Endang Ernawati
Jurusan Managemen / Universitas Surabaya

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KOMPARASI KARAKTERISTIK KEUANGAN PERUSAHAAN INTERNASIONAL DAN PERUSAHAAN DOMESTIK PADA SEKTOR MANUFAKTUR YANG TERCATAT DI BURSA EFEK INDONESIA PERIODE 2009-2014 Rendy Sentosa; Deddy Marciano; Endang Ernawati
CALYPTRA Vol. 5 No. 2 (2017): Calyptra : Jurnal Ilmiah Mahasiswa Universitas Surabaya (Maret)
Publisher : Perpustakaan Universitas Surabaya

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ABSTRACT - This research has two purposes. The first purposes is to examine the differences between multinational companies and domestic companies. The second purposes is to examine the impact of internationalization, profitability, agency cost of debt, firm’s size, business risk and foreign exchange risk to the company’s capital structure, which is measured by leverage. This research’s objects is manufacturing companies which is listed in Indonesia Stock Exchange in 2009-2014. Univariate test is used to examine the differences between multinational companies dan domestic companies. Univariate test shows that multinational companies have higher leverage, lower profitability, higher agency cost of debt, higher business risk and higher foreign exchange risk than domestic companies. Multiple linear regression is used to examine the impact of independent variables to dependent variable. The equation in this research use linear and quadratic equation. The result is internationalization, firm’s size and business risk has positive impact to leverage, while profitability, agency cost of debt and foreign exchange risk has negative impact to leverage. The result of quadratic model shows that internationalization has negative impact only in the first stage of internationalization, then on the next stage, internationalization has positive impact to leverage. Keywords: Capital Structure, Internationalization,Univariate Test, Multiple Linear Regression.
FAKTOR-FAKTOR YANG MEMPENGARUHI KEBIJAKAN DIVIDEN BADAN USAHA-BADAN USAHA SEKTOR INDUSTRI BARANG KONSUMSI YANG TERDAFTAR DI BEI PERIODE 2010-2014 Wirata Wirata; Werner Ria Murhadi; Endang Ernawati
CALYPTRA Vol. 6 No. 1 (2017): Calyptra : Jurnal Ilmiah Mahasiswa Universitas Surabaya (September)
Publisher : Perpustakaan Universitas Surabaya

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Abstract This study aims to analyze the factors that influence dividend policy. Variable used in this research is firm size (SIZE), profitability (ROA), debt policy (DER), growth (GROWTH), and liquidity (CR). This study used sample Firms Sector Consumer Good Industry which distribute dividend annually during 2010- 2014 period are listed in the Indonesia Stock Exchange. The number of observations used in this study were 60 observations. The result showed that the Consumer Good Industry Sector, profitability and debt policy variable significant positive effect on dividend policy while, growth variable significant negative effect on dividend policy. However, firm size, and liquidity variable negative not significant effect on dividend policy. Keyword: Dividend Policy, Profitability, Debt Policy, Growth.
PENGARUH GOOD CORPORATE GOVERNANCE TERHADAP CAPITAL STRUCTURE PERUSAHAAN SEKTOR PERTANIAN YANG TERDAFTAR DI BEI PERIODE 2012-2016 Rizky Mentari Putri; Putu Anom Mahadwartha; Endang Ernawati
CALYPTRA Vol. 8 No. 1 (2019): Calyptra : Jurnal Ilmiah Mahasiswa Universitas Surabaya (September)
Publisher : Perpustakaan Universitas Surabaya

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Abstrak - Penelitian ini bertujuan untuk meneliti pengaruh good corporate governance terhadap capital structure perusahaan sektor pertanian yang terdaftar di Bursa Efek Indonesia (BEI) periode 2012-2016. Variabel yang digunakan adalah commissioner independence, board size, managerial ownership, institutional ownership, CEO tenure, firm size dan tangible asset. Teori yang terkait ialah capital structure, agency theory, pecking order theory dan tata kelola perusahaan. Penelitian ini menggunakan pendekatan kuantitatif dengan metode regresi linear berganda untuk melakukan analisis data. Target populasi dalam penelitian ini adalah seluruh perusahaan non-keuangan yang terdaftar di Bursa Efek Indonesia periode 2012-2016 yang berjumlah sebanyak 70 observasi. Temuan dari penelitian ini adalah bahwa commissioner independence, board size, CEO tenure dan tangible asset berpengaruh negatif signifikan terhadap capital structure dan firm size berpengaruh signifikan negatif terhadap capital structure. Sedangkan managerial ownership dan institutional ownership ridak memiliki pengaruh terhadap capital structure. Kata Kunci: struktur modal, agency theory, pecking order theory dan tata kelola perusahaan Abstract - This research aim to analyse the influence of good corporate governance on capital structure for agriculture companies in Indonesia Stock Exchange in 2012-2016. Variable which use are commissioner independence, director size, managerial ownership, institutional ownership, CEO tenure, firm size and tangible asset. This research uses the quantitative approach and multiple linear regression to analyze the data. The target populations of this study are agriculture companies registered in Indonesia Stock Exchange in 2012-2016 which are equal to 70 year obsevations. The research finds that commissioner independence, board size, CEO tenure and tangible asset affect capital structure positively. Firm size affect capital structure negatively. On the other hand, managerial ownership and institutional ownership are not affect on capital structure. Keywords: capital structure, agency theory, pecking order theory, and corporate governance
PENGARUH OWNERSHIP STRUCTURE TERHADAP FIRM FINANCIAL PERFORMANCE PADA PERUSAHAAN SEKTOR NON-KEUANGAN YANG TERDAFTAR DI BURSA EFEK INDONESIA PERIODE 2012-2016 Lewi Odianto Utomo; Werner Ria Murhadi; Endang Ernawati
CALYPTRA Vol. 8 No. 1 (2019): Calyptra : Jurnal Ilmiah Mahasiswa Universitas Surabaya (September)
Publisher : Perpustakaan Universitas Surabaya

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Abstrak – Penelitian ini bertujuan untuk menganalisis pengaruh ownership structure terhadap firm financial performance dengan menggunakan Tobin’s Q sebagai proxy. Variabel yang digunakan adalah government ownership, individual ownership, institutional ownership, firm size dan leverage. Penelitian ini menggunakan pendekatan kuantitatif dengan model analisis linier berganda. Penelitian ini menggunakan sampel berupa badan usaha non keuangan yang terdaftar di Bursa Efek Indonesia (BEI) pada periode 2012-2016. Jumlah sampel yang digunakan dalam penelitian ini adalah 310 observasi. Kata kunci: ownership structure, firm financial performance, tobin’s Q Abstract - This research aims to analyze the influence of ownership structure on firm financial performance by Tobin’s Q as a proxy. The variables used are government ownership, individual ownership, institutional ownership, firm size and leverage. This research uses quantitative approach with multiple linear analysis model. This study uses a sample of non-financial entities listed on the Indonesia Stock Exchange (BEI) in the period 2012-2016. The number of samples used in this study was 316 observations. Key words: ownership structure, firm financial performance, tobin’s Q