Download Jurnal Akuntansi SNA 13 – AKPM 21 >>EKSPLORASI KINERJA PASAR PERUSAHAAN: KAJIAN BERDASARKAN MODAL INTELEKTUAL (Studi Empiris pada Perusahaan Keuangan yang Terdaftar di Bursa Efek Indonesia)

Ni Wayan Yuniasih
Dewa Gede Wirama
I Dewa Nyoman Badera


Intellectual capital is believed to be a contributing factor to companies’ performances and values. Several studies have been carried out on the influence of this capital to a company’s performance. However, the results still show some inconsistency. Therefore, this study aims at re-evaluating the influence of intellectual capital through the addition of ownership structure as a control variable. Ownership structure needs to be controlled since,in Indonesia, it is likely to be concentrated due to the low rate of investor protection.

Intellectual capital is measured by the VAIC method, while the market performance is determined by the price to book value ratio. The sample is financial companies listed on Indonesian Stock Market during the 2004-2008 periods. The result of the analysis fails to support the hypothesis that intellectual capital is associated with firm’s values. The result probably is an indication that market is incapable to assess the value of a company’s intellectual capital because it has no standardized measure and the limited quantitative disclosure regarding intellectual capital. …..

Keywords: intellectual capital, value added, ownership structure, market performance

Intellectual capital (intellectual capital) is an emerging topic in recent years. In Indonesia, the phenomenon of intellectual capital (IC) began to flourish, especially after the advent of Statement of Financial Accounting Standards (SFAS) No.. 19 (revised 2000) on intangible assets. According to SFAS. 19, intangible assets are identifiable non-monetary assets and has no physical form and held for use in produce or deliver goods or services, leased to other parties, or for administrative purposes (Indonesian Institute of Accountants, 2007).

Contrary to the increasing recognition of intellectual capital in driving firm value and competitive advantage, precise measurement of the company’s intellectual capital can not be determined. For example, Pulic (1998; 1999; 2000, 2003) did not directly measure the company’s intellectual capital, but propose a measure to assess the efficiency of value added as a result of the company’s intellectual ability (Value Added Intellectual Coefficient – VAIC ™). The main components of VAIC ™ can be seen from the company’s resources, namely physical capital (value added capital employed – VACE), human capital (value added human capital – VAHC), and structural capital (value added structural capital – VASC). …..

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Lindrianasari1 dan Jogiyanto Hartono2


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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Analisis Arus Kas Kegiatan Operasi Dalam Mendeteksi Manipulasi Aktivitas Riil Dan Dampaknya Terhadap Kinerja Pasar

This research aims at identifying firm’s tendency to execute real activities manipulation through cash flow from operating activities and its impact to market performance. The sample is drawn from firms in the biggest 50 firms with assets above 1 trillion rupiahs for period of 2001 – 2006, which are published in Swa100. The research model used is based on Roychowdhury’s model (2003). Prior to test the hypotheses, the researcher employed regression model to determine normal and abnormal cash flow from operating activities. Then, descriptive statistics, one sample t-test, and two independent samples t-test are used to test the research hypotheses.
The result shows that firms tend to execute real activities manipulation through operating cash flow. Moreover, the impact of real activities manipulation on market performance shows firms that are more likely executing real activities manipulation have higher market performance than their counterparts. After controlling for industrial types of the companies, the result finds that manufacturing firms execute more real activities manipulation than non manufacturing firms.

Keywords: Operating cash flow, real activities manipulation, market performance.

The company as a collection of contracts (nexus of contracts) between the various parties is a contract between company owners and employees relating to wages or compensation, the contract between the company and creditors relating to debt, and tax-related government contracts. In the company there is the owner of the company (principal) and management (agent). Both the principal and agent each have vested interests that could create conflicts of interest (conflict of interest).

The management or managers are required to meet the interests of company owners, but in addition, managers also have personal goals that may be different from the owner. Asymmetry of information (information asymmetry) between the management and owners (shareholders) provide flexibility and opportunity for managers to perform engineering and construction engineering terms as profit or earnings management (earnings management). The objective of earnings management is to avoid losses, compensation, meet profit targets, and analysts forecast (analyst forecast).


Jurnal Simposium Nasional Akuntasi XI (SNA 11)
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