Hasil Pencarian  ::  Simpan CSV :: Kembali

"Penelitian terdahulu mengenai penerapan ERM lebih banyak menggunakan variabel dummy untuk mengetahui hubungan ERM dengan variable yang mempengaruhinyai. Penelitian yang menggunakan maturitas manajemen risiko sebagai variabel penelitian masih terbatas. Penelitian ini ditujukan untuk mengetahui tingkat maturitas penerapan ERM perusahaan di luar sektor keuangan yang terdaftar di Bursa Efek Indonesia selama periode tahun 2015 sekaligus mengetahui pengaruh dari total asset, jumlah pegawai, leverage dan kepemilikan publik terhadap maturitas ERM. Metode analisis yang digunakan adalah kualitatif dan regresi linear berganda. Hasil analisis menunjukan bahwa tingkat maturitas penerapan ERM pada perusahaan yang terpilih menjadi sample selama tahun 2015 masih rendah (mayoritas berada di level initial dan repatable). Selain itu, dari beberapa faktor penentu hanya total asset yang berpengaruh secara signifikan terhadap maturitas ERM. Hal ini berimplikasi bahwa perusahaan terbuka di luar sektor keuangan rentan terhadap risiko. Manajemen sebaiknya mempertimbangkan manfaat masa depan dari ERM yang matang,tidak hanya sekedar untuk mematuhi peraturan."

"Penelitian ini bertujuan untuk mendapatkan bukti empiris pengaruh pengungkapan Enterprise Risk Management (ERM) terhadap profitabilitas perusahaan yang diproksikan dengan Return on Asset (ROA), pengaruh pengungkapan ERM terhadap nilai perusahaan yang diproksikan dengan Tobin’s Q Ratio, dan menguji pengaruh mediasi ROA atas hubungan ERM terhadap Tobin’s Q Ratio. Populasi pada penelitian ini adalah perusahaan yang terdaftar di Bursa Efek Indonesia pada Index IDX80 tahun 2019. Data nonkeuangan yang terkait pengungkapan ERM diperoleh dari laporan tahunan menggunakan pendekatan content analysis, sedangkan data keuangan terkait ROA dan Tobin’s Q Ratio diperoleh dari laporan keuangan tahunan perusahaan dan situs Bursa Efek Indonesia. Selanjutnya pengujian hipotesis dilakukan dengan menggunakan analisis regresi linier dengan tingkat signifikansi 5 persen. Hasil penelitian pada 69 sampel perusahaan menunjukkan bahwa tidak ada pengaruh signifikan atas penerapan ERM terhadap ROA, dan ditemukan pengaruh negatif yang signifikan atas penerapan ERM terhadap Tobin’s Q Ratio, disamping itu ROA berpengaruh positif terhadap Tobin’s Q Ratio. Meskipun tidak ditemukan bukti bahwa penerapan ERM berpengaruh negatif terhadap profitabilitas perusahaan, penerapan ERM direspon secara negatif menunjukkan bahwa informasi yang diberikan perusahaan dalam laporan tahunan perusahaan terkait pengelolaan risiko gagal direspon sebagai sinyal positif oleh investor. Selain itu, ERM mampu secara langsung mempengaruhi Tobin’s Q Ratio tanpa memerlukan mediator dari ROA.

---

This study aims to obtain empirical evidence of the effect of Enterprise Risk Management (ERM) disclosure on company profitability proxied by ROA, effect of Enterprise Risk Management (ERM) disclosure on company values proxied by Tobin’s Q Ratio, and evaluate whether ROA mediates the relationship between ERM and Tobin's Q Ratio. The population in this study are companies listed on the Indonesia Stock Exchange on the IDX80 Index in 2019. We gather non-financial data related to ERM disclosure from annual reports using the content analysis approach and financial data associated with ROA and Tobin's Q Ratio from its annual financial statements and the Indonesia Stock Exchange website. We tested the hypothesis using linear regression analysis with a significance level of 5 percent. The results of the study on 69 sample companies showed there is no significant effect on the application of ERM on ROA, but there was a significant negative effect on ERM's application to Tobin's Q Ratio, Meanwhile, the ROA itself has a positive effect on Tobin's Q. Despite there is no evidence that the application of ERM has a negative effect on company profitability, the application of ERM responded negatively indicating that the information provided by the company in the company's annual report regarding risk management failed to be responded as a positive signal by investors. Moreover, ERM is able to directly influence Tobin's Q Ratio without requiring a mediator from ROA."

"Penelitian ini bertujuan untuk mengetahui pengaruh penerapan manajemen risiko terintegrasi dan struktur tata kelola terhadap kinerja perusahaan (ROA dan Tobin’s Q) pada 50 perusahaan keuangan yang terdaftar di Bursa Efek Indonesia tahun 2006-2018. Pengujian hipotesis dilakukan dengan menggunakan regresi data panel fixed-effect dan random-effect. Analisis univariat juga dilakukan untuk melihat perbedaan antara hasil observasi perusahaan yang menerapkan manajemen risiko perusahaan terintegrasi dan yang tidak menerapkan. Hasil penelitian menunjukan bahwa penerapan risk committee dan risk assessment frequency yang tinggi dapat meningkatkan ROA perusahaan, sementara tingkat pelaporan komite risiko kepada dewan direksi (RC to BoD) dapat menurunkan ROA. Di sisi lain, risk assessment frequency yang tinggi akan menurunkan nilai Tobin’s Q perusahaan. Hasil analisis univariat menunjukan adanya tanda awal bahwa penerapan manajemen risiko perusahaan yang semakin terintegrasi (ERM advanced) memiliki nilai rata-rata Tobin’s Q yang lebih tinggi dibandingkan perusahaan yang belum menerapkan manajemen risiko perusahaan dengan terintegrasi dan signifikan secara statistik. Independensi direksi pada struktur tata kelola perusahaan dapat meningkatkan nilai Tobin’s Q.

---

This study is conducted to ensure the effect of Enterprise Risk Management (ERM) and corporate governance structure to 50 firm’s performance (ROA and Tobin’s Q) in financial sector that listed on the Indonesia Stock Exchange in 2006-2018. The hypothesis testing is carried out using the panel data fixed-effect and random-effect regression method. Univariate analysis was also conducted to see the differences between the results of observations of companies that implementing high ERM advanced and not. The results shows that companies who have risk committee and high risk assessment frequency have a greater value of ROA and this results are statistically significant, but the greater frequency of reporting from risk committee to directors (RC to BoD) will decrease the firm’s value of ROA In addition, high frequency of risk assessment shows a negative impact on Tobin’s Q. There is an initial indication of the value-relevance of ERM advanced that seen from the results of univariate analysis that shows firms with high ERM advanced have a higher Tobin’s Q on average than companies that have low ERM advanced and the results are statistically significant. In terms of corporate governance structure, the independency of directors shows that companies have a greater market performance (Tobin’s Q).

"

"Integrasi keuangan di Asia Tenggara telah mengalami perubahan dari waktu ke waktu. Penelitian ini berfokus pada tiga periode waktu, yaitu pada sebelum, saat, dan setelah Krisis Keuangan Global tahun 2008. Hasil penelitian ini menemukan bahwa negara ASEAN-5 memiliki kecenderungan kearah integrasi keuangan. Walaupun kami belum melihat adanya hubungan jangka panjang dari kelima negara tersebut, namun kami menemukan adanya peningkatan signifikan dari volatility spillover diantara mereka. Hal ini khususnya benar terjadi sepanjang periode pemulihan dari Krisis Keuangan Global.

---

The financial integration in South East Asia has varied over time. This paper focuses on three periods: before, during, and after the global financial crisis in 2008. This paper finds that ASEAN-5 countries have indeed taken a step towards financial integration. While we do not observe any (cointegrating) long-run relationships between the ASEAN-5 countries, we find that there has been a significant increase in the volatility spillovers between them. This is particularly true in the recovery period following the global financial crisis. "

"AbstrakOne aspect that concerns investors in valuing stocks is financial performance. The purpose of this research is to examine the effect of financial performance, firm size, and corporate social responsibility disclosure to the stock price in food and beverage sector companies in Indonesia Stock Exchange. Using a purposive sampling method has done the sample collection method and eleven of eighteen companies, which listed in Indonesia Stock Exchange in the years of 20013-2017, are used as the research samples. The method used in this study was Structural Equation Modeling Partial Least Square (SEM-PLS). The result of the research shows that financial performance, firm size, and corporate social responsibility disclosure affect the stock price. This result implies that the firm should improve the internal factors to increase stock prices."

"Pertumbuhan modal untuk mendanai operasional keseharian dan ekspansi jangka panjang adalah elemen konstan di dunia usaha. Penelitian ini bertujuan untuk mengetahui tingkat optimal struktur modal yang dapat di adopsi perusahaan untuk memperbaiki kinerja keuangan mereka mengingat dinamika industri dan keadaan ekonomi suatu negara. Dengan menggunakan uji spesifikasi Hausman, data tahunan untuk index saham yang tercatat pada tahun 2005-2014 dari Karachi Stock Exchange (KSE) 100 telah dikumpulkan untuk menganalisis pengaruh leverage keuangan terhadap kinerja perusahaan. Return to asset, return on equiy dan TOBIN's Q adalah proxy kinerja keuangan yang dianalisis terhadap leverage keuangan untuk perusahaan indeks KSE 100 yang terdaftar. Temuan makalah menunjukkan bahwa struktur modal, leverage,interest cover dan pertumbuhan penjualan sebagai variabel paling signifikan yang mempengaruhi profitabilitas perusahaan."

"AbstrakIn order to increase access to formal financial institutions, the Indonesian government has issued various national strategies. However, Indonesia inclusive financial index is still under other ASEAN countries. Therefore, in this study, we investigate the factors that influence financial inclusion in Indonesia. The microdata from global findex 2014 was carried out in this study by using binary logistic regression analysis. The finding indicates that there is a significant positive relationship between individual characteristics, including financial inclusion, constraints to financial inclusion, utilization of financial services motivation, and loan sources. Since the main targets of financial inclusion are the poor, this finding becomes an essential proposition for policies in the banking sector, that besides the factors of gender, age, education, and type of jobs, income is the primary factor that influences access and utilization of financial services. Mainly regarding loans, increased income will increase the opportunities of the poor to getting loans because only high-income groups have collateral in applying for loans."

"The Value at Risk (VaR) of selling the option on crude oil WTI has not widely known, whereas this trade is the most significant transactions in the world. This study aimed to analyze the Value at Risk (VaR) of the far out of the money (FOTM) and the in the money (ITM) strike position of selling option on crude oil WTI investment. The monthly option premium return data ranging from April 1984 to May 2017 was analyzed by the ARCH-GARCH and VaR method to get the risk of FOTM and ITM strike position. Empirical results indicate that the risk of the FOTM strike was much lower than the ITM strike positions. It meant that selecting the FOTM strike position of the selling option on crude oil WTI investment could be considered by stakeholders because its risk was much lower than the ITM strike position."

"AbstrakThe purpose of this study is to determine the effect of real and accrual earnings management on the value relevance, proxied by predictive value, feedback value and timeliness. Furthermore, this study investigates whether the company size variable can strengthen the effect of real and accrual earning management on value relevance. Multiple regression models are used with secondary data between 2014-2016 from 61 companies, resulting in 183 observations. The results show that there are positive effects of accrual earnings management on predictive value and feedback value and adverse effect on timeliness. Meanwhile, real earnings management only has a positive effect on predictive value. On the other hand, company size only strengthens the effect of accrual earnings management on timeliness."