FACTORS AFFECTING AUDIT DELAY IN MANUFACTURING COMPANIES

Financial reporting in a timely manner is one of the important factors to maintain the relevance of the information contained in the financial statements of a company. The purpose of this research is to analyze the influence of profitability, solvability, the complexity of operations, audit firm’s reputation and company’s age on audit delay, partially and simultaneously. This research uses secondary data obtained from goods and consumption industry sector companies listed on the Indonesia Stock Exchange from 2015-2018. This study used a purposive sampling method that produced 28 companies and 112 samples. Sample data were processed using descriptive statistical analysis, classic assumption test and multiple linear regression. The result of the partial significance test shows that the profitability and complexity of operations influence audit delay, while the simultaneous significance test shows that all variables simultaneously influence audit delay.

DETERMINATION of MOTIVATION Muzakki PAYING ZAK at ZAKAT MANAGEMENT Institution (Case study on MSME owners)

This study aims to test and analyze factors that influence the motivation of Muzakki to pay zakat through religiosity, understanding of zakat, level of income, environmental, accountability of zakat management agency and socialization of zakat management agency. The population in this research is all Muslim SMEs in Semarang, while 100 Muslim SME owners in Semarang that are randomly sampled. Data is collected using the questionnaires and analyzed using Structural Equation Modeling (SEM) and Partial Least Square (PLS) with Smart analysis tool PLS 3.0. The study shows that religiosity, understanding of zakat, income level, environment, and accountability of the zakat management agency has a positive and significant influence on the motivation of Muzakki to pay Zakaah. While socialization of zakat management zakat has no significant effect.

THE EFFECT OF CAPITAL INTENSITY, EXECUTIVE CHARACTERISTICS, AND SALES GROWTH ON TAX AVOIDANCE

This study aims to examine and obtain empirical evidence about the effect of capital intensity, executive character, and sales growth on tax avoidance in Indonesia public listed consumer goods industry companies over the period of 2016-2018. Using a purposive sampling method, the sample selected in this study is 30 companies. This study uses multiple linear regression analyses to examine the effect of independent variables on the dependent variable. This study shows that capital intensity and executive characteristics have significant effects on tax avoidance. Meanwhile, sales growth has no significant effect on tax avoidance.

ANALYSIS OF THE EFFECT OF PROFITABILITY, LIQUIDITY, LEVERAGE AND COMPANY GROWTH AGAINST DIVIDEND POLICY IN LQ-45 COMPANIES PERIOD 2015-2017

This study is conducted to determine the effect of profitability, liquidity, leverage, and the growth of the company on dividend policy in the LQ-45 company listed on the Indonesia Stock Exchange for the period 2015-2017. This type of research is quantitative. Data analyzed is in a total of 81 observations. This study used Eviews version 9 for data analyzing. Results indicate that profitability has a significant negative effect on dividend policy while liquidity, leverage, and growth have no significant effect on dividend policy.

THE EFFECTS OF INFLATION, RISK, AND MONEY SUPPLY ON MUTUAL FUNDS PERFORMANCE

This research aims to examine the effect of inflation, risk rate and money supply on the performance of stock mutual funds in the 2015-2017 period. This research uses purposive sampling and obtained 25 mutual funds stocks per year with a total sample of 75 samples. The analysis uses panel data regression with e-views version 9. The results show that inflation and money supply variable have a significant negative influence, while the risk rate variable has a significant positive influence. This shows that the performance of the stock mutual funds is influenced by macroeconomic factors such as inflation, the level of risk of each mutual fund product and the amount of money circulating in the community.

EMPIRICAL INVESTIGATION OF DETERMINANT FACTORS OF COMPANY DELISTING: EVIDENCE FROM INDONESIA

The main purpose of the research is to evaluate determinant factors which contribute to companies being delisted from Stock Exchange Market in Indonesia. The samples are taken from the delisted companies list in IDX for a period year 2007-2011. The matching companies are then selected based on the company size to make an equivalent comparison for each delisted companies sample. The total final samples consist of 58 companies, 29 delisted companies and 29 matching companies. This research analyzes the company’s financial status by using descriptive statistics, independent sample t-test, and logistic regression model to find the effect of each determinant to the probability of delisting. The shares liquidity is a significant determinant to company’s delisting in Indonesia. Meanwhile, profitability and leverage seems to be determinant factors for delisted, but appear to be insignificant. Other examined factors, market capitalization and growth opportunity appear to insignificant determinants. This manager implication of this research is that the strong delisting factor is the external company factor, in this case, the market factor.

RELATIVE VALUATION MODEL ANALYSIS OF IDX

There are various valuation models can be used by investors in order to predict the stock value. This paper focuses on the Relative Valuation Model, which is the popular model used by investors as it is easier to use compared to other models. The aim of this paper is to compare the prediction accuracy of various ratios in the model. Ratios examined in this paper are Price to Earning (PE), Price to Book Value (PBV), Price to Cash Flow (PCF), and Price to Sales (PS). Using the LQ45 listed stocks during period 2006 – 2010, it is found that, overall, PBV appears to be the best ratio to predict LQ45 stocks in Indonesian equity market. However, mixed results are found in the yearly analysis, in which PE, PBV, and PCF result in lower prediction errors, in different years. In the sector industry analysis, both PE and PBV are the best predictors in three sectors each. The descriptive analysis is supported by the hypo research testing that shows the accuracy of examined ratios is different. The research result implication is that investors should take time and sectors into the account before choosing a single ratio as a predictor.

BANK MONITORING AS AN EXTERNAL GOVERNANCE MECHANISM AND THE BORROWERS’ FIRM VALUE

The objective of this research is to examine the effect of bank monitoring as an alternative of corporate governance mechanisms on the borrowers’ firm value. The strengths of bank monitoring on the borrowers are measured based on the magnitude of the bank loan, the size of the loan from banks with high monitoring quality, the length of a bank loan outstanding period, and the number of lenders. The research hypotheses were tested using multiple regression model with a sample of 230 companies listed in Indonesia Stock Exchange during 2009. The empirical results show that only the size of the loan from banks with high monitoring quality and the number of lenders significantly influences the borrowers’ firm value. These findings imply that only banks with high monitoring quality could play an important role in the corporate governance and therefore increasing the firm value by their monitoring function. Furthermore, bank monitoring is less effective if a company borrows from many banks, and therefore decreasing the firm value.

DIVIDEND PAYOUT RATIO: FACTORS THAT AFFECT IT, AND SUBSEQUENT EARNING GROWTH

This paper is to investigate the determinants of the Dividend Payout Ratio (DPR) of Indonesian firms. Five factors (maturity, cash availability, leverage, profitability, firm size) are analyzed as the DPR determinants. Additionally, this thesis also examines the ability of DPR to serve as a signal subsequent year’s earnings growth. Multiple regression models is used in this paper to analyze research sample that consists of 180 firms that are listed in Indonesia Stock Exchange (IDX) and paid dividends during 2003-2008. The results shows that cash availability and maturity are significant determinants of DPR. Further analysis shows that the DPR signals subsequent earnings growth, the result concludes that mature firms has high dividend payment ratio, which supports firm lifecycle theory. High DPR results in high subsequent earnings growth, which supports Black’s (1976) claim that DPR carries information on future growth.

ANALYSIS OF OPEX, OIL LIFTING AND INDONESIA CRUDE PRICE IN AFFECTING CONTRACTOR’S NET SHARE ON AN OIL AND GAS COMPANY IN INDONESIA

Oil and gas industry is an international scale of business which is very affected with the global issue and situation. Indonesia is a country that known for its wealth of natural resources especially in oil and gas resources. Production-Sharing Contract is the form cooperation types of contractual arrangements for petroleum exploration and development in Indonesia. With current oil and gas business situation, where oil prices are fluctuative, oil lifting is decreased, operating expenditure of a company tends to increase. The trend of contractor’s net shares on this oil and gas company in Indonesia is fluctuative, it seems very unpredictable pattern. If its continuing, it can obstruct the company’s sustainability and growth. In order to know the significance factor and to optimize the contractors net share of this unpredictable pattern during time limitation to the end of contract then it raises the need to quantify, model and know the significant factors that is affecting the performance of Production Sharing Contract’s net share. Thus can be done based on historical financial data report. The data obtained is used to measure the relationship of independent variables such as operating expenditure, oil lifting and Indonesia crude price to the dependent variable: contractor’s net share in order having a base of decision making to determine the action plan for the PSC by using multiple regressions as its methods. The result showed that oil liftings and Indonesia crude price significantly affect the contractor’s net share.