K E U A N G A N
P E R B A N K A N
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P E R B A N K A N
REAKSI INVESTOR TERHADAP PEMILIHAN AUDITOR SPESIALIS INDUSTRI PADA PERUSAHAAN KELUARGA DI BURSA EFEK INDONESIA
Prodi Akuntansi Fakultas Ekonomi dan Bisnis Universitas Jenderal Soedirman Gedung F Lantai 1, Jl. HR. Boenyamin No.708 Purwokerto, 53122, Indonesia
This study aimed to investigate the link between family firm and specialist auditor selection, the investor reaction in family and non family firms on specialist auditor selection, the influence of family CEO and hired CEO on specialist auditor selection, and the influence of divergence between cash flow right and control right on auditor specialist selection.This research applied purposive sampling method by using 108 companies that were selected from 534 companies in period 2009-2013. Logistic regression was implemented to 108 companies (i.e 540 firms-years). The findings of the research were family firms were more likely to appoint auditor with industry expertise than non family firm, family firms that switched audit partners from non-specialists to specialists had higher earning response coefficient (ERC) than nonfamily firms, positive association between family firms and industry specialist auditor selection came primarily from CEOs hired outside rather than family CEOs, among family firms, the likelihood of choosing industry specialist auditors increased with the divergence between control rights and cash flow rights.
Keywords: cash flow right, control right, family firm, industry specialist auditor, investor reaction
DETERMINAN INFORMASI ASIMETRIS PADA INDEKS SAHAM LQ45
Ni Nyoman Ayu Diantini
Prodi Manajemen Fakultas Ekonomi dan Bisnis Universitas Udayana
Jl. P.B. Sudirman, Denpasar, Bali, 80232, Indonesia
Managers directly involved in the management of companies often have internal company information more about the company’s future prospects than shareholders. This asymmetric information that occurs between the investor and the manager will affect their decisions on investment and capital structure. The purpose of this study was to analyze the effect of firm size, research and development expenditure, growth opportunities and the number of shareholders of the asymmetric information on LQ45 index in the Indonesia Stock Exchange. The samples in this study was conducted with a purposive sampling on a consistent company that listed in LQ45 index between 2011-2013, total samples are 25 companies. The analysis technique used multiple linear regression analysis. The key findings of the paper are firm size has a significant negative effect on asymmetric information and number of shareholders have significant positive effect on asymmetric information. Variable R & D expenditure and growth opportunities showed no significant effect on asymmetric information.
Keywords: asymmetric information, index LQ45, firm Size, R&D expenditure
RASIO PERPUTARAN DAN PERIODE PENAGIHAN PIUTANG USAHA TERHADAP RASIO LANCAR PERUSAHAAN BARANG PRODUKSI
Fakultas Ekonomi Universitas Sutomo Medan
Jl. Sutomo Ujung No.28D Medan, 20235, Indonesia.
The company ability to collect accounts and pay debt was one measurement of the company performance so that the company could survive in the market to serve the needs of consumers. This study aimed to reveal the effect of the company ability to collect accounts receivable to the company ability to pay short-term trade payables. This study used a descriptive research method with empirical studies approach. The population was 33 goods production companies listed in the Indonesia Stock Exchange while the study samples were all study population. The analysis techniques used in this study were the accounts receivable turnover ratio, account receivables collection period, current ratio, and multiple regression analysis. The results showed that: First, there was no partial effect of trade receivables turnover ratio to the current ratio at large trading company production of goods listed in the Indonesia Stock Exchange. Second, there was a partial effect of accounts receivable collection period to the current ratio at large trading company production of goods listed in the Indonesia Stock Exchange. Third, the accounts receivable turnover ratio and accounts receivable collection period had a simultaneous effect to the current ratio at large trading company production of goods listed in Indonesia Stock Exchange.
Keywords: accounts receivable ratio, accounts receivable collection period, current ratio.
TRANSACTION COSTS IN INDONESIA STOCK MARKET: A STUDY IN THE AUTOMATION PERIOD
Mamduh M. Hanafi
Prodi Manajemen Fakultas Ekonomi dan Bisnis Universitas Gadjah Mada
Jl. Sosio Humaniora No.1, Bulaksumur, Yogyakarta, 55281, Indonesia.
We studied transaction costs in Indonesia market extended closely by Bonser-Neal et al. (1999). They investigated transaction costs in Jakarta Stock Exchange (JSX) using period before automation (May 1995). To match closely with Bonser-Neal et al. (1999), we used period right after JSX introduced trading automation (JATS or Jakarta Automated Trading System). We used period from May 1995 to March 2003. We found that transaction costs in the automation period were larger than those reported by Bonser-Neal et al. (1999). Automation did not seem to automatically reduce transaction costs as expected. We found that domestic investors had larger price impact than foreign investors. Similar to previous finding, we found that trade difficulty had a positive effect on price impacts. We also found transaction costs in crisis period were larger than those in normal period. We also found that size had a negative relationship with price impacts. Our paper provided evidence of the transaction costs in Indonesia market after the automated trading was introduced in Indonesia market.
Keywords: automated trading, crisis period, domestic investors, foreign investors, transaction cost
KINERJA JANGKA PANJANG DAN LIKUIDITAS PASCA IPO DI PAPAN UTAMA DAN PENGEMBANGAN BURSA EFEK INDONESIA
Prodi Manajemen Fakultas Ekonomi Universitas Negeri Jakarta
Jl.Rawamangun Muka No.1 Rawamangun, Jakarta Timur, 13220, Indonesia.
The purposes of this study were to examine and to compare the long-term performance of IPO firms on main and development boards and to determine and to compare the liquidity of IPO firms on main and development boards. The sample of this study covered 59 IPO firms consisting of 32 firms listed on main board and 27 firms listed on development board between 2010 and 2012. The results showed that one, two and three-years after IPO, the long-term performance of IPO firms on the main and development boards were not statistically different, and one year after IPO, the liquidity of IPO firms on the main and development boards were not statistically different.
Keywords: development board, firm performance, IPO, liquidity, main board
DAMPAK PENGUMUMAN PERINGKAT OBLIGASI PADA KINERJA OBLIGASI DI BURSA EFEK INDONESIA DAN PT PEFINDO
Prodi Manajemen Fakultas Ekonomi UPN “Veteran” Yogyakarta SWK No.104 Condongcatur, Yogyakarta, 55283, Indonesia.
The purpose of this study was to determine empirically the changes on bond rating that impacted on the bond’s performance. The changes on bond rating were rated by PT Pefindo. This study used 65 samples from 30 companies with bonds data issued in 2009 – 2012. The samples were grouped into 13 upgrade bonds, 8 downgrade bonds and 44 stable. Bond’s performance was indicated by the value of yield to maturity (YTM). The paired t-test was deployed with software SPSS version 15. The result showed that there was no different performance before and after the announcement of bond ratings for both the entire sample and upgrade bond groups. While for downgrade groups there was a significant difference before and after the announcement of bond ratings. These result indicated that only downgade group had a significant difference from YTM, therefore bond ratings announcement contained useful information for the investors.
Keywords: bond security, rating change, yield to maturity