scholarly journals PENGARUH KARAKTERISTIK PERUSAHAAN, KINERJA PERUSAHAAN, DAN MANAGEMENT ENTRENCHMENT TERHADAP MANAJEMEN LABA

2021 ◽  
Vol 10 (2) ◽  
pp. 121
Author(s):  
Sukiantono Tang ◽  
Fiorentina Fiorentina
Keyword(s):  
Earnings Management ◽  
Sampling Method ◽  
Fixed Effect Model ◽  
Fixed Effect ◽  
Financial Report ◽  
Purposive Sampling ◽  
Effect Model ◽  
Management Entrenchment ◽  
Jones Model ◽  
The Impact

ABSTRACTThe purposes of this study is to investigate the impact of firm characteristics, firm performances, and management entrenchment on earnings management by using firms registered on Bursa Efek Indonesia for the period 2015-2019. Sampling method that is used in this study is purposive sampling method so the objects should meet the criteria. The exception sample for this study is financial firms due to differences on some regulations of reporting and firms without complete annual and financial report published for the period 2015-2019. The secondary data were obtained from firms’ financial report and annual report that were published on the firms’ official website and Bursa Efek Indonesia’s website. In this study, earnings management is measured with Modified Jones Model. This study analyzed using fixed effect model approach panel data regression analysis. The results show that growth opportunities, board size, current ratio, auditor size, financial statement, and CEO ownership have no significant influences. Leverage, firm size, asset growth and turnover, and cash flow show significant negative influences. On the other hand, long-term and short-term debts, and CEO tenure show significant positive influences. Some results are not compatible with hypothesis since there are limitations on the period time and methods that were chosen. ABSTRAKPenelitian ini dilakukan dengan tujuan untuk meneliti adanya pengaruh dari karakteristik perusahaan, kinerja perusahaan, dan management entrenchment terhadap manajemen laba dengan menggunakan perusahaan yang terdaftar di Bursa Efek Indonesia periode 2015-2019. Metode pengambilan sampel yang digunakan dalam penelitian ini adalah metode purposive sampling sehingga objek penelitian harus sesuai dengan kriteria. Sampel data yang dikecualikan adalah perusahaan keuangan atau finansial karena memiliki regulasi pelaporan yang berbeda dan perusahaan yang tidak memiliki kelengkapan laporan keuangan dan laporan tahunan periode 2015-2019. Data sekunder diperoleh dari laporan keuangan dan laporan tahunan perusahaan yang dipublikasikan pada website resmi perusahaan dan website Bursa Efek Indonesia. Dalam penelitian ini, manajemen laba diukur dengan Modified Jones Model. Penelitian ini dianalisis menggunakan analisis regresi data panel dengan pendekatan fixed effect model. Hasil pengujian menunjukan bahwa peluang pertumbuhan, ukuran dewan direktur, rasio lancar, ukuran auditor, laporan keuangan, dan kepemilikan direktur utama tidak memiliki pengaruh signifikan. Sedangkan leverage, ukuran perusahaan, pertumbuhan dan perputaran aset, dan arus kas operasional memiliki pengaruh signifikan negatif terhadap manajemen laba. Utang jangka panjang dan pendek, serta masa jabatan direktur memiliki pengaruh signifikan positif. Hasil pengujian yang tidak sesuai dengan hipotesis dapat disebabkan karena adanya keterbatasan dalam periode waktu dan metode pengukuran yang digunakan.JEL : M410, M480

scholarly journals Pengaruh Bid-Ask Spread, Market Value dan Risk of Return Terhadap Holding Period Saham

2020 ◽  
Vol 2 (3) ◽  
pp. 440-449
Author(s):  
Karoomatus Syifa ◽  
Aris Susetyo
Keyword(s):  
Market Value ◽  
Fixed Effect Model ◽  
Fixed Effect ◽  
Purposive Sampling ◽  
Holding Period ◽  
Bid Ask Spread ◽  
Effect Model

Tujuan penelitian ini untuk mengetahui pengaruh bid-ask spread, market value dan risk of return terhadap holding period saham secara parsial maupun simultan pada saham perusahaan indeks JII tahun 2016-2018. Sumber data dalam penelitian adalah data sekunder berbentuk data harian yang diperoleh di www.idx.co.id dan Yahoo Finance. Populasi yang digunakan dalam penelitian ini adalah perusahaan yang terdaftar dalam Indeks JII tahun 2016-2018 yang berjumlah 30 perusahaan. Teknik pengambilan sampel menggunakan metode purposive sampling yang menghasilkan jumlah sampel sebanyak 17 perusahaan. Tahun 2016 terdapat 246 hari perdagangan, tahun 2017 terdapat 238  hari perdagangan  dan tahun 2018 terdapat 241 hari perdagangan sehingga membentuk data panel sebanyak 12.325 sampel. Teknik analisis yang digunakan adalah analisis regresi data panel: Fixed Effect Model dengan bantuan aplikasi software Eviews 10. Uji hipotesis dalam penelitian ini menggunakan uji t-statistic dan uji F-statistic dengan tingkat signifikansi 5%. Hasil penelitian menunjukkan bahwa: 1) bid-ask spread memiliki pengaruh negatif dan signifikan terhadap holding period saham, 2) market value memiliki pengaruh positif dan signifikan terhadap holding period saham, 3) risk of  return memiliki pengaruh negatif dan signifikan terhadap holding period saham, 4) bid-ask spread, market value dan risk of  return secara simultan memiliki pengaruh terhadap holding period saham. Holding period saham dapat dijelaskan oleh pengaruh variasi variabel independen bid-ask spread, market value dan variance return sebesar 99,91 %, sedangkan 0,09% dipengaruhi oleh variabel lain diluar model penelitian.

scholarly journals Pengaruh Closing Price, Trading Volume Activity, dan Volatilitas Return Saham Terhadap Bid-Ask Spread Pada Perusahaan LQ45 Tahun 2017

2020 ◽  
Vol 2 (1) ◽  
pp. 81-88
Author(s):  
Ayu Agustin Ika Pratama ◽  
Aris Susetyo
Keyword(s):  
Trading Volume ◽  
Fixed Effect Model ◽  
Fixed Effect ◽  
Volume Activity ◽  
Purposive Sampling ◽  
Bid Ask Spread ◽  
Effect Model ◽  
Closing Price

Penelitian ini bertujuan untuk mengetahui pengaruh closing price, trading volume activity, dan volatilitas return saham secara parsial maupun simultan terhadap bid-ask spread perusahaan index LQ45 tahun 2017. Sumber data yang digunakan dalam penelitian ini adalah data sekunder harian. Populasi yang digunakan dalam penelitian ini adalah perusahan yang terdaftar dalam Indeks LQ45 tahun 2017 yang berjumlah 45 perusahaan. Teknik pengambilan sampel menggunakan metode purposive sampling yang menghasilkan jumlah sampel sebanyak 33 perusahaan dan 238 hari sehingga membentuk data panel sebanyak 7854 sampel. Teknik analisis yang digunakan adalah analisis regresi data panel Fixed Effect Model dengan bantuan aplikasi software Eviews 10. Penelitian ini menggunakan analisis regresi linear berganda. Hasil penelitian menunjukkan bahwa : 1) closing price berpengaruh signifikan terhadap bid-ask spread, 2) trading volume activity berpengaruh signifikan terhadap bid-ask spread, 3) volatillitas return saham berpengaruh signifikan terhadap bid-ask spread, dan 4) closing price, trading volume activity, dan volatilitas return saham berpengaruh signifikan terhadap bid-ask spread.

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 Managing Climate Change for Wheat Production: An Evidence from Southern Punjab, Pakistan

2019 ◽  
Vol 1 (2) ◽  
pp. 48-58
Author(s):  
Muhammad Haseeb Raza ◽  
Allah Bakhsh ◽  
Muhammad Kamran
Keyword(s):  
Climate Change ◽  
Negative Impact ◽  
Fixed Effect Model ◽  
Fixed Effect ◽  
Wheat Production ◽  
Panel Model ◽  
Effect Model ◽  
Tube Wells ◽  
Relationship Of ◽  
The Impact

The current research study was conducted to estimate the impact of climate change on wheat production by using panel data from 1998-2014.  For this purpose four districts were selected from southern Punjab, Pakistan. Panel model of fixed effect (FE) was estimated at region level for wheat productivity utilizing climatic and non-climatic variables based on season. The conclusion of the study showed that non-climatic, i.e. inputs, number of tractors, area under wheat, number of tube wells and fertilizer consumption in each district have significant impact on the wheat production. The fixed effect model results revealed that the increase in temperature has significance impact on the month of the November and January, while it showed negative impact in the month of April. The results also showed a non-linear relationship of precipitation for the months of April and November.

scholarly journals DETERMINAN AKUNTABILITAS PENGELOLAAN KEUANGAN DAERAH PADA ORGANISASI PERANGKAT DAERAH PEMERINTAH PROVINSI PAPUA

2018 ◽  
Vol 3 (1) ◽  
Author(s):  
Asrida Asrida ◽  
Meinarni Asnawi ◽  
Syaikhul Falah
Keyword(s):  
Information Technology ◽  
Data Collection ◽  
Human Resources ◽  
Financial Management ◽  
Sampling Method ◽  
External Pressure ◽  
Financial Report ◽  
Purposive Sampling ◽  
The Impact

The purpose of this research is to examine and analyze the impact of the human resources quality, utilization of information technology, external pressure and presentation of financial report over the accountability of regional financial management the Papua province government. Sample taken from 47 regional working unit organisation (OPD), 2 person from each, total 94 respondents. Sampling method used is purposive sampling. The data collection was done with the direct survey while hypotheses tested empirically use path analisys. The results of this study explained that human resources quality, utilization of information technology, and external pressure directly influence to presentation of OPD’s financial report. Keywords: human resources quality, the use of information technology, external pressure, the presentation of the financial report, accountability

scholarly journals PENGARUH KEBIJAKAN DIVIDEN DAN PROFITABILITAS TERHADAP NILAI PERUSAHAAN

2021 ◽  
Vol 10 (2) ◽  
pp. 211-225
Author(s):  
Marselina H. Umbung ◽  
Wehelmina M. Ndoen ◽  
Paulina Yuritha Amtiran
Keyword(s):  
Fixed Effect Model ◽  
Fixed Effect ◽  
Purposive Sampling ◽  
Pooled Data ◽  
Effect Model

Tujuan penelitian ini untuk mengetahui pengaruh kebijakan dividen dan profitabilitas terhadap nilai perusahaan yang berada dalam perusahaan sub sektor tekstil dan garmen yang terdaftar di Bursa Efek Indonesia. Sampel penelitian ini adalah perusahaan manufaktur sub sektor tekstil dan garmen yang terdaftar di Bursa Efek Indonesia (BEI) periode 2014-2018. Data dikumpulkan dengan menggunakan metode dokumentasi. Populasi dalam penelitian ini adalah 22 perusahaan yang berada dalam perusahaan manufaktur sub sektor tekstil dan garment. Pemilihan sampel menggunakan teknik purposive sampling, dengan kriteria sebagai berikut: (1) Perusahaan Manufaktur Sub Sektor Tekstil dan Garmen yang terdaftar di Bursa Efek Indonesia (BEI) periode 2014-2018 yang melakukan kebijakan dividen; (2) Perusahaan yang melaporkan laporan keuangan pada periode 2014-2018; (3) Perusahaan tidak berada dalam kondisi krisis, sehingga diperoleh sampel sebanyak 4 perusahaan. Uji hipotesis dilakukan dengan menggunakan metode analisis regresi data panel (Pooled Data). Hasil penelitian ini menunjukkan: (1) kebijakan dividen berpengaruh positif dan tidak signifikan terhadap nilai perusahaan; (2) profitabilitas berpengaruh positif dan tidak signifikan terhadap nilai perusahaan; (3) kebijakan dividen dan profitabilitas berpengaruh secara simultan terhadap nilai perusahaan; (4) Model pendekatan fixed effect model layak sebagai pengujian model. Melalui penelitian ini dapat memberikan informasi bagi perusahaan untuk dapat mengelola aset dan dana perusahaan untuk meningkatkan nilai perusahaan melalui harga saham serta mampu mengelola aset dan dana yang berasal dari investor secara efektif dan efisien.

scholarly journals The impact of economic freedom on foreign portfolio investments

2020 ◽  
Vol 9 (2) ◽  
pp. 213-222
Author(s):  
Tricia Karen Mangal ◽  
Day-Yang Liu
Keyword(s):  
Economic Freedom ◽  
Foreign Debt ◽  
Fixed Effect Model ◽  
Single Market ◽  
Fixed Effect ◽  
Foreign Investors ◽  
Effect Model ◽  
The Impact ◽  
Positive Effect ◽  
Portfolio Investments

The present phenomena of globalization and market liberalization have attracted considerable attention from foreign investors. Several member states of the Caricom Single Market and Economy are becoming heavily dependent on foreign investments. Consequently, this study intends to investigate the effect of economic freedom on foreign portfolio investments in the case of the Caricom Single Market and Economy. For this purpose, this study has used data from 2012 to 2016. The results of the stationarity test showed that data of all variables considered in the study are stationary at level. Moreover, the fixed-effect model better modeled the data as suggested by the results of the Hausman test. Based on the results of the fixed effect models, economic freedom has a significant and positive effect on the total foreign portfolio investments. Therefore, an increase in economic freedom among the Caricom Single Market and Economy member countries will attract more investors to invest in their country stocks and debt instruments. Furthermore, for the robustness of the results, the study has also estimated a separate regression model for foreign debt portfolio investments and foreign equity portfolio investments which also support the baseline regression results and showed a significant and positive effect of economic freedom on both foreign debt and foreign equity portfolio investments. This study suggests that the member countries of the Caricom Single Market and Economy improve their economic freedom which will attract foreign investors to invest in their countries. 

scholarly journals Exchange Rate, Terms of Trade and Employment Nexus: Evidence From Turkey

2020 ◽  
Author(s):  
Muhammad Salah Uddin ◽  
Mahadi Hasan ◽  
Zobayer Ahmed
Keyword(s):  
Exchange Rate ◽  
Real Wage ◽  
Positive Impact ◽  
Fixed Effect Model ◽  
Terms Of Trade ◽  
Fixed Effect ◽  
Moderate Increase ◽  
Real Wages ◽  
Effect Model ◽  
The Impact

Abstract The objective of this study is to analyze the impact of the real exchange rate (RER) on employment, and real wage using quarterly disaggregated data (ISIC Rev 4 classification) composed of 19 industries in Turkey from 2010 to 2017. In our study, we employed the Fixed Effect Model, where industry-specific effects are used to control heterogeneity within the sectors. Moreover, robustness is applied to get rid of the heteroscedasticity in the error terms. Our results find that the currency appreciation has a negative, however insignificant effect on employment; whereas it has a significant positive impact on real wage. Generally, the terms of trade has no remarkable impact on employment and real wages; however, the larger industries have a substantial adverse impact on employment. Nevertheless, the interaction between currency appreciation and the top 25 per cent larger industries indicates a moderate increase in employment. The findings reflect that the appreciation of the domestic currency decreases employment at the industry level. The originality of this paper includes the effects of the terms of trade and interaction with currency appreciation in larger industries using Fixed Effect Model approach.

The impact of the China–USA trade war on USA Chapter 12 farm bankruptcies

2020 ◽  
Vol ahead-of-print (ahead-of-print) ◽  
Author(s):  
Yu Wu ◽  
Calum G. Turvey
Keyword(s):  
Fixed Effect Model ◽  
Mixed Effects ◽  
Cubic Splines ◽  
Fixed Effect ◽  
Economic Factors ◽  
Producer Price ◽  
Content Type ◽  
Effect Model ◽  
Trade War ◽  
The Impact

PurposeThe purpose of this paper is to determine the effects of the 2018–2020 China–US trade war on US farm bankruptcies as filed under Chapter 12. The key task is to identify the economic factors affecting farm bankruptcies generally, and to then control for the trade war impacts including the Market Facilitation Program (MFP), floods, agricultural conditions and the health of agricultural finance leading into the trade war.Design/methodology/approachResults were obtained using ordinary least square regression and panel fixed effect model using bankruptcy rates and number as the dependent variable. Independent variables included market effects, credit conditions, yield variation, trade impacts, 2019 flooding, macroeconomic conditions and regional fixed effects. The authors use cubic splines to interpolate annual and quarterly data to a monthly base.FindingsBased on a fixed effect model, the authors find that all other things being equal the China–USA trade war would have had a significant impact on Chapter 12 farm bankruptcies, increasing the bankruptcy rate by 25.7%. The flooding in 2009 had minor effects of increasing the rate by only 0.05%. The overall impact will, however be substantially lower than the 25.7% because of the MFP. The MFP variables (binary) had mixed effects and its true impact is unknowable at this time; however, the authors also find that a 1% increase in the producer price index decreases bankruptcy rates by 2.62% and farm bankruptcy numbers by 3.70%. Likewise a 1% increase in GDP reduces bankruptcies by 3.25%. These suggest that the MFP program will have likely reduced farm bankruptcies considerably than what would have occurred in their absence. The authors also find that states heavily dependent on trade faced lower market uncertainty. Broader economic factors (net charge-offs of farm loans held by insured commercial banks, US real GDP, the average effective interest rate on nonreal estate farm loans) affect farm bankruptcy.Research limitations/implicationsThe authors use monthly bankruptcy statistics, however not all data were available in monthly measures requiring interpolation using cubic spline functions to approximate monthly changes in some variables. Although the MFP had mixed effects in the model, the mid- to longer-term effects may be more impactful. These longer-term effects (and even shorter-term effects through 2020) are complicated by the coronavirus disease 2019 (COVID-19) pandemic, which will require a different identification strategy than that employed in this paper.Originality/valueThe analysis and results of this paper are, to the authors' knowledge, the first to investigate the impact of the China–US trade war on Chapter 12 farm bankruptcy filings. The use of cubic splines in the interpolation of agricultural data is also a technical innovation.

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.

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