Articles
<![CDATA[Tingkat Utang, Jatuh Tempo Utang, dan Uncertainty Perusahaan Indonesia ]]>
<![CDATA[Aurelia, Angeli]]>;
<![CDATA[Juliana, Rita]]>
<![CDATA[ Jurnal Riset Akuntansi dan Keuangan Vol 9, No 3 (2021): Jurnal Riset Akuntansi dan Keuangan. Desember 2021 [DOAJ & SINTA Indexed] ]]>
Publisher : <![CDATA[Program Studi Akuntansi FPEB UPI ]]>
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DOI: 10.17509/jrak.v9i3.31709
<![CDATA[Uncertainty seems to be one of the most important factors for economic agents in making economic decision. This study aims to investigates the effect of uncertainty on leverage and debt maturity of Indonesian companies. The sample of this study includes 479 non-financial sector companies listed in the Indonesia Stock Exchange (IDX) with period from year 2007 to 2019. The results show that uncertainty has a negative effect on corporate leverage in Indonesia, and uncertainty has a positive effect on debt maturity of small sized companies in Indonesia. Overall, the result suggest that uncertainty is one of the determinants of the leverage and debt maturity structure of companies in Indonesia. Ketidakpastian menjadi salah satu faktor yang penting bagi agen di ekonomi dalam mengambil keputusan ekonomi. Penelitian ini bertujuan untuk meneliti pengaruh ketidakpastian terhadap tingkat utang dan struktur jatuh tempo utang perusahaan Indonesia. Sample yang digunakan pada penelitian ini adalah 479 perusahaan sektor non-keuangan yang terdaftar di Bursa Efek Indonesia (BEI) selama periode waktu 2007 sampai dengan 2019. Hasil penelitian menunjukkan bahwa ketidakpastian berpengaruh negatif terhadap tingkat utang perusahaan di Indonesia, dan ketidakpastian berpengaruh positif terhadap struktur jatuh tempo utang perusahaan berukuran kecil di Indonesia. Maka dapat disimpulkan bahwa ketidakpastian merupakan salah satu penentu tingkat utang dan struktur jatuh tempo utang pada perusahaan di Indonesia.  ]]>
<![CDATA[Non-Linear Impact of Growth Opportunity and Firm Size on the Capital Structure ]]>
<![CDATA[Kim Sung Suk]]>;
<![CDATA[Rita Juliana]]>;
<![CDATA[Irwan Adi Ekaputra]]>
<![CDATA[ Jurnal Keuangan dan Perbankan Vol 22, No 4 (2018): October 2018 ]]>
Publisher : <![CDATA[University of Merdeka Malang ]]>
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DOI: 10.26905/jkdp.v22i4.2402
<![CDATA[One of the focuses on capital structure studies is to identify economic forces influencing corporate capital structure. We investigated the non-linear effects of the firm-specific factors to the leverage of the firm of the US-listed firms. In the partial-adjusted model, growth opportunity and the size of the firm had non-linear effects on the leverage of the firm. Growth opportunity showed quadratic effects on leverage with a negative linear term but a positive quadratic term. It meant if the growth opportunity of a firm reached a certain level, fund providers can relatively detect it and subsequently causes a decrease in asymmetric information. This detection of ample growth opportunity will increase the accessibility of external funding. Firm size also exhibits quadratic effects on leverage with a positive linear term but a negative quadratic term. In other words, if the firm size as a proxy of various omitted variables was imminent, the financial market has been applied the diversification discount that will decrease the accessibility of external funding.JEL Classification: G32, D92DOI: https://doi.org/10.26905/jkdp.v22i4.2402]]>
<![CDATA[Ketidakpastian dan Penggunaan Utang Perusahaan ]]>
<![CDATA[Rita Juliana]]>
<![CDATA[ Akuntabilitas Vol 13, No 2 (2020) ]]>
Publisher : <![CDATA[Department of Accounting-Faculty of Economic and Business (FEB) ]]>
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DOI: 10.15408/akt.v13i2.17560
<![CDATA[Uncertainty has been discussed as the core element of the slow economic recovery during the global financial crisis 2008-2009. The goal of this paper is specifically aiming to observe the effect of uncertainty to the firm’s financing policy. In this research, we utilize uncertainty in Indonesia level and world level that are developed by Ahir et al. (2018). The sample of this study are Indonesian companies that are listed in Indonesian Stock Exchange (IDX) from period 2007 until 2019. The methodology we used was panel data regression. The result of this study show that uncertainty decrease the firm’s leverage level. This situation is caused by uncertainty that increase firm’s manager concern about their long-term solvency.]]>
<![CDATA[Firm Life Cycle and Investment Inefficiency ]]>
<![CDATA[Amelia Graciosa]]>;
<![CDATA[Gracia Gracia]]>;
<![CDATA[Rita Juliana]]>
<![CDATA[ Journal of Accounting and Strategic Finance Vol 3 No 2 (2020): JASF (Journal of Accounting and Strategic Finance) ]]>
Publisher : <![CDATA[UNIVERSITAS PEMBANGUNAN NASIONAL VETERAN JAWA TIMUR ]]>
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DOI: 10.33005/jasf.v3i2.86
<![CDATA[This paper investigates whether the firm's life cycle stages carry out free cash flow efficiently or not before their investment performance. We utilize cash flow patterns to classify firms into five several life cycles stages. Our data consists of non-financial firms listed in Indonesia Stock Exchange from 2008-2018. We find evidence that Indonesian firms in the introduction, growth, and shakeout stage are underinvesting. This paper also shows that firms in decline stage are overinvested. The characteristic of the mature firm includes that firms with high cash flow will tend to overinvest. However, contrasting with mature firms' common characteristics, our results show that Indonesian firms in maturity stage tend to underinvest. The results also imply that the government should acknowledge the existence of Indonesian firms' investment inefficiency problem. Overall, this paper contributes to the literature by providing empirical evidence on Indonesia's investment inefficiency phenomena. It is suggested that further research may select a different method in calculating growth opportunities and may also study private firms since it tends to have higher financial constraints.]]>
<![CDATA[Economic Policy Uncertainty and Cost of Debt Financing in Indonesia ]]>
<![CDATA[Nadya Komari]]>;
<![CDATA[Rita Juliana]]>
<![CDATA[ E-Jurnal Akuntansi Vol 32 No 4 (2022) ]]>
Publisher : <![CDATA[Accounting Department, Economic and Business Faculty of Universitas Udayana in collaboration with the Association of Accounting Department of Indonesia, Bali Region ]]>
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DOI: 10.24843/EJA.2022.v32.i04.p14
<![CDATA[This study aims to see the effect of Economic Policy Uncertainty (EPU) to the cost of debt in Indonesia. This quantitative research sample used in this study includes a total of 4,312 observations collected from 453 listed firms on IDX from the period 2006 to 2020. Using fixed-effect panel data regression, our result shows that there is a positive relationship between the cost of debt and EPU, and the effect is even greater when a crisis occurs. With additional analysis conducted, our result show EPU has stronger impact on large firms’ than small firms’ cost of debt. However, when a crisis occurs, EPU has a higher effect on small firms samples than on large firms samples. Thus, it can be concluded if the crisis plays an important role in the research results. Keywords: Cost Of Debt; Economic Policy Uncertainty; Crisis.]]>
<![CDATA[Siklus Hidup Perusahaan dan Kendala Keuangan ]]>
<![CDATA[Felicia Ongkarina]]>;
<![CDATA[Pingky Pingky]]>;
<![CDATA[Violin Erina Natalia]]>;
<![CDATA[Rita Juliana]]>
<![CDATA[ JURNAL MANAJEMEN DAN BISNIS SRIWIJAYA Vol 17, No 4 (2019): Jurnal Manajemen dan Bisnis Sriwijaya ]]>
Publisher : <![CDATA[Program Studi Magister Manajemen FE Unsri ]]>
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DOI: 10.29259/jmbs.v17i4.11222
<![CDATA[Tujuan penelitian – Penelitian ini bertujuan untuk menguji hubungan antara siklus hidup perusahaan dan kendala keuangan.Desain/Metodologi/Pendekatan – Penelitian ini menggunakan sensitivitas arus kas investasi untuk mengukur kendala keuangan, dimana untuk setiap penambahan $1 arus kas, perusahaan dapat mengalokasikannya ke dalam enam channel: 1) Meningkatkan kepemilikan kas perusahaan (), 2) Berinvestasi pada working capital perusahaan (), 3) Berinvestasi pada aset tetap ( 4) Melunasi hutang perusahaan (, 5) Membeli kembali saham (, dan 6) Mendistribusikan dividen kepada pemegang saham (.Temuan – Hasil penelitian menunjukkan bahwa perusahaan pada tahap jatuh tempo cenderung memiliki sensitivitas arus kas investasi yang lebih tinggi sehingga dapat disimpulkan bahwa sensitivitas arus kas-investasi bukan merupakan indikator yang tepat untuk menentukan kendala keuangan.Keterbatasan penelitian – Penelitian ini menggunakan 538 perusahaan publik yang terdaftar di Bursa Efek Indonesia selama periode 2007 hingga 2008Originality/value – Dalam penelitian ini sensitivitas arus kas-investasi digunakan sebagai indikator untuk mengukur kendala keuangan. Keywords : Kendala keuangan, siklus hidup perusahaan, sensitivitas arus kas-investasi]]>
<![CDATA[Stock Liquidity, Corporate Governance, and Leverage in Indonesia ]]>
<![CDATA[Rita Juliana]]>;
<![CDATA[Thayogo Thayogo]]>
<![CDATA[ Riset: Jurnal Aplikasi Ekonomi Akuntansi dan Bisnis Vol 1 No 1 (2019): RISET : Jurnal Aplikasi Ekonomi Akuntansi dan Bisnis ]]>
Publisher : <![CDATA[Kesatuan Press ]]>
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DOI: 10.35212/277622
<![CDATA[This paper studies the relationship between stock liquidity, corporate governance, and leverage in Indonesia. A sample of 165 Indonesian listed firms in the year 2006-2016 is used. The study results confirm that an increase in stock liquidity and corporate governance decreases the use of leverage. This show that corporate governance and stock liquidity able to decrease the agency cost and the usage of debt. The interaction between stock liquidity and corporate governance shows that corporate governance significantly affects leverage only when the firm is liquid. However, there are different results among different proxies of corporate governance quality.]]>
<![CDATA[Even Number Boards In Indonesian Companies ]]>
<![CDATA[Martha David]]>;
<![CDATA[Rita Juliana]]>
<![CDATA[ Riset: Jurnal Aplikasi Ekonomi Akuntansi dan Bisnis Vol 2 No 1 (2020): RISET : Jurnal Aplikasi EKonomi Akuntansi dan Bisnis ]]>
Publisher : <![CDATA[Kesatuan Press ]]>
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DOI: 10.35212/riset.v2i1.46
<![CDATA[The recent globalization has forced firms throughout the world to enhance the performance. The aim of this research is to prove that corporate boards with even number of directors have inadequate corporate governance activities, to prove that corporate boards with even number of directors have inadequate agency problems and to prove that corporate boards with even number of directors decreases firm value, measured by meetings, expenses and market value of equity. The data is collected from the annual financial reports of 197 companies in 2013-2017 period, with a total of 985 company-year observations. The analysis is conducted using panel data regression method after going through diagnostic test. The results of this analysis show that even number of directors does impact corporate governance activities, causes inadequate agency problems and affects firm value. Firms with even number of boards is found having less meeting, greater expenses and lower market value of equity.]]>
<![CDATA[Ketidakpastian dan Investasi Perusahaan di Indonesia ]]>
<![CDATA[Vennicia Juselin]]>;
<![CDATA[Rita Juliana]]>
<![CDATA[ EQUITY Vol 24, No 1 (2021): EQUITY ]]>
Publisher : <![CDATA[Fakultas Ekonomi dan Bisnis UPN "Veteran" Jakarta ]]>
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DOI: 10.34209/equ.v24i1.2523
<![CDATA[Ketidakpastian menjadi kekhawatiran di seluruh dunia dan telah mengalami peningkatan sejak krisis keuangan global di tahun 2008. Penelitian ini bertujuan untuk meneliti pengaruh antara ketidakpastian terhadap investasi perusahaan di Indonesia. Di dalam penelitian ini menggunakan unbalanced panel data dari 480 perusahaan terbuka yang terdaftar di Bursa Efek Indonesia periode 2007Q1-2019Q4. Metodologi penelitian yang digunakan adalah model Fixed Effect. Hasil empiris menunjukan bahwa perusahaan di Indonesia ketika dihadapkan ketidakpastian cenderung meningkatkan investasi, perusahaan dengan irreversibility investment yang tinggi (PPE) lebih terdorong untuk meningkatkan investasi sedangkan perusahaan dengan kepemilikan pemerintah (SOE) mengurangi investasi ketika menghadapi ketidakpastian.]]>
