12 Mar 2012
: Financial condition of firms is one of the main concerns of investor in a capital market. At present, Investor does not need to calculate and analyze listed company performance himself. One of magazines which informs listed company performance is Majalah Investor. One of the information is the 100 best listed companies annual of JSX. Rank of the best listed company changed annually, and it is needed to be analyzed for investigating which factors influence listed companies to become the best listed companies rank. The research employs 37 listed companies from the 100 best listed companies Majalah Investor’s version. This research used survey on 37 listed companies which based on purposive sampling technique. This dissertation attempts to investigate interdependence mechanism among ownership structure, size, growth and earnings volatility to capital structure, dividend policy, and performance. The research considers interrelationship between capital structure, and dividend policy, it will be tested using two-stages least squares (TSLS). Six exogenous variables are employed in a simultaneous equation: managerial ownership, institutional ownership, dispersion ownership, size, and growth. The research findings can be summarized as follows. First, all exogenous variables have significant effect on endogenous variables, except growth. Second, Performance of the firm partially and simultaneously are influenced by capital structure, dividend policy, and earnings volatility. The 100 best listed companies reported by Majalah Investor for 2004 – 2005, indicate that abnormal return for 10 days before and after announcement of report is not a significant influence. Market does not give any significant reaction to the announcement.
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