Hasil Pencarian  ::  Simpan CSV :: Kembali

"Umumnya apabila proporsi dari laba akrual adalah lebih tinggi daripada laba kas, maka performans atau kinerja laba akan rendah pada tahun berikutnya. Hal ini disimpulkan sebagai persistensi dari laba akrual adalah lebih rendah dibandingkan dengan persistensi dari komponen arus kas operasi.Penelitian-penelitian terdahulu membagi variabel laba operasi perusahaan dengan rata-rata total aset, sehingga kinerja laba diukur dalam bentuk profitabilitas, yaitu Return on Assets (ROA). Penelitian ini mencoba untuk mencari hubungan antara komponen akrual tahun berjalan dan komponen, arus kas operasi tahun berjalan terhadap ROA perusahaan pada tahun berikutnya. Dengan demikian kita dapat mengetahui apakah rendahnya tingkat persistensi dari komponen akrual dibandingkan tingkat persistensi dari arus kas operasi mencerminkan adanya manajemen laba.Di samping itu akrual juga merupakan komponen dari pertumbuhan net operating assets perusahaan. Dengan membagi pertumbuhan net operating assets perusahaan menjadi komponen akrual dan komponen pertumbuhan net operating assets jangka panjang perusahaan, penelitian ini juga akan mencari hubungan kedua komponen tersebut terhadap ROA satu-tahun-kemudian, dengan mengontrol faktor ROA tahun berjalan.

---

It is discussed that higher proportion of accrual earnings relative to cash earnings is associated with lower earnings performance in the subsequent period. It makes that the component accrual of profitability is less persistent than cash flow operation.

From prior research, earnings performance is defined as operating income divided by average total assets that transforms earnings performance from income measure to profitability measure (Return on Assets or ROA). This research tries to find the relationship between current component accrual and current component cash flow operation to average total assets, beside one-year-ahead ROA. As a result we could conclude whether the lower persistence of accruals relative to cash flow operation as evidence of earnings management.

Accrual are a component of growth in net operating assets, as well as a component of profitability. This research tries also to ,find the relationship between current accrual and current growth in long-term net operating assets (both are components of growth in net operating assets) to one-year-ahead ROA, after controlling the current of profitability (current ROA)."

"Tujuan dari penelitian ini adalah untuk melihat apakah laba sebelum beban bunga dan pajak (EBIT), cashflow dan deviden dapat mempengaruhi harga saham. Penelitian dilakukan pada perusahaan-perusahaan go publik di BEJ dengan periode waktu penelitian tahun 1999-2003, dimana perusahaan tersebut harus mengeluarkan deviden tunai secara kontinyu dari tahun 1999-2003. Data diperoleh dari laporan keuangan yang sudah diaudit dari masing-masing perusahaan yang menjadi objek penelitian, JSX statistical annual report dan Indonesian Capital Market Directory.Model regresi berganda yang digunakan memiliki 3 variabel bebas dan 1 variabel terikat. Teori dan penelitian-penelitian terdahulu juga dicantumkan untuk mendukung penelitian ini. Hasil penelilian ini mengindikasikan bahwa EBIT, Cashflow dan deviden mempunyai pengaruh terhadap harga saham, dimana pengaruh tersebut bisa negatif maupun positif.

---

The purpose of this research is to seeing factors that effect stock prices in the market. These factors include earnings before interests and tax (EBIT), cash flow dan dividend in indonesian market, represented by Jakarta Stock Exchange.

The proposed model is multivariate regression with one dependent variable and three independent variables. This research uses ordinary least square with the estimated model parameters which veryied by statistical test. The data used is taken from JSX Statistical Annual Report, Annual financing Report and Indonesian Capital Market Directory (ICMD) 2002 and 2004. Theories and earlier research to these factors are provided in order to give a sound background. This research indicates that EBIT cash flow dan dividend are affected to stock prices."

"Dalam upaya mempertahankan posisinya sebagai market leader pada pasar telepon selular nasional, maka TELKOMSEL telah mencanangkan strategi pengembangan jaringan yang disebut invest ahead of growth. Dalam tesis ini akan dianalisis apakah strategi tersebut cukup tepat diterapkan dengan memperhatikan potensi pasar dan kondisi persaingan. Dari aspek struktur keuangan juga akan dikaji apakah kondisi keuangan perusahaan (likuiditas, profitabilitas, dan prospek perusahaan) cukup mendukung implementasi strategi tersebut. Juga akan dianalisis apakah pertumbuhan perusahaan yang diharapkan terus berkesinambungan (sustainable growth) melalui implementasi strategi tersebut akan cukup didukung oleh sumber pendanaan yang eiisien.Metodologi yang digunakan dalam analisis tesis ini adalah explanatory study dan predictive study dengan menggunakan teknik-teknik analisis rasio keuangan dan penilaian perusahaan. Secara umum dari hasil penelitian menunjukkan bahwa strategi invest ahead of growth yang diterapkan TELKOMSEL adalah cukup tepat. Hal ini didasarkan pada potensi pasar yang masih cukup besar dan posisinya sebagai market leader yang akan terus dipertahankan. Dari hasil proyeksi sampai lima tahun ke depan (2004-2008) diprakirakan kebutuhan dana investasi dapat dipenuhi dari sumber dana internal perusahaan sehingga akan memperkuat struktur keuangan perusahaan yang sehat.

---

In order to maintain its position as a market leader in national cellular industry, TELKOMSEL have implemented a strategic imperative called invest ahead of growth. In this thesis, the strategy will be analyzed whether it is appropriate well or not considering market potential and competition. And the company financial structure will be analyzed too whether its financial condition (liquidity, protitability, and prospectiveness) support the strategy or not. Besides, the company sustainable growth will be analyzed to know that it is financed efficiently or not.The research methodology which applied in this thesis is explanatory and predictive study. The financial ratio analysis tools and business valuation techniques are implemented to make an in depth analysis. In general, the analysis results that the decision of invest ahead of growth strategy was well chosen and appropriate for TELKOMSEL. The decision is based on a high market potential and high growth and also managing its position as a market leader. Referring to financing, particularly in next 5 years (2004-2008), is estimated that the source of fund is adequately covered by internal financing (e.g. retained earnings). In those periods the company need not yet external financing any more. This condition will deliver a sound and health financial structure in the future."

"Tujuan utama riset keuangan skripsi ini adalah untuk mempelajari hubungan antara aktivitas pendanaan internal dan eksternal pada constrained and unconstrained firms. Pada penelitian sebelumnya, telah ditemukan bahwa terdapat hubungan negatif antara pendanaan internal dan eksternal. Hubungan negatif ini muncul karena adanya eksternal financing cost (assymetric information). Pada penelitian selanjutnya yang dikembangkan oleh Heitor Almeida dan Murillo Campello menyatakan bahwa pada aktivitas pendanaan internal dan eksternal memiliki hubungan komplementer pada constrained firms.Skripsi ini menggunakan data sampel perusahaan pada tahun 2003-2007 pada industri makanan dan minuman, rokok, dan pertambangan. Penulis ingin mempelajari apakah aktivitas pendanaan internal dan eksternal bersifat komplementer di Indonesia. Penelitian ini menemukan bahwa pecking order theory berlaku dalam perusahaan di Indonesia baik itu constrained firms maupun unconstrained firms."

"[ ABSTRAK Penelitian ini bertujuan untuk menguji pengaruh kepemilikan keluarga terhadapkeputusan perusahaan non finansial dalam melakukan merger dan akuisisi.Penelitian ini juga menguji pengaruh kepemilikan keluarga terhadap cumulativeabnormal return, ketika perusahaan memutuskan untuk melakukan merger danakuisisi. Regresi logistik untuk 249 perusahaan dalam 6 tahun penelitianmenemukan bahwa perusahaan dengan kepemilikan keluarga secara signifikanlebih pasif dalam melakukan kegiatan merger dan akuisisi. Secara umum, seiringpertambahan persentase kepemilikan keluarga, efek entrenchment semakinmenguat. Walaupun begitu, pengaruh persentase kepemilikan dalam berbagairentang ditemukan berbeda, dikarenakan ada hubungan non linear antarakonsentrasi kepemilikan dengan keputusan merger dan akuisisi. Regresi OLSmenemukan bahwa walaupun sentimen pasar akan kegiatan merger dan akuisisisecara umum positif, namun efeknya melemah seiring dengan pertambahanpersentase kepemilikan dalam perusahaan bidder keluarga.

---

ABSTRACT This research aims to examine the impact of family ownership to merger and

acquisition decision. This research also aims to examine the difference of family

ownership in terms of market sentiment using proxy stock cumulative abnormal

return following merger and acquisition. Logistic regression for 249 firms in 6

years discovers that family firms are significantly more passive towards merger

and acquisition decision, and this entrenchment effect is reinforced as the family

percentage increases. However, it is found that there is non linear relationship

between family percentage and its likelihood to merge and acquire. OLS

regression finds that even when merger and acquisition decision generally create

positive value on abnormal return, this effect is weakened as family ownership

percentage increases in bidder firm.;This research aims to examine the impact of family ownership to merger and

acquisition decision. This research also aims to examine the difference of family

ownership in terms of market sentiment using proxy stock cumulative abnormal

return following merger and acquisition. Logistic regression for 249 firms in 6

years discovers that family firms are significantly more passive towards merger

and acquisition decision, and this entrenchment effect is reinforced as the family

percentage increases. However, it is found that there is non linear relationship

between family percentage and its likelihood to merge and acquire. OLS

regression finds that even when merger and acquisition decision generally create

positive value on abnormal return, this effect is weakened as family ownership

percentage increases in bidder firm.;This research aims to examine the impact of family ownership to merger and

acquisition decision. This research also aims to examine the difference of family

ownership in terms of market sentiment using proxy stock cumulative abnormal

return following merger and acquisition. Logistic regression for 249 firms in 6

years discovers that family firms are significantly more passive towards merger

and acquisition decision, and this entrenchment effect is reinforced as the family

percentage increases. However, it is found that there is non linear relationship

between family percentage and its likelihood to merge and acquire. OLS

regression finds that even when merger and acquisition decision generally create

positive value on abnormal return, this effect is weakened as family ownership

percentage increases in bidder firm.;This research aims to examine the impact of family ownership to merger and

acquisition decision. This research also aims to examine the difference of family

ownership in terms of market sentiment using proxy stock cumulative abnormal

return following merger and acquisition. Logistic regression for 249 firms in 6

years discovers that family firms are significantly more passive towards merger

and acquisition decision, and this entrenchment effect is reinforced as the family

percentage increases. However, it is found that there is non linear relationship

between family percentage and its likelihood to merge and acquire. OLS

regression finds that even when merger and acquisition decision generally create

positive value on abnormal return, this effect is weakened as family ownership

percentage increases in bidder firm., This research aims to examine the impact of family ownership to merger and

acquisition decision. This research also aims to examine the difference of family

ownership in terms of market sentiment using proxy stock cumulative abnormal

return following merger and acquisition. Logistic regression for 249 firms in 6

years discovers that family firms are significantly more passive towards merger

and acquisition decision, and this entrenchment effect is reinforced as the family

percentage increases. However, it is found that there is non linear relationship

between family percentage and its likelihood to merge and acquire. OLS

regression finds that even when merger and acquisition decision generally create

positive value on abnormal return, this effect is weakened as family ownership

percentage increases in bidder firm.]"