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The determinants of hedging and firm value: an empirical study in mining companies listed on Indonesia stock exchange Irawanti, Garnis; Moeljadi, Moeljadi; Indrawati, Nur Khusniyah
MEC-J (Management and Economics Journal) Vol 2, No 2 (2018)
Publisher : Faculty of Economics, State Islamic University of Maulana Malik Ibrahim Malang

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (858.946 KB) | DOI: 10.18860/mec-j.v0i1.5017

Abstract

This study aims to determine the determinant factors in the company's hedging decisions and to determine whether the activities of corporate hedging decisions through derivative instruments provide increased value for the company. The sample consisted of 33 mining companies listed on Indonesia Stock Exchange during 2011-2015 period. The method used in this study is logistic regression and independent sample t-test. The result of logistic regression by using variable of financial distress, underinvestment cost, and size showed a positive correlation to corporate hedging decision. Meanwhile, by using an independent sample t-test found that the company's hedging decisions significantly affect the value of firms and the companies with hedging decision activity through derivative instruments have more superior value than companies by using natural hedging decisions. 
Implementasi Program Kemitraan Perkebunan Kelapa Sawit Berbasis Masyarakat Petani (Studi di PT.Mustika Sembuluh dan Koperasi Bita Maju Bersama Desa Pondok Damar, Kecamatan Mentaya Hilir Utara, Kabupaten Kotawaringin Timur, Provinsi Kalimantan Tengah) Irawanti, Garnis
Jurnal Administrasi Publik Vol 2, No 10 (2014)
Publisher : Jurusan Administrasi Publik, Fakultas Ilmu Administrasi, Universitas Brawijaya

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Abstract

Abstract: The Implementation of Partnership Program of Farmer Community Based Palm Oil Plantation (Study at PT. Mustika Sembuluh and Cooperative Bita Maju Bersama at Pondok Damar Village, Kecamatan Mentaya Hilir Utara, Kabupaten Kotawaringin Timur, Central Kalimantan Province). The development of palm oil plantation enterprises in Kotawaringin Timur District is an important agenda because their existence in Kotawaringin Timur District has been the guarantee economic development and dramatic opportunities for employment. However, in other hand, the presence of oil palm plantation enterprises has triggered a conflict of land or environment. The government of Kotawaringin Timur District, therefore, sets a policy functioned to act as the deterrent of conflict between the society and palm oil plantation enterprises. This policy is the Local Regulation of Kotawaringin Timur District No. 20 of 2012 about Plantation Enterprises through Partnership Pattern. This research is aimed to describe the implementation of partnership program in the farmer society-based  palm oil  plantation by PT.Mustika Sembuluh and Cooperative Bita Maju Bersama in Pondok Damar Village. Research type is qualitative descriptive. The implementation of partnership program by PT. Mustika Sembuluh and Cooperative Bita Maju Bersama in Pondok Damar Village can be said as successful and has been suitable to the collectively agreed MoU. Keywords: implementation public policy, partnership, palm oil plantation Abstrak: Implementasi Program Kemitraan Perkebunan Kelapa Sawit Berbasis Masyarakat Petani (Studi di PT.Mustika Sembuluh dan Koperasi Bita Maju Bersama Desa Pondok Damar, Kecamatan Mentaya Hilir Utara, Kabupaten Kotawaringin Timur, Provinsi Kalimantan Tengah). Perkembangan perusahaan perkebunan kelapa sawit di Kabupaten Kotawaringin Timur saat ini menjadi agenda penting. Hal ini dikarenakan keberadaan perusahaan perkebunan kelapa sawit di Kabupaten Kotawaringin Timur akan menjamin pertumbuhan ekonomi dan peluang tenaga kerja yang pesat. Namun disatu sisi keberadaan perusahaan perkebunan kelapa sawit menimbulkan konflik lahan ataupun lingkungan. Untuk itu Pemerintah Kabupaten Kotawaringin Timur  membuat sebuah kebijakan yang berfungsi untuk peredam konflik, yaitu Perda Kabupaten Kotim Nomor 20 Tahun 2012 tentang Usaha Perkebunan dengan Pola Kemitraan. Penelitian ini bertujuan untuk mendeskripsikan implementasi program kemitraan perkebunan kelapa sawit berbasis masyarakat petani yang dilakukan oleh PT.Mustika Sembuluh dengan Koperasi Bita Maju Bersama di Desa Pondok Damar. Penelitian ini menggunakan jenis penelitian deskriptif kualitatif. Implementasi program kemitraan perkebunan kelapa sawit yang dilakukan oleh PT.Mustika Sembuluh dengan Koperasi Bita Maju Bersama Desa Pondok Damar telah berhasil dan berjalan sesuai dengan MoU yang telah disepakati bersama.   Kata Kunci: implementasi kebijakan publik, kemitraan, perkebunan kelapa sawit 
Kecepatan Penyesuaian Leverage : Bukti Empiris Perusahaan Pertambangan di Indonesia Garnis Irawanti; Koko Safitri
Coopetition : Jurnal Ilmiah Manajemen Vol. 13 No. 2 (2022): Coopetition : Jurnal Ilmiah Manajemen
Publisher : Program Studi Magister Manajemen, Institut Manajemen Koperasi Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.32670/coopetition.v13i2.1760

Abstract

This study aims to examine the speed of target adjustment and the company's leverage. Mining companies listed on the Indonesia Stock Exchange for the period 2015 to 2020 are the objects of this research, especially in terms of examining the factors that affect the speed of adjustment to the target leverage. This study uses a sample of 34 mining companies in conducting observations. This study uses a dynamic approach that takes into account the possible deviations between the actual leverage ratio and the company's targeted leverage ratio. The results of the study show that 1) the speed of leverage adjustment made by mining companies in Indonesia is still influenced by adjustments to the costs borne by the company, the adjustment time, and the process of making adjustments, even though leverage adjustment is very necessary in achieving company profitability. 2) Profitability has a significant effect on speed adjustment. This is because profitability is the main source of funding for the company. So it can be said that leverage adjustment requires an increase in profitability. 3) Firm size has a negative effect on the speed of adjustment. Consideration of the costs that will be faced by the company if making adjustments, is a reason for companies not to immediately make adjustments. 4) Company growth has a positive effect on speed adjustment. Companies with high growth, it is easier to change the composition of their capital structure by changing the composition of new capital 5) Distance has a negative effect on the speed of adjustment. The further the deviation (distance) between the target leverage and the actual leverage, the slower the adjustment made by the company.