Determinasi risiko sistematik

ANALISIS DETERMINASI RISIKO SISTEMATIK PADA INDUSTRI MANUFAKTUR DI INDOENESIA: KAJIAN EMPIRIS PADA BURSA EFEK INDONESIA


Oleh:
Jaja suteja

Abstracts
This research eximene stock investment risk determinant at the manufacturing company that have listed at The JAKARTA STOCK EXCHANGE. There are 93 sampel firms during the year 2000 sd 2004 with method purposive sampling. In this research, there are 10 regressor (ROE, SM, SA, LIQUID, SIZE, DPO, GDP, INTERST, EXCHANGERATE and IHSG).

From the result of data analysis, there are 6 variables significan, such as: ROE, LIQUID, GDP, INTEREST, EXCHANGERATE, IHSG. Variable ROE and LIQUID significan statistically at level 5%, whereas macroeconomics factor consisted of by GDP, INTEREST, EXCHANGERATE, IHSG. GDP, INTEREST, EXCHANGERATE, IHSG, altogether significan statistically at alpha level 1%, this indicates that in investment risk analysis of common stock in capital market simply very strong macro factor influence. Out of six variables significan, especially for variable INTERST has the biggest coefficient value and significan at alpha level equal 1%.
This research model has coefficient of determination value equal to 47.79%, this is indicates that there are still a lot of variable is outside [by] model is having an effect on to common stock investment risk. This research model significan at alpha level 1%. Therefore, this research which will come need to enter a number of variables out of this research model.

Keyword: Investment risk, go public, ROE, SM, SA, LIQUID, SIZE, DPO, GDP, INTERST, EXCHANGERATE, IHSG.

Pendahuluan
Tujuan individu maupun organisasi dalam melakukan suatu investasi adalah untuk memperoleh penghasilan atau pengembalian (return) atas investasinya. Dalam melakukan investasi, pemodal akan memperkirakan berapa tingkat keuntungan yang diharapkan (expected return) atas investasinya untuk suatu periode tertentu di masa yang akan datang. Namun demikian, setelah periode investasi berlalu belum tentu keuntungan yang dapat diwujudkan (realized return) sama dengan tingkat keuntungan yang diharapkan. Investor mungkin akan mendapatkan tingkat keuntungan yang direalisasikan lebih tinggi atau lebih rendah. Ketidakpastian akan tingkat keuntungan inilah yang diidentifikasikan sebagai risiko investasi, yaitu bahwa pemodal harus selalu mempertimbangkan unsur ketidakpastian dalam suatu investasi [...]

INSTITUTIONAL OWNERSHIP DEBT POLICY
AND INSIDER OWNERSHIP: A TEST OF AGENCY THEORY


Abstract


This study examines the impact of institutional ownership on debt policy and insider ownership in an integrated framework utilizing a simultaneous system of equation. The primary of interest is institutional ownership, which is hypothesized to have a negative coefficient.This study is consistent with this hypothesis. It’s indicate that increasing institutional ownership can offset the need for debt and concentration of insider ownership to reduce agency conflicts.
The result of this study support the view that debt policy inversely related to insider ownership but not statistical significant. On the other hand, insider ownership positively related to debt policy but not statistical significant. The reasoning behind this conclusion that debt financing can allow manager with high ownership shares to maintain their control over the firm. It’s consisten with financial contracting theory that higher levels of insider ownership are conducive to greater use of debt financing. In this study, institutional ownership size and earning volatility are important factors to determine debt policy and statistical significant by 1%, but stock volatility and institutional ownership are important factors to determine insider ownership and significant by 1%. This study support the research of Bathala, Moon,and Rao (1994).

Keywords: Institutional ownership, debt policy, insider and agency conflicts.

KEPEMIMPINAN TRANSFORMASIONAL,
BUDAYA dan EFEKTIFITAS ORGANISASI

Oleh: Jaja Suteja
( Dosen Fakultas Ekonomi-UNPAS Bandung)

Abstract

Transformational leadership and organizational culture have become increasingly popular topics over the past 10 years. These topics contain the key to understanding organizational effectivness. Leadership and organizational culture are purpoted to be tightly intertwined. Leaders must have a deep understanding of the identity and impact of the organizational culture in order to widely communicate and implement new visions and inspire follower commitment to the vision. Transformational leaders help shape and maintain the desired culture of an organization. Transformational leadershipis defined as the process of influencing major changes in the attitudes and assumptions of organizational members and building commitment for the organization’s mission, objectives and strategies. While organizational culture can be defined as the deep-rooted beliefs, values, and assumptions widely shared by organizational members and powerfully shape the identity and behavioral norms for the group. There is a constant interplay between culture and ledership. Transformational leadership and positive organizational culture have been linked in enhanced organizational effectiveness.
Key words: Transformational leadership, organizational culture, organizational effectivness.

Pendahuluan
Konsep awal tentang kepemimpinan trasnformasional telah diformulasikan oleh Burns (1978) dalam penelitian deskriptifnya, Burns menjelaskan kepemimpinan transformasional sebagai sebuah proses yang padanya para pemimpin dan pengikutnya saling menaikan diri ketingkat moralitas dan motivasi yang lebih tinggi. Para pemimpin tersebut mencoba memunculkan kesadaran dari pengikutnya dengan menyerukan cita-cita yang lebih tinggi dan nilai-nilai moral seperti kemerdekaan, keadilan dan kemanusian, bukan didasarkan atas emosi sesaat, seperti keserakahan, otoriterisme atau menciptakan kecemburuan. Oleh karenanya kepemimpinan yang bersifat transformasional ini telah menjadi suatu topik yang makin popular pada akhir-akhir ini.