K E U A N G A N
P E R B A N K A N
K E U A N G A N
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
PREDIKSI PERINGKAT OBLIGASI DENGAN CORPORATE GOVERNANCE PERCEPTION INDEX (CGPI) DAN KARAKTERISTIK OBLIGASI
Ponco Adityia Prasasti
Septi Diana Sari
Fakultas Bisnis dan Teknologi Informasi Universitas Teknologi Yogyakarta
Jl. Glagahsari No.63 Yogyakarta, 55164, Indonesia.
The objective of this study was to predict the impact of Corporate Governance Perception Index (CGPI) and Bond Characteristics to Bond Rating by using the ordinal logistic regression. This regression was used since the dependent variable was ordinal data, consisting of three groups. The CGPI issued by Indonesian Institute of Corporate Governance (IICG) was a score from 0 to 100 while the characteristics of the bond consisted of three variables, namely subordinated bonds, industry type and the maturity of the bond. The results of this study indicated that scores of CGPI, subordinated bonds and the type of the industry were statistically significant at 5% while the maturity of the bond was not. The positive direction of the relationship between scores of CGPI to bond rating suggested that the higher the score, the higher the rating. The negative sign of subordinated bonds suggested that subordinated bonds had a rating lower than non-subordinated bonds. The last significant variables, type of industry suggested that financial and utility industry had higher bond rating from other industries.
Keywords: bonds characteristics, bonds rating, Corporate Governance Perception Index (CGPI)
KONFLIK KEAGENAN: HUBUNGAN SIMULTAN KEPEMILIKAN MANAJERIAL, KEBIJAKAN UTANG, DAN KEBIJAKAN DIVIDEN
Prodi Manajemen Fakultas Ekonomi Universitas PGRI Yogyakarta
Jl. PGRI No.117 Sonosewu, Yogyakarta 55182, Indonesia.
The main purpose of this research was to determine the agency theory in Indonesia capital market. The variable of agency conflict was represented by asset utility variable, while controlling the agency conflicts mechanism was represented by the managerial ownership, leverage, and dividend. The secondary data used in this research was drawn from the Indonesia Capital Market Directory (ICMD) and Blommberg. The sample data were limited at the manufacture companies and non-financial services, and they were listed on the Indonesia Stock Exchange (BEI). The research method approach used was quantitative method. The time period of the data was year to year from 2000 to 2011. The instrument of analysis was seemingly unrelated regression (SUR), with panel data and simultaneous model regression techniques. The result of this research was that the managerial ownership had a positive and significant effect on performance. Debt policy had a positive effect but not significant to performance, so 1b hypothesis was not accepted. Dividend policy had a positive and significant effect on performance. Simultaneously there was a substitution and interdependence relationship between the managerial ownership and debt policy. The relationship between two variables namely the managerial ownership and dividend policy could not be concluded.
Keywords: agency conflict, dividend, leverage, managerial ownership, Seemingly Unrelated Regression (SUR)
EARNING MANAGEMENT, STOCK RETURN AND COMPANIES’ MERGER AND ACQUISITION
Fitria Rahmadani Putri
Jurusan Akuntansi Fakultas Ekonomi Universitas Islam Indonesia Yogyakarta
Ringroad Utara, Condong Catur Depok Sleman, Yogyakarta, 55283, Indonesia.
The purpose of this study was to find out the practice earning management before merger and acquisition announcement. It also aimed to examine the differences of stock return before and after merger and acquisition announcement among companies that were listed on Indonesia stock exchange. The samples were 35 companies that did merger and acquisition and listed in Indonesia Stock Exchange (IDX) period 2004–2013. Then, the data analysis was performed by computer statistic program SPSS. These samples were selected by using purposive sampling method. Analysis hypothesis used Independent sample t-test and Wilcoxon sign ranks test. The result of independent sample t-test showed that the companies tended to do earning management before merger and acquisitions. While the result of Wilcoxon signed ranks test showed that there was no difference between stock return before and after merger and acquisition announcement.
Keywords: acquisition, earning management, merger, stock return