Tag Archives: pasar modal

REAKSI PASAR TERHADAP PENGUKURAN KINERJA….

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REAKSI PASAR TERHADAP PENGUKURAN KINERJA AKUNTANSI PERUSAHAAN PROSPECTOR DAN DEFENDER: BUKTI TAMBAHAN UNTUK PERIODE SETELAH KRISIS


ERWIN SARASWATI
SARI ATMINI
Fakultas Ekonomi Universitas Brawijaya Malang


ABSTRACT

Miles and Snow devide firm’s strategy into four types, which are prospector, defender, analyzer and reaction, with prospector and defender as the two extremes. The objectives of this research are to empirically examine the differences in accounting performance between prospector and defender firms and the differences in market reaction as well. Accounting performance are measured by earnings before tax, discontinued operation and extraordinary items, sales growth and dividend payout ratio. Market reaction is proxied by cumulative abnormal returns. Sample of this research consists of 60 firms, 33 firms are categorized as prospectors and 27 firms are categorized as defenders. Data of this research are analyzed using Mann-Whitney U test. The results of this research show that there are no differences in earnings before tax, discontinued operation and extraordinary items, sales growth and market reaction between prospector firms and defender firms. On the contrary, this research found that dividend payout ratio of defender firms are higher than dividend payout ratio of prospector firms, as predicted.

Keywords: Defender, prospector, financial performance, market reaction

1. Pendahuluan
Persaingan dunia usaha saat ini dirasakan semakin sulit. Setiap perusahaan harus mampu bersaing agar mampu bertahan dan menjaga kelangsungan usahanya. Strategi pemasaran menjadi hal yang sangat penting, agar dapat bertahan di tengah lingkungan bisnis yang ketat. Manajemen perusahaan harus mampu menentukan strategi yang tepat bagi masing-masing perusahaannya.

Olson et al. (2005) membagi strategi pemasaran menjadi empat macam, yaitu prospectors, analyzers, low cost defenders dan differentiated defenders. Miles dan Snow (1978) membagi empat tipologi strategi perusahaan, yaitu prospector, defender, analyzer dan reaction. Keduanya mengartikan prospector dan defender sebagai strategi yang ekstrim berbeda. Prospector merupakan strategi yang mengidentifikasi dan mengembangkan produk baru serta memanfaatkan peluang pasar, sedangkan defender adalah strategi yang cenderung mempertahankan pasar yang telah dicapai dan produk yang stabil dengan harga yang murah (low cost leadership).

Tujuan penelitian ini adalah untuk memperoleh bukti empiris adanya perbedaan reaksi pasar terhadap pengukuran kinerja akuntansi pada dua tipe strategi pemasaran ekstrim, yaitu prospector dan defender. Penelitian ini mengacu pada penelitian Habbe (2001) yang menguji tentang perbedaan pengukuran kinerja akuntasi untuk perusahan yang bertipologi prospector dan defender, dan dihubungkan dengan harga saham. Habbe (2001) tidak dapat menemukan bukti adanya hubungan antara harga saham dengan strategi perusahaan prospector dan defender. Oleh karena itu, penelitian ini hendak melihat konsistensi hasil penelitian Habbe (2001) dengan melakukan pengujian pada periode setelah krisis.

* Simposium Nasional Akuntansi 10 – Makassar

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ANALISIS CROSS-SECTIONAL….

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ANALISIS CROSS-SECTIONAL DAN TEMPORAL HUBUNGAN ANTARA FINANCIAL LEVERAGE DAN RISIKO SISTEMATIS

Drs. Ibnu Qizam, SE, MSi, Akt.

Fakultas Syari`ah UIN Sunan Kalijaga

Abstract

This research is intended to examine both cross-sectionally and inter-temporally the correlation between financial leverage and systematic risk (beta). Financial leverage is usually considered as one proxy of risk derived from financial data and as one domain that has distinctive determinants. Beta, on the other domain, is regarded as one proxy of risk derived from market that has some other determinants. It is the research that tries to combine both cross-sectionally and inter-temporally the two domains that most of accounting researchers devote themselves little to.

Cross-sectionally, this result fail to support hypothesis 1, that is the relation between financial leverage and systematic risk will be stronger when sizes of the firms are relatively smaller that the other firms and conversely, the relation between financial leverage and systematic risk will be stronger when the size is relatively larger that the others. Hypotheis 2 (the relation between financial leverage and systematic risk will be negatively stronger when the firms belong to a group of relatively more homogeneous industries than the others; and conversely, the relation between financial leverage and systematic risk will be positively less strong when the firms belong to a group of relatively less homogeneous industries than the others) and hypothesis 3b (the relation between financial leverage and systematic risk will be stronger when the significant effect of operating leverage variable is higher) is empirically supported (when using interaction model C.1). In spite of the significant results, the coefficients of financial leverage, operating leverage, and industry on the main effects show inconsistent signs. The result, however, is consistent with Sufiyati (1977)`s findings where some of her results showed that financial leverage was negatively related to beta.

On the other test, inter-temporally the result shows that financial leverage is significantly and symmetrically related to beta. This means that the two variables show bidirectional causality. The high (low) beta can result in the high (low) financial leverage; and on the contrary, the high (low) financial leverage can result in the high (low) beta. This means that hypothesis 4a is supported. Nevertheless, the conditioning variables (operating leverage and size) do not significantly influence the causal relation between beta and financial leverage.

Key words: Beta (systematic risk), Financial leverage, Operating Leverage, Size, Cross-sectional, inter-temporal, bidirectional, interaction model.

I. Latar Belakang Masalah

Riset ini dimaksudkan untuk menganalisis secara cross-sectional dan temporal hubungan antara financial leverage dan risiko sistematis atau beta. Financial leverage biasanya dianggap satu proksi risiko yang bersumber data keuangan perusahaan yang biasanya dianggap satu domain yang memiliki determinan yang terpisah; sementara di satu sisi, yaitu beta dianggap satu proksi risiko yang bersumber dari pasar yang juga memiliki determinan tersendiri. Namun, sayangnya beberapa peneliti belum mencoba menghubungan kedua proksi risiko dengan memasukkan beberapa variabel yang mempengaruhi hubungan keduanya secara lebih intens baik secara cross-sectional maupun temporal.

Riset domain pertama, yaitu analisis determinan financial leverage antara lain dilakukan oleh Gupta (1969), Ferry and Jones (1979), Kale, Noe, and Ramirez (1991) dan lain-lain. Dalam temuan-temuannya, financial leverage ditempatkan sebagai variabel dependen yang dipengaruhi oleh berbagai variabel independen seperti size, growth, industri, risiko bisnis dan lain-lain. Sedangkan riset-riset berkaitan determinan risiko sistematis dan sekaligus yang mencoba menghubungkan antara kedua domain tersebut bisa lihat kembali pada temuan-temuan Hamada (1972), Ben-Zion and Shalit (1975), Mandelker and Rhee (1984), Bowman (1979, 1981), Robichek and Cohn (1974), Melicher and Rush (1974), dan lain-lain atau literatur keuangan seperti pada Foster (1986).

* Simposium Nasional Akuntansi 10 – Makassar

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Pengaruh Konservatisma Akuntansi….

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PENGARUH KONSERVATISMA AKUNTANSI TERHADAP PENILAIAN EKUITAS PERUSAHAAN DIMODERASI OLEH GOOD CORPORATE GOVERNANCE

DWI YANA AMALIA S. FALA, SE, M.SI

Universitas Khairun Ternate

ABSTRACT

The objective of this study is to determine the influence of accounting conservatism on the assessment of corporate equity valuation and the ability of Good Corporate Governance (GCG) in interact the effect of accounting conservatism to the corporate value. Sample in this research is manufacture companies that listed in Jakarta Stock Market for the financial report in 2000-2005 periods. Number of sample is 23 companies with 115 observations. The accounting conservatism proxy by conservatism instrument variable (VIKV2_23). The assessment of corporate equity proxy by market-to-book ratio. The mechanism of Corporate Governance is measured using managerial of properties and the proportion of commissioner board.

The results showed that accounting conservatism giving significant positive influence to corporate equity. Proportion of commissioner board as one as mechanism of corporate governance was moderating variable that interact relation between accounting conservatism with corporate value, even in negative impact. Oppositely, managerial property was not moderating variable that could interact the relation between accounting conservatism and corporate value.

Key words: conservatism instrument variable, market-to-book ratio, corporate governance mechanism.

1. PENDAHULUAN

1.1. Latar Belakang

Konservatisma merupakan prinsip yang paling mempengaruhi penilaian dalam akuntansi (Sterling, 1970 dalam Watts, 2003a). Karena itu konservatisma sampai saat ini masih tetap memiliki peran penting dalam praktik akuntansi. Konservatisma didefinisikan sebagai konsep untuk menunda pengakuan terhadap arus kas masuk mendatang (Watts, 1993), dan sebagai akuntansi konservatif yang umumnya menyatakan bahwa akuntan harus melaporkan informasi akuntansi yang terendah dari beberapa kemungkinan nilai untuk aktiva dan pendapatan, serta yang tertinggi dari beberapa kemungkinan nilai kewajiban dan beban (Hendriksen, 1992).

Lo (2005) mendefinisikan konservatisma sebagai suatu pandangan pesimistik dalam akuntansi. Akuntansi yang konservatif berarti bahwa akuntan bersikap pesimis dalam menghadapi ketidakpastian laba atau rugi dengan memilih prinsip atau kebijakan yang memperlambat pengakuan pendapatan, mempercepat pengakuan biaya, merendahkan penilaian aktiva dan meninggikan penilaian utang.

Pada kenyataannya terdapat pro dan kontra seputar penerapan prinsip konservatisma. Para pengkritik konservatisma menyatakan bahwa prinsip ini menyebabkan laporan keuangan menjadi bias sehingga tidak dapat dijadikan alat oleh pengguna laporan keuangan untuk mengevaluasi risiko perusahaan. Monahan (1999) dalam Mayangsari dan Wilopo (2002) menyatakan bahwa semakin konservatif akuntansi maka nilai buku ekuitas yang dilaporkan akan semakin bias.

* Simposium Nasional Akuntansi 10 – Makassar

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Pengaruh Risiko Litigasi Dan Tipe Strategi….

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Pengaruh Risiko Litigasi Dan Tipe Strategi Terhadap Hubungan Antara Konflik Kepentingan Dan Konservatisma Akuntansi

DR. AHMAD JUANDA, AK, MM

Universitas Muhammadiyah Malang

ABSTRACT

This research studies existence and determinant of accounting conservatism, especially related to conflict of interest between investor and creditor considering manager incentive due litigation risk and firm strategy typess. The objectives of this research are: (1) to investigate the effect of conflict of interest on accounting conservatism; (2) to investigate the effect of litigation risk on the relation between conflict of interest and accounting conservatism; (3) to investigate the effect of strategy types on the relation between conflict of interest and accounting conservatism.

Result of the research shows that there are variation accounting conservatism level inter-firm. The first testing hypothesis result shows that conflict of interest influence positively on accounting conservatism. The second testing hypothesis result shows litigation risk moderate the relation between conflict of interest and accounting conservatism, but the moderation role is weaken. This result is not support predicted hypothesis. The third testing hypothesis result shows firm strategy types moderate the relation between conflict of interest and accounting conservatism. The result shows when firm strategy is prospector, the positive relation conflict of interest and accounting conservatism is weaker. When firm strategy is defender, the positive relation conflict of interest and accounting conservatism is stronger. The result support predicted hypothesis.

This research shows litigation risk and strategy types can be assumed as condition that motivate manager in responding conflict of interest between investor and creditor related to conservative financial report. By unsupported the second hypothesis, possible reason for this matter because of the weakness of law enforcement in Indonesia, that influence manager in anticipating litigation risk.

Key words: conservatism, conflict of interest, litigation risks, strategy types

A. PENDAHULUAN

Konservatisma merupakan prinsip akuntansi yang jika diterapkan akan menghasilkan angka-angka laba dan aset cenderung rendah, serta angka-angka biaya dan utang cenderung tinggi. Kecenderungan seperti itu terjadi karena konservatisma menganut prinsip memperlambat pengakuan pendapatan serta mempercepat pengakuan biaya. Akibatnya, laba yang dilaporkan cenderung terlalu rendah (understatement).

Di kalangan para peneliti, prinsip konservatisma akuntansi masih dianggap sebagai prinsip yang kontroversial. Di satu sisi, konservatisma akuntansi dianggap sebagai kendala yang akan mempengaruhi kualitas laporan keuangan. Di sisi lain, konservatisma akuntansi bermanfaat untuk menghindari perilaku oportunistik manajer berkaitan dengan kontrak-kontrak yang menggunakan laporan keuangan sebagai media kontrak (Watts, 2003).

Perkembangan yang terjadi justru menunjukkan bahwa eksistensi praktik konservatisma akuntansi semakin meningkat. Eksistensi konservatisma yang dipraktikkan masing-masing perusahaan bisa berbeda, karena adanya berbagai alternatif pilihan metoda akuntansi. Disamping itu, disebabkan pula oleh adanya perbedaan kondisi masing-masing perusahaan.

* Simposium Nasional Akuntansi 10 – Makassar

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Pengaruh Aktivitas Dan Financial Literacy Komite Audit Terhadap Jenis Manajemen Laba

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Pengaruh Aktivitas Dan Financial Literacy Komite Audit Terhadap Jenis Manajemen Laba

DEBBY FITRIASARI SE. AK, M.S.M

Universitas Indonesia

ABSTRACT

Audit committee is one component of GCG which exists in the company. In running their task and function in connection with financial reporting, the members of audit committee is required to communicate actively with internal and external parties and to have financial literacy in order to be able to increase the quality of company’s financial statement.

This research is performed to find the effect of the audit committee’s effectiveness, in which the effectiveness is from the perspective of input and process, to the type of company’s earning management, whether it is efficient or opportunistic. The audit committee’s effectiveness is measured by the audit committee index from GCG survey results which is developed by Arsjah (2005). In addition to finding the effect of the audit committee’s effectiveness, this research is also performed to find the effect of components of audit committee’s activity, its meeting with company’s internal (SPI) and external auditor, and its financial literacy to the type of company’s earning management. More effective, active and financial literate the audit committees are expected to be able to make the company’s earning management more efficient.

This research finds that the audit committee’s effectiveness from the perspective of input and process is not able to make the company’s earning management more efficient. If we see from the component of audit committee’s activity, its meeting with SPI is not proved to make the company’s earning management more efficient. Whilst the audit committee’s meeting with external auditor and financial literacy have inconclusive results.

This research is also using Board of Commissioners (“BOC”) index and external auditor index from survey by Arsjah (2005), besides BOC’s percentage and auditor’s size, to find the effect of BOC’s and external auditor’s quality to the type of company’s earning management. This research finds that BOC index and external auditor index tend to make the company’s earnings management more efficient than the BOC’s percentage and auditor’s size. It shows that the BOC’s percentage and auditor’s size are not appropriate to be used as a proxy of BOC and audit quality.

Keywords : audit committee’s effectiveness, audit committee’s activity, financial literacy, earning management.

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The concept of good corporate governance (GCG), the more often mentioned by practitioners of business as one tool to prevent the financial big case that happened, for example the case of Enron (Alijoyo, 2002). One component that plays an important role in the process of implementation of GCG is an audit committee.

DeZoort et al. (2002) explains that an effective audit committee determined two things: 1) from the input side (the composition of the qualifications, competence and the amount of resources) and 2) of the process (must have a high work ethic). From the input and the process is expected to be an effective audit committee work so that it can produce an output in the form of financial statements, internal controls and risk management that can be trusted.

The financial statements of quality and trustworthy is a difficult thing to measure. One of the ways used by researchers to measure it is by seeing whether there is an earnings management practices by management in preparing its financial statements, a proxy for discretionary accruals (Xie et al. (2001), Chtourou et al. (2001), Bradbury et al. (2004), Parulian (2004), Wedari (2004)).

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*Simposium Nasional Akuntansi 10 Makassar

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