SCHEDULE PRESENTATION PAPER FOR INSYMA 10

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3 SCHEDULE PRESENTATION PAPER FOR INSYMA 10 Session 1 ( WITA) Room 1: Denpasar Room 1 Moderator : Drs.ec. Johny Rusdyanto, M.M IN ENGLISH 1 Synthia A. Sari Univeristy of Bina Nusantara; [email protected] The Effectiveness of Independent Commissioner in Implementing Good Corporate Governance at Indonesian State- Owned Enterprises STRATEGIC 2 Yie Ke Faculty of Business and Economics-University of Surabaya [email protected] Management Style Of Chinese Overseas Companies And Indonesia Companies STRATEGIC 3 Suresh Kumar; Randy Prasetyo President University; [email protected] PENETRATING INDONESIAN BANCASSURANCE MARKET: STRATEGIC MANAGEMENT, PT. ASURANSI CIGNA INDONESIA STYLE STRATEGIC 4 Alain Widjanarka PT Binaman Utama PPM Consulting Jakarta, Indonesia [email protected] DEFINE THE CRITERIA TO IDENTIFY CORE AND NON- CORE ACTIVITIES TO LEVERAGE THE COMPANY S COMPETIITIVENESS AND STRENGTHENING THE PARTNERSHIP WITH OTHERS STRATEGIC

4 SCHEDULE PRESENTATION PAPER FOR INSYMA 10 Session 1 ( WITA) Room 2: Denpasar Room 2 Moderator : Elsye Tandelilin, M.M. IN ENGLISH 1 Agung Wahyu Handaru, Widya Parimita, Inna Hadza Sabila 2 Sri Wiludjeng SP, Muhammad Madyosa Ibrahim Faculty of Economics State University of Jakarta. [email protected]; [email protected]; [email protected] Faculty of business management Widyatama University; [email protected], [email protected] Motivational Factors, Entrepreneurship, Ethnicity, and Parental Background: Evidence from the Blok M Square Electronic Center, Jakarta, Indonesia The Impact of the Use of Outsourcing Employee Against Productivity Companies In PT.Pindad Bandung HRM HRM 3 May Eka Ubaya Leadership and Five Stage Model of Organizaton Growth at UD "RAMA JAYA" 4 T. Soemarman Faculty of Bussiness and CASE STUDY: A PROJECT OF IMPROVEMENT Economics, Surabaya University ON THE DESIGN OF JOBS/WORKS FOR (UBAYA) PROFESSIONAL WORKERS AT PT. BUKIT BATUBARA TBK THE YEAR OF 2011/2012 HRM HRM

5 SCHEDULE PRESENTATION PAPER FOR INSYMA 10 Session 1 ( WITA) Room 3: Gianyar Room Moderator : DR. Putu Anom Mahadwarta IN ENGLISH 1 Suskim Rianti, Harry Setyo Negoro, Alfiah Hasanah Faculty of Business & Management, Widyatama University, Bandung, Indonesia (writer 1,2); 3Faculty of Economics, Padjadjaran University, Bandung, Indonesia (3) [email protected] EVALUATING THE FINANCIAL PERFORMANCE USING THE GROWTH OF EPS, CFO AND EVA AND THEIR IMPACT TO THE STOCK RETURN OF LISTED TELECOMMUNICATION INDUSTRY IN BEI 2 I Putu Sugiartha Sanjaya Atma Jaya University, Yogyakarta; [email protected] CASH FLOW RIGHT LEVERAGE AND FIRM PERFORMANCE: CASE FROM FAMILY FIRM LISTED IN INDONESIA STOCK EXCHANGE 3 Aris Armuninggar, DR UNAIR; [email protected] The Role of Insurance Agreement as Part of Risk Management Process in Indonesian Business Activities 4 Yohanna Handjaja, Deddy Marciano, Liliana Inggrit Wijaya Faculty of Business and Economics, University of Surabaya, Indonesia [email protected] GAUGING THE FINANCIAL PERFORMANCE OF BANKING USING CAMEL MODEL: THE PROSPECT OF ISLAMIC BANK IN INDONESIA ACCORDING TO PUBLIC TRUST COMPARED WITH CONVENTIONAL BANK

6 SCHEDULE PRESENTATION PAPER FOR INSYMA 10 Session 1 ( WITA) Room 4: Tabanan Room Moderator : DR. Werner Ria Murhadi BAHASA 1 Suciaty Debora Ridwan & M.Sienly Veronica Maranatha Christian University Bandung. [email protected]; [email protected]. 2 Yulius Pratomo Satya Wacana Christian University, Salatiga; [email protected] 3 M.Nashihin Trilogi University, Jakarta; [email protected], [email protected] Earnings Management Trend Toward Coal Company Listed in the Indonesia Stock Exchange Which Expected To Bankruptcy By Use The Altman Z-score Model, Springate Model And Zmiwisky Model In Period FOREIGN DIRECT INVESTMENT IN ASEAN, : DOES THE CHINA EFFECT EXIST? Strategies to implement the changes in the basis of cash transfer from a household-base to a family-base: the case of PKH in Indonesia 4 Hendro Lukman & Stevanus Adree Cipto Setiawan Tarumanagara University; [email protected] THE EFFECT OF FINANCIAL CONDITION, THE FAILURE OF DEBT RATIO, FIRM SIZE AND PUBLIC ACCOUNTING REPUTATION ON ACCEPTANCE OF GOING CONCERN OPINION

7 SCHEDULE PRESENTATION PAPER FOR INSYMA 10 Session 1 ( WITA) Room 5: Amlapura Room Moderator : DR. Dedy Marciano IN ENGLISH 1 Amak Mohamad Yaqoub & Indri Apriani Rahma Pratama Airlangga University; [email protected]; [email protected] The Role of Power and Conflict Resolution in Supply Chain Relationship: Small and Medium Enterprises Context 2 Weli Imbiri Atmajaya University; [email protected] 3 Tuwanku Aria Auliandri Airlangga University; [email protected] ; [email protected] The Relationship between the Level of the Use of ERP System, SCM,Strategic Alignment,and Firm Performance Using Balanced Scorecard Approach Improving the company competitive advantages by identifying waste in the production process. Case study at Watutulis Sugar Cane Manufacturer in Sidoarjo 4 Christine Dwi K.S. Sondang M.R. Adriana Oktarina Sembiring Maranatha Christian Univ; [email protected] INTERNAL AUDIT QUALITY ROLE IN IMPROVING EFFECTIVENESS OF QUALITY MANAGEMENT SYSTEM ISO 9001:2000 (Case Study PT INTI Bandung) 5 Dianne Frisko UBAYA; [email protected], [email protected] VALUE CHAIN CONCEPT ON STRATEGIC CSR PROGRAM: Case Study of Martha Tilaar Group

8 SCHEDULE PRESENTATION PAPER FOR INSYMA 10 Session 1 ( WITA) Room 6: Bangli Room Moderator : DR. Dudy Anandya IN ENGLISH 1 Levina Rolanda Tjia, Dudi Anandya & Christina R. Honantha MARKETING Faculty of Business and Economics, University of Surabaya, Indonesia [email protected] FACTORS INFLUENCE INDONESIAN YOUNG CONSUMERS ONLINE PURCHASE INTENTION IN SOCIAL MEDIA WEBSITES 2 Edo Sri Harsanto & Naafilah Lailatirrohmah Management Departement Economics and Business Faculty Diponegoro University; [email protected] The Relevancy of Using Website for Promoting Healthcare Product and Services MARKETING 3 Rendy May Fandi, Efendi Haslim Economics Faculty, Atma Jaya Catholic University; [email protected] Emotional Attachment as a Mediator of the Relationship Between Service Quality and Emotional Brand MARKETING 4 Rini Oktavera, Erna Andajani Industrial Engineering Department, WR Supratman University, Surabaya, Management Department Surabaya University; [email protected] IMPLEMENTATION OF VALUE CHAIN ANALYSIS IN THE BROILER SUPPLY CHAIN AGRIBUSSINESS

9 5 Mudiantono, Rizal Hari Magnadi Economics and Business Faculty Diponegoro University. Evaluation of Using Importance Performance Analysis Approach to Design Service Excelence Strategy for Service Product (Based on RSI Sultan Agung Semarang Case Study) SCHEDULE PRESENTATION PAPER FOR INSYMA 10 Session 2 ( WITA) Room 1: Denpasar Room 1 Moderator : Drs.ec. Johny Rusdyanto, M.M IN ENGLISH 1 Dini Arwati, STRATEGIC Dini Verdania University of Widyatama Bandung; [email protected] INFLUENCE OF PARTNERSHIP SRATEGIC TO PERFORMANCE OF PRIVATE COLLEGE IN BANDUNG 2 Aluisius Hery Pratono & Suyanto Faculty of Business and Economics, Universitas Surabaya [email protected]; [email protected] INNOVATION SUCCESS IN SMALL BUSINESS CONTEXT: AN EMPIRICAL EVIDENT FROM INDONESIA STRATEGIC 3 Ida Bagus Made Wiyasha & Ni Luh Suastuti Sekolah tinggi Pariwisata Nusa Dua Bali; [email protected]; [email protected] The survival of small restaurants: micro analysis of non classified restaurants in Kuta Selatan, Bali STRATEGIC 4 Rohmawati Kusumaningtias UNESA; [email protected] Corporate Governance, Sustainability, and Islamic Banking Performance STRATEGIC

10 SCHEDULE PRESENTATION PAPER FOR INSYMA 10 Session 2 ( WITA) Room 2: Denpasar Room 2 Moderator : Elsye Tandelilin, S.E., M.M. BAHASA 1 I Gede Adiputra Faculty of Economy, Tarumanagara University Jakarta [email protected] THE EFFECTS OF INTERPERSONAL COMMUNICATION AND MOTIVATION TO PRODUCTIVITY OF EMPLOYEES AT HOTEL MULIA JAKARTA HRM 2 Yenny Purwati, Rosaly Franksiska, Eristia Lidia Paramita Satya Wacana Christian University. [email protected], [email protected] / [email protected], [email protected] 3 Luh Kadek Budi Martini Mahasaraswati Univiersity Denpasar; [email protected] SUPPLY CHAIN MANAGEMENT: STRATEGY IN INFORMATION TECHNOLOGY TO REDUCE COST CAREER DEVELOPMENT OF CREATIVITY REVIEWED, AND COURAGE IN BUSINESS INNOVATIVE MULTI-LEVEL MARKETING (MLM) DISTRIBUTOR ORIFLAME DENPASAR HRM HRM 4 Jun Surjanti, Sanaji, & Dwiarko Nugrohoseno UNESA, [email protected] SELF-CONCEPT AND SELF-EFFICACY FOR BUILDING AN ACADEMIC PERFORMANCE: A META-ANALISYS APPROACH HRM

11 5 Verina H. Secapramana University of Surabaya THE PREDICTIVE MODEL OF RELATIONSHIP BETWEEN ROLE STRESS, PERSONALITY, AND SALES PERFORMANCE IN SERVICES MARKETING HRM SCHEDULE PRESENTATION PAPER FOR INSYMA 10 Session 2 ( WITA) Room 3: Gianyar Room Moderator : DR. Putu Anom Mahadwarta IN ENGLISH 1 Tan Ming Kuang Accounting Department, Maranatha Christian University; [email protected] 2 Budhi Purwandaya, Eko Trilogi University, Jakarta; Kusmurtanto [email protected] 3 Anthony Kevin Bandono; Deddy Marciano UBAYA; [email protected] Can Innovation of Time Driven ABC System Replace Conventional ABC System? Revealing the Preferences in Conveying Price Information FACTORS THAT INFLUENCED SYNDICATED LOANS DECISIONS IN THE ASEAN OVER THE PERIOD Berto Usman & Eduardus Tandelilin Program Studi Manajemen Fakultas Ekonomi Universitas Bengkulu [email protected] Program Studi Manajemen Fakultas Ekonomika Bisnis Universitas Gadjah Mada [email protected] GOOGLE SEARCH TRAFFIC AND IT S INFLUENCE ON RETURN, LIQUIDITY AND VOLATILITY OF STOCK RETURN EMPIRICAL STUDY: MANUFACTURING FIRMS IN INDONESIA STOCK EXCHANGE

12 5 Julius Irianto Gunawan; Endang Ernawati UBAYA; THE FACTORS AFFECTING THE COMPANIES CAPITAL STRUCTURE IN THE SECTOR OF INFRASTRUCTURE, UTILITIES, AND TRANSPORTATION LISTED ON INDONESIA STOCK EXCHANGE DURING PERIOD SCHEDULE PRESENTATION PAPER FOR INSYMA 10 Session 2 ( WITA) Room 4: Tabanan Room Moderator : DR. Werner Ria Murhadi BAHASA 1 Doddy de Queljoe, Amelia Loresia, Indri Purnama Putri Faculty of Pharmacy, University of Surabaya,Surabaya, Indonesia; [email protected] Cost Effectiveness Analysis of DiureticsTherapyfor Ascites in Hepatic Cirrhosisat Adi Husada Undaan Wetan Hospital in Surabaya 2 Yeye Susilowati Stikubank University (UNISBANK), Semarang; [email protected] 3 Lia Amaliawiati, Edi Winarso Faculty of business management Widyatama University [email protected], [email protected] SYSTEMATIC RISK AS MODERATOR OR MEDIATOR OF THE INFLUENCE BETWEEN MACROECONOMIC FUNDAMENTAL FACTORS AND STOCK RETURN THE INFLUENCE OF MONETARY POLICY (BI RATE) ON PROFITABILITY OF COMMERCIAL BANKS IN INDONESIA

13 4 Eka Darmadi Faculty of Bussiness and Economics, Surabaya University (UBAYA) BETTER INVESTMENT CHOICE IN CRISIS AND AFTER CRISIS: STOCK VERSUS GOLD SCHEDULE PRESENTATION PAPER FOR INSYMA 10 Session 2 ( WITA) Room 5: Amlapura Room Moderator : drs. Ec. A. Budhiman Setyawan, MSIE. BAHASA 1 Lina Anatan Department of Management, Maranatha Christian University Bandung, [email protected] FACTORS INFLUENCING THE SUPPLY CHAIN PERFORMANCE (A Study of Manufacturing Firms in Indonesia) 2 Meythi & Riki Martusa Master of Accounting, Faculty of Economics, Maranatha Christian University, Bandung. [email protected]; [email protected] SUPPLY CHAIN MANAGEMENT: STRATEGY IN INFORMATION TECHNOLOGY TO REDUCE COST

14 3 Sahnaz Ubud Trilogi University, Jakarta; 4 Verani Hartati & Wiwik Sulistiyowati Department of Industrial Engineering, Universitas Muhammadiyah Sidoarjo THE ROLE OF ENVIRONMENTAL UNCERTAINTY AND IMPLEMENTATION SUPPLY CHAIN FOR INCREASING COMPETITIVE ADVANTAGE MANUFACTURING INDUSTRIES IN EAST JAVA FISH DISTRIBUTION SYSTEM DESIGN (Case Study: Fish Auction Place Sidoarjo) Session 2 ( WITA) Room 6: Bangli Room Moderator : DR. Dudy Anandya BAHASA 1 Sabrina O. Sihombing Universitas Pelita Harapan Jakarta; [email protected] SCHEDULE PRESENTATION PAPER FOR INSYMA 10 Consumer Behavior and Indonesian Values Scale: Validation and Short-Form Scale Development MARKETING 2 Yudi Pramudiana & Arinda Ike Wardhani 3 Jessica Adelaide Gusti & Sabrina O. Sihombing InstitutManajemenTelkom, Indonesia; [email protected] Universitas Pelita Harapan Jakarta; [email protected]; [email protected] The Role of Event Sponsorshipin Promoting Tourist Enthusiasm (Studies in SemarangGreat Sale Event) Contrasting Reflective and Formative Models on E- service Quality: an Empirical Study MARKETING

15 4 Samuel David Lee, Pandam Rukmi Wulandari,Aris Budi Setyawan Faculty of Economic, Accounting Departement, Gunadarma University. EFFECTIVENESS OF IT GOVERNANCE IN BANKING SECTOR SCHEDULE PRESENTATION PAPER FOR INSYMA 10 Session 3 ( WITA) Room 1: Denpasar Room 1 Moderator : DR. J.L. Eko Nugroho BAHASA 1 Maria Assumpta Evi Ciputra University, Surabaya; IMPLEMENTATION OF FIVE FORCES ANALYSIS STRATEGIC Marlina [email protected] IN BUSINESS START UP 2 Lim Sanny School of Business Management, Bina Nusantara University; [email protected] 3 Syuhada Sufian Faculty of Economics and Business, Diponegoro University, Semarang, [email protected] EFFECT OF RELATIONAL QUALITY AND ENTREPRENEUR ORIENTATION TOWARD FRANCHISEE PERFORMANCE IN INDONESIA HIERARCHICAL INNOVATION MODEL DEVELOPMENT IN INDONESIAN PHARMACEUTICAL INDUSTRI STRATEGIC STRATEGIC

16 4 Sri Setyo Iriani & Monika Tiarawati State University of Surabaya (Indonesia) [email protected] [email protected] THE ANALYSIS OF INTERNAL AND EXTERNAL FACTORS IN FORMULATING COMPETITIVE STRATEGIES ON SKULL-CAP AND TAMBOURINE INDUSTRIES IN BUNGAH VILLAGE - GRESIK STRATEGIC 5 Machasin Riau University; [email protected] Competitive Business Environment, Market Orientation, Strategic Orientation and Performance of SMEs (empirical study on small and medium industries Pekanbaru city) STRATEGIC SCHEDULE PRESENTATION PAPER FOR INSYMA 10 Session 3 ( WITA) Room 2: Denpasar Room 2 Moderator : DR. Dedy Marciano BAHASA 1 Irene Rini Demi Pangestuti Diponegoro University; [email protected] DETERMINANTS OF THE DECISION TO BUY AND SELL MUTUAL FUNDS IN INDONESIA 2 Agus Wahyudi Salasa Gama & Ni Wayan Eka Mitariani Mahasaraswati University Denpasar; [email protected], [email protected] THE INFLUENCE OF MANAGEMENT PERFORMANCE AND INTELLECTUAL CAPITAL TOWARD THE FIRM VALUE

17 3 I Dewa Made Endiana Mahasaraswati University Denpasar; [email protected] EFFECT OF INVESTMENT OPPORTUNITY SET ON CASH DIVIDEND POLICY WITH AVERAGE OF SALES GROWTH ON EVERY LIFE CYCLE AS A MODERATING VARIABLE (Studies On Manufacturing Companies In Indonesia Stock Exchange) SCHEDULE PRESENTATION PAPER FOR INSYMA 10 Session 3 ( WITA) Room 3: Gianyar Room Moderator : Dra.ec. Liliana Inggrit Wijaya, M.M. IN ENGLISH 1 Niki Jayanthi & Felizia Arni Rudiawarni Accounting/Faculty of Business and Economics Surabaya University; [email protected]; [email protected] THE IMPACT OF RELATED PARTIES TRANSACTIONS TO MARKET VALUATION OF FIRMS 2 Fidelis Arastyo Andono & Fandy San Accounting/Faculty of Business and Economics Surabaya University; [email protected] MALMI AND BROWN S MANAGEMENT CONTROL SYSTEM IN PRODUCTION AREA

18 3 Stephanie Susilo & Felizia Arni Rudiawarni Accounting/Faculty of Business and Economics Surabaya University; TRANSITION OF IFRS IN INDONESIA: FINANCIAL POSITION, FINANCIAL PERFORMANCE AND KEY FINANCIAL INDICATORS EFFECTS SCHEDULE PRESENTATION PAPER FOR INSYMA 10 Session 3 ( WITA) Room 4: Tabanan Room Moderator : Dra.ec. Endang Ernawati, M.M. BAHASA 1 Sri Harryani, Bagus Nurcahyo, Renny Nur aini Accounting Department, Economic Faculty, Universitas Gunadarma; [email protected] Impact of Intellectual Capital on the Firm s Market Value: The Mediation Role of Financial Performance (Empirical Study From The Indonesian Banking Companies since ) 2 Andrea Widianti Maris1), Samuel David Lee2), Dr. Renny Nur ainy3) Accounting Department, Economic Faculty, Universitas Gunadarma THE ROLE OF LEVERAGE IN THE EFFECT OF GOOD CORPORATE GOVERNENCE ON CORPORATE PERFORMANCE 3 Bambang Suko Priyono UNISBANK SEMARANG [email protected] The Influence of Prospector and Defender Strategies on Performance With Dimensions of Social Capital As Moderating

19 4 Christina Yanita Setyawati Ciputra University, Surabaya; Managing Global Business by Minimizing Rupiah Volatility Session 3 ( WITA) Room 5: Amlapura Room Moderator : Drs.ec. A. Budhiman Setyawan, MSIE. BAHASA 1 R Ait Novatiani, Pondang Widyatama University, Economics Faculty Bandung, Indonesia; [email protected] The Influence of Total Quality Management (TQM) Applications to Sales Raising at PT. Kereta Api Indonesia (Persero) Bandung The 2nd Operations Area 2 Choirum Rindah Istiqaroh Saraswati Budi Utami Merdeka University, Madiun; [email protected] ACTIVITY PERFORMANCE ANALYSIS OF SUPPLY CHAIN PERFORMANCE OF ACTIVITY MODEL APPROACH STUDY AT UKM KRIPIK BUAH KEBONSARI 3 Kabul WahyuUtomo & Lely Dahlia Trilogi University Jakarta; [email protected] Increasing Wholesale Centers Role as Part of Supply Chain Management of SMEs 4 Yetty Dwi Lestari, MT UNAIR; [email protected]. IMPROVEMENT BANK CUSTOMER SATISFACTIONWITH SERVICE QUALITY

20 SCHEDULE PRESENTATION PAPER FOR INSYMA 10 Session 3 ( WITA) Room 6 : Bangli Room Moderator : Christina Honanta, S.E., M.M. BAHASA 1 Victor Wianto Agus Zainul Arifin MM, Tarumanagara University Jakarta [email protected] PLACEMENT EFFECTIVENESS OF AUTOMATIC TELLER MACHINE ON INDONESIAN PRIVATE BANKING 2 Wasifah Hanim University of Widyatama Bandung; [email protected] MODEL PENGEMBANGAN KLASTER BISNIS PADA USAHA MIKRO, KECIL DAN MENENGAH 3 Agustine Eva Maria Soekesi 4 Agustine Eva Maria Soekesi; Meniek Srining Prapti; Inneke Hantoro; Alberta Rika Pratiwi Unika Soegijapranata Semarang; [email protected] Unika Soegijapranata Semarang; [email protected] PRODUCT QUALITY CONTROL PROFILE ON LASEM BATIK CENTRE THE EXISTING MODEL IDENTIFICATION OF CURCUBITA Sp (YELLOW PUMPKIN) AGRO INDUSTRY SUPPLY CHAIN MANAGEMENT IN GETASAN SUB- DISTRICT, SEMARANG REGENCY

21 SCHEDULE PRESENTATION PAPER FOR INSYMA 10 Session 4 ( WITA) Room 1: Denpasar Room 1 Moderator : DR.J.L. Eko Nugroho BAHASA 1 Kazia Laturette International Business Accounting, Ciputra University [email protected] Impact of Acquisition of PT. Indosiar Karya Media, Tbk by PT. Elang Mahkota Teknologi, Tbk STRATEGIC 2 Maulana & Sardiyo STIE STMIK MURA Lubuklinggau; [email protected] ANALYSIS EFFECT OF INCENTIVE AND COMPETENCY TO THE WORKING PERFORMANCE OF EMPLOYEES AT SMART MANAGEMENT CONSULTANT PALEMBANG HRM 3 Ayu Septirini & Agus Frianto Department of Management, Faculty of Economic UNESA; [email protected] 4 Didik Hadiyatno Misna Ariani Faculty of Economics, University of Balikpapan [email protected] INFLUENCE OF JOB MOTIVATION AND JOB SATISFACTION ON EMPLOYEE PERFORMANCE IN ASURANSI JIWA BERSAMA (AJB) BUMIPUTERA 1912 SURABAYA REGIONAL OFFICE Effect of Competence, Training, Motivation Employee Performance Against PT Thiess Contractors Indonesia at Balikpapan HRM HRM

22 SCHEDULE PRESENTATION PAPER FOR INSYMA 10 Session 4 ( WITA) Room 2: Denpasar Room 2 Moderator : DR. Dedy Marciano BAHASA 1 M.Sienly Veronica Maranatha Christian University Bandung; [email protected] ANALYSIS THE INFLUENCE OF MACRO ECONOMIC FACTORS AND FINANCIAL COMPANY PERFORMANCE TO BUILD A BANKRUPTCY PREDICTION MODEL (STUDY AT LISTED COMPANIES IN IDX FOR YEAR ) 2 I Gede Cahyadi Putra Mahasaraswati University Denpasar; [email protected] The Effect of Age, Level of Education, Work Experience and Business Type on the Audit Delay Public Accountant in Bali 3 Rima Rachmawati & Priska Amelia Faculty Economy at Widyatama University-Indonesia; [email protected] EFFECT CAPITAL ADEQUANCY RATIO (CAR) AND NON PERFORMING LOAN (NPL) ON RETURN ON ASSET (ROA) BANKING IN INDONESIA (Survey on Indonesia Stock Exchange /IDX) 4 Olivia Idrus & Lely Fera FE Open University The Influence of Company's Concentration of Ownership Toward The Quality Of Corporate Governance's Implementation (Review of Corporate Governance Perception Index) Session 4 ( WITA) SCHEDULE PRESENTATION PAPER FOR INSYMA 10

23 Room 3: Gianyar Room Moderator : Dra.ec. Liliana Inggrit Wijaya, M.M. BAHASA 1 Panji Aditya Evindo & Nadia Asandimitra Haryono Faculty of Economics, UNESA, [email protected] A COMPARATIVE STUDY ON RETURN STOCKS BETWEEN VALUE STOCKS AND GROWTH STOCKS IN THE GO PUBLIC COMPANIES AT THE INDONESIAN STOCK EXCHANGE (Period of ) 2 Siti Puryandani STIE BANK BPPD, Semarang; [email protected] ANALYSIS OF FACTORS THAT INFLUENCE CAPITAL STRUCTURE AND TEST DIFFERENT CAPITAL STRUCTURE IN FINANCIALLY CONSTRAINED (FC) AND NON FINANCIALLY CONSTRAINED (NFC) 3 Ni Wayan Rustiarini Mahasaraswati University Denpasar; [email protected] FIRM CHARACTERISTICS, INTELLECTUAL CAPITAL, AND ENVIRONMENTAL PERFORMANCE (EMPIRICAL EVIDENCE FROM LISTED COMPANIES IN INDONESIA) 4 Dheo Rimbano, Sardiyo, Maulana STIE MURA Lubuklinggau; [email protected] THE INFLUENCE OF FINANCIAL PERFORMANCE {EPS (EARNING PER SHARE), PER (PRICE EARNING RATIO), DPR (DEVIDENT PAYOUT RATIO), ROE (RETURN ON EQUITY) AND ROA (RETURN ON ASSETS)} TO SHARE PRICE INDEX Session 4 ( WITA) Room 4: Tabanan Room

24 Moderator : Dra.ec. Endang Ernawati, M.M. BAHASA 1 Sugiartiningsih Widyatama University Bandung THE EFFECT OF ECONOMIC GROWTH ON THE Indonesia; [email protected] NUMBER OF POOR PEOPLE IN INDONESIA, PERIOD Rosemarie Sutjiati [email protected]; Maranatha Christian Univ 3 Sutama Wisnu D & Budi Astuti Master of Management, Islamic University of Indonesia Condong Catur Sleman Yogyakarta; [email protected] 4 Etty Soesilowati & Sri Utami Economics Faculty, Semarang State University; [email protected] The Effect of Financial Ratios to Stock Price in Several Companies listed in SRIKEHATI Group in Indonesia Stock Exchange Effect Of Application Corporate Social Responsibility On Image PT. Antam Unit Pascatambang Kijang POLICY INTEGRATION FOR HOUSEHOLD WASTE MANAGEMENT THROUGH ESTABLISHMENT OF WASTE BANK SCHEDULE PRESENTATION PAPER FOR INSYMA 10 Session 4 ( WITA) Room 5: Amlapura Room Moderator : Drs.ec. A. Budhiman Setyawan, MSIE. BAHASA

25 1 Lely Dahlia Trilogi University Jakarta; Cooperative Entrepreneurship Paradigm as the Pattern of Cooperative Improvement toalleviate Poverty in KulonProgo Regency, Ellen Puspitasari, Ceacilia Srimindarti Faculty of Economy University of STIKUBANK Semarang; [email protected] THE PERCEPTION OF ADOPTING AN INFORMATION TECHNOLOGY INNOVATION ON THE RURAL BANKS OWNED BY LOCAL GOVERNMENT 3 Fidelis Arastyo Andono & Fandy San Accounting/Faculty of Business and Economics Surabaya University; [email protected] 4 Ratna Widiastuti Management Program, Faculty of Economy, Maranatha Christian University; [email protected] MALMI AND BROWN S MANAGEMENT CONTROL SYSTEM IN PRODUCTION AREA Total Quality Management in Education (TQME): Prospective Strategy for University SCHEDULE PRESENTATION PAPER FOR INSYMA 10 Session 4 ( WITA) Room 6 : Bangli Room Moderator : Christina Honanta, S.E., M.M. BAHASA

26 1 Moh. Rofik, Nindria Untarini, Yessy Artanti Department of Management, Faculty of Economic, UNESA. PERCEPTION OF ACCEPTANCE KOMMUTER TRAIN SIDOARJO-SURABAYA ROUTE TO WORK PLACE AS ALTERNATIVE CHOICE ON PUBLIC TRANSPORTATION WITH PLANNED BEHAVIOR THEORY 2 Christina Esti Susanti Widya Mandala Catholic University; [email protected] INFLUENCE OF TRUST IN SUPPLIER AND TRUST IN BRAND ON THE PURCHASE AND ATTITUDINAL LOYALTY FOR RETAILER AT PT SINAR SOSRO IN SURABAYA 3 Anita Wongso UBAYA [email protected] Activity Complaint Handling the Engineering Department Novotel Surabaya Hotel & Suites 4 Samuel David Lee, Pandam Rukmi Wulandari,Aris Budi Setyawan Faculty of Economic, Accounting Departement, Gunadarma University. [email protected]; [email protected]; [email protected] EFFECTIVENESS OF IT GOVERNANCE IN BANKING SECTOR

27 The Effect of Financial Ratios to Stock Price in Several Companies listed in SRIKEHATI Group in Indonesia Stock Exchange Rosemarie Sutjiati Njotoprajitno Maranatha Christian University Abstract Now adays most or maybe all company's goal is to improve their values which are shown in stock prices. This paper tries to examine the effects of factors which affect the stock price. This paper tries to study the effect of profitability (ROE), liquidity (CR), leverage (DER, DAR), EPS, and dividend policy (DPR) to stock price in the selected group of Indonesia stock market. The group of companies examined selected from the SRIKEHATI group in Indonesian stock market. This group is formed to adopt the sustainability issues that nowadays become public concern. About how the companies in the groups attain these criteria is not discussed in the paper. The study used quantitative approach. When the statistical process was executed, CR and DER variables have to be expelled since they didn t pass the statistical test. The result show that ROE didn t have significant effect to price while DAR, DPR, and EPS have significant effect to stock price which suggested that improvement in these financial ratios can be used as the media to improve stock price in SRIKEHATI listed companies. Keywords: Profitability, liquidity, leverage, dividend policy, stock price Introduction In the past when someone were asked what is the purpose of the establishment of a company then the answer is to get the largest possible profits that can be obtained. At the present time, there is a slight shift in which the main objective of the establishment of a company is to increase the value of the company itself. The value of the company can be described from the price of the stock of the company itself. Therefore the management of the company will continue to strive to improve its performance, correcting and improving the various parts of the company in order to constantly improve the value of the company. The success or failure of the company's management will be seen from how great the increase or decrease in the value of the company. Financial ratios are often used as a measurement tool to measure the improvement/decline of the company; therefore logically it should be directly proportional to the increase/decrease in the company's stock price. This paper tries to study the effect of profitability (ROE), liquidity (CR), leverage (DER, DAR), EPS, and dividend

28 policy (DPR) to stock price in the selected group of Indonesia stock market. The group of companies examined selected from the SRIKEHATI group in Indonesian stock market. This group is formed to adopt the sustainability issues that nowadays become public concern. About how the companies in the groups attain these criteria is not discussed in the paper. There are several theory and research about the relation of financial ratio selected with stock price that might be different one to another. Basically, companies sell stock to public to raise funds needed in their operational, investments, and other purpose. The shares in circulation tend to rise or fall because some internal factors such as the company's performance and other external factors or even simply because the supply and demands activities. There are a lot of speculations how the performance of a company might effect to stock price. Chandra (2009:197) stated that when properly combined, financial ratios may be used to assess corporate excellence, judge creditworthiness, predict bankruptcy, and value equity shares. Return on equity shows how much return can be gained from the money brought by the shareholders to the company. Logically investors would prefer company with higher ROE since it shows promise of future profit for the investors. Martaniet.al. (2009:50) stated that ROE (Return on equity), has significant positive correlation with return. A higher ROEshows that the firm can earn higher return on shareholder s equity. A higher ROE also indicates a higher efficiencyin spending money invested by shareholder to earn profit growth. Karaca and Savsar (2012:62) research also shows that ROE have significant relation with firm value with negative directions. Khan (2012:18) shows the significant positive relation between Cash Dividend, Retention Ratio and Return on Equity with Stock Market Prices while Earnings per Share and Stock Dividend have negative and statistically insignificant relationship with Stock Market Prices. About the leverage, Zhou (2008:160) shows that in market level, leverage can be both statistically and economically important to options pricing. While Modigliani and Miller (1958) shows that capital structure has no effect to the value of a company. Adami et. al. (2010:21) stated that returns have a negative, albeit small, relation with leverage in all the three models used for the estimation. It means an increase in leverage means a slight decline in price. Hamada (1972) shows that if leverage is rising then price is rising as well, while Dimitrov and Jain (2008) show that if leverage is rising than price is declining.

29 Earning per Share and dividends also directly shows the profit of the company and the dividends which will be distributed to investors. Higher EPS shows that the company has high capability to earn profit. While about dividend higher dividends will attract investors that expect to gain profit from dividends while lower ones is assumed to be reinvested and achieve capital gain. Miller and Modigliani (1961) proved that dividends are not relevant in determining the value of a company (the theory assumes a world without taxes or transaction cost, and investors having rational and having the same expectations). It means according to their theory, a company values is not affected (independent) by dividends. About the dividend policy, Brigham and Houston (2009:458) use formula Po= D 1 /(rs-g) that shows if a company increase dividend payout ratio it will raise D1, which taken alone will cause the stock price to rise, but at the same time it means less money will be available for reinvestment and cause expected growth to decline and will tend to lower stock price. This means dividends policy can be like double-edged sword which need to be considered fully. These researches, to a larger extent, put attention on how these financial ratios examined can affect stock price in the SRI KEHATI group and to what extent. There is still a lot of difference result and theory about the relation of these ratios to stock price up till this day. Since stock price is an important part to describe companies' values then this study hopefully can give useful view to the companies to better improve the performance. Research Methods and Data Collection There are independent variables such as Return on Equity (ROE), Current Ratio (CR), Debt to Equity Ratio (DER), Debt to Asset Ratio (DAR), Earning per Share (EPS), and Dividend Payout Ratio. The dependent variable is Stock Price. The method used is quantitative method. Quantitative method is done through collecting numeric data, process it and analyze it in order to acquire scientific information of the numeric data (Martono, 2010:19). The information process is using SPSS programs. The data is collected from all the go public companies listed in SRI KEHATI group in Indonesian stock market. This group believed to be a group of company that has a good sustainability practices that represent nowadays concerns. The data is secondary data from IDX sites collected from periods which is available for all the companies examined.

30 Operational Definition of Variables This part describes the operational definition for independent and dependent variables that is discussed in the paper: 1. Profitability Profitability describes the capability of the company to be profitable or to generate money. Profitability ratio is the most frequently used financial ratio. Investors and other parties tend to look at past profitability data and projects future profitability of a company as their primary basis. They mostly put more attention to the ability of the company to earn future profits and tend to use analysis that represents this.one of the ratios of profitability used in this paperis Return on Equity (ROE) measuring the return of the money investors put into a company. ROE is calculated in the following way: The most important goal of company's management is to maximize returns for its stockholders, about this Rich et.al. (2010:646) stated that although the link between a corporation's net income and increases in dividends and share price return is not perfect, the return on equity ratio is still an effective measure of management performance for the stockholders. It is the underlying assumption that the ratio of ROE becomes one of the factors that determine the rate of return and stock price. 2. Liquidity Liquidity ratio is a ratio that measure the capability of a company to pay their lliability especially short term financial commitments as they become due and it is an important measure of financial health. Sinha (2009:90) stated that the importance of short-term liquidity can be felt from the repercussions of the claimants when a firm fails to meet its obligations, and lack of sufficient liquidity prevents a firm from taking advantage of favorable discounts or profitable opportunities. Further, shortage of liquidity means limited opportunities and having constraints within management work. The ratio used to represent liquidity in this paper is Current Ratio (CR). Current ratio shows the capability of a company to pay their short term liabilities. Current

31 ratio is the most basic liquidity test that can show the user whether a company has enough current assets to meet its short term liabilities as they become due. Current Ratio is calculated in the following way: Sinha (2009: 93-94) stated that there are merits of current ratio such as: a. It is able to measure how adequately current abilities are covered. The greater the ratio, the greater the assurance can be given for meeting the current liabilities. b. This ratio indicates the degree of buffer against losses. The larger the ratio, the larger is the buffer, and the lower is the risk. It helps in signifying the degree of safety for covering shrinkage in values of non-cash current assets. c. It shows the volume of liquid assets available as margin of safety against uncertain shocks to firm from unexpected circumstances. 3. Leverage Leverage is also an important measure of a company's financial health. Leverage can describe a company financing methods. This paper use Debt to Asset Ratio (DAR) and Debt to Equity Ratio (DER) to represent leverage. DAR or simply called debt ratio Shows Company's debt percentage compared to total asset. DER is one of the most important leverage ratios that describe how much is company is financed by debt holders compared to owners (stockholders). DAR and DER is calculated in the following way: Morrell (2007:71) stated that DER is still considered one of the most important ratio for an assessment of risk and solvency, although some analyst now rely more on the less problematical interest cover. He stated that ideally net debt to equity should be calculated, but some resources only allow the more traditional debt/equity to be determined. Dopson and Hayes (2008:194) stated that from a lender's perspective, the

32 higher the lender's own investment (relative to the actual investment by the business's owners) the riskier is the investment and the less interested they will be in loaning money while at the owners perspective often seek to maximize their financial leverage and create total liabilities to total equity ratios in excess of The same also goes for DAR which investors favor more debt while lenders favor less debt to ensure the safety of loan payment. 4. Earning per Share Earning per share (EPS) measure how much money earned by each share of stock. Investors tend to put high attention to EPS. EPS can determine the success or failure of a company and their ability to pay dividends to stockholders. EPS is calculated in the following way: 5. Dividend Policy Dividend policy might be different between companies. Companies that have high growth rate usually have lower dividends pay rate than a companies that have lower growth rate. Dividend policy might also differ according to the age of the companies; younger companies might offer no dividends or low dividends policy. While most people might prefers company who regularly pay high dividends from time to time since the company is assumed to be a good one, Moles et.al. (2011:671) argues that it doesn t seem that simple, he argue that the companies that pays high dividends might did it because they already have more than enough money for all their future investments opportunities (while they have a good future investment opportunities). Or they pay high dividends because doesn't need much money because they have no future investment opportunities. The second reason shows a bad signal of a company future growth. 6. Stock Price The stock price of a company doesn't directly have the same meaning with a company value. First we have to multiply the stock prices with number of shares in circulation. Examining stock price movements and the number of shares in circulation can shows the growth of a company and many other things. But there are also cases of companies that their stock prices have a high rise even though the company didn t

33 make high profit or actually in a bad shape. Factors that surely affect stock price movement is still become concern for many people. Research Models The analytical method used in this research is the analysis of linear regression formulated as follows: Y = a+b 1 X 1 + b 2 X 2 +b 3 X 3 +b 4 X 4 +b 5 X 5+ b 6 X 6 Y = variable price X 1 = variable ROE X 2 = variable CR X 3 = variable DER X 4 = variable DAR X 5 = variable Annual EPS X 6 = variable DPR a = Interception points b1-b5 = regression coefficient Operation of Variable 1. Dependent variables (Y) is a logarithm transformation of price 2. X 1 is a logarithm transformation of ROE 3. X 2 is a logarithm transformation of CR 4. X 3 is a logarithm transformation of DER 5. X 4 is a logarithm transformation of DAR 6. X 5 is a logarithm transformation of EPS 7. X 6 is a logarithm transformation of DPR Hypothesis Based on the problems hypothesis is as follow: 1. Hypothesis 1: Return on Equity (ROE) has a positive and significant effect on stock price of companies examined. 2. Hypothesis 2: Current Ratio (CR) has a positive and significant effect on stock price of companies examined. 3. Hypothesis 3: Debt to Equity Ratio (DER) has a positive and significant effect on stock price of companies examined.

34 4. Hypothesis 4: Debt to Asset Ratio (DAR) has a positive and significant effect on stock price of companies examined. 5. Hypothesis 5: Earning Price Ratio (EPS) has a positive and significant effect on stock price of companies examined. 6. Hypothesis 6: Dividend Payout Ratio (DPR) has a positive and significant effect on stock price of companies examined. 7. Hypothesis 7: ROE, CR, DER, DAR, Annual EPS, DPR simultaneously has a positive and significant effect on stock price of companies examined Statistical Tests The statistical test of financial data being done through classical assumption stages: multicolinearity test, normality test, heteroscedasticity test. Table 1 MulticolinearityTest -Stage 1 Coefficients a Model Unstandardized Coefficients Standardized Coefficients t Sig. Collinearity Statistics B Std. Error Beta Tolerance VIF 1 (Constant),456,504,905,368 log ROE,048,096,057,502,617,556 1,800 log CR,119,149,281,799,427,058 17,140 log DER -,204,342 -,211 -,595,554,057 17,408 log DAR,468,093,935 5,048,000,210 4,753 log Annual EPS,305,106,328 2,870,005,551 1,816 log DPR -,179,085 -,387-2,119,037,217 4,617 a. Dependent Variable: log Price The requirements of multicolinearity are VIF 10, Tolerance 0,1, and table 1 shows that from stages 1 test CR and DER didn t pass the test and have to be abandoned. And the formula customized to: Y = a+b 1 X 1 + b 2 X 2 +b 3 X 3 +b 4 X 4 X 1 X 2 X 3 X 4 = variable ROE = variable DAR = variable Annual EPS = variable DPR Further statistical test are being done as follow:

35 Table 2MulticolinearityTest -Stage 2 Coefficients a Model Unstandardized Standardized t Sig. Collinearity Statistics Coefficients Coefficients 1 B Std. Error Beta Tolerance VIF (Constant),510,248 2,057,043 log ROE,020,072,024,283,778,980 1,021 log DAR,449,090,896 4,997,000,221 4,518 log Annual EPS,260,094,280 2,773,007,697 1,435 log DPR -,169,082 -,364-2,045,044,225 4,437 a. Dependent Variable: log Price The 2nd stage test shows that all variables pass the test and can be inserted to the next test. Table 3 Normality -One-Sample Kolmogorov-Smirnov Test Unstandardized Residual N 96 Normal Parameters a,b Mean, Std. Deviation, Most Extreme Differences Absolute,078 Positive,072 Negative -,078 Kolmogorov-Smirnov Z,769 Asymp. Sig. (2-tailed),596 a. Test distribution is Normal. b. Calculated from data. Normality value is (requirement sig value > 1%, 5%, or 10%) all variables pass the test. Coefficients a Table 4 Heteroscedasticity test Model Unstandardized Coefficients Standardized Coefficients B Std. Error Beta t Sig. 1 (Constant) -,728 2,293 -,318,751 log ROE -1,719,662 -,253-2,598,011 log DAR -1,041,831 -,257-1,253,213 log Annual EPS 1,201,868,160 1,382,170 log DPR,174,762,046,228,820

36 a. Dependent Variable: ln The test shows that all variables pass the test. Results This following table shows the result of data process: Table5 Correlations Statistics Correlations log Price log ROE log DAR log Annual EPS log DPR log Price 1,000,039,540,058,411 log ROE,039 1,000 -,018,000 -,083 Pearson Correlation log DAR,540 -,018 1,000 -,198,827 log Annual EPS,058,000 -,198 1,000,123 log DPR,411 -,083,827,123 1,000 log Price.,354,000,287,000 log ROE,354.,432,499,210 Sig. (1-tailed) log DAR,000,432.,027,000 log Annual EPS,287,499,027.,117 log DPR,000,210,000,117. log Price log ROE N log DAR log Annual EPS log DPR The results show partial effect of: ROE to Price = 0, % = 0,15%. (not significant and can be ignored) DAR to Price = 0, % = 29,16%. Annual EPS to Price = 0, % = 0,34%. DPR to Price = 0, % = 16,89%. Table6 Model Summary

37 Model R R Square Adjusted R Square Std. Error of the Estimate 1,593 a,352,323,19804 a. Predictors: (Constant), log DPR, log ROE, log Annual EPS, log DAR b. Dependent Variable: log Price Simultaneously Effect = 0,323 or 32,3% Table 7 ANOVA a Model Sum of Squares df Mean Square F Sig. Regression 1,937 4,484 12,348,000 b 1 Residual 3,569 91,039 Total 5, a. Dependent Variable: log Price b. Predictors: (Constant), log DPR, log ROE, log Annual EPS, log DAR Simultaneously test proved to be having an effect and significant which it means the hypothesis of the research accepted. Sig value (0,000) < α (1%,5%, or 10%) Table 8 Results Model Unstandardized Coefficients a Standardized t Sig. Coefficients Coefficients B Std. Error Beta (Constant),510,248 2,057,043 log ROE,020,072,024,283,778 1 log DAR,449,090,896 4,997,000 log Annual EPS,260,094,280 2,773,007 log DPR -,169,082 -,364-2,045,044 a. Dependent Variable: log Price

38 Regression Formula Y = a+b 1 X 1 + b 2 X 2 +b 3 X 3 +b 4 X 4 = 0, ,020 X 1 + 0,449 X 2 + 0,260 X 3-0,169 X 4 Y = log (price) X 1 = log (ROE) X 2 = log (DAR) X 3 = log (Annual EPS) X 4 = log (DPR) a = 0,510 it means when X= 0, then Y (price) = 0,510 b1 = When log (ROE) increase by 1 point, then log (price) increase 0,020 b2 = When log (DAR) increase by 1 point, then log (price) increase 0,449 b3 = When log (Annual EPS) increase by 1point, then log (price) increase 0,260 b4 = When log (DPR) increase by 1 point, then log (price) decrease 0,169 Partial test shows: Sig log (ROE) = 0,778- > α (1%,5%, or 10%), then research hypothesis is declined, partially ROE didn t have significant effect to price. Sig log (DAR) = 0,000 < α (1%,5%, or 10%), then research hypothesis is accepted, partially DAR have a significant effect to price. Sig log (Annual EPS) = 0,007 < α (1%,5%, or 10%), then research hypothesis is accepted, partially annual EPS have a significant effect to price. Sig log (DPR) = 0,044 < α (5%, or 10%), then research hypothesis is accepted, partially DPR have a significant effect to price but whit negative sign. ROE didn t have significant effect to price in the SRI KEHATI group this is different from the previous research and theory mentioned above.this could be affected by the fact that companies that are in the group are composed of companies of diverse kinds. DAR has significant effect to stock price. The finding about leverage has the opposite result with Adami et. Al (2010:21) result mentioned above but somehow consistent with capital structure theory which show that financing risk imposed by leverage will be rewarded with higher returns. It seems that in this case the debt - supposedly being managed well, is considered to

39 be a positive sign toward investment and growth. The companies in the group which is a assumedly as a sustainable companies believed to have strength and long term lifespan makes the investors attracted while off course there is still limitation on how much the debt can give this effect. If somehow the debt is pass certain optimum point then the fact could be reversed. The length of the leverage is not examined here and need further study but it is believed that the difference of the length of leverage can give opposite effect to stock price. EPS have significant effect to stock price. This is the same with the other research or theory mentioned above. Stock price will rise whenever EPS is rising. It also shows that investors put attention to EPS in their decision.dpr have a significant negative effect to price it could be means that investors in this group tends to prefer capital gains rather than dividends. The variables examined simultaneously shows significant effect to price and therefore companies need to pay attention to improve their performance in order to shape the financial ratio in a better form that can attract investor and improve company's value. Conclusions and Limitations From the statistical results shows that the variable ROE didn t have significant effect to stock price, while variables DAR, annual EPS and DPR have significant effect to stock price. Simultaneously, these variables show important meaning in determining stock price and company values and therefore need to be considered more. This research also shows the movement of stock price is also influenced by other factors that is not examined since it simultaneously effect is 32.3%. Further researches that examine other factors are needed in order to better describe the movement of stock price. Since SRI KEHATI group is composed of companies of diverse kinds, further research that sort out these companies absolutely essential. Reference Adami, R., Gough, O., Muradoglu, G., and Sivaprasad, S. (2010).The Leverage Effect on Stock Returns.Social Science Research Network. P /abstract= (access: 27 February 2013) Brigham, E.F. and Houston, J.F. (2009). Fundamentals of Financial Management 12th ed. USA: South-Western Cengage Learning.

40 Chandra, Prasanna (2009). Investment Analysis and Portfolio Management. New Delhi: Tata McGraw-Hill Education Private Limited. Dimitrov V and Jain P C (2008). The Value Relevance of Changes in Financial Leverage Beyond Growth in Assets and GAAP Earnings. Journal of Accounting, Auditing and Finance Dopson, L.R. and Hayes, D.K. (2008).Managerial Accounting for the Hospitality Industry. New Jersey: John Wiley and Sons. Hamada R S (1972). The Effect of the Firm s Capital Structure on the Systematic Risk of Common Stocks.Journal of Finance 27(2) Karaca, S.S. and Savsar, A. (2012).The effect of Financial Ratios on the Firm Value: Evidence from Turkey1. Journal of Applied Economic Sciences.Vol 7(2012), Khan, K.I. (2012). Effect of Dividends on Stock Prices A Case of Chemical and Pharmaceutical Industry of Pakistan. Proceedings of 2nd International Conference on Business Management.(ISBN: ), 1-23 Martani, D., Mulyono, and Khairuruzka, R. (2009). The Effect of Financial Ratios, Firm Size, and Cash Flow from Operating Activities in the Interim Report to the Stock Return.Chinese Business Review, Jun. 2009, Volume 8, No.6 (Serial No.72), Martono, N. (2010). Metode Penelitian Kuantitatif. Jakarta: PT Rajagrafindo Persada. Miller, M. H. and Modigliani, F. (1961). Dividend Policy, Growth and the Valuation of Shares. Journal of Business, 34, Modigliani, F. and Miller M. H. (1958). The Cost of Capital, Corporation Finance and the Theory of Investment. American Economic Review 48(3), Moles, P., Parrino, R. and Kidwell, D. (2011). Corporate Finance. UK: John Wiley & Sons Ltd. Morrell, P.S. (2007). Airline Finance 3rd eds. England and USA: Ashgate Publishing Limited and Ashgate Publishing Company. Rich, J.S., Jones, J.P., Mowen, M.M., and Hansen D.R. (2010). Cornerstone of Financial Accounting. USA: South-Western Cengage Learning. Sinha, G. (2009). Financial Statement Analysis. New Delhi: Asoke K. Ghosh, PHI Learning Private Limited. Zhou, Yi. (2008). Leverage, Asset Pricing and Its Implications. Los Angeles: University of California. ce+of+leverage&hl=en&redir_esc=y#v=onepage&q=the%20importance%20of%20le verage&f=false (access: 26 February 2013)

41 Financial Report Date September KODE TAHUN ROE CR DER DAR Annual EPS DPR Price AALI ADHI AKRA ANTM ASII BBCA BBNI BBRI BDMN (%) (%) (Rp) (%) , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , BMRI ,025.00

42 INDF INTP ISAT JSMR KLBF LPKR LSIP MEDC PGAS PJAA , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , ,

43 PTBA SMGR TINS TLKM UNTR UNVR , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , ,800.00