Financial Performance Measurement Of With Signaling Theory Review On Automotive Companies Listed In Indonesia Stock Exchange
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Mar 30, 2018
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Abstract
The Abstract The research aims to determine the role of debt variable, corporate size and growth to the high financial performance of a company with the basis of signaling hypothesis. Analysis method used is multiple linear regression. The unit of analysis is automotive companies listed on Indonesia Stock Exchange period of 2012-2016. The results of the classical assumption test indicate that this research is free of multicollinear, heteroscedasticity and autocorrelation. The results indicate that debt results in negative direction and not significant, corporate size has a negative direction and not significant and company growth has a negative direction and significant. The three results are not in accordance with the hypothesis proposed in the study. The present research has limitation that variables used can only explain 14.4% and the rest are explained by other variables beyond this study.
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References
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Irawan R. 2012. Pengaruh Hutangterhadap Profitabilitas Perusahaan Telekomunikasi yang Go Public di BEI 2006-2011. JUrusan Manajemen Fakultas Ekonomi dan Ilmu Sosial Universitas Islam Negeri Sultan Syarif Kasimriau Pekanbaru
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Ross. S.A. 1977. The Determination of Financial Structure: The Incentive-Signaling Approach. The Bell Journal of Economics, 8. 23-40.
Ramezani C, Soenen L and Jung A. (2002). Growth, Corporation Profitability, and Shareholder Value Creation.
Soliha E dan Taswan. 2002. Pengaruh Nilai Perusahaan Serta Beberapa Faktor Yang Mempengaruhinya. Jurnal Bisnis dan Ekonomi. Vol.9. No2. September:149-163.
Safrida, Eli. 2008. Pengaruh Struktur Modal dan Pertumbuhan Perusahaan pada Perusahaan Manufaktur Di BEI. Thesis. Medan: Universitas Sumatera Utara.
Shubita M.F et al., .2012. The Relationship Between Capital Structure and Profitability. International Journal of Business and Socual Science , Vol. 3 No. 16 (Special Issue-August 2012). Departement of Accounting Amman Arab University Amman-Jordan.
Sunarto et al., 2009. Pengaruh Leverage, Ukuran dan Pertumbuhan Perusahaan terhadap profitabilitas. TEMA Vol 6 Edisi 1, Maret 2009 hal 86-103 Program Pascasarjana Universitas Stikubank.
Susanto, Catur. 2010. Pengaruh Faktor-faktor pertumbuhan dan rasio hutang perusahaan terhadap profitabilitas. Malang: Universitas Brawijaya
Titman, S and R. Wessel. 1988.”The Determinant of Capital Structure Choice”. The Journal of Finance”. 43:1-19.
Thamrin Y. (2012). Analisis Currrent Ratio (CR) dan Debt Equity Ratio (DER) terhadap Return Saham Perusahaan Manufaktur yang Terdaftar di Bursa Efek Indonesia. Skripsi Jurusan Manajemen Fakultas Ekonomi dan Bisnis Universitas Hasanudin Makasar. 2012.
Velnampy, T. et al.,. 2012. The Relationship between Capital Structure & Profitability. Global Journal of Management and Business Reseach. Volume 12 Issue 13 Version 1.0 year 2012, Online ISSN: 2249-4588&vPrint ISSN:0975-5853.
Walker. 2001. Exploring the Human Capital Contribution to Productivity, Profitability and the Market Evaluation of the firm, available on :http://wwwlib.umi.com/dissertations.
Yuniningsih Yuniningsih, et al.,.2017. An analysis of decision making in the stock investment. Jurnal Ekonomi dan hokum Islam, Vol 8, No 2. 2017.
Yuniningsih. 2017. Seberapa besar kepemilikan saham berperan dalam penentuan nilai perusahaan dengan tinjauan agency theory. Jurnal Darussalam,. Jurnal pendidikan, komunikasi dan pemikiran Hukum islam Vol. IX, No 1: 107-115. September 2017. ISSN: 1978-4767 (cetak), ISSN:2549-4171 (online).
Puspitasari, E. and Harjanti, W. (2017) ‘Meaningful Experience Of Motivation To Power Seller With Orientation On Consumer Satisfaction For Identification Of Employee Benefits In The Textile Sales In South Surabaya’, IJEBD (International Journal Of Entrepreneurship And Business Development), 1(1), pp. 1–22.
Syaifudin, A. (2017) ‘The Impact of Creativity and Innovation on Increasing Micro Enterprise Income PKL Gading Fajar Sidoarjo’, IJEBD (International Journal Of Entrepreneurship And Business Development), 1(1), pp. 88–98. Available at: http://jurnal.narotama.ac.id/index.php/ijebd/article/view/349 (Accessed: 1 November 2017).
Yuniningsih Y (2012). Insider Ownership, free cash flow dan dividend Policy Perusahaan Manufaktur Terdaftar Di BEJ. Jurnal Riset Ekonomi dan Bisnis 8 (1). 20-25, 2012.
Yudhiarti R, et al., 2016. Analisis faktor-faktor yang mempengaruhi struktur modal pada perusahaan manufaktur yang terdaftar di bursa Efek Indonesia periode tahun 2010-2014. Journal of management, Volume 5, Nomor 3, tahun 2016, Halaman 1-13, ISSN (online). 2337-3792
Abor, J. 2005. The Effect of Capital structure on Profitability: An Empirical Analysis of listed Firms in Ghana. University of Ghana Business School, Legon. Ghana.
Almajali, A.Y, et al.,. 2012. Factors Affecting the financial performance of Jordanian insurance companies listed at Amman Stock exchange. Journal of Management Reseach, ISSN 1941-899X, 2012, Vol 4, No 2.
Bagh T, et al., .2016. The impact of working capital management on Firms Financial Performance: Evidence from Pakistan. International Journal of Economics and Financial Issues, ISSN: 2146-4138, 2016, 6(3), 1097-11-5
Brigham and Gapenski. 1996. Intermediate Financial Management”. Fifth Edition, New York: The Dryden press.
Ghozali, 2011. Aplikasi Analisis Multivariat dengan Program SPSS. Badan Penerbit Universitas Diponegaoro. Semarang.
Ghozali, Imam. 2006. Structural Equation Modelling Metode Alternatif dengan partial least square (PLS). Semarang: Badan Penerbit UNDIP.
Gujarati. 2006. Dasar-dasar Ekonometrika. Erlangga. Jakarta.
Graham, Scott B smart, dan William L Megginson. 2010. Definisi Teori Sinyal. http://ioaddakhil. Blogspot.com/2014/02/pengertian-teori sinyal.html.
Harahap, Syofyan Syahri. 2013. Analisis Atas Laporan Keuangan. Jakarta: Raja Grafindo Persada
Hendriyanto. 2012. Tingkat kesulitan keuangan perusahaan dan konservatisme akuntansi di Indonesia. Jurnal Ilmiah Mahasiswa Akuntansi di Indonesia-Vol. 1, No. 3, Mei 2012.
Habib H.J. et al.,.2016. Impact of Debt on Profitability ofFirms: Evidence From Non_Financial Sector of Pakistan. City University Research Journal, Vol 06 Number 01 January 2016. PP 70-80.
Irawan R. 2012. Pengaruh Hutangterhadap Profitabilitas Perusahaan Telekomunikasi yang Go Public di BEI 2006-2011. JUrusan Manajemen Fakultas Ekonomi dan Ilmu Sosial Universitas Islam Negeri Sultan Syarif Kasimriau Pekanbaru
Khan, F.N. 2013. Impact of Capital Structure on Firm Financial Performance: A Case of The Pakistani Engineering Firms Listed On KSE. University of Sargodha Sub-Campus Bhakkar.
Kumaraswamy.2016. Impact of Working Capital on Financial Performance of Gulf Cooperation Council Firms, International Journal of Economics and Financial Issues, ISSN: 2146-4138, 2016, 6(3), 1136-1142. Department of Economics and Finance, College of Business Administration, University of Bahrain, Kingdom of Bahrain.
Kartikasari D, et al.,.2016. The Effect of Leverage and Form size to Profitability of Public Manufacturing Companies in Indonesia. Department of Management and Business, Batam State Polytechnic, Batam. Indonesia International Journal of Economics and Financial Issues, ISSN: 2146-4138,2016, 6(2), 409-413
Kasmir. 2010. Pengantar Manajemen Keuangan. Jakarta: Kencana Pranada Media Group.
Kebewar Mazen. (2012).The Effect of Debt on Corporate Profitability Evidence from French Service Sector.
Munawir. 2010. Analisa Laporan Keuangan. Yogyakarta: Liberti.
Munawir. 2004. Analisis Laporan Keuangan. Edisi ke 4. Liberty Yogyakarta.
Makanga, A.M. 2015. The Effect of Debt Financing on The Financial performance of Companies Listed at The Nairobi Securities Exchange. University of Nairoby,
Muyosuki D et al., .2012. The Impact of Credit Risk Management on The Financial Performance of Bank in Kenya for The Period 2000-2006. International Journal of Business and Public Management. iSSN:2223-6244. Vol. 2(2):72-80.
Nassar, S. 2016. The Impact of Capital Structure on financial performance of the firms: Evidence from Borsa Istambul. Journal of Business & Financial Affairs. Mamara University, Institute of Social Science, Accounting and Finance Department, Istambul, Turkey.
Nugroho E. (2011). Analisis pengaruh likuiditas, pertumbuhan penjualan, perputaran modal kerja, ukuran perusahaan dan leverage terhadap profitabilitas perusahaan. Skripsi . Fakultas Ekonomi Universitas Diponegoro Semarang. 2011.
Octavia, S. 2015. Pengaruh Indikator Pengelolaan Modal Kerja dan Ukuran Perusahaan Terhadap Profitabilitas. Sekolah Tinggi Ilmu Ekonomi Perbanas Surabaya.
Pouraghajan A, et al., .2012. The Relationship Between Capital Structure and Firm Performance Evaluation Measure: Evidence from the Tehran Stock Exchange international Journal of business and Commerse., Vol 1 No. 9:May 2012 (166-181). ISSN:2225-2436. Department of accounting, Qaemshahr Branch, Islamic Azad University, Qaemshahr. Iran.
Prasetia T.E. et al., (2014). Struktur Modal, Ukuran Perusahaan dan Risiko Perusahaan Terhadap Nilai Perusahaan terhadap Nilai Perusahaan Otomotif Yang Terdaftar Di BEI, Fakultas Ekonomu Dan Bisnis, Jurusan Manajemen Universitas Sam Ratulangi Manado
Alisjahbana, S. W. et al. (2018) ‘Substitution Local Resources Basalt Stone Scoria Lampung, Indonesia, as a Third Raw Material Aggregate to Increase The Quality of Portland Composite Cement (PCC)’, International Journal of Engineering & Technology, 7(2), pp. 484–490.
Setiawan, M. I. et al. (2018) ‘The Correlations between Airport Sustainability and Indonesian Economic Growth’, in IOP Conference Series: Earth and Environmental Science. IOP Publishing, p. 12089.
Ross. S.A. 1977. The Determination of Financial Structure: The Incentive-Signaling Approach. The Bell Journal of Economics, 8. 23-40.
Ramezani C, Soenen L and Jung A. (2002). Growth, Corporation Profitability, and Shareholder Value Creation.
Soliha E dan Taswan. 2002. Pengaruh Nilai Perusahaan Serta Beberapa Faktor Yang Mempengaruhinya. Jurnal Bisnis dan Ekonomi. Vol.9. No2. September:149-163.
Safrida, Eli. 2008. Pengaruh Struktur Modal dan Pertumbuhan Perusahaan pada Perusahaan Manufaktur Di BEI. Thesis. Medan: Universitas Sumatera Utara.
Shubita M.F et al., .2012. The Relationship Between Capital Structure and Profitability. International Journal of Business and Socual Science , Vol. 3 No. 16 (Special Issue-August 2012). Departement of Accounting Amman Arab University Amman-Jordan.
Sunarto et al., 2009. Pengaruh Leverage, Ukuran dan Pertumbuhan Perusahaan terhadap profitabilitas. TEMA Vol 6 Edisi 1, Maret 2009 hal 86-103 Program Pascasarjana Universitas Stikubank.
Susanto, Catur. 2010. Pengaruh Faktor-faktor pertumbuhan dan rasio hutang perusahaan terhadap profitabilitas. Malang: Universitas Brawijaya
Titman, S and R. Wessel. 1988.”The Determinant of Capital Structure Choice”. The Journal of Finance”. 43:1-19.
Thamrin Y. (2012). Analisis Currrent Ratio (CR) dan Debt Equity Ratio (DER) terhadap Return Saham Perusahaan Manufaktur yang Terdaftar di Bursa Efek Indonesia. Skripsi Jurusan Manajemen Fakultas Ekonomi dan Bisnis Universitas Hasanudin Makasar. 2012.
Velnampy, T. et al.,. 2012. The Relationship between Capital Structure & Profitability. Global Journal of Management and Business Reseach. Volume 12 Issue 13 Version 1.0 year 2012, Online ISSN: 2249-4588&vPrint ISSN:0975-5853.
Walker. 2001. Exploring the Human Capital Contribution to Productivity, Profitability and the Market Evaluation of the firm, available on :http://wwwlib.umi.com/dissertations.
Yuniningsih Yuniningsih, et al.,.2017. An analysis of decision making in the stock investment. Jurnal Ekonomi dan hokum Islam, Vol 8, No 2. 2017.
Yuniningsih. 2017. Seberapa besar kepemilikan saham berperan dalam penentuan nilai perusahaan dengan tinjauan agency theory. Jurnal Darussalam,. Jurnal pendidikan, komunikasi dan pemikiran Hukum islam Vol. IX, No 1: 107-115. September 2017. ISSN: 1978-4767 (cetak), ISSN:2549-4171 (online).
Puspitasari, E. and Harjanti, W. (2017) ‘Meaningful Experience Of Motivation To Power Seller With Orientation On Consumer Satisfaction For Identification Of Employee Benefits In The Textile Sales In South Surabaya’, IJEBD (International Journal Of Entrepreneurship And Business Development), 1(1), pp. 1–22.
Syaifudin, A. (2017) ‘The Impact of Creativity and Innovation on Increasing Micro Enterprise Income PKL Gading Fajar Sidoarjo’, IJEBD (International Journal Of Entrepreneurship And Business Development), 1(1), pp. 88–98. Available at: http://jurnal.narotama.ac.id/index.php/ijebd/article/view/349 (Accessed: 1 November 2017).
Yuniningsih Y (2012). Insider Ownership, free cash flow dan dividend Policy Perusahaan Manufaktur Terdaftar Di BEJ. Jurnal Riset Ekonomi dan Bisnis 8 (1). 20-25, 2012.
Yudhiarti R, et al., 2016. Analisis faktor-faktor yang mempengaruhi struktur modal pada perusahaan manufaktur yang terdaftar di bursa Efek Indonesia periode tahun 2010-2014. Journal of management, Volume 5, Nomor 3, tahun 2016, Halaman 1-13, ISSN (online). 2337-3792