Judul Jurnal (SNA 14) : Pengaruh Karakteristik Perusahaan Dan Corporate Governance(Cg) Terhadap Praktik Pengungkapan Sustainability Report (SR) ( Studi Pada Perusahaan – Perusahaan yang Listed (Go-Public) di Bursa Efek Indonesia (BEI) Periode 2007 – 2009 )

Penulis : Hari Suryono  Dan Andri Prastiwi  (Universitas Diponegoro Semarang)

PENDAHULUAN

Isu mengenai sustainable development berkembang dengan pesat seiring dengan meningkatnya jumlah perusahaan yang menerbitkan sustainability report. The Global Reporting Initiative (GRI) yang berlokasi di Belanda dan pemegang otoritas lain di dunia, berusaha mengembangkan “framework for sustainability reporting”, dan versi terakhir dari pedoman pelaporan yang telah dihasilkan dinamakan G3 Guidelines (Dilling, 2009). Semakin lama jumlah organisasi-organisasi maupun perusahaan-perusahaan global yang mengadopsi G3 Guidelines semakin meningkat. Perusahaan-perusahaan yang telah menerbitkan SRberdasar G3 guidelines disyaratkan memenuhi tipe-tipe standar pelaporan, yakni: profil organisasi, indikator kinerja, dan pendekatan manajemen (GRI 2009B). Pengungkapan SR di kebanyakan negara, termasuk Indonesia masih bersifat voluntary, artinya tidak ada aturan yang mewajibkan seperti halnya pada penerbitan financial reporting (Utama, 2006). Di Indonesia, studi mengenai SR masih sangat jarang. Penelitian awal biasanya dilakukan dengan menggunakan pendekatan kualitatif. Misalnya, penelitian yang menganalisis penerapan SRsuatu perusahaan berdasar Global Reporting Initiative (GRI) yang antara lain dilakukan oleh Anke (2009); Nugroho (2009); dan Wicaksono (2010). Hal ini dikarenakan sangat terbatasnya sampel, yaitu perusahaan yang melakukan praktik pengungkapan SR.

Populasi dan Sampel

Populasi dalam penelitian ini adalah seluruh perusahaan yang terdaftar dalam Bursa Efek Indonesia (BEI) untuk periode tahun 2007 sampai dengan 2009. Sampel dalam penelitian ini dikategorikan menjadi dua, yaitu perusahaan yang melakukan pengungkapan SR dan perusahaan yang tidak melakukan pengungkapan SR. Terdapat 20 perusahaan yang melakukan pengungkapan SR dari periode tahun 2007-2009. Perusahaan-perusahaan yang tidak mengungkapkan SR dipilih sebanyak 25 perusahaan dengan menggunakan metode sampel acak terstruktur (stratified random sampling). Penarikan sampel terstruktur dalam beberapa kasus memiliki keuntungan dapat merefleksikan lebih akurat karakteristik populasi daripada metode acak sederhana atau penarikan sampel acak sistematis (Ghozali, 2007). Jumlah 25 diambil karena jumlah tersebut merupakan jumlah proporsional yang paling mendekati 20, sebagai pembanding perusahaan yang membuat SR. Proporsi menurut kategori jenis perusahaan yang dipilh, dengan menggunakan metode stratified random sampling dapat dilihat pada tabel 3.1. Dari 45 perusahaan tersebut menghasilkan 114 observasi.

Hipotesis

  • H1 = Tingkat profitabilitas memiliki hubungan positif dengan pengungkapan sustainability report.
  • H2 = Tingkat likuiditas suatu perusahaan berhubungan positif dengan pengungkapan SRyang dilakukan oleh suatu perusahaan.
  • H3 = Tingkat leverage memilki hubungan negatif dengan pengungkapan sustainability report.
  • H4 = Tingkat aktivitas perusahaan memiliki hubungan positif dengan pengungkapan sustainability report.
  • H5 = Ukuran perusahaan berpengaruh positif terhadap pengungkapan SR perusahaan.
  • H6 = Komite audit berpengaruh positif terhadap pengungkapan sustainability report.
  • H7 = Dewan direksi memiliki hubungan positif dengan pengungkapan sustainability report.
  • H8 = Governance Committee memiliki hubungan positif dengan pengungkapan SR suatu perusahaan.

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Title : TIMELINESS OF FINANCIAL REPORTING ANALYSIS: AN EMPIRICAL STUDY IN INDONESIA STOCK EXCHANGE

Authors : Ika Merdekawati & Regina J. Arsjah

ABSTRACT

This study empirically analyzed timeliness of financial reporting in Indonesia. Timeliness of financial reporting is measured by audit lag and reporting lag. This study utilized an unbalanced panel of 700 firms-years of company listed on the Indonesia Stock Exchange during the period 2007-2009. The mean of audit lag is 74 days and the mean of reporting lag is 94 days. It is found that corporate governance and audit opinion negatively affect both audit lag and reporting lag whereas firm size positively affect audit lag and reporting lag. Debt ratio only negatively affect reporting lag. Auditor?s firm, profitability, price earnings ratio and dividend payout ratio are not significantly affect both audit lag and reporting lag.

Analysis of audit lag and reporting lag inter-industry reported that financial industry has the shortest audit lag and reporting lag. Trade, service and investment industry has the longest audit lag whereas property, real estate and building construction industry has the longest reporting lag.

Key words: Audit lag, reporting lag, corporate governance, auditor’s firm, audit opinion, firm size, profitability, debt ratio, price earnings ratio, dividend payout ratio, industry type.

Hypothesis

  • Hypothesis 1a: Corporate Governance negatively affects the audit lag (the higher the CG, the shorter the audit lag).
  • Hypothesis 1b: Corporate Governance negatively affects the reporting lag (the higher the CG, the shorter the reporting lag).
  • Hypothesis 2a: The audit lag of companies engaging with one of the Big Four public accounting firm is less than companies engaging with non-Big Four public accounting firms.
  • Hypothesis 2b: The reporting lag of companies engaging with one of the Big Four public accounting firm is less than companies engaging with non-Big Four public accounting firms.
  • Hypothesis 3a: The audit lag of companies receiving unqualified audit opinion is less than companies receiving other than unqualified audit opinion. Hypothesis 3b: The reporting lag of companies receiving unqualified audit opinion is less than companies receiving other than unqualified audit opinion.
  • Hypothesis 4a: Firm size positively affects the audit lag (the bigger the firm size, the longer the audit lag).
  • Hypothesis 4b: Firm size positively affects the reporting lag (the bigger the firm size, the longer the reporting lag).
  • Hypothesis 5a: Profitability negatively affects the audit lag (the higher the profitability, the shorter the audit lag).
  • Hypothesis 5b: Profitability negatively affects the reporting lag (the higher the profitability, the shorter the reporting lag).
  • Hypothesis 6a: Debt ratio negatively affects the audit lag (the higher the debt ratio, the shorter the audit lag).
  • Hypothesis 6b: Debt ratio negatively affects the reporting lag (the higher the debt ratio, the shorter the reporting lag).
  • Hipotesis 7a: Price earnings ratio negatively affects the audit lag (the higher the price earnings ratio, the shorter the audit lag).
  • Hipotesis 7b: Price earnings ratio negatively affects the reporting lag (the higher the price earnings ratio, the shorter the reporting lag).
  • Hipotesis 8a: Dividend payout negatively affects the audit lag (the higher the dividend payout, the shorter the audit lag).
  • Hipotesis 8b: Dividend payout negatively affects the reporting lag (the higher the dividend payout, the shorter the reporting lag).

Conclusions, Implication and Suggestion

Corporate governance has significant negative effect on both audit lag and reporting lag, the higher the implementation of corporate governance, the shorter audit lag and reporting lag. This significant negative effect is in accordance with Al-Ajmi (2008) and the hypothesis of this study. Auditor?s opinion has significant negative effect on both audit lag and reporting lag. This effect is consistent with previous research by Carslaw and Kaplan (1991), Ahmad and Kamarudin (2003), and Prime (2009). Firm size has significant positive effect on audit lag and reporting lag which is consistent with the study hypothesis. Profitability level has not significant effect on audit lag and reporting lag. The study hypothesis that states the higher the profitability, the shorter audit lag and reporting lag is not supported by sample data. These results are consistent with Abdulla (1996) and Rachmawati (2008). But according to Elder et al. (2008) high level of profitability might be subject to audit because profit tends to be overstated or overestimated its value. Company debt level has insignificant effect on audit lag but significant negative effect on reporting lag. The significant negative effect of level of debt on reporting lag is consistent with the study hypothesis and the previous study by Abdulla (1996) and Khasaharmeh and Aljifri (2010). Price earnings ratio and dividend payout ratio have insignificant effect on both audit lag and reporting lag.

Inter-industry comparison of audit lag and reporting lag shows that financial industry has the shortest audit lag and reporting lag. Whereas the longest audit lag is in the trade service and investment industry and the longest reporting lag is in the property, real estate and building construction industry.

Future research should be conducted taking into consideration other variables that might have effect on timeliness of financial reporting such as internal control, auditor?s change and auditor?s qualification. Additional research might also be directed towards determination of the effect of timeliness of financial reporting using larger samples and longer time series.

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Judul Jurnal : FAKTOR-FAKTOR YANG MEMPENGARUHI LUAS PENGUNGKAPAN CORPORATE GOVERNANCE DALAM LAPORAN TAHUNAN PERUSAHAAN PERBANKAN YANG TERDAFTAR DI BURSA EFEK INDONESIA

Penulis : Noor Hikmah, Chairina, Desilarina Rahmayanti (Universitas Lambung Mangkurat Banjarmasin)

Abstrak

Penelitian ini bertujuan untuk menguji dan membuktikan secara empiris faktor-faktor yang mempengaruhi tingkat pengungkapan tata kelola perusahaan dalam laporan tahunan perusahaan perbankan yang terdaftar di Bursa Efek Indonesia. Faktor-faktor yang diuji dalam penelitian ini adalah ukuran perusahaan, umur perusahaan listing, kepemilikan dispersi, profitabilitas, dan ukuran dewan komisaris.

Populasi penelitian ini adalah perusahaan perbankan yang terdaftar di Bursa Efek Indonesia selama tahun 2007 hingga 2009. Ada 19 perusahaan yang terpilih sebagai sampel dalam penelitian ini dengan menggunakan metode purposive sampling. Ada 126 item untuk mendeteksi tingkat pengungkapan tata kelola perusahaan yang meliputi pengungkapan wajib dan sukarela. Teknik untuk menguji hipotesis adalah analisis regresi ganda dengan program SPSS 16.0. Menggunakan F-test untuk menguji secara simultan dan t-test untuk menguji secara parsial.

Hasil penelitian menunjukkan bahwa ukuran perusahaan, umur listing, kepemilikan dispersi, profitabilitas dan ukuran dewan komisaris secara bersamaan mempengaruhi pengungkapan tata kelola perusahaan. Secara parsial, ukuran perusahaan dan ukuran dewan komisaris memiliki pengaruh positif yang signifikan terhadap pengungkapan tata kelola perusahaan, dan umur listing perusahaan memiliki pengaruh negatif signifikan terhadap pengungkapan tata kelola perusahaan. Kepemilikan dispersi dan profitabilitas memiliki pengaruh signifikan terhadap pengungkapan tata kelola perusahaan. Adjusted R2 adalah 0.521 yang berarti bahwa 52,1% variasi dari pengungkapan tata kelola perusahaan dapat dijelaskan oleh lima variabel independen: total aset, umur listing, kepemilikan dispersi, profitabilitas, dan ukuran dewan komisaris. Sisanya, 47,9% dapat dipengaruhi oleh faktor lain yang tidak diuji dalam penelitian ini.

Keywords : Tata kelola perusahaan (Corporate Governance), laporan tahunan, Corporate Governance disclosure, perusahaan perbankan.

Laporan tahunan adalah media yang digunakan oleh perusahaan yang go public untuk mengkomunikasikan informasi kepada pihak luar manajemen. Pihak-pihak yang berkepentingan seperti investor, karyawan, kreditor, pelanggan, pemasok, dan pihak lainnya bergantung pada pelaporan dan pengungkapan yang dilakukan perusahaan untuk membuat keputusan. Cadbury (2000) dalam Bhuiyan dan Biswas (2007:2) menjelaskan pentingnya pengungkapan corporate governance. Pengungkapan corporate governance yang akurat, tepat waktu, dan transparan dapat menambah nilai bagi para stakeholders. Jika tidak ada pengungkapan yang memadai, para stakeholder tidak dapat meyakini bahwa kegiatan pengelolaan perusahaan oleh manajemen dilakukan dengan cara yang bijaksana dan hati-hati untuk kepentingan mereka.

Di Indonesia, isu mengenai corporate governance muncul setelah terjadinya krisis multidimensi pada pertengahan 1997. Krisis ini dimulai dengan merosotnya nilai rupiah terhadap dolar Amerika Serikat yang kemudian menghancurkan sendi-sendi ekonomi, salah satunya adalah pada sektor perbankan. Menurut hasil penelitian dan laporan dari Bank Dunia dan ADB (Asia Development Bank), krisis yang terjadi di Indonesia dan runtuhnya perusahaan-perusahaan besar dunia adalah disebabkan oleh lemahnya pelaksanaan good corporate governance (Husein,2010). Sebagai bukti pada tahun 2007 Asian Corporate Governance Association, CLSA Asia-Pacific Markets menempatkan Indonesia pada urutan kesebelas (terbawah) di Asia….

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KARAKTERISTIK PRIBADI KOMITE AUDIT DAN PRAKTIK MANAJEMEN LABA

Dr. Ratna Wardhani

Herunata Joseph, SE

Fakultas Ekonomi Universitas Indonesia

ABSTRACT

This study aims to determine the relationship between audit committee characteristics with the practice of earnings management in a company. This research examined the characteristics of the chairman of theaudit committee as part of the most influential in an audit committee. Characteristics of the audit committee that investigated in this study include the age of the chairman of the audit committee, financialand accounting background, the experience became a partner in the accounting firm, experience of beingpart of internal management and education level. While earnings management calculated withdiscretionary accruals. Discretionary accruals values calculated using the Kaznik model. The resultsshowed that the accounting and financial background variables are related negatively to earningsmanagement. Another variable that has significant impact is the experience of being a partner ataccounting firm which is positively related to earnings management. Several control variables in thestudy, namely firm size and growth opportunity, also proved to have an influence on earningsmanagement. Firm size has a positive relationship, while the growth opportunity has a negativerelationship.

Keywords: audit committee, characteristics, earnings management, corporate governance

****

In a company’s financial statements, profit is one potentially very important information for both internal and external parties. Earnings information contained in the company’s financial statements has several important functions, among others, to assess management performance, to help estimate the earnings capacity of a representative in the long run, and to assess the risk of investment or lending funds (Kirschenheiter and Melumad, 2004). Because profits are so influential in this information, it is often the management take action to modify the return information to generate the desired information in order to achieve its own goals. The action was known to the management earnings (earnings management).

One of the efforts undertaken to reduce earnings management, among others, by applying good corporate governance (corporate governance). Several studies have been done related to the establishment of independent regulatory board and the establishment of an audit committee as a step in the implementation of good corporate governance, as an act of suppression management practices in corporate earnings. Chtorou et al. (2001) found that companies with larger board size to a smaller profit management. Baridwan (2002) states that audit committees have an important role in good corporate governance. Millstein (1999) in his study stated that good corporate governance practices shows that the formation of audit committees as a central point in improving the quality of financial reporting. In addition, Bapepam also confirmed that the audit committee, is helping the board of commissioners to oversee the operations of the company.

Special emphasis on the characteristics of the audit committee as an object of research, several studies have also been carried out. Klein (2000) conducted a study on the effects of the characteristics of the audit committee and board of directors to the practice of earnings management. The study concluded that the negative relationship between independence of audit committees with management earnings. Beasley (1996) in his study stated that the audit committee that is more independent of the influence of management will be better in overseeing the financial reporting process. Meanwhile Parulian (2004) conducted a study on the relationship between the implementation of good corporate governance, which diproksi with the audit committee and the commissioners are independent of earnings management with an assessment of the audit committee and independent commissioners based on the completeness of membership, and stated if the role of audit committees and independent commissioner is not effective in supervision of financial reporting or suppression of earnings management practices.

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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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