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Papers by Rathria Arrina Rachman

Research paper thumbnail of Pengaruh Pemberian Remunerasi Direksi Terhadap Kinerja Keuangan Perusahaan Publik di Indonesia

Studi Akuntansi dan Keuangan Indonesia

This research was conducted to study the relationship between remuneration of directors and finan... more This research was conducted to study the relationship between remuneration of directors and financial performance of companies in Indonesia. Based on the Agency Theory (Jensen and Meckling, 1976), remuneration given to directors will improve the company's financial performance because the provision of good remuneration will harmonize the interests of the principal (shareholders) and agents (company directors). This study uses a sample of 147 publicly-listed companies spread across 10 sectors and listed on the Indonesia Stock Exchange over 2013 to 2017. Using panel data regression methods with Generalized Least Squares (GLS),, the results of this study indicate that the remuneration of directors has a positive relationship to several financial performance indicators, namely Return On Assets (ROA) and Return On Equity (ROE, where the higher the remuneration given to directors will improve the company's financial performance. Thus, this results is consistent with the Agency Theory.

Research paper thumbnail of Financial) Fair Play

Seperti halnya perusahaan, klub sepak bola juga wajib untuk melaporkan keuangannya. Berdasarkan C... more Seperti halnya perusahaan, klub sepak bola juga wajib untuk melaporkan keuangannya. Berdasarkan Club Licensing Regulations dari FIFA (2008), klub sepak bola harus menerapkan prinsip akuntansi sesuai dengan standar yang berlaku umum dalam pencatatan laporan keuangannya.

Research paper thumbnail of The Effect of Related Party Transactions on the Performance of Indonesian Listed Companies

Jurnal Manajemen Teknologi

. The purpose of this paper is to analyze the impact of related party transactions (RPTs) on comp... more . The purpose of this paper is to analyze the impact of related party transactions (RPTs) on company performance using a panel data regression on 388 non-financial companies listed in Indonesia Stock Exchange during the 2015-2018 period. RPT variables used in this study are divided into several categories, namely transactions with related parties in the operational field (operational RPTs), financial field (financial RPTs), other fields (other RPTs), and total RPTs (sum of the three previous types). The study finds a significant negative relationship between financial RPTs and other RPTs on company performance. This finding is consistent with the precedent research that non-operational RPTs (i.e., financial RPTs and other RPTs) are commonly used by controlling shareholders as tunneling channels to expropriate minority shareholders. The results suggest policymakers to monitor more closely RPTs, particularly financial and other RPTs, that are more likely to be used as tunneling activities that are detrimental to firm performance. The results of this study are robust to various proxies of firm performance, providing additional empirical studies on RPTs in emerging countries with concentrated ownership structure, and shedding direct light on which type of RPTs that is mainly used as tunneling channel. Keywords: Efficient transaction hypothesis, firm performance, Indonesia, related party transactions, type II agency problem

Research paper thumbnail of Studi Akuntansi dan Keuangan Indonesia, Vol. 3, No. 1, 2020

Indonesian banks are categorized into four classes based on core capital size that determines the... more Indonesian banks are categorized into four classes based on core capital size that determines the scope of banks’ business activities. This research aimed to identify the determinants of profitability of banks with the core capital size of IDR 5-30 trillion (called “Buku 3” category) and banks with the core capital size of more than IDR 30 trillion (called “Buku 4” category). The data sample was 27 conventional commercial banks listed on the Indonesia Stock Exchange (BEI) from 2009 to 2018. These banks are divided into three different sample classes namely Buku 3 only, Buku 4 only, and Buku 3 and Buku 4 categories. By applying a panel regression model, the results showed that net interest margin (NIM) positively affected profitability of the banks in Buku 3, banks in Buku 4, as well as banks in Buku 3 and Buku 4 category. Moreover, operating expense to operating income ratio (BOPO) and non-performing loans (NPL) negatively affected profitability of those banks in the three sample cl...

Research paper thumbnail of Dampak Pengumuman Penerbitan Obligasi Perusahaan Terhadap Abnormal Return Saham Di Indonesia Tahun 2014 – 2015

. This study aims at investigating the effect of corporate bonds issuanceannouncement on the stoc... more . This study aims at investigating the effect of corporate bonds issuanceannouncement on the stock market in Indonesia over 2014 – 2015. By applying eventstudy and t-test, it is proven that there are significant positive abnormal return one daybefore the announcement date and significant negative abnormal return five days afterthe date. This result shows that public has obtained information from the insider asgood news before the information is widely disseminated; therefore, they react bytransacting in the stock market. Nonetheless, when the offering period ends, marketparticipants react again and there is a market correction five days after theannouncement. This result confirms that there is a signalling effect of corporate bondsissuance on the stock market performance and indicates that stock market in Indonesiais inefficient.

Research paper thumbnail of Determinants of Bank Profitability of Indonesian Banks Based on Core Capital Size in Category 3 and 4

Since December 2012, the Central Bank of Indonesia has been grouping banks into four classes base... more Since December 2012, the Central Bank of Indonesia has been grouping banks into four classes based on the size of core capital requirement, namely Buku 1, Buku 2, Buku 3 and Buku 4. These categories primarily determine the scope of banks’ business activities. This research aimed to identify the determinants of banks’ profitability in the Buku 3, Buku 4, and the combination of Buku 3 and Buku 4 categories. The data sample was 27 conventional commercial banks consisting of 23 banks from Buku 3 and 4 banks from Buku 4 listed on the Indonesia Stock Exchange (BEI) from 2009 to 2018. By applying multiple linear regressions to panel data, the results showed that net interest margin (NIM) positively affected profitability of the banks in Buku 3, Buku 4, as well as Buku 3 and Buku 4 category. Moreover, operating expense to operating income ratio (BOPO) and non-performing loan (NPL) negatively affected profitability of those banks. However, loan to deposit ratio (LDR) and capital adequacy rat...

Research paper thumbnail of Pengaruh Program Kepemilikan Saham Karyawan Terhadap Kinerja Keuangan Perusahaan Publik di Indonesia

Studi Akuntansi dan Keuangan Indonesia, 2019

Based on the Agency Theory, management (agent) is a party that is trusted by shareholders (princi... more Based on the Agency Theory, management (agent) is a party that is trusted by shareholders (principals) to manage the company and maximize shareholders’ value (Jensen and Meckling, 1976). In practice, conflicts between shareholders and managers are unavaidable because of differences in interests and information asymmetry called Agency Problem. One way to minimize agency problem is by applying Employee Stock Ownership Program (ESOP) which gives rights to company’s employees to own company’s share. Through ESOP, employees are expected to improve the performance and value of the company due to their stock ownership. The purpose of this study was to analyze the effect of the implementation of the ESOP program on company financial performance especially profitability as measured by ROE (Return on Equity) and ROA (Return on Assets). This study analyzes 62 listed companies in Indonesia adopting ESOP for the first time over 2009-2016. By using panel data regression method, the results of the...

Research paper thumbnail of Pengaruh Altman Z-Score Terhadap Realized Return Perusahaan Terbuka di Indonesia

Studi Akuntansi dan Keuangan Indonesia

This study aims to examine whether there is a relationship between Altman Z-Score (financial dist... more This study aims to examine whether there is a relationship between Altman Z-Score (financial distress predictor) and realized return on company's stock, and how much the influence of Altman Z-Score on the realized stock returns. One way to find out the company's financial condition is using the Altman Z"-score Modification method

Research paper thumbnail of Bank-specific Factors Affecting Non-performing Loans in Developing Countries: Case Study of Indonesia

In recent decades, financial crises in various countries have often been preceded by the rise in ... more In recent decades, financial crises in various countries have often been preceded by the rise in non-performing loans (NPLs) in the banks' asset portfolios. The increase in NPLs is proven to have adverse impact on the banking sector so that understanding the determinant of NPLs is immensely crucial to ensure the efficiency and soundness of the overall economy. This study aims to shed light on bank-specific factors that affect loan default problems in developing countries whose banking sectors play a major role in the overall economy. This study analyzes panel data sets of 36 commercial banks listed in the Indonesian Stock Exchange during the period 2008–2015. Applying fixed-effects panel regression model reveals that Indonesian banks' profitability and credit growth negatively influence the number of NPLs. Moreover, banks with higher profitability are proven to have lower NPLs because they can afford adequate credit management practices. Likewise, banks with higher credit growth evidently have lower NPLs in the sense that they demonstrate more specialized lending activity and thus have better credit management systems. These findings imply that, in order to lower loan defaults that can deteriorate banks' asset quality, banks should maintain their level of profitability and increase, rather than decrease, their credit supply to debtors.

Research paper thumbnail of Pengaruh Pemberian Remunerasi Direksi Terhadap Kinerja Keuangan Perusahaan Publik di Indonesia

Studi Akuntansi dan Keuangan Indonesia

This research was conducted to study the relationship between remuneration of directors and finan... more This research was conducted to study the relationship between remuneration of directors and financial performance of companies in Indonesia. Based on the Agency Theory (Jensen and Meckling, 1976), remuneration given to directors will improve the company's financial performance because the provision of good remuneration will harmonize the interests of the principal (shareholders) and agents (company directors). This study uses a sample of 147 publicly-listed companies spread across 10 sectors and listed on the Indonesia Stock Exchange over 2013 to 2017. Using panel data regression methods with Generalized Least Squares (GLS),, the results of this study indicate that the remuneration of directors has a positive relationship to several financial performance indicators, namely Return On Assets (ROA) and Return On Equity (ROE, where the higher the remuneration given to directors will improve the company's financial performance. Thus, this results is consistent with the Agency Theory.

Research paper thumbnail of Financial) Fair Play

Seperti halnya perusahaan, klub sepak bola juga wajib untuk melaporkan keuangannya. Berdasarkan C... more Seperti halnya perusahaan, klub sepak bola juga wajib untuk melaporkan keuangannya. Berdasarkan Club Licensing Regulations dari FIFA (2008), klub sepak bola harus menerapkan prinsip akuntansi sesuai dengan standar yang berlaku umum dalam pencatatan laporan keuangannya.

Research paper thumbnail of The Effect of Related Party Transactions on the Performance of Indonesian Listed Companies

Jurnal Manajemen Teknologi

. The purpose of this paper is to analyze the impact of related party transactions (RPTs) on comp... more . The purpose of this paper is to analyze the impact of related party transactions (RPTs) on company performance using a panel data regression on 388 non-financial companies listed in Indonesia Stock Exchange during the 2015-2018 period. RPT variables used in this study are divided into several categories, namely transactions with related parties in the operational field (operational RPTs), financial field (financial RPTs), other fields (other RPTs), and total RPTs (sum of the three previous types). The study finds a significant negative relationship between financial RPTs and other RPTs on company performance. This finding is consistent with the precedent research that non-operational RPTs (i.e., financial RPTs and other RPTs) are commonly used by controlling shareholders as tunneling channels to expropriate minority shareholders. The results suggest policymakers to monitor more closely RPTs, particularly financial and other RPTs, that are more likely to be used as tunneling activities that are detrimental to firm performance. The results of this study are robust to various proxies of firm performance, providing additional empirical studies on RPTs in emerging countries with concentrated ownership structure, and shedding direct light on which type of RPTs that is mainly used as tunneling channel. Keywords: Efficient transaction hypothesis, firm performance, Indonesia, related party transactions, type II agency problem

Research paper thumbnail of Studi Akuntansi dan Keuangan Indonesia, Vol. 3, No. 1, 2020

Indonesian banks are categorized into four classes based on core capital size that determines the... more Indonesian banks are categorized into four classes based on core capital size that determines the scope of banks’ business activities. This research aimed to identify the determinants of profitability of banks with the core capital size of IDR 5-30 trillion (called “Buku 3” category) and banks with the core capital size of more than IDR 30 trillion (called “Buku 4” category). The data sample was 27 conventional commercial banks listed on the Indonesia Stock Exchange (BEI) from 2009 to 2018. These banks are divided into three different sample classes namely Buku 3 only, Buku 4 only, and Buku 3 and Buku 4 categories. By applying a panel regression model, the results showed that net interest margin (NIM) positively affected profitability of the banks in Buku 3, banks in Buku 4, as well as banks in Buku 3 and Buku 4 category. Moreover, operating expense to operating income ratio (BOPO) and non-performing loans (NPL) negatively affected profitability of those banks in the three sample cl...

Research paper thumbnail of Dampak Pengumuman Penerbitan Obligasi Perusahaan Terhadap Abnormal Return Saham Di Indonesia Tahun 2014 – 2015

. This study aims at investigating the effect of corporate bonds issuanceannouncement on the stoc... more . This study aims at investigating the effect of corporate bonds issuanceannouncement on the stock market in Indonesia over 2014 – 2015. By applying eventstudy and t-test, it is proven that there are significant positive abnormal return one daybefore the announcement date and significant negative abnormal return five days afterthe date. This result shows that public has obtained information from the insider asgood news before the information is widely disseminated; therefore, they react bytransacting in the stock market. Nonetheless, when the offering period ends, marketparticipants react again and there is a market correction five days after theannouncement. This result confirms that there is a signalling effect of corporate bondsissuance on the stock market performance and indicates that stock market in Indonesiais inefficient.

Research paper thumbnail of Determinants of Bank Profitability of Indonesian Banks Based on Core Capital Size in Category 3 and 4

Since December 2012, the Central Bank of Indonesia has been grouping banks into four classes base... more Since December 2012, the Central Bank of Indonesia has been grouping banks into four classes based on the size of core capital requirement, namely Buku 1, Buku 2, Buku 3 and Buku 4. These categories primarily determine the scope of banks’ business activities. This research aimed to identify the determinants of banks’ profitability in the Buku 3, Buku 4, and the combination of Buku 3 and Buku 4 categories. The data sample was 27 conventional commercial banks consisting of 23 banks from Buku 3 and 4 banks from Buku 4 listed on the Indonesia Stock Exchange (BEI) from 2009 to 2018. By applying multiple linear regressions to panel data, the results showed that net interest margin (NIM) positively affected profitability of the banks in Buku 3, Buku 4, as well as Buku 3 and Buku 4 category. Moreover, operating expense to operating income ratio (BOPO) and non-performing loan (NPL) negatively affected profitability of those banks. However, loan to deposit ratio (LDR) and capital adequacy rat...

Research paper thumbnail of Pengaruh Program Kepemilikan Saham Karyawan Terhadap Kinerja Keuangan Perusahaan Publik di Indonesia

Studi Akuntansi dan Keuangan Indonesia, 2019

Based on the Agency Theory, management (agent) is a party that is trusted by shareholders (princi... more Based on the Agency Theory, management (agent) is a party that is trusted by shareholders (principals) to manage the company and maximize shareholders’ value (Jensen and Meckling, 1976). In practice, conflicts between shareholders and managers are unavaidable because of differences in interests and information asymmetry called Agency Problem. One way to minimize agency problem is by applying Employee Stock Ownership Program (ESOP) which gives rights to company’s employees to own company’s share. Through ESOP, employees are expected to improve the performance and value of the company due to their stock ownership. The purpose of this study was to analyze the effect of the implementation of the ESOP program on company financial performance especially profitability as measured by ROE (Return on Equity) and ROA (Return on Assets). This study analyzes 62 listed companies in Indonesia adopting ESOP for the first time over 2009-2016. By using panel data regression method, the results of the...

Research paper thumbnail of Pengaruh Altman Z-Score Terhadap Realized Return Perusahaan Terbuka di Indonesia

Studi Akuntansi dan Keuangan Indonesia

This study aims to examine whether there is a relationship between Altman Z-Score (financial dist... more This study aims to examine whether there is a relationship between Altman Z-Score (financial distress predictor) and realized return on company's stock, and how much the influence of Altman Z-Score on the realized stock returns. One way to find out the company's financial condition is using the Altman Z"-score Modification method

Research paper thumbnail of Bank-specific Factors Affecting Non-performing Loans in Developing Countries: Case Study of Indonesia

In recent decades, financial crises in various countries have often been preceded by the rise in ... more In recent decades, financial crises in various countries have often been preceded by the rise in non-performing loans (NPLs) in the banks' asset portfolios. The increase in NPLs is proven to have adverse impact on the banking sector so that understanding the determinant of NPLs is immensely crucial to ensure the efficiency and soundness of the overall economy. This study aims to shed light on bank-specific factors that affect loan default problems in developing countries whose banking sectors play a major role in the overall economy. This study analyzes panel data sets of 36 commercial banks listed in the Indonesian Stock Exchange during the period 2008–2015. Applying fixed-effects panel regression model reveals that Indonesian banks' profitability and credit growth negatively influence the number of NPLs. Moreover, banks with higher profitability are proven to have lower NPLs because they can afford adequate credit management practices. Likewise, banks with higher credit growth evidently have lower NPLs in the sense that they demonstrate more specialized lending activity and thus have better credit management systems. These findings imply that, in order to lower loan defaults that can deteriorate banks' asset quality, banks should maintain their level of profitability and increase, rather than decrease, their credit supply to debtors.