Daftar Isi Vol.18 No.1 Januari 2014

KEUANGAN

ANTESEDEN PROBABILITAS FINANCIAL DISTRESS PADA PERUSAHAAN MANUFAKTUR DI INDONESIA: LOGISTIC REGRESSION MODEL

Triani Pujiastuti, Yuharningsih

MODEL MEDIASI DALAM HUBUNGAN ANTARA INTELLECTUAL CAPITAL DISCLOSURE, NILAI PERUSAHAAN, DAN FINANCIAL PERFORMANCE

Desak Nyoman Sri Werastuti

HUBUNGAN STRUKTUR KEPEMILIKAN, TINGKAT UTANG, DIVIDEN, DAN NILAI PERUSAHAAN DALAM MENGURANGI KONFLIK KEAGENAN DI INDONESIA

Sri Dwi Ari Ambarwati, Khoirul Hikmah

NILAI PERUSAHAAN: DAMPAK INTERAKSI ANTARA PROFITABILITAS DAN RISIKO FINANSIAL PADA PERUSAHAAN MANUFAKTUR

Meythi, Oktavianti, Riki Martusa

UTANG DAN PENGARUHNYA TERHADAP KINERJA PERUSAHAAN

Sri Isworo Ediningsih, Nilmawati, Joko Sukendro

LABA AKUNTANSI, LEVERAGE, DAN UKURAN PERUSAHAAN TERHADAP HARGA SAHAM DI BURSA EFEK INDONESIA

Pujo Gunarso

DAYA INFORMASI AKUNTANSI MEMODERASI PENGARUH POSITIF CORPORATE SOCIAL RESPONSIBILTY TERHADAP COST OF EQUITY CAPITAL

Gede Adi Yuniarta, Yuli Agustini

TRANSAKSI PIHAK HUBUNGAN ISTIMEWA DAN MANAJEMEN LABA PADA PENAWARAN SAHAM PERDANA

Reni Yendrawati, Sophia Anggarda Paramitha

THE IMPACT OF INFLATION RATES AND US DOLLAR EXCHANGE RATES ON INDONESIAN STOCK MARKET INDEX RETURN VOLATILITY

Riko Hendrawan, Rifqi Dzakiri

SUSTAINABILITAS KINERJA FINANSIAL: STUDI DALAM PERSPEKTIF KNOWLEDGE MANAGEMENT, TALENT DEVELOPMENT, DAN MODAL SOSIAL

Pudjo Sugito, Kamaluddin

PERBANKAN

FAKTOR DETERMINAN MARJIN BUNGA BERSIH BANK PEMBANGUNAN DAERAH DI INDONESIA: SUATU STUDI DATA PANEL

Pamuji Gesang Raharjo

RISIKO NPL KREDIT BANK PEMBANGUNAN DAERAH SEBAGAI REGIONAL CHAMPION

Rofikoh Rokhim, Mal Isnaini Sri Mey Yanti

PREDIKSI KEBANGKRUTAN BANK-BANK YANG TERDAFTAR DI BURSA EFEK INDONESIA

Farida Titik Kristanti

LINGKUNGAN BISNIS DAN BUDAYA ORGANISASI:  PERANANNYA TERHADAP STRATEGI BISNIS DAN KINERJA BANK UMUM SYARIAH

Arief Purwanto

EFEKTIVITAS JALUR KREDIT DALAM MEKANISME TRANSMISI KEBIJAKAN MONETER DI INDONESIA

Regina Mayo, Ghozali Maskie, Devanto Shasta Pratomo

Kiswanto_Abstract_1732013

KEPEMILIKAN MANAJERIAL TERHADAP PAJAK PENGHASILAN TERUTANG MELALUI DISCRETIONARY ACCRUALS
 
Kiswanto
Ahmad Nurkhin
Jurusan Akuntansi Fakultas Ekonomi Universitas Negeri Semarang
Gd.C6 Lt.2 Kampus Sekaran, Gunungpati, Semarang, 50229.

Korespondensi dengan Penulis:
Kiswanto: Telp./Fax.+62 24 850 8015
E-mail:kiswantofeunnes@yahoo.com
 

Abstract
Government’s efforts to boost revenue from the tax sector brought considerable consequences for businessmen. This made businessmen try to do tax planning, one of which was to conduct earnings management to reduce payable taxes​​. This study examined whether managerial ownership influenced the amount of payable income tax of corporate taxpayers through discretionary accruals. This study used path analysis approach (Path Analysis) by taking sample of companies listed on the Indonesia Stock Exchange in 2009. The results showed that managerial ownership directly influenced the payable income tax. Furthermore, it could be seen that managerial ownership had a direct effect on earnings management. Besides, earnings management had a direct effect on payable income tax. Thus, the Sobel test was used to prove the ability of earnings management variables in mediating the effect of managerial ownership on income tax. Future research was expected to expand the main object of observation payable income tax as an tax obligation to ensure that the behavior of the company in doing profit or income management for lowering profit or income could lower or raise the payable income tax.

 Keywords: managerial ownership, payable taxes, discretionary accruals

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Cliff Kohardinata_Abstract_1732013

KEPEMILIKAN MANAJERIAL DAN KEPEMILIKAN INSTITUSIONAL TERHADAP KEBIJAKAN LEVERAGE MELALUI PENDEKATAN KESEMPATAN BERTUMBUH DAN RISIKO PERUSAHAAN
 
 
Cliff Kohardinata
Christian Herdinata
Program Studi International Business Management
Fakultas Ekonomi Universitas Ciputra
Waterpark Boulevard, Citra Raya Surabaya, 60219.

Korespondensi dengan Penulis:
Cliff Kohardinata: Telp.+62 31 745 1699; Fax. 62 31 745 1698
E-mail: christian.herdinata@ciputra.ac.id
 

Abstract
The main purpose of company was to increase company’s value through increased prosperity of owner or shareholders. However, the management often had other objectives that caused conflicts of interest between management and shareholders of the company, in which the conflict was referred to as Agency Problem (Jensen & Meckling, 1976). To minimize the differences between the interests of owners and managers, the owner could give shares to managers or increased stock ownership by institutional in order to monitor managers. If the owner of the company wanted to reduce agency conflicts by increasing managerial ownership and institutional ownership, they will affect corporate leverage policy because managerial ownership and institutional ownership could reduce the financial risk that occurred from leverage. This study aimed to analyze the effect of managerial ownership and institutional ownership on leverage policy. This study used the entire population of companies listed in Indonesia Stock Exchange. Sampling was purposive sampling, and analytical techniques used was ordinary least squares. The control variables were structure of assets, return on assets, financial distress, asset utilization, asset growth. Furthermore, this paper considered growth opportunities and risks of the company. This study found that managers considered risk factors more than growth opportunities, and the institutional shareholders considered growth opportunities more than company risk.

 Keywords: institutional ownership, leverage, managerial ownership

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Yuliani_Abstract_1732013

KEPUTUSAN INVESTASI, PENDANAAN, DAN DIVIDEN TERHADAP NILAI PERUSAHAAN DENGAN RISIKO BISNIS SEBAGAI VARIABEL MEDIASI
 
Yuliani
Isnurhadi
Samadi W. Bakar
Fakultas Ekonomi Jurusan Manajemen Universitas Sriwijaya
Jl. Raya Prabumulih Zona A Fakultas Ekonomi, Inderalaya, Ogan Ilir, 30662.

Korespondensi dengan Penulis:
Yuliani: Telp.+62 711 580230; Fax. +62 711 580 964
E-mail:yuliasyapril@yahoo.com

Abstract
This study aimed to analyze: the effect of investment decisions on firm value, the role of business risk as a mediating effect investment decisions on firm value, the effect of financing decisions on firm value,the role of business risk as a mediating effect decisions financing on firm value, effect of dividend decisions on firm value, the role of business risk as a mediating effect dividend on firm value the effect of business risk on firm value. The research was conducted in the companies listed in Indonesia Stock Exchange (IDX). The observation period was 2009-2011. Based on the criteria population defined, the sampling method was census. The number of analyzed samples were 18 companies. Data analysis was path analysis. The research findings were: the investment decisions  could increase firm value,business risk  did not have mediating effect on relationship between investment decisions and firm value, the funding did not increase firm value, business risk as a full mediation had an effect on relationship of funding and firm value, dividend decision did not have effect on  firm value, business risk did not have mediating effect on relationship between dividend decisions and firm value, business risk could increase  firm value.

Keywords: business risk, dividend,financing,firm value, investment decisions 

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Emrinaldi Nur DP_Abstract_1732013

EFEK INTRA INDUSTRI, DAMPAK PERUSAHAAN REPORTER DAN NONREPORTER DIVIDEN TERHADAP KANDUNGAN INFORMASI

Emrinaldi Nur DP
Fakultas Ekonomi, Universitas Riau
Kampus Bina Widya Km.12,5 Simpang Baru Pekanbaru, 28293.
 
St. Dwiarso Utomo
Enny Susilowati Mardjono
Fakultas Ekonomi, Universitas Dian Nuswantoro,
Jl. Nakula I No.5-11 Semarang, 50131.

Korespondensi dengan Penulis:
Emrinaldi Nur DP: Telp.+62 76163266; Fax. +62 761 63279
E-mail:enurdp@yahoo.co.uk
 

Abstract
The influence of information not only for company itself which announcement company policy like financial statement, divident or others, but also the other company in same industry or same market. The purpose of the research was to investigate the information content and intra industry effect of dividend announcement. The analysis include four aspects: information content, risk (beta), intra industry effect of dividen bybig and small size firms, and impact firm characteristics to abnormal return nonreporter firm.The analysis for information content, risk (beta), intra industry effect used event study and for impact of firm characteristics used multiple linier regressions.Result of this research showed that there was information content around the date of dividend announcement, but there was no difference between abnormal return by big and small size firms. The difference between beta before and after dividend announcement is not significant. The difference between beta big size firms and small size firms after dividend announcement is not significant. The intra industry effect of dividend announcement showed abnormal return with two effects: competitive effect and contagion effect. The firm specific characteristics used in this research were not significant to explain the fenomena intra industry.

 Keywords: competitive effects, contagion effects, dividend, information content, intra industry effect.

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Lydia Angela Natasya_Abstract_1732013

KANDUNGAN INFORMASI PENGUMUMAN SAHAM BONUS:
STUDI EMPIRIS DI BURSA EFEK INDONESIA
  
Lydia Angela Natasya
Tarsisius Renald Suganda
Fakultas Ekonomi dan Bisnis Universitas Ma Chung Malang
Villa Puncak Tidar N-01, Malang, 65151.

Korespondensi dengan Penulis:
Tarsisius Renald Suganda: Telp. + 62 341 550 171;  Fax. +62  341 550 175
E-mail:renald.suganda@machung.ac.id

Abstract
The aim of this paper was to investigate the market reaction of bonus share announcement in Indonesia Stock Exchange. Bonus share was the signal given by company to public or stockholders. If bonus shares announcement consisted of the information, it would be reacted by the market. There were pro’s and con’s about the finding of bonus share’s announcement. The Standard of event study method had been used for the purpose of studying the bonus share issues announcement reaction. The proxies of market reaction were abnormal return and trading volume activity. In this study, the researcher found a significant negative abnormal return and it meant that the announcement of bonus share had negative information content. This finding probably meant that most companies had liquidity problem. The study also found that the average of trading volume activity was insignificantly decreased after bonus share announcement. This empirical study showed that bonus share indicated a bad signal for the Indonesia market.

 Keywords: abnormal return, bonus share, information content, trading volume activity  

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Palti Marulitua Sitorus_Abstract_1732013

STRUKTUR MODAL OPTIMAL PADA PERUSAHAAN TELEKOMUNIKASI INDONESIA

Palti Marulitua Sitorus
Universitas Telkom Bandung
Telekomunikasi No.1 Bandung, 40257.

Korespondensi dengan Penulis:
Palti Marulitua Sitorus: Telp.+62 22 7 564 108; Fax. +62 22 756 4500
E-mail:pmts_dori@yahoo.com

Abstract
The background of this study was begun with the operational capital needs of telecommunication operators in debt. Bad managing of debt could cause the bankruptcy of the company. The purpose of this research was to know the optimal capital structure of telecommunication companies in Indonesia. The method used were a simple linear regression and graphs of simulation. The logic was used when a company that used capital with low cost   got high value of company. There were two companies that had an optimal capital structure i.e. PT Excelcomindo Axiata and PT Indosat with optimal capital structure 1, 132 and 1,003.

 Keywords: capital structure, debt equity ratio, weighted  average cost of capital

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Shinta Heru Satoto_Abstract_1732012

PERGERAKAN HARGA SAHAM AKIBAT PERUBAHAN NILAI TUKAR, INFLASI, TINGKAT BUNGA, DAN GROSS DOMESTIC PRODUCT
 
Shinta Heru Satoto
Sri Budiwati
Jurusan Manajemen Fakultas Ekonomi UPN “Veteran” Yogyakarta
Jl. SWK 104 Ring Road Utara, Condong Catur, Yogyakarta,  55283.
 

Korespondensi dengan Penulis:
Shinta Heru Satoto: Telp. +62 274 486377; Fax. +62 274 486 255
E-mail:shintaherusatoto@yahoo.com

Abstract
The purposes of this study were to provide an empirical evidence of the influence of macroeconomic variables and the time varying volatility phenomena on stock price. This research used manufactured firms that list on Indonesian Capital Market on 2009 until 2011 periods for the sampel. This research also used several macroeconomics variables such as exchange rate, inflation, BI rate, and Gross Domestic Product. The empirical result showed that exchange rate, BI rate, and Gross Domestic Product influenced stock price. The result also showed that time varying volatility was happenend on stock price fluctuation.  This result indicated that Indonesian stock price have high volatility on 2009 til 2011 periods

Keywords: BI rate, exchange rate, gross domestic product, inflation, time varying volatiliy

Full Text (pdf)

 

Vania Jessica_Abstract_1732013

HUBUNGAN NILAI KURS DENGAN INDEKS HARGA SAHAM PERTANIAN DI INDONESIA
  
Vania Jessica Tedjamulia
Sahala Manalu
Rony Joyo Negoro Octavianus
Fakultas Ekonomi dan Bisnis Universitas Ma Chung Malang
Villa Puncak Tidar N-01 Malang, 65151.

Korespondensi dengan penulis:
Vania Jessica Tedjamulia: Telp. +62 341 550 171; Fax. +62 341 550 175
E-mail: 111010081@student.machung.ac.id

Abstract
This study was conducted to test the independent variable exchange rate USD/IDR, EUR/IDR, JPY/IDR, and the dependent variable agricultural stock index during five years (2008-2012). Sampling technique used was purposive sampling method. Data analysis technique used was Auto Regressive Distributed Lag (ARDL) proposed by Pesaran et al. (2001) in order to investigate the order of co-integration. Hypothesis test used was F-test to test the simultaneous effect and t-test for testing the partial regression coefficient with a significance level of 5%. F-test results indicated that exchange rate of USD/IDR, EUR/IDR, and JPY/IDR gave significant effect on agriculture stock index. The t-test results indicated that the variable exchange rate of USD/IDR, EUR/IDR and JPY/IDR gave partially significant effect on agricultural stock index period 2008-2012. Adjusted R square (R2) was 7,8%. The statistical results of Auto Regressive Distributed Lag indicated that changes in USD/IDR and JPY/IDR were negatively related to changes in stock price index of agriculture. EUR/IDR had a positive impact to the stock price index of agriculture

Keywords: agriculture stock price index, exchange rate, USD/IDR, EUR/IDR, JPY/IDR.

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Windyastuti_Abstract_1732013

PENGUJIAN VARIABEL KETENAGAKERJAAN TERHADAP BIAYA STICKINESS
 
 Windyastuti
Jurusan Akuntansi Fakultas Ekonomi UPN “Veteran” Yogyakarta
Jl. SWK 104 (Lingkar Utara) Condongcatur Depok, Sleman, Yogyakarta, 55283.

Korespondensi dengan Penulis:
Windyastuti: Telp./Fax. +62 274 487 273
E-mail:windyastuti.wijaya@gmail.com
  

Abstract

This study analyzed the effect of labor variable on the cost stickiness in Indonesian manufacturing industry. The research data included sales, general and administration (SG&A) and net sales of manufacturing companies that go public on the Indonesian stock effect. The data were supplemented by data of unions and regulations on severance. This study used regression analysis based on panel data models. The results showed that sales, general and administration (SG&A) cost was sticky. The decreasing of the sales, general and administration (SG&A) cost when net sales decrease was smaller than the increase of this cost when equivalent increased in net sales. The labor union increased the stickiness cost of SG&A. The SG&A cost did not decrease even though at the same time the net sales decreased.  Furthermore, the larger severance pay did not increase stickiness SG&A cost. When the net sales decreased, the employer increased the sales cost in order to increase marketing activity so the net sales increased again. The increasing of sales cost in turn increased the cost of SG&A.

Keywords: cost stickiness, labor union, net sales, severance pay

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