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All Journal Jurnal Keuangan dan Perbankan Gadjah Mada International Journal of Business Journal of Indonesian Economy and Business Jurnal Ilmu Manajemen dan akuntansi Terapan (JIMAT) Journal of Indonesian Economy and Business
Kusdhianto Setiawan
Department Of Management, Faculty Of Economics And Business, Universitas Gadjah Mada
Decision Sciences, Operations Research & Management Economics, Econometrics & Finance

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Journal : Journal of Indonesian Economy and Business

 1 
ANALYSIS OF MARKET TIMING TOWARD LEVERAGE OF NON-FINANCIAL COMPANIES IN INDONESIA Wulandari, Vera Pipin; Setiawan, Kusdhianto
Journal of Indonesian Economy and Business Vol 30, No 1 (2015): January
Publisher : Journal of Indonesian Economy and Business

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (671.155 KB)

Abstract

ABSTRACTThis study aimed to examine the effect of market timing on leverage on non-financial compa-nies in Indonesia. Market timing was tested on the hot and cold market conditions. Hot and cold markets are determined by the monthly market to book ratio. A hot (cold) market occurs when the average market to book ratio of a particular month is above (below) the value of the moving average of the monthly market to book ratio. This study also aimed to test whether non-financial companies in Indonesia persistently applied leverage policies. This study used two research models. The first model was a panel data with a sample size of 77 non-financial companies listed on the Indonesian Stock Exchange from 2002-2013.The second model was a cross section data with a sample size of 157 non-financial companies that conducted their IPO in Indonesia from 2003-2013. The dependent variable in both the research models was leveraget (levt). The independent variables were markett and leveraget-1 (levt–1). The control variables were profitabi-lityt-1 (proft-1); and sizet-1. The results of this study indicated that market timing affected the lev-erage of non-financial companies listed on the Indonesian Stock Exchange. However, market timing did not affect the leverage of non-financial companies that had their IPO in Indonesia. The non-financial companies in Indonesia were not persistently applying a leverage policy. The capital structure of non-financial companies in Indonesia changed because of the influence of variable profitability and size (which supports the pecking order and trade off theory).Keywords: market timing theory, leverage, hot and cold market, market to book ratio
PUBLIC FIRMS BACKGROUND ON THE PERFORMANCEGOVERNANCE RELATION: EVIDENCE FROM INDONESIA Setiawan, Kusdhianto; Junarsin, Eddy; Yuliati, Sri Handaru
Journal of Indonesian Economy and Business Vol 28, No 3 (2013): September
Publisher : Journal of Indonesian Economy and Business

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Abstract

This study purports to test two governance issues in Indonesian listed firms. To explore corporategovernance mechanisms in Indonesia, we ought to understand that listed firms on theIndonesian capital market came from two initial business backgrounds: (1) private firms, whichhad been private businesses before going public; and (2) Badan Usaha Milik Negara (stateownedenterprises), which were owned by the Indonesian government and managed bygovernment-appointed management. Although both types of the firms have gone public, theirdifferences might remain intact, such as differences in size, lines of business, market share, andthe efficiency of corporate governance. Using 442 raw sample from all firms listed on theIndonesian Stock Exchange during 2003-2012, we find that governance characteristics andperformance relation does differ between previously SOE firms and previously private firms.However, we do not find evidence of distinct financial performance between previously SOEfirms and previously private firms.1 Corresponding author. We are grateful for the researchgrant provided by the Faculty of Economics and Business,Universitas Gadjah Mada.Keywords: SOE firms, private firms, corporate governance, firm performance, firm background
PUBLIC FIRM'S BACKGROUND ON THE PERFORMANCEGOVERNANCE RELATION: EVIDENCE FROM INDONESIA Kusdhianto Setiawan; Eddy Junarsin; Sri Handaru Yuliati
Journal of Indonesian Economy and Business (JIEB) Vol 28, No 3 (2013): September
Publisher : Faculty of Economics and Business, Universitas Gadjah Mada

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (158.735 KB) | DOI: 10.22146/jieb.6215

Abstract

This study purports to test two governance issues in Indonesian listed firms. To explore corporategovernance mechanisms in Indonesia, we ought to understand that listed firms on theIndonesian capital market came from two initial business backgrounds: (1) private firms, whichhad been private businesses before going public; and (2) Badan Usaha Milik Negara (stateownedenterprises), which were owned by the Indonesian government and managed bygovernment-appointed management. Although both types of the firms have gone public, theirdifferences might remain intact, such as differences in size, lines of business, market share, andthe efficiency of corporate governance. Using 442 raw sample from all firms listed on theIndonesian Stock Exchange during 2003-2012, we find that governance characteristics andperformance relation does differ between previously SOE firms and previously private firms.However, we do not find evidence of distinct financial performance between previously SOEfirms and previously private firms.1 Corresponding author. We are grateful for the researchgrant provided by the Faculty of Economics and Business,Universitas Gadjah Mada.Keywords: SOE firms, private firms, corporate governance, firm performance, firm background
ANALYSIS OF MARKET TIMING TOWARD LEVERAGE OF NON-FINANCIAL COMPANIES IN INDONESIA Vera Pipin Wulandari; Kusdhianto Setiawan
Journal of Indonesian Economy and Business (JIEB) Vol 30, No 1 (2015): January
Publisher : Faculty of Economics and Business, Universitas Gadjah Mada

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (671.155 KB) | DOI: 10.22146/jieb.7333

Abstract

ABSTRACTThis study aimed to examine the effect of market timing on leverage on non-financial compa-nies in Indonesia. Market timing was tested on the hot and cold market conditions. Hot and cold markets are determined by the monthly market to book ratio. A hot (cold) market occurs when the average market to book ratio of a particular month is above (below) the value of the moving average of the monthly market to book ratio. This study also aimed to test whether non-financial companies in Indonesia persistently applied leverage policies. This study used two research models. The first model was a panel data with a sample size of 77 non-financial companies listed on the Indonesian Stock Exchange from 2002-2013.The second model was a cross section data with a sample size of 157 non-financial companies that conducted their IPO in Indonesia from 2003-2013. The dependent variable in both the research models was leveraget (levt). The independent variables were markett and leveraget-1 (levt–1). The control variables were profitabi-lityt-1 (proft-1); and sizet-1. The results of this study indicated that market timing affected the lev-erage of non-financial companies listed on the Indonesian Stock Exchange. However, market timing did not affect the leverage of non-financial companies that had their IPO in Indonesia. The non-financial companies in Indonesia were not persistently applying a leverage policy. The capital structure of non-financial companies in Indonesia changed because of the influence of variable profitability and size (which supports the pecking order and trade off theory).Keywords: market timing theory, leverage, hot and cold market, market to book ratio
ADAKAH PENGARUH "EVA" TERHADAP NILAI PERUSAHAAN DAN KEMAKMURAN PEMEGANG SAHAM PADA PERUSAHAAN PUBLIK? R. Agus Sartono; Kusdhianto Setiawan
Journal of Indonesian Economy and Business (JIEB) Vol 14, No 4 (1999): October
Publisher : Faculty of Economics and Business, Universitas Gadjah Mada

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (126.345 KB)

Abstract

Economic Value Added (EVA) as a performance measure has proven in United States as prominent measure of companies business performance, especially in focusing on business operation that fit with its' core business. However, our research found that EVA has no significant correlation with MVA (Market Value Added) and abnormal return as indicators of stock price movement, but EVA significantly associated with leverage that support Modigliani-Miller theory of capital structure in its' second proposition. These findings rise the question whether or not EVA could be used as effective performance measure in Indonesia and than use it as a mean of management incentive in order to align with shareholders objective to maximize value of the firm.
Co-Authors Al Asy Ari Adnan Hakim Eddy Junarsin Hayun Kusumah Hayun Kusumah Marwan Asri Muhammad Sofian Maksar R. Agus Sartono R.A. Sartono Setiyono, Bowo Sri Handaru Yuliati Vera Pipin Wulandari Vera Pipin Wulandari, Vera Pipin