MANAJEMEN LABA TERHADAP NILAI PERUSAHAAN DENGAN CORPORATE GOVERNANCE SEBAGAI PEMODERASI
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. firstname.lastname@example.org
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.
CORPORATE GOVERNANCE TERHADAP KINERJA PERUSAHAAN
Fakultas Ekonomi Universitas Khairun Ternate
Jl. Kampus II Gambesi, Ternate Selatan
Korespondensi dengan Penulis:
Herman Darwis: Telp. +62 921 311 0322, Fax.+ 62 921 311 0901
The research aimed to provide empirical evidence that corporate governance implementation, managerial ownership, institutional ownership, board of executive and independent executive affected corporate performance. Population of the research was companies listed at Indonesian Stock Exchange (ISX) between 2006–2008; sampling method used was purposive sampling as well as multiple regression analysis. The result showed the implementation of GCG affected corporate performance. These meant that if the listed companies at BEI and have been surveyed by IICG implement good corporate governance, the performance would increase. The higher corporate governance was measured by corporate governance index perception, the higher corporate obedience and result in a good corporate performance. Institutional ownership affected corporate performance. The greater institutional share ownership, the better corporate performance. The result showed that control function from the ownership did determine improving corporate performance. Managerial ownership, board of commissioner, and commissioner independent did not affect corporate.
Key words: corporate governance, managerial ownership, institutional ownership, board of commissioner, commissioner independent
INVESTMENT OPPORTUNITY, INSTITUTIONAL OWNERSHIP, CASH FLOW, COMPANY LIFE CYCLE TERHADAP
KEBIJAKAN DIVIDEN DAN RETURN SAHAM
Ni Luh Putu Wiagustini
Fakultas Ekonomi Universitas Udayana
Jl. P.B. Sudirman – Denpasar
Korespondensi dengan Penulis:
Ni Luh Putu Wiagustini: +Telp /Fax: +62 361 229 119
The objective of this research was to examine and to analyze the influences of investment opportunity, cash flow, company institutional ownership, and company life cycle stages to dividend policy; and the influences of dividend policy to investment opportunity, cash flow, institutional ownership, and company life cycle stages to share return. The samples used in this research were manufacturing companies registered at Indonesia Stock Exchange (ISX), who paid dividend regularly within the period of 2003 – 2006. Path Analysis was used as technical analysis in this research. The research result indicated that, the investment opportunity negatively influenced the dividend policy, while the cash flow did not influence the dividend policy determination; ownership structure did not influence dividend policy determination; the company life cycle stages influenced the dividend policy determination; dividend policy determination influenced company share return; investment opportunity did not directly influence to share return; the cash flow negatively influenced to share return; company institutional ownership negatively influenced the company share return; and company life cycle stages negatively influenced the company share return.
Key words: investment opportunity, company institutional ownership, free cash flow, company life cycle stages
CORPORATE GOVERNANCE TERHADAP PERINGKAT SUKUK KORPORASI DI INDONESIA
ABFI Institute Perbanas Jakarta
Jl. Perbanas, Karet Kuningan, Setia Budi – Jakarta, 12940
Telp. +62 21 525 2533
This study aims to estimate the influence of corporate governance mechanisms that are implemented through institutional ownership, independent commissioners, audit committees, managerial ownership, blockholder and the number of ratings of corporate sukuk in Indonesia during the 2007-2009 periods. This study uses multinomial logistic regression models because there are three categories of sukuk ratings, namely: AA, A, and BBB for 33 sample firms that issued sukuk in the Indonesia. The results of empirical studies have found that the audit committee and the number of blockholder as an indicator of corporate governance mechanisms affect the ranking of corporate sukuk significantly. To be able to increase the ranking of the sukuk is the study recommends that the existence of audit committees and the blockholder must be a serious concern for companies that issue a sukuk in improving the ranking of the sukuk issuance
Key words: sukuk, rating, corporate governance, multinational logistic
GOOD CORPORATE GOVERNANCE TERHADAP PENGUNGKAPAN SOSIAL DAN KINERJA OPERASI PERUSAHAAN DALAM
Jurusan Akuntansi Fakultas Ekonomi Universitas Negeri Malang
Jl. Semarang 5 Malang, 65145
Telp. +62 341 551312; Fax. +62 341 551 921
There were many controversion arguments about the implementation of corporate social responsibility (CSR) in the company rule no 40, 2007. Moreover, in June 8, 2009, BEI and KEHATI Foundation published Index of SRI-KEHATI. It consisted 25 of the best shares’ companies that had applied CSR. It was one of implementations of GCG. Based on those reasons, there were three aims of this research. First, this research tested the significant influence of GCG to the level of CSR disclosure. Second, this paper examined the significant effect of GCG to the operational performance (ROA). The last aim was that the significant impact of GCG to the operational performance (ROA) by CSR. In this research,the proxy of GCG was the independent board of directors and institutional ownership. Respondents participating in this research were companies in Index of SRI-KEHATI. This research used purposive sampling method with 16 samples. Analysis used path analysis to examine three hypotheses. There were three result of this research. First, GCG did not have significant influence to the level of CSR disclosure. Second, GCG did not have significant influence to the operational performance (ROA). Third, GCG had significant influence to the ROA by CSR.
Key words: corporate social responsibilities disclosure, operational performance, independent boards of directors, institutional ownership
FAKTOR-FAKTOR YANG MEMPENGARUHI
DIVIDEND PAYOUT RATIO PADA PERUSAHAAN JASA KEUANGAN
Januar Eko Prasetio
Jurusan Akuntansi Fakultas Ekonomi UPN “Veteran” Yogyakarta
Jl. SWK 104 (Ringroad Utara) Condongcatur – Yogyakarta, 55282
Telp. +62 274 486 733 Ext.222
The objective of this research was to analyze what factors influencing dividend payout ratio at the Indonesian Stock Exchange (ISE). The method used in this research was the survey method. This research was conducted at the ISE using 82 emissaries as the sample based on purposive sampling. The first and second hypothesis was analyzed using multiple regression. The result of the first hypothesis analysis showed profitability, liquidity, debt policy, institutional ownership, growth, and firm size simultaneously influential to dividend payout ratio. The second hypothesis analysis showed that only growth influencing dividend payout ratio.
Key words: dividend payout ratio, profitability, liquidity, debt policy, institutional ownership, growth, firm size