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Pengaruh CSR Disclosure Terhadap Earning Response Coefficient

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Pengaruh CSR Disclosure Terhadap Earning Response Coefficient

(Suatu Studi Empiris Pada Perusahaan yang Terdaftar Di Bursa Efek Jakarta)

YOSEFA SAYEKTI

LUDOVICUS SENSI WONDABIO

Program Ilmu Akuntansi FEUI

ABSTRACT

The purpose of the study is to examine the effect of the information of Corporate Social Responsibility disclosed in the companies’ annual reports on the informativeness of earnings (Measured by earnings response coefficient, ERC). The study hypothesized That there is’ the negative effects of CSR Disclosures on the ERC level since the CSR Disclosures Which Provide investors more information is not captured by the accounting earnings. The sample of the study related parties in 108 annual reports in 2005 of the companies listed at the Jakarta Stock Exchange. The empirical results of the study show That the level of CSR Disclosures has a negative effect on the ERC as Predicted. The results of the study indicate That investors assessed the CSR information in disclosed by the companies on their annual reports for decision on their investment.

KEYWORDS: Corporate Social Responsibility Disclosures, Earning Response coefficient.

1. INTRODUCTION

Several previous studies showed that the number of companies that do social responsibility disclosure (hereinafter abbreviated as CSR – Corporate Social Responsibility) in its annual reports is increasing. Similarly, the number and type of information that is disclosed increasing CSR (Ernst & Ernst, 1978; Trotman, 1979; Kelly, 1981; Pang, 1982; Guthrie, 1982; Gray, 1990; Gray et al, 1993; Sayekti, 1994). Many companies are increasingly recognizing the importance of implementing CSR programs as part of its business strategy. A global survey conducted by The Economist Intelligence Unit shows that 85% of senior executives and investors from various organizations to make CSR as a primary consideration in decision-making (Warta Ekonomi, 2006). Research Basamalah and Jermias (2005) showed that one reason is the management of social reporting for strategic reasons. Although not yet be compulsory, but it can be said that almost all companies listed on the Jakarta Stock Exchange has disclosed information about CSR in its annual report in a variety of levels (Sayekti, 2006).

From an economic perspective, the company will disclose any information if such information will enhance shareholder value (Verecchia, 1983, in Basamalah et al, 2005). With the adoption of CSR, the company will gain social legitimacy and to maximize long-term financial strength (Kiroyan, 2006). This indicates that companies that use CSR expects to get positive response by market participants. Literature about the existing voluntary disclosure to provide an understanding that the disclosure of such information is used in the valuation and corporate finance firm (Core, 2001).

*Simposium Nasional Akuntansi 10 Makassar

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Pengaruh Pemisahan Hak Aliran Kas Dan Hak Kontrol Terhadap Dividen

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Pengaruh Pemisahan Hak Aliran Kas Dan Hak Kontrol Terhadap Dividen

Baldric siregar

STIE YKPN Yogyakarta

ABSTRACT

The expropriation of minority shareholders by Those of controlling shareholder is the main agency conflict in firms with concentrated ownership. The expropriation is Obvious Pls cash flow rights and control rights are separated through pyramiding and cross-holdings. The ultimate ownership concept is Used to Investigate identify the separation and its implications on dividends. By using the sample consists of the firms listed in the Jakarta Stock Exchange for the period from 2000 to 2004, empirical Evidences That shows the cash flow rights and control rights do not go together but have Different implications.

The concentration of cash flow rights is an incentive to avoid expropriation. Can this be seen from Evidences of positive effects of cash flow rights on dividends. On the other hand, the control rights concentration is an incentive to generate private benefits through expropriation. This conclusion is supported by evidence of the negative effects of control rights on dividends. When control rights Exceed cash flow rights, the controlling shareholders have higher incentive to expropriate by participating in firm’s management. The controlling shareholders’ participation in management makes Them more freely to generate private benefits. But the incentive is lower Pls help a firm has the second controlling shareholder. The second controlling shareholder cans mitigate the controlling shareholder’s incentive to expropriate.

Keywords: expropriation, cash flow rights, control rights, cash flow rights leverage, pyramiding, cross-holding, immediate ownership, ultimate ownership, dividend.

1. INTRODUCTION

Agency problem is a central issue in financial literature since Berle and Means (1932) investigate the ownership structure of listed companies. In companies with dispersed ownership, individual shareholders have no control over the management to act in harmony with the interests of shareholders. Principal agency problem in a company like this is the agency conflict between managers and shareholders. But in companies with concentrated ownership, no shareholder can control the management or even part of the management itself. Agency problem that stands out in a company like this is the agency conflict between shareholders pengendali1 with minority shareholders.

Concepts that have been commonly used to identify the existence of concentration of ownership is the concept of ownership imediat.2 imediat ownership concept has a weakness in the study of patterns of corporate ownership because the concept of ownership can not be used to identify the chain of ownership, controlling shareholders, separation of cash flow rights and control rights , and the mechanism of the increase in corporate control (La Porta et al., 1999).

* Simposium Nasional Akuntansi 10 – Makassar

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Pengaruh Risiko Litigasi Dan Tipe Strategi Terhadap Hubungan Antara Konflik Kepentingan Dan Konservatisma Akuntansi

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Pengaruh Risiko Litigasi Dan Tipe Strategi Terhadap Hubungan Antara Konflik Kepentingan Dan Konservatisma Akuntansi

DR. JUANDA AHMAD, AK, MM

Universitas Muhammadiyah Malang

ABSTRACT

This research studies for existence and determinant of accounting conservatism, ESPECIALLY related to the conflict of interest considering Between investor and creditor litigation risk manager incentive due typess and firm strategy. The Objectives of this research are: (1) to Investigate the effect of the conflict of interest on accounting conservatism, (2) to Investigate the effect of litigation risk on the relations Between the conflict of interest and accounting conservatism, (3) to Investigate the effect of strategy types on the relations Between the conflict of interest and accounting conservatism.

Result of the research shows, That there are variation of accounting conservatism, inter-firm level. The first hypothesis testing result shows That conflict of interest influences positively on accounting conservatism. The second hypothesis testing result shows the relations litigation moderate risk “Between the conflict of interest and accounting conservatism, but the moderation of role is weaken. This result is not supported Predicted Hypothesis. The third hypothesis testing result shows the strategy firm types moderate the relations Between the conflict of interest and accounting conservatism. The result shows Pls Prospector is firm strategy, the positive relations of conflict of interest and accounting conservatism, is weaker. When a defender is firm strategy, the positive relations of conflict of interest and accounting conservatism is Stronger. The result supports Hypothesis Predicted.

This research shows, litigation risk and strategy types Can be assumed as condition That Motivate managers in responding Between the conflict of interest of investors and creditor related to our conservative financial report. Unsupported by the second hypothesis, possible reason for this matter Because of the Weakness of law enforcement in Indonesia, that influence managers in anticipating litigation risk.

Key words: conservatism, the conflict of interest, litigation risks, strategy types

A. INTRODUCTION

Conservatism is an accounting principle which if implemented will result in the numbers tend to be low income and assets, as well as the numbers tend to be high costs and debt. Such a tendency occurs because the slow recognition of the principle of conservatism as well as accelerate the recognition of revenue costs. As a result, reported earnings tend to be too low (understatement).

Among the researchers, the principles of accounting conservatism is still considered a controversial principle. On the one hand, accounting conservatism is considered as constraints that will affect the quality of financial reporting. On the other hand, accounting conservatism is useful to avoid the opportunistic behavior of managers related to contracts that use financial statements as a media contracts (Watts, 2003).

Developments that occurred exactly show that the existence of the practice of accounting conservatism is increasing. Existence of conservatism practiced each company can be different, because of the various alternative choices of accounting methods. In addition, also caused by the different conditions of their respective companies.

……………….

*Simposium Nasional Akuntansi 10 Makassar

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Effect of accounting conservatism (Pengaruh Konservatisma Akuntansi)

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Accounting Conservatism Influence On Equity Appraisal Company By The Good Corporate Governance Be Moderated

Amalia S. Yana DWI FALA, SE, SI M.

Khairun Ternate University

ABSTRACT

The objective of this study is to determine the influence of accounting conservatism on the assessment of corporate equity valuation and the ABILITY of Good Corporate Governance (GCG) in interacting the effect of accounting conservatism to the corporate value. Sample in this research is manufacturing companies listed in the Jakarta Stock That Market for the financial report in 2000-2005 periods. Number of sample is 23 companies with 115 observations. The accounting conservatism, conservatism, the proxy by instrument variables (VIKV2_23). The assessment of corporate proxies by equity market-to-book ratio. The mechanism of Corporate Governance is Measured using the managerial approach of the properties and proportion of commissioner board.

The results showed That accounting conservatism, giving significant positive influence to corporate equity. Proportion of commissioner board as one mechanism of corporate governance as moderating variables That was interacting with relations Between accounting conservatism, corporate value, even in a negative impact. Oppositely, the property was not a managerial That Could interacting variables moderating the relation Between Accounting conservatism and corporate value.

Key words: conservatism, instrumental variable, market-to-book ratio, a corporate governance mechanism.

1. INTRODUCTION

1.1. Background

Conservatism is a principle which most affect the accounting valuation (Sterling, 1970 in Watts, 2003a). Because of that conservatism today and still have an important role in accounting practices. Conservatism is defined as a concept for delaying the recognition of future cash inflows (Watts, 1993), and as a conservative accounting is generally stated that the accountant should report the accounting information of the lowest of several possible values for assets and income, as well as the highest of several possible value of liabilities and expenses (Hendriksen, 1992).

Lo (2005) defines conservatism as a pessimistic outlook in accounting. Conservative accounting means that accountants be pessimistic in the face of uncertain income or loss by selecting the principles or policies that slow the recognition of revenue, accelerate the recognition of the cost, lowering the valuation of assets and raising debt rating.

In fact there are pros and cons surrounding the application of the principles of conservatism. Critics claimed that the conservatism of this principle led to the financial statements to be biased and so can not be used as tools by the users of financial reports to evaluate corporate risk. Monahan (1999) in Mayangsari and Wilopo (2002) states that the more conservative accounting so the reported book value of equity will be increasingly biased.

Orignal Title:


PENGARUH KONSERVATISMA AKUNTANSI TERHADAP PENILAIAN EKUITAS PERUSAHAAN DIMODERASI OLEH GOOD CORPORATE GOVERNANCE

* Simposium Nasional Akuntansi 10 – Makassar

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Systematic Risk And Financial Leverage

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Analysis Of Cross-Sectional And Temporal Relationship Between Systematic Risk And Financial Leverage

Drs. Ibn Qizam, SE, MSi, Akt.

Faculty of Sharia State Islamic

Abstract

This research is intended to examine both cross-sectionally and inter-temporally the Correlation Between financial leverage and systematic risk (beta). Financial leverage is usually Considered as one proxy of risk derived from financial data and domain name as one That has Distinctive determinants. Beta, on the other domain, is regarded as one proxy of risk derived from the market That has Some other determinants. That it is the research tries to combine both cross-sectionally and inter-temporally the two domains That most of the accounting Researchers little to devote Themselves.

Cross-sectionally, this result is fail to support Hypothesis 1, that is the relations Between financial leverage and systematic risk “Will Be Stronger Pls sizes of the firms are relatively Smaller That the other firms and conversely, the relations Between financial leverage and systematic risk” Will Be Pls Stronger is the relatively larger size That the others. Hypotheis 2 (the relation Between financial leverage and systematic risk negatively Will Be Stronger Pls help the firms Belong to a group of relatively more homogeneous industries than the Others, and conversely, the relations Between financial leverage and systematic risk positively be less strong will of the firms Pls Belong to a group of relatively less homogeneous industries than the others) and Hypothesis 3b (the relations Between financial leverage and systematic risk “Will Be Stronger Pls the significant effect of operating leverage is higher variable) is empirically supported (using interaction models Pls C.1 ). In spite of results the significant, the coefficients of financial leverage, operating leverage, and industry on the game show inconsistent effects Signs. The result, however, is consistent with Sufiyati (1977) `s findings Nowhere Some of her results showed That financial leverage was negatively related to beta.

On the other test, the inter-temporally the result shows, That financial leverage is significantly and symmetrically related to beta. That this means the two variables show bidirectional causality. The high (low) beta cans result in the high (low) financial leverage; and on the contrary, the high (low) financial leverage cans result in the high (low) beta. That means this hypothesis 4a is supported. Nevertheless, the conditioning variables (operating leverage and size) do not significantly influence the causal relations Between the beta and financial leverage.

Key words: Beta (systematic risk), the Financial Leverage, Operating Leverage, Size, Cross-sectional, inter-temporal, bidirectional, interaction model.

I. Background Problem

This research is intended to analyze the cross-sectional and temporal relationship between financial leverage and systematic risk or beta. Financial leverage is usually considered a proxy for risk based financial data company that is usually considered a single domain that has a separate determinant; while on the one hand, that is considered a proxy beta risk sourced from the market which also has its own determinants. But, unfortunately, some researchers have not tried to connect the two proxies of risk by entering a few variables that affect human relations in a more intense both in cross-sectional and temporal.

The first domain of research, namely the determinant of financial leverage analysis, among others, carried out by Gupta (1969), Ferry and Jones (1979), Kale, Noe, and Ramirez (1991) and others. In its findings, issued financial leverage as the dependent variable which is influenced by various independent variables such as size, growth, industry, business risks and others. While research related to determinants of systematic risk and both are trying to connect between the two domains can look back on the findings of Hamada (1972), Ben-Zion and Shalit (1975), Mandelker and Rhee (1984), Bowman (1979, 1981 ), Robichek and Cohn (1974), Melicher and Rush (1974), etc. or financial literature as in Foster (1986).

Original Title:

ANALISIS CROSS-SECTIONAL DAN TEMPORAL HUBUNGAN ANTARA FINANCIAL LEVERAGE DAN RISIKO SISTEMATIS

* Simposium Nasional Akuntansi 10 – Makassar
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