The Effect of Profitability, Liquidity, and Capital Structure on Firm Value with Dividend Policy as a Moderating Variable in the Company Mining Listed on the Indonesia Stock Exchange

The purpose of this study is to examine and analyze the effect of profitability, liquidity, and capital structure on firm value in mining companies listed on the Indonesia Stock Exchange and to test whether dividend policy can moderate the relationship between the independent variables and the dependent variable. The population of this study is all mining companies listed on the Indonesia Stock Exchange from 2011 to 2019. The research sample was determined by the purposive sampling method, so a sample of 11 companies was multiplied by 9 years of research to obtain 99 observations. The analytical technique used in this study is moderating regression analysis (MRA) with Eviews 10 software tools. This study partially shows that profitability has a positive effect on firm value, liquidity has a negative effect on firm value, and capital structure has a negative effect on firm value. All of these independent variables together affect firm value. The dividend policy variable moderates the relationship between profitability and firm value but does not moderate the relationship between liquidity and capital structure on firm value. Keywords: profitability, liquidity, capital structure, dividend policy, firm value.

EXOGENOUS INTEREST RATE AND EXCHANGE RATE DYNAMICS UNDER ELASTIC EXPECTATIONS

<div class="WordSection1"><h1 align="center"><strong style="font-size: 10px;">ABSTRACT</strong></h1></div><p>A theory analyzing the short run dynamics of nominal exchange rates under exogenous interest rates and free imperfect international capital markets is presented. Introducing elastic exchange rate expectations leads to cumulative changes in the spot and forward exchange rates in the same direction. We find that free floating exchange rate regimes are intrinsically unstable, as the nominal exchange rate is an institutional or policy variable that has no ‘fundamental equilibrium’ level. Implications for monetary policy and exchange market interventions of this potential instability are derived. Our results help to explain both the empirical prevalence of dirty floating exchange rate regimes and some aspects of the uncovered interest parity ‘failure’.</p><p> </p><p align="center">TASA DE INTERÉS EXÓGENA Y DINÁMICA DEL TIPO DE CAMBIO CON EXPECTATIVAS ELÁSTICAS</p><p align="center"><strong>RESUMEN </strong></p><p>Presentamos un análisis teórico de la dinámica de corto plazo de los tipos de cambio nominales con tasas de interés exógenas y libres e imperfecta movilidad internacional de capitales. La introducción de expectativas de tipo de cambio elásticas conduce a variaciones acumulativas en los tipos de cambio <em>spot</em> y <em>forward</em> en la misma dirección. Los regímenes de tipo de cambio de flotación libre son intrínsicamente inestables, dado que el tipo de cambio nominal es una variable institucional o de política que no tiene un nivel de “equilibrio fundamental”. Derivamos implicaciones de esta inestabilidad potencial para la política monetaria y las intervenciones en los mercados cambiarios. Los resultados ayudan a explicar la prevalencia de tipos de cambio de flotación sucia y aspectos de la “falla” de la paridad de tasas de interés descubierta.</p>

Climate and monetary policy: do temperature shocks lead to inflationary pressures?

In the race towards economic growth, increased pollutant emissions have spurred the rise in global surface temperatures, intensifying the process of climate change. While the existing literature on the economic impact of climate-related variables has looked at outcomes such as growth, income, fiscal response, and poverty, the effect of temperature shocks on inflation has largely been neglected. This paper is an attempt to fill this lacuna. Indeed, we analyze the dynamic impact of temperature shocks on inflation, a key policy variable of most central banks. We use a panel-VAR method with fixed-effects and a sample of developed and developing countries over the period 1961–2014. Our results suggest that temperature shocks lead to inflationary pressures. Worryingly, and for developing countries in particular, we find that these effects persist several years after the initial shock. Our finding remained unaltered by various robustness checks. We show that these effects pose a threat to monetary policy making. We argue that central banks should pay more attention to temperature shocks.

The Effect of Institutional Ownership, Leverage, and Profitability on Firm Value with Dividend Policy as an Intervening Variable

The existence of competition requires companies to make various efforts to maintain the existence of the company and increase company value. The company value is indicated by the company's stock price. The purpose of this research is to prove empirically the effect of profitability, leverage and institutional ownership on firm value with dividend policy as an intervening variable. The research data is secondary data in the form of financial statement data and annual reports of companies belonging to the manufacturing industry listed on the Indonesia Stock Exchange for the period 2016 to 2018, totaling 138 companies. Data analysis used path analysis. The results showed that profitability, leverage and institutional ownership had a significant effect on dividend policy. The variables of profitability, leverage and dividend policy are proven to have a significant effect on firm value, while institutional ownership has no effect on firm value. The dividend policy variable is able to moderate the effect of profitability on firm value, but it is not able to moderate the effect of leverage and institutional ownership on firm value.

Function of Production, Capital, Labor and Government Policy in The Coal Mining Sector - Case Study of an Indonesian Coal Mining Company

This study aims to determine the effect of labor, capital, and government policies on coal output and the scale of coal business results of PT Indo Tambangraya Megah Tbk. The new thing from this research is the Cobb-Douglas production function which usually uses labor and capital variables, but in this study, it has been expanded by adding policy variable in the form of Law No. 4 of 2009 regarding Mineral and Coal Mining, which is not yet present in other studies. The research method is linear regression using the Cobb-Douglas model function. The results showed that labor did not significantly influence coal production. Capital has a significant effect on model 2 and policy has a significant effect on model 3. The coal mining business of PT Indo Tambangraya Megah Tbk is in decreasing return to scale because if the three variables are combined, it will be worth -0.24. This condition occurs because the additional output produced is smaller than the additional input (δ% output <δ% input).

Analysis of the Effect of Financial Performance, Company Size on Stock Prices with Dividend Policy as Moderating Variable in Pharmaceutical Companies Listed on the Indonesia Stock Exchange 2013-2019

Financial instrument shares as part-ownership rights of a company which is evidence of or participation in a company. This study analyzes the effect of profitability, solvency, activity liquidity, and company size on pharmaceutical companies listed on the Indonesian stock exchange for 2013 – 2019. This study will also examine the dividend policy variable used as the moderating variable in the research model. The population is pharmaceutical companies listed on the Indonesia Stock Exchange for the period 2013 – 2019. All populations in this study were used as research samples of as many as nine companies. Moreover, the number of observations used was 63 observations. The type of data used is secondary data and the data analysis technique used in Panel Data Regression Analysis and Interaction Moderating Test with the help of EViews10 software. This study indicates that at alpha five percent, profitability and firm size have a significant positive effect on stock prices. In contrast, solvency, liquidity, and activity ratios have no significant effect on stock prices. This study also shows that dividend policy can strengthen the influence of solvency and liquidity on stock prices. However, dividend policy cannot moderate profitability, activity, firm size on stock prices. Keywords: Profitability, solvency, liquidity, activity, company size, dividend policy, stock price.

Influence of Work From Home Policies and Performance Allowance on Employee Performance at The Directorate General of Administration of The Ministry of Home Affairs Indonesia

The purpose of this study was to determine how much influence the Work from home policy and performance allowances jointly on the performance of employees at the Directorate General of Regional Administration of the Ministry of Home Affairs. The research method used survey techniques with quantitative and correlational approaches with simple random sampling techniques. In this study, the sample size was 73 respondents. Based on the results of the research that has been done, it can be concluded that: (1) From the results of the study, it is found that the Work from home policy variable has a positive, strong and significant effect on employee performance. The performance allowance variable has a positive, strong and significant effect on employee performance. Work from home policy variables and performance allowances has a positive, strong and significant effect on employee performance.

Pengaruh Penerapan Kebijakan Sistem Manajemen Keselamatan Dan Kesehatan (SMK3) Terhadap Kepuasan Kerja Tenaga Kerja Pada Proyek Kantor Perwakilan Bank Indonesia Provinsi Bali

This study aims to determine how much effect the implementation of SMK3 policies on workforce satisfaction in construction projects. In this study using descriptive quantitative research methods. The data collection method used a questionnaire that was distributed to the project workforce using 25 people as a sample. The research instrument test used the validity test, reliability test, multicollinearity test, and probability plot normality test, while the data analysis method used multiple linear regression analysis, F test and t test. The research results can be concluded as follows. First, the SMK3 policy variable that has the most dominant influence on workforce job satisfaction is the variable of implementing the K3 plan. Second, the SMK3 policy variables, namely, the establishment of OHS policies, OHS planning, implementation of K3 plans, monitoring and evaluation of K3 performance, and reviewing and improving SMK3 performance have a joint effect on job satisfaction of workers in the project.

Family Size and Children’s Education: Evidence from the One-Child Policy in China

Evidence on a causal link between family size and children’s education is still inconclusive. Recent empirical studies have focused heavily on China, exploiting for identification the country’s One-Child Policy (OCP) as an exogenous source of variation in the number of offspring. This literature, however, suffers from measurement error in the key policy variable (individual OCP coverage) and the use of inadequate measures of child quality outcomes (educational attainment). Using a novel and more accurate taxonomy of provincial OCP regulations and studying exclusively post-compulsory schooling outcomes of children that are subject to parental discretion, we find evidence for a sizeable child quantity–quality trade-off in China. Various robustness checks corroborate this conclusion.

Implementing the Policy to Serve Citizens (BMW) in Tulang Bawang Regency: Public Service Innovation Study

This study examines the implementation of the "Move to Serve Citizens" (BMW) policy in assessing innovation in public services in Tulang Bawang Regency, Lampung Province. Government leadership in implementing the "Move to Serve Citizens" (BMW) policy was initiated in the RANPERDA RPJMD Tulang Bawang 2017-2024 which is also an arrangement to realize its vision-mission of regional heads to improve community welfare and optimal public services in Tulang Bawang district. Research on the implementation of mobile policies to serve residents in Tulang Bawang Regency (the study of public service innovation uses a mixed-method research type or is often referred to as a mixed method, a research approach that combines associates qualitative and quantitative forms with inductive-deductive thought processes. BMW policy has a significant effect on public services. The research findings revealed that the BMW policy variable, each indicator of this variable, is considered to determine the success of the policy objectives. It has been determined that it has been optimally used to implement the BMW policy by Tulang Bawang Regency successfully.