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Donalson Silalahi
FE Universitas Katolik Santo Thomas SU
Decision Sciences, Operations Research & Management Economics, Econometrics & Finance Other

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STRUKTUR MODAL PERUSAHAAN-PERUSAHAAN NON KEUANGAN YANG TELAH GO PUBLIC DI BURSA EFEK INDONESIA BERDASARKAN TRADE OFF THEORY Donalson Silalahi
Jurnal Manajemen dan Bisnis Vol 15 No. 1 Tahun 2015
Publisher : UNIKA Santo Thomas

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.54367/jmb.v15i1.95

Abstract

This study aims, First, to obtain the empirical evidence about the capital structure of non-financial firms in Indonesia Stock Exchange. Second, to obtain the empirical evidence about the impact of capital structure on the value of non-financial firms in Indonesia Stock Exchange. Third, to obtain the empirical evidence about the impact of profitability, size of the firm, growth opportunity, the structure of assets, and the cost of bankruptcy to capital structure of non-financial firms in Indonesia Stock Exchange. To achieve these objectives, conducted research on companies listed on the Indonesia Stock Exchange. Research conducted on 163 companies with the observation period in 2011. All the required data obtained from the Indonesian Capital Market Directory. Furthermore, to explain the determinants of capital structure of the firm to used the t and F test with alpha 10 percent. Based on the results of the study, the conclusions as follows: First, the capital structure of the firm has a negative and significant effect on the value of the firm. Second, there is no optimal capital structure on a non-financial corporations. Third, the size of the firm, the structure of assets, and the cost of bankruptcy have positive and significant effect on the capital structure of the firm. Fourth, profitability and the growth opportunities of the firm does not significantly influence to the capital structure. Fifth, variations in the profitability, size of the firm, growth opportunities, the structure of assets, and the cost of bankruptcy are able to explain the variations of capital structure 10,2 percent. Sixth, the coefficient towards research results influence the profitability and bankruptcy costs the company is not in accordance with the trade-offs theory.
PENGARUH FINANCIAL SLACK TERHADAP KINERJA PERUSAHAAN STUDI PADA PERUSAHAAN-PERUSAHAAN MANUFAKTUR YANG TELAH GO PUBLIC DI BURSA EFEK INDONESIA Donalson Silalahi
Jurnal Manajemen dan Bisnis Vol 15. No. 2 Tahun 2015
Publisher : UNIKA Santo Thomas

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.54367/jmb.v15i2.101

Abstract

The relationship between financial slack with the company's performance is not clear. Therefore, this issue more interesting to study. Financial slack can be grouped into two types: available slack and potential slack. Therefore, this study is intended to clarify the effect of available slack and potential slack to company performance. To achieve this aim, used a linear regression equation. The study focused on companies listed on Indonesia Stock Exchange by using purposive sampling technique in sampling research so that the sample size were 112 companies. The data used in this research is secondary data with observations in the period 2008-2010. To explain the effect of financial slack on the performance of companies used the t and F test with α by 10 percent. Based on the analysis and discussion, some conclusions as follows: Firstly, available slack and potential slack have significant negative effect on the performance of the company. Second, the greater the slack of the company, there is a tendency that corporate leaders will tend to use the slack to fulfill its interests. Based on the above conclusions, some suggestions as follows: Firstly, if the company's performance would be improved, financial slack needs to be lowered to a level that is needed. Second, the results of this study can be used as a basis for regulators to make regulations to improve the quality of corporate governance of the corporation. Third, further research is needed by differentiating the sample of companies over companies that implement good corporate governance and corporate governance is not good.
PERBAIKAN IKLIM BERINVESTASI UNTUK MENINGKATKAN ARUS MASUK NET PENANAMAN MODAL Donalson Silalahi
Jurnal Manajemen dan Bisnis Vol 10 No. 2 Tahun 2010
Publisher : UNIKA Santo Thomas

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.54367/jmb.v10i2.108

Abstract

From the time that the crisis of economy at the year 1997, the flows of the net capital investment in Indonesia is low or negative for some period. Thus, the Government is difficulty to realized the target of economic growth at the year 2010. The capital investment is the decisive factor that influence economic growth to compare with the other fiactors. Thus, the capital investment is the important facctor to achieved the target of economic growth. The role of the capital investment is difficulty to create if the problems of the climate if the capital investment like that bureaucracy, grease money, and the implementation of autonomy area did not to solve immediately. This paper aims to describes and discuss how to improve the climate of the capital investment to increased the flows of the net capital investment. If the climate of the capital investment in Indonesia to improve, so the flows of the net capital investment is increase and then the economic growth increase too. By the way, the government and the local goverment necessary to improve the climate of the capital investment with implementation of the policy with to give lots of the facilities, ease to investment, and the incentives to investor with mapping the industry if Indonesia.
KUALITAS PASAR OBLIGASI KORPORASI INDONESIA Donalson Silalahi
Jurnal Manajemen dan Bisnis Vol 11. No. 1 Tahun 2011
Publisher : UNIKA Santo Thomas

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.54367/jmb.v11i1.114

Abstract

lndonesia corporate bond market development can he done from various aspects, among others, through the stability and improvement of macroeconomic indicators, improving the quality of financial infrastructure, and improving the quality of the corporate bond market. This study aimed to describe the quality Indonesian corporate bond market based transaction costs approach. Therefore, the quality of the corporate bond market in this study manifested by transaction costs and decomposition of transaction costs (information friction and real friction). Based on the estimation of transaction costs and decomposition of transaction costs, regulators and market managers can create a variety of policies to improve the quality of the corporate bond market. To achieve these goals, the data used were corporate bond registered and transacted in the bond market and the sources of data from Securities Division reported OTC-FIS (Over the counter – Fixed Income Service). The research samples were 2336 observations using the purposive sampling technique to gather samples. The data were analyzed using the multiple regression equation. The research indicates that: First, transaction costs ty’ corporate bond is 0-798 with t-statistic is 31.964. Second, the contribution of information friction againts transaction cost is 45.1 percent with t-statistic is 18.20. "third, the contriliution real friction againts transaction cost is 14.2 percent with t-statistic is 5.71. Fourth, the information friction have the greater contribution to transaction cost with or without the classification of sample. Fifth, in the change of bond price segmentation, the contribution of information friction increases with the increase of the change of bond price. With reference to the research results, the quality of the corporate bond market can he improved by lowering the transaction costs in trade mechanism. Transaction costs can be reduced through increased transparency and improved the trading niechanisni of corporate bond market. Furthermore, the result if this research can be used by investors in creating portfolios and holding periods and for bond emitters in issuing bonds.
DEKOMPOSISI TRADED SPREAD SAHAM DI BURSA EFEK INDONESIA: ORDER PROCESSING COST, INVENTORY HOLDING COST, DAN ADVERSE SELECTION COST Donalson Silalahi
Jurnal Manajemen dan Bisnis Vol 16 No. 1 Tahun 2016
Publisher : UNIKA Santo Thomas

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.54367/jmb.v16i1.121

Abstract

Stock market performance can be viewed from various aspects. One of this aspect is the amount of traded spread. The greater of traded spread can be caused by a lack of trading system and disclosure. Therefore, the decomposition of traded spread is important for the study. This research was conducted to develop a model of traded spread and prove that: the order processing cost, inventory holding cost, and adverse selection cost are the component of traded spread. To achieve these objectives, the stock price and order flow observed during the years 2007 - 2008 and using the purposive sampling as the sampling technique. Samples were observed at 1.782 and using trade indicators to determine whether the transactions undertaken based on the ask price or bid price. The data were analyzed using the multiple regression. The research indicated that: First, the model of traded spread can be used to explain the decomposition of traded spread. Second, the contribution of order processing cost is 29 per cent, the contribution of inventory holding cost is 68 per cent, and the contribution of adverse selection cost is 3 percent. Third, the contribution of adverse selection cost is relatively low when compared with the contribution of real spread. Furthermore, the results of this study can be used to determine the policies in reducing of traded spread.
PENGARUH KEPEMILIKAN INSTITUSIONAL TERHADAP KARAKTERISTIK PASAR SAHAM DI BURSA EFEK INDONESIA Donalson Silalahi
Jurnal Manajemen dan Bisnis Vol 16 No. 2 Tahun 2016
Publisher : UNIKA Santo Thomas

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.54367/jmb.v16i2.128

Abstract

The role of institutional ownership in the financial markets became very important. However, until today there is no consensus among researchers about the influence of institutional ownership on the characteristic of stock market. Therefore, researchers are motivated to conduct further research the influence of institutional ownership on the characteristic of stock market. The research conducted at the Indonesian Stock Exchange with traded spread and adverse selection costs as dependent variable and institutional ownership as independent variable. In addition to institutional ownership, also used standard deviation of common stock price and trading volume as a control variable to clarify the relationship of institutional ownership on the characteristic of stock market. The study was conducted on 120 firms with observations in the period 2010-2011. All the required data obtained from the Indonesian Capital Market Directory. The results showed that: First, institutional ownership has a negative and significant effect on traded spread. Second, the variability of traded spread is able to be explained by the variability of institutional ownership, standard deviation of the stock price, and trading volume 24.8 percent. Third, institutional ownership has a negative and significant effect on adverse selection costs. Fourth, the variability of adverse selection costs is able to be explained by the variability of institutional ownership, standard deviation of the stock price, and trading volume 26.2 percent. Fifth, the relationship between institutional ownership to traded spread and adverse selection cost before and after entering the control variables remain negative and significant.
PENGARUH PROMOSI MEDIA SOSIAL DAN KUALITAS PELAYANAN TERHADAP KEPUTUSAN PEMBELIAN KONSUMEN PADA SOSMED CAFE ABDULLAH LUBIS MEDAN Clara Silvina Barus; Donalson Silalahi
Jurnal Manajemen dan Bisnis Vol 21 No. 1 Tahun 2021
Publisher : UNIKA Santo Thomas

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.54367/jmb.v21i1.1182

Abstract

Abstract This study aims to determine and explain the effect of social media promotion and service quality on purchasing decisions. To achieve this goal, research was conducted at Social Media Café Abdullah Lubis using 100 people as respondents. Data were collected through questionnaires and the analysis technique used was multiple linear regression analysis. The results showed: First, social media promotion has a positive and significant effect on purchasing decisions. Second, service quality has a positive and significant effect on purchasing decisions. Third, service quality plays a greater role in increasing the sensitivity of consumer purchases when compared to social media promotion. Fourth, consumer characteristics are also important variables in increasing consumer decisions in buying products. Fifth, social media promotion and service quality are able to explain variations in purchasing decisions by 87.7 percent.
PENGARUH MANAJEMEN MODAL KERJA TERHADAP KINERJA PERUSAHAAN : STUDI PADA PERUSAHAAN-PERUSAHAAN MANUFAKTUR YANG TELAH GO PUBLIK DI BURSA EFEK INDONESIA Donalson Silalahi; Esli Silalahi
Jurnal Manajemen dan Bisnis Vol 21 No. 2 Tahun 2021
Publisher : UNIKA Santo Thomas

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.54367/jmb.v21i2.1406

Abstract

The purpose of this study is to obtain the empirical evidence about the impact of: (a) the average conversion period on company performance. (b) the inventory conversion period on company performance. (c) the average payment period on company performance and (d) the cash conversion cycle on company performance on the Indonesia Stock Exchange. To achieve this goal, research was carried out on manufacturing companies listed on the Indonesia Stock Exchange and the sample size is 48 companies. Thus, the sampling technique in this study used a purposive sampling. The data used in this study is secondary data. All data is obtained from the Indonesia Stock Exchange website. Furthermore, the regression coefficient of each independent variable was tested using the t test and the F test with α 10 percent. Referring to the results of research, the following conclusions can be made: First, the average conversion period has a positive and significant effect on company performance. The ability of the average conversion period in explaining the company's performance is 13.4 percent. Second, the inventory conversion period has a positive and significant effect on company performance. The ability of the inventory conversion period to explain the company's performance by 19.4 percent. Third, the average payment period has a positive and insignificant effect on company performance. The ability of average payment period in explaining the company's performance is 0.9 percent. Fourth, the cash conversion cycle has a positive and significant effect on company performance. The ability of the cash conversion cycle to explain the company's performance by 14.7 percent. Fifth, the cash conversion cycle and the quadratic cash conversion cycle can explain the variation in company performance by 23 percent. Sixth, there is no optimal working capital in the companies under study.
PENGARUH KEPEMILIKAN INSTITUSIONAL TERHADAP LIKUIDITAS PASAR SAHAM: STUDI PADA PERUSAHAAN-PERUSAHAAN MANUFAKTUR YANG TELAH GO PUBLIC DI BURSA EFEK INDONESIA Saut Purba; Donalson Silalahi
Jurnal Manajemen dan Bisnis Vol 21 No. 2 Tahun 2021
Publisher : UNIKA Santo Thomas

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.54367/jmb.v21i2.1408

Abstract

The purpose of this study is to obtain the empirical evidence about the impact of institutional ownership on stock market liquidity in manufacturing companies that have gone public on the Indonesia Stock Exchange. To achieve this goal, research was carried out on the Indonesia Stock Exchange using a research sample of 100 companies included in the manufacturing industry group. In explaining the effect of institutional ownership on stock market liquidity, 2 (two) models are used. The first model only uses institutional ownership as an independent variable, and the second model includes control variables, namely the standard deviation of price and volume of stock trading using the t test and the F test with α (alpha) of 10 percent. Based on the results of research and discussion, several conclusions can be drawn as follows: First, institutional ownership has a negative and significant effect on stock market liquidity and institutional ownership capacity in explaining stock market liquidity of 4.7 percent. Second, institutional ownership has a negative and significant effect on stock market liquidity, standard deviation of stock prices has a negative and significant effect on stock market liquidity, stock trading volume has a moderate and negative effect on stock market liquidity. The ability of these three variables in explaining stock market liquidity is 13.1 percent.Third, institutional ownership can increase stock market liquidity as indicated by the value of the direction coefficient and the level of significance of the variable of institutional ownership and the coefficient of direction and significance level of the standard deviation variable of stock prices.
BEBERAPA FAKTOR YANG MEMPENGARUHI PERINGKAT OBLIGASI PERUSAHAAN NON-KEUANGAN DI BURSA EFEK INDONESIA PERIODE 2017-2020 Paulina Octavia Situmorang; Donalson Silalahi
Jurnal Manajemen dan Bisnis Volume 22 No. 1 Tahun 2022
Publisher : UNIKA Santo Thomas

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.54367/jmb.v22i1.1725

Abstract

This study was conducted to determine the effect of several factors that affect the ratings of non-financial company bonds that have gone public on the Indonesian stock exchange. To achieve this purpose, a study was conducted with a research period of 2017 – 2020 and used purposive sampling as a sampling method and the data were analyzed using multiple regression analysis. The results showed that partially the current ratio had no significant effect on bond ratings, the ratio of debt to equity had a negative and significant effect on bond ratings, and the ratio of net income to total assets had a positive and significant effect on bond ratings. The ability of the three ratios in explaining bond ratings is 51.3 percent.
Co-Authors Clara Silvina Barus Esli Silalahi Paulina Octavia Situmorang Saut Purba