Tarmizi Achmad_abstract_1612012

DEWAN KOMISARIS DAN TRANSPARANSI:
TEORI KEAGENAN ATAU TEORI STEWARDSHIP?

Tarmizi Achmad
Fakultas Ekonomika dan Bisnis Universitas Diponegoro
Jl. Erlangga Tengah No.17 Semarang, 50241

Korespondensi dengan Penulis:
Tarmizi Achmad: Telp. +62 24 845 2269, Fax. +62 24 864 57602
E-mail: t_achmad@yahoo.com.au

Abstract

This paper examined the impact of the board of commissioners on voluntary disclosures provided by listed firms in Indonesia for the period of year 2004 to 2010. The board of commissioners were characterized by board composition, board size, board role and board intensity. Voluntary disclosure was proximate by an aggregated disclosure score of non-mandatory, non-financial and financial information. The results indicated that board size, board intensity (number of board meetings), or board role (number of audit committe members) was significantly and positively related to the extent of voluntary disclosure as predicted by the agency theory, while board composition (number of insiders) was significantly and negatively related to the extent of voluntary disclosure as predicted by the stewardship theory. The result showed that independent board members did not conduct their monitoring function on management effectively. Alternatively, insiders were involved in operating firm’s activities. This phenomena might be because most firms were owned by family that tended to appoint the board and management team based on the family ties. Hence, using the stewardship theory was more appropriate to analyze the board’s composition than that of using the agency theory.

 Key words: voluntary disclosure, board of commissioners, agency theory, stewardship theory, corporate governance

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Haryo Suparmun_abstract_1612012

KETERKAITAN DINAMIS PASAR SAHAM INDONESIA DAN
ASIA PASIFIK

 Haryo Suparmun

Sekolah Tinggi Ilmu Ekonomi (STIE) Trisakti
Jl. Kiai Tapa No.20 Grogol, Jakarta Barat, 11440

Korespondensi dengan Penulis:
Haryo Suparmun: Telp. +62 21 566 6717; Fax. +62 21 563 5480
E-mail: haryosuparmun@hotmail.com.

Abstract

This study aimed to detect and identify short-term dynamic linkages between Indonesian stock market and Asia-Pacific stock markets during the period of January 2^nd, 2003 until December 31^st, 2009 by using the impulse response function analysis and forecast error variance decomposition. The period was divided into sub-period of before, during, and after the global financial crisis. The results showed that Indonesian stock market responded positively to each shock caused by the Asia-Pacific stock markets. The response became stronger during crisis sub-period. This condition proved a significant increase of short-term dynamic linkages between Indonesian stock market and other Asia Pacific during the global financial crisis. After crisis sub-period, many Asian-Pacific stock markets’ shocks were responded negatively by Indonesian stock market. Australian, China and Hong Kong stock markets were the top three in share among the countries of the Asia Pacific contributing to influence the Indonesian stock market movements

Key words: stock market, global financial crisis, impulse response function, forecast error variance decomposition

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Djoko Wintoro_abstract_1612012

EKSPLORATORI TUJUAN MANAJEMEN KEUANGAN
BISNIS HIJAU

Djoko Wintoro
Pusat Riset Bisnis Prasetiya Mulya Business School
Jl. R.A. Kartini Cilandak Barat Jakarta, 12430

Korespondensi dengan Penulis:

Djoko Wintoro: Telp.+62 21 750 0463 Fax. +62 21 750 0461
E-mail: dwintoro@yahoo.com

Abstract

Companies were facing growth pressure to transform into green business. They needed green management as well as green finance to guide the implementation of green business. This research explored the objectives of green financial management. By sending questionnaires to Finance Director of Indonesian companies, this research found that the objective of green finance included three objectives which were to maximize shareholder wealth, maximize social wealth, and sustain natural resources.

Key words: green business management, green financial management

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Abdul Kharis_abstract_1612012

CORPORATE GOVERNANCE DAN KETAATAN PENGUNGKAPAN WAJIB PADA BADAN USAHA MILIK NEGARA 

 

Abdul Kharis
Jurusan Akuntansi Fakultas Ekonomi Universitas Muhammadiyah Surakarta
Jl.Jend.A.Yani Tromol Pos 1 Pabelan Kartasura, Surakarta, 57102.

Djoko Suhardjanto
Fakultas Ekonomi Universitas Sebelas Maret
Jl. Ir. Sutami No.36A Surakarta, 57126

 Korespondensi dengan Penulis:
Abdul Kharis: Telp. +62 271 717 417; Fax. +62 271 715 448
E-mail: neverstop999@yahoo.com

Abstract

The purpose of this study was to examine corporate governance and mandatory disclosures compliance of Indonesian BUMN (Badan Usaha Milik Negara). Under purposive sampling, secondary data of 48 annual reports year 2005-2010 of BUMN in Indonesian Stock Exchange were selected.The average level of mandatory disclosures compliance was at 54.99%. This number indicated that Indonesian’s BUMN was not fully compliance to SE Bapepam No. SE-02/PM/2002 and SE-02/BL/2008. In accordance with the purpose of the study, the result of multiple regression showed that corporate governance affected the level of mandatory disclosure compliance through the variable number of board and educational background of director. Other variables, such as board size, the composition of independent commissioner, audit committee size, the composition of independent audit committee members and number of audit committee meetings were not good predictors for level of mandatory disclosure compliance.

Key words: corporate governance, mandatory disclosure compliance

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Herman Darwis_abstract_1612012

MANAJEMEN LABA TERHADAP NILAI PERUSAHAAN DENGAN CORPORATE GOVERNANCE SEBAGAI PEMODERASI

Herman Darwis
Jurusan Akuntansi Fakultas Ekonomi Universitas Khairun
Jl. Pertamina Gambesi Kampus II Ternate Selatan, 97728.

Korespondensi dengan Penulis:
Herman Darwis: Telp. +62 921 311 0903 Fax. +62 921 311 0901
E-mail: herman. darwis@gmail.com

  Abstract

The objective of study was to provide empirical evidence of the influence of earnings management on corporate value. Managerial ownership affected the relationship between earning management with corporate values, and institutional ownership affected the relations between earning management to the corporate value.The population of this study was manufacturing companies listed on the Indonesia Stock Exchange, the observation period from the year 2008-2010. The technique used was purposive sample with the analysis method used was a simple regression for hypothesis one, and moderate analyst regression for hypotheses two and three. The study found that earnings management had no effect on corporate value. Managerial ownership did not affect the relationship between earnings management to corporate value. Institutional ownership affected the relationship between earnings management to corporate value. Ownership of shares held by institutional parties could weaken the influence of earnings management on corporate value. It was because the institutional ownership could control the company more closely so that the possibility of management performed earnings management could be reduced.

Key words: earnings management, corporate governance, managerial ownership, institutional ownership, corporate value.

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Mila Fatmawati_Abstract_1612012

PENGGUNAAN THE ZMIJEWSKI MODEL, THE ALTMAN MODEL, DAN THE SPRINGATE MODEL SEBAGAI PREDIKTOR DELISTING

 

Mila Fatmawati
Jurusan Akuntansi Fakultas Ekonomi Universitas Muhammadiyah Metro
Jl. KH. Dewantara No.116 Iring Mulyo Metro, 34111.

Korespondensi dengan Penulis:
Mila Fatmawati: Telp. +62 725 424 45; Fax. +62 725 424 54
E-mail: ermista_myla@yahoo.com

Abstract

The purpose of this study was to investigate empirical evidence that The Zmijewski model, the Altman model, and the Springate models could be used as a predictor of delisting the company. Object of this study was to remove the list of companies that trade shares (delisted) in Indonesia Stock Exchange in 2003-2009. As a benchmark for companies delisted at the top used companies that were still listed on the Stock Exchange with the same number and kind of business field. Comparison samples were taken randomly over the same period with the company delisted. The method of analysis used logic regression. The results found that from the three delisting of predictor models, only the Zmijewski models that could be used to predict the company delisted in the period of observation, while The Altman Model and The Springate models could not be used as predictive models delisting. It is because The Zmijewski model emphasized amounts of debt in predict delisting. The bigger the debt was, it would be more accurate in predicting as the company’s delisting. Meanwhile, The Altman model and The Springate model emphasized more on profitability measures. The smaller the profitability was, the more precisely to predict company’s delisting. Condition of delisting the company that became object of observation company trends was still able to get profit, but it had a relative amount of debt.

Key words: delisting, The Zmijewski Model, The Altman Model, The Springate Model

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Ibnu Khajar_abstract_1612012

EFISIENSI PASAR MODAL SYARIAH INDONESIA
SEBELUM DAN SESUDAH KRISIS FINANSIAL GLOBAL 2008

Ibnu Khajar

Fakultas Ekonomi Universitas Islam Sultan Agung (Unissula) Semarang
Jl. Raya Kaligawe Km.4 Semarang, 50112

  

Korespondensi dengan Penulis:
Ibnu Khajar: Telp. + 62 24 658 3584; Fax. +62 24 658 2455
E-mail: didijon58@yahoo.co.id

 

Abstract

Efficient markets could be classified into three forms: weak, semistrong, and strong. Weak-form efficiency suggested that security prices reflected all trade-related information, such as  historical security price movements and volume of securities trades, so they did not relate to current price and volume. In other words historical price movements was independent or random over time. Thus, test of weak-form efficiency related to random walk theory. This research had two objectives. The first objective was to analyze whether Indonesian capital market was efficient (weak-form). The second one was to analyze increasing efficient market in two different periods. The study was carried out on the 6 stocks in the Jakarta Islamic Indexs (JII), based on before, while, and after global financial crisis 2008. The first objective was analyzed by using run test. The result showed that most stocks were random in three (before, while, and after) different periods. The second one was analyzed by searching number of stocks that were random in the three periods. The result showed there was decreasing weak-form efficiency inthe period before and while crisis and increasing in the period before and after global financial crisis 2008.

           

Key words: weak-form efficiency, random, stock price, sharia, global financial crisis

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Christian Herdinata_abstract_1612012

REAKSI PASAR TERHADAP PENGUMUMAN EMPLOYEE STOCK OWNERSHIP PROGRAM

Christian Herdinata

Fakultas Ekonomi Jurusan International Business Management
Universitas Ciputra Surabaya
Jl. Waterpark, Boulevard Citra Land, Surabaya, 60216.

Korespondensi dengan Penulis:
Christian Herdinata: Telp. + 62 31 745 1699, Faks. +62 31 745 1699
E-mail: christian.herdinata@ciputra.ac.id

 

Abstract

In Indonesia, the increasing of Employee Stock Ownership Program (ESOP) was relative known new, so it needed any evidence for the market reaction in Indonesia stock exchange. From the latest problem, the purpose of this research was to know how the market reaction for the announcement of ESOP in Indonesia Stock Exchange. Samples on this research were the companies which were listed in BEI that had announced ESOP for period January 1^st, 2000 – December 31^st, 2010. Analysis technique on hypotesis test related with market reaction for ESOP announcement was done by event study to calculate abnormal return. Research result showed that market tended to ignore ESOP announcement. And it meant that ESOP announcement was not considered as a signaling, which gave a good information for the investor in Indonesia to achieve profit.

Key words: ESOP (Employee Stock Ownership Program), marker reaction, signaling hypothesis, event study.

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Satia Nur Maharani_abstract_1612012

KANDUNGAN INFORMASI LABA BERSIH DAN ARUS KAS TERHADAP REAKSI PERUBAHAN RETURN SAHAM

Satia Nur Maharani

Fakultas Ekonomi Universitas Negeri Malang
Jl. Semarang No. 5  Malang

Korespondensi dengan Penulis:
Satia Nur Maharani: Telp.+62 341 955 2045
E-mail: tiamaharani@ymail.com

  Abstract

This paper presented an investigation of the listed LQ45 companies in Indonesia Security Exchange (BEI). This investigation examined the influence of earnings (EPS) and cash flows (OCF) to the in explaining stock returns and stock price.This study used the accounting data of the companies listed in the BEI from 2008-2010. Furthermore, it employed a two of statistical procedures (regression analysis and path analysis). Also, 31 Indonesian corporations were selected for testing the hypotheses. The results of this paper indicated the existence of information value of earnings and there was sufficient evidence to confirm information content to make the market react but cash flow does not have sufficient evidence to affect stock returns and stock price

Key words: earning per share, cash flow, stock return, stock prices

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Abstract_Yarnest_1612012

RASIO  KEUANGAN PENGUKUR KINERJA PERUSAHAAN DAN DAMPAKNYA TERHADAP EKSPEKTASI RETURN SAHAM                

                                                                 

Yarnest

Jurusan Manajemen Fakultas Ekonomi Universitas Merdeka Malang
Jl. Terusan Raya Dieng N0.62-64 Malang, 65146

Korespondensi dengan Penulis:
Yarnest: Telp./Fax. +62 341 560 058
E-mail: yarnestb@yahoo.com

 

Abstract

This research was intended to know and to describe BUMN firm performance listed at Indonesian Stock Exchange. It measured finance ratios and its impact to expectation return good stock partially and simultaneously. This observational object was corporate BUMN listed at Indonesian Stock Exchange, period 2005-2009. This research used design ex post facto. Exhaustive observational corporate BUMN listed at Indonesian Stock Exchange (BEI) were 13 firms. Because of little population, the method used was census method. Analysis techniques used were analysis multiple regression, quiz f and quiz t, data processing by programs Aviews version 6.0. The result of observation showed that liquidity ratio, leverage ratio, activity ratio, profitability ratio and stock ratio could measure simultaneous firm and performance impacted significant to expectation return stock. Activity ratio consisted of average collection period and inventory turnover and stock ratio consisted of price earning ratio and book value per share partially impacted significant to expectation return stock.  Meanwhile ratio was liquidity, leverage ratio. Profitability ratio partially did not impact significantly to expectation return stock. Stock ratio measured by book value per share constituting impacted as the dominant factor on exspectation return stock.

 Key words: financial ratio, corporate performance, return on expectation

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