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Journal : Jurnal Keuangan dan Perbankan

ANALISIS PENGARUH STRUKTUR MODAL TERHADAP KINERJA KEUANGAN PERUSAHAAN Achmad Komara; Sri Hartoyo; Trias Andati
Jurnal Keuangan dan Perbankan Vol 20, No 1 (2016): January 2016
Publisher : University of Merdeka Malang

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (293.579 KB) | DOI: 10.26905/jkdp.v20i1.141

Abstract

AbstractAt this time, business growth requires proper companys financial strategy, especially by managing the capitalstructure to meet funding need of business operations. This research describes the impact of capital structure onfinancial performance of finance company listed on the Indonesia Stock Exchange during the years 2009-2013. The dependent variable in this study is financial performance composed of return on assets ratio (ROA),return on equity ratio (ROE) and price-to-earnings ratio (PER).While the independent variable in the form ofcapital structure is the ratio of debt to total assets (DAR) and the ratio of debt to total equity (DER). The resultof panel data regression analysis showed that the capital structure has negative significant effect on financialperformance of ROA and ROE, but has positive significant effect on PER. Based on these results, the financecompanies should apply the precautionary principle in managing capital resources coming from debt financing,because the increased component of excessive debt in the capital structure of the company could lead to anincrease in the financial burden that affects the reduction in companys profit.
PENGARUH RASIO KEUANGAN DAN PERUBAHAN PAJAK DIVIDEN TERHADAP DIVIDEND PAYOUT RATIO PERUSAHAAN TERBUKA Cahyo Dwi Sulistiyo; Sri Hartoyo; Tb Nur Ahmad Maulana
Jurnal Keuangan dan Perbankan Vol 20, No 1 (2016): January 2016
Publisher : University of Merdeka Malang

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (84.516 KB) | DOI: 10.26905/jkdp.v20i1.145

Abstract

AbstractThe objective of this research was to analyse influence company performance ratio such as ROA, DER, Size,EPS, Current Ratio, Growth and changes in dividend tax rates to Dividend Payout Ratio. The variables testedusing panel regression analysis. Research conducted on 40 emitens included in LQ 45 index of Indonesia StockExchange (ISE) with years of research covering 2006 to 2012. The panel regression results show that thevariables ROA, Current Ratio, Size, andGrowth showed a significant effect on dividend payout ratio,while thevariable DER, EPS, and Tax have no significant effect on the dividend payout ratio but all the variablesimultaneously influential to dividend payout ratio.