Apakah Kinerja Jangka Panjang Penawaran Umum Perdana di Indonesia underperformed

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Apakah Kinerja Jangka Panjang Penawaran Umum Perdana di Indonesia underperformed?

Jurnal Akuntansi (SNA – 13)

Suherman
Dosen Fakultas Ekonomi Universitas Negeri Jakarta
Email: suherman@feunj.ac.id

Abstract

Previous research found that long-run share price performance of Indonesian initial public offerings (IPOs) underperformed. My research gives new evidence that the long run performance depends on the methods used. Insignificant underperformance is found for equally-weighted cumulative abnormal returns (EWCARs) and value-weighted cumulative abnormal returns (VWCARs).

Significant underperformance is found for equally-weighted buy-and-hold abnormal returns (EWBHARs). Significant outperformance is found for value-weighted buy-and-hold abnormal returns (VWBHARs). The underperformance disappears, however, when calendar-time approach is utilized. The intercepts in Fama-French three-factor regressions are insignificantly different from zero, suggesting no abnormal performance.

Keywords: Long-run performance, Initial Public Offerings, Fama-French Three Factor Model.

Previous research found that long-run share price performance of Indonesian initial public offerings (IPOs) under performed. My research gives new evidence that the long run performance depends on the methods used. Insignificant underperformance is found for equally-weighted cumulative abnormal returns (EWCARs) and value-weighted cumulative abnormal returns (VWCARs).

Significant underperformance is found for equally-weighted buy-and-hold abnormal returns (EWBHARs). Significant out performance is found for value-weighted buy-and-hold abnormal returns (VWBHARs). The underperformance disappears. However, when calendar-time approach is utilized. The intercepts in Fama-French three-factor regressions are insignificantly different from zero, suggesting no abnormal performance.

Keywords: Long-run performance, Initial Public Offerings, Fama-French Three Factor Model.

Controversies regarding long-term performance public offering (Initial Public Offerings – IPOs) continues. Many studies reveal the occurrence of underperformance after an IPO. This phenomenon occurs in many countries, both in the capital markets that have been developed and developing world, including in Indonesia.

Table 1 gives a good performance after IPOs underperformance and over performance in some countries. It is known that the underperformance was highest in Brazil by 47%, followed by Australia at 46.5%. Underperformance lowest occurred in Singapore at 2.7%. While on the JSE, all experienced underperformance and ranged from 9.8% to 47.2%. Out performance was highest in Malaysia for almost 42%. Interestingly, all studies in Malaysia indicate out performance. A capital market in Sweden had the lowest out performance of 1.2%.

Ritter (1991) suggested that long-term performance of IPOs, which under performed due to investors are very optimistic and this causes the stock price rises. In the long term, the share price will correct the mistake so the return will be lower.

However, the current literature reveals that the IPOs longlong- performance depends on the method of measurement used. Barber and Lyon (1997), Brav and Gompers (1997), Kothari and Warner (1997), Fama (1998), Lyon, Barber and Tsai (1999), Brav, Geczy, and Gompers (2000), Loughran and Ritter ( 2000), Eckbo, Masulis and Norli (2000), Mitchell and Stafford (2000), Gompers and Lerner (2003), Ahmad-Zaluki, Campbell, and Goodacre (2007) revealed that longlong- performance of IPOs depending on the method of measurement used and size of the abnormal return, and the reliability of statistical inference is different from one method with another method. They expressed that the decline in performance is not a definite effect occurs after the initial offer of shares, and most long-term return anomalies tend to be lost when the research techniques used to vary.

In Indonesia, all studies of longlong- performance of IPOs show that the longlong- performance of IPOs runs underperformance (including the Manurung and Soepriyono, 2006; Suroso, 2005; Martani, 2004; Hartanto and Ediningsih, 2004; and Pujiharjanto, 2003). All research on long-term performance of IPOs in Indonesia using only event-time approach, the cumulative abnormal returns (CARs) and buy-and-hold abnormal returns (BHARs). Returns that are used are equally-weighted. BHARs significance test is performed only by conventional t-statistics. Using only one benchmark, namely JCI (market benchmark).. …

Masalah Keagenan Aliran Kas Bebas, Manajemen Laba, dan Relevansi Nilai Informasi Akuntansi

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Masalah Keagenan Aliran Kas Bebas, Manajemen Laba, dan Relevansi Nilai Informasi Akuntansi

Aulia Fuad Rahman
Fakultas Ekonomi Universitas Brawijaya

Ulfi Kartika Oktaviana
Fakultas Ekonomi UIN Maliki Malang

Abstract

Free cash flow agency problem causes potential conflict of interest between managers and shareholders. Managers of firms with high free cash flow and of low growth opportunity tend to invest in marginal or even negative NPV project and use earnings management to camouflage the effects of non-wealth-maximizing investments. As a result, it is predicted that investors will react to earnings management and free cash flow agency problem and therefore reflected in stock price. In this sense, earnings management and free cash flow agency problem is predicted to have an impact on value relevance of accounting information.

The objective of this study is to assess the impact of earnings management on value relevance of earnings and book value. This study also investigates the different effect of earnings management on value relevance of earnings and book value between free cash flow agency problem firms and non free cash flow agency problem firms. Result shows that earnings and book value are value relevance and earnings management decreases those value relevances. The result also conclude that the negative effect of earnings management on value relevance of earnings and book value is higher for free cash flow agency problem firms compared to non free cash flow agency problem firms.

Key words: Free cash flow agency problem, value relevance, earnings and book value, earnings management.

*****

The relevance of the value of accounting information has received extensive attention in the research and accounting practice (Barth et al., 2001; Holthausen and Watts, 2001). Accounting information is said to be relevant if it is used as a basis for decision making (Barth et al., 2001). In other words, the relevance value indicates how well the accounting information may represent information that is used by users in making an assessment of the company.

Previous research has shown that the value relevance of accounting information (earnings) down from time to time (Collins et al., 1997, Francis and Schipper 1999). One cause of the relevance of the earnings drop was due to the low quality of accounting information (Lev, 1989). The quality of accounting information is determined partly by his form of earnings management performed opportunistically to mislead users of financial statements (Whelan and McNamara, 2004; Habib, 2004).

In another study, Rahman and Norman (2008) found that the value relevance of accounting information down because of high agency problems offree cash flow (free cash flow agency problem, hereafter abbreviated FCFAP). The argument presented Rahman and Norman (2008) is that managers in companies that have FCFAP likely to abuse their authority in the use offree cash flow, that is by investing in projects that are not profitable or too risky projects that could hurt the company (Jensen and Meckling, 1976) . To camouflage the activities that decrease the value of the company, managers make opportunistic earnings management to increase reported earnings (Chung et al. 2005). Therefore, companies have tended to do management FCFAP earnings opportunistically (Chung et al.,2005), investors reacted negatively impact on the decline and then the value relevance of accounting information.

INTELLECTUAL CAPITAL DAN ABNORMAL RETURN SAHAM

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INTELLECTUAL CAPITAL DAN ABNORMAL RETURN SAHAM :

Studi Peristiwa Pada Perusahaan Publik Di Indonesia

(Jurnal Simposium Nasional Akuntansi – SNA 13)

Jennie Sir
(Politeknik Negeri Kupang)

Bambang Subroto
(Universitas Brawijaya Malang)

Grahita Chandrarin
(Universitas Merdeka Malang)

ABSTRACT

The objective of this study to examine information content of intellectual capital disclosure in corporate annual reports. Tests on the information content of intellectual capital disclosure (ICD) can be seen from the abnormal stock return around the date obtained ICD, which refers to the date of issuance of the company’s annual report. This study also examines the differences in average abnormal stock returns before and after the ICD, and to classify the sample companies based on the widely reported ICD, and test the difference in average abnormal return for companies that disclose information in a comprehensive IC and non-comprehensive.

The results of this study show that the market responds to the ICD company, which the impact of ICD on cumulative abnormal stock return is statistically significant. Although this research has not succeeded in proving the existence of differences in average abnormal return obtained before and after the disclosure, but this study found the differences in average abnormal return for companies that disclose IC information in a comprehensive and non-comprehensive. The results show that firms with a comprehensive level of IC disclosures will obtain average abnormal return which is higher than companies that do not disclose information in a comprehensive IC.

Keywords: information content, cumulative abnormal return, average abnormal returns, intellectual capital disclosure.

*****

The information contained in the financial statements of the company plays an important role in capital markets, both for individual investors, as well as for the overall market. 2 For investors, the information was instrumental in making investment decisions, while the market utilize the information to reach a new equilibrium price. Efficient markets hypothesis (EMH) became one of the themes that discusses market reaction to information presented in the capital market. EMH states that stock market is an efficient market, a condition in which security prices fully reflect all available information. In these conditions, the market will process the relevant information then the market will evaluate the stock price based on such information.

Related to the importance of information in the context of efficient markets, disclosure of intangible assets (intangible assets) play an important role in recent years. This is confirmed by the emergence of IAS 38 (in Indonesia SFAS 19), which aims to determine the accounting treatment for intangible assets owned by the company. Issuance of IAS 38 (SFAS 19), at least have answered some of the discontent as users of information, due to limitations in the disclosure of company information is sourced only from the tangible assets.

Holland (2002) revealed that financial information is not sufficient basis for an award against the company’s markets, mainly because it is more dominated by the output of financial data showing the performance of value creation. Nevertheless, there is agreement that the recognition of intangible assets in the current accounting system is not enough, because some elements of intangible assets such as: human capital, innovation, customer, or technology, which can not be included in the financial statements due to problems of identification, recognition, and measurements. One alternative proposed is to expand the disclosure of intangible assets through the disclosure of intellectual capital (hereinafter abbreviated to IC), to give more comprehensive information that enables a company to have the same view toward value creation.

PEMERINGKATAN OBLIGASI PERDANA SEBAGAI PEMICU MANAJEMEN LABA

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PEMERINGKATAN OBLIGASI PERDANA SEBAGAI PEMICU MANAJEMEN LABA:
BUKTI EMPIRIS DARI PASAR MODAL INDONESIA

(Jurnal Simposium Nasional Akuntansi – SNA 13)

Gerianta Wirawan Yasa
Fakultas Ekonomi Universitas Udayana

ABSTRACT

This research tests the influence of ranking requirement on earnings management of companies who go public bonds for the first time. This research covers two issues. The first one concerns the influence of information and financial ratios toward obligation ranking. The second issue is earnings management performed by companies that are going to issue obligation for the first time before the process of setting the obligation ranking.

The sample of this research is non-financial companies listed in the Jakarta Stock Exchange and Surabaya Stock Exchange who perform Initial Public Offering of their obligation from year 1999 to 2006. Obligations issued by listed companies in obligation ranking made by PT. PEFINDO and PT. KASNIC Credit Rating Indonesia. Every company that issued obligation in this research is required to have comparable counterpart who did not issue obligation. The theory that based this research is agency theory and signaling theory. Hypotheses were tested using Discriminant Analysis model and Compare Means-Independent Samples T-Test. Several popular earnings management detection models were used to detect earnings management during the Initial Public Offering.

The test result using Discriminant Analysis model showed evidence that operating income, retained earnings, operating cash flow, and liquidity have ability to differentiate obligation ranking. Total asset and leverage which did not have any influence.

This research shows earnings management in which management increase earnings before the Initial Public Offering of Obligation. Earnings management in companies going through their Initial Public Offering of Obligation is larger that companies who did not issue obligation in the same period.

Keywords: Initial public offering bonds, bonds rating, financial ratios, earnings management

*****

At the time the company needs capital to develop their businesses, there are several possible options to obtain the funds. One possibility to obtain such funds is to issue bonds. Domestic corporate bond primary market post-crisis economy has grown by leaps and bounds. In a period of five years until 2003 recorded the issuance of bonds worth Rp 43 trillion, in which the record highs recorded in 2003 with the issuance of Rp 25.5 trillion.

Bonds are securities or certificates containing the contract between the lender with a given loan (the issuer). For investors, bonds are a safe alternative investment, because the bonds provide a steady income in the form of coupon interest and debt principal at maturity is determined. Although bonds are often viewed as relatively safe investments, there is a possibility of investors suffered losses stemming from factors beyond the company’s performance as well as internal company factors, such as the risk maturity funds are not paid on time (Brigham et al., 1999). To overcome the problem of information investors can use bond ratings (bond rating) of agency debt securities (debt credit rating agency or rating agencies).

Bond rating agencies are independent agencies that provide information the rating scale of the risk of debt, one of which is the bond securities. Information from the rating agencies can be used as a guide on how secure a bond to investors. In Indonesia there are two rating agencies namely PT PEFINDO (Pemeringkat Efek Indonesia) and PT Kasnic Credit Rating Credit Rating Indonesia. Bond rating is important because it can provide a signal about the probability of failure to pay debts of a company. Bond ratings are used extensively in the investment community as a risk measurement surogasi bonds (Hickman, 1958 in Kaplan and Urwitz, 1979). Requirements of Rule PT. Surabaya Stock Number: SK-024/LGL/BES/XI/2004 dated 25 November 2004 stated that issuers who will perform the registration of debt securities on the Exchange must meet one of the provisions, namely: the effect of a rating agency registered with Bapepam effects at least BBB-(investment grade). ….

THE REAL AND ACCRUALS EARNINGS MANAGEMENT

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THE REAL AND ACCRUALS EARNINGS MANAGEMENT:

SATU PERSPEKTIF DARI TEORI PROSPEK

Imam Subekti

Anita Wijayanti

Komarudin Akhmad

(Universitas Brawijaya)

Abstact

The present study aims to investigate earnings management behavior measured by real and accruals transactions i.e. abnormal cash flow of operation, abnormal production cost, abnormal discretionary, short-term discretionary accruals, and long-term discretionary accruals. The study apllies a perspective of prospect theory. One prediction of prospect theory is that managers tend to manage earnings to avoid earnings negative. It means that positive earnings around zero is earnings managed to avoid negative earnings.

The present study classifies samples become identified firms and unidentified firm engaging in earnings management based on EPS distribution. It is different with previous studies using ROA distribution. Distribution EPS is more usefullness for Indonesian’s investors especially minority shareholders beacuse EPS has more function than ROA to predict future return. The EPS distribution is based on exchange rate between Rupiah and US Dollar, and between Rupiah and EURO as sensitivity analysis. The present study also applies an adjusment on each model of earnings management proxy in order to obtain better regression parameter of the models.

Result of the present study shows that most of Indonesian publilc firms tend to manage earnings based on real transactions than accruals transactions. All proxies of real earnings management support hypothesis that positive earnings around zero are managed through the real transactions. On contrary, only long-short discretionary accruals which support hypothesis revealing that positive earnings around zero is managed through accruals accounts. These results are consistent with sensitivity analysis based on exchange rate between Rupiah and EURO.

Keywords: abnormal cash flow of operation, abnormal production cost, abnormal discretionary expenses, short-term discretionary accruals, long-term discretionary accruals, EPS distribution, and prospect theory.

****

The existence of fraud charges related to accounting issues occurring in many countries such as America, Europe and in Asia such as Enron, WorldCom, Xerox, Ahold and others have triggered a sharper accounting research in particular to the topic of earnings management. Information related to accounting cases revealed that some financial transactions have been manipulated and used as the basis for company management to manage earnings in order to achieve a predetermined profit targets. These conditions encourage researchers to investigate more detail about the practice of earnings management that is based on a real transaction or a company operating activities associated with the company’s cash flow (the real earnings management) in addition based on accrual transactions (accruals earnings management).

Operational transactions related to cash flow the company has a major influence on the survival of the company. If the company is one of managing it will have serious economic consequences than the corporate deals that are only accrual. Therefore, this study will attempt to reveal the presence of earnings management that is based on the operational activities of companies associated with the company’s operating cash flow and accrual transactions are short term and long term (short-term and long-term). This idea is supported by the results of the last decade that shows that more corporate managers based on real transactions compared with companies that are based on accrual transactions the company (Graham et al. 2005, Roychodhury 2006, Bushee 1998). ….