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Hubungan Karakteristik Dewan Komisaris dan Perusahaan Terhadap Pengungkapan Risk Management Committee (RMC) Pada Perusahaan Go Public Indonesia

Jurnal Akuntansi (SNA) 13  – Akuntansi keuangan dan Pasar Modal


This study aims to examine the association between board of commisioner and firm characteristics to the existence of risk management committee (RMC) and type of RMC, whether it is combined or separated from audit committee. The board of commisioner and firm characteristics used in this study are independent commisioner, board size, auditor reputation, complexity, financial reporting risk, leverage, and firm size.

Population consists of Bursa Efek Indonesia (BEI)-listed companies from nonfinancial industry in 2007-2008. Sample was collected based on purposive sampling, and resulted 248 companies as a final sample. Data was collected from the annual report, and was analysed with logistic regression.

The results, based on logistic regression analyses, indicated that firm size has a positive and significant association with the existence of RMC and separated RMC. The other variables (independent commisioner, board size, auditor reputation, complexity, financial reporting risk, leverage) have not significant association with the existence of RMC and separated RMC.

Keywords : Risk management committee, corporate governance, firm characteristics


Increasing number of large companies that have problems such as Enron and WorldCom bankruptcies, as well as the global financial crisis in 2008 became the driving factor for companies pay more attention to the application of risk management systems. In addition to focusing on the risks that threaten its profitability, the company also should consider the risks that threaten its existence. A fast growing company environment also resulted in increasingly complex business risk that must be faced by the company. Various risk profile faced by companies today are different from the risk profile of the previous decades (Beasley, 2007; COSO, 2009).

Technological change, globalization, and development of business transactions such as hedging and derivatives led to the increasing challenges faced by companies in which he had to risk mangelola (Beasley, 2007). Consequently, to face all these challenges, the implementation of formal risk management systems and structured is a must for companies. If implemented effectively, the risk management system can be a force for the implementation of good corporate governance.

Aspect of supervision is an important key for the passage of enterprise risk management system is effective. Board of commissioners play a role in overseeing the implementation of risk management to ensure the company has effective risk management program (Crucible and Orowitz, 2009). To ease the burden of responsibility is so vast, the board may delegate supervisory duties to committee oversight of risk management. The committee is expected to discuss policies and guidelines to regulate the process of enterprise risk management (Crucible and Orowitz, 2009).

Management oversight committee can be as audit committee or another committee that is separate from and independent audit, though the primary responsibility of oversight of risk management remains in the hands of the board of commissioners fully (Subramaniam, et al., 2009). Some companies still control the risk of delegating tasks to the audit committee (Beasley, 2007; Bates and Leclerc, 2009; Crucible and Orowitz, 2009; COSO, 2009). However, the extent of the responsibilities and duties of audit committees are more and more and raises serious doubts about its ability to function effectively (Harrison, 1987; Bates and Leclerc, 2009). The task of risk management supervision requires sufficient understanding of the structure and operation of the overall company and its associated risks, such as product risk, technology risk, credit risk, regulatory risk, etc. (Bates and Leclerc, 2009). ..

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Implikasi Intellectual Capital terhadap Financial Performance, Growth dan Market Value
(Studi Empiris dengan Pendekatan Simplistic Specification)

Badingatus Solikhah, S.E.
Universitas Negeri Semarang

Dr. H. Abdul Rohman, M.Si, Akt
Wahyu Meiranto, M.Si., Akt
Universitas Diponegoro


Intellectual Capital has been examined in several countries, but in Indonesia Intellectual Capital study which related to market value is limited. The results in previous research also show to different findings. The purpose of this study is to investigate the influence of Intellectual Capital of firm toward their financial performance, growth and market value. Furthermore, the purpose of this study is to investigate differensiation of Intellectual Capital Performance in each industry.

The Value Added Intellectual Coefficient (VAICTM) methode is used to measure of Intellectual Capital. This study uses data from 116 publicly listed companies in Indonesian Stock Exchange between the years 2006 to 2008. It is an empirical study using Partial Least Square (PLS) and one-way ANOVA for the data analysis.

The results show that: Intellectual Capital influences positively to financial performance and growth; Intellectual Capital doesn’t influence firm’s market value. The Performance of Intellectual Capital is differs by industry. But this differenciation is low because the samples in this study are only in manufacturing sectors which have same characters.

Key words: Intellectual Capital, financial performance, growth, firm’s market value, Partial Least Square (PLS).


Developments in the economic impact is quite significant changes to the management of a business and the determination of competitive strategy. The business began to realize that the ability to compete not only lies in the ownership of tangible assets, but more on innovation, information systems, organizational management and human resources it has. Therefore, business organizations increasingly emphasize the importance of knowledge assets (knowledge assets) as a form of intangible assets (Agnes, 2008). Even Starovic (2003) found that knowledge has become a new engine in the development of a business.

One approach used in the assessment and measurement of knowledge assets (knowledge assets) is Intellectual Capital (hereinafter abbreviated as IC) (Petty and Guthrie, 2000). One area that attracted the attention of academics and practitioners is associated with the use of IC as a tool to determine the value of the company (Edvinsson and Malone, 1997) in Ulum (2008).

Recognition of intellectual capital which is driving corporate value and competitive advantage is increasing, though the exact measurement of intellectual capital is still sought out and developed (Chen, 2005). The difficulty of directly measuring Intellectual Capital, and then Pulic (1998) propose an indirect measurement of the IC with a measure to assess the efficiency of value added as a result of the company’s intellectual ability (Value Added Intellectual Coefficient – VAIC ™).

Chen et al. (2005) using a model Pulic (VAIC ™) to examine the relationship between the IC to the market value and financial performance, where the results showed that IC affects positively on market value and corporate performance. While the research conducted Tan et al. (2007) on the Singapore Stock Exchange showed that the IC (VAIC ™) is positively related to performance of the company’s future corporate performance. In addition, this study indicates that the contribution of the IC (VAIC ™) on the performance of different companies based on the type of industry. The findings of Tan et al. (2005) is aligned with the research Bontis (2001) and Belkaoui (2003) which states that the IC (VAIC ™) positive influence on corporate financial performance. ….

Download Jurnal Akuntansi SNA 13 >> Pengujian Peran Perlindungan Investor dan Kultur terhadap Perilaku Managemen Laba pada Perusahaan Keluarga: Studi Internasional

Francisca Reni Retno Anggraini

Yavida Nurim

Program Doktor Universitas Gadjah Mada, Jogjakarta

Nung Harjanto

Akademi Akuntansi  YKPN, Jogjakarta


Prior  researches have proved  that  the  level of  investor protection has positive relationship withearnings  quality,  because  the  inside  shareholders  take  benefit  from  outside  shareholders.However,  alignment  approach views  that  family  firms which  the majority  of  shares owned byindividual or  family concern with  the firm value,  so family ownership has positive relationshipwith earnings quality. Based on the inconsistency results, this study examines the role of investorprotection level for increasing the family firms’ earnings quality.

This study also examines the role of culture in a country for increasing the family firms’ earningsquality, because culture influences accounting practice in the firm. The investor protection levelis  measured  by  LaPorta  et  al.’s  proxy,  culture  uses  power  distance  andindividualism/collectivism,  and  family ownership  is proxied by  the percentage of  share ownedby  individual or  family. The  study only uses  the firms  that  their shares at  least 20% owned byindividual or family as sample. The sample is taken from 2002-2008 OSIRIS data base.

Based  on  the  examination  of  family  firms  in  around  17  countries,  this  study  reveals  that  theindividual  or  family  as  inside  shareholders  has  positive  effect  to  the  earnings  quality.  Thisevidence reveals that family firms tend to choose the alignment behaviour. Surprisingly, investorprotection  has  less  benefit  in  increasing  the  family  firms’  earnings  quality,  but  culture  in  acountry  influences  the  family’s  behaviour  through  ameliorating  or  deteriorating  the  earningsquality.

Keywords: perlindungan investor, kultur, perusahaan keluarga, dan managemen laba


In general, research on the protection of investors to assume the insiders, both management and inside shareholders, take advantage of outside shareholders (investors or creditors). Outside investors are in a position opposite the manager and major shareholder in the decision making process or voting process. On the other hand, outsiders can not access the information into the company, while insiders have privileged information on the company. These conditions encourage stock ownership is concentrated so that majority shareholders have a guarantee to obtain the return of investment (Laporta et al. 1998). Claessens et al. (2000) also show a majority of shares in state enterprises are categorized Laporta et al. (1998) has a low level of investor protection, such as Indonesia, Filipinos, Koreans, Japanese, and Taiwan, are owned by the family.

Level of investor protection in a country plays an important role towards the country’s economy both at macro and micro level. Laporta et al. (1998) proved that countries with low levels of investor protection has a market capitalization value of GNP and lower capital compared to countries with a high level of investor protection. Leuz et al. (2003) and Francis and Wang (2008) also reveals that countries with low levels of investor protection which have a low level of earnings quality. In line with De Fond and Hung (2007) and Hung (2000), investor protection is positively correlated with the value relevance of accounting information…….


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Lindrianasari1 dan Jogiyanto Hartono2


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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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]



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).


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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