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Pengaruh Kepemilikan Institusional terhadap Nilai Perusahaan yang Dimoderasi oleh Kebijakan Dividen (Studi Pada Perusahaan Sektor Property, Real Estate, dan Building Construction yang Listing di BEI Periode 2012 – 2013) Intan Larasati; Ely Siswanto; Yuli Soesetio
Ekonomi Bisnis Tahun 20, No. 2, Juli 2015
Publisher : Jurusan Manajemen Fakultas Ekonomi Universitas Negeri Malang

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (288.194 KB) | DOI: 10.17977/um042v20i1p119-128

Abstract

Tujuan penelitian ini untuk mengetahui pengaruh kepemilikan institusional terhadap nilaiperusahaan yang dimoderasi oleh kebijakan dividen. Penelitian ini dilatarbelakangi oleh banyaknyaketidakkonsistenan hasil penelitian sebelumnya mengenai pengaruh kepemilikan institusionalterhadap nilai perusahaan yang juga dipengaruhi oleh pembagian dividen. Oleh karena itu, penulismeyakini bahwa kebijakan dividen ikut mempengaruhi hubungan tersebut. Sampel yang digunakandalam penelitian ini adalah perusahaan sektor property, real estate dan building construction yanglisting di BEI periode 2012 – 2013 yang selalu membagikan dividen. Hasil penelitian menunjukkanbahwa kebijakan dividen menjadi moderator terhadap hubungan antara kepemilikan institusionalterhadap nilai perusahaan dikarenakan adanya kepentingan pemegang saham institusional terhadapdividen yang diperoleh.
SINYAL YANG DITIMBULKAN OLEH INFORMASI ARUS KAS, LABA DAN NILAI TAMBAH PASAR DALAM MENDONGKRAK HARGA SAHAM PERUSAHAAN CONSUMER GOODS DI INDONESIA Tiffani Vitarini; Ely Siswanto
Ekonomi Bisnis Volume 22, No. 1, Mei 2017
Publisher : Jurusan Manajemen Fakultas Ekonomi Universitas Negeri Malang

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (429.418 KB) | DOI: 10.17977/um042v22i1p27-34

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Abstract: The main purpose of corporation is to increas firm value that repflected by stock prices. This research aims to describe relationship betwen cash flow from operastion, accounting income and market value added and stock prices of consumer goods company in Indonesia.. The population used in this research are consumer goods companies which are registered in Bursa Efek Indonesia 2011-2014 as many as 38 companies which will be chosen randomly using lottery to get 10 companies. The data analyzing technique used is multiple regression analysis. The result of this research shows that cash flow of operating activities, accounting income, and MVA significantly influence the stock prices. This result  proving that cash flow of operating activities, accounting income, and MVA have a positif information content about prospect corporation in the future. Keyword: cash flow of operating activities, accounting income, market value added, stock prices Abstrak: Tujuan utama korporasi adalah meningkatkan nilai perusahaan yang tercermin dari harga sahamnya. Penelitian ini bertujuan untuk mengetahui pengaruh Arus Kas Operasi, Laba Akuntansi dan Market Value Added (MVA) terhadap Harga Saham perusahaan-perusahaan consumer goods di Indonesia. Populasi dalam penelitian ini adalah perusahaan consumer goods yang terdaftar di Bursa Efek Indonesia tahun 2011-2014 sebanyak 38 perusahaan. Sampel dipilih secara acak dengan teknik simple random sampling dengan cara lotere menetapkan  sebanyak 10 perusahaan. Dengan menggunakan teknik analisis regresi berganda, diperoleh hasil  bahwa arus kas aktivitas operasi, laba akuntansi, dan MVA berpengaruh signifikan terhadap harga saham. Hasil ini membuktikan bahwa arus kas aktivitas operasi, laba akuntasi dan market value added memiliki kandungan informasi positif atas prospek perusahaan di masa datang. Kata Kunci: arus kas aktivitas operasi, laba akuntansi, market value added, harga saham
PengaruhReturn On Equity,Debt To Equity Ratiodan UmurPerusahaan Terhadap Kebijakan Dividen (Studi pada PerusahaanManufaktur yang Terdaftar di BEI Tahun 2014) Rahmawati Dwika Pratiwi; Ely Siswanto; Lulu Nurul Istanti
Ekonomi Bisnis Tahun 21, No. 2, Oktober 2016
Publisher : Jurusan Manajemen Fakultas Ekonomi Universitas Negeri Malang

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (563.437 KB) | DOI: 10.17977/um042v21i2p136-145

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Abstract: The purpose of this research is to find out the partial effect of Return On Equity(ROE)and Debt to Equity Ratio(DER) on dividend policy and the company’s age as variables thatmoderating the influence ROE and DER against dividend policy. The populations are142manufacturing companies that listed at Indonesia Stock Exchange (IDX) in 2014. Purposivesampling technique that used result in 45 companies. The data is analyzed using multipleregression analysis and moderation analysis using residual test.The results of multiple regressionanalysis shows that the ROE does not have a significant effect on dividend policy, DER hassignificant negative effect on dividend policy, while the result of moderation analysis usingresidual test shows that the age of the companies does not moderate the influence of ROE towardsdividend policy and the influence of DER towards dividend policy as well. Keywords: ROE, DER, dividend policy, firm age. Abstrak:Tujuan penelitian ini adalah untuk mengetahui pengaruh secara parsialReturnon Equity (ROE)danDebt to Equity Ratio(DER) terhadap kebijakan dividen serta umurperusahaan sebagai variabel yang memoderasi pengaruh ROE dan DER terhadapkebijakan dividen. Populasi penelitian ini adalah perusahaan manufaktur yang terdaftardi Bursa Efek Indonesia (BEI) tahun 2014 sebanyak 142 perusahaan. Pengambilan sampeldilakukan dengan teknikpurposive samplingsehingga dihasilkan 45 perusahaan. Analisisdata yang digunakan adalah analisis regresi berganda dan analisis moderasimenggunakan uji residual.Hasil penelitian menunjukkan bahwa ROE tidak berpengaruhsignifikan terhadap kebijakan dividen, DER berpengaruh negatif signifikan terhadapkebijakan dividen, sedangkan umur perusahaan tidak memoderasi pengaruhROEterhadap kebijakan dividen dan pengaruh DER terhadap kebijakan dividen .Kata Kunci: ROE, DER,kebijakan dividen,umur perusahaan. 
KINERJA PERUSAHAAN ASURANSI JIWA KONVENSIONAL DI INDONESIA PERIODE 2015-2018 Raudhotul Miul Hasanah; Ely Siswanto
JRMSI - Jurnal Riset Manajemen Sains Indonesia Vol 10 No 1 (2019): Jurnal Riset Manajemen Sains Indonesia
Publisher : Fakultas Ekonomi, Universitas Negeri Jakarta

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (830.744 KB)

Abstract

Penelitian ini mengangkat variabel terikat berupa profitabilitas (ROA); variabel bebas berupa 6 indikator keuangan perusahaan asuransi yaitu Pendapatan Premi (PP), Hasil Investasi (HI), Volume Of Capital (VOC), Loss Ratio (LR), Beban Operasional (BO) dan Risk Based Capital (RBC); dan satu variabel kontrol berupa strategi aliansi joint venture. Penelitian ini bertujuan untuk mengetahui: (1) Pengaruh pendapatan premi terhadap ROA. (2) Pengaruh hasil investasi terhadap ROA. (3) Pengaruh volume of capital terhadap ROA. (4) Pengaruh loss ratio terhadap ROA. (5) Pengaruh beban operasional terhadap ROA. (6) Pengaruh risk based capital terhadap ROA. (7) Pengaruh strategi aliansi joint venture terhadap ROA. (8) Pengaruh strategi aliansi joint venture dalam hubungan pendapatan premi, hasil investasi, volume of capital, loss ratio, beban operasional, dan risk based capital terhadap ROA. Populasi pada penelitian ini adalah perusahaan asuransi jiwa konvensional yang beroperasi di Indonesia selama periode 2015-2018. Dengan teknik sampling purposive sampling didapatkan 14 perusahaan yang memenuhi kriteria sampel. Teknik pengumpulan data menggunakan metode dokumentasi yaitu menggunakan data sekunder berupa laporan keuangan triwulanan perusahaan asuransi jiwa konvensional selama 15 periode. Teknik analisis data yang digunakan untuk menjawab hipotesis penelitian ini adalah uji asumsi klasik, analisis deskriptif dan anilisis regresi berganda. Hasil penelitian ini menunjukan bahwa: pendapatan premi dan volume of capital berpengaruh positif signifikan terhadap Return On Asstes; beban operasional berpengaruh negatif signifikan terhadap Return On Asstes; hasil investasi, loss ratio, risk based capital, dan strategi aliansi joint venture tidak berpengaruh signifkan terhadap Return On Asstes; dan strategi aliansi joint venture tidak mempengaruhi hubungan pendapatan premi, hasil investasi, volume of capital, loss ratio, beban operasional, risk based capital terhadap ROA.
THE INFLUENCE OF KNOWLEDGE OF ENTREPRENEURSHIP, SELF-EFFICACY TOWARDS INTERESTS ENTREPRENEURSHIP THROUGH MOTIVATION ENTREPRENEURSHIP TO SANTRI AT PONDOK PESANTREN BAHRUL MAGHFIROH MALANG Yulian Muzakki; Agung Winarno; Ely Siswanto
International Journal of Economy, Education and Entrepreneurship Vol. 2 No. 1 (2022): International Journal of Economy, Education and Entrepreneurship
Publisher : Yayasan Education and Social Center

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.53067/ije3.v2i1.39

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The presence and role of santri in entrepreneurship can positively influence economic conditions and progress. For this reason, students from the Bahrul Maghfiroh Islamic Boarding School have an entrepreneurship program where students are given entrepreneurial knowledge and practice in business units at the Bahrul Maghfiroh Islamic Boarding School to foster interest in entrepreneurship among students. This research is quantitative research with path analysis technique or path analysis. The results showed a direct influence of entrepreneurial knowledge and self-efficacy on entrepreneurial motivation, and there was a direct influence of entrepreneurial knowledge and self-efficacy on entrepreneurial interest. There is a direct influence of entrepreneurial motivation on interest in entrepreneurship. Entrepreneurial knowledge has an indirect influence on interest in entrepreneurship through entrepreneurial motivation. Self-efficacy has an indirect influence on interest in entrepreneurship through entrepreneurial motivation
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

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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

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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.
Analysis of Company Financial Performance Perum Jasa Tirta Yuli Agustina; Wita Ryani Juniar; Heri Pratikto; Ely Siswanto
International Journal of Accounting & Finance in Asia Pasific (IJAFAP) Vol 3, No 3 (2020): International Journal of Accounting & Finance in Asia Pasific (IJAFAP) October 2
Publisher : AIBPM Publisher

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (179.478 KB) | DOI: 10.32535/ijafap.v3i3.947

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The purpose of this study is to determine the financial performance of Perum Jasa Tirta I Malang-East Java for the period 2009-2018. This type of research used in this study is a description and the method used to measure financial performance is one of the methods of financial statement analysis. The financial statement analysis method involves several financial ratios namely liquidity ratios, leverage, activity and profitability and is measured based quantitatively data. The results showed that: Information on financial performance is needed in maintaining the company's existence; this is evident from the results Financial performance of Perum Jasa Tirta I, as seen from profitability ratios and leverage ratios, showed excellent performance even though profitability ratios and activity ratios are known to be in poor condition.
The Board of Directors, Firm Size, Capital Structure, Financial Performance During the Covid-19 Crisis: Evidence from Indonesia Chintya Noliviasari; Ely Siswantoro
International Journal of Entrepreneurship and Business  Management Vol. 1 No. 2 (2022)
Publisher : Asosiasi Dosen Peneliti Ilmu Ekonomi dan Bisnis Indonesia (ADPEBI)

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (244.945 KB) | DOI: 10.54099/ijebm.v1i2.347

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This study investigates the impact of the board of directors, and firm size on financial performance with capital structure as intervening variable in manufacturing companies listed on the Indonesia Stock Exchange during the Covid-19 pandemic specifically in the period 2020-2021. The sample in this study was 114 companies determined by using purposive sampling. The board of directors in this study was measured using the number of the board of directors, company size using Ln Total Assets, capital structure using DER, and financial performance using ROA. We find that the board of directors has no effect on financial performance and capital structure, company size has a positif significant influence to financial performence and capital structure, and capital structure has a negative significant influence to financial performence. In addition, capital stucture is able to mediate the relationship of firm size on financial peformance, but fails to mediate the relationship of the board of directors on financial peformance
The Effect of Fast Food Digital Marketing on Purchase Intention Through Brand Image and Consumer Satisfaction (Study on KFC Palopo's Teen Consumers) Wiwin Riski Windarsari; Sudarmiatin Sudarmiatin; Ely Siswanto
Journal of Economics Education and Entrepreneurship Vol 3, No 2 (2022): JEE, October 2022
Publisher : Program Studi Pendidikan Ekonomi FKIP Universitas Lambung Mangkurat

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.20527/jee.v3i2.6225

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The Theory of Planned Behavior (TPB) by including three additional constructs namely digital marketing, brand image, and consumer satisfaction to predict adolescent purchase intention for fast food products. This study uses an explanatory quantitative approach. The sampling technique used purposive sampling totaling 200 respondents. Data analysis using Partial Least Square (PLS) method. The results of the study show that 1) digital marketing has a positive and significant direct effect on brand image. 2) digital marketing has a positive and significant direct effect on consumer satisfaction. 3) brand image has a positive and significant direct effect on purchase intention. 4) consumer satisfaction has a positive and significant direct effect on purchase intention. 5) digital marketing has a positive and significant direct effect on purchase intention. 6) brand image has a direct effect on consumer satisfaction. 7) digital marketing has a positive and significant direct effect on purchase intention through brand image. 8) digital marketing has a positive and significant direct effect on purchase intention through consumer satisfaction. 9) brand image has a positive and significant direct effect on purchase intention through consumer satisfaction. 10) digital marketing has a positive and significant direct effect on consumer satisfaction through brand image. Based on the results of the study, the researchers gave suggestions, namely adding social media campaigns and providing special product packages for teenagers