Dezie L.Warganegara_Abstract_1722013

THE INCIDENCE AND QUALITY OF FINANCIAL GRAPHICS IN INDONESIAN IPO PROSPECTUSES

  

Dezie L. Warganegara
Tjut F. Bachrumsyah
Accounting & Finance Department – BINUS Business School Bina Nusantara University
Jl.Hang Lekir I No.6 Jakarta, 10270

Yanthi R.I. Hutagaol
R&D Division – BINUS Business School Bina Nusantara University,
Jl. Hang Lekir I No.6 Jakarta, 10270

Korespondensi dengan Penulis:
Dezie L. Warganegara: Telp.+62 21 534 5830; Fax.+62 21 530 0244
E-mail: dezie@binus.edu

Abstract

The purpose of this study was to investigate the selectivity and the quality of financial graphs in Indonesian IPO prospectuses. The first hypothesis of this study related to the intensiveness in the use of the graphs with the profitability of the IPO firms, while the second hypothesis associated the distortion in the graphs’ constructions with the intention to show financial performance in a more favorable way. Content analysis was used to investigate the relationship between the intensiveness in the use of the graphs and the profitability. The distortion in the graphs’ constructions was detected using the Relative Graph Discrepancy (RGD) index. This study found that there was no evidence more profitable firms using graphs more intensively in their IPO prospectuses. With regards to distortion, it was found that IPO firms tended to exaggerate their performance depicted on the financial graphs in their prospectuses.

Key words: financial graphs, distortion, selectivity, IPO prospectus

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Indri Kartika_Abstract_1722013

KARAKTERISTIK PERUSAHAAN SEBAGAI DETERMINAN
INTERNET FINANCIAL AND SUSTAINABILITY REPORTING

Indri Kartika
Apsarida Mila Puspa

Jurusan Akuntansi Fakultas Ekonomi Universitas Islam Sultan Agung Semarang
Jl. Raya Kaligawe Km.4 Semarang, 50112.

Korespondensi dengan Penulis:
Indri Kartika: Telp. +62 24 658 3584; Fax. +62 24 658 2455
E-mail: kartika_danar@yahoo.com

Abstract

The information technological development had facilitated companies to provide and spread information around the world. Through websites for an example, a company could present financial and non-financial reports which ensured the stakeholders based on the going concern status of the company. This research examined company characteristics as the internet financial and the sustainability reporting (IFSR) determinants. The research applied non-financial company populations which had website facilities and were listed in Indonesian Stock Exchange in 2009-2010.  Using a purposive sampling technique, it obtained 326    companies. The analytical data method used in this research was a multiple-regression, of which the degree of significance was 5%. The research result showed that size, profitability, and auditor influenced significantly and positively toward IFSR. While, the external ownership structure and listing age of companies influenced significantly and negatively toward IFSR. On the other hand, leverage and types of industry and listing age of companies had negative influences but not really significant towards IFSR.

Key words: auditor, company characteristics, Internet Financial and Sustainability Reporting, profitability, size 

(Full Text. pdf)

Fadjar OP. Siahaan_Abstract_1722013

STRUKTUR PERUSAHAAN DAN PROFITABILITAS
PADA INDUSTRI REAL ESTATE DAN PROPERTY DI INDONESIA

 Fadjar O.P. Siahaan

Universitas Kebangsaan Bandung
Jl. Terusan Halimun No.37 Bandung, 40263.

Korespondensi dengan Penulis:
Fadjar O.P.Siahaan: Telp. +62 22 972 1999; Fax. +62 22 934 434 52
E-mail: fadjarsiahaan@yahoo.co.id

Abstract

Real estate & property industry was a sector which had difficult characteristics to predict and high risk. When Economy growth was high, it was booming and tended to be over supplied and the main capital was generally got through bank loans. The purpose of this research was to analyze the impact of firm structure consisting of the firm size, firm age, capital structure, and stock ownership toward profitability measured using ROI and ROE. The sample was selected using purposive sampling with 120 observations from 52 real estate & property companies listed in Indonesian Stock Exchange in 2009 – 2011. By using multiple regression, the result of this research showed that (1) firm size had positive significant effect on ROI and ROE; (2) firm age had negative significant effect on ROI but it did not have significant effect on ROE; (3) capital structure had positive significant effect on ROE but did not have significant effect on ROI; (4) public ownership had negative significant effect on ROI and ROE.

Key words: capital structure, firm size, firm age, public ownership, return on equity (ROE), return on investment (ROI) 

 (Full Text. pdf)

 

Meythi_Abstract_1722013

RASIO KEUANGAN TERBAIK UNTUK MEMPREDIKSI NILAI PERUSAHAAN

 

Meythi
Program Pendidikan Profesi Akuntansi Universitas Kristen Maranatha
Jl. Prof. Drg. Suria Sumantri, MPH No.65 Bandung, 40164

Korespondensi dengan Penulis:
Meythi:Telp: +62 22 201 2186 Ext. 1528; Fax: +62 22 201 7625
E-mail: meycute79@yahoo.com

 Abstract

This study aimed to determine the best financial ratios in predicting firm value. There were 12 financial ratios, Current Ratio, Quick Ratio, Debt Ratio, Equity to Total Asset, Equity to Total Liabilities, Equity to Fixed Asset, Profit Margin, Return on Asset, Return on Equity, Fixed Assets Turnover, Total Asset Turnover, and Market to Book Ratio categorized into five factors (solvability factor, liquidity factor, profitability factor, activity factor, and firm value factor) in predicting firm value. Data in this study were from manufacturing firms listed on Indonesia Stock Exchange during 2007-2012. Factor analysis was used to determine the best financial ratios in predicting firm value. The empirical result showed that Equity to Total Asset was the best financial ratio in predicting firm value.

Key words: activity ratio, firm value, liquidity ratio, profitability ratio, solvability ratio

(Full Text. pdf)

I Gusti Ayu Purnama_Abstract_1722013

FAKTOR FUNDAMENTAL EKONOMI MAKRO TERHADAP
HARGA SAHAM LQ45

 

I Gusti Ayu Purnamawati
Desak Nyoman Sri Werastuti
Fakultas Ekonomi dan Bisnis Universitas Pendidikan Ganesha
Jl. Udayana (Kampus Tengah) Singaraja-Bali

Korespondensi dengan Penulis:
I Gusti Ayu Purnamawati: Telp. +62 362 23957

Email: ayupurnama07@yahoo.com

Abstract

The capital market was an important element that provided benefits for the economic progress through investment development in a country. LQ45 index was the list of 45 excellent chosen stocks 45 which were the most liquid and most active in the sale of the shares on the Stock Exchange. This study aimed to determine the effect of macroeconomic fundamentals on LQ45 stock price. The population used in this study was LQ45 shares in Indonesia Stock Exchange in 2007-2012. The method used in this study was the Error Correction Model (ECM). The dependent variable in this study was the stock price of LQ45, while the independent variables were the rate of economic growth, inflation, the value of U.S. dollar against rupiah exchange rate, and SBI interest rate. The results showed that the rate of economic growth and a variable SBI interest rate had a negative effect in the short-term and long-term of LQ45 stock price. Inflation variable had a positive effect in the short-term and long-term of LQ45 stock price. While the exchange rate variable had a negative effect in the short-term and it had positive impact in long-term on the LQ45 stock price.

Key words: economic growth rate, exchange rate, inflation, macroeconomic fundamentals, SBI interest rate, stock price.

(Full Text. pdf)

Farida Titik Kristanti_Abstrat_1722013

PENGUJIAN VARIABEL MAKRO EKONOMI TERHADAP JAKARTA ISLAMIC INDEX 

 

Farida Titik Kristanti
Nur Taufiqoh Lathifah
Telkom Business School -Telkom University (d/h Institut Manajemen Telkom)
Jl. Telekomunikasi No.1, Terusan Buah Batu, Bandung, 40257.

 

Korespondensi dengan Penulis:
Farida Titik Kristanti: Telp. +62 22 750 3509; Fax.+62 22 750 2263
E-mail: farida_titik@yahoo.com

 

Abstract

Stock price behavior patterns determined the pattern of return received. Stock price was not only determined by company profits but also influenced by economic factors, political, and financial of state. The objective of this research was to examine the effect of macro economy variables, namely inflation, Interest rate, and foreign exchange to Jakarta Islamic Index in the long term and short term in 2008-2012 periods. This study used secondary data, while the methods of analysis used were the data stationary test (Augmented Dickey Fuller), co-integration test and error correction model. The results of this study indicated that all the variables had been stationary. Co-integration test showed that there was a long-term relationship among the variables. There was a long term relationship among inflation, interest rates and foreign exchange rates to  the Jakarta Islamic Index for 2008-2009 periods, while the Error Correction Model test showed that there was a short-term relationship among inflation, interest rates and foreign exchange rates to the Jakarta Islamic Index for 2008-2009 periods.

Key words: inflation, interest rates, foreign exchange rates, Jakarta Islamic Index

(Full Text. pdf)

N.Agus Sunarjanto_Abstract_1722013

KEMAMPUAN RASIO KEUANGAN DAN CORPORATE GOVERNANCE MEMPREDIKSI PERINGKAT OBLIGASI  PADA PERUSAHAAN CONSUMER GOODS

 

 N. Agus Sunarjanto
Daniel Tulasi
Fakultas Bisnis Unika Widya Mandala Surabaya
Jl. Dinoyo 42-44 Surabaya, 60265.

Korespondensi dengan Penulis:
N.Agus Sunarjanto: Telp. +62 31 567 8478; Fax. +62 31 561 0818
E-mail: n_agus_sunarjanto@yahoo.co.id

Abstract

This study aimed to examine empirically financial ratios (leverage, liquidity, solvability, and profitability) and corporate governance for distinguishing bond rating company in investment grade and non-investment grade companies. The population of this research was consumer goods companies listed at Indonesia Stock Exchange. The research used purposive sampling, polls financial data and analysis with logistic regression. Research finding indicated that corporate governance and financial ratios were the current ratio (CR), long-term debt ratio (LTDR), total assets and turnover (TAT), return on assets (ROA), independent  commissioners (kind), managerial ownership (KM), institutional ownership and audit quality (KA) that were simultaneously able to predict bond rating company as investment grade companies and non investment grade companies.

Key words: financial ratios, corporate governance, bond rating

(Full Text. pdf) 

Hariandy Hasbi_Abstract_1722013

SISTEM PERINGATAN DINI SEBAGAI PENDUKUNG KINERJA PERUSAHAAN ASURANSI SYARIAH

Hariandy Hasbi
Program Studi Manajemen STIE STAN Indonesia Mandiri Bandung
Jl. Jakarta No.79 Bandung, Jawa Barat, 40272.

Bethani Suryawardani
SABK, Program Studi D3 Manajemen Pemasaran Institut Manajemen Telkom Bandung
Jl. Telekomunikasi, Terusan Buah Batu Dayeuh Kolot, Bandung, 40257.

Korespondensi dengan Penulis:
Hariandy Hasbi: Telp. + 62 22 727 2672; Fax. +62 22 720 8180

E-mail: hariandy.hasbi@yahoo.com

Abstract

The objective of this study was to investigate empirically the performance of islamic insurance company through the relationship and the impact of early warning system on the level of financial solvency. This research used secondary data period 2004-2011 from PT. Takaful Indonesia as one of islamic insurance company in Indonesia. Early warning system was reflected by aggregate surplus ratio, management cost ratio, and account receivable premium to surplus ratio, and also risk based capital ratio as a measure of insurance company solvability level. The result of this study indicated that the early warning system had a significant contribution to the level of Islamic insurance company solvency, while the minimum level of Islamic insurance company solvency amounted 65.753% of the minimum regulation (120%).

Key words:  islamic insurance, early warning system, solvability

(Full Text. pdf)