scholarly journals ANALYSIS THE EFFECT OF GROWTH OPPORTUNITY, LIQUIDITY, LEVERAGE, AND VOLATILITY OF CASH FLOWS TO HEDGING DECISIONS

2019 ◽  
Vol 7 (12) ◽  
pp. 307-312
Author(s):  
Ayudia Dwi Puspitasari
Keyword(s):  
Foreign Currency ◽  
Stock Exchange ◽  
Manufacturing Sector ◽  
Secondary Data ◽  
Financial Statements ◽  
Cash Flows ◽  
Growth Opportunity ◽  
Exchange Risk ◽  
Cash Flow Volatility ◽  
The Relationship

Companies operating internationally will surely experience the risk of foreign currency fluctuations. The use of foreign exchange raises an exchange risk profile that must be addressed. One way to overcome the exchange rate risk is to use currency derivatives as hedging tools. research This is a conceptual paper that aims to determine the effect of growth opportunity, liquidity, leverage, and cash flow volatility on hedging decisions. This study uses secondary data in the form of annual financial statements of manufacturing sector companies listed on the Indonesia Stock Exchange (IDX) from 2015 to 2018. Updates in this study are samples and research years and the addition of control variables to control the relationship between the dependent and independent variables.

scholarly journals IMPACT OF DIVIDEND PAYOUT ON FIRM’S PERFORMANCE UNDER LOW GROWTH OPPORTUNITIES

2021 ◽  
Vol 9 (3) ◽  
pp. 1156-1165
Author(s):  
Taymoor Ali ◽  
Muhammad Kashif Khurshid ◽  
Adnan Ali Chaudhary
Keyword(s):  
Stock Exchange ◽  
Manufacturing Sector ◽  
Secondary Data ◽  
Financial Statements ◽  
Manufacturing Firms ◽  
Growth Opportunities ◽  
Dividend Payout ◽  
Relationship Of ◽  
The Relationship

Purpose of the study: The objective of the study was to investigate the relationship of the dividend payout on a firm's performance under low growth opportunities from the manufacturing sector of Pakistan. Methodology: A sample of 251 firms out of 378 manufacturing firms listed at the Pakistan Stock Exchange (PSX), have been carefully chosen for the era of ten years from 2006 to 2015. The secondary data was obtained from the firm’s web financials and analysis of financial statements, published by the statistics department of the State Bank of Pakistan. For the persistence of investigation panel data (fixed effect) analyses were employed in this study. Main Findings: The fallouts of the analysis revealed that the dividend payout ratio has an insignificant relationship with the firm's performance in the low growth perspectives of the study. Applications of this study: The findings of the study are helpful for the financial managers of the firms facing low growth opportunities. Furthermore, the investors in capital markets can use the findings of this while investing. The originality of this study: The study focussed on the role of low growth opportunities while studying the nexus of dividend pay-out and the firm’s financial performance which inherits the novelty and originality of the study.

scholarly journals ANALISIS FAKTOR YANG MEMPENGARUHI PENGAMBILAN KEPUTUSAN HEDGING MENGGUNAKAN INSTRUMEN DERIVATIF VALUTA ASING

account ◽  
2019 ◽  
Vol 6 (1) ◽  
Author(s):  
Vincentia Ayuningtyas ◽  
Sabar Warsini ◽  
Elly Mirati
Keyword(s):  
Financial Distress ◽  
Foreign Currency ◽  
Stock Exchange ◽  
Secondary Data ◽  
Foreign Exchange Risk ◽  
Risk Hedging ◽  
Growth Opportunity ◽  
Derivative Instruments ◽  
Exchange Risk ◽  
Research Period

ABSTRACT  This research aims at knowing factors that influences the hedging decision withforeign currency derivative instruments. This research uses the sample from non-financialcompanies listed on Indonesia Stock Exchange in the periode of 2013-2017. The data used inthis research are secondary data taken from Indonesia Stock Exchange and the analyzedcompany's websites. The samples from the analyzed company are taken using the purposivesampling method. Based on the selected samples, there were 35 companies which did thehedging activity during the research period and have the data to be analyzed. The model wasanalysed  by using logistics regression. The result of the research shows that leverage,liquidity and growth opportunity have positive and significant factore that influence hedgingdecision with the foreign currencies by using derivative instrument, However, financialdistress has negative and significant influances while fluctuation of exchange rate did notsignificantly influence it.  Keywords: derivative instrument, foreign currency, foreign exchange risk, hedging, risk management ABSTRAK Penelitian ini bertujuan untuk mengetahui bagaimana pengaruh pengambilankeputusan hedging menggunakan instrumen derivatif valuta asing. Penelitian inimenggunakan sampel perusahaan non keuangan yang terdaftar di BEI tahun 2013-2017.Data yang digunakan dalam penelitian ini adalah data sekunder yang diunduh dari websiteBursa Efek Indonesia dan website perusahaan yang diteliti. Sampel perusahaan dipilihmenggunakan metode purposive sampling. Hasil dari seleksi sampel memperoleh 35perusahaan yang melakukan aktivitas hedging selama periode penelitian dan memilikikelengkapan data untuk diteliti. Analisis model penelitian menggunakan analisis regresilogistik. Hasil pengujian menunjukkan ketepatan klasifikasi model analisis sebesar 80,6%.Hasil penelitian menunjukkan bahwa variabel leverage, likuiditas, growth opportunityberpengaruh positif signifikan dan variabel financial distress berpengaruh negatif signifikan,sedangkan variabel fluktuasi nilai tukar berpengaruh tidak signifikan terhadap prosespengambilan keputusan hedging menggunakan instrumen derivatif valuta asing. Kata Kunci: hedging, instrumen derivatif, manajemen risiko, risiko nilai tukar, valuta asing

scholarly journals Pengaruh Rasio Profitabilitas, Rasio Likuiditas, Pertumbuhan Perusahaan Terhadap Opini Audit Going Concern

2021 ◽  
Vol 13 (2) ◽  
pp. 283-299
Author(s):  
Kimberli Kimberli ◽  
Budi Kurniawan
Keyword(s):  
Stock Exchange ◽  
Secondary Data ◽  
Financial Statements ◽  
Audit Opinion ◽  
Going Concern ◽  
Analysis Technique ◽  
Going Concern Opinion ◽  
Company Growth ◽  
The Relationship ◽  
Profitability Ratios

Abstract The problems that will be discussed in this journal are regarding the relationship between Profitability Ratios, Liquidity Ratios and Company Growth on Audit Delay. The research method used in this study uses secondary data. The population in this study is all Real Estate companies and the Property sub-sector registered on the BEI which are listed on the Indonesia Stock Exchange in 2017, 2018, 2019 and 2020. The sampling method in this study is purposive sampling. The criteria for companies that are sampled are companies that publish audited financial statements for four consecutive years and use the rupiah currency, so that the total number of samples in this study is 165 data. The independent variables in this study are Profitability Ratios, Liquidity Ratios and Company Growth. The dependent variable in this study is audit delay. The data analysis technique used is the Logistics Regression Test with the use of Software Eviews 10. The results of the analysis show that profitability has no significant effect on going concern audit opinion. Meanwhile, company growth and liquidity have no effect on going concern audit opinion. Keywords: Going Concern Opinion, Profitability, Liquidity, and Company Growth

scholarly journals DETERMINASI PENGUNGKAPAN TRANSAKSI PIHAK BERELASI BERDASARKAN PSAK NO.7 TAHUN 2018

2020 ◽  
Vol 6 (1) ◽  
pp. Press
Author(s):  
Jessyka Tridewi Purba ◽  
Husnah Nur Laela Ermaya ◽  
Ayunita Ajengtiyas
Keyword(s):  
Earnings Management ◽  
Audit Committee ◽  
Stock Exchange ◽  
Manufacturing Sector ◽  
Secondary Data ◽  
Sampling Technique ◽  
Institutional Ownership ◽  
Financial Statements ◽  
Managerial Ownership ◽  
Related Party Transactions

This study aims to examine the effect of Audit Committee, Independent Commissioner, Institutional Ownership, Managerial Ownership, Earnings Management to Related Party Transaction Disclosure. This type of research is quantitative reseacrh using secondary data of financial statements from manufacturing sector companies during 2016 to 2018 obtained from Indonesia Stock Exchange. The sampling technique that used is purposive sampling. The results showed that the Audit Committee, Independent Commissioners, Institutional Ownership, Managerial Ownership and Profit Management were able to influence the disclosure of related party transactions by 13%, while the remaining 87% were influenced by other variables outside this study. Partially, institutional ownership and managerial ownership significantly influence the disclosure of related party transactions. While the audit committee, independent commissioners and earnings management do not affect the disclosure of related party transactions.

scholarly journals ANALISA FAKTOR – FAKTOR YANG BERPENGARUH TERHADAP KETEPATAN WAKTU PELAPORAN KEUANGAN (STUDI EMPIRIS PADA PERUSAHAAN OTOMOTIF DAN KOMPONEN DAN TELEKOMUNIKASI YANG TERDAFTAR DI BURSA EFEK INDONESIA)

2016 ◽  
Vol 11 (2) ◽  
pp. 1
Author(s):  
Joko Suryanto ◽  
Indra Pahala
Keyword(s):  
Financial Reporting ◽  
Firm Size ◽  
Stock Exchange ◽  
Secondary Data ◽  
Financial Statements ◽  
Public Ownership ◽  
Audit Opinion ◽  
Independent Variables ◽  
Equity Ratio ◽  
The Relationship

This research aims to examine the effect of the relationship between firm size, profitability, solvency, public ownership, and the audit opinion on the timeliness of financial reporting. The dependent variable in the form of timekeeping company deliver the financial statements to the Stock Exchange. Meanwhile for the independent variables such as firm size measured by total asets of the company, profitability is measured by profit margin ratio, solvency measured by debt-to-equity ratio, public ownership is measured by the percentage of the number of shares owned by the community, and the audit opinion is measured with an unqualified opinion and otherwise unqualified. This study uses secondary data with population automotive companies and telecommunications components and annual financial statements issued on the Stock Exchange in the period 2010-2012. From the analysis conducted in this study it can be concluded that the size of the company significantly influence the timeliness of financial reporting. While profitability, solvency, public ownership, and the audit opinion does not affect the timeliness of financial reporting.   Keywords:       Company Size, Profitability, Solvency, Public Shareholding, Opinion Audit and Financial Reporting Timeliness.

scholarly journals Free Cash Flows, Management Ownership, Dividend Policy, and Debt Policy

2020 ◽  
Vol 19 (1) ◽  
pp. 30
Author(s):  
Ardhya Yudistira Adi Nanggala
Keyword(s):  
Dividend Policy ◽  
Stock Exchange ◽  
Linear Regression Analysis ◽  
Secondary Data ◽  
Financial Statements ◽  
Cash Flows ◽  
Managerial Ownership ◽  
Management Ownership ◽  
Free Cash Flows ◽  
Debt Policy

This study aims to identify and examine empirically effect of free cash flows, managerial ownership and dividend policy on debt policy (empirical study on companies listed on Stock Exchange). This study uses secondary data in form of financial statements derived from annual financial statements of companies listed on Stock Exchange and available reporting consecutive years from 2012 to 2017. Samples were taken by purposive sampling with first criteria company's annual financial statement data available for consecutive reporting years from 2012 to 2017. Number of samples in this study 132 firm years. Data analysis methods used in this study is multiple linear regression analysis. Results showed that: free cash flows and managerial ownership has a significant positive effect on debt policy. Dividend policy have a significant negative effect on debt policy. Keywords: Free cash Flows, Management Ownership Dividend Policy, Debt Policy

scholarly journals FAKTOR-FAKTOR YANG MEMPENGARUHI AKTIVITAS HEDGING DENGAN INSTRUMEN DERIVATIF VALUTA ASING

2015 ◽  
Vol 5 (1) ◽  
Author(s):  
Fay Guniarti
Keyword(s):  
Logistic Regression ◽  
Firm Size ◽  
Financial Distress ◽  
Firm Value ◽  
Foreign Currency ◽  
Stock Exchange ◽  
Secondary Data ◽  
Analysis Model ◽  
Growth Opportunity ◽  
Probability Prediction

<p>Penelitian ini bertujuan untuk mengetahui faktor-faktor yang mempengaruhi aktivitas hedging dengan instrumen derivatif valuta asing pada perusahaan non keuangan yang terdaftar di BEI tahun 2010-2012. Data yang digunakan adalah<br />data sekunder yang diunduh dari website Bursa Efek Indonesia. Populasi dalam penelitian ini adalah seluruh perusahaan yang terdaftar di Bursa Efek Indonesia tahun 2010-2012. Sedangkan sampel penelitian ini sejumlah 77 perusahaan yang memiliki eksposur transaksi dan memiliki kelengkapan data untuk diteliti. Dari sampel tersebut sebanyak 28 perusahaan melakukan aktivitas hedging selama periode pengamatan dan 49 perusahaan tidak melakukan aktivitas hedging.Analisis Logistic Regression digunakan untuk menguji hipotesis. Hasil pengujian menunjukkan bahwa model analisis menghasilkan ketepatan 79.2% dan variabel leverage, liquidity, firm size dan financial distress berpengaruh signifikan terhadap prediksi probabilitas aktivitas hedging dengan tingkat signifikansi 5%, sedangkan variabel firm value dan growth opportunity berpengaruh tidak signifikan.</p><p> </p><p>The objective of the study was to know the factors which influence the hedging activity with foreign currency derivative instruments at non-financial companies listed on the Indonesia Stock Exchange in 2010-2012. The data of the research were secondary data which was downloaded from the Indonesia Stock Exchange website. The population of the study was all companies listed in Indonesia Stock Exchange in the period of 2010-2012. There were 77 companies which had the transaction exposure andcomplete data for analysis. From those samples, only 28 companies did hedging activities during the period of observation and 49 companies did not do hedging activities.The data were analyzed by Logistic Regression Analysis to test the hypothesis. The test result showed that analysis model gave the accuracy 79.2% and the research variables; leverage, liquidity, firm size, and financial distress significantly influenced the probability prediction of hedging activity with 5% level of significancy, while the research variables; firm value and growth opportunity did not give significant influence.</p>

scholarly journals Stock Liquidity and Stock Return

2019 ◽  
Vol 3 (2) ◽  
pp. 111
Author(s):  
Cynthia Eka Violita
Keyword(s):  
Stock Returns ◽  
Stock Exchange ◽  
Secondary Data ◽  
Financial Statements ◽  
Coefficient Of Determination ◽  
Manufacturing Companies ◽  
Stock Liquidity ◽  
Analysis Techniques ◽  
Growth Opportunity ◽  
Positive Effect

This study aims to examine and analyze the effect of stock liquidity on stock returns on manufacturing companies listed on the Indonesia Stock Exchange. This study uses two control variables namely size and age and the study period from 2013 to 2017. The type of research used is quantitative, while the sample of this study are all manufacturing companies listed on the Indonesia Stock Exchange from 2013 to 2017. The method of determining the sample used is used is purposive sampling. The procedure of data collection in this research is the documentation method. The intended documentation method is collecting secondary data from the company's financial statements. Data analysis techniques used in this study were multiple linear regression, t test, and the coefficient of determination. The results showed that stock liquidity had a positive and significant effect on stock returns. While growth opportunity have a significant positive effect on stock returns.

Can the Audit Opinion Influence the Portfolio Investment Decisions? The Case of Listed companies

2021 ◽  
Vol 19 (164) ◽  
pp. 759-768
Author(s):  
George Marian Aevoae ◽  
◽  
Ioan Bogdan Robu ◽  
Roxana Manuela Dicu ◽  
Ionut Viorel Herghiligiu ◽  
...  
Keyword(s):  
Capital Market ◽  
Technological Progress ◽  
Stock Exchange ◽  
Financial Statements ◽  
Cash Flows ◽  
Two Dimensions ◽  
Audit Opinion ◽  
Target Company ◽  
The Relationship ◽  
Blue Chip

As a part of their strategic transactions, corporations often acquire stakes in other companies that do not grant them control, but allow them to use their resources to increase their profitability, access technological progress and innovation, develop products, or obtain dividends. The main objective of this paper is to identify the factors influencing the behavior of acquirers who buy securities in the capital of the target companies, listed on Bucharest Stock Exchange, without intending to control them. The study aims to describe two dimensions of the buyers' behavior, when they buy shares that do not lead to the control of the target companies (below 50%). The first dimension refers to the buyer's decision to invest in a certain share of capital, influenced by the profitability of the target company and its market capitalization (dimensions of their performance), but also by the audit opinion on the annual financial statements. The relationship is positive and significant. The second dimension focuses on the decision of the acquirers to invest or not in a blue-chip company (top companies, considered the most efficient and stable on the financial market), with the main purpose of obtaining dividends or trading the respective securities on the capital market, in order to generate cash flows. The result shows that investors buy small shares in blue chip companies, compared to other companies, taking into account their performance and the audit opinion on the annual financial statements.

PENGARUH UKURAN PERUSAHAAN, SOLVABILITAS DAN KOMITE AUDIT TERHADAP AUDIT DELAY

2018 ◽  
Vol 1 (3) ◽  
pp. 352
Author(s):  
Muhammad Rizal Saragih
Keyword(s):  
Audit Committee ◽  
Sampling Method ◽  
Stock Exchange ◽  
Secondary Data ◽  
Financial Statements ◽  
Manufacturing Companies ◽  
Variable Size ◽  
Independent Variables ◽  
Analysis Technique ◽  
The Relationship

The problems that will be discussed in this journal regarding the relationship between the business entity, the solvency of audit delay. The research method used in this study uses secondary data. The population in this study were all manufacturing companies listed on the Indonesia Stock Exchange in 2013, 2014, 2015 and 2016. The sampling method in this study was purposive sampling. The criteria of the company being sampled are companies that publish audited financial statements for four consecutive years and use the rupiah currency, so the total number of samples in this study is 100 data. Independent variables in this study are company size, solvability and audit committee, variables dependent inthis study is audit delay. The data analysis technique used is multiple linear regression.The results of the analysis show that the solvability variable has a significant effect on audit delay. While the variable size of the company and the audit committee does not have a significant effect on audit delay.

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