Tesis ini mengkaji dampak fluktuasi nilai tukar terhadap kinerja keuangan perusahaan multinasional di Indonesia, khususnya di industri pertambangan batubara. Industri ini dipilih karena perusahaan batubara di Indonesia menyumbang 34% dari ekspor batubara global dan merupakan kontributor utama pendapatan bukan pajak pemerintah Indonesia. Variabel terikat yang digunakan dalam penelitian ini adala…
This paper presents empirical evidence that the maturity structure of financial leverage affects the cross-section of equity returns. We find that short-term leverage is associated with a positive premium, whereas long-term leverage is not. The premium for short-term compared to long-term leverage reflects higher exposure of equity to systematic risk. To rationalize our findings, we show that t…
Managing Derivative Risks The Use and Abuse of Leverage Lillian Chew When Barings, the oldest merchant bank in the United Kingdom, collapsed it joined the long list of financial disasters that have involved derivatives. Procter & Gamble, Metallgesellschaft and Orange County have all fallen famously foul of these instruments. But are they really so dangerous? Promoters of derivatives rightly arg…
This study examines the role of cash flow in the financial leverage-stock return nexus in Bursa Malaysia. The analysis, as conducted, is based on 12 sectors, and covers a sample of firms from the period 1986-2012. Panel regressions show that industry-specific analysis matters due to various marginal effects of leverage conditional on cash flow across sectors. Data relating to cash flow from ope…
This study examines the role of cash flow in the financial leverage-stock return nexus in Bursa Malaysia. The analysis, as conducted, is based on 12 sectors, and covers a sample of firms from the period 1986-2012. Panel regressions show that industry-specific analysis matters due to various marginal effects of leverage conditional on cash flow across sectors. Data relating to cash flow from ope…
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Our results highlight the importance of interaction among management, labor, and investors in shaping corporate governance. We find that strong union laws protect not only workers but also underperforming managers. Weak investor protection combined with strong union laws are conducive to worker-management alliances, wherein poorly performing firms sell assets to prevent large-scale layoffs, gar…
This paper empirically investigates the determinants of stocks' market-beta. Based on previous research and our predictions, we develop a pooled regression model to test the impact of operating leverage, financial leverage, firm efficiency, and firm expected growth on market-beta. The sampel consists of stocks consistently included in the LQ45 index for the period of 2000-2004. The results indi…
In the presence of frictions, firms adjust their capital structure infrequently. As a consequence, in a dynamic economy the leverage of most firms is likely to differ from the "optimum" leverage at the time of readjustment. This paper explores the empirical implications of this observation. I use a calibrated dynamic trade-off model to simulate firms' capital structure paths. The results of sta…
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Tesis ini membahas implementasi dual banking leverage model di bank Regional yang merupakan salah satu model bisnis yang diterapkan di industri perbankan Syariah di Indonesia. Penelitian ini adalah penelitian kualitatif yang menggunakan metode case writing. Hasil penelitian ini memberikan lesson learned dalam implementasi DBLM tersebut, UUS bank Regional harus memiliki mekanisme kontrol yang ku…
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This paper discuss about the effect and relationship of financial leverage to cost of equity and cost of debt for Indonesian companies, especially for companies listed at Bursa Efek Indonesia, both equity listed and bonds listed. Based on conceptual theory of finance, this research is categorized as hypothesis testing of Modigliani- Miller II (1958) assumptions. This research concludes that fin…
Banyak penelitian yang mencoba mencari berbagai determinan yang mempengaruhi Struktur modal. Selain itu penelitian terkini mencoba untuk mengetahui faktor apa saja yang mempengaruhinya, serta teori yang mana yang terbaik dan berlaku dalam menjelaskan pola struktur modal. Selama ini pengujian umumnya dilakukan untuk melihat teori Pecking Order atau Static Trade Off yang berlaku. Penelitian yang …
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Dalam melakukan investasi, seorang investor perlu mempertimbangkan risk dan return dari portofolio investasinya. Idealnya portofolio investasi yang dipilih oleh seorang investor haruslah investasi yang memiliki return tinggi dengan risiko yang serendah mungkin. Namun sejauh mana risiko dapat diukur? Pada dasarnya risiko terbagi menjadi dua bagian besar, yaitu systematic risk dan unsystematic r…
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