Yanuar Bachtiar_abstract_1332009

DAY OF THE WEEK EFFECT TERHADAP RETURN DAN VOLUME PERDAGANGAN  SAHAM LQ45 DAN NON LQ45
 
 Yanuar Bachtiar
Jurusan Manajemen Sekolah Tinggi Ilmu Ekonomi Indonesia
(STIE Indonesia) Banjarmasin
Jln. H. Hasan Basry no. 9-11 Banjarmasin 70123

Korespondensi dengan Penulis:
Yanuar Bachtiar: Telp. +62 511 330 4652, Fax. + 62 511 330 5238
E-mail: yanuarbachtiar@yahoo.co.id

Abstract :
This research aimed to know: first, day of the week effect that influence the return of LQ45 and non LQ45 stocks. Second, to know day of the week effect that influenced the volume of commerce of LQ45 and non LQ45 stocks. The taken samples were a property stock and real estate stocks including 2 stocks that was part of LQ45 and 2 other stocks in non LQ45 at Jakarta Stock Exchange (JSX) in January up to December 2006 (242 trade days) by fulfilling samples which were already valid. Analysis model used in this research was linear regression model. The result of this research showed that the lowest return found on Monday trade days and the lighest return was on Friday trade day. However, day of the week effect only proved significant at stock non LQ45 group. The trial on trade volume did not find any significant result.

 Key words: day of the week effect, return, volume trade stock

Advertisements

Nilmawati_abstract_1332009

UNDER PRICING PENGARUHNYA TERHADAP IPO
AFTERMARKET LIQUIDITY

Nilmawati
Jurusan Manajemen Fakultas Ekonomi UPN ”Veteran” Yogyakarta
Jl. SWK (Ringroad Utara) Condong Catur Yogyakarta, 55283

Korespondensi dengan Penulis:
Nilmawati: Telp. +62 274 486 733 Ext.260
E-mail: nilmaoke@yahoo.com 
 
Abstract:

The purpose of the research was to analyze and find empirical evidence of under pricing on IPO aftermarket liquidity in the listed companies in Indonesian Stock Exchange.  Independent sample t-test and multiple linier regressions were used for instrument analysis. Results showed that IPO aftermarket liquidity between firm with high under pricing and low under pricing were not different. The results also indicated that initial return was positively related to turnover ratio and negatively related to percentage spread (weak effect) by controlling variables such as: size, volume, and risk in short time.

 Key words: IPO, under pricing, aftermarket liquidity

Prihat Assih_abstract_1332009

KUALITAS AUDITOR EKSTERN DALAM MEMBATASI
KESEMPATAN MANAJEMEN  UNTUK MELAKUKAN  MANAJEMEN LABA
 
Prihat Assih
Jurusan Akuntansi Fakultas Ekonomi Universitas Merdeka Malang
Jl. Terusan Raya Dieng 62-64 Malang, 65146

Korespondensi dengan Penulis:
Prihat Assih: Telp. + 62 341 568 395
E-mail: prihat2001@yahoo.com

Abstract:

Earnings management practice related to a variety incentives to maximize firms’ value or to increase manager welfare. Many researchers focused on 3 main incentives for earnings management practice, as explained in positive accounting theory, that were incentive to decrease cost of debt covenant default, maximize bonus and reduce political cost (Watts & Zimmerman, 1986). However, the earnings management would exist if management had incentive and opportunity to do so (Trueman & Titman, 1988; Christensen, et al., 1999).  The objective of this research was to investigate external auditor quality as factor to constraining earnings management by managers. Analysis was based on 111 publicly manufacturing firms in Indonesian Stock Exchange period 2005 up to 2008. The result showed that the high level of firms’ debt motivated manager to practice more earnings management. However, the level of earnings management was lower when the quality of auditor external work was higher. The results of these researches contributed to accounting literature development especially in corporate governance. Qualified auditor, one of monitoring aspects, had function as good corporate governance mechanism for reducing management practice to manage earnings which would be costly for financial statement users.

Key words: earnings management, positive accounting theory, external auditor quality, corporate governance.

Prihat Assih_abstract_1332009

KUALITAS AUDITOR EKSTERN DALAM MEMBATASI
KESEMPATAN MANAJEMEN  UNTUK MELAKUKAN  MANAJEMEN LABA
 
 
Prihat Assih
Jurusan Akuntansi Fakultas Ekonomi Universitas Merdeka Malang
Jl. Terusan Raya Dieng 62-64 Malang, 65146

Korespondensi dengan Penulis:
Prihat Assih: Telp. + 62 341 568 395
E-mail: prihat2001@yahoo.com

Abstract:

Earnings management practice related to a variety incentives to maximize firms’ value or to increase manager welfare. Many researchers focused on 3 main incentives for earnings management practice, as explained in positive accounting theory, that were incentive to decrease cost of debt covenant default, maximize bonus and reduce political cost (Watts & Zimmerman, 1986). However, the earnings management would exist if management had incentive and opportunity to do so (Trueman & Titman, 1988; Christensen, et al., 1999).  The objective of this research was to investigate external auditor quality as factor to constraining earnings management by managers. Analysis was based on 111 publicly manufacturing firms in Indonesian Stock Exchange period 2005 up to 2008. The result showed that the high level of firms’ debt motivated manager to practice more earnings management. However, the level of earnings management was lower when the quality of auditor external work was higher. The results of these researches contributed to accounting literature development especially in corporate governance. Qualified auditor, one of monitoring aspects, had function as good corporate governance mechanism for reducing management practice to manage earnings which would be costly for financial statement users.

Key words: earnings management, positive accounting theory, external auditor quality, corporate governance.

Setiadi Alim_abstract_1332009

MANAJEMEN LABA DENGAN MOTIVASI PAJAK PADA
BADAN USAHA MANUFAKTUR DI INDONESIA
 
 
Setiadi Alim
Fakultas Ekonomi Universitas Surabaya
Jl. Raya Kalirungkut Surabaya, 60293

Korespondensi dengan Penulis:
Setiadi Alim: +62 31 298 1297, Fax. +62 31 298 1131
E-mail: setiadi.alim@gmail.com 

 Abstract:

This research investigated whether accounting earnings of manufacture corporations listed on Indonesia Capital Market were managed decreasing in response to Income Tax Reform Act of 2008. To find income decreasing, earning management evidence would use total accruals Jones modification model (Dechow et al., 1995). Total accruals would be classified to discretionary accruals and non discretionary accruals. Our empirical tests found significantly negative discretionary accruals in 2008. This result showed that there was income decreasing earning management in financial statement 2008 of manufacture corporations listed on Indonesia Capital Market. Our study also found that these negative discretionary accruals were negatively associated with levels of debt, but there was no relation with corporate size.

 Key words: earning management, income decreasing, income increasing, accounting earning.

Zaenal Fanani_abstract_1332009

EARNINGS MANAGEMENT: DETERMINANT FACTORS AND STOCK PRICE IN DEVELOPING MARKET

 Zaenal Fanani
Accounting Department, Faculty of Economics, Airlangga University
Jl. Airlangga No.4 Surabaya 60286

Korespondensi dengan Penulis:
Zaenal Fanani: Telp +62 31 503 3642, + 62 31 503 6584
Email: fanani_unair@yahoo.com

 

Abstract:

The aim of this study was to prove whether manager its earnings for the purpose of informative or target opportunistic. Research also investigated whether investment opportunity set influenced the choice of manager to report as opportunistic to hide performance, or to report earning more informative concerning with debt, political cost, market share, and earning. Sample of this research was chosen by using purposive sampling of 350 manufacturing business listed in the Jakarta Stock Exchange, started from 1997 up to 2002. Structural Equation Modeling (SEM) by using program of Analysis of Moment Structures (AMOS) was considered as the appropriate statistical technique to examine pattern relation of formed model. The results showed that earning management conducted by manager in  Developing Market such as Indonesia represented informative earning management which meant all investors had more own belief in earning reporting, but this research could not prove that company owning high investment opportunity set tended to conduct informative earning management.

Key words: earning management, investment opportunity set, debt, political cost, market share

Herman Darwis_abstract_1332009

CORPORATE GOVERNANCE TERHADAP KINERJA PERUSAHAAN

 

Herman  Darwis
Fakultas Ekonomi Universitas Khairun Ternate
Jl. Kampus II Gambesi, Ternate Selatan
 
Korespondensi dengan Penulis:
Herman Darwis: Telp. +62 921 311 0322, Fax.+ 62 921 311 0901
E-mail: herman.darwis@gmail.com
 
Abstract:

The research aimed to provide empirical evidence that corporate governance implementation, managerial ownership, institutional ownership, board of executive and independent executive affected corporate performance. Population of the research was companies listed at Indonesian Stock Exchange (ISX) between 2006–2008; sampling method used was purposive sampling as well as multiple regression analysis. The result showed the implementation of GCG affected corporate performance. These meant that if the listed companies at BEI and have been surveyed by IICG implement good corporate governance, the performance would increase. The higher corporate governance was measured by corporate governance index perception, the higher corporate obedience and result in a good corporate performance. Institutional ownership affected corporate performance. The greater institutional share ownership, the better corporate performance. The result showed that control function from the ownership did determine improving corporate performance. Managerial ownership, board of commissioner, and commissioner independent did not affect corporate.

 Key words: corporate governance, managerial ownership, institutional ownership, board of commissioner, commissioner independent