scholarly journals The DEBT POLICY AND OWNERSHIP STRUCTURE OF FIRM IN INDONESIA STOCK EXCHANGE

2020 ◽  
Vol 2 (2) ◽  
pp. 1-16
Author(s):  
Maximus Leonardo Taolin
Keyword(s):  
Significant Influence ◽  
Institutional Investors ◽  
Agency Costs ◽  
Stock Exchange ◽  
Control Variable ◽  
Tax Rates ◽  
Debt Ratio ◽  
Dividend Payments ◽  
Debt Policy

This study examines the effect of ownership structures (insiders ownership, shareholders dispersion and institutional investors) on debt policy. The variable that has a significant influence is institutional investors, while the insiders ownership variable has no significant effect but the direction of the inverse relationship with the debt ratio is in accordance with the theory. Shareholders dispersion variable does not have a significant influence and the direction of the relationship is not in accordance with the theory. These results indicate that the presence of institutional investors can reduce the role of debt in monitoring the behavior of managers, thereby reducing the total agency costs. Control variable. shows growth opportunities, firm size, asset structure and profitability affect the debt ratio and can be used as an instrument to support debt policy to minimize agency costs. Whereas dividend payments and tax rates are not. Using a sample of all companies listed on the Indonesia Stock Exchange other than insurance and financial companies with a research period between 2008 and 2011

Peran kepemilikan institusional, perencanaan pajak dan dewan komisaris asing terhadap nilai perusahaan

2019 ◽  
Vol 8 (2) ◽  
Author(s):  
Anita Ade Rahma ◽  
Lisa Nabawi ◽  
Ronni Andri Wijaya
Keyword(s):  
Significant Influence ◽  
Firm Value ◽  
Stock Exchange ◽  
Investment Decisions ◽  
Total Sample ◽  
Tax Planning ◽  
Purposive Sampling ◽  
Institutional Leadership ◽  
Company Value

The purpose of this study is to analyze the role of institutional leadership, tax planning and foreign board of commissioners on firm value. The population in this study were 615 companies listed on the Indonesia Stock Exchange in 2015-2017. The sample was chosen using purposive sampling to get a total sample of 325 companies with a total of 975 observations of company data. The results of this study indicate that institutional leadership and tax planning have no role in increasing company value. While the foreign board of commissioners showed a significant influence on the value of the company. This proves that there is a need for diversity in the structure of the board that can trigger an increase in the value of the company. In addition, the presence of a foreign board is needed for the progress of the companyKeywords: Investment decisions; funding decisions; dividend policy; company value

PENGARUH FAMILY OWNERSHIP, PERUBAHAN TARIF PAJAK DAN KEBIJAKAN HUTANG TERHADAP NILAI PERUSAHAAN

2017 ◽  
Vol 9 (2) ◽  
Author(s):  
Elfina Astrella Sambuaga
Keyword(s):  
Ownership Structure ◽  
Tax Reform ◽  
Stock Exchange ◽  
Family Ownership ◽  
Corporate Debt ◽  
Tax Rates ◽  
Manufacturing Companies ◽  
The Impact ◽  
The Relationship ◽  
Debt Policy

<p>This study aims to provide empirical evidence related to the influence of family ownership, tax reform on corporate debt policy, and further prove the impact on the firm value.This study examined the effect of changes in tax rates in 2009 and 2010 on the relationship between family ownership structure and corporate debt policy. The population of this research is manufacturing companies listed in Indonesia Stock Exchange for 8 consecutive years (2006-2013), with the period of observation for 7 years (2007-2013). A period of 8 years was taken to see a company that is consistently listed on the Stock Exchange prior to the end of the observation period. The result of this study shows that tax reform from progressive tax rates to a flat rate does not affect the relationship between family ownership structure and corporate debt policy. In contrast to the year 2009, changing rate from 28% to 25% in late 2010 was a significant effect on the debt policy with the company of family ownership. Based on the results, it was found that family ownership and debt policy significantly affect the company's enterprise value. It can be concluded, the higher the family ownership, the company's value would be diminished. Instead, the company's value will increase when the company adds to its debt policy.</p><p>Keywords : debt policy, family ownership, firm value, tax reform.</p>

How Moroccan institutional investors view dividend policy

2017 ◽  
Vol 43 (12) ◽  
pp. 1332-1347 ◽  
Author(s):  
H. Kent Baker ◽  
Imad Jabbouri
Keyword(s):  
Institutional Investors ◽  
Stock Prices ◽  
Dividend Policy ◽  
Stock Exchange ◽  
Mail Survey ◽  
High Response Rate ◽  
Content Type ◽  
Listed Firms ◽  
Dividend Policies ◽  
Dividend Payments

Purpose The purpose of this paper is to examine how Moroccan institutional investors view dividend policy. It discusses the importance these investors attach to the dividend policy of their investee firms, how much influence they exercise in shaping investee firms’ dividend policies, their reactions to changes in dividends, and their views on various explanations for paying dividends. Design/methodology/approach A mail survey provides a respondent and firm profile and responses to 28 questions involving various explanations for paying dividends and 30 questions on different dividend issues. Findings Institutional investors attach substantial importance to dividend policy and prefer high dividend payments. Although liquidity needs are a major driver, taxes play little role in shaping dividend preferences. Respondents agree with multiple explanations for paying dividends giving the strongest support to catering, bird-in-the-hand, life cycle, signaling, and agency theories. Research limitations/implications Despite a high response rate, the number of respondents limits partitioning the sample and testing for significant differences between different groups. Practical implications The lack of communication between Casablanca Stock Exchange (CSE) listed firms and institutional investors may depress stock prices and increase volatility. The results suggest agency problems and a weak governance environment at the CSE. Originality/value This study documents the importance that institutional investors place on dividend policy, their reactions to changes in their investees’ dividend policy, and the methods used to influence these firms. It extends previous research by reporting the level of support Moroccan institutional investors give to various explanations for paying dividends.

scholarly journals The Relation Between Institutional Ownerships, Debt Policy, Dividend Policy And Company Performance In Terms Of Clarifying Agency Conflict Mechanism : Case Study At Manufacturing Companies Listed At The Indonesian Stock Exchange

2018 ◽  
Vol 6 (07) ◽  
Author(s):  
Mateus Xavier Da Costa Cabral ◽  
Arsono Laksamana ◽  
Mudjilah Rahayu
Keyword(s):  
Significant Influence ◽  
Dividend Policy ◽  
Stock Exchange ◽  
Institutional Ownership ◽  
Reciprocal Relationship ◽  
Company Performance ◽  
Manufacturing Companies ◽  
Causality Test ◽  
Analysis Technique ◽  
Debt Policy

Companies that go public, in general, have been managed professionally that can be tailored to the consumers’ needs under applicable regulations. Management within a company's business entity involves an agency relationship. The purpose of this study is to examine: a) a reciprocal relationship between institutional ownership, debt policy, dividend policy and company performance of manufacturing companies of the Indonesian Stock Exchange, b) the influence of institutional ownership, debt policy, dividend policy on the company performance of the manufacturing companies of the Indonesian Stock Exchange. This type of research includes associative research with a quantitative approach. The samples of this research as many as 98 manufacturing companies listed at the Indonesian Stock Exchange of the period of 2006-2015 with the technique of determining purposive samplings. Data analysis technique used in this research is Granger Causality test. The results of this study are: a) there is no reciprocal relationship between institutional ownership and debt policy, b) there is no reciprocal relationship between institutional ownership with dividend policy, c) no reciprocal relationship between debt policy and dividend policy, d) there is no reciprocal relationship between institutional ownership and company performance; e) there is no reciprocal relationship between debt policy and company performance; f) there is no reciprocal relationship between dividend policy and company performance; g) institutional ownership has a positive and partially significant influence on company performance, h) debt policy has a positive and partially significant influence on company performance, and i) dividend policy has positive and partially significant influence to companies performance on manufacturing company listed at the Indonesian Stock Exchange

Hierarchical financing and reality of the financial structure of Moroccan listed companies

2020 ◽  
Vol ahead-of-print (ahead-of-print) ◽  
Author(s):  
Firano Zakaria ◽  
Doughmi Salawa
Keyword(s):  
Stock Exchange ◽  
Financial Structure ◽  
Order Theory ◽  
Debt Ratio ◽  
Growth Opportunities ◽  
Pecking Order ◽  
Positive Role ◽  
Pecking Order Theory ◽  
Content Type

Purpose There is a wealth of literature on the financing structure of a company. For this reason, the authors considered it useful to present a theoretical and empirical literature review of classical and new theories of the financial structure. The purpose of this study is to realize on a panel of 15 nonfinancial Moroccan companies listed on the Casablanca Stock Exchange, over a period of 11 years. Design/methodology/approach The results obtained indicate that only a few variables from financial theory have an important role in the financing policy of Moroccan companies. The authors have presented the positive role of size and self-financing on the debt ratio. The analysis of the effects of profitability shows in this study that it is negative related on the debt ratio which asserts the predictions of the pecking order theory. Also, the age of the company and the growth opportunities explain the level of indebtedness. Findings Econometric analysis is used to ascertain the nature of the financial structure of listed companies. For this purpose, a large number of companies listed on the Casablanca stock exchange were used. Originality/value The authors have presented the positive role of size and self-financing on the debt ratio. Regarding the influence of profitability, this analysis shows that it is negative related on the debt ratio which asserts the predictions of the pecking order theory. Also, the age of the company and the growth opportunities explain the level of indebtedness.

scholarly journals PENGARUH STUKTUR KEPEMILIKAN DAN DEWAN KOMISARIS INDEPENDEN TERHADAP NILAI PERUSAHAAN DENGAN MANAJEMEN LABA DAN KEBIJAKAN HUTANG SEBAGAI VARIABEL INTERVENING

2008 ◽  
Vol 8 (1) ◽  
pp. 1
Author(s):  
Etty M. Nasser
Keyword(s):  
Earnings Management ◽  
Significant Influence ◽  
Structural Equation ◽  
Stock Exchange ◽  
Control Variable ◽  
Institutional Ownership ◽  
Equation Model ◽  
Financial Statement ◽  
Manufacturing Companies ◽  
Board Of Director

<p class="Style17">The objective of this research are to identi6 'the direct and indirect influences of corporate gover­nancesbucture such as, board of independent commissioner, institutional ownershi :rand manajerial ownership to the fimes value and earnings management debt as intervening variable.</p><p class="Style17">This research examine 37 manufacturing companies fisted in Jakarta Stock Exchange and issues waled financial statement since 2002-2004. The statistical methods used to test the hypothesis is Structural Equation Model (SEM). The empirical result of this research indicates that manajerial ownership has a positif significant and board of commissionerhas a negative significant influences to earnings management whereas institutional ownership have no influence to earnings manage­ment. The following test indicates that board of commissioner and manajerial ownership and institutional ownership have no significant influence to the firm's value. The control variable, firm's size, has a positive significant influence to earnings management whereas leverage has a negative significant influence to the firm's value. The Last test indicates that earnings management and debt have influence to the firm's value, so it can be concluded that earnings management and debt is an intervening variable.</p><p class="Style1"><strong><em>Keywords: </em></strong><strong><em>corporate governance, earnings management, debt, firm's value, board of director, </em></strong><strong><em>manajerial ownership, institutional</em></strong></p>

scholarly journals PRICE ANDVOLUME EFFECTS ASSOCIATED WITH CHANGES IN THE LQ 45 INDEX AND THE MSCI EQUITY INDEX LISTS

2003 ◽  
Vol 5 (3) ◽  
pp. 401
Author(s):  
A. Harijono
Keyword(s):  
Institutional Investors ◽  
Trading Volume ◽  
Stock Exchange ◽  
Share Price ◽  
Rule Based ◽  
Developed Markets ◽  
Portfolio Managers ◽  
Index Changes ◽  
Equity Index

This paper examines price and trading volume behavior surrounding announcements of changes in the composition of the liquidity (LQ) 45 and the Morgan Stanley Capital International (MSCI) Equity Index at the Jakarta Stock Exchange. Unlike listing studies in the developed markets, the announcements of the LQ45 Index changes have no impact on share price and trading volume. This may be due to the small role of Indonesian domestic institutional investors and purely rule-based characteristics of the LQ45 Index. On the contrary, the markets do respond to the changes in Indonesian stocks composition of the MSCI Equity Index. It seems that global portfolio managers, who dominate trading at the Jakarta Stock Exchange, rebalanced their portfolio when the changes in the MSCI Equity Index occurred because their performances are generally benchmarks to the return on the Index.

scholarly journals Corporate governance, institutional investor type and firm performance: Evidence from an emerging market

2021 ◽  
Vol 5 (4) ◽  
pp. 20-27
Author(s):  
Rama Sastry Vinjamury
Keyword(s):  
Firm Performance ◽  
Institutional Investors ◽  
Firm Value ◽  
Fixed Effects ◽  
Stock Exchange ◽  
Emerging Market ◽  
Developed Economies ◽  
Financial Firms ◽  
Pressure Sensitive

The study analyses the role of institutional investors in improving firm performance. Unlike in developed economies where firm ownership is widely dispersed, firms in emerging economies such as India have substantial promoter shareholdings (often in a majority or close to a majority). Given the promoter control of Indian companies, the role of institutional investors as external monitors is analysed. Following Brickley, Lease, and Smith (1988) and Almazan, Hartzell, and Starks (2005), the study categorises institutional investors as pressure-sensitive and pressure-insensitive institutional investors. Panel data for non-financial firms from India included in National Stock Exchange (NSE) 500 over the period 2008–2017 is studied using fixed-effects models. The study finds that the increased ownership of pressure-insensitive institutional investors is positively associated with firm performance. Also, the increased ownership of pressure-sensitive institutional investors is negatively associated with firm performance. These findings are consistent with the view that pressure-insensitive institutional investors are more effective monitors compared to pressure-sensitive institutional investors. The study offers insights into the role of institutional investors in economies where firms have a substantial promoter shareholding. The study documents that even with a substantial promoter shareholding and control, pressure-insensitive institutional investors aid in enhancing firm value

scholarly journals ASIMETRI INFORMASI MEMODERASI BEBAN PAJAK TANGGUHAN DAN MANAJEMEN LABA

2019 ◽  
Vol 5 (1) ◽  
pp. 41
Author(s):  
Sistya Rachmawati
Keyword(s):  
Multiple Regression ◽  
Significant Influence ◽  
Stock Exchange ◽  
Control Variable ◽  
Multiple Regression Model ◽  
Earning Management ◽  
Test Results ◽  
Manufacturing Companies ◽  
Asymmetry Information ◽  
Tax Expense

<strong><strong></strong></strong><em>The objective of this research is to ident6 the direct and indirect influences of deffered tax expense toward earning management which is moderated by asymmetry Information. This research examines </em>50 <em>manufacturing companies listed in Jakarta Stock Exchange and issues auditedfinancial statement since 2004-2006. The statistical method </em><em>used to test the hypothesis is Multiple Regression Model. The empirical result of this research indicates that deffered tax expense has influence to Earning Management. Test results suggest that by using the Multiple regression analysis, deffered tax expense have a direct positive significant influences to earning management, while asymmetry information have no significant influences toearning management. The control variable Cash Flow operation have positive significant influence toEarning Management, while size and growth has no significant influence Earning Management.</em><strong><strong></strong></strong>

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