PENGARUH AGENCY COST TERHADAP NILAI PERUSAHAAN BUMN YANG TERDAFTAR DI BURSA EFEK INDONESIA

Agency problem timbul akibat adanya perbedaan kepentingan antara agen dan prinsipal. Kepemilikan saham pada perusahaan BUMN yang terkonsentrasi pada kepemilikan pemerintah sebagai prinsipal cenderung memungkinkan terjadinya agency problem yang lebih besar. Agency problem akan menimbulkan biaya yang harus ditanggung oleh perusahaan yang disebut agency cost. Pengukuran tingkat agency cost pada penelitian ini menggunakan expense ratio dan total turnover ratio. Penelitian ini bertujuan untuk melihat pengaruh agency cost terhadap nilai perusahaan BUMN yang diproksikan dengan rasio Tobin’s Q.

ANALISA PROFITABILITAS RUMAH SAKIT YANG TERDAFTAR DI PASAR MODAL THAILAND DAN INDONESIA PADA TAHUN 2015-2019

The purpose of this study was conducted to determine the effect of COGS ratio, operating cost ratio, size, net working capital and leverage on profitability of healthcare in Indonesia and Thai. Sample used were 6 and 24 hospitals listed on Indonesian’s and Thai’s capital markets for period 2015 – 2019. Based on results with panel regression modeling, COGS ratio, leverage, size and Net Working Capital have a significant effect on Indonesian's ROA; size, leverage and Net Working Capital have a significant effect on Indonesian's ROE; Operating Expense Ratio and Size have a significant effect on Thai's ROA; and Net Working Capital, Size, and leverage have a significant effect on Thai's ROE. The R2 values obtained for ROA and ROE models in Indonesia were 91.08% and 97.99%, while Thai has 87.77% and 87.35%.

ANALISIS UMUR REKSADANA, EXPENSE RATIO DAN KINERJA REKSADANA SAHAM DI PERUSAHAAN MANDIRI INVESTASI PERIODE 2014-2019

Mutual funds are investment facilities that are used to raise funds from the investor community for further investment in securities portfolios by investment managers, and subsequently invested in stocks, bonds, time deposits, money market, and so on. Mutual fund performance is influenced by the determining factors of whether a mutual fund performs well or poorly, the mutual fund performance factor, namely the first is the age / age of the mutual fund (Fund Age), the second is the comparison between operating costs in one year and the average net asset value in one year (Expense Ratio) and the third is Net Asset Value (NAV). The formulation of the problems in this research are (1) How is the development of the age of equity funds in Mandiri Investasi for the 2014-2019 period? (2) How is the development of the stock mutual fund expense ratio at the Mandiri Investasi period of 2014-2019? net assets (NAV) of equity mutual funds performance at Mandiri Investasi for the 2014-2019 period. This study aims to determine the development of mutual funds age, expense ratio and net asset value (NAV) of the performance of Mandiri Investa Attractive (MITRA) equity funds in Mandiri Investasi for the period 2014-2019. The objects examined in this study are variables in the form of mutual funds age, expense ratio, and mutual fund performance (NAV). Methods of data analysis in this study using descriptive analysis methods. The results of the research conducted were the age development of Mandiri Investa Attraktf (MITRA) equity funds at the Mandiri Investasi company, which experienced an increase in age in 2014-2019. Expense ratio development in 2014-2019 has decreased. And in the development of equity mutual funds performance, namely the net asset value (NAV) in 2014-2019 experienced fluctuations.

Analisa Perbandingan Kesehatan Bank Menggunakan Metode Camels

Penelitian ini bertujuan untuk mengetahui apakah terdapat perbedaan antara tingkat kesehatan bank konvensional dan bank syariah pada periode 2015-2019. Penelitian ini menggunakan metode CAMELS yang terdiri dari Capital, Asset, Management, Earnings, Liquidity dan Sensitivity to Market Risk agar mengetahui bagaimana kondisi kesehatan suatu bank tersebut. Pada aspek permodalan menggunakan rasio Capital Adequacy Ratio, Non Performing Loan mewakili aspek aset, Net Profit Margin mewakili aspek manajemen, Return On Assets, Return On Equity, Biaya Operasional dan Pendapatan Operasional mewakili aspek rentabilitas, Loan To Deposit Ratio mewakili aspek likuiditas dan Interest Expense Ratio mewakili aspek sensitivitas terhadap risiko pasar. Jenis penelitian yang digunakan adalah penelitian deskriptif kuantitatif dengan menggunakan perangkat lunak SPSS 16. Sumber data pada penelitian ini adalah data sekunder. Teknik pengambilan sampelnya menggunakan purposive sampling. Metode pengumpulan datanya adalah data sekunder. Data yang digunakan dalam penelitian ini merupakan data – data sekunder yang diperoleh melalui situs Bursa Efek Indonesia dan situs resmi setiap sampel bank yaitu berupa laporan keuangan perusahaan selama 5 tahun. Penelitian ini menggunakan uji normalitas dan uji beda atau analisis perbandingan Independent Sample T-test untuk analisis statistik dan uji hipotesis. Hasil analisis ini menemukan tidak terdapat perbedaan antara tingkat kesehatan bank konvensional dan syariah pada rasio Capital Adequacy Ratio, Loan To Deposit Ratio dan Interest Expense Ratio, namun terdapat perbedaan pada rasio Non Performing Loan, Net Profit Margin, Return On Assets, Return On Equity, dan Biaya Operasional dan Pendapatan Operasional. Maka dapat disimpulkan bahwa bank konvensional memiliki kondisi kesehatan yang lebih baik dibandingkan bank syariah selama periode 2015-2019.

Antecedents of Equity Fund Performance: A Contingency Perspective

While the fund performance management literature has clearly documented that the fund size, fund family size, and net cash flow are important antecedents of equity fund performance, prior empirical studies have revealed mixed results that have not been adequately explained. Through the lens of the contingency perspective, we developed a conceptual model that examines how the expense ratio and management compensation as contextual factors interact with the fund size, fund family size, and net cash flow to affect equity fund performance. The empirical analyses were based on panel data including 690 equity funds in China over a 7-year period from 2009 to 2015. The results show that the expense ratio and management compensation moderate the effects of the fund family size and net cash flow on fund performance, and management compensation also moderates the relationship between the fund size and fund performance.

Kinerja Reksadana Saham di Situs Bareksa

Tujuan penelitian ini adalah untuk menganalisis pengaruh fund cash flow, fund size, expense ratio, dan turnover ratio terhadap kinerja reksadana. Kinerja reksadana diproksikan dengan nilai indeks Sharpe. Metode pemilihan sampel adalah metode purposive sampling, yang memperoleh tiga puluh perusahaan reksadana saham yang terdaftar di situs Bareksa. Data berdasarkan laporan keuangan tahunan reksadana saham 2016-2017. Teknik analisis yang digunakan adalah regresi data panel. Hasil penelitian mennyimpulkan bahwa hanya fund cash flow yang berpengaruh positif signifikan terhadap kinerja reksadana. Adapun pengaruh tiga variabel lainya, yaitu fund size, expense ratio dan turnover ratio terhadap kinerja reksadana tidak dapat dikonfirmasi.

The Effect of Debt Financing and Equity Financing on Expense Ratio Profit

This study aims to determine the effect of Debt Financing and Equity Financing on the Profit Expense Ratio. The population in this study is Sharia Commercial Banks registered in Bank Indonesia from 2011 to 2018 as many as 11 banks while the sample is determined by the purposive sampling method and meets the criteria of 2 companies. The analytical method used is multiple linear regression models. This method is also called quantitative because the research data is in the form of numbers and analysis using statistics. Regression analysis results obtained an f-value of 4.155 which means that simultaneously has a significant effect on the profit expense ratio. Partial test results with the t-test showed that debt financing was obtained t-value 1,803> t table 1,687 and significant 0.009 <0.05. then it can be said that debt financing has a significant effect on the profit expense ratio. For equity financing obtained t-value 2.913> t table 1.687 and significant 0.045 <0.05. then it can be said that equity financing has a significant effect on the profit expense ratio.

Corporate governance, ownership structure and agency costs: evidence from Sri Lanka

<p>The purpose of this paper is to examine the link between corporate governance, ownership structure and agency cost in Sri Lanka. The present study uses the regression model to analyse data for a sample of 150 firms listed in the Colombo Stock Exchange (CSE) for the financial years 2014 to 2018. The empirical results show statistically significant and positive associations between board size, CEO duality, managerial ownership and agency cost proxies (i.e., asset turnover and expense ratio). The results also show a positive and significant relationship between the independent directors and asset turnover (though statistically insignificant with expense ratio), suggesting that, entrenched independent directors employ lower conflict of interest in order to reduce the agency cost. Nonetheless, ownership concentration, was statistically insignificantly associated with agency costs, this paper provides support for such a view in Sri Lankan context. This study contributes to the literature on the on the association between corporate governance, ownership structure and agency costs. The findings may be useful for financial managers, investors, financial management consultants, and other stakeholders.</p>

STRUKTUR KEPEMILIKAN, CORPORATE GOVERNANCE, AGENCY COST, DAN KINERJA PERUSAHAAN

Penelitian ini bertujuan untuk menganalisis pengaruh struktur kepemilikan, corporate governance, agency cost, terhadap kinerja perusahaan. Sampel yang digunakan adalah sebanyak 20 perusahaan keluarga yang terdaftar di Bursa Efek Indonesia periode 2016-2018. Struktur kepemilikan diukur dengan kepemilikan saham oleh pihak keluarga. Corporate governance diukur dengan jumlah dewan direksi dan persentase komisaris independen. Proksi untuk agency cost adalah asset utilization dan expense ratio. Kinerja perusahaan diukur dengan Return on Equity (ROE). Hasil penelitian menunjukkan bahwa kepemilikan keluarga dan direksi tidak berpengaruh terhadap kinerja perusahaan. Sedangkan, komisaris independen, asset utilization dan expense ratio berpengaruh terhadap kinerja perusahaan.