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Pengaruh Praktek Corporate Governance Terhadap Resiko Kredit, Yield Surat Hutang (Obligasi)

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PENGARUH PRAKTEK CORPORATE GOVERNANCE TERHADAP RESIKO KREDIT, YIELD SURAT HUTANG (OBLIGASI)

RINANINGSIH
Universitas Indonesia
ABSTRACT

The purposes of this study are to investigate whether there are a relationship between corporate governance practices and credit risk and bond yields. This study takes sample from the companies that published bonds in 2006.

First we investigate the relationship between corporate governance practices and credit risk. Credit risk (default risk) can be measured by bond ratings (Billings, 1999). Using ordered probit regressions, we find evidence that the quality of transparency and financial information disclosure that proxied by big-4 auditors and audit committee have significant influence on bond ratings, but the relationship between blockholders and institutional ownership is not significant on bond ratings.

Second, we investigate the relationship between corporate governance practice and bond yields. Using multiple regressions, we find that corporate governance practices is not significant on bondyields. Then we put bond ratings in the equation, we find that bond ratings give incremental effect to the evidence. This evidence is consistent to Bradley et.al, 2007, that bond ratings are the prominent determinant for bond yields. Together with the bond ratings, the corporate governance practices (blockholders, institutional ownership, big-4 auditors) have significant influence on bond yields.

Keywords: bond ratings, bond yields, corporate governance, credit risk, default risk

Preliminary
This study aims to examine whether there is any relationship between CG practice in credit risk and yield of debt securities. Although research on corporate governance in Indonesia has been done, researchers motivated to conduct this research because it is still little that links the impact of corporate governance on the quality of credit (debt) and his perceptions of credit risk. Credit risk (default risk) can be measured by bond rating and debt to equity ratio (DER) (Billings, 1999). Credit risk in this study were measured by bond ratings issued by independent rating agencies (Outlook).

Many factors affect a company’s debt ratings. The main determinants of debt ratings is the company’s financial condition, however the practice of corporate governance can also help explain differences in inter-company debt ratings are not captured in the financial condition of each company (Bradley et al, 2007)

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Jurnal Simposium Nasional Akuntasi XI (SNA 11)
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Pengaruh Faktor Kultur Organisasi, Manajemen, Strategik, Keuangan, Dan Auditor Terhadap Kecenderungan Kecurangan Akuntansi

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Pengaruh Faktor Kultur Organisasi, Manajemen, Strategik, Keuangan, Dan Auditor Terhadap Kecenderungan Kecurangan Akuntansi:
Studi Pada Perusahaan Publik Di Indonesia

Rangga Soselisa
Mukhlasin
UNIKA ATMA JAYA – JAKARTA

ABSTRACT
Accounting fraud, where the financial reports are reported not in compliance with the generally accepted accounting principles can undermines the credibility of the financial reporting system. Indeed the effects of accounting fraud can be devastating for investors. The objectives of the research is to explain the effect of organization culture, managerial, strategic, financial ratios , and auditor factors to the tendency of accounting fraud. The research population was 343 companies listed in the Indonesian Stock Exchange (IDX). The research samples were 110 public companies consisting 29 fraud firms and 81 non-fraud firms. Binary logistic regression was used to test the hypothesis. The results showed that number of related party transactions, CEO’s age, current asset composition in total asset, capital turnover, firm size, and auditor’s non-unqualified opinion affected the tendency of accounting fraud significantly. These results advance the understanding of accounting fraud.

Keywords: Accounting Fraud, Organizational Culture, Managerial Factors, Strategic Factors, Financial Ratios, Auditor Factors.

1. PENDAHULUAN
In the United States, accounting fraud has grown extensively. The impact of fraud is very large and has harmed many people. In 2001 occurred the Enron case is expected to incur losses of Enron amounted to U.S. $ 50 billion, plus the loss of investors for U.S. $ 32 billion and thousands of Enron employees losing their retirement funds of about U.S. $ 1 billion. Accounting fraud also occurred in Indonesia as the country with the highest in the world ranking of corruption (Transparency International, 2005). In Indonesia, accounting fraud evidenced by the liquidation of some banks, the presentation of the management of SOEs and the private sector to the courts, banking crimes, tax manipulation, corruption in the commission organizing the elections, and parliaments.

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Jurnal Simposium Nasional Akuntasi XI (SNA 11)
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Pengaruh Corporate Social Responsibility Terhadap Kinerja Perusahaan

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Pengaruh Corporate Social Responsibility Terhadap Kinerja Perusahaan

(Studi Empiris Pada Perusahaan Yang Tercatat Di Bursa Efek Indonesia Pada Tahun 2005 Dan 2006)

Abstract
The purpose of this research is to test the effect of CSR on firm financial and market performance. This research is motivated by the fact that there is a lower level of activities of CSR and its disclosure and also mixed results from previous research.

This research used Corporate Social Disclosure Index (CSDI) as a measure of CSR disclosure, based on indicators from Global Reporting Initiatives (GRI). The samples of this research are 77 public firms listed in Indonesian Stock Exchange (IDX) year 2005 and 2006

Relatively lower score of CSDI shows that CSR disclosure in firms’ annual report is still low. This may due to there is still no mandatory rules regarding CSR disclosure in Indonesia and the lack of firms’ awareness of the importance of CSR and its disclosure in annual report. Test results show that CSR disclosure have positive and significant effect on Return on Equity as a measure of financial performance, but CSR disclosure do not has significant effect on cumulative abnormal return (CAR) as a measure of market performance.

Keywords: Corporate Social Responsibility; Return on Equity; Cumulative Abnormal Return

1. Pendahuluan
Corporate social responsibility (CSR) is the claim that the company not only operates for the benefit of the shareholders (shareholders), but also for the benefit of the stakeholders in business practices, namely the workers, local communities, governments, NGOs, consumers and the environment. Global Compact Initiative (2002) calls this understanding with the 3P (profit, people, planet), that business goals are not only looking for profit (profit), but also the welfare of people (people), and ensure the sustainability of this planet (Nugroho, 2007).

In Indonesia, the awareness of the necessity of protecting the environment is governed by the Limited Liability Company Act No. 40 of Article 74 in 2007, whereby companies that do business in the field / related to natural resources required to conduct social and environmental responsibility.

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Jurnal Simposium Nasional Akuntasi XI (SNA 11)
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Peran Praktek Corporate Governance Sebagai Moderating Variable Dari Pengaruh Earnings Management Terhadap Nilai Perusahaan

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PERAN PRAKTEK CORPORATE GOVERNANCE SEBAGAI MODERATING VARIABLE DARI PENGARUH EARNINGS MANAGEMENT TERHADAP NILAI PERUSAHAAN

Vinola Herawaty
Dosen Universitas Trisakti
dan mahasiswa Pasca Sarjana Program Ilmu Akuntansi Universitas Indonesia

The objective of the empirical studi is to examine the role of Corporat Governance Practises as a variabel that moderates the effect of Earnings Management to the value of the firm and to answer the effectinessness of Corporate Governance Practises in controlling the company’s management’s ability with Earnings Management that affect the Firm Value. Four proxies used for Corporate Governance Practices are Manajerial Ownership, Institusional Ownership, Outside Independent Director, Audit Quality. Company size is use as a control variable. The value of the firm is measured by using proxy Tobin’s Q Model. The analysis method used is Ordinary Least Square, t-test and F-test. The sample of this empirical study is the company that listed in Jakarta Stock Exchange in the period of 2004-2006.

The result gives the evidence that Corporate Governace Practises that have a signifikan impact to the value the firm are Outside Independent Director and Institusional Ownership, in the model regression with moderating variable. It also indicates that Outside Independent Director, Audit Quality and Institusional Ownership are moderating variables of the relationship between Earnings Managementt and the value of the firm, but not the Manajerial Ownership. Thus, Earnings Management can be minimized with the monitoring mechanism i.e. (1) Outside Independent Director that can monitor the management of the company in aligning the interest of principal and agent, (2) Institusional Ownership shareholders – the sophitisticed investor that also monitor the management to decrease the motivation of management to manipulate Earnings and (3) Audit Quality with the role of auditors to give the credibility of the reported financial statement by management. The result also shows that Manajerial Ownership does not represent the moderating variable of the realtionship between Earnings Management and Firm Value, it proves that the role of manajerial ownership is not significant to minimize the management’s ability to manipulate Earnings that affects the Firm Value

Keywords: Corporate Governance, Earnings Management, Manajerial Ownership, Outside Independent Director, Institusional Ownership, dan Audit Quality..

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One of the ways used by dala management processes of financial statements that may affect the rate of profit shown is Earnings Management, which is expected to increase the value of the Company at any given moment. Earnings Management objective is to improve the welfare of a particular party in the long run although there is no difference in cumulative profit companies with earnings that can be identified as an advantage (Fischer and Rosenzweirg, 1995), Scot 1997: 294. Earnings Management by company management will increase firm value (Tobin’s Q) and then going down (Morck, Scheifer & Vishny (1988). L

Earnings Management can cause problems agency problem (agency cost) that is triggered from the separation of roles or differences of interest between shareholders (principal) with the manager / management company (agent). Management as the manager of the company have information about the company more and more advance than the shareholders resulting in asymmetry of information that enables management accounting practice with an orientation on earnings to achieve a certain performance. Agency conflict that resulted in opportunistic earnings management that will result in the reported apparent, so that will cause the company’s value is reduced in the future,

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Jurnal Simposium Nasional Akuntasi XI (SNA 11)
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Pengaruh Konsentrasi Kepemilikan, Ukuran Perusahaan, Dan Mekanisme Corporate Governance Terhadap Manajemen Laba

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Pengaruh Konsentrasi Kepemilikan, Ukuran Perusahaan, Dan Mekanisme Corporate Governance Terhadap Manajemen Laba

Abstract

The objectives of the research are to find out empirical evidence of the effect of ownership concentration, firms size, and corporate governance mechanisms on earnings management. The corporate governance mechanisms of this research are composition of board of commissioner and audit quality. Audit quality were measure by industry specialize audit firm. The target population was listed companies in the manufacturing sector at the Indonesia Stock Exchange. The sample determined based on purposive samping methode. There were 101 companies meeting the criteria. Data analysis was carried out in term cross section covering financial report during 2005. The research hyphotesis were tested using multiple regression analysis. The result of this research show that: (1) ownership concentration had significantly negative influence on earnings management (2) firms size had significantly negative influence on earnings management (3) composition of board of commissioner had no influence on earnings management. The additional result that earnings management of the firms which have competency independent commissioner are lower than earnings management of the firms which have uncompetency independent commissioner; (4) industry specialize audit firm had no influence on earnings management.

Keywords : ownerships concentration, firms size, corporate governance mechanisms, earnings management

1. Pendahuluan

Information profits as part of the financial statements, often a target of manipulation by opportunistic action management to maximize their satisfaction, but can be detrimental to shareholders or investors. Opportunistic actions are done by selecting particular accounting policies, so that profits can be adjusted, increased or decreased in accordance with her wishes. Behaviour management to manage earnings in accordance with her wishes are known by the term earnings management (earnings management).

U-Thai (2005) conducted an international comparative study on earnings management and investor protection with a sample of 33 countries, Indonesia included in the sample, the observation period from 1993 to 2003. The purpose of the research to provide empirical evidence of differences in earnings quality in various countries, the difference is due to differences in investor protection. U-Thai using earnings management as a proxy for earnings quality. Investor protection using three indicator scores are: protection of minority shareholders; law enforcement, and how important capital markets. Based on these results, Indonesia is in a group of countries with an average height of earnings management, and investor protection level in Indonesia is relatively low.

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Jurnal Simposium Nasional Akuntasi XI (SNA 11)

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