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"Penelitian ini bertujuan untuk melihat adanya hubungan non-linear antara kepemilikan manajerial dan kepemilikan manajerial kuadrat serta large shareholder dan large shareholder kuadrat terhadap debt maturity pada perusahaan non keuangan yang terdaftar di Bursa Efek Indonesia (BEI) periode 2006-2012.Penelitian menggunakan multiple regression model dengan menggunakan 388 data observasi.Hasil penelitian menunjukkan kepemilikan manajerial signifikan dengan debt maturity namun kepemilikan manajerial kuadrat tidak signifikan dengan debt maturity. Selain itu, large shareholder menunjukkan hasil tidak signifikan terhadap debt maturity.

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This examination is purposed to explain the non-linear relationship between managerial ownership, managerial ownership square,and large shareholder ownership, large shareholder square to debt maturity on non financial companies which is listing in Indonesia Stock Exchande period 2006-2012. This study uses multiple regression with 388 observations.This study results managerial ownership has negative significant relationship with debt maturity. However, managerial ownership square has no significant relationship with debt maturity. Besides, large shareholders has no significants relationship with debt maturity."

"Penelitian ini bertujuan untuk memverifikasi efek dari berbagai metode pembiayaan utang pada nilai perusahaan. Metode yang paling umum digunakan oleh perusahaan di Indonesia untuk pembiayaan utang adalah dengan (Pinjaman Bank), menerbitkan Public Debt (Obligasi dan Sukuk), dan Private Debt (Surat Berharga Komersial, Surat Utang Jangka Menengah, Wesel Bayar, Utang Hipotik, dan Utang Sewa Guna Usaha/leasing). Dari perspektif akuntansi, tidak ada perbedaan antara Public Debt (Obligasi/Sukuk) dan Loan (Pinjaman Bank). Namun, dari perspektif ekonomi/bisnis, surat utang perusahaan dan pinjaman bank berbeda dalam hal karakteristik mereka. Penelitian ini dilakukan dengan asumsi bahwa atribut dari jenis utang yang dipilih memiliki dampak terhadap nilai perusahaan. Hasilnya akan menunjukkan karakteristik yang berbeda akan mempengaruhi nilai perusahaan.

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This study aims to verify the effects of various debt financing methods on firm value. The most common method used by companies in Indonesia for debt financing is by Loans, issuing Public Debt (Bonds and Islamic Bonds), and Private Debt (Commercial Securities, Medium-Term Notes, Notes Payable, Mortgage Debt, and Lease). From an accounting perspective, there is no difference between Public Debt (Bonds and Islamic Bonds) and Loans. However, from an economic/business perspective, corporate debt and bank loans differ in their characteristics. This research was conducted with the assumption that the attributes of the type of debt chosen had an impact on the value of the company. The results will show different characteristics that will affect the value of the company."

"Penelitian ini menganalisis aktivitas pendanaan utang terhadap fleksibilitas keuangan perusahaan non keuangan di Indonesia.Tujuan penelitian ini adalah untuk menginvestigasi bagaimana aktivitas perusahaan terkait pendanaan utang termasuk mengenai motivasi pendanaan, penyesuaian kondisi arus kas, dan penyesuaian leverage perusahaan. Penelitian ini menemukan bahwa perusahaan non keuangan di Indonesia meningkatkan leverage untuk keperluan operasional dan investasi yang cenderung terjadi ketika perusahaan mengalami excess leverage dengan kondisi arus kas defisit. Selain itu, perusahaan mampu menjaga leverage tetap stabil berada pada nilai rendah dengan kas yang tinggi sehingga mampu mencapai fleksibilitas keuangan.

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The aim of this research is to analyze debt financing activity toward financial flexibility on non financial firms in Indonesia. The purpose of this research is to investigate how firms manage their debt financing activity including debt financing motivation, adjustment to the cash flow condition, and adjustment to the firm?s leverage. The finding of this research is non financial firms in Indonesia tends to increasing their leverage to fulfill their operation and investing need when firms report excess leverage with deficit cash flow condition. Moreover, firms can manage their leverage stability in the low level and cash in high level; so that, firms can achieve their financial flexibility."

"[ABSTRAKPenelitian ini bertujuan untuk melihat pengaruh dari penerbitan obligasi terhadap performa perusahaan yang diukur dari nilai pasarnya. Penggunaan utang publik akan mempengaruhi struktur modal perusahaan dan berdampak pada perubahan harga saham. Investor dapat merespon penggunaan obligasi tersebut dan melihat sinyal yang diberikan oleh perusahaan. Penelitian ini berlandaskan kepada penelitian-penelitian sebelumnya yang menyebutkan bahwa penggunaan obligasi dapat menggambarkan perusahaan memiliki prospek yang baik kedepannya. Hasil dari penelitian ini menunjukkan bahwa terdapat hubungan (pengaruh) yang signifikan dan positif antara variabel penerbitan obligasi dengan performa perusahaan. Sampel yang digunakan dalam penelitian ini adalah seluruh perusahaan non-keuangan yang tercatat di Bursa Efek Indonesia selama periode 2010-2014. Setelah melakukan kontrol terhadap perbedaan karakteristik perusahaan, dapat disimpulkan jika perusahaan yang juga mengandalkan utang public memiliki performa yang lebih baik dibandingkan dengan perusahaan yang hanya mengandalkan utang bank saja.ABSTRACTThe purpose of this study is to look at the effect of bonds issuance to company?s performance as measured by it?s market value. The use of public debt will affect the company?s capital structure and make made an impact on the stock price changes. Investor can respond to the public debt issuance and see the signals given by the company. This study is based on the previous literature that says the issuance of bonds is information to the market that the company has good prospect in the future. Results from this study indicate that there is a significant and positive relationship between the variables of public debt and firm performance. The sample of this study is all non-financial companies listed in Indonesia Stock Exchange during the period 2010-2014. After controlling for differences in the characteristic of the firm, it can be concluded that firms which rely on public debt had a better stock market valuation than firms with other sources of debt financing.;The purpose of this study is to look at the effect of bonds issuance to company?s performance as measured by it?s market value. The use of public debt will affect the company?s capital structure and make made an impact on the stock price changes. Investor can respond to the public debt issuance and see the signals given by the company. This study is based on the previous literature that says the issuance of bonds is information to the market that the company has good prospect in the future. Results from this study indicate that there is a significant and positive relationship between the variables of public debt and firm performance. The sample of this study is all non-financial companies listed in Indonesia Stock Exchange during the period 2010-2014. After controlling for differences in the characteristic of the firm, it can be concluded that firms which rely on public debt had a better stock market valuation than firms with other sources of debt financing., The purpose of this study is to look at the effect of bonds issuance to company’s performance as measured by it’s market value. The use of public debt will affect the company’s capital structure and make made an impact on the stock price changes. Investor can respond to the public debt issuance and see the signals given by the company. This study is based on the previous literature that says the issuance of bonds is information to the market that the company has good prospect in the future. Results from this study indicate that there is a significant and positive relationship between the variables of public debt and firm performance. The sample of this study is all non-financial companies listed in Indonesia Stock Exchange during the period 2010-2014. After controlling for differences in the characteristic of the firm, it can be concluded that firms which rely on public debt had a better stock market valuation than firms with other sources of debt financing.]"

"Dalam menyampaikan informasi keuangan, perusahaan harus mampu mempublikasikan laporan keuangan dengan laba yang bagus untuk menarik para investor. Namun, dan praktik ini dinamakan manajemen laba. Penelitian ini bertujuan untuk mengukur pengaruh utang jangka pendek terhadap manajemen laba berbasis akrual pada perusahaan non-keuangan yang terdaftar di Bursa Efek Indonesia periode 2015-2019. Penelitian ini menggunakan pendekatan kuantitatif dengan sampel purposive sampling, dan menggunakan model statistik regresi berganda data panel. Variabel yang digunakan pada pnelitian ini, yaitu accrual earning management (AEM) sebagai variabel dependen, short-term debt (utang jangka pendek) dan square of short-term debt, serta variabel kontrol yang terdiri dari firm size, leverage, return on asset (ROA), growth opportunities, posprofit, cash ratio, dan board size. Data yang digunakan pada penelitian ini adalah laporan keuangan dan laporan tahunan pada perusahaan non-keuangan yang terdaftar di Bursa Efek Indonesia periode 2015-2019. Sampel penelitian yang digunakan terdiri dari 376 perusahan non keuangan yang terdaftar di Bursa Efek Indonesia periode 2015-2019 dengan jumlah observasi sebanyak 1788 observasi. Hasil pada penelitian ini menunjukan pengaruh signifikan yang negatif antara utang jangka pendek dengan manajeman laba berbasis akrual jika pada uji hipotesis menggunakan seluruh sampel penelitian. Namun hasilnya berbeda jika di uji dari setiap sektor yang ada dimana tiga sektor, yaitu barang baku, barang konsumen primer, dan transportasi dan logistik memiliki pengaruh signifikan yang negatif antara utang jangka pendek dengan manajeman laba berbasis akrual. Berbanding terbalik dengan 7 sektor lainnya, hasilnya tidak memiliki pengaruh yang signifikan antara utang jangka pendek dengan manajeman laba berbasis akrual. Selain itu, pengujian ini juga diukur dengan tingkat growth opportunities dimana tingkat growth opportunities tinggi memiliki pengaruh signifikan antara yang negatif manajemen laba akrual terhadap utang jangka pendek.

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In conveying financial information, companies must be able to publish financial statements with good profits to attract investors. However, there are some companies that report earnings that are not in accordance with the company's financial condition and this practice is called earnings management. This study aims to measure the effect of short-term debt on accrual-based earnings management in non-financial companies listed on the Indonesia Stock Exchange for the 2015-2019 period. This study uses a quantitative approach with purposive sampling and uses multiple regression statistical models of panel data. The variables used in this study, namely accrual earnings management (AEM) as the dependent variable, short-term debt (short-term debt) and square of short-term debt, as well as control variables consisting of firm size, leverage, return on assets (ROA), growth opportunities, posprofit, cash ratio, and board size. The data used in this study are financial statements and annual reports on non-financial companies listed on the Indonesia Stock Exchange for the 2015-2019 period. The research sample used consisted of 376 non-financial companies listed on the Indonesia Stock Exchange for the 2015-2019 period with a total of 1788 observations. The results in this study show a significant negative effect between short-term debt and accrual-based earnings management if the hypothesis test uses the entire research sample. However, the results are different when tested from each existing sector where three sectors, namely raw goods, primary consumer goods, and transportation and logistics, have a significant negative effect between short-term debt and accrual-based earnings management. In contrast to the other 7 sectors, the results do not have a significant effect between short-term debt and accrual-based earnings management. In addition, this test is also measured by the level of growth opportunities where a high level of growth opportunities has a significant effect on the negative accrual earnings management on short-term debt. Meanwhile, the low level of growth opportunities does not have a significant effect between accrual earnings management on short-term debt."

"Penelitian ini bertujuan untuk menganalisis pengaruh karakteristik perusahaan perusahaan berupa ukuran perusahaan, aset yang berwujud, tingkat profitabilitas, rasio market-to-book dan tingkat leverage serta credit rating terhadap tipe debt financing perusahaan. Penelitian ini menggunakan cross-sectional dengan jumlah data observasi sebanyak 101. Penelitian menggunakan model binary logistic regression untuk memprediksi pengaruh karakteristik perusahaan terhadap tipe debt financing. Penelitian ini membuktikan bahwa adanya pengaruh signifikan antara market-to-book dengan tipe debt financing.

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This study analyze Effect of Firm Characteristics as size, tangibility, profitability, market-to-book ratio and leverage and credit rating on choice of debt financing. This study uses cross-sectional data to test of 101 observation datas. This study uses binary logistic regression to predict the effect of form characteristic on choice of debt financing. This study proves that market-to-book ratio has significant effect of debt financing."

"[Penelitian ini bertujuan untuk menganalisis pengaruh kepemilikan manajerialterhadap cost of debt pada perusahaan non-keuangan yang terdaftar di Bursa EfekIndonesia periode 2006-2013. Proksi dari cost of debt adalah interest rate spreadantara obligasi korporasi dengan obligasi pemerintah, sedangkan proksi untukkepemilikan manajerial adalah proporsi kepemilikan saham yang dimiliki olehmanajer, direktur, dan dewan komisaris. Penelitian ini merupakan penelitiankuantitatif dengan menggunakan regresi berganda, analisis faktor, dan persamaansimultan. Hasil penelitian ini menunjukkan bahwa kepemilikan manajerial memilikipengaruh negatif dan signifikan terhadap cost of debt, kepemilikan manajerialmemiliki pengaruh positif dan signifikan terhadap cost of debt ketika perusahaanmemiliki biaya keagenan utang, kepemilikan manajerial memili pengaruh negatif dantidak signifikan terhadap cost of debt ketika peringkat obligasi perusahaan rendah,dan kepemilikan manajerial memiliki hubungan yang simultan dengan cost of debt., This study aimed to analyze the effect of managerial ownership on the cost of debt ofnon-financial Firms listed in Indonesia Stock Exchange in 2006-2013. The proxy ofthe cost of debt is the interest rate spread between corporate bonds and governmentbonds, while a proxy for managerial ownership is the proportion of shares that heldby managers, directors, and the board of commissioners. Method of this research is aquantitative with multiple regression, factor analysis, and simultaneous analysis. Theresults of this study find that managerial ownership has negative effect and significanton the cost of debt, managerial ownership has positive effect and significant on thecost of debt when firm has agency cost of debt, managerial ownership has negativeeffect and insignificant on the cost of debt when firm has low-quality bond, andmanagerial ownership has simultaneous relationship with the cost of debt.]"

"Penelitian ini bertujuan untuk menganalisis pengaruh credit rating terhadap struktur modal pada perusahaan non-keuangan yang terdaftar di Bursa Efek Indonesia periode 2006-2012. Pengujian ini dilakukan menggunakan metode regresi data panel, dimana variabel dependen adalah net debt issued (NetDIss) atau hutang yang diterbitkan setelah dikurangi ekuitas sebagai proksi struktur modal, sedangkan credit rating sebagai variabel independen diproksikan sebagai variabel dummy. Metodologi yang digunakan adalah Plus or Minus Test, Credit Score Test, dan Investment Grade Non-Investment Grade Test. Hasil penelitian menunjukkan bahwa credit rating berpengaruh signifikan terhadap struktur modal. Dimana, berdasarkan pengujian POM test didapatkan hasil bahwa credit rating yang mendekati peningkatan (upgrade) dan penurunan (downgrade) berpengaruh signifikan terhadap struktur modal. Investment Grade Non-Investment Grade test juga menunjukkan hasil bahwa credit rating yang berada pada batas kategori investment grade non-investment grade berpengaruh signifikan terhadap struktur modal. Sedangkan, Credit Score test menunjukkan hasil bahwa credit rating tidak berpengaruh signifikan terhadap struktur modal perusahaan non-keuangan di Indonesia.

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The aim of this study is to analyze the effect of credit ratings on non-financial firm?s capital structure that are listed in Indonesian Stock Exchange during the period of 2006 to 2012. Hypotheses were tested using the estimation method of panel data, whereby net debt (NetDIss) was selected as dependent variable and credit rating as independent variable. The methods used in this study are the Plus or Minus Test, the Credit Score Test, and the Investment Grade Non-Investment Grade Test. Analysis revealed that credit rating has a significant effect on capital structure. The POM test showed that credit rating that is nearing an upgrade and downgrade has a significant effect on capital structure. Moreover, Investment Grade Non-Investment Grade test showed that credit rating that was in borderline has a significant effect on capital structure too. But, Credit Score test did not showed the significant effect of credit rating on capital structure, while others did."

"ABSTRAKStudi ini membahas utang luar negeri pemerintah Indonesia pada periode 2009-2017. Studi ini adalah studi mandiri yang menggunakan metode deskriptif dengan menggunakan 6 indikator analisis posisi utang luar negeri yang dikeluarkan oleh IMF. Hasil studi ini menunjukkan posisi utang luar negeri pemerintah Indonesia dalam posisi relatif aman berdasarkan 6 indikator IMF. Pemerintah hanya disarankan untuk berhati-hati dengan kemungkinan terjadinya Crowding Out Effect akibat kebijakan fiskal pemerintah yang ekspansif.

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ABSTRACTThis study discusses Indonesia 39 s foreign debt in the period 2009 2017. This study is an independent study using descriptive method using 6 indicators of foreign debt position analysis issued by the IMF. The results of this study show the Indonesian government 39 s foreign debt position in a relatively safe position based on 6 indicators of the IMF. The government is only advised to be careful with the possibility of a Crowding Out Effect due to expansive government fiscal policy"