Daftar Isi Volume 19 No.1 Januari 2015

K E U A N G A N

REAKSI INVESTOR TERHADAP PEMILIHAN AUDITOR SPESIALIS INDUSTRI PADA PERUSAHAAN KELUARGA DI BURSA EFEK INDONESIA

Eko Suyono

TRANSACTION COSTS IN INDONESIA STOCK MARKET: A STUDY IN THE AUTOMATION PERIOD

Mamduh M. Hanafi

KINERJA JANGKA PANJANG DAN LIKUIDITAS PASCA IPO DI PAPAN UTAMA DAN PENGEMBANGAN BURSA EFEK INDONESIA

Suherman

DAMPAK PENGUMUMAN PERINGKAT OBLIGASI PADA KINERJA OBLIGASI DI BURSA EFEK INDONESIA DAN PT PEFINDO

Yuharningsih, ST. Haryono

PREDIKSI PERINGKAT OBLIGASI DENGAN CORPORATE GOVERNANCE PERCEPTION INDEX (CGPI) DAN KARAKTERISTIK OBLIGASI

Tri Gunarsih, Ponco Adityia Prasasti, Septi Diana Sari

KONFLIK KEAGENAN: HUBUNGAN SIMULTAN KEPEMILIKAN MANAJERIAL, KEBIJAKAN UTANG, DAN KEBIJAKAN DIVIDEN

Fitri Susilowati

DETERMINAN INFORMASI ASIMETRIS PADA INDEKS SAHAM LQ 45

Ni Nyoman Ayu Diantini

EARNING MANAGEMENT, STOCK RETURN AND COMPANIES’ MERGER AND ACQUISITION

Sigit Handoyo, Fitria Rahmadani Putri

THE EFFECT OF TAX SIMPLIFICATION ON TAXPAYERS’ COMPLIANCE BEHAVIOR: RELIGIOSITY AS MODERATING VARIABLE

Muslichah

RASIO PERPUTARAN DAN PERIODE PENAGIHAN PIUTANG USAHA TERHADAP RASIO LANCAR PERUSAHAAN BARANG PRODUKSI

Roristua Pandiangan

PENTINGNYA KARAKTERISTIK TUNGKU UNTUK MENCIPTAKAN BEBAN, HARGA JUAL, DAN PROFITABILITAS  PATUNG BARONG BERMEDIA KERAMIK

I Nyoman Normal

P E R B A N K A N

CORPORATE SOCIAL RESPONSIBILITY TERHADAP LOYALITAS NASABAH YANG DIMEDIASI OLEH CITRA PERUSAHAAN

Ni Nyoman Kerti Yasa, Putu Gde Sukaatmadja, I G.N. Jaya A. Widagda, I Putu Andika Angga Putra

ANTESEDEN KARIR DAN PENGARUHNYA TERHADAP KINERJA MANAJER BANK

Idayanti Nursyamsi

DAMPAK PENETRASI BANK ASING TERHADAP KINERJA KEUANGAN BANK ISLAM DI INDONESIA

Wiwiek Rabiatul Adawiyah

TELAAH KRITIS KEBIJAKAN MONETER DI INDONESIA MELALUI BI RATE DALAM DUAL BANKING SYSTEM

Munawar Ismail, Asfi Manzilati, Yenny Kornitasari

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Eko Suyono_19115115

REAKSI INVESTOR TERHADAP PEMILIHAN AUDITOR SPESIALIS INDUSTRI PADA PERUSAHAAN KELUARGA DI BURSA EFEK INDONESIA

Eko Suyono

Prodi Akuntansi Fakultas Ekonomi dan Bisnis Universitas Jenderal Soedirman Gedung F Lantai 1, Jl. HR. Boenyamin No.708 Purwokerto, 53122, Indonesia

  • Korespondensi dengan Penulis:
  • Eko Suyono: Telp. +62 281 628 155
  • E-mail: ekyo75@yahoo.com

 Abstract

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

19115115_EkoSuyono( Full Text)

Ni Nyoman A.Diantini_191157685

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

  • Korespondensi dengan Penulis:
  • Ni Nyoman Ayu Diantini: Telp.+62 361 224 133; Fax. +62 361 241 929
  • E-mail: a_diantini@yahoo.com

Abstract

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

191157685_NiNyomanAyuDiantini (Full Text)

Roristua Pandiangan_19115109121

RASIO PERPUTARAN DAN PERIODE PENAGIHAN PIUTANG USAHA TERHADAP RASIO LANCAR PERUSAHAAN BARANG PRODUKSI

  Roristua Pandiangan

Fakultas Ekonomi Universitas Sutomo Medan

Jl. Sutomo Ujung No.28D Medan, 20235, Indonesia.

  • Korespondensi  dengan Penulis:
  • Roristua Pandiangan: +62 61 661 4108
  • Email : roristua_tua@yahoo.com

Abstract

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.

19115109121_RoristuaPandiangan (Full Text)

Mamduh M.Hanafi_191151629

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.

  • Korespondensi dengan Penulis:
  • Mamduh M. Hanafi: Telp.+62 274 548 510; Fax: +62 274 563 212
  • E-mail: mamduhmh@ugm.ac.id

Abstract

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

191151629_MamduhM.Hanafi (Full Text)

Suherman_191153040

KINERJA JANGKA PANJANG DAN LIKUIDITAS PASCA IPO DI PAPAN UTAMA DAN PENGEMBANGAN BURSA EFEK INDONESIA

 Suherman

Prodi Manajemen Fakultas Ekonomi Universitas Negeri Jakarta

Jl.Rawamangun Muka No.1 Rawamangun, Jakarta Timur, 13220, Indonesia.

  •  Korespondensi dengan Penulis:
  • Suherman: Telp.+62 21 4721 227
  • E-mail: suherman@feunj.ac.id

Abstract

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

191153040_Suherman (Full TexT)

Yuharningsih_191154151

DAMPAK PENGUMUMAN PERINGKAT OBLIGASI PADA KINERJA OBLIGASI DI BURSA EFEK INDONESIA DAN PT PEFINDO

Yuharningsih

ST. Haryono

Prodi Manajemen Fakultas Ekonomi UPN “Veteran” Yogyakarta SWK No.104 Condongcatur, Yogyakarta, 55283, Indonesia.

  •  Korespondensi dengan Penulis:
  • Yuharningsih:  Telp. +62 274 485 188 ; Fax+62 274 486 400
  • E-mail:yuhar_ningsih@yahoo.com

 Abstract

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

191154151_Yuharningsih_(encrypted)