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INTERNAL CASH FLOWS, INSIDER OWNERSHIP, INVESTMENT OPPORTUNITY, DAN CAPITAL EXPENDITURES: SUATU PENGUJIAN TERHADAP HIPOTESIS PECKING ORDER DAN MANAGERIAL Hamidi, Masyhuri
Journal of Indonesian Economy and Business Vol 18, No 3 (2003): July
Publisher : Journal of Indonesian Economy and Business

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (265.226 KB)

The objectives of this study are to observe the impact of internal cash flows, insider ownership, and investment opportunity on the capital expenditure in two different theories. Those theories are: (1) the pecking order hypothesis and (2) the managerial hypothesis, tested in Indonesian case.On the one hand, the pecking order hypothesis postulates that managers can choose the level of capital expenditure to maximize the wealth of current shareholders without considering insider ownership in the company. On the other hand, according to the managerial hypothesis, managers whose ownership proportions are small tend to use higher level of internal cash flows to finance the capital expenditure than that which would maximize the wealth of current shareholders.This study is predicated on Griner and Gordonâs study (1995) and focused on manufacturing companies listed in BEJ. The data used in this study are taken from the period of 1993-1996. There are 64 companies chosen based on purposive sampling.The result of this study shows that the internal cash flows and the investment opportunity have positive and significant impact on the capital expenditures. However, the impact of insider ownerships on the capital expenditures is not significant. Eventually, this study substantiates the pecking order hypothesis.Keywords: Pecking Order Hypothesis, Managerial Hypothesis, Internal Cash Flows, Insider Ownership, Investment Opportunity, Capital Expenditures

Studi Komparasi Kinerja Bank Perkreditan Rakyat (BPR) Syariah dan Konvensional di Sumatera Barat Hamidi, Masyhuri
IQTISHADIA Vol 10, No 1 (2017): IQTISHADIA
Publisher : Ekonomi Syariah IAIN Kudus

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21043/iqtishadia.v10i1.2318

Rural Banks (BPR) have an important role in supporting the Indonesian economy through the provision of financial access to the society and micro, small and medium enterprises. Indonesia has implemented a dual-banking system as its banking system - Islamic banking and conventional banking systems - and BPR are possible to select each of the system to be implemented. In the rapid development of the financial industry Islamic and conventional BPR must be able to compete with other financial institutions like non-bank financing companies. So that, there is an importance to examine the success factor of BPR with the different systems in order to strengthen their position in its industry. This study aims to examine the factors that determines the performance of rural banks (BPR) and make a comparison between the BPR with Islamic and conventional systems in the West Sumatra province. To test the performance of rural banks various financial ratios based on the CAMEL framework are used, including ratio of Capital Adequacy, Asset Quality, Management, Earnings and Liquidity. The method used is quantitative method by using one-way ANOVA and Multiple Linear Regression to the panel data of Islamic and conventional BPR in 2011-2015 period. The results show that there are differences in the factors that determines the performance of Islamic and Conventional BPR.Bank Perkreditan Rakyat (BPR) memiliki peran penting dalam mendukung perekonomian Indonesia melalui penyediaan akses keuangan untuk masyarakat ekonomi lemah dan usaha mikro, kecil dan menengah. Indonesia telah mengimplementasikan dual-banking system sebagai sistem perbankannya yaitu sistem perbankan syariah dan sistem perbankan konvensional dan BPR juga dimungkinkan untuk memilih masing-masing sistem tersebut. Ditengah pesatnya perkembangan industri keuangan saat ini BPR syariah dan konvensional harus mampu bertahan dari persaingan yang diberikan lembaga keuangan lainnya seperti perusahaan pembiayaan non-bank. Untuk itu perlu diketahui apa saja faktor yang menjadi penentu kesuksesan BPR dan bagaimana perbedaan karakteristik yang menjadi penentu kesuksesan BPR dengan sistem yang berbeda tersebut. Penelitian ini bertujuan untuk menguji faktor-faktor yang menjadi penentu kinerja bank perkreditan rakyat (BPR) serta melakukan komparasi antara BPR dengan sistem syariah dan konvensional di Provinsi Sumatera Barat. Untuk menguji kinerja BPR tersebut digunakan berbagai rasio keuangan berdasarkan framework CAMEL yang meliputi rasio Capital Adequacy, Asset Quality, Management, Earnings dan Liquidity. Metode penelitian yang digunakan adalah metode kuantitatif dengan menggunakan one-way ANOVA dan Multiple Linear Regression terhadap data panel dari BPR syariah dan BPR konvensional di Provinsi Sumatera Barat dalam rentang waktu 2011-2015. Hasil analisis memperlihatkan bahwa terdapat perbedaan faktor-faktor yang menjadi penentu kinerja BPR Syariah dan BPR Konvensional.

ONBUSINESS E-COMMERCE IN MALAYSIA: AN INVESTIGATION OF KEY ADOPTION Igau, Oswald Aisat; Mohd Kassim, Abdul Wahid; Hamidi, Masyhuri; Sidin, Julian Paul; Tahajuddin, Sulaiman; Ayub, Mat Salleh
JURNAL BISNIS STRATEGI Vol 17, No 1 (2008): Juli
Publisher : Magister Manajemen, Fakultas Ekonomika dan Bisnis Undip

Non-business EC is a relatively new research niche In the general e-commerce stream. It denotes the use of e-commerce by non-business institutions such as academic institutions (as in the present study), not- for profit organizations, religious organizations, and government agencies to reduce their expenses or to improve their operations and customer service. A field survey was conducted to determine key factors that facilitate the adoption of non-business EC In Malaysian Universities. Since e-commerce adoption decision is a strategic one, a comprehensive list of potential facilitators and non-facilitators for the strategic use of information technology was derived from past research and used as the basis for collecting data from 65 schools, centres and units from 5 public universities in Kota Kinabalu and Kuala Lumpur. These data were factor-analysed to determine the key underlying dimensions of facilitators. On the basis of the resulting five dimensions namely, relative advantage, network orientation, Information efficiency, innovativeness, and competitiveness, regression analysis was done to determine the impact of the five dimensions on adoption. Non-business EC was parted Into two: (1) partial EC (or a-brochure) where adoption Is solely for promotion and dissemination of product or service information, (2) full EC, which Includes the use of the application for ordering or reserving service, payment, and off-line or on line delivery. The results suggest that relative advantage, network orientation, and Information efficiency are the most lmportant facilitators. Inhibitors were not estimated eventually, as there were no non-users among the respondents. In other words all the respondents are at least adopters of partial EC. Full Implications of the findings are discussed.

Studi Komparasi Kinerja Bank Perkreditan Rakyat (BPR) Syariah dan Konvensional di Sumatera Barat Hamidi, Masyhuri
IQTISHADIA Vol 10, No 1 (2017): IQTISHADIA
Publisher : Ekonomi Syariah IAIN Kudus

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21043/iqtishadia.v10i1.2318

Rural Banks (BPR) have an important role in supporting the Indonesian economy through the provision of financial access to the society and micro, small and medium enterprises. Indonesia has implemented a dual-banking system as its banking system - Islamic banking and conventional banking systems - and BPR are possible to select each of the system to be implemented. In the rapid development of the financial industry Islamic and conventional BPR must be able to compete with other financial institutions like non-bank financing companies. So that, there is an importance to examine the success factor of BPR with the different systems in order to strengthen their position in its industry. This study aims to examine the factors that determines the performance of rural banks (BPR) and make a comparison between the BPR with Islamic and conventional systems in the West Sumatra province. To test the performance of rural banks various financial ratios based on the CAMEL framework are used, including ratio of Capital Adequacy, Asset Quality, Management, Earnings and Liquidity. The method used is quantitative method by using one-way ANOVA and Multiple Linear Regression to the panel data of Islamic and conventional BPR in 2011-2015 period. The results show that there are differences in the factors that determines the performance of Islamic and Conventional BPR.Bank Perkreditan Rakyat (BPR) memiliki peran penting dalam mendukung perekonomian Indonesia melalui penyediaan akses keuangan untuk masyarakat ekonomi lemah dan usaha mikro, kecil dan menengah. Indonesia telah mengimplementasikan dual-banking system sebagai sistem perbankannya yaitu sistem perbankan syariah dan sistem perbankan konvensional dan BPR juga dimungkinkan untuk memilih masing-masing sistem tersebut. Ditengah pesatnya perkembangan industri keuangan saat ini BPR syariah dan konvensional harus mampu bertahan dari persaingan yang diberikan lembaga keuangan lainnya seperti perusahaan pembiayaan non-bank. Untuk itu perlu diketahui apa saja faktor yang menjadi penentu kesuksesan BPR dan bagaimana perbedaan karakteristik yang menjadi penentu kesuksesan BPR dengan sistem yang berbeda tersebut. Penelitian ini bertujuan untuk menguji faktor-faktor yang menjadi penentu kinerja bank perkreditan rakyat (BPR) serta melakukan komparasi antara BPR dengan sistem syariah dan konvensional di Provinsi Sumatera Barat. Untuk menguji kinerja BPR tersebut digunakan berbagai rasio keuangan berdasarkan framework CAMEL yang meliputi rasio Capital Adequacy, Asset Quality, Management, Earnings dan Liquidity. Metode penelitian yang digunakan adalah metode kuantitatif dengan menggunakan one-way ANOVA dan Multiple Linear Regression terhadap data panel dari BPR syariah dan BPR konvensional di Provinsi Sumatera Barat dalam rentang waktu 2011-2015. Hasil analisis memperlihatkan bahwa terdapat perbedaan faktor-faktor yang menjadi penentu kinerja BPR Syariah dan BPR Konvensional.

Studi Komparasi Kinerja Bank Perkreditan Rakyat (BPR) Syariah dan Konvensional di Sumatera Barat Masyhuri Hamidi
IQTISHADIA Vol 10, No 1 (2017): IQTISHADIA
Publisher : Ekonomi Syariah IAIN Kudus

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21043/iqtishadia.v10i1.2318

Rural Banks (BPR) have an important role in supporting the Indonesian economy through the provision of financial access to the society and micro, small and medium enterprises. Indonesia has implemented a dual-banking system as its banking system - Islamic banking and conventional banking systems - and BPR are possible to select each of the system to be implemented. In the rapid development of the financial industry Islamic and conventional BPR must be able to compete with other financial institutions like non-bank financing companies. So that, there is an importance to examine the success factor of BPR with the different systems in order to strengthen their position in its industry. This study aims to examine the factors that determines the performance of rural banks (BPR) and make a comparison between the BPR with Islamic and conventional systems in the West Sumatra province. To test the performance of rural banks various financial ratios based on the CAMEL framework are used, including ratio of Capital Adequacy, Asset Quality, Management, Earnings and Liquidity. The method used is quantitative method by using one-way ANOVA and Multiple Linear Regression to the panel data of Islamic and conventional BPR in 2011-2015 period. The results show that there are differences in the factors that determines the performance of Islamic and Conventional BPR.Bank Perkreditan Rakyat (BPR) memiliki peran penting dalam mendukung perekonomian Indonesia melalui penyediaan akses keuangan untuk masyarakat ekonomi lemah dan usaha mikro, kecil dan menengah. Indonesia telah mengimplementasikan dual-banking system sebagai sistem perbankannya yaitu sistem perbankan syariah dan sistem perbankan konvensional dan BPR juga dimungkinkan untuk memilih masing-masing sistem tersebut. Ditengah pesatnya perkembangan industri keuangan saat ini BPR syariah dan konvensional harus mampu bertahan dari persaingan yang diberikan lembaga keuangan lainnya seperti perusahaan pembiayaan non-bank. Untuk itu perlu diketahui apa saja faktor yang menjadi penentu kesuksesan BPR dan bagaimana perbedaan karakteristik yang menjadi penentu kesuksesan BPR dengan sistem yang berbeda tersebut. Penelitian ini bertujuan untuk menguji faktor-faktor yang menjadi penentu kinerja bank perkreditan rakyat (BPR) serta melakukan komparasi antara BPR dengan sistem syariah dan konvensional di Provinsi Sumatera Barat. Untuk menguji kinerja BPR tersebut digunakan berbagai rasio keuangan berdasarkan framework CAMEL yang meliputi rasio Capital Adequacy, Asset Quality, Management, Earnings dan Liquidity. Metode penelitian yang digunakan adalah metode kuantitatif dengan menggunakan one-way ANOVA dan Multiple Linear Regression terhadap data panel dari BPR syariah dan BPR konvensional di Provinsi Sumatera Barat dalam rentang waktu 2011-2015. Hasil analisis memperlihatkan bahwa terdapat perbedaan faktor-faktor yang menjadi penentu kinerja BPR Syariah dan BPR Konvensional.

ANALYSIS OF THE EFFECT OF DIVIDEND PAYMENTS, GLOBAL FINANCIAL CRISIS, INTERNAL FINANCE, AND EXTERNAL FINANCE ON COMPANY SALES GROWTH IN INDONESIA Elita Permanawati; Masyhuri Hamidi; Fajri Adrianto
JBTI : Jurnal Bisnis : Teori dan Implementasi Vol 13, No 1 (2022): APRIL
Publisher : Universitas Muhammadiyah Yogyakarta

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.18196/jbti.v13i1.14177

This study aims to determine the effect of dividend payments, the global financial crisis, internal finance, and external finance on the company's sales growth in Indonesia. There are several control variables such as size, leverage, profitability, and past growth assets. The reason for taking this research sample in Indonesia is because Indonesia is one of the developing countries whose economy is currently growing even though it is being hit by the Covid 19 pandemic. Investment is a good climate in Indonesia for sales growth. And also still few studies describe this research. The sample used is the consumer goods sector companies listed on the IDX for the 2016-2020 period as many as 21 companies selected using purposive sampling technique. This study uses panel data regression analysis and moderated regression analysis (MRA). The results showed that dividend payments influenced the company's sales growth. Meanwhile, the variables of the global financial crisis, internal finance and external finance had no effect on the company's sales growth. Then the variables of size, leverage, profitability, and past assets as control variables have no effect on the company's sales growth as control variables.

PENGARUH LITERASI KEUANGAN, EFIKASI KEUANGAN, DAN FAKTOR DEMOGRAFI TERHADAP PENGAMBILAN KEPUTUSAN INVESTASI (STUDI KASUS PADA MAHASISWA MAGISTER MANAJEMEN FAKULTAS EKONOMI UNIVERSITAS ANDALAS PADANG) Wilantika Waskito Putri, Masyhuri Hamidi
Jurnal Ilmiah Mahasiswa Ekonomi Manajemen Vol 4, No 1 (2019): Februari
Publisher : Departemen Manajemen

The basis of investment decisions consists of the expected rate of return, the level of risk, and the relationship between return and risk. This research is to measure how the influence of financial literacy, financial efficacy and demographic factors on investment decisions. Case study on MM Unand Padang students. The sampling technique is using the proposive sampling method. Where the researcher determines the sampling by specifying specific characteristics that are in accordance with the objectives of the study so that it is expected to answer the research problems. Respondents were taken as samples listen to the criteria: Students who are active from 2018 B class morning, night and Friday-Saturday to 2016 B at the Faculty of Economics, Master of Management, Andalas University, Padang, have personal or work income. The net of samples is 200 MM Unand Padang students. Data were analyzed through by smart PLS. The results show that Financial Literacy has a positive and significant effect on investment decision making in MM Faculty of Economics Unand Padang Students. Financial Efficacy has a positive and significant effect on investment decision making at MM Faculty of Economics Unand Padang Students. And Demographic factors do not have a significant effect on investment decision making at MM Faculty of Economics Unand Padang students. Keywords : Financial Literacy, Financial Efficacy, Demographic Factors, Investment Decisions

INTERNAL CASH FLOWS, INSIDER OWNERSHIP, INVESTMENT OPPORTUNITY, DAN CAPITAL EXPENDITURES: SUATU PENGUJIAN TERHADAP HIPOTESIS PECKING ORDER DAN MANAGERIAL Masyhuri Hamidi
Journal of Indonesian Economy and Business (JIEB) Vol 18, No 3 (2003): July
Publisher : Faculty of Economics and Business, Universitas Gadjah Mada

The objectives of this study are to observe the impact of internal cash flows, insider ownership, and investment opportunity on the capital expenditure in two different theories. Those theories are: (1) the pecking order hypothesis and (2) the managerial hypothesis, tested in Indonesian case.On the one hand, the pecking order hypothesis postulates that managers can choose the level of capital expenditure to maximize the wealth of current shareholders without considering insider ownership in the company. On the other hand, according to the managerial hypothesis, managers whose ownership proportions are small tend to use higher level of internal cash flows to finance the capital expenditure than that which would maximize the wealth of current shareholders.This study is predicated on Griner and Gordon’s study (1995) and focused on manufacturing companies listed in BEJ. The data used in this study are taken from the period of 1993-1996. There are 64 companies chosen based on purposive sampling.The result of this study shows that the internal cash flows and the investment opportunity have positive and significant impact on the capital expenditures. However, the impact of insider ownerships on the capital expenditures is not significant. Eventually, this study substantiates the pecking order hypothesis.Keywords: Pecking Order Hypothesis, Managerial Hypothesis, Internal Cash Flows, Insider Ownership, Investment Opportunity, Capital Expenditures

Studi Komparasi Kinerja Bank Perkreditan Rakyat (BPR) Syariah dan Konvensional di Sumatera Barat Masyhuri Hamidi
IQTISHADIA Vol 10, No 1 (2017): IQTISHADIA
Publisher : Ekonomi Syariah IAIN Kudus

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21043/iqtishadia.v10i1.2318

Rural Banks (BPR) have an important role in supporting the Indonesian economy through the provision of financial access to the society and micro, small and medium enterprises. Indonesia has implemented a dual-banking system as its banking system - Islamic banking and conventional banking systems - and BPR are possible to select each of the system to be implemented. In the rapid development of the financial industry Islamic and conventional BPR must be able to compete with other financial institutions like non-bank financing companies. So that, there is an importance to examine the success factor of BPR with the different systems in order to strengthen their position in its industry. This study aims to examine the factors that determines the performance of rural banks (BPR) and make a comparison between the BPR with Islamic and conventional systems in the West Sumatra province. To test the performance of rural banks various financial ratios based on the CAMEL framework are used, including ratio of Capital Adequacy, Asset Quality, Management, Earnings and Liquidity. The method used is quantitative method by using one-way ANOVA and Multiple Linear Regression to the panel data of Islamic and conventional BPR in 2011-2015 period. The results show that there are differences in the factors that determines the performance of Islamic and Conventional BPR.Bank Perkreditan Rakyat (BPR) memiliki peran penting dalam mendukung perekonomian Indonesia melalui penyediaan akses keuangan untuk masyarakat ekonomi lemah dan usaha mikro, kecil dan menengah. Indonesia telah mengimplementasikan dual-banking system sebagai sistem perbankannya yaitu sistem perbankan syariah dan sistem perbankan konvensional dan BPR juga dimungkinkan untuk memilih masing-masing sistem tersebut. Ditengah pesatnya perkembangan industri keuangan saat ini BPR syariah dan konvensional harus mampu bertahan dari persaingan yang diberikan lembaga keuangan lainnya seperti perusahaan pembiayaan non-bank. Untuk itu perlu diketahui apa saja faktor yang menjadi penentu kesuksesan BPR dan bagaimana perbedaan karakteristik yang menjadi penentu kesuksesan BPR dengan sistem yang berbeda tersebut. Penelitian ini bertujuan untuk menguji faktor-faktor yang menjadi penentu kinerja bank perkreditan rakyat (BPR) serta melakukan komparasi antara BPR dengan sistem syariah dan konvensional di Provinsi Sumatera Barat. Untuk menguji kinerja BPR tersebut digunakan berbagai rasio keuangan berdasarkan framework CAMEL yang meliputi rasio Capital Adequacy, Asset Quality, Management, Earnings dan Liquidity. Metode penelitian yang digunakan adalah metode kuantitatif dengan menggunakan one-way ANOVA dan Multiple Linear Regression terhadap data panel dari BPR syariah dan BPR konvensional di Provinsi Sumatera Barat dalam rentang waktu 2011-2015. Hasil analisis memperlihatkan bahwa terdapat perbedaan faktor-faktor yang menjadi penentu kinerja BPR Syariah dan BPR Konvensional.

The Effect of Corporate Governance on Tax Avoidance in Manufacturing Sector Companies on the IDX for the 2015-2019 Period Septa Skundarian; Masyhuri Hamidi
Enrichment : Journal of Management Vol. 12 No. 1 (2021): November: Management Science
Publisher : Institute of Computer Science (IOCS)

Tax Avoidance is one of the tax planning strategies carried out by the company. The tax avoidance strategy is a way to reduce taxes that are legally recognized. In practice, tax avoidance is carried out based on the provisions of tax law. The purpose of this study was to determine the effect of Institutional Ownership, Independent Commissioner, Audit Committee, and Audit Quality on Tax Avoidance in the annual reports of Manufacturing Industry companies listed on the Indonesia Stock Exchange. The data used in this research is secondary data. To explain the effect of the independent variable on the dependent variable, the data obtained in this study were analyzed using panel data regression model analysis. The results of the study indicate that the independent variables jointly affect the dependent variable. However, individually, institutional ownership, independent commissioners, and audit quality have a significant positive effect on tax avoidance, while the audit committee has no significant effect on tax avoidance.

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