Condition ◽  
External Economy

<p>Between 2008-2009, Indonesia had financial crisis which made companies tried hard to stabilize its economy and found solutions or preventive action to resolve the problems of the crisis. Several ways can be applied to resolved these risks, and hedging activity was one solution. Data sampling in this article were taken from automotive industry listed at Indonesian Stock Exchange (BEI) between 2010-2014. The purpose of this study is to determine activity of derivative instruments to hedge the volatility in economic conditions of internal and external company. Internal economy condition is described by financial distress and external economy condition is described by economic exposure. Logistic regression analysis is a tool used in this research. The results indicate that financial distress provides significant negative effect on implementation of hedging activities, while economic exposure does not affect the implementation of hedging activities. Further research can use other sector or using all sector companies listed at the Indonesian Stock Exchange (BEI) and with a longer period of time. However, added some independent variables can affect hedging activities such as interest rates and inflation.</p>

APAKAH FAKTOR EKSTERNAL MEMPREDIKSI UNDERPRICING LEBIH BAIK DIBANDINGKAN FAKTOR INTERNAL? STUDI INITIAL PUBLIK OFFERING DI BEI TAHUN 2009-2017

2020 ◽  
Vol 7 (1) ◽  
Author(s):  
Saefudin Saefudin ◽  
Tri Gunarsih
Keyword(s):  
Interest Rates ◽  
Initial Public Offering ◽  
Stock Exchange ◽  
Sample Selection ◽  
Secondary Data ◽  
Secondary Market ◽  
Company Size ◽  
Negative Effect ◽  
Underwriter Reputation ◽  
Public Offering

Underpricing is a phenomenon that still occurs in the Indonesian capital market, where the offering price of shares in the primary market is lower than the opening price or closing price on the first day on the secondary market. This study aims to examine the effect of Return On Assets (ROA), Debt to Equity Ratio (DER), company size, underwriter reputation, age, and interest rates on the underpricing of shares in companies’s Initial Public Offering (IPO) listing on the Indonesia Stock Exchange (BEI) in 2009 to 2017. The population in this study are companies that conduct IPOs on the BEI period 2009 to 2017. The sample selection in this study uses a purposive sampling method, based on certain criteria. The sample in this study were 183 underpricing companies from 205 companies conducting IPO in the period 2009 to 2017. The data used in this study used secondary data. The multiple regression analysis was implemented in this study. The results showed that DER, company size, and underwriter reputation did not significantly influence underpricing. While ROA, age and interest rates have a significant negative effect on underpricing. In this study, investors consider ROA, age, interest rates compared to DER, company size, and the reputation of the underwriter to invest in companies that make an IPO.Keywords: Underpricing, Initial Public Offering, and Indonesian Stock Exchange.

PROFITABILITY, GROWTH OPPORTUNITIES, LEVERAGE, UKURAN PERUSAHAAN, DAN KEBIJAKAN DIVIDEN

2017 ◽  
Vol 2 ◽  
pp. 227-240
Author(s):  
Diyan Lestari
Keyword(s):  
Automotive Industry ◽  
Firm Value ◽  
Dividend Policy ◽  
Stock Exchange ◽  
Secondary Data ◽  
Panel Regression ◽  
Positive Signal ◽  
Growth Opportunities ◽  
Return On Equity ◽  
Negative Effect

Dividend policy is one of the most important activities which investors will wait and interpret the action as a positive signal because it indicates the firm performance (a firm which distributes dividend considered has better performance). Dividend policy is a strategical decision since it will impact firm credibility and firm value. This study aims to analyze the effect of profitability, growth opportunities, leverage, and size on dividend policy in the automotive industry which listed in Indonesia Stock Exchange from 2009 to 2016. The automotive industry is one of Indonesian middle-class standard measurement and it will be the biggest automotive ASEAN market in 2019. We use secondary data and use pooling regression (panel regression) to analyze the result of the study. The result shows that profit margin, return on asset, and size has positive and statistically significant on dividend policy, growth opportunities has the negative effect and statistically significant on dividend policy, while return on equity and leverage do not affect the dividend policy. Keywords: Profitability, growth opportunities, leverage, firm size, dividend policy

scholarly journals Pengaruh Sales Growth dan Keahlian Keuangan Komite Audit terhadap FinancialDistress.(Studi Empiris Pada Perusahaan Manufaktur Sub Sektor Otomotif dan Komponen yang Terdaftar di Bursa Efek IndonesiaPeriode 2012-2016)

2019 ◽  
Vol 21 (2) ◽  
Author(s):  
Nurhayati Nurhayati
Keyword(s):  
Financial Distress ◽  
Research Method ◽  
Audit Committee ◽  
Stock Exchange ◽  
Balance Sheet ◽  
Linear Regression Method ◽  
Sales Growth ◽  
Manufacturing Companies ◽  
Financial Expertise ◽  
Negative Effect

Abstract. This study aims to determine the effect of sales growth and financial expertise of audit committee to financial distress. The research method used is descriptive research method with quantitative approach. Analyzer used in this research is multiple regression analysis by using sample of research as many as 9 manufacturing companies of the automotive and component sub-sector listed on The Indonesia Stock Exchange in 2012-2016. Hypothesis testing is done by multiple linear regression method using SPSS version 17. The result showed that the sales growth variable has no significant negative effect to financial distress, and financial expertise of audit committee has negative and significant effect to financial distress. The result of this study can be recommendation for investor to be able to analyse the company’s financial statements related to the decision to invest. Recommendation for the next researchers to be able to research all of manufacturing companies listed on Indonesia Stock Exchange and used other indicator of financial ratios contained in balance sheet, income statements, and cash flow statements.Keywords: Financial Distress, Audit Committee Financial Expertise, Sales Growth.

scholarly journals THE DETERMINANTS OF HEDGING AND FIRM VALUE: An Empirical Study in Mining Companies Listed on Indonesia Stock Exchange

2018 ◽  
pp. 104
Author(s):  
Garnis Irawanti
Keyword(s):  
Logistic Regression ◽  
Empirical Study ◽  
Financial Distress ◽  
Firm Value ◽  
Stock Exchange ◽  
T Test ◽  
Corporate Hedging ◽  
Determinant Factors ◽  
Mining Companies ◽  
Derivative Instruments

<p class="Keywords">This study aims to determine the determinant factors in the company's hedging decisions and to determine whether the activities of corporate hedging decisions through derivative instruments provide increased value for the company. The sample consisted of 33 mining companies listed on Indonesia Stock Exchange during 2011-2015 period. The method used in this study is logistic regression and independent sample t-test. The result of logistic regression by using variable of financial distress, underinvestment cost, and size showed a positive correlation to corporate hedging decision. Meanwhile, by using an independent sample t-test found that the company's hedging decisions significantly affect the value of firms and the companies with hedging decision activity through derivative instruments have more superior value than companies by using natural hedging decisions.</p><p> </p>

scholarly journals Pengaruh Financial Distress, Ukuran Perusahaan, dan Corporate Governance pada Audit Delay

2019 ◽  
pp. 2154
Author(s):  
Ni Putu Shinta Oktaviani ◽  
Dodik Ariyanto
Keyword(s):  
Corporate Governance ◽  
Firm Size ◽  
Financial Distress ◽  
Audit Committee ◽  
Sampling Method ◽  
Stock Exchange ◽  
Institutional Ownership ◽  
Analysis Technique ◽  
Negative Effect ◽  
Positive Effect

This study aims to determine the effect of financial distress, company size, and corporate governance on audit delay. This research was conducted at mining companies listed on the Indonesia Stock Exchange in 2015-2017. The number of samples taken was 32 companies so that there were 96 observations, with a purposive sampling method. The analysis technique used in this study is multiple linear regression. Based on the results of the analysis found that financial distress and independent board of commissioners have positive effect on audit delay. Firm size, audit committee and institutional ownership have negative effect on audit delay. Keywords: Financial distress, firm size, corporate governance, audit delay

scholarly journals PERAN GOOD CORPORATE GOVERNANCE DALAM MEMINIMALISIR TERJADINYA FINANCIAL DISTRESS

BISMA ◽  
2021 ◽  
Vol 15 (1) ◽  
pp. 36
Author(s):  
Wulan Maulidiss Sa’diah ◽  
Mohamad Nur Utomo
Keyword(s):  
Board Of Directors ◽  
Financial Distress ◽  
Audit Committee ◽  
Stock Exchange ◽  
Managerial Ownership ◽  
Agency Conflicts ◽  
Good Corporate Governance ◽  
The Board Of Directors ◽  
Negative Effect

This study aims to determine the effect of managerial ownership, independent board of commissioners, board of directors, and audit committee on financial distress in banking companies listed on the Indonesia Stock Exchange from 2015 to 2019. This research used the purposive sampling method with a sample of 41 companies consisting of 205 observational data. Data were analyzed using logistic regression. The results showed that independent board of commissioners and board of directors had a significant and negative effect on financial distress. However, managerial ownership and audit committee did not have a significant effect on financial distress. This study supports the agency theory, which states that the monitoring role of the independent board of commissioners and the board of directors can minimize the occurrence of agency conflicts in a company. Keywords: audit committee, board of directors, financial distress, independent board of commissioners, managerial ownership

scholarly journals RASIO KEUANGAN DALAM MEMPREDIKSI KEBANGKRUTAN PERUSAHAAN PERTAMBANGAN BATUBARA

Equity ◽  
2019 ◽  
Vol 20 (2) ◽  
pp. 31
Author(s):  
Eva Lisnawati Sidabalok ◽  
Dwi Risma Deviyanti ◽  
Yoremia Lestari Ginting
Keyword(s):  
Coal Mining ◽  
Financial Distress ◽  
Stock Exchange ◽  
Linear Regression Analysis ◽  
Secondary Data ◽  
Multiple Linear Regression Analysis ◽  
Debt Ratio ◽  
Return On Assets ◽  
Current Ratio ◽  
Negative Effect

The purpose of this study was to analyzed how much influence the return on assets (ROA), current ratio (CR), and debt ratio (DR) to the financial distress of coal mining companies listed in Indonesian Stock Exchange the period of 2010 – 2015. This study used secondary data obtained from IDX website with data collection method of purposive sampling then obtained 35 data sample research. Method of data analysis in this research is multiple linear regression analysis. Result of this research is return on assets (ROA) have significant positive effect to financial distress, current ratio (CR) has no positive significant effect on financialdistress, and debt ratio (DR) has a significant negative effect on financial distress of coal mining company. The results of this study obtained R square value of 0.869 which means the company’s financial distress condition can be predicted by using the four independent variabels.

scholarly journals Pengaruh Inflasi dan Suku Bunga dan Nilai Tukar Rupiah serta Jumlah Uang Beredar terhadap Return Saham

FORUM EKONOMI ◽  
2018 ◽  
Vol 19 (2) ◽  
pp. 148
Author(s):  
La Rahmad Hidayat ◽  
Djoko Setyadi ◽  
Musdalifah Azis
Keyword(s):  
Exchange Rate ◽  
Interest Rate ◽  
Interest Rates ◽  
Stock Returns ◽  
Money Supply ◽  
Stock Exchange ◽  
Significant Variable ◽  
Inflation Rates ◽  
Negative Effect ◽  
Relationship Of

This research is to examine the effect of inflation, interest rate, exchange rate and money supply on stock returns LQ 45 listed on the Indonesia Stock Exchange. The object of this research is the return - shares out of the category LQ 45 years of research by 2010-2015. Its Sampling using purposive sampling and get the 24 stocks that meet the criteria of 45 stocks LQ 45 as a sample. Thus, the number of samples studied was 144 shares for 6 years. The method used is multiple linear regression analyzes that examine whether or not a significant variable - the independent variable on the dependent variable. Based on the results known that R indicates that there is an ideal relationship of Inflation, Interest Rate, Exchange Rate and Money Supply toward to Return shares in LQ 45. R square indicates that the variable inflation rates, interest rates, the value of exchange rate and the money supply can explain the variable return shares at LQ 45 index. Based on F test indicates the same that the variable inflation rate, interest rate, exchange rate and money supply have a significant influence on shares returns in LQ 45 listed on Indonesia Stock Exchange. The results of T test showed that the rate of inflation significant and negative effect on shares returns and interest rates positive and significant effect on shares returns while exchange Rate and the money supply no significant effect on shares returns in LQ 45 Listed on Indonesia Stock Exchange.Keywords: stock return, Inflation, Interest Rate, Exchange Rate, Money Supply.

scholarly journals PENERIMAAN OPINI AUDIT GOING CONCERN BERDASARKAN LEVERAGE DAN FINANCIAL DISTRESS

2020 ◽  
Vol 11 (1) ◽  
Author(s):  
Huda Aulia Rahman
Keyword(s):  
Regression Analysis ◽  
Financial Distress ◽  
Sampling Method ◽  
Stock Exchange ◽  
Z Score ◽  
Mining Sector ◽  
Going Concern ◽  
Negative Effect ◽  
The Impact ◽  
Research Period

AbstractThe purpose of this study is to determine the impact of leverage and financial distress on going concern audit opinions of mining sector companies listed on the Indonesia Stock Exchange (IDX) with the 2012-2017 research period. Leverage was proxied using debt to asset ratio (DAR), and financial distress was proxied using Altman Z-Score. The object of this research used were 17 mining sector companies selected based on the random purposive sampling method. This study used data processing logistic regression analysis using SPSS version 25. The results of this research was financial distress have negative effect on going concern modification opinions, while leverage had no effect on going concern audit opinion.                         Keywords: Financial Distress, Leverage, Going Concern Audit Opinion  

scholarly journals PENGARUH INFLASI, SUKU BUNGA, NILAI TUKAR, DAN PRODUK DOMESTIK BRUTO TERHADAP NILAI PERUSAHAAN

2019 ◽  
Vol 8 (2) ◽  
pp. 75
Author(s):  
Umi Dewi Sartika ◽  
Sa’adah Siddik ◽  
Choiriyah Choiriyah
Keyword(s):  
Gross Domestic Product ◽  
Exchange Rates ◽  
Interest Rates ◽  
Stock Exchange ◽  
Positive Influence ◽  
Domestic Product ◽  
Manufacturing Companies ◽  
The Third ◽  
Negative Effect ◽  
Garment Manufacturing

The problem of this study is whether there is the influence of inflation, interest rates, exchange rates and gross domestic product on the value of the company in the textile and garment sub-sector manufacturing companies listed on the Indonesia Stock Exchange. The results of the study concluded, first, inflation has a negative effect, it states that inflation is inversely related to the value of the company with inflation. Second, interest rates, exchange rates and gross domestic product have a positive influence on the value of the company. The third is an increase in the value of the company, so there is also an increase in interest rates, exchange rates and gross domestic product, and vice versa. Third, inflation, interest rates, exchange rates, and gross domestic product partially influence the value of the company in the textile and garment sub-sector manufacturing companies listed on the Indonesia Stock Exchange for the period 2012-2017 simultaneously and have a positive and significant effect on the value of companies in manufacturing companies. Textiles and Garments Registered on the Indonesia Stock Exchange. Fourth, inflation, interest rates, exchange rates, and gross domestic product jointly affect the value of the company in the Textile Subsector and Garment Manufacturing Companies Listed on the Indonesia Stock Exchange.

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