RELATIONSHIP BETWEEN MACROECONOMIC FUNDAMENTALS, BANK’S CREDIT SCHEME, FIRM’S PERFORMANCE, AND FIRM’S VALUE DIMENSIONS
This study investigated the relationship among macroeconomic fundamentals, bank’s credit scheme, firm’s performance and firm’s value dimentions. The research design was explanatory research, using a structural equation model. The sample is PT. Bank Persero industry in Indonesia from 1999-2014 monthl...
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| Format: | Article |
| Language: | English |
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Universitas Merdeka Malang
2017-05-01
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| Series: | Jurnal Keuangan dan Perbankan |
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| Online Access: | http://jurnal.unmer.ac.id/index.php/jkdp/article/view/1229 |
| Summary: | This study investigated the relationship among macroeconomic fundamentals, bank’s credit scheme, firm’s performance and firm’s value dimentions. The research design was explanatory research, using a structural equation model. The sample is PT. Bank Persero industry in Indonesia from 1999-2014 monthly. Empirically, based on confirmatory test it could be described that the variables represented for each dimension were that the dominant variable in macroeconomic was currency exchange rate IDR to USD, and working capital interest rate represented the bank credit interest scheme dimension, ROA was dominant for firm’s performance, and the frequency of stock trading was representing the firm’s value dimension. For the next, based on structural equation model with regression coefficient, path analysis could be discussed as follows. First, working capital credit interest rate was as weak mediation variable between exchange rate IDR to USD and ROA. Second, working capital credit interest rate influenced the frequency of stock trading through ROA. In this case ROA was as strong mediation variable. The last path analyzed the influence of exchange rate IDR against USD to the frequency of stock trading through ROA. Here ROA was the strong mediation variable.<p> </p><p>Penelitian ini meneliti pola hubungan antar dimensi fundamental makroekonomi, skema bunga kredit, kinerja perusahaan, dan nilai perusahaan. Rancangan penelitian berupa penelitian eksplanatori, dengan menggunakan analisis Model Persamaan Terstruktur (SEM). Sampel penelitian adalah industri PT. Bank Persero di Indonesia periode 1999-2014 secara bulanan. Hasil penelitian menunjukkan, berdasarkan hasil pengujian model konfirmatori dapat dijelaskan bahwa variabel-variabel yang mewakili masing-masing dimensi yaitu: variable perubahan nilai kurs mewakili dimensi fundamental makro, tarif bunga kredit modal kerja mewakili dimensi skema bunga kredit bank, ROA dominan mewakili kinerja perusahaan dan frekuensi perdagangan saham merepresentasikan dimensi nilai perusahaan. Analisis selanjutnya, berdasarkan variable dominan yang sudah diperoleh dengan mendasarkan pada hasil koefisien regresi terstandar dapat didiskusikan analisis jalur, yaitu: jalur pertama, dapat dijelaskan bahwa, bunga kredit modal kerja sebagai variable mediasi yang lemah antara variable nilai kurs dengan kinerja perusahaan ROA. Kondisi jalur kedua yakni bunga kredit modal kerja berpengaruh terhadap frekuensi perdagangan saham melalui ROA, dalam hal ini ROA berperan sebagai variabel mediasi yang menguatkan. Dan jalur terakhir menganalisis pengaruh perubahan nilai kurs terhadap frekuensi perdagangan saham melalui ROA, dalam hal ini ROA mewakili dimensi kinerja perusahaan merupakan variable mediasi yang menguatkan.</p> |
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| ISSN: | 1410-8089 2443-2687 |