Sinarti. Tia Maria SembiringAbstract
Bankruptcy prediction gives an overview to management and investors about actual condition of the company briefly and clearly, because the poor condition does not happenall of a sudden it can be seen regularly. Bankruptcy prediction in this study uses three approaches, namely the model Z-score, Springate, and Zmijewski. This study is aimed to determine the metals and manufacturing companies’ health level which listed in Indonesia Stock Exchange and also find out if there are significant differences of the three models were used to examine the approach of a company defaults. This study uses secondary data of 11 companies in th ebasic industry and the metal type and etc. Linear regression and T-test are used to prove the hypothesis. The results of this study concludes that there is no significant difference to the prediction of model Z-Score and Springate, but there is a significant difference to the prediction model Z-Score with Zmijewski and Springate with Zmijewski. Z-Score Model predictions show many companies are in a state of potential bankruptcy, as well as Springate, but Zmijewski stating that the company more healthy.
Keywords. Z-Score; Springate; Zmijewski; Bankruptcy
JEL Classifications: M000Full Text:
CME Group Strategic Partnership with the Johannesburg Stock Exchange (JSE)
Rand-Denominated Contracts, CME Group Settlement Prices
CME Group and the Johannesburg Stock Exchange (JSE) have a strategic partnership realized through a licensing agreement. The agreement enables the JSE to offer rand-denominated futures and options contracts on agricultural, metals, and energy products that settle to CME Group’s international benchmark settlement prices.
Products currently include:
Expanded Opportunities for Arbitrage, Spreading and Exposure
Rand-denominated access to CME Group’s settlement prices provides an avenue for:
About the Johannesburg Stock Exchange
The JSE is South Africa’s sole full-service exchange. It is also the largest exchange in Africa and the continent’s leading commodities trading venue.
Products and services at the JSE include:
In addition, the exchange’s Africa strategy includes the creation of the Africa Board on which the continent’s companies are able to dual list and the improvement of access to stocks listed on African exchanges through a technology hub.JSE Product Resources Key JSE Products
Paskelbė - 9 gegužės, 2015
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October 15, 2015:
Indonesia Stock Exchange (IDX) says that the daily value transaction in the Jakarta bourse could reach Rp 25 trillion ($1.88 billion) by 2020. This is a five-fold growth compared to the current year’s volumes, said the chief executive on Thursday.
Recently, value transaction in the capital market was recorded at around Rp 5 trillion per day.
At a hearing with the House of Representative, CEO of IDX Tito Sulisto said that to reach this target, the bourse will have to increase the number of companies listing on it, add securities house numbers, add more products in the market and strengthen the broker capability.
Currently, total investor transactions in the capital market amount to about 407,000 or 0.01% per capita of Indonesian population of 250 million peoples. The same figure for Thailand is 974,000 investors, which is 0.4% of the total population 67 million peoples.
Companies with foreign investor ownership dominate the country’s capital market with about 65% of market share, while local investors are only about 35%.
Till September this year, 517 companies were listed at the IDX. Of which, 11 firms list their shares in 2015. Collectively, the total market capitalization of the listed firms is Rp 4,823 trillion or 54 per cent of the total gross domestic products of Indonesia (GDP).
Compared to the other countries in the region, China has 2,797 public listed firms with total market cap $6,765 billion, Malaysia 904 listed companies with total market cap $372.15 billion, Singapore 768 listed firms with total market cap $492.93 billion and Thailand 623 firms with market cap $368.96 billion.
According to him, IDX’s market cap versus GDP is only 0.4 times, while in Thailand it is 1.1 times of GDP, Malaysia 1.5 times of GDP and Singapore 2.4 times of GDP.
This year, IDX is targeting a fund raising of about Rp450 trillion, which Rp 9.0 trillion will be from an IPO, Rp 14 trillion from a rights issue and warrants, corporate bonds of Rp 47 trillion and government bonds Rp 218 trillion.
“Now we are thinking to encourage the companies to raises long-term funds from bond issuance with tenure of over than seven years. Telkom (Indonesia) has had a successfully bond issue of tenor 30-years and we want more companies to do it in the future,” Tito said.
Financial Service Agency (OJK) had announced stimulus measures in the capital market sector on July 24 to boost transaction in the capital market.
Executive chair of OJK, Nurhaida had earlier stated that to make domestic capital market healthier, OJK had joined hands with IDX to increase the number of products and investors through the economic policies package for financial markets in the country.
The economic policies package is aimed at creating a stimulus for the growth of the national economy. Chairman of the OJK’s commissioner board, Muliaman Hadad said the policies were expected to quicken economic growth in a more stable manner and give positive impact to the stock market.
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Selamat Sempurna (SMSM) :
Best of the Best List, The top 50 best performing companies on the Indonesia Stock Exchange from Forbes Magazine
We proudly to announce that SMSM rearwarded as one of the Company in the list of 50 Best Companies by Forbes Magazine and its rating increased from # 28 in 2013 become # 21 in 2014.
The List is intended to show the Best Companies that listed on the Indonesia Stock Exchange.
Companies included in the list is selected through a rigorous selection process, by looking at the long-term performance of the company’s candidates, such as revenue growth, profit and rate of return for shareholders.
The methodology. Companies were ranked based on a composite score using multiple metrics assigned various weights in a formula including 5-year average ROE. 5-year sales growth and 5-year EPS growth.
The Company in the list, is a company must have a good overall performance and also have consistent and sustainable growth, not just the performance of the company in one year.
These facts also demonstrate the power of great companies to have sustainable long-term performance, even in a time of rising global uncertainty.
Forbes Magazine is a world-class business magazine of uncompromising quality and scope, providing insights and information to readers critical to their business and inspiring them to greater success.
Head Office of PT Astra Agro Lestari Tbk
Moreover, through a partnership model with the communities, both through a plasma program and Income Generating Activities (IGA), the Company was able to realize its vision to become a leading company and contribute to the development and prosperity of the nation.
In 1997 the Company became a public company listed on the Indonesian Stock Exchange. Currently, public ownership of the shares has reached 20.3% out of 1.57 billion shares in circulation. Â Since the Initial Public Offering (IPO), the Company’s shares continually appreciated from Rp 1,550 to Rp 15,850 per share at the close of trading on the Indonesian Stock Exchange (IDX) at the end of 2015.
In addition to strengthening its position at the upstream sector by managing an area of 297,862 hectares comprising nucleus and plasma plantations, the Company also strengthened its palm oil downstream business. Owning a palm oil refinery, PT Tanjung Sarana Lestari in the Mamuju Utara Regency, West Sulawesi and 50% equity shares in PT Kreasijaya Adhikarya in Dumai, Riau Province, has significantly strengthened the Company’s competitiveness in the palm oil business chain.
Amidst the increasingly competitive business, the Company is committed to manage the business innovatively, efficiently and productively. In order to reach a sustainable business growth, the Company also works to ensure that its presence provides major benefits to all stakeholders.
Abstract-Integrated Reporting provides a report that fully integrates financial and non-financial information company. One category of integrated reporting is intellectual capital. It is a voluntary disclosure contained in the company's annual report. The purpose of this study is to analyze the practice of Intellectual Capital Disclosure (ICD) in service companies listed in Indonesia Stock Exchange and empirically examine the effect of corporate governance is proxied by the concentration of ownership, firm size proxied by total assets, the level of profitability is proxied by Return on Assets, leverage, and company listing age on the Stock Exchange on ICD. Samples companies in this study are a service company listed in Indonesia Stock Exchange period 2009-2013. The sampling technique is using purposive sampling method. Based on the established criteria, the company sampled 131 companies. This study uses panel data analysis. The results of this study indicate that the level of ICD in Services Company listed on the Indonesia Stock Exchange is still low. The results of empirical testing in this study indicate that corporate governance, firm size, profitability, leverage, and a listing of companies on the Stock Exchange simultaneously have significant affect to ICD. Partially firm size, profitability, and company listing age on the Stock Exchange have significant effect on ICD, while good corporate governance and leverage levels have no significant effect on ICD
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