Abstract:This study analyzes the dividend policy of PT Telkom Indonesia (Persero) Tbk (TLKM) during the 2020–2025 period using a quantitative descriptive approach and a longitudinal case study based on secondary data from audited…
ed financial reports. The variables analyzed include Dividend Per Share (DPS), Earnings Per Share (EPS), Dividend Payout Ratio (DPR), Dividend Yield, and Free Cash Flow (FCF), with trend analysis using the Compound Annual Growth Rate (CAGR). The results show that DPS grows 6.05% per year, higher than EPS of 1.87%, resulting in DPR increasing from 80.00% to 93.95% in 2024. Nevertheless, strong and stable operating cash flow ensures that dividends remain supported by FCF, so there is no indication of financial distress. However, the increasing FCF-to-dividend ratio indicates the company's increasingly limited reinvestment space. The decline in net profit of 20.48% in 2025 also increases the risk of dividend policy sustainability. Furthermore, the increase in dividend yield was more influenced by stock price declines than dividend growth. This finding suggests that SOE dividend stability reflects not only fundamental performance but also institutional pressure from the government as the controlling shareholder, supporting the relevance of Agency Theory and Catering Theory in explaining dividend policy of state-owned enterprises in emerging markets
Abstract:This study investigates the role of acquisition premiums in mergers and acquisitions (M&A) and their impact on shareholder wealth, focusing on five major Indian deals in pharmaceuticals, retail, banking, steel, and renewable…
able energy sectors. Potential synergies often justify acquisition premiums ranging from approximately 15% to 40% above target companies’ market values. However, market responses suggest that such premiums may not consistently result in value creation for acquiring firms' shareholders. Empirical findings reveal mixed outcomes: Sun Pharma’s acquisition of Ranbaxy led to a 9.8% share price increase within five days, while Tata Steel’s high-premium acquisition of Bhushan Steel saw only a 1.7% gain. In contrast, deals like Reliance–Future Retail and Tata Power–Welspun Power showed minimal or negative returns, despite sizable premiums. These patterns indicate that premium size alone is not a reliable predictor of post-deal shareholder wealth creation. The study concludes that M&A success depends more on strategic fit, market timing, and sectoral dynamics than on the premium offered. This analysis contributes to the broader M&A discourse by offering evidence-based insights into how premium valuations can either maximise or dilute shareholder value, aiding investors, corporate strategists, and policy analysts in deal assessment.
Abstract:This study investigates the role of acquisition premiums in mergers and acquisitions (M&A) and their impact on shareholder wealth, focusing on five major Indian deals in pharmaceuticals, retail, banking, steel, and renewable…
able energy sectors. Potential synergies often justify acquisition premiums ranging from approximately 15% to 40% above target companies’ market values. However, market responses suggest that such premiums may not consistently result in value creation for acquiring firms' shareholders. Empirical findings reveal mixed outcomes: Sun Pharma’s acquisition of Ranbaxy led to a 9.8% share price increase within five days, while Tata Steel’s high-premium acquisition of Bhushan Steel saw only a 1.7% gain. In contrast, deals like Reliance–Future Retail and Tata Power–Welspun Power showed minimal or negative returns, despite sizable premiums. These patterns indicate that premium size alone is not a reliable predictor of post-deal shareholder wealth creation. The study concludes that M&A success depends more on strategic fit, market timing, and sectoral dynamics than on the premium offered. This analysis contributes to the broader M&A discourse by offering evidence-based insights into how premium valuations can either maximise or dilute shareholder value, aiding investors, corporate strategists, and policy analysts in deal assessment
Abstract:This study aims to assess the financial performance of PT Global Teleshop Tbk for the period 2017–2021 based on liquidity, profitability, solvency, and activity ratio analysis. The research uses a descriptive qualitative…
ve method. The population consists of the financial statements of PT Global Teleshop Tbk, with the sample being the company's financial reports from the last five years (2017–2021). The data analysis uses financial ratios. The results show that: (1) The liquidity ratio analysis indicates good financial performance, as shown by the increasing Current Ratio (CR) and Quick Ratio (QR), demonstrating the company's improving ability to meet short-term liabilities with liquid current assets, although the QR still falls into the less optimal category; (2) The profitability ratio analysis indicates poor performance, with low Net Profit Margin (NPM) and Return on Equity (ROE), showing the company's limited ability to generate profits from shareholders' funds; (3) The solvency ratio analysis shows weak financial performance, with Debt to Asset Ratio (DAR) and Debt to Equity Ratio (DER) indicating the company’s inability to cover total liabilities with its assets; (4) The activity ratio analysis, based on Total Asset Turnover (TATO) and Working Capital Turnover (WCT), also suggests poor performance due to declining asset turnover and ineffective management of working capital.
Abstract:Beneficial Owner or beneficial owner in Presidential Decree Number 13 of 2018, explained as holder power and authority the highest one has control full towards the Corporation as a GMS. Based on his rights as regulated…
� in Presidential Decree Number 13 of 2018 , Beneficial Owners have equal standing with Major Shareholders who have shares , rights sound and get profit more of the 25% where has exceeding the ownership limit share holder share main namely at least 20% in the company . Corporations are often used as tool somebody For avoid not quite enough answer disclosure origin treasure riches as well as use assets . Misuse ownership benefit can harm holder share minorities , employees , creditors , and lead to crime businesses that are detrimental to the country, such as act criminal corruption , crime criminal money laundering , crime criminal funding terrorism , and others . The role of notaries in recognize Owner Sorry in Corporations , have obligation For to apply principle recognize Owner Benefits done through identification , verification and monitoring towards the Corporation as user service as regulated in Presidential Decree Number 13 of 2018 and Perkumham Number 15 of 2019. However , in reality matter the Not yet can implemented in a way maximum because of its complexity structure ownership in a Corporation and No existence clarity position about Beneficial Owner or beneficial owner in UUPT, apart from That Still many Corporations as user services that are still Not yet cooperative in give information related The Beneficial Owner is the real . Vacancy law related position Beneficial Owner or beneficial owner in a Corporation because Still Not yet there is arrangement legislation that regulates in a way clear and specific .
Abstract:The rapid development of globalization compels companies to enhance the quality of their products and services to compete in the market. The primary goal of companies is to maximize corporate value, which reflects the well-being…
ll-being of shareholders and attracts investors’ interest. Corporate value is often gauged by the stock price in the capital market, making it crucial for companies to plan sound financial strategies. This research focuses on the banking sector listed on the Indonesia Stock Exchange (IDX) from 2021 to 2023, evaluating the influence of investment policy, dividend policy, and profitability on corporate value. The study employs a descriptive quantitative method using secondary data from the companies’ financial reports. Multiple linear regression analysis is used to assess the relationships between these variables. The results indicate that investment policy and profitability have a positive but not significant effect on corporate value, while dividend policy has a significant positive impact. Corporate value is also affected by stock price fluctuations, which are often inconsistent. These findings affirm that dividend policy is a crucial factor in enhancing corporate value, while investment policy and profitability, although important, do not have a significant impact within the study period. Overall, these independent variables collectively have a significant influence on corporate value in the banking sector on the IDX. This research provides insights for company management in formulating effective strategies to increase corporate value.
Abstract:The Company may be examined for information or reports if it is suspected that the Company has committed an unlawful act that is detrimental to shareholders or other people or members of the board of directors or commissioners,…
ioners, an unlawful act and is detrimental to shareholders and other people. The obligation to hold an extraordinary general meeting without the presence and knowledge of shareholders in Decision Number 92 / Pdt.G / 2020 / PN.Yyk is a case that can be imposed by a judge with sanctions for the organizer to and return one hundred shares) NV Javaasche Bioscoop en Bouw Maatschappy filed an appeal after 14 days of the judge reading the decision