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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.

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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: 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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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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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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Pengaruh Struktur Kepemilikan Terhadap Keputusan Keuangan Dan Nilai Perusahaan:
Survey Pada Perusahaan Manufaktur di PT. Bursa Efek Indonesia




ABSTRACT

Top manager through the role of financial manager as the agent hired by the principal made three major decisions, which are: investment decision, financing decision, and dividend policy. Those decisions are interconnected and will create a value. Agency theory argued that in practice there will be conflict of interest between manager and the principal which is called as agency conflict.
Ownership structure plays an important role to minimize the problem result from agency conflict in a company through the increase of managerial ownership and institutional ownership.
The objective of this research is to investigate the effect of ownership structure to the financial decision and the value of the company, this research used for regression model. The models are: First Model to investigate the effect of ownership structure to the financing decisions. 2nd model, used to investigate the effect of ownership structure to investment decision. 3rd model used to investigate the effect of ownership structure to dividend policy and the 4th model used to investigate the effect of ownership structure to financial decision and company value.

The population of this research is manufacturing companies listed in BEJ. The sampling method used in this research is purposive sampling. The results are 94 companies. Pooling data method is used to collect the data and two stage least squares (2 SLS) is the analysis method.

Base on the hypothesis test it can be summarized that simultaneously all predictor have significant effect. Partially: 1) Managerial ownership, Institutional Ownership and Dividend Payout Ratio Effect that to Equity Ratio (DER). 2) Managerial ownership, Institutional Ownership Debt to Equity Ratio (DER), dividend Payout Ratio, profitability to Growth effect the total Assets Growth (Investment decision). 3) Managerial Ownership, DER, Company Risk Effected Dividend Payout Ratio. 4) Managerial Ownership, Institutional Ownership, Investment and DPR Effect the Market Value of Equity (MVE). Finally the ownership structure (Managerial Ownership and Institutional ownership) and DPR Effect the Share Price.

Keywords : Financing Decision, Investment Decision, Dividend Policy, Managerial Ownership, Institutional ownership, Firm Value, Agency conflict, Agency cost.

I. PENDAHULUAN

Company manager has the objective to enhance shareholder value through the implementation of financial decisions which consists of investment decisions, financing decisions and dividend policy. Therefore, its implementation must be done carefully and precisely, given any financial decisions taken will affect other financial decisions and will have an impact on the achievement of company objectives.

Investment decisions include the allocation of funds, whether the funds come from within the company and from outside the company on various forms of investment. Gitman (2000) and Brealy & Myers (2000) states that investment decisions are very important because it will affect the successful achievement of company objectives and the core of all financial analysis. Meanwhile, according to Jensen and Meckling (1976) states that investment decisions can act as a transmission mechanism between ownership and corporate value.

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Jurnal Simposium Nasional Akuntasi XI (SNA 11)
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