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ANALISIS PENGARUH ASSET GROWTH, RETURN ON ASSETS, DAN DEBT TO EQUITY RATIO TERHADAP DIVIDEND PAYOUT RATIO PADA PERUSAHAAN MANUFAKTUR YANG TERDAFTAR DI BURSA EFEK INDONESIA PERIODE 2016-2018 Martha Ayerza Esra
Jurnal Ilmiah Manajemen & Bisnis Vol 5 No 1 (2020)
Publisher : Universitas Pendidikan Nasional

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (376.348 KB)

Berbagai penelitian telah dilakukan mengenai pengaruh asset growth, return on assets, dan debt to equity ratio terhadap dividend payout ratio. Namun hasilnya masih belum konsisten. Teori yang mendasari penelitian ini adalah dividend residual theory, life cycle theory, dan transaction cost theory. Menurut dividend residual theory, perusahaan akan membayar dividen jika tidak memiliki investasi yang menguntungkan. Kemudian menurut life cycle theory, perusahaan pada tahap perumbuhan yang tinggi akan membutuhkan dana internal untuk mendanai pertumbuhan investasinya. Dan menurut transaction cost theory, salah satu faktor dividen tingi adalah rendahnya biaya transaksi dan biaya-biaya lainnya. Sampel dalam penelitian ini adalah perusahaan manufaktur yang terdaftar di Bursa Efek Indonesia (BEI) selama periode 2016-2018. Teknik pengambilan sampel adalah teknik non-probability sampling dengan menggunakan metode purposive sampling. Teknik analisis data menggunakan model regresi linier berganda dengan menggunakan software IBM SPSS Statistic Versi 20. Berdasarkan pengujian yang telah dilakukan, penelitian ini menghasilkan temuan bahwa asset growth berpengaruh negatif dan signifikan terhadap dividend payout ratio, return on assets berpengaruh positif dan signifikan terhadap dividend payout ratio, dan debt to equity ratio tidak berpengaruh signifikan terhadap dividend payout ratio. Kata Kunci : Asset Growth, Return on Assets, Debt to Equity Ratio, Dividend Payout Ratio. Abstract Some researches have been done to investigate the influence of asset growth, return on assets, and debt to equity ratio on dividend payout ratio. But, the results are still not consistent. Dividend residual theory, life cycle theory, and transaction cost theory used in this research. According to dividend residual theory, the firm will pay a dividen if it does not have a profitable investment. Then, according to life cycle theory, the firm at the stage of high growth will need internal fund for funding investment growth. And according transaction cost theory, one of high dividend factor is low transaction cost and another cost. Data samples of this researches are manufacturing companies listed on the Indonesia Stock Exchange from 2016-2018. Sampling technique to be used is the non-probability sampling with using purposive sampling method. Data analysis technique is multiple linear regression model. The data processing is used in this research is software IBM SPSS Statistics Version 20. Based on the research that has been done, The result of this researche that asset growth has a negative and significant effect on dividend payout ratio, return on assets has a positive and significant effect on dividend payout ratio, and debt to equity ratio has a not significant effect on dividend payout ratio. Keywords : Asset Growth, Return on Assets, Debt to Equity Ratio, Dividend Payout Ratio.

PENGARUH INFLASI, SUKU BUNGA, DAN NILAI TUKAR TERHADAP INDEKS HARGA SAHAM GABUNGAN PERIODE 2016 – 2018 Irine Melyani; Martha Ayerza Esra
Jurnal Ilmiah Manajemen & Bisnis Vol 6 No 1 (2021)
Publisher : Universitas Pendidikan Nasional

The movement of stock price index is the important indicator for investors to determine whether the investor would sell, buy, or hold shares. The movement of CSPI is affected by several factor like macroeconomy. The purpose of this study was to determine the effect of inflation, interest rate, and exchange rate against CSPI. Theoretically, the effect of inflation, interest rate, and exchange rate is based on efficient market hyphothesis and signalling theory which inflation, interest rate and exchange rate provide signal to investor which affect their decision that cause change to CSPI. The type of data used in this study is secondary data with quantitative approach. The sampling is based on time series data from 2016-2018 using purposive sampling methodso that 36 samples are obtained. This research uses multiple uses multiple regression analysis method using SPSS 2.2. The results of this study indicate that during the period 2016-2018 inflation does not affect CSPI, the interest rate have negative affect on CSPI and exchange rate have positive affect on CSPI. Future research is expected to add another independent variable and extend the time range of the research to obtain ore accurate and comprehensive results. Keywords: Inflation, Interest Rate, Exchange Rate, Composite Stock Price Indonesia

Pembekalan tentang Digital Marketing Strategy bagi Pengurus dan Anggota Dekopinda Jakarta Utara Tony Sitinjak; Budi Berlinton Sitorus; Martha Ayerza Esra; Elis Sondang Dasawaty; Farida Komalasari
ACADEMICS IN ACTION Journal of Community Empowerment Vol 3, No 1 (2021)
Publisher : President University

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.33021/aia.v3i1.1624

Currently mastery of digital marketing has become a must for business people. However, there arestill many parties who have not mastered it. In order to provide briefing and enrichment on digitalmarketing strategy, this community service activity (PKM) was carried out in collaboration withDekopinda - North Jakarta. Starting with the formulation of the problem, followed by the formulation ofthe material and the determination of the form of activity, this PKM was carried out on June 26, 2021using an online platform, because it took place in the midst of the Covid-19 Pandemic and theimplementation of the PPKM Mikro in DKI Jakarta. This activity was attended by 35 participants whoare the Managements and Members of Dekopinda – North Jakarta. The material presented includesthe understanding of digital marketing, digital marketing channels, internet marketing and its mainchannels, how to start digital marketing, strategies for choosing social media as a promotional tool,and how to choose a marketplace for beginners. After participating in this activity, participants feltgreat benefits and suggested similar activities with different topics. The proposed topics areleadership and identification of business opportunities during a pandemic.

FENOMENA MONDAY EFFECT PADA OVERNIGHT RETURN DAN INTRADAY RETURN SAHAM YANG TERGABUNG DALAM INDEKS LQ45 PERIODE 2018 Martha Ayerza Esra; Pebiano Subagja
AkMen JURNAL ILMIAH Vol 17 No 2 (2020): AkMen JURNAL ILMIAH
Publisher : Lembaga Penelitian dan Publikasi Nobel Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar

As a trader must have a trading strategy that produces capital gains / losses from actual returns. Overnight returns and intraday returns are part of the actual return. But actually this return is by another factor. The influencing factor is the phenomenon of Monday's anomalous effect. The theory underlying this research is Random Walk, Efficient Market Hypothesis, Anomaly. Random Walk explains the random and unpredictable stock prices so that returns are generated randomly and cannot be predicted. The Efficient Market Hypothesis explains how securities or stock information is used to predict the price of a security or stock in the future so that the resulting return can be predicted. Anomaly explains the phenomena that deviate from the Efficient Market Hypothesis theory. This research was conducted on companies contained in the LQ 45 Index published on the Indonesia Stock Exchange in the period January 2018 - December 2018. By using the judgment sampling method, a sample of 34 companies was obtained with program SPSS 25. Data analysis techniques used were different paired sample tests. average. The results showed that the two different test of paired sample t-test used had fulfilled the normality test. Normality test results show all data are normally distributed. The significance value of the difference between the average return on Monday and the average return on non-Monday on return return is 0.119 with an average of -0.041 and the significance value is different between the average return on Monday with the average return on non-Monday the intraday return of 0.069 with an average of 0.1. The results show that (1) There is no difference between Monday return and non Monday return on intraday return.and (2) there is a difference between Monday return and non Monday return on intraday return.

PENGARUH CURRENT RATIO, DEBT TO EQUITY RATIO, RETURN ON EQUITY, DAN TOTAL ASSET TURNOVER TERHADAP DIVIDEND PAYOUT RATIO PERUSAHAAN PADA INDUSTRI MANUFAKTUR YANG TERDAFTAR DI BEI UNTUK PERIODE 2012-2013 Martha Ayerza Esra; Reinitha Jeanne
Jurnal Ekonomi Perusahaan Vol. 23 No. 1 (2016): JURNAL EKONOMI PERUSAHAAN VOL. 23 - NO. 1 EDISI MARET 2016
Publisher : Business and Entrepreneurship Department, Kwik Kian Gie School of Business and Information Technology, Jakarta

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.46806/jep.v23i1.221

This study aims to determine the effect of the Current Ratio , Debt to Equity Ratio , Return on Equity and Total Asset Turnover on the Dividend Payout Ratio . The object of research used in this study is a company engaged in manufacturing listed in Indonesia Stock Exchange 2012-2013 period and has met the criteria established by the researchers , as many as 17 companies . The results of the analysis of this study showed that the Current Ratio and Return On Equity does not affect the Dividend Payout Ratio , while the Debt to Equity Ratio and Total Asset Turnover affect the Dividend Payout Ratio .

ANALISIS PERBEDAAN RETURN SAHAM DAN VOLUME PERDAGANGAN SAHAM SEBELUM DAN SESUDAH HOLIDAY EFFECT PADA PERUSAHAAN INDEKS LQ-45 PERIODE 2012-2016 Martha Ayerza Esra
Jurnal Ekonomi Perusahaan Vol. 24 No. 2 (2017): Jurnal Ekonomi Perusahaan
Publisher : Business and Entrepreneurship Department, Kwik Kian Gie School of Business and Information Technology, Jakarta

An announcement of a holiday can affect the behavior of investors in trading stocks. The behavior of individual investors in making financial decisions is not only influenced by considerations of economic rationality and objective data, but it is also influenced by irrational actions such as emotions, certainÂ psychological habits, and individual investor mood. Holiday effect is one part of the event study. One or more important holiday in the calendar contains a holiday effect which the stockâ€™s income in the daysÂ before the holiday is much higher than weekdays. The method of this research was comparative method. Methods of data collection in this study was observation techniques and the data used were secondary data that obtained from the website dunia investasi. The sampling technique used was purposiveÂ sampling technique. The procedures used for testing and data processing were paired samples test using SPSS 22.The results of the research showed that there was a significant difference in stockâ€™sÂ return which average return rate before holiday effect was lower than after the holiday effect. Whereas The research results of trading volume showed there was no difference in trading volume rate either before and after the holiday effect. According to the result of the research, it can be concluded that the holiday effect had an impact on stock returns, however it had no impact on stock trading volume.Keywords : Holiday Effect, Stock Return, Trading Volume Activity, Market Anomalies,Firm Anomalies

Pengaruh Kebijakan Dividen Terhadap Nilai Perusahaan Dengan Kebijakan Hutang Sebagai Variabel Intervening Pada Perusahaan Yang Terdaftar Di Indeks LQ 45 Periode 2015 -2019 Selvy Selvy; Martha Ayerza Esra
Jesya (Jurnal Ekonomi dan Ekonomi Syariah) Vol 5 No 2 (2022): Article Research Volume 5 Number 2, Juni 2022
Publisher : LPPM Sekolah Tinggi Ilmu Ekonomi Al-Washliyah Sibolga

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.36778/jesya.v5i2.734

Investor menginginkan pengembalian atas investasinya baik dividen maupun capital gain. Sementara, perusahaan membutuhkan dana agar perusahaan dapat tumbuh terus menerus dan mempertahankan kelangsungan perusahaan. Aliran kas bebas yang dimiliki perusahaan berkurang akibat pembagian dividen sehingga manajemen mencari pendanaan dari luar (hutang) untuk membiayai kembali perusahaan. Kedua indikator baik kebijakan dividen dan kebijakan hutang saling berhubungan dan dapat mempengaruhi nilai perusahaan. Dalam teori Bird in The Hand, kebijakan dividen berpengaruh positif dalam meningkatkan nilai perusahaan. Free cash flow perusahaan berkurang akibat pembagian dividen sehingga perusahaan memilih kebijakan hutang. Teori trade off dan teori keagenan menyatakan hutang berpengaruh positif dalam meningkatkan nilai perusahaan. Dalam teori keagenan, kebijakan hutang dapat membantu mengurangi konflik karena hutang dapat digunakan untuk mengawasi dan mengendalikan perilaku manajemen yang dapat merugikan pemegang saham. Variabel kebijakan dividen diproksikan dengan Dividend Payout Ratio (DPR), variabel kebijakan hutang diproksikan dengan Debt to Equity Ratio (DER), dan variabel nilai perusahaan diproksikan dengan Price to Book Value (PBV). Jenis penelitian ini adalah kuantitatif dengan teknik pengambilan sampel purposive sampling. Pengujian hipotesis menggunakan metode path analysis dengan SPSS versi 25. Objek penelitian adalah semua perusahaan yang terdaftar dalam indeks LQ45 tahun 2015 sampai 2019 yang memiliki kebijakan dividen dan kebijakan hutang. Hasil penelitian menunjukkan (1) Kebijakan dividen memiliki pengaruh positif terhadap nilai perusahaan. (2) Kebijakan dividen memiliki pengaruh negatif terhadap kebijakan hutang. (3) Kebijakan hutang tidak memiliki pengaruh terhadap nilai perusahaan. (4) Kebijakan hutang tidak dapat memediasi hubungan antara kebijakan dividen dan nilai perusahaan.

ANALISIS PENGARUH ASSET GROWTH, RETURN ON ASSETS, DAN DEBT TO EQUITY RATIO TERHADAP DIVIDEND PAYOUT RATIO PADA PERUSAHAAN MANUFAKTUR YANG TERDAFTAR DI BURSA EFEK INDONESIA PERIODE 2016-2018 Martha Ayerza Esra
Jurnal Ilmiah Manajemen & Bisnis Vol 5 No 1 (2020)
Publisher : Universitas Pendidikan Nasional

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (376.348 KB)

Berbagai penelitian telah dilakukan mengenai pengaruh asset growth, return on assets, dan debt to equity ratio terhadap dividend payout ratio. Namun hasilnya masih belum konsisten. Teori yang mendasari penelitian ini adalah dividend residual theory, life cycle theory, dan transaction cost theory. Menurut dividend residual theory, perusahaan akan membayar dividen jika tidak memiliki investasi yang menguntungkan. Kemudian menurut life cycle theory, perusahaan pada tahap perumbuhan yang tinggi akan membutuhkan dana internal untuk mendanai pertumbuhan investasinya. Dan menurut transaction cost theory, salah satu faktor dividen tingi adalah rendahnya biaya transaksi dan biaya-biaya lainnya. Sampel dalam penelitian ini adalah perusahaan manufaktur yang terdaftar di Bursa Efek Indonesia (BEI) selama periode 2016-2018. Teknik pengambilan sampel adalah teknik non-probability sampling dengan menggunakan metode purposive sampling. Teknik analisis data menggunakan model regresi linier berganda dengan menggunakan software IBM SPSS Statistic Versi 20. Berdasarkan pengujian yang telah dilakukan, penelitian ini menghasilkan temuan bahwa asset growth berpengaruh negatif dan signifikan terhadap dividend payout ratio, return on assets berpengaruh positif dan signifikan terhadap dividend payout ratio, dan debt to equity ratio tidak berpengaruh signifikan terhadap dividend payout ratio. Kata Kunci : Asset Growth, Return on Assets, Debt to Equity Ratio, Dividend Payout Ratio. Abstract Some researches have been done to investigate the influence of asset growth, return on assets, and debt to equity ratio on dividend payout ratio. But, the results are still not consistent. Dividend residual theory, life cycle theory, and transaction cost theory used in this research. According to dividend residual theory, the firm will pay a dividen if it does not have a profitable investment. Then, according to life cycle theory, the firm at the stage of high growth will need internal fund for funding investment growth. And according transaction cost theory, one of high dividend factor is low transaction cost and another cost. Data samples of this researches are manufacturing companies listed on the Indonesia Stock Exchange from 2016-2018. Sampling technique to be used is the non-probability sampling with using purposive sampling method. Data analysis technique is multiple linear regression model. The data processing is used in this research is software IBM SPSS Statistics Version 20. Based on the research that has been done, The result of this researche that asset growth has a negative and significant effect on dividend payout ratio, return on assets has a positive and significant effect on dividend payout ratio, and debt to equity ratio has a not significant effect on dividend payout ratio. Keywords : Asset Growth, Return on Assets, Debt to Equity Ratio, Dividend Payout Ratio.

PENGARUH INFLASI, SUKU BUNGA, DAN NILAI TUKAR TERHADAP INDEKS HARGA SAHAM GABUNGAN PERIODE 2016 – 2018 Irine Melyani; Martha Ayerza Esra
Jurnal Ilmiah Manajemen & Bisnis Vol 6 No 1 (2021)
Publisher : Universitas Pendidikan Nasional

The movement of stock price index is the important indicator for investors to determine whether the investor would sell, buy, or hold shares. The movement of CSPI is affected by several factor like macroeconomy. The purpose of this study was to determine the effect of inflation, interest rate, and exchange rate against CSPI. Theoretically, the effect of inflation, interest rate, and exchange rate is based on efficient market hyphothesis and signalling theory which inflation, interest rate and exchange rate provide signal to investor which affect their decision that cause change to CSPI. The type of data used in this study is secondary data with quantitative approach. The sampling is based on time series data from 2016-2018 using purposive sampling methodso that 36 samples are obtained. This research uses multiple uses multiple regression analysis method using SPSS 2.2. The results of this study indicate that during the period 2016-2018 inflation does not affect CSPI, the interest rate have negative affect on CSPI and exchange rate have positive affect on CSPI. Future research is expected to add another independent variable and extend the time range of the research to obtain ore accurate and comprehensive results. Keywords: Inflation, Interest Rate, Exchange Rate, Composite Stock Price Indonesia

Pengaruh Return On Asset (ROA) terhadap Return Saham Syariah dengan Struktur Modal Sebagai Variabel Moderasi pada Perusahaan Manufaktur Sektor Aneka Industri yang Terdaftar di Indeks Saham Syariah Indonesia Periode 2015-2019 Martha Ayerza Esra; Asti Endang
AkMen JURNAL ILMIAH Vol 19 No 3 (2022): AkMen JURNAL ILMIAH
Publisher : Lembaga Penelitian dan Publikasi Nobel Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.37476/akmen.v19i3.2591

Abstract Along with the development of the Islamic financial system, the capital market has developed into a sharia capital market which is here to offer an attractive alternative compared to the conventional industry which still relies on usury as its basic foundation throughout 2019, Islamic stocks have performed well. At the close of trading at the end of 2019, the Islamic stock index recorded higher growth than the stock price index (JCI). This is thought to have occurred due to strict requirements to become a sharia issuer, which is one of the provisions regarding the company's funding structure. In this study, the authors use theories from experts and there are also other sources to support the variables studied. The theory used is the signal theory, the theory of profitability, capital structure, stock returns. As well as previous research regarding the relationship of Return On Assets (ROA) with stock returns and the relationship between capital structure and stock returns which are the moderator variables in this study. The object of this research is the various industrial sector manufacturing companies registered at ISSI. Data collection techniques using secondary data in the form of stock price information and the company's annual financial statements. The sampling technique is a non-probably sampling technique with purposive sampling method with criteria that have been determined by the author. Data analysis technique to test this research is Moderated Regression Analysis (MRA) with SPSS application. The object of research is all companies listed in the Indonesian sharia stock index in the various industries sector in 2015-2019. The results showed (1) Return on Assets (ROA) had no effect on Islamic stock returns. (2) The capital structure is not able to moderate or strengthen the relationship between ROA and Islamic stock returns.

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