RELATIONSHIP BETWEEN WORKING CAPITAL AND CASH LINES AFFECTS THE PROFIT OF VIETNAM SECURITIES COMPANY

Studying the relationship between working capital and cash flow affecting profitability of Vietnamese securities companies, through tobit model presented in the form of two-dimensional panel data: time dimension (from 2012 to 2019), the space dimension is the enterprise (48 securities companies), corresponding to 370 observations, using STATA 14 software to verify and estimate the tobit model. As a result, the relationship between working capital and cash flow (available cash flow) significantly affects the profitability of Vietnamese securities companies, Average collection period (ACP) has a negative relationship with ROE/ROA, while Average Payout Period (APP) has no significant effect on ROE/ROA. The implication is that securities companies can increase the profitability of the business by shortening the cash conversion cycle, shortening the receivable collection period, that is, for securities companies with positive cash flows, investment should be reduced. working capital to increase profitability.

Effects of workplace loneliness and perceived organizational support towards intention to leave mediated by organizational commitment

The aim of this research is to examine and analyze effects of workplace loneliness and perceived organizational support towards Intention to Leave mediated by organizational commitment. This research was conducted on the employees of securities company that are part of Indonesian Stock Exchange (BEI), specifically located in D.I. Yogyakarta and Central Java, with a total sample of 101 respondents. The data analysis used for this research is quantitative method of Structural Equation Modeling (SEM) with result that shows; (1) There is a negative and significant correlation between Workplace Loneliness towards Organizational Commitment, (2) there is a positive and significant correlation between Workplace Loneliness towards Intention to Leave, (3) there is a positive and significant correlation between Perceived Organizational Support towards Organizational Commitment, (4) Perceived Organizational Support has a negative and significant correlation towards Intention to Leave, (5) there is a negative and significant correlation between Organizational commitment towards Intention to Leave, (6) there is a positive and significant correlation between Workplace Loneliness towards Intention to Leave through the variable of Organizational commitment, and (7) there is a negative and significant correlation between Perceived Organizational Support towards Intention to Leave through the variable of Organizational commitment among the employees of securities company that are parts of Indonesian Stock Exchange (BEI), specifically located in D.I. Yogyakarta and Central Java.

Analisis Strategi Penghimpunan Wakaf Saham di Indonesia

Waqf is potentially because the number of Muslims reaches 87 percent of peoples in Indonesia. Share waqf also called stock waqf is one of the productive waqfs in the Islamic stock market but fundraising of share waqf is still low. Their problem is because publication and inclusion level about share waqf is not enough, besides share waqf begins emergence in Indonesia. This research tries to identify important factors and suitable strategies to share waqf’s fundraising in Indonesia. The research is field research which is used a qualitative approach, with an analysis method is the Analytic Network Process (ANP). The respondent of this research is divided into three categories which is, securities company, nazhir, and regulator.

Wakaf Saham Sebagai Alternatif Wakaf Produktif Pada Perkembangan Ekonomi Syariah di Indonesia

<p>Sharia economic development has been introduced to various types of halal investments including sharia stocks. The development of Sharia stock exchanges is very rapidly growing in line with the ease of access to become Sharia equity investors. The purpose of this journal is to introduce the Waqf of shares and its application in the development of sharia economy. This research uses literature research where all the materials are sourced from various sources, such as books, journals, scientific papers, newspapers, online news, etc. that support the writing of this journal. The result of this journal is the new stock Waqf was introduced in April 2019, investors can have their shares personally or through AB-SOTS (the Exchange member who owns the Sharia Online Trading System) which is a securities company that owns SOTS, a securities company in cooperation with the Indonesian Waqf Agency (BWI) and Dompet Dhuafa (DD Currently the new MNC Sekuritas, Indopremier Securities, Henan Securities and Philip Sekuritas. Waqf shares as an alternative of waqf productive with the purpose of the welfare of the people.</p>

Capital Structure for Mature Family Companies in the Indonesian Stock Exchange

<p>Not all family companies choose to float on the Indonesian Stock Exchange. By being an open company an securities company must comply with various regulations from the supervisory institution that makes its various financial decisions limited by regulations and covenants. Limited financial decision making is a double-edged sword. On the one hand this can force the company to make more responsible decisions but on the other hand this independence can make the company lag behind other companies that are more flexible in making financial decisions. There are at least two parties that have an interest in the company's cash flow, namely the lender and the equity investor. On the one hand the company needs funds to carry out the company's plans. This study examines how firms choose capital structure and its impact on firms. The specialty in this study is the family company that has reached the established phase listed on the Indonesian Stock Exchange. The findings of this study are that mature family companies have a tendency to maximize cash flow and maintain a dominant position in capital structure and use short-term debt that is less binding or dealing with large banks.</p>

Does the Underwriter Reputation Affect the Pricing of Local Government Bonds in China?

As the product of the combination of fiscal and financial, local government bonds should also follow the pricing mechanism of the securities market even under the special financial system in China. This paper uses Heckman&#39;s two-stage model to investigate whether the mechanism of underwriter reputation affects the pricing of local government bonds. The empirical results show that local governments tend to choose securities company underwriters with high reputation when they issue bonds with large scale, long maturity, and call right which have high degree of information asymmetry, and this tendency has an obvious time trend. However, high-reputation securities company underwriters failed to play the role of information intermediary to reduce the cost of local governments. On the contrary, implicit guarantees and government interventions induced the commercial banks to depress their quotations even leading to &ldquo;interest rate upside down&rdquo;, which resulted in the lack of securities company underwriters. In order to play the mechanism of underwriter reputation to promote the marketization of local government bonds pricing, this paper proposes to eliminate government interference, guide underwriters to strengthen the construction of their reputation, promote the marketization of underwriting fees and strengthen the supervision of underwriters.

FINANCIAL PERFORMANCE PAPER, COMPLIANCE AND MARKET RESPONSE TO THE FINANCIAL STATEMENT AT THE PUBLICLY LISTED AND NON-PUBLICLY LISTED SECURITIES COMPANY

The role of the capital market and financial institutions below it in the Indonesian economy will be increasingly important given the need for funds needed to maintain an increasingly rapid rate of economic growth. The purpose of this study is to analyze differences in financial performance, compliance and market reaction to the submission of financial statements to the open and closed securities companies for the 2013 – 2017 period using the comparative method used in this study is the Mann Whitney U Test and the Wilcoxon Rank Test. This research variable uses financial ratios including liquidity, solvency, and profitability, the date of submission of financial statements, the volume of trading transactions and publicly listed securities companies as Stock Exchange Members. This study uses descriptive and panel data analysis. The results of the study show that the average financial performance of open securities companies is better compared to closed securities companies, although with a smaller transaction volume. In general, the two groups of securities companies have the same level of compliance in delivering financial statements with in the specified time limit.

TINGKAT EFEKTIVITAS SISTEM INFORMASI REMOTE TRADING MENGGUNAKAN METODE UTAUT PADA PT CIPTADANA SECURITIES

In English; Along with the rapid development of information technology, the Indonesian Stock Exchange (IDX) began to develop a more efficient transaction concept by starting to apply the concept of floorless trading. Which previously all places and processes of buying and selling shares were only centered on the IDX floor or better known as floor trading. The floorless trading system is a new stock trading transaction system implemented by the IDX by moving the place and process of buying and selling of shares to each securities company from what was previously centralized on the stock exchange (IDX). So now the concept of a new stock sale and purchase transaction, or better known as remote trading, has begun to be developed. The purpose of writing this research is to evaluate the remote trading system implemented by the company and provide input to improve the effectiveness of the remote trading system. This study uses the UTAUT methodology to evaluate and measure user acceptance, the results of which will be a reference to provide input to the company. The results achieved are a new system design created to meet user needs based on the analysis that has been done. With this new system design will increase system effectiveness and employee performance. Dalam Bahasa Indonesia Seiring dengan pesatnya perkembangan teknologi informasi maka Bursa Efek Indonesia (BEI) mulai mengembangkan konsep transaksi yang lebih efisien yakni dengan mulai menerapkan konsep floorless trading. Yang mana sebelumnya seluruh tempat dan proses terjadinya transaksi jual beli saham hanya terpusat di lantai BEI atau lebih dikenal dengan istilah floor trading. Sistem floorless trading merupakan sebuah sistem transaksi jual beli saham baru yang diterapkan oleh BEI dengan memindahkan tempat dan proses terjadinya transaksi jual beli saham ke masing-masing perusahaan efek dari yang tadinya terpusat di lantai bursa (BEI). Maka sekarang ini mulai dikembangkan konsep transaksi jual beli saham yang baru atau lebih dikenal dengan istilah remote trading. Tujuan dari penulisan penelitian ini adalah mengevaluasi system remote trading yang diimplementasikan oleh perusahaan serta memberikan masukan untuk meningkatkan efektivitas system remote trading. Penelitian ini mengunakan metodologi UTAUT untuk melakukan evaluasi dan pengukuran terhadap user acceptance yang hasilnya akan menjadi acuan untuk memberikan masukan kepada perusahaan. Hasil yang dicapai adalah sebuah rancangan sistem baru yang dibuat untuk memenuhi kebutuhan user berdasarkan analisa yang telah dilakukan. Dengan rancangan sistem yang baru ini akan meningkatkan efektivitas sistem dan kinerja karyawan.