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Journal : Jurnal Ekonomi Modernisasi

KEPUTUSAN INVESTASI, DIVIDEN DAN PENDANAAN EKSTERNAL: SINERGISITAS DALAM MENINGKATKAN NILAI PERUSAHAAN Siswanto, Ely
Jurnal Ekonomi Modernisasi Vol. 3 No. 1 (2007): Februari
Publisher : Fakultas Ekonomika dan Bisnis, Universitas Kanjuruhan Malang

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (66.291 KB)

Abstract

Keputusan investasi sangat penting dalam suatu perusahaan karena investasi  merupakan indikator eksistensi suatu perusahaan. Para pemegang saham akan menganggap perusahaan tidak memiliki prospek positif jika tidak ada investasi baru. Di sisi lain, perusahaan harus membagikan dividen disebabkan dividen juga dapat digunakan oleh manajer sebagai isyarat tunggal tentang prospek perusahaan di masa depan. Adanya penurunan jumlah dividen yang dibayarkan (dividen cut) dianggap pemegang saham sebagai gejala penurunan tingkat kesehatan perusahaan. Akhirnya, manajer perlu membuat keputusan tentang pendanaan baik pendanaan internal maupun pendanaan eksternal untuk menjaga tingkat dividen yang konstan atau tingkat investasi tertentu agar tidak memunculkan kesan negatif terhadap prospek perusahaan. Jadi, kombinasi yang serasi terhadap ketiga bentuk keputusan dividen, investasi dan pendanaan eksternal dalam suatu perusahaan akan sangat mempengaruhi keberadaan perusahaan dan diharapkan dapat meningkatkan kekayaan perusahaan dan kekayaan para pemegang sahamnya yang tercermin dalam harga saham
Kinerja Keuangan Perusahaan Asuransi Jiwa Konvensional di Indonesia Periode 2015-2018 Ely Siswanto; Raudhotul Miul Hasanah
Jurnal Ekonomi Modernisasi Vol. 15 No. 1 (2019): Februari
Publisher : Fakultas Ekonomika dan Bisnis, Universitas Kanjuruhan Malang

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (299.309 KB) | DOI: 10.21067/jem.v15i1.3055

Abstract

This research aims to analyze the effect of financial indicator such as premium income, investment returns, volume of capital, loss ratio, operating expenses and risk based capital on the profitability (ROA) of conventional life insurance companies during the first quarter of 2015 until the third quarter of 2018. This research uses premium income, investment returns, volume of capital, loss ratio, operating expenses and risk based capital as independent variables and the dependent variable is Return On Assets, and joint venture alliance strategies as a control variable. The population of data is conventional life insurance companies in Indonesia during 2015 until 2018. This research used a purposive sampling technique, it was found that 14 companies met the sample criteria. The analysis model uses regression analysis. The research results show that premium income has a positive significant effect on ROA, the volume of capital has a positive significant effect on ROA and operating expenses have a negative significant effect on ROA. While investment returns, loss ratios and risk based capital, and joint venture alliance strategies do not have a significant effect on ROA. Meanwhile, a joint venture alliance strategies are not significant in influencing the relationship of independent variables to ROA. Further research is recommended to conduct a different test of the financial performance of insurance companies, national life insurance companies and joint venture life insurance companies.
Accrual-based vs cash-based accounting in affecting underpricing phenomenon: Evidence from emerging country Yuli Soesetio; Ely Siswanto; Lulu Nurul Istanti; Subagyo Subagyo
Jurnal Ekonomi Modernisasi Vol. 18 No. 2 (2022): Juni
Publisher : Fakultas Ekonomika dan Bisnis, Universitas Kanjuruhan Malang

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (226.826 KB) | DOI: 10.21067/jem.v18i2.7311

Abstract

Until now, more than 80 percent of shares are underpriced at every IPO event around the world, making it a phenomenon and a big unsolved puzzle, so it is still interesting and relevant to research, especially in emerging countries. This study aims to reveal the impact of profitability information based on accrual and cash on the phenomenon of underpricing on the Indonesia Stock Exchange (IDX). The sample used was firms that conducted IPOs on the IDX from 1994-2020 that had met the sample criteria of 475 firms using the purposive sampling method. Furthermore, the collected cross-section data were analyzed using ordinary least square (OLS) regression. The study concluded that only accrual-based profitability information consistently affects underpricing. These results also support the argument that the use of the accrual-based is better than the cash-based to predict underpricing. This study implies that IPO firms to pay more attention to, strengthen, and maintain their 'earnings' so that investors are more confident regarding the firm's future business continuity. In addition, investors are more detailed in using information from the prospectuses of large firms.