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Pengaruh Profitabilitas, Leverage, dan Growth Terhadap Kebijakan Dividen dengan Good Corporate Governance sebagai Variabel Intervening

INDAH SULISTIYOWATI
RATNA ANGGRAINI
TRI HESTI UTAMININGTYAS

Universitas Negeri Jakarta

[Jurnal Akuntansi Manajemen – SNA 13]

Abstract

The purpose of this study is to prove the indirect effect of profitability measured by ROA (X1), leverage measured by DER (X2), and growth as measured by the growth of assets (X3) on dividend policy as measured by the dividend payout ratio (Y) through good corporate governance as measured by scores CGPI (X4). This research also adds control variables such as age and type of industrial companies.

The population in this study are included in the rating companies CGPI 63 companies in 2006, 2007, and 2008 (pooled data). The sample selection is done with less use of purposive sampling techniques and criteria used by 31 companies selected. Analysis of the data used is multiple linear regression to identify independent variables that influence the dependent variable and path analysis to detect whether an indirect relationship through good corporate governance.

The test results showed that partially or simultaneously all the independent variables and control variables didn’t have significant effect on dividend policy and the implementation of good corporate governance. The implementation of good corporate governance is also not proved influential as an intervening variable.

Keywords: Profitability, Leverage, Growth, Good Corporate Governance, and Dividend Policy

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One of the goals of a company is to improve the welfare or to maximize shareholder value by increasing the value of the company. Increasing corporate value can be achieved if the company is able to operate with achieving the targeted profit. Through the company’s profits will be able to provide dividends to shareholders, increase the company’s growth and continued survival.

Ownership in companies owned by public or community at large, dividend policy has a significant influence for investors and companies that will pay dividends. In investing, investors want a return on investment (return) either in the form of profits distributed as dividends given company as they have invested in that company as well as to increase the capital income (capital gains).

For some companies, dividends are considered burdensome because the company must always provide the amount of cash in a relatively permanent to pay dividends in the foreseeable future. Companies that do not have the funds but must still issue a dividend may result in reduced funding for its investment needs that require additional capital by issuing new shares or make loans to other parties.

While on the one hand, the general business world dominated by a group of family owned companies where the entire board and management of familial and also managed the majority shareholding held by a particular family. Indonesia as one of them, about 90% of companies that went public on the Indonesia Stock Exchange (IDX) is owned by a certain family (Suherli, 2004). Indicators show that the characteristics of listed companies in Indonesia are still run by the owner of the first and second generation.

Research based IDX, there are indications that the conflict of interest where a conflict of interest in the management of the majority shareholder with various third parties such as suppliers, agents and the like do not put the company in a favorable position in which the majority shareholders and management that is owned by family members more dominant in management decisions (Daniri, 2006). …

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Pengaruh Corporate Governance Pada Hubungan Corporate Social Responsibility Dan Nilai Perusahaan

Ni Wayan Rustiarini*
Universitas Mahasaraswati Denpasar

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

Abstract

The corporate responsibility has to be based on triple bottom lines those are social, environmental, and financial. The corporate governance is represented with managerial ownership, institutional ownership, independent commissary proportion, and the member of audit committee as the moderating variable. This research is aimed to investigate the influence corporate social responsibility and corporate governance on firm value, and to study the influence of corporate governance toward corporate social responsibility and firm value in Indonesia Stock Exchange on 2008. Factor analysis and regression analysis are used to analyze the data.

The result shows that corporate social responsibility and corporate governance influence on firm value. Corporate governance influenced on the relation between corporate social responsibility disclosure and firm value. Corporate governance variable is a moderating variable on the relation between corporate social responsibility disclosure and firm value.

Keywords: audit committee, independent commissary, institusional ownership, managerial ownership.

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Currently the company’s responsibility should be based on the triple bottom lines of corporate responsibility on social aspects, environment, and finance so that every company must disclose information about corporate social responsibility or corporate social responsibility (CSR). The importance of CSR has been regulated in the Act. 25 of 2007 on Investment and the Law No. 40 of 2007 regarding Limited Liability Company. Thus, CSR is an obligation that must be implemented enterprise, not a voluntary activity. Research on the relationship of CSR and corporate performance has been widely applied but showed inconsistent results. Initial empirical research conducted Spicer (1978) who found no association between the investment value of shares with corporate social performance although the association rate decreases from year to year. Research and Buchloz Alexander (1978) found no effect of social disclosure stock price. Research Suratno et al. (2006) found different results that positively affect the environmental performance to economic performance. Results were consistent with the study and Paul Siegel (2006) which indicates that CSR activities affect the efficiency, technical change, and economies of scale enterprise.

Research on the relationship of CSR and corporate performance has been widely carried out but showed inconsistent results. Early empirical studies conducted Spicer (1978) who found an association between the investment value of the shares by the company’s social performance although the association rate decreases from year to year. Alexander and Buchloz penelit ian (1978) found no effect of social disclosure by the stock price. Research Suratno et al. (2006) found different results of the environmental performance of a positive effect on economic performance. The results are consistent with research and Paul Siegel (2006) which indicates that CSR activity affects the efficiency, technical change, and the company’s economies of scale. ………….

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Pengaruh Corporate Governance Dan Konsentrasi Kepemilikan Terhadap Daya Informasi Akuntansi

Andi Wawo
Universitas Islam Negeri Alauddin Makassar

Abstract

The objective of this research will test the effect of corporate governance and concentrated ownership on the informativeness of accounting. Especially, this research will test the effect of independent commissioner and audit committee as corporate governance mechanism and concentrated ownership on the informativeness of accounting. Independent directors are proportion independent director in board of director. Audit committee is presence of independent audit, while ownership data are proportion of biggest shareholder in company.

This research samples are public companies listed on the Indonesian Stock Exchange for the period in 5 years which is in period of 2003 to 2007 with exception of bank and financial institutions. Hypothesis test by method which is used by Fang and Wong (2002) with independent variable consist of independent directors, audit committee and concentrate ownership, while control variable in this research use market to book ratio, leverage, and fixed effect.

The result research can be summarized as following; First, independent commissioner has a positive effect on the informativeness of accounting but audit committee does not have effect on the informativeness of accounting. Second, concentrated ownership at immediate level has a negative effect on the informativeness of accounting at cut-off 10%, 20% and 30% but concentrated ownership does not has effect on the informativeness of accounting at level 40% and 50%. Third, the immediate of concentrated ownership at cut-off 10% as moderating variable on associated between independent commissioner and the informativeness of accounting can not support. This result supported by sensitivity test on cut-off point 20%, 30%, 40% and 50% are not effect.

Key words: Cumulative of Abnormal Return (CAR), the informativeness of accounting, independent directors, audit committee, concentrated ownership.

1. Pendahuluan

This study aims to examine the effect of corporate governance and ownership concentration on accounting information resources. In particular, this study examines the effect of the independent commissioners and audit committee as a corporate governance structure and concentration of ownership of the power of accounting information.

Previous studies indicate that concentration of ownership of corporate ownership in East Asia, including Indonesia, were found tended to be concentrated (Claessens et al., 2000 and 2002). Concentration of ownership resulted in conflicts of interest (agency problem) change from conflict management shareholders with a conflict between the majority shareholder with a minority. Controlling or majority shareholder has an incentive to do the expropriation of minority shareholders. Controlling shareholders also have the ability to influence the financial reporting process. Therefore, the majority shareholder of the company with ownership concentration may affect the quality of financial reporting.

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Jurnal Simposium Nasional Akuntansi XIII (SNA 13)
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Analisis Empiris Pergantian Kantor Akuntan Publik Setelah Ada Kewajiban Rotasi Audit

Suparlan, SE, MSc
Alumni Pascasarjana Akuntansi UGM

Wuryan Andayani
Mahasiswa Program Doktor-Akuntansi UGM
Universitas Brawijaya

ABSTRACT

This study aimed to obtain empirical evidence that firm characteristics affect the change of accounting firms. Corporate governance is an important part of running the company. Measuring corporate governance used in this study predicted an impact on the company changed its accounting firm. Ownership structure is often used as a measure of corporate governance, in this research is used financial ratios DER, ROE and firm size.

Data used in this research is secondary data which uses a population of Non-banking firm, Credit Agencies Other Than Banks, Securities, Insurance and investment according to the classification of Indonesian Capital Market Directory (ICMD) listed on the BEI. In this study used to determine the sample using purposive sampling. Furthermore, to be able to test the hypothesis, this research is taking paired samples (matched-pairs sample) between the company changed its accounting firm with a company that does not change the accounting firms.

Total sample of this study using the 182 companies with details changed accounting firms 91 and 91 was not accounting firms changed. The results of this study found that public ownership, share growth and firm size have a statistically significant relationship with Wald larger than the value of ? = 5% which means that firms do affect the probability of changing the accounting firms. However, firm size has the opposite direction with the research hypothesis that cannot support the hypothesis. While institutional ownership, board of commissioners, management turnover and leverage does not give effect to the company to change the accounting firms.

Key Words: Accounting firms changes, Public Ownership, Share growth, Institutional ownership, Fundamental ratio, Good corporate governance.

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Jurnal Simposium Nasional Akuntansi XIII (SNA 13)
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Jurnal Simposium Nasional Akuntansi VI (SNA 6)

HUBUNGAN CORPORATE GOVERNANCE DAN PENGUNGKAPAN INFORMASI : PENGUJIAN SECARA SIMULTAN

KHOMSIYAH
Universitas Trisakti

Abstract

This study examines the relationship between corporate governance and disclosure. Corporate governance and disclosure are both subject to investor protection from information asymmetry. This study employs a simultaneous equation model to test the hypothesis that corporate governance and disclosure are positively related. It uses ratings corporate governance index perception (CGPI) 2001 and 2002 by the Indonesian Institute for Corporate Governance to measure corporate governance. Aggregate disclosure (mandatory and voluntary) used to measure disclosure index. Consistent with theoretical predictions, the analysis shows that there is a significant positive relationship between corporate governance index and disclosure level. Firms with higher corporate governance index tend to disclose more information in annual report and vice versa. This result consistent with one of regulator’s (Bapepam) objectives in encouraging companies to implement good corporate governance and provide more information.

Keywords: corporate governance, disclosure, simultaneous

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Jurnal Simposium Nasional Akuntasi XI (SNA 6)


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