Category Archives: Jurnal Akuntansi

Kinerja Akuntansi dan Kinerja Pasar sebagai Anteseden dan Konsekuensi atas Pergantian Chief Executive Officer (CEO) : Kasus dari Indonesia

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KINERJA AKUNTANSI DAN KINERJA PASAR SEBAGAI ANTESEDEN DAN KONSEKUENSI ATAS PERGANTIAN CHIEF EXECUTIVE
OFFICER (CEO): KASUS DARI INDONESIA

Oleh:
Lindrianasari1 dan Jogiyanto Hartono2

ABSTRACT

This study aimed to test the usefulness of accounting information and market of the CEO turnover issues in Indonesia. The results of this study is planned for the long term to capture the overall factors that affect CEO turnover in Indonesia, not only from the accounting side but also from market side, so it can make a significant contribution for the company strategy to determine the corporate governance’ setting. Previous research show inconclusive results about CEO turnover is whether the antecedent factors and consequences. Also, the issue of CEO turnover research is still very rarely done in Indonesia, since the turn of information not generally available.

The sample used is all firms that are identified through the turn (either routine or nonroutine) in the company’s top management level (in this case is President Director). The main advantage of this study is to use the sample all firms that conduct the CEO turnover period
1998-2006, and subsequently determine the accounting variables that allegedly able to explain these changes. For the companies that during the year observations is never do turnover action we define as a control sample. Final sample that we used for testing accounting data is as much as 140 companies, consisting of 81 companies that make the turnover and the 59 companies that did not. For the final sample testing of market data totaled 131 firms, consisting of 77 companies that make the turnover and the 54 companies that did not. Final sample for the second data source is set after considering the availability of data and the confounding effects during the observation period.

Both of accounting data and market data are tested using logit models (separately), because the dependent variable used is a binary variable, 1 for turnover and 0 for others. The results of test show that accounting data (i.e. Total Asset, Total Sales, ROA, ROE and Earnings), statistically have a negative significant effect of turnover decisions while CurRatio and D/ Equity is not significant. The results of test for market data show the performance of stock prices statistically negative significant effect, while market risk have a statistically positive significant effect. This finding is consistent with previous research which states that in the CEO turnover decision making, the company will consider the performance of accounting and market performance achievements of the CEO.

From the results of different test by using paired t-test samples, we found the stock price rose significantly after the turnover while the risk of being seen significant decreases. These findings reveal a positive response to the changing market. And finally, from the analysis of this study we conclude that the better performance of both (accounting and market) then there is a tendency for the incumbent CEO who will not be fired and the worse the performance of both the CEO who is appointed will have the potential to be replaced (down position or enter to the board of commissioners) and fired from the company as ultimatelly.

Keywords: CEO Turnover, Accounting Performances, Market Performances, Antecendences, Consequences.

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Pengaruh Ownership Retention, Investasi Dari Proceeds, dan Reputasi Auditor Terhadap Nilai Perusahaan Dengan Kepemilikan Manajerial dan Institusional Sebagai Variabel Pemoderasi

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AKPM 11
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Pengaruh Ownership Retention, Investasi Dari Proceeds, dan Reputasi Auditor Terhadap Nilai Perusahaan Dengan Kepemilikan Manajerial dan Institusional Sebagai Variabel Pemoderasi

WAHYU WIDARJO
MAKSI Fakultas Ekonomi Universitas Sebelas Maret

BANDI
Fakultas Ekonomi Universitas Sebelas Maret

SRI HARTOKO
Fakultas Ekonomi Universitas Sebelas Maret

[Jurnal Akuntansi (SNA 13) - Akuntansi Keuangan dan Pasar Modal]

ABSTRACT

The purpose of this study is to demonstrate the influence of signals delivered by the company regarding the company’s prospects in the future through the shareholding proportion is retained by the entrepreneur (OR), investment of the proceeds and auditor reputation on the value of the firm after an initial public offering and the moderating effect of managerial ownership and institutional ownership variables on the relationship between the proportion of retained ownership with value of the firm after the initial public offering.

The result of the previous research that are inconsistent motivate researchers to reexamine the influence of ownership retention on the firm value at a firm doing an IPO on the Indonesia Stock Exchange.

The research data are taken from the prospectus issued by company that did an initial public offering which is available at the Center for Business and Economic Data (PDBE) Faculty of Economics and Business Universitas Gadjah Mada. The statistical methods used to test the research hipothesis is multiple linear regression and regression residual moderasian test. The results show that the ownership retention (OR) and investment ofthe proceeds positively affect on the firm value.

The results of this study support the prediction of signaling theory of Leland and Pyle (1977), the research of Keasey and McGuinness (1992), and Keasey and Short (1997).

Keywords: ownership retention, investment of the proceeds, auditor reputation, managerial ownership, institutional ownership, firm value.

*******

In order to develop their business company must determine how to raise capital, either by issuing debt or shares in the capital market. For companies, capital market financing is often used as the main alternative to the relatively lower cost than the debt (Hartono 2007). The transaction first public offering occurred in the primary market, activity is called a public offering or sale of prime stock IPO (Initial Public Offering).

At the initial public offering of information there that is not symmetrical between the old owners of the company with investors. In this case the old owners have better private information about the company’s prospects than investors who will invest in the company (Hartono 2006). To minimize the information that is not symmetrical is the old owner must convey signals about the prospects of a company that offered to investors. By analyzing the signals conveyed by the old owner so investors can know the future prospects of the company.

At the initial public offering of information there that is not symmetrical between the old owners of the company with investors. In this case the old owners have better private information about the company’s prospects than investors who will invest in the company (Hartono 2006). To minimize the information that is not symmetrical is the old owner must convey signals about the prospects of a company that offered to investors. By analyzing the signals conveyed by the old owner so investors can know the future prospects of the company.

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PENGARUH SISTEM HUKUM TERHADAP MANAGEMEN LABA DENGAN KEPEMILIKAN INSTITUSIONAL SEBAGAI VARIABEL PEMODERASI

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AKPM 05
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PENGARUH SISTEM HUKUM TERHADAP MANAGEMEN LABA DENGAN KEPEMILIKAN INSTITUSIONAL SEBAGAI VARIABEL PEMODERASI: STUDI PERBANDINGAN INGGRIS DAN PERANCIS

Wulandari (Alumni Program MSi FEB Universitas Gadjah Mada)

Ratu Ayu, S.W.M.A. (FE Universitas Jenderal Soedirman)

[Jurnal Akuntansi (SNA 13) - Akuntansi Keuangan dan Pasar Modal]

Abstract

 

This research aims to provide empirical evidence concerning the effect of different legal systems (common and civil law) on earnings management and the influence of legal system on earnings management which is weakened by institutional ownership. The differences of legal systems are pointed out in many characteristic that follows them. One of them is the different implementation level in same accounting standard. We distinguish between accruals and real-based earnings management and assume that corporations in common law countries (tight implementation accounting standard) apt to opting real-based earnings management, and corporations in civil law countries (lax implementation accounting standard) apt to opting accruals-based earnings management.

To investigate this issues, we compare the level earnings management in England (common law) and France (civil law). The data for our tests is took from the OSIRIS database. The sample comprises 112 firm-year observations for England companies and 58 firm-year observations for France companies for the years 2005-2008.

The result of the examination indicates that England yield higher level real-based earnings management than France. On the other hand, France yield higher level accrual-based earnings management than England. Besides that the results, we also document that institutional ownership can weakened the influence of legal system on real-based earnings management. However, institutional ownership fail to weak the influence of legal system on accrual-based earnings management, because corporations in France generally have bank-based financial system with low institutional ownership. Higher debt level in corporation encourage to make earnings manipulation because they fell attached to meet earnings target from the creditors. Low institutional ownership decline directly to the monitoring on manager, so this can give incentive for manager to make earnings management.

Keywords: earnings management (accruals and real), institutional ownership, legal systems (common and civil law).

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Inevitable that today almost all countries in the world have been referring to and do convergence on IFRS accounting standards which leads to the principle-based accounting standards. Principle-based accounting standards has the characteristics of accounting standards are more lax than the rules-based accounting standards (Kusuma, 2007). Arifin (2008) empirically found that companies in the U.S. state with a rule-based accounting standards would prefer to make real profit because of the tight management of existing accounting standards make accrual earnings management activities can no longer be done.

Companies in Germany with principle-based accounting standards would prefer to perform accrual earnings management due to lax standards still allows management to perform activities of accrual earnings management is less expensive. The finding is consistent with Nelson (2003), Demski (2004) and Ewert and Wagenhofer (2005) that accounting standards are more stringent (tighter) can reduce the practice of accrual earnings management, but increase the real earnings management……

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Return Saham, Value at Risk, dan Aktivitas Trading pada Kelompok Harga Terendah (Low Tick Size) di Bursa Efek Indonesia

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RETURN SAHAM, VALUE AT RISK DAN AKTIVITAS TRADING PADA KELOMPOK HARGA TERENDAH (LOW TICK SIZE) DI BURSA EFEK INDONESIA

PERDANA WAHYU SANTOSA
Fakultas Ekonomi Universitas YARSI
perdana.ws@gmail.com

HARRY YUSUF A. LAKSANA
Kementrian Keuangan Republik Indonesia
harry.yusuf@gmail.com

[Jurnal Akuntansi (SNA 13) - Akuntansi Keuangan dan Pasar Modal]

Abstract

The purpose of this research is to analyze the impact of value at risk, market risk, stock price, liquidity and price-to-book value ratio to the stock return in low tick size (Rp 5 and Rp 10) at Bursa Efek Indonesia (BEI).

This research focuess in (1) the relationship between return, VaR and market risk (2) the relationship between return, Size and liquidity and (3) analysis the relationship between return and PBV. We employ panel data analysis methodology which combines time series and cross section data in quarterly period in 2004-2006. We get data from active stocks of various companies of low price level in LQ-45 for period 2004-2005. The results of this research are VaR, beta, size, liquidity have positive impact significantly to the stock returns except PBV.

These findings indicated that fundamental performance not relevan with trading activity at lower price. These results support the previous researches which are done by many scholars, and give opportunities to VaR build alternative models for Capital Asset Pricing Model (CAPM).

Keywords: Value-at-Risk, return, low tick size, asset prcing, market risk, size, liquidity, price-to-book value.

*********

Channeled investment funds which had been in stock mutual funds (equity) only ranks the lowest, or about 1.5-2% of the total NAV of managed investment managers. The low allocation of funds in equity investments are influenced to bear the high risk investors in emerging markets with weak form efficiency rate (Bonser-Neal, et al 1999). Other causes of low investment in shares of the Indonesia Stock Exchange (IDX) is the inability of the investment manager in managing risk. These problems reduce investor interest in buying mutual fund shares. Other causes, frequently occur on the Stock Exchange transactions without knowing the assets at fair value (trading fad) that resulted in stock prices tend to be overvalued or undervalued causing asset prices and stock index mispricing often experienced. JCI also often have over-reaction in response to the entry of information / news that trading volatility is too high than it should. Investment risk is still marred the price reversal as a consequence the price correction that often occurs (Santosa, 2009).

During this time, theoretically, the risk of stock investment and yield expectations are generally using the traditional approach of Capital Asset Pricing Model (CAPM). But on a practical level, the CAPM is often questioned the accuracy and reliability as a gauge of market risk. According to Fama & French (1992) in the formation of the CAPM theory, variables or other factors not involved in explaining the expected return relationship with market risk (beta). Even more than 20 years, many financial and investment researchers found significant evidence that variables such as market capitalization (stock size), Price-to-Book Value (PBV) and Earnings to price ratio (EPS) has a significant influence (explanatory power) against the average yield on shares [Datar et al, (1998), Chan & Pfaff (2003); Jacoby et al (2000)].

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PENGARUH INFORMASI LABA ALIRAN KAS DAN KOMPONEN ALIRAN KAS TERHADAP HARGA SAHAM PADA PERUSAHAAN MANUFAKTUR DI INDONESIA

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PENGARUH INFORMASI LABA ALIRAN KAS DAN KOMPONEN ALIRAN KAS TERHADAP HARGA SAHAM PADA PERUSAHAAN MANUFAKTUR DI INDONESIA

Oleh

Ferry & Erni Eka Wati

ABSTRACK

Before 1994, the one way measured performance of go public company is earning after tax, but on September 7, 1994 the Indonesian Institute of Accountants (IAI) published the statement of financial Accounting Standard (PSAK) No.2, “Statement of Cash Flows” requires companies to publish the statement of cash flows beginning from January 1, 1995. So investors had two kinds measurement of performance go public companies. The objective of study is to explain the influence of information content of accounting income, total cash flows, and components of cash flow with stock price in Indonesian manufacturing firms. The accounting income is earning after tax before extra ordinary item and discontinued operations and total cash flows is a sum of cash flow from operating activities, cash flow from investing activities, and cash flow from financing activities.

This study was constitute replicated study from Triyono and Yogiyanto (2000) about the association of information content of total cash flows, components of cash flows, and accounting income with stock prices or stock returns. This study took sample from manufacturing firms listed in the Jakarta Stock Exchange (BEJ) from 1999-2002 that had published audited financial statement. Stock prices using monthly prices that had ended December 1999-2002. The statistics method used to test hypotheses is a linier multiple regression. The model was considered: levels model.

The empirical results with using the first model levels about the influence information of accounting income and total cash flows with stock prices can be explained accounting income gave positive influence and significant with stock prices whereas total cash flows gave negative and significant with stock prices. In the second model levels about the influence information of cash flow from operating activities, cash flow from investing activities, and cash flow from financing activities with stock prices can be explained, separated total cash flows into components of cash flows gave negative influence and significant with stock prices especially cash flow from operating activities and cash flow from financing activities. In the third model levels about influence information of accounting income and components of cash flows with stock prices can be explained, accounting income gave positive influence and significant with stock prices whereas components of cash flows gave negative influence and significant with stock prices.

Keywords : Accounting Income, Cash Flows, Components of cash flows, levels model.

The performance of an enterprise is the result of a series of processes at the expense of resources. As one of the parameters of performance is profit. The importance of earnings information is expressly mentioned in SFAS (Statement of Financial Accounting Standards) 25, namely: the income statement is the main report to report on the performance of an enterprise during a certain period.

The purpose of this study was to obtain empirical evidence regarding the effect of information from the accounting profit, total cash flow, cash flow components as has been recommended in SFAS (Statement of Financial Accounting Standards) # 2 on reports of cash flow and accounting income with stock prices.

Some research on the information content of accounting earnings on stock prices of them done by Balls and Brown (1968) which proves that the information content of earnings is better than the information content of cash flows in predicting future cash flows. Other researchers are testing the predictive ability of earnings is the Finger (1994). Using a linear regression model, Finger provide conclusions on research that gives more profit than the incremental information content of cash flow. In line with Finger, Baridwan and Parawijati (1998) conducted a replication study with modifications and Finger can be concluded that the profit is a better predictor, although the cash flow can also be a good predictor.

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