scholarly journals THE FINANCIAL PERFORMANCE OF MANUFACTURING COMPANIES IN IDX AND SOME FACTORS THAT INFLUENCE

2021 ◽  
Vol 19 (2) ◽  
pp. 354-362
Author(s):  
Ichsan Ichsan ◽  
◽  
Ira Silvia ◽  
Mahdawi Mahdawi ◽  
Ghazali Syamni ◽  
...  
Keyword(s):  
Financial Performance ◽  
Fixed Effect Model ◽  
Fixed Effect ◽  
Dominant Factor ◽  
Manufacturing Companies ◽  
Factors Affecting ◽  
Industrial Sectors ◽  
Effect Model ◽  
Study Results ◽  
Equity Ratio

This study aims to examine some factors affecting the financial performance of manufacturing companies in the Indonesia Stock Exchange (IDX). This research uses data on the financial statements of 20 manufacturing companies listed on IDX in the period 20132017 and carried out share distribution facilities for their employees. This research model is a panel regression model done by testing the common effect model, fixed-effect model, and random effect model. Based on the Chow test and Hausman test, it is found that the best model in this study is the fixed effect model. The study results find that dividend policy, a share giving program to employees, and debt to equity ratio are significant factors affecting the financial performance of manufacturing companies in Indonesia. From these three factors, the debt to equity ratio is the dominant factor determining the financial performance of manufacturing companies, while investment decision does not significantly affect it. Future research studies can be carried out by focusing on other industrial sectors such as the Jakarta Islamic Index 70 and adding other macroeconomic variables.

scholarly journals Determinant of Firm’s Value: Evidence of Manufacturing Sectors Listed In Indonesia Shariah Stock Index

2019 ◽  
Vol 8 (3) ◽  
pp. 3995-3999 ◽  
Keyword(s):  
Fixed Effect Model ◽  
Stock Index ◽  
Audit Committees ◽  
Managerial Ownership ◽  
Manufacturing Companies ◽  
Factors Affecting ◽  
Effect Model ◽  
Panel Data Regression ◽  
Investment Opportunities ◽  
Corporate Social

The purpose of this research is to analyzes the effects of managerial ownership, audit committees, investment opportunities, profitability, and corporate social responsibility (CSR) on the value of manufacturing companies. Analysis of the factors affecting the value of manufacturing companies using the aplication of panel data regression model with the e-views 9 and Microsoft excel. This research uses data obtained from a manufacturing account of the manufacturing company registered in the Indonesia Sharia Stocks Index (ISSI) period of 2011-2017. Studies show that the most appropriate selection of models for the data panel's regression is a fixed effect model with the result of research that managerial ownership, profitability, and CSR have no significant effect on the value of manufacturing companies, while the variable committee's variables and investment opportunities have significant to the value of the company listed on ISSI period of 2011-2017.

scholarly journals Determinants of Financial Performance of Nepalese Commercial Banks: Evidence from Panel Data Approach

2020 ◽  
Vol 32 (2) ◽  
pp. 45-59
Author(s):  
Purna Man Shrestha
Keyword(s):  
Panel Data ◽  
Financial Performance ◽  
Commercial Banks ◽  
Fixed Effect Model ◽  
Fixed Effect ◽  
Lagrangian Multiplier ◽  
Effect Model ◽  
Specific Factors ◽  
The Impact ◽  
Bank Specific Factors

The impact of bank specific factors on the financial performance of Nepalese commercial banks is analyzed in this paper. The financial performance is measured by using return on assets (ROA). Similarly, managerial efficiency (ME), liquidity (LIQ), credit risk (CR), assets quality (AQ) and operational efficiency (OE) is used as proxy of bank specific factors. This study used panel data of 17 commercial banks for the period of 2010/11 to 2017/18. Breusch and Pagan Lagrangian multiplier test showed that Pooled Regression model is not appropriate and Hausman test concluded that Fixed Effect model is appropriate rather than Random Effect model. Using the Fixed Effect model; this study concludes that bank specific factors have significant impact on financial performance of Nepalese commercial banks. Finally, this study reveals that ME, AQ and OE have significant positive impact, and CR has negative impact on the financial performance of Nepalese commercial banks.  

scholarly journals An Assessment on the Influence of Capital Structure on Performance of the Listed Firms in Tanzania

2021 ◽  
Vol 4 (1) ◽  
pp. 1-13
Author(s):  
Martin Ayo ◽  
Seif Muba
Keyword(s):  
Capital Structure ◽  
Significant Influence ◽  
Fixed Effect Model ◽  
Fixed Effect ◽  
Control Effect ◽  
Listed Firms ◽  
Total Debt ◽  
Effect Model ◽  
Equity Ratio ◽  
The Relationship

The research mostly assessed and established the influence of capital structure on the performance of firms listed under the Dar Es Salaam stock exchange (DSE). Specifically, the study aimed to assess the influence of total debt to equity ratio (TDE), total debt to assets ratio (TDA), total equity ratio (TEQ) on the performance of listed firms in Tanzania. Also, the study aimed to determine the control effect of firm size (FS) on the relationship between firm performance and capital structure. The quantitative panel data approach was used. The fixed-effect model for ROA was done to see the influence of TDE on ROA. Results indicated that only TEQ has a significant positive influence on the ROA while TDE and TDA have no significant influence on the ROA. Also, the fixed-effect model for ROCE was carried out to see the relationship between TDE and ROCE. Results showed that TDA and TEQ are insignificant to the ROCE, while TDE is significant to the ROCE. Findings also showed that the presence of the FS on the model of capital structure and ROA, results in TDA, and TEQ having a significant influence on ROA, while TDE becomes insignificant to ROA. Moreover, results indicated that the presence of the FS on the model of capital structure and ROCE results in the only TDE to have a significant influence on ROCE, while TDA and TEQ became insignificant to ROA. The study concluded that TDE has no significant influence on the ROA but TDE has a significant influence on ROCE. Also, the study concluded that TDA has no significant influence on both the ROA and ROCE while TEQ influences ROA positively, and has no significant influence on ROCE. Moreover, the study concluded that the presence of the FS on the model of capital structure and ROA, results in TDA, and TEQ having a significant influence on ROA, while TDE becomes insignificant to ROA. Furthermore, FS resulted in TDE having a significant influence on ROCE, while TDA and TEQ become insignificant to ROCE. The study recommends that companies very carefully must decide on a reasonable capital structure to maintain the performance of the company.

scholarly journals ANALISIS PENGARUH RASIO KEUANGAN TERHADAP HARGA SAHAM PADA PERUSAHAAN PERKEBUNAN YANG TERCATAT DI BURSA EFEK INDONESIA

2020 ◽  
Vol 9 (1) ◽  
pp. 59-76
Author(s):  
Naufal Bintang Aranza ◽  
Lies Sulistyowati
Keyword(s):  
Stock Price ◽  
Stock Exchange ◽  
Fixed Effect Model ◽  
Fixed Effect ◽  
Current Ratio ◽  
Financial Ratio ◽  
Effect Model ◽  
Price Earnings Ratio ◽  
Equity Ratio ◽  
Method Analysis

The purpose of this study to investigate the effect of financial ratio on the stock price of plantation companies listed in Indonesia Stock Exchange. The research method used the associative method in a casual relationship form. The study used an annual report from 14 plantation companies listed in Indonesia Stock Exchange during the period 2014 to 2018 as the study sample. Data method analysis in the study used regression data panel analysis with the fixed-effect model. The result shows that the debt to equity ratio has a significant effect on stock price, whereas the current ratio, return on asset, and the price-earnings ratio has an effect but not significant on stock price from plantation companies. The researcher suggested that investors pay attention to the debt to equity ratio before investing in plantation companies because this ratio can show the investment risk of the company. Keywords: Financial Ratio, Stock Price, Plantation   Penelitian ini bertujuan untuk menganalisa pengaruh dari rasio keuangan terhadap harga saham dari perusahaan perkebunan yang tercatat di Bursa Efek Indonesia. Metode penelitian yang digunakan merupakan metode asosiatif dalam bentuk hubungan kausal. Penelitian menggunakan laporan tahunan dari 14 perusahaan perkebunan yang tercatat di Bursa Efek Indonesia dalam periode 2014-2018 sebagai sampel penelitian. Metode analisa data yang digunakan adalah analisis regresi data panel dengan model fixed effect. Hasil penelitian menunjukan bahwa debt to equity ratio memiliki pengaruh yang signifikan terhadap harga saham, sedangkan untuk current ratio, return on asset, dan price earning ratio tidak memiliki pengaruh signifikan terhadap harga saham dari perusahaan perkebunan. Peneliti menganjurkan kepada investor agar memperhatikan debt to equity ratio sebelum berinvestasi di perusahaan perkebunan karena rasio tersebut dapat memperlihatkan risiko investasi dari perusahaan. Kata Kunci: Harga Saham, Perkebunan, Rasio Keuangan

scholarly journals PENGARUH PROFITABILITAS, LEVERAGE, DAN LIKUIDITAS TERHADAP KEBIJAKAN DIVIDEN PADA PERUSAHAAN MANUFAKTUR YANG TERDAFTAR DI BURSA EFEK INDONESIA

JURNAL PUNDI ◽  
2019 ◽  
Vol 3 (1) ◽  
Author(s):  
Kasnita Bawamenewi ◽  
Afriyeni Afriyeni
Keyword(s):  
Panel Data ◽  
Stock Exchange ◽  
Manufacturing Sector ◽  
Fixed Effect Model ◽  
Fixed Effect ◽  
Current Ratio ◽  
Dividend Payout ◽  
Return On Equity ◽  
Effect Model ◽  
Equity Ratio

The purpose of this research is to test the influence of Profitability variable by using Return On Equity (ROE), Leverage by using Debt to Equity Ratio (DER), and Liquidity variabel by using Current Ratio (CR), to the Dividend Payout Ratio (DPR) on manufacturing sector company are listed in Indonesian Stock Exchange in 2013-2017 periods. In this research the data used was obtained from the official IDX website. This research was included in the explanatory research using quantitative approach. Data analysis method used is regression analysis in panel data with the help of application E-Views8. Panel data regression estimatedr using Fixed Effect Model (FEM).The result showed that the profitability has a negative and significant effect on Dividend Payout Ratio, Leverage has a negative and hasn’t significant effect on Dividend Payout Ratio, while Liquidity has a positive and hasn’t significant effect on Dividend Payout Ratio.Keywords: Dividend Payout Ratio,Profitability, Leverage, LiquidityTujuan dari penelitian ini adalah untuk menguji pengaruh variabel Profitabilitas dengan menggunakan Return On Equity (ROE), Leverage dengan menggunakan Debt to Equity Ratio (DER), dan variabel likuiditas dengan menggunakan Current Ratio (CR), terhadap Kebijakan Deviden ( DPR) pada perusahaan sektor manufaktur yang terdaftar di Bursa Efek Indonesia pada periode 2013-2017. Dalam penelitian ini data yang digunakan diperoleh dari situs web resmi BEI. Penelitian ini termasuk dalam penelitian penjelasan dengan menggunakan pendekatan kuantitatif. Metode analisis data yang digunakan adalah analisis regresi data panel dengan bantuan aplikasi E-Views . Data panel regresi menggunakan Fixed Effect Model (FEM). Hasil penelitian menunjukkan bahwa profitabilitas berpengaruh negatif dan signifikan terhadap Kebijakan Deviden, leverage berpengaruh negatif dan tidak signifikan terhadap Kebijakan Deviden, sedangkan likuiditas berpengaruh positif dan tidak signifikan terhadap Kebijakan Deviden.Kata Kunci : Kebijakan Dividen, Profitabilitas, Leverage, Likuiditas 

Impact of Corporate Governance Practices on Firm's Cash Holdings in an Emerging Market: A Panel Data Analysis

2017 ◽  
Vol 7 (2) ◽  
pp. 210 ◽  
Author(s):  
Lingesiya Kengatharan
Keyword(s):  
Corporate Governance ◽  
Audit Committee ◽  
Cash Holdings ◽  
Fixed Effect Model ◽  
Fixed Effect ◽  
Board Independence ◽  
Manufacturing Companies ◽  
Effect Model ◽  
Governance Practices ◽  
The Impact

The aim of the study was to examine the impact of corporate governance practices on firm's cash holdings of listed manufacturing companies in Sri Lanka, using panel data extracted from the financial statements of the companies listed on Colombo Stock Exchange. Corporate governance practices of Sri Lankan listed manufacturing companies were measured by board independence, board size, CEO duality, audit committee meetings and audit committee members, cash holdings were measured by percentage of cash and cash equivalents on total assets and also leverage and firm size were considered as control variables. Data were collected from 26 listed manufacturing companies over a five years period of 2011-2015. Pooled Ordinary Least Square, Fixed Effect and Random Effect models were performed using STATA to explore the best model for the impact of corporate governance practices on firm's cash holdings. Results of the study revealed that fixed effect model was the best model with the evidence of Hausman specification test. According to the fixed effect model, CEO-duality and leverage had significant negative impact on cash holdings while audit committee meetings and firm size had positive impact on cash holdings of the listed manufacturing companies in Sri Lanka. Board independence, board size and audit committee members did not show any significant impact on cash holdings. Findings of the study may be useful to practitioners to identify the effects of corporate governance practices on firm's cash holdings.

scholarly journals Studi Profitabilitas BUMN di Indonesia Tahun 2012 – 2016 dengan Pendekatan Analisis Regresi Panel

2020 ◽  
Author(s):  
Muhamad Fathul Muin
Keyword(s):  
Fixed Effect Model ◽  
Fixed Effect ◽  
Total Asset ◽  
Return On Assets ◽  
Current Ratio ◽  
Effect Model ◽  
Equity Ratio ◽  
Asset Growth

BUMN memiliki peranan penting sebagai pilar ekonomi nasional. Salah satu tujuan pendirian BUMN adalah menjadi sumber pendanaan bagi negara dalam bentuk pajak dan dividen. Secara umum, kontribusi BUMN terhadap penerimaan negara memiliki tren positif. Namun, kerugian dan potensi kebangkrutan masih menjadi tantangan bisnis hingga saat ini. Oleh karena itu, studi tentang profitabilitas masih relevan dan penting untuk dilakukan. Tujuan dari penelitian ini adalah menganalisis kinerja keuangan BUMN dan faktor-faktor yang mempengaruhi profitabilitas. Metode yang digunakan yaitu regresi data panel terhadap 118 perusahaan selama tahun 2012-2016. Variabel yang digunakan terdiri dari profitabilitas (return on assets), pertumbuhan aset (total asset growth), likuiditas (current ratio), efektivitas dan efisiensi manajemen aset (total assets turnover), serta liabilitas (debt to equity ratio). Setelah memangkas data outlier sebanyak 10 perusahaan serta melakukan uji statistik lainnya, model yang diperoleh adalah fixed effect model (FEM). Efek dari total asset growth, current ratio, dan total assets turnover adalah positif dan signifikan terhadap return on asset. Sementara itu, pengaruh debt to equity ratio adalah positif dan tidak signifikan terhadap return on asset. Secara umum, model regresi ini mampu menjelaskan varians return on asset pada BUMN sebesar 92,40 persen.

scholarly journals Influence of Internal Factors on the Financial Performances: An Empirical Study on Nigerian Deposit Money Banks

2020 ◽  
Vol 03 (12) ◽  
Author(s):  
Shuaib Adeadebayo Abdulkabir ◽  
Keyword(s):  
Capital Structure ◽  
Financial Performance ◽  
Opposite Direction ◽  
Operating Cost ◽  
Fixed Effect Model ◽  
Fixed Effect ◽  
The Other ◽  
Income Diversification ◽  
Internal Factors ◽  
Effect Model

This study examines the influence of internal factors on financial performance in Nigerian deposit money banks by using panel data of banks over the period 2009 to 2019. Since the data is secondary in nature, the quantitative approach to research was considered. Besides, the fixed effect model was used. The fixed effect model is preferred to the random effect model based on the Housman specification test. Under this study, internal and factors were examined. The internal factors used in this study include capital structure; Income Diversification, operating cost and bank size whereas, ROA and ROCE were used as the financial performance measure. Based on the regression result, all bank specific variables except bank size affect performance of the bank significantly but negatively. While based on correlation analysis, Bank size was positively correlated with ROCE. These clearly shows that, as the bank size increases, ROCE also moves on the same direction. On the other hand, the income diversification, capital structure and operating cost were negatively correlated with ROCE. Also, as the income diversification, capital structure and operating cost increases, ROCE moves in opposite direction. Moreover, the capital structure and the operating cost negatively correlated with ROA. This indicates that as capital structure increases, ROA moves to the opposite direction. On the other hand, income diversification and bank size were positively correlated with ROA. Based on the empirical findings, both capital structure and operating cost negatively and significantly affect performance measured by ROA and ROCE.

scholarly journals Determinan Biaya Utang Perusahaan Otomotif dan Produk Komponen Tahun 2014-2019

2021 ◽  
Vol 2021 (1) ◽  
pp. 374-683
Author(s):  
Destia Rahmatu Jannah ◽  
Dewi Purwanti
Keyword(s):  
Fixed Effect Model ◽  
Fixed Effect ◽  
Current Ratio ◽  
Cross Sectional ◽  
Effect Model ◽  
Equity Ratio

Indonesia merupakan pasar otomotif terbesar di ASEAN, hal ini ditunjukkan dengan penjualan mobil dan motor tertinggi di ASEAN periode 2014-2019. Selain itu, ekspor mobil dan motor di Indonesia memiliki tren yang meningkat. Hal ini menyebabkan perusahaan manufaktur sub sektor otomotif dan produk komponen mengalami pertumbuhan aset yang cepat setiap tahunnya, karena setiap perusahaan terus mengembangkan produksinya. Setiap perusahaan dalam mengembangkan bisnis tidak hanya membutuhkan pendanaan internal tetapi juga pendanaan eksternal dengan melakukan pinjaman utang melalui kreditur. Perusahaan lebih memilih utang karena memiliki biaya relatif kecil dibandingkan dengan mengeluarkan emisi saham baru meskipun resiko yang dihadapi lebih besar. Peminjaman utang dapat menimbulkan biaya utang perusahaan. Penelitian ini bertujuan untuk menganalisis biaya utang serta mengkaji determinan biaya utang perusahaan manufaktur sub sektor otomotif dan produk komponen yang terdaftar di BEI selama periode 2014 hingga 2019. Metode yang digunakan adalah fixed effect model dengan cross sectional weight. Berdasarkan hasil penelitian dapat disimpulkan bahwa debt to equity ratio berpengaruh positif dan signifikan terhadap biaya utang. Sedangkan variabel return on asset, ukuran perusahaan, dan current ratio berpengaruh negatif dan signifikan terhadap biaya utang.

scholarly journals Pengaruh Intellectual Capital (IC) terhadap Financial Performance Pada Perusahaan Sektor Perbankan yang Terdaftar di Bursa Efek Indonesia

2018 ◽  
Vol 3 (1) ◽  
Author(s):  
Abdul Salam
Keyword(s):  
Financial Performance ◽  
Intellectual Capital ◽  
Banking Sector ◽  
Value Added ◽  
Fixed Effect Model ◽  
Fixed Effect ◽  
Return On Assets ◽  
Structural Capital ◽  
Effect Model ◽  
Capital Value

ABSTRAK Penelitian ini bertujuan untuk menguji pengaruh intellectual capital terhadap financial perforrmance perusahaan di sektor perbankan di Bursa Efek Indonesia periode 2010 sampai 2014 dengan menggunakan data panel. Intellectual Capital di proksikan dengan metode value added  intellectual coefficient (VAIC™) dengan komponennya value added human capital (VAHU), value added capital employe (VACA), dan structural capital value added (STVA) digunakan untuk mengukur nilai dasar kinerja bank, sedangkan Financial Performance di proksikan dengan return on assets (ROA). Alat analisa yang digunakan adalah regresi  liner multivariabel dengan penerapan metode model Fixed Effect dengan sampel dari 24 bank dengan purposive sampling, berdasarkan hasil test Chow, Test Hausman, Test Lagrange Multiplier (LM) maka penelitian ini mengunakan prosedur Model Fixed Effect. Hasil penelitian ini menununjukkan bahwa STVA dan VAIC™ berdampak positif dan signifikan terhadap ROA. Sedangkan VACA dan VAHU berpengaruh positif  dan tidak signifikan terhadap ROA. Hasil Uji F (Simultan) besarnya nilai Adjusted R-squared yaitu 0.381370 yang berarti bahwa variasi variabel ROA dapat dijelaskan oleh variabel VAHU, VACA dan STVA adalah sebesar 0.381370 atau sebesar 38.1370% sedangkan sisanya sebesar 61.827 % dijelaskan oleh faktor-faktor lain yang tidak terdapat dalam penelitian ini.   Keyword : Intellectual Capital, Financial Performance, Fixed Effect Model, Banking Sector  

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