Suchergebnisse

One of the market anomalies that often occurs in the capital market is the January Effect. This phenomenon occurs when stock returns in January become higher or increase compared to other months. Thus, this study aimed to analyze the January Effect and test the effect of institutional ownership of the anomaly January Effect. This study also uses market returns, stock turnover, and firm's size as control variables. The sample in this study were 73 companies that are categorized as LQ-45 inIndonesia Stock Exchange(ISE) period of 2012 to 2014 in accordance with predetermined criteria. This research method is purposive sampling with analysis techniques using t-test and Moderated Regression Analysis (MRA) which uses (α = 5%). The results of this study proves that the January Effect andinstitutional ownership has significant negative effect on January Effect. In addition, the results showed that market return, stock turnover, and firm's size has a significant positive effect on return.

This study aimed to test whether the intellectual capital disclosure (ICD) level affect the value of equity capital. The ICD level calculation was done using the method of disclosure index. The value of equity capital was calculated using the industry-adjusted price earnings ratio (IndEP ratio). Testing the effect of ICD level on the value of equity capital is done by multiple linear regression analysis using a sample of 97 companies listed in the Indonesia Stock Exchange in 2013 and 2014, with a total sample of 194 observations. The control variable of this work is size, leverage, market to book value and industry. The results of this study indicate that the intellectual capital disclosure level, human capital disclosure level, structural capital disclosure level and relational capital disclosure level had significant negative effect on the cost of equity capital. This study also used four control variables, namely size, leverage, market to book value and industry. Of the four variables, size is not significant positive effect on the cost of equity capital. Leverage and industry had significant negative effect on the cost of equity capital. While, the market to book value had significant negative effect on the cost of equity capital.

This study aims to determine the relationship between zombie companies and the performance of corporate social responsibility, with corporate governance and ownership as moderator variables. A zombie company is a near-insolvent firm due to inefficiency and low profitability but still survive with external support from the government or bank (Kane, 1987). The determination of the sample is done by a purposive sampling method, with OLS and Moderated Regression Analysis methods. The number of research samples is 288 companies with a total of 1865 observations for the period 2010-2017. The analysis shows that CSR performance in zombie companies is lower than that of non-zombies. The moderator variable of corporate governance is proxied by board composition, while ownership is proxied by family ownership and institutional ownership. The board composition and institutional ownership variables do not moderate the negative effects of zombie companies on CSR performance, while the family ownership variable worsens the relationship between zombie companies and CSR performance. The research control variables are financial leverage, a dummy of state-owned enterprise, and firm size. While financial leverage has no effect on the CSR performance, the state-owned enterprise and firm size are positively related to that performance.

The Village Fund program is a 'Big Bang' liberalisation policy, issued by the Indonesian government, aimed at helping develop rural areas and empowering local people that have been facing governance challenges. This research aims to analyse and evaluate local peoples' involvement in village governance. We used a mix of research methods to investigate village governance frameworks. Field data was collected by semi-structured interviews of 200 villagers in the East Java district. Participants scored their responses on a qualitative data point scale (1-5). We found indications that poor governance still exists in the Village Fund management program. The main problem is a low level of participation, and lack of transparency, in handling the Village Fund instrument. Therefore, we suggest pragmatic approaches, such as providing incentives for rule compliance and strengthening monitoring mechanisms, to improve good governance practice within Village Fund programs.

The purpose of this study is to investigate the effect of real estate credit on liquidity risk. This study also looked at the role of government ownership and foreign ownership in moderating the effect of real estate credit on bank liquidity risk. There are 43 banking companies listed on the Indonesia Stock Exchange for the 2014-2018 period used as samples. This study used a multiple linear regression model with the Ordinary Least Square (OLS) estimation method and robustness tests using the Maximum Likelihood (MLE) estimation method. The results of this study concluded that real estate credit has a significant positive effect on liquidity risk. Government ownership strengthens the positive effect of real estate credit on liquidity risk, while foreign ownership weakens the positive effect of real estate credit on liquidity risk.

The purpose of this study is to investigate the relationship of firms with family ownership and their performance in Indonesia and further examine on how political connections affect this relationship. This study used 933 samples from 413 companies listed on the Indonesia Stock Exchange (IDX) in the period between 2014 and 2016. Using ordinary least square (OLS) regression, the results shows that firms without family ownership (non-family firms) have better performance than firms with family ownership (family firms) in Indonesia. Furthermore, the findings also show that the performance of family firms significantly improve when the firms are affiliated with political connections. Our findings imply that establishing political connections in family firms will increase the performance of the firms

The purpose of this study is to investigate the relationship of firms with family ownership and their performance in Indonesia and further examine on how political connections affect this relationship. This study used 933 samples from 413 companies listed on the Indonesia Stock Exchange (IDX) in the period between 2014 and 2016. Using ordinary least square (OLS) regression, the results shows that firms without family ownership (non-family firms) have better performance than firms with family ownership (family firms) in Indonesia. Furthermore, the findings also show that the performance of family firms significantly improve when the firms are affiliated with political connections. Our findings imply that establishing political connections in family firms will increase the performance of the firms.

The purpose of this study is to investigate the relationship of firms with family ownership and their performance in Indonesia and further examine on how political connections affect this relationship. This study used 933 samples from 413 companies listed on the Indonesia Stock Exchange (IDX) in the period between 2014 and 2016. Using ordinary least square (OLS) regression, the results shows that firms without family ownership (non-family firms) have better performance than firms with family ownership (family firms) in Indonesia. Furthermore, the findings also show that the performance of family firms significantly improve when the firms are affiliated with political connections. Our findings imply that establishing political connections in family firms will increase the performance of the firms.

This study aims to determine the relationship between zombie companies and the performance of corporate social responsibility, with corporate governance and ownership as moderator variables. A zombie company is a near-insolvent firm due to inefficiency and low profitability but still survive with external support from the government or bank (Kane, 1987). The determination of the sample is done by a purposive sampling method, with OLS and Moderated Regression Analysis methods. The number of research samples is 288 companies with a total of 1865 observations for the period 2010-2017. The analysis shows that CSR performance in zombie companies is lower than that of non-zombies. The moderator variable of corporate governance is proxied by board composition, while ownership is proxied by family ownership and institutional ownership. The board composition and institutional ownership variables do not moderate the negative effects of zombie companies on CSR performance, while the family ownership variable worsens the relationship between zombie companies and CSR performance. The research control variables are financial leverage, a dummy of state-owned enterprise, and firm size. While financial leverage has no effect on the CSR performance, the state-owned enterprise and firm size are positively related to that performance.

This study aims to determine the relationship between zombie companies and the performance of corporate social responsibility, with corporate governance and ownership as moderator variables. A zombie company is a near-insolvent firm due to inefficiency and low profitability but still survive with external support from the government or bank (Kane, 1987). The determination of the sample is done by a purposive sampling method, with OLS and Moderated Regression Analysis methods. The number of research samples is 288 companies with a total of 1865 observations for the period 2010-2017. The analysis shows that CSR performance in zombie companies is lower than that of non-zombies. The moderator variable of corporate governance is proxied by board composition, while ownership is proxied by family ownership and institutional ownership. The board composition and institutional ownership variables do not moderate the negative effects of zombie companies on CSR performance, while the family ownership variable worsens the relationship between zombie companies and CSR performance. The research control variables are financial leverage, a dummy of state-owned enterprise, and firm size. While financial leverage has no effect on the CSR performance, the state-owned enterprise and firm size are positively related to that performance.

The purpose of this study is to investigate the effect of real estate credit on liquidity risk. This study also looked at the role of government ownership and foreign ownership in moderating the effect of real estate credit on bank liquidity risk. There are 43 banking companies listed on the Indonesia Stock Exchange for the 2014-2018 period used as samples. This study used a multiple linear regression model with the Ordinary Least Square (OLS) estimation method and robustness tests using the Maximum Likelihood (MLE) estimation method. The results of this study concluded that real estate credit has a significant positive effect on liquidity risk. Government ownership strengthens the positive effect of real estate credit on liquidity risk, while foreign ownership weakens the positive effect of real estate credit on liquidity risk.

The purpose of this study is to investigate the relationship of firms with family ownership and their performance in Indonesia and further examine on how political connections affect this relationship. This study used 933 samples from 413 companies listed on the Indonesia Stock Exchange (IDX) in the period between 2014 and 2016. Using ordinary least square (OLS) regression, the results shows that firms without family ownership (non-family firms) have better performance than firms with family ownership (family firms) in Indonesia. Furthermore, the findings also show that the performance of family firms significantly improve when the firms are affiliated with political connections. Our findings imply that establishing political connections in family firms will increase the performance of the firms.