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Pecking Order Theory and Trade-Off Theory of Capital Structure: Evidence from Indonesian Stock Exchange Culata, Priska Ralna Eunike; Gunarsih, Tri
Journal the Winners: Economics, Business, Management, and Information System Journal Vol 13, No 1 (2012): The Winners Vol. 13 No. 1 2012
Publisher : Bina Nusantara University

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21512/tw.v13i1.666

Abstract

Numerous empirical studies in the finance field have tested many theories for firms’ capital structure. The pecking order theory and the trade-off theory of capital structure is among the most influential theories of firms’ capital structure. The trade-off theory predicts optimal capital structure, while the pecking order theory does not predict an optimal capital structure. According to pecking order theory,  the order of financial sources used is the source of internal funds from profits, short-term securities, debt, preferred stock and common stock last. The main objective of this study is to econometrically test whether the listed companies in Indonesian Stock Exchange follow the pecking order theory or the trade-off theory. Samples in this study are public companies listed during 2009-2010. The research questions are tested by running regression models.  The empirical result of this study shows that the pecking order theory is not supported, while the trade-off theory is supported. This suggests that the capital structure of listed companies in Indonesian Stock Exchange is financed based on optimal capital structure, not by the order financial resources.
CORPORATE GOVERNANCE STRUCTURE AND TIMELINESS OF FINANCIAL REPORT Gunarsih, Tri
Journal of Management and Business Vol 10, No 1 (2011): MARCH 2011
Publisher : Department of Management - Faculty of Business and Economics. Universitas Surabaya.

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (123.27 KB) | DOI: 10.24123/jmb.v10i1.170

Abstract

The main objectives of this research are to describe the obedience towards the regulation of timeliness financial report submission and to analyze the influence of financial performance and corporate governance structure to timelines of financial report submission. The research questions are tested by running Analysis of Variance (Anova) and two logistic regressions. Timelines (measured by dummy variable, 1 if the company comply financial report submissioni.e. before and at 31 of March, while 0 for delayed submission) is the dependent variable both in Anova and in logistic regression. The independent variables in logistic regression consist of EAT, ROA, ROE, Leverage, concentration ownership by domestic institution, number of the Board of Directors, number of the Board of Commissioners and Industry Classification. The first main result of this study is that there is an increasing of timelines obedience. This suggests that the obedience of listed companies towards the regulation of timelines is increasing form time to time. The second main result of this study is that there is an influence of profitability (ROA), leverage and corporate governance structure (ownership concentration by Domestic Institution/HI_DOM) to the probability of timelines financial report submission. The positive and negative sign of ROA and leverage respectively, suggest that higher ROA and lower leverage tend to obey the regulation of timelines. The negative sign of HI_DOM suggest that the lower ownership concentration by Domestic Institution tend to obey the regulation of timelines.
APAKAH FAKTOR EKSTERNAL MEMPREDIKSI UNDERPRICING LEBIH BAIK DIBANDINGKAN FAKTOR INTERNAL? STUDI INITIAL PUBLIK OFFERING DI BEI TAHUN 2009-2017 Saefudin, Saefudin; Gunarsih, Tri
JMBI UNSRAT (Jurnal Ilmiah Manajemen Bisnis dan Inovasi Universitas Sam Ratulangi). Vol 7, No 1 (2020): JMBI UNSRAT Volume 7 Nomor 1
Publisher : FEB Universitas Sam Ratulangi Manado

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.35794/jmbi.v7i1.28178

Abstract

Underpricing is a phenomenon that still occurs in the Indonesian capital market, where the offering price of shares in the primary market is lower than the opening price or closing price on the first day on the secondary market. This study aims to examine the effect of Return On Assets (ROA), Debt to Equity Ratio (DER), company size, underwriter reputation, age, and interest rates on the underpricing of shares in companies’s Initial Public Offering (IPO) listing on the Indonesia Stock Exchange (BEI) in 2009 to 2017. The population in this study are companies that conduct IPOs on the BEI period 2009 to 2017. The sample selection in this study uses a purposive sampling method, based on certain criteria. The sample in this study were 183 underpricing companies from 205 companies conducting IPO in the period 2009 to 2017. The data used in this study used secondary data. The multiple regression analysis was implemented in this study. The results showed that DER, company size, and underwriter reputation did not significantly influence underpricing. While ROA, age and interest rates have a significant negative effect on underpricing. In this study, investors consider ROA, age, interest rates compared to DER, company size, and the reputation of the underwriter to invest in companies that make an IPO.Keywords: Underpricing, Initial Public Offering, and Indonesian Stock Exchange.
ANALISIS TEKNIKAL SAHAM : PERBANDINGAN INDIKATOR VARIABLE INDEX DYNAMIC AVERAGE DAN INDIKATOR RELATIVE STRENGHT INDEX Tri Gunarsih, Asri Utami
Prosiding Seminar Nasional Multidisiplin Ilmu Vol 1, No 2 (2019): Prosiding Seminar Nasional : Pemanfaatan Literasi Digital Dalam Publikasi Ilmiah
Publisher : Universitas Respati Yogyakarta

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Abstract

Tujuan penelitian ini adalah menguji keakuratan analisis teknikal dengan indikator Variable Index Dynamic Average (VIDYA) dan indikator Relative Strenght Index (RSI) untuk menentukan sinyal jual dan beli saham. VIDYA dan RSI merupakan indikator dinamis yang dapat mengubah periode waktu dengan cara menganalisis aksi pasar yang terjadi. Pada penelitian ini VIDYA menggunakan dua cara pembobotan yaitu Expoinential Moving Average (EMA) dan Expoinential Weighted Moving Average (EWMA). VIDYA juga dapat digunakan sebagai strategi trading guna menentukan sinyal jual atau sinyal beli dengan menggunakan titik breakout.Kata kunci: Analisis Teknikal, VIDYA , RSI, EMA, EWMA
PENGARUH GOOD CORPORATE GOVERNANCE TERHADAP KINERJA PERUSAHAAN. STUDI PADA PERUSAHAAN PUBLIC TAHUN 2009-2017 Tri Gunarsih, Mita Puji Astuti,
Prosiding Seminar Nasional Multidisiplin Ilmu Vol 1, No 2 (2019): Prosiding Seminar Nasional : Pemanfaatan Literasi Digital Dalam Publikasi Ilmiah
Publisher : Universitas Respati Yogyakarta

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Abstract

Penelitian ini bertujuan untuk menganalisis pengaruh Good Corporate Governnace (GCG), ukuran perusahaan (firm size) dan jenis industri terhadap kinerja perusahaan. Populasi pada penelitian ini adalah perusahaan go public yang mendapat peringkat corporate governance perception index (CGPI) tahun 2009-2017. GCG diproksikan dengan CGPI dan kinerja perusahan diproksikan dengan Tobin’ Q. Sampel penelitian sebanyak 31 perusahaan dengan 101 observasi. Data dianalisis dengan menggunakan regresi linear berganda. Hasil penelitian menunjukkan bahwa ukuran perusahaan dan jenis perusahaan berpengaruh terhadap kinerja perusahaan. Variabel CGPI berpengaruh positif terhadap kinerja perusahaan. Hal ini mengindikasikan bahwa semakin tinggi CGPI semakin tinggi kinerja perusahaan.Kata Kunci: CGPI, Ukuran Perusahaan, Jenis Industri dan Kinerja Perusahaan.
ANALISIS TEKNIKAL SAHAM : PERBANDINGAN INDIKATOR VARIABLE INDEX DYNAMIC AVERAGE DAN INDIKATOR RELATIVE STRENGHT INDEX Tri Gunarsih, Asri Utami
Prosiding Seminar Nasional Multidisiplin Ilmu Vol 1, No 2 (2019): Prosiding Seminar Nasional : Pemanfaatan Literasi Digital Dalam Publikasi Ilmiah
Publisher : Universitas Respati Yogyakarta

Show Abstract | Download Original | Original Source | Check in Google Scholar

Abstract

Tujuan penelitian ini adalah menguji keakuratan analisis teknikal dengan indikator Variable Index Dynamic Average (VIDYA) dan indikator Relative Strenght Index (RSI) untuk menentukan sinyal jual dan beli saham. VIDYA dan RSI merupakan indikator dinamis yang dapat mengubah periode waktu dengan cara menganalisis aksi pasar yang terjadi. Pada penelitian ini VIDYA menggunakan dua cara pembobotan yaitu Expoinential Moving Average (EMA) dan Expoinential Weighted Moving Average (EWMA). VIDYA juga dapat digunakan sebagai strategi trading guna menentukan sinyal jual atau sinyal beli dengan menggunakan titik breakout.Kata kunci: Analisis Teknikal, VIDYA , RSI, EMA, EWMA
PREDIKSI PERINGKAT OBLIGASI DENGAN CORPORATE GOVERNANCE PERCEPTION INDEX (CGPI) DAN KARAKTERISTIK OBLIGASI Gunarsih, Tri; Prasasti, Ponco Adityia; Sari, Septi Diana
Jurnal Keuangan dan Perbankan Vol 19, No 1 (2015): January 2015
Publisher : University of Merdeka Malang

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (275.017 KB) | DOI: 10.26905/jkdp.v19i1.832

Abstract

The objective of this study was to predict the impact of Corporate Governance Perception Index (CGPI) andBond Characteristics to Bond Rating by using the ordinal logistic regression. This regression was used sincethe dependent variable was ordinal data, consisting of three groups. The CGPI issued by Indonesian Instituteof Corporate Governance (IICG) was a score from 0 to 100 while the characteristics of the bond consisted ofthree variables, namely subordinated bonds, industry type and the maturity of the bond. The results of thisstudy indicated that scores of CGPI, subordinated bonds and the type of the industry were statistically significantat ?5%while the maturity of the bond was not. The positive direction of the relationship between scores ofCGPI to bond rating suggested that the higher the score, the higher the rating. The negative sign of subordinatedbonds suggested that subordinated bonds had a rating lower than non-subordinated bonds. The lastsignificant variables, type of industry suggested that financial and utility industry had higher bond ratingfrom other industries.
STRUKTUR CORPORATE GOVERNANCE DAN KETEPATAN WAKTU PENYAMPAIAN LAPORAN KEUANGAN: PERBANDINGAN MODEL LOGISTIK DAN NEURAL NETWORK Gunarsih, Tri
Jurnal Keuangan dan Perbankan Vol 14, No 2 (2010): May 2010
Publisher : University of Merdeka Malang

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (1360.062 KB) | DOI: 10.26905/jkdp.v14i2.965

Abstract

The main objective of this study was to examine the impact of corporate gover-nance structure and the performance of the firms to timelines in Indonesian Stock Exchangeusing two alternative methods, Logistic Regression and Neural Network. This study com-bined corporate governance structure and timelines study. Samples in this study were publiccompanies listed in Indonesian Stock Exchange. The dependent variable was timelines proxiedby dummy variable, 1 if companies published financial reporting before 120 days after De-cember 31 and 0 otherwise. Governance structures are proxied number of the Board ofDirectors and number of the Board of Commissioners. The results of the study showed thatthe prediction accuracy of logistic regression is 61.2% while Neural Network is more than96%. This suggested that Neural Network predicts more accurately than logistic regression.
PENGARUH LITERASI KEUANGAN DAN FINTECH TERHADAP INKLUSI KEUANGAN PADA MASYARAKAT D.I.YOGYAKARTA Tri Gunarsih, Rizki Miftahur Rohmah,
Prosiding Seminar Nasional Multidisiplin Ilmu Vol 3, No 1 (2021): Strategi Mempertahankan Kualitas Penelitian dan Publikasi di Era Pandemi
Publisher : Universitas Respati Yogyakarta

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Abstract

Inklusi keuangan merupakan ketersediaan akses masyarakat terhadap produk layanan keuangan yang sesuai dengan kebutuhan dan kemampuan masyarakat. Penelitian ini bertujuan untuk menganalisis pengaruh literasi keuangan dan penggunaan fintech terhadap inklusi keuangan. Literasi keuangan adalah pengetahuan, keterampilan, dan keyakinan yang mempengaruhi sikap dan perilaku seseorang terhadap pengambilan keputusan dalam pengelolaan keuangan. Fintech dalam penelitian ini adalah sebuah inovasi yang bersifat distruptif dalam bidang keuangan dengan memanfaatkan teknologi dan internet dengan tujuan untuk memberikan kemudahan dalam melakukan transaksi keuangan. Penelitian dilakukan pada masyarakat D.I Yogyakarta dengan pemilihan sampel menggunakan teknik purposive sampling. Sampel yang dipilih adalah yang memenuhi kriteria usia lebih dari 15 tahun dan berdomisili di Yogyakarta. Data didapatkan melalui kuesioner yang dibagikan pada responden. Responden yang memenuhi syarat dan dapat dianalisis adalah sebanyak 103. Data yang dianalisis memenuhi ketentuan pengujian validitas dan reliabilitas. Pengujian hipotesis dilakukan dengan analisis regresi berganda. Hasil analisis mengenai literasi keuangan menunjukkan bahwa literasi keuangan memiliki pengaruh positif signifikan terhadap inklusi keuangan. Hasil analisis data mengenai fintech menunjukkan bahwa fintech berpengaruh positif signifikan terhadap inklusi keuangan. Penelitian ini mengimplikasikan bahwa untuk meningkatkan inklusi keuangan dapat dilakukan dengan meningkatkan literasi keuangan dan penggunaan fintech.
TVA, Abnormal Return, and Investor Perception on Changing of Tick Size 2 May 2016 Tri Gunarsih; Astri Wening Perwitasari
Jurnal Keuangan dan Perbankan Vol 21, No 3 (2017): July 2017
Publisher : University of Merdeka Malang

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (277.075 KB) | DOI: 10.26905/jkdp.v21i3.1316

Abstract

The objective of this study was to analyze the market reaction to the changing of the capital market's tick size regulation on May 2, 2016. The main goal of the regulation was to increase the capital market liquidity, then it’s important to test whether there was a difference in market liquidity before and after the regulation released. The method of this study was studying with Trading Volume Activity (TVA) and abnormal return based on secondary data and also investor perception based on primary data. The secondary data consist of 65 samples of listed companies in Indonesia Stock Exchange. The primary data consist of 67 investors in Yogyakarta that were selected using a purposive sampling method. The result of this study was a mix, there was no difference before and after the release of regulation in TVA, but there was a difference in abnormal return. The result of investor perception shows that there was a positive response to the changing of tick size regulation.