DETERMINANTS OF MUDHARABAH FINANCING IN INDONESIA (PARTIAL ADJUSMENT MODEL APPROACH)

Penelitian ini dilakukan untuk mengetahui pengaruh Capital Adequacy Ratio (CAR), Return On Asset (ROA), tingkat bagi hasil, tingkat inflasi, dan nilai tukar terhadap pembiayaan mudharabah pada Bank Umum Syariah di Indonesia baik secara parsial ataupun simultan. Jenis data yang digunakan adalah data time series dimana periode waktunya dari tahun Januari 2017 sampai Oktober 2019. Metode analisis data yang digunakan untuk melihat pengaruh variabel independen terhadap variabel dependen yaitu metode Partial Adjustment Model (PAM) dengan menggunakan Eviews 7 serta melakukan uji asumsi klasik. Secara simultan hasil penelitian ini menunjukkan bahwa variabel Capital Adequacy Ratio (CAR), Return On Asset (ROA), tingkat bagi hasil, tingkat inflasi, dan nilai tukar berpengaruh terhadap pembiayaan mudharabah Bank Umum Syariah di Indonesia. Selanjutnya secara parsial dalam jangka panjang dan jangka pendek didapatkan hasil bahwa variabel Capital Adequacy Ratio (CAR) berpengaruh negatif signifikan terhadap pembiayaan mudharabah Bank Umum Syariah di Indonesia, variabel Return On Asset (ROA), tingkat bagi hasil, dan nilai tukar berpengaruh positif dan signifikan terhadap pembiayaan mudharabah Bank Umum Syariah di Indonesia, sedangkan variabel tingkat inflasi berpengaruh tidak signifikan terhadap pembiayaan mudharabah Bank Umum Syariah di Indonesia.

ANALISIS PENGARUH BELANJA PEGAWAI, BELANJA BARANG DAN BELANJA MODAL TERHADAP REALISASI PENERIMAAN PAJAK DI INDONESIA

This study examines the effect of the realization of government spending consisting of goods expenditure, capital expenditure and employee expenditure on tax revenue in Indonesia. In this study, we use four analytical methods that consist of Granger Test, Partial Adjustment Model (PAM), Error Correction Model (ECM) and Vector Autoregression (VAR). The result shows that the realization of goods and employee expenditure are significant determinant of the tax revenue. Further examination shows that the shocks on goods and employee expenditure havea positive impacts toward tax revenue. However the shock effects are different on those variables. On the shock to goods expenditure, the tax revenue response will occur directly, in contrast to shock on employee expenditure that requires time lag. This study also finds that between PAM and ECM, the ECM model is more appropriate to be used to explain the effect of government spending on tax revenue in Indonesia.

The impact of the coronavirus pandemic on the dividend target payout ratio. The evidence from Hydrotor SA

Lintner’s (1956) partial adjustment model identifies the company’s long-term dividend policy by setting a dividend target payout ratio and the speed of adjustment. And although the model has undergone various modifications and methods of estimation over more than 60 years, it is still a good tool for analyzing dividend decisions made by companies. The aim of the article is to show the usefulness of the Lintner model for analyzing changes in the company’s dividend policy during the pandemic turmoil. For the illustration, Hydrotor SA was chosen, which, the longest time at the Warsaw Stock Exchange, continuously pays dividends. The calculations showed that the situation in 2020 resulted in a revision of the company’s long-term dividend strategy, which resulted in a lowering of the dividend target payout ratio and a greater attention to the current situation (current net profits)—an increase in the speed of adjustment.

The competitiveness of saudi dates in global markets and its effect on future exports

The production of dates has been increasing in Saudi Arabia during 1970-2019. However, this growth has not been accompanied by a proportionate increase in exports to global markets, with only 5.5% on average of the produced dates being destined for export in the same period (1970-2019). This study compares the competitiveness of Saudi date exports to several overseas markets and its effect on future exports. Our study hypothesizes that Saudi Arabia has the competitiveness of Saudi dates exports comparing others and this competitiveness could have a significant effect on Saudi’s dates exports. We test such a hypothesis by using the market share data and the RCA for countries that were the top exporters of dates in 2019.The Partial Adjustment Model is employed to explore the impact of the competitiveness of Saudi dates on future exports. The results showed that Saudi Arabia as well as other major date-exporting countries (Iran, Iraq, Israel, Pakistan, Tunisia, and the UAE) have high competitiveness in the global market. By division of markets by groups of countries, Saudi Arabia has a comparative advantage over at least four countries among the top six exporters in three markets (Africa, Asia, and the OIC), while Saudi dates are less competitive in the American and European markets, where it never held a dominant position. The general trend equation indicates that the decline in the competitiveness of Saudi dates will continue during 2021-2025

Comparison of Determinants of Capital Structure in Lippo Group and Bakrie Group Companies Listed on the Indonesia Stock Exchange (Partial Adjustment Model Approach)

This study aims to determine the determinants of the capital structure of the Lippo Group and the Bakrie Group listed on the Indonesia Stock Exchange using the partial adjustment model approach. The population in the Lippo Group company is 12 and the population at the Bakrie Group company is 9. The sample of this study is that all companies listed on the Indonesia Stock Exchange are 21 companies. Data analysis used panel data regression method with partial adjustment model approach. The results of the research in the t test at the Lippo Group company show that the lag leverage has a positive and insignificant effect on leverage, profitability has a positive and significant effect on leverage, company size has a positive and insignificant effect on leverage, earning volatility has a positive and significant effect on leverage, assets tangibility has a positive and significant effect on leverage and growth opportunity has a positive and insignificant effect on leverage. The results of the research in the t test at the Bakrie Group company show that the lag leverage has a positive and insignificant effect on leverage, profitability has a positive and insignificant effect on leverage, company size has a positive and insignificant effect on leverage, earning volatility has a positive and insignificant effect on leverage, assets tangibility has a negative and insignificant effect on leverage, growth opportunity has a negative and insignificant effect on leverage. The partial adjustment model test results show that only Lippo Group company on the variables of profitability, earning volatility and assets tangibility have a significant positive effect on leverage. The results of the comparison of the optimal capital structure show that the Bakrie Group has a higher level of optimal capital structure by 83% than the Lippo Group at 55%. Keywords: Lag Leverage, Profitability, Company Size, Earning Volatility, Assets Tangibility, Growth Opportunity, Leverage.

Analisis Pengaruh Investasi Asing Langsung (Eropa, Amerika Serikat dan Tiongkok) terhadap Pertumbuhan Ekonomi dan Kesempatan Kerja di Indonesia

Artikel ini menganalisis pengaruh dari investasi asing langsung yang berasal dari negara-negara penanam modal dalam jumlah besar di Indonesia, serta tiga kekuatan ekonomi dunia yaitu Eropa, Amerika Serikat dan Tiongkok. Investasi asing langsung membawa perubahan bagi negara berkembang seperti Indonesia. yang berdampak langsung pada penciptaan produk (barang dan jasa). Secara makro, investasi sektor riil mempunyai beberapa kelebihan dibandingkan investasi portofolio di bursa saham. Selain berkorelasi langsung terhadap pertumbuhan PDB, investasi sektor riil memiliki kelebihan utama pada kemampuannya menyerap tenaga kerja. Dalam penelitian ini data yang digunakan adalah data sekunder dengan bentuk time series tahunan Hipotesis diuji dengan alat-alat statistik dan ekonometrika serta digunakan model linier dinamis dengan dasar-dasar Ordinary Least Square (OLS) dengan model penyesuaian parsial atau Partial Adjustment Model (PAM). Kata kunci : Investasi Asing Langsung, PDB, Pertumbuhan Ekonomi, Kesempatan Kerja

The Heterogeneity of Speed of Adjustment Capital Structure Across Industrial Sectors

This study aims to analyze heterogeneity of speed of adjustment on basic industry, consumer goods, and misceleeneous companies. The population in this study uses basic industry, consumer goods, and miscellenoeus companies listed on the Indonesia Stock Exchange in 2009-2018 period. The method of determining the sample using a pusposive sampling technique based on criteries determined by researchers. We employ two-step partial adjustment model and use measure of book leverage and firm characteristic; profitability, size, tangibility, and growth which has an influence leverage target to estimate speed of adjustment. For three industries, there is evidence of heterogeneity of speef adjustment. The result showed that speed of adjustment 24% of basic industry, 37.1% of consumer goods, and 27.3% of miscellaneous industry.

National culture and leverage adjustments

PurposeThe purpose of this paper is to explore the impact of national culture on leverage speed of adjustment (SOA) across countries.Design/methodology/approachWe use a partial adjustment model to estimate the impact of national culture (assessed using Hofstede's six cultural dimensions) on leverage SOA.FindingsWe find that culture does significantly affect the degree to which firms deviate from target debt level and the speed of adjustment (SOA) of leverage. High power distance, individualism and masculinity are associated with a slower SOA, while high long-term orientation, uncertainty avoidance and indulgence result in a faster SOA. Additionally, cultural characteristics affect leverage SOA differently when firms are underlevered versus overlevered and when firms have small versus large deviations from the target level of debt. We suggest that these effects can be explained by agency motives.Research limitations/implicationsThe results of the study are based on available information for firms from 53 countries.Originality/valueThis study is, to the best of our knowledge, the first to examine the impact of national cultural traits on leverage SOA in international settings.

Social Economy Indicator on Constructing Forest Sustianability in Bali

Forestry issue has ever been discussed in conference of United Nation Framework Convention on Climate Change about deforestation that happens because industrialization that oriented toward economical growth and ignores environment aspect that can cause global warming. In Bali, sustainability has been a pplied since long time ago. It can be proved by the existence of tumpek wariga that makes an appreciation respect directly to the plants is an embodiment of environmental sustainability as a manifestation of local wisdom. This is insufficient remember the fact that the condition of Bali's forests has been distorted. This analysis aims to know the simultaneous and partial influences and the most dominant determinants affecting forest sustainability. Within the lifetime data and analysis of adaptive partial adjustment model double log, this analysis found the fact that simultanousely and partially Domestic Product Regional Bruto, the amount of citizen, regional autonomy policy and forest sustainability condition on previous year has significant influence toward forest sustainability during the period of this analysis. The amount of citizen variable is the most dominant variable toward forest sustainability because it obtains the highest standardized of coefficient data of 0,292. Based on the analysis, result and discussion, forest have to be well maintained, conserved and utilized in balance for all the people prosperity in current generation and for the sake of next generation. Correct management needed for development sustainability especially in long-term capacity through internalization and negative externalization which caused by economical development. Keywords: Domestic Product Regional Bruto; The Amount of Citizen; Regional Autonomy; Local Wisdom; Partial Adjustment Model.

Dividend policies of travel and leisure firms in the UK

Purpose This study aims to examine cash dividend practices of travel and leisure (T&L) companies listed on the London Stock Exchange (LSE). Design/methodology/approach The study uses a panel data set of 524 firm-year observations of 55 unique publicly listed UK T&L companies between 2007 and 2019. First, it uses a modified version of Lintner’s (1956) partial adjustment model for analysis regarding the target payout ratio and dividend smoothing. Second, it performs logit and Tobit models in ascertaining the association between financial characteristics and divided decisions of T&L firms. Finally, it applies the modified specification of the partial adjustment model on different sub-samples that are partitioned based on various financial factors to determine how the financial characteristics of T&L companies affect their dividend behavior. Findings The results show that UK T&L companies have long-term payout ratios and adjust their cash dividends by moving gradually to their target at a serious degree of smoothing. The findings also detect that financial characteristics of T&L firms (i.e. profitability, debt and size) have significant effects on their dividend payments decisions. In particular, more profitable and larger T&L corporations are more likely to pay cash dividends, whereas T&L companies with more debt are less likely to pay cash dividends in the UK. The results further reveal that although such financial characteristics also have important impacts on the target payout ratios and dividend smoothing levels, UK T&L companies generally adopt stable dividend policies over the period 2007-2019. Originality/value This is thought to be the first study to provide insights on dividend policy practices of UK travel and leisure corporation listed on the LSE.