Yanthi Hutagaol_Abstract_1632012

THE ACCURACY OF EARNINGS FORECAST AND POST-IPO EARNINGS MANAGEMENT

Yanthi Hutagaol
Dezie L. Warganegara
Christofer Wibisono
 School of Accounting & Finance BINUS Business School – BINUS University
Jl. Hang Lekir I No. 6, Jakarta, 10270.

Korespondensi dengan Penulis:

Yanthi Hutagaol: Telp. Telp. +62 21 720 2222; Fax. +62 21 720 5555
E-mail: yhutagaol@binus.edu

Abstract

Prior studies showed that before IPO, many companies conducted earnings management in order to attract potential investors through impressive earnings figures. This study aimed to investigate the tendency of earnings management practice post – IPO. This practice of earnings management was motivated to preserve managers’ reputation in achieving their earnings forecasts. Using a total of 165 IPOs in IDX during year 2000-2010, this study employed descriptive analyses to identify the earnings management differences within the sample. A cross-section analysis was conducted to test the difference of earnings management indicator among the forecasters. Then, controlling for audit quality, ownership, firm size, and firm leverage, a regression analysis was performed to test the impact of earnings forecasts accuracy on the earnings management. The result of this research showed that there was an indication that the forecasters conducted more earnings management than the non-forecasters. The study found that forecast accuracy was significantly related to managers’ behavior to manage post-IPO earnings. Further analysis showed that optimistic forecasters tended to engage more in more earning management than conservative forecasters. The cross section analysis confirmed that optimistic earnings forecast strengthened the relationship of forecast accuracy and post-IPO earnings management, while high audit quality failed to weaken it.

 Key words: earnings forecast, earnings management, initial public offering

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Harmono_Abstract_1632012

TESTING OF PECKING ORDER THEORY THROUGH THE RELATIONSHIP: EARNINGS, CAPITAL STRUCTURE, DIVIDEND POLICY AND FIRM’S VALUE

Harmono
Jurusan Manajemen Fakultas Ekonomi Universitas Merdeka Malang
Jl. Terusan Raya Dieng No.62-64 Malang, 65146.

• Korespondensi dengan Penulis:
• Harmono: Telp. + 62 341 568 395 Ext.546
• E-mail: harmono_ptigasep@yahoo.co.id

Abstracts

This study aimed to test the pecking order theory through its correlation among earnings dimension, capital structure, dividend policy and firm’s value perspective. By loading the correlation between dimension one to another, it indicated that management behavior tended to retained earnings accumulation or to debt collection in financing the operation of the firm. The pecking order theory were tested when the management behavior tended to retained earnings in accumulating sources of the fund equity rather than borrowing liabilities from creditors. Therefore, rationally if the capital structure was optimum, management tended to external financing until any trade off between earnings and debt financing. Based on the testing hypothesis, it indicated that the role of capital structure dimension had significance as intervening variable between earnings dimension and firm’s value. On the other hand, the dividend policy had no significance to become intervening variable. Empirically, it could be concluded that the management behavior in Indonesia tended to leverage rather than retained earnings accumulation in supporting the pecking order theory. Furthermore, the variable had the role to differentiate the characteristic of industries represented by the capital structure dimension, especially, debt to assets and debt to equity ratio.

Key words: pecking order theory, earnings, capital structure, dividend policy, firm’s value 

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S.Remond Waworuntu_Abstract_1632012

EFFECTS OF CORPORATE GOVERNANCE VARIABLES ON EARNINGS MANAGEMENT IN INDONESIA

 Stephanus Remond Waworuntu

Marko Sebira Hermawan
Sheila Nerissa Hokardi
School of Accounting and Finance BINUS Business School, BINUS University
Jl. Hang Lekir I No.6, Jakarta, 10270.

• Korespondensi dengan Penulis:
• Stephanus Remond Waworuntu: Telp:  + 62 21 720 2222, Fax: +62 21 720 5555
• E-mail: srwaworuntu@binus.edu

Abstract

To determine the effects of corporate governance on earnings management, this paper analyzed 171 annual reports from issued 2006 to 2009 by 57 non-financial, joint stock companies implementing GCG (Good Corporate Governance) practices, which were listed on the Indonesia Stock Exchange (IDX). Six corporate governance variables (board composition, independent commissioners, separate chairman/CEO roles, audit committee, managerial share ownership, and audit quality) as well as three control variables (leverage, size, and ROA) were used. The results showed that two corporate governance variables significantly influenced earnings management practices (separate chairman/CEO roles and managerial share ownership); the other variables had no effect because these companies used GCG practices only to follow regulations rather than to monitor and control.

  Key words: earnings management, working capital accruals, good corporate governance (GCG)

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Sri Lestari Kurniawati_Abstract_1632012

FAKTOR PENENTU RETURN SAHAM DENGAN PRICE TO BOOK VALUE SEBAGAI VARIABEL MODERASI

DI BURSA EFEK INDONESIA

Sri Lestari Kurniawati
Linda Purnama Sari
Nurul Hasanah Uswati Dewi
Jurusan Manajemen Fakultas Ekonomi STIE Perbanas Surabaya
Jl. Nginden Semolo No.34-36 Surabaya, 60118.

• Korespondensi dengan Penulis:
• Sri Lestari Kurniawati: Telp. +62 31 594 7151/ Fax. +62 31 593 5937
• E-mail: lestari@perbanas.ac.id

Abstract

The purpose of this study was to exemine the effect of the company’s financial performance variables consisting of earning growth ratio, dividend payout ratio and size, the variable return equity price to book value as a moderating variable. The samples in this study were all companies listed on the Indonesia Stock Exchange from 2005 to 2010 by using purposive sampling with criteria that the company had a positive book value of equity during the study period. The company splitted the cash dividend and the company did not do corporate actions such as stock splits, reverse stock, stock dividend. The data used in this study were all companies listed on the Indonesia Stock Exchange from 2005 to 2010 (except for companies engaged in finance and banking) by using multiple linear regression to test the interaction or Multiple Regresion Analysis (MRA). The study found that the price to book value was not able to significantly moderate the effect of earning growth ratio, dividend payout ratio and size toward the stock return variable for the interaction test results showed the significant value was greater than interaction of alpha as 5%.

Key words:  earning growth ratio, dividend payout ratio, size, stock return, price to book value

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Sri Isworo_Abstract_1632012

PENDEKATAN MODEL PENILAIAN DALAM PENGAMBILAN KEPUTUSAN INVESTASI SAHAM DI BURSA EFEK INDONESIA

 

Sri Isworo Ediningsih
Aryono Yacobus
Jurusan Manajemen Fakultas Ekonomi UPN “Veteran” Yogyakarta
Jl. SWK 104 (Lingkar Utara) Condongcatur Yogyakarta, 55283.

 

• Korespondensi dengan Penulis:
• Sri Isworo Ediningsih:  Telp. /Fax.+ 62 274 487 275
• E-mail: wororio@yahoo.co.id

 

Abstract

A valuation model was a mechanism that converted a set of forecast, a series of company and economic variables into a forecast of market value for the company’s stock. The purpose of this study was to examine relevance among dividend yield, retained earnings, book value and total debt on stock price: approximation valuation model in the Indonesia Stock Exchange. Samples in this study were manufacture firms listed on the Indonesia Stock Exchange period 2008–2011 and divided dividend. The results showed that few of samples were undervalue and the others were overvalue. It meant valuation model could be applicated in the Indonesian stock exchange.  By using multiple regressions, this study found that: valuation model relevans used in investment decission in manufacture firms in the Indonesia Stock Exchange could prove simultaneously dividend yield, retained earnings, book value and total debt had significant effect to stock price and partially dividend yield had no significant effect to stock price and whereas retained earnings, book value and total debt had significant effect in partial to stock price.

 Key words: valuation model, dividend yield, retained earnings, book value, total debt, stock price

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Tommy C.Efrata_Abstract_1632012

PENERAPAN METODE BOOTSTRAP FINANCING PADA USAHA KECIL DAN MENENGAH DI SURABAYA

 

Tommy C. Efrata
Christian Herdinata
Program Studi International Business Management
Fakultas Ekonomi Universitas Ciputra Surabaya
Jl. Waterpark – Boulevard CitraLand, Surabaya, 60216.

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

 Abstract

Application of bootstrap financing methods had been very popular among small-scale entrepreneurs in Indonesia. This was because their access to capital was still very limited. Although bootstrap financing methods were used by many entrepreneurs, the risk factors, timing, market share, education, age, and gender was not yet known. This study aimed to determine whether there was an influence of risk, time, market share, education, age, and gender of the application of bootstrap financing methods. The sample in this study was small and medium entrepreneurs in the city of Surabaya. The sampling method used was stratified random sampling. The analysis technique used was multiple regression. The results of this study showed that the risk factors, time, age, and gender affected significantly to the application of the bootstrap method significant financing, while the market share and education had no significant effect.

 Key words: bootstrap financing, small and medium enterprises, risk, education, age, gender.

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Meythi_Abstract_1632012

DAMPAK INTERAKSI ANTARA KEBIJAKAN UTANG DAN KEBIJAKAN DIVIDEN DALAM MENILAI 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.510; Fax. +62 22 201 7625
• E-mail: meycute79@yahoo.com

 

Abstract

This research aimed to examine and know empirical evidence of the positive effect of debt policy on firm’s value with dividend policy as moderating variable. Samples used in this research were manufacturing companies listed in Indonesia Stock Exchange in 4 years observation period (2007-2010). Total samples were 13 companies. The data were collected by using purposive sampling method. The result of moderated regression analysis (MRA) showed that debt policy did not effect firm’s value with dividend policy as moderating variable. Thus, the hypothesis of the research was not empirically supported.

 Keywords: debt policy, dividend policy, and firm’s value.

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Anthony Satyanegara_Abstract_1632012

PORTOFOLIO SAHAM OPTIMAL MENGGUNAKAN SINGLE INDEX MODEL PADA SELURUH KANTOR SEKURITAS

DI KOTA MALANG

 

Anthony Satyanegara
Tarsisius Renald Suganda
Jurusan Akuntansi Fakultas Ekonomi dan Bisnis Universitas Ma Chung Malang
Villa Puncak Tidar N-01 Malang, 65151.

• Korespondensi dengan Penulis:
• Tarsisius Renald Suganda: Telp. /Faks. +62 341 550 171
• Email: renald.suganda@machung.ac.id

 

Abstract

Investment was the commitment of funds to one or more assets that would be held over some future time period. The goal of doing investment was to get the best return. Investment portfolio was one of the main considerations to achieve the goal. This study aimed to establish the optimal stock portfolio using stock mutual fund product data which was obtained from the survey results on securities office in Malang City in 2011 as a research population. Research method used was Single Index Model and data used were daily stock prices for 47 shares in 2011. The results of this study indicated that there were twelve stocks in the optimal portfolio, namely: JKON, KAEF, TSPC, BKSL, BFIN, MAPI, KKGI, BHIT, CTRA, GGRM, MYOR. Based on the calculation, the result was 76.71% for portfolio expected return and 7.23% for portfolio risk in 1 year.

 Key words: investment, return portfolio, portfolio risk, optimal portfolio, single index model 

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I N. Nugraha Ardana P_Abstract_1632012

KEPEMILIKAN MANAJERIAL DAN RISIKO KREDIT, SEBAGAI PEMICU BIAYA KEAGENAN PADA LEMBAGA KEUANGAN MIKRO

I Nyoman Nugraha Ardana Putra

Jurusan Manajemen Fakultas Ekonomi Universitas Mataram
JL. Majapahit No.62, Mataram, Nusa Tenggara Barat, 83125

Korespondensi dengan Penulis:
I Nyoman Nugraha Ardana Putra: Telp. +62 370 631 935
E-mail: ibobid@yahoo.com

Abstract

This study aimed to examine and to explain the influence of managerial ownership and credit risks toward agency costs and performance. The study was also intended to enrich the empirical evidence of agency theory  in financial management of the Microfinance Institutions (MFIs), especially managerial ownership of society credit bank (BPR) in West Nusa Tenggara province. Secondary data used was derived from financial statements and primary data obtained from interviews with the director of bank samples. Partial Least Square technique Programs (PLS) was applied to test the research model in term of variables relationship structure in quantitative methods The results. The results showed that managerial ownership had a positive influence on credit risks and also had a positive impact on agency costs. In addition to managerial ownership and agency costs, this research found that there was a negative effect of  company performance.

 Key words: managerial ownership, credit risk, efficiency, agency cost

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Sahalu Manalu_Abstract_1632012

KETERKAITAN INSIDER OWNERSHIP DAN PREDIKSI KINERJA PERBANKAN DI BURSA EFEK INDONESIA

 

Sahala Manalu
Jurusan Manajemen Fakultas Ekonomi dan Bisnis Universitas Ma Chung-Malang
Jl. Villa Puncak Tidar N-01 Malang, 65151.
Norman Sitinjak
Jurusan Manajemen Fakultas Ekonomi Universitas Merdeka-Malang
Jl. Terusan Raya Dieng No.62-64 Malang, 65146.
 

•  Korespondensi dengan Penulis:
• Sahala Manalu: Telp./Fax.: +62  341 550 171
• E-mail: sahala.manalu@machung.ac.id

 

Abstract

Insider ownership in banking business had two different roles, namely as both owner and manager of the business at the same time. As managers, they were given the right of bank ownership in the hope of improving banking performance. With insider ownership, managers had greater rights to make decisions and also had a broader responsibility for decisions taken as they now shared the business risks. They also had greater control over the banks where they worked, such that they had access to strengthen their position in their respective banks. Explanatory variables used in this study was insider ownership, while the dependent variable consisted of the CAR (Capital Adequacy Ratio), ROA (Return on Asset), BOPO (compared to Operating Income Operating Expenses), and the ratio NPLgross (Non-Performing Loans gross). Using a statistical method PLS (Partial Least Square), the results showed that insider ownership could predict the performance of banks in terms BOPO and NPLgross, but could not predict the CAR and ROA.

 Key words:  insider ownership, capital adequacy ratio, return on asset, operating income operating expense, non-performing loan

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