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Friday, November 26, 2010

Pemilihan Prediktor Delisting Terbaik - Zmijewski, Altman, and Springate Model

Pemilihan Prediktor Delisting Terbaik
(Perbandingan Antara The Zmijewski Model, The Altman Model, Dan The Springate Model)


ABSTRACT
This research objective is to know the best delisting predictor in IDX. There are three famous bankruptcy predictors The Zmijewski Model, The Altman Model, and The Springate Model. This research uses these three models to predict delisting. This research took IDX delisting data for 2003 – 2007 except banks. To have a good comparison, this research took randomly same number of non delisting companies which are in the same category. This research use logistic regression of Microsoft Excel. This research found that The Zmijewski Model could not predict delisting. Both of The Altman Model and The Springate Model could predict delisting moderately. The Altman Model is the best delisting predictor.

Keyword: Delisting, The Zmijewski Model, The Altman Model, The Springate Model.

LATAR BELAKANG PENELITIAN
Going concern assumption used in a business entity in business. With a going concern, an entity is considered able to maintain its business in the long run and not be liquidated in the short term.

Going concern assumption used in financial reporting as long as not proven the existence of information that shows the opposite case (contrary information). Usually the information that significantly considered contrary to the assumption of the survival of the business unit is related to the inability of the business unit in meeting the obligations on the due date without making a sale of most assets to outside parties through regular business, restructuring debt, improving operations and activities imposed from outside Another similar (PSA No. 30).

In general, companies that go public exploit the existence of capital markets as a means to obtain alternative sources of funding or financing. The existence of capital markets can be used as a tool to reflect the company's performance and financial condition. The market will respond positively by increasing the company's stock price if the financial condition and performance of good company. Investors and creditors prior to invest their funds in a company will always see in advance the company's financial condition. Therefore, analysis and predictions on a company's financial condition is very important (Atmini, 2005).


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Jurnal Simposium Nasional Akuntasi XI (SNA 11)
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Event Study: Pengumuman Laba Terhadap Reaksi Pasar Modal

Event Study: Pengumuman Laba Terhadap Reaksi Pasar Modal
(Study Empiris, Bursa Efek Indonesia 2004-2006)

Binsar I. K. Telaumbanua,* dan Sumiyana
Universitas Gadjah Mada

ABSTRACT

This paper examines the investor reaction to earnings announcement around event period of earnings announcements date. This paper divide into two categories, First, the positive-earning announcement include increasing of earning per share (EPS) and second, the negative-earning announcements consist of decreasing of Earning Per Share (EPS). The examination of content and efficient market hypothesis used Event Study. We propose one hypotheses as positif-earnings announcement and negative-earnings announcement correlate to reaction of stock Price in IDX. Dependent variable is stock return and independent variable is market return. The sample are the 29 companies from LQ 45 that release the annual earnings of year 2004-2006. The earnings announcements date is taken from Indonesian Securities Supervisory Agency (Bapepam). Statistical test with standard error of estimate (SEE) was used to test the significance of abnormal return during event periods of earnings announcements.
The results show that investor responds significantly to the positive and negative earnings announcement at the announcement dates. And also, earning announcement seen give information contents to capital market. Finally, the empirical result is contrary the finding of Ball and Brown (1968), Foster (1977), and Hayn (1995). However, this evidence supports the Lako’s studies (2002a, 2002c).

Keywords: event study, reaction of stock price, market efficient, positive-earning announcement, negative earnings announcements, good news and bad news
_____________
*) adalah lulusan Fakultas Ekonomika & Bisnis, Universitas Gadjah Mada

1. PENDAHULUAN
The capital market is one part of the financial markets functioning economy and finance functions (Husnan, 1994). Capital markets in the economic function is to allocate funds efficiently from parties who have the funds to the party in need of funds, while the finance function can be demonstrated by the acquisition of reward for those who provide funding in accordance with the investment characteristics of their choosing. Capital market to be one option for investors in the funds they have. In this case the information is something very important, because an investor before investing their funds in capital markets by buying shares traded she must understand and believe that all the information available and the mechanism of trade in the stock market can be trusted, no one party had manipulated the information and trade.

The success of an enterprise viewed from the value of the company. At companies that go public, the value of the company viewed its stock price. Stock prices reflect the value of the company when the stock market in an efficient state. Efficient markets can show that stock prices reflect the full (fully Reflect) the available information, this information may include the company's annual report, the distribution of dividends, stock splits, stock market analysts' reports, and so forth. Efficient capital market makes share prices tend to be fair and truly reflect the value of stocks (companies) in question until there are no stock prices are overvalued or undervalued. If true stock prices in the capital market in Indonesia overvalued or undervalued means of capital market in Indonesia is not yet efficient, in addition to an efficient capital market where all relevant information received by investors and the information was already predicted in the stock.
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Jurnal Simposium Nasional Akuntasi XI (SNA 11)
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Thursday, November 25, 2010

Pengujian Empiris Market Timing Theory Of Capital Structure Di BEJ Dengan Kasus IPO Emiten

Pengujian Empiris Market Timing Theory Of Capital Structure Di BEJ Dengan Kasus IPO Emiten (Non Keuangan) 2000-2001

Abstract

Capital structure theory has developed tremendously. Corporations now consider not only the internal factors but also the external factors. Asymmetric information with the pecking order hypothesis and static trade-off theory have not been able to explain some market phenomena. Some corporations have taken into account the current stock price as the main determinant in choosing debt or equity securities. This market timing theory was inititated by Baker and Wurgler (2002). The essence of this theory is corporations will prefer debt securities when the stock price is low and equity securities when the stock price is high.

The objective of this study is to confirm the research by Kusumawati and Danny (2002) on the market timing hypothesis using GLS, which is consistent with the findings of Baker and Wurgler (2002) using OLS model. The findings of our research is that marketing theory with the market leverage as the main proxy of capital structure, have been negatively related to market book ratio.

Key Words: Capital Structure; Market Timing Theory; Market To Book Ratio, Market Leverage

PENDAHULUAN

A. Latar Belakang
Management generally does not know when the optimal capital structure especially investors in the capital market. The issue becomes complex when management must decide the determinant factor "when" optimal capital structure. So the argument is no longer as Shyam-Sunders & Myers (1999) ie, how many servings of leverage so that optimality is reached. Theory - the traditional capital structure theories such as pecking order theory (POT) and Static Trade-Off Theory (STT) has not been satisfactory financial managers in determining the best capital structure policy. Instead they compete with each other in determining the best proxy determinant factor [see Shyam-study Sunders & Myers (1999) and Frank & Goyale (2003)].

The emergence of Market Timing Theory (MTT) from Barker & Wurgler (2002) is expected to provide "answers", but will not be as easy as imagined. Proxy MTT in general is the market to book ratio that is at the IPO cases. Many academics as quoted Huang & Ritter (2005) criticized this proxy for the general market to book ratio is a proxy of investment decisions, namely under-valued or over-valued its a stock. Barker & Wurgler (2002) claimed market timing is "the cumulative outcome of past attempts to time the equity market." Two assumptions used are: 1. Asymmetric information occurs varies in the capital market, rational management are reluctant to make adjustment to target leverage. 2. Management believes can do the "timing" of the equity market. And claims of Barker & Wurgler (2002) was successfully diderivasikan in empirical models. 

Jurnal Simposium Nasional Akuntasi XI (SNA 11)
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Ekspropriasi Pemegang Saham Minoritas Dalam Struktur Kepemilikan Ultimat

Ekspropriasi Pemegang Saham Minoritas Dalam Struktur Kepemilikan Ultimat
DR. Baldric Siregar, M.B.A., Ak.


ABSTRACT

Large shareholders establish control over a firm through pyramid structure and cross-holding among firms. Those types of ownership structure create divergence between cash flow rights and control rights. Large shareholders may have control over a firm despite little cash flow rights. This study investigates the effects of cash flow right and control right separation on firm value of Indonesian companies listed on the Indonesia Stock Exchange for the period of 2000 to 2004. I use cut-off point of 10 percent control rights to test those effects. The results show that cash flow rights have positive effect on firm value. When using higher cut-off points, cash flow right leverage has negative effect on firm value. For cut-off point up to 50 percent, however, control rights have no significant effect on firm value. I further test that the cash flow right leverage might depend on the controlling shareholders’ participation in firm management and the presence of the second controlling shareholder. The evidence shows that the coefficients on both interactions are insignificant.

Keywords: cash flow rights, control rights, cash flow right leverage, pyramiding, cross-holding, immediate ownership, ultimate ownership, expropriation, firm value.


1. PENDAHULUAN
The concentration of ownership can be identified either by ownership imediat well with ultimate ownership. Imediat ownership, which has been most commonly used, has a weakness in assessing the patterns of corporate ownership because the chain of ownership is not tracked until the final possession. La Porta et al. (1999) introduced a new concept in tracing the ownership of public companies named ultimate ownership. With the ultimate ownership, chain ownership, controlling shareholders, separation of cash flow rights and control rights, and the mechanism for increased control in the company can be identified.

The phenomenon of separation of cash flow rights and control rights emerged as the controlling shareholder of a company can control either directly or indirectly through other companies. In concentrated ownership is determined based on the concept of ultimate, the concentration of ownership can be a concentration of cash flow rights and control rights concentration. Both these concentrations can vary due to the mechanism of increased control by the controlling shareholder. This research aims to verify the phenomenon of separation of cash flow rights and control rights over the possibility of expropriation by the controlling shareholder to another shareholder test the effect of separation on the value of the company.

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Jurnal Simposium Nasional Akuntasi XI (SNA 11)
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Penilaian Keputusan Investigasi Varian: Efek Outcomes Dan Framing

PENILAIAN KEPUTUSAN INVESTIGASI VARIAN:
EFEK OUTCOMES DAN FRAMING

JESICA HANDOKO
Unika Widya Mandala Surabaya

Abstract
Performance appraisal involves the judgmental evaluation of jobholder’s traits, behavior, or accomplishments as a basis of making important personnel decisions and development plans. Performance appraisal should be made by performance appraiser on the basis of valid and reliable evidence, including when he/she evaluates his/her subordinate (a decision maker) who made variance investigation decision. It predict: (1) Outcome bias will have an impact on the perceived benefit of the investigation, (2) Investigation expenditures matched with perceived benefit are framed as costs while those without perceived benefit are framed as losses, and (3) evaluators with a cost frame provide higher performance ratings than those with a loss frame.
A 2 x 2 between-subjects laboratory experiment design, with one hundred and ninety one Cost Accounting students demonstrates that outcome effect affect performance appraisal significantly (p-value = 0,023). When managers did not investigate cost variance, they were evaluated more unfavorably when investigation revealed problems in the system. Further, the investigation outcome affect the perceived benefit of the investigation significantly (p-value < 0,05), expenditures with perceived benefit are framed as costs while those without perceived benefit are framed as losses. Thus, paying premium frame in this research conclude moderately significant framing effect on higher performance.

Keywords: Variance investigation, Outcomes, dan Framing.

PENDAHULUAN

The performance evaluation (performance appraisal) involve judgmental evaluation of the character, behavior, or achievement of the workers who subsequently became the basis for making decisions and personal development plan (Kreitner and Kinicki, 2000). Data for performance assessment can then be used to: (1) administrative salaries, (2) performance feedback, (3) identification of weaknesses and strengths of individuals, (4) documentation of individual decisions, (5) recognition of individual performance, (6) identification poor performance, (7) assistance in the identification of objectives, (8) promotion decisions, (9) retention or dismissal of employees, and (10) evaluation of achievement of goals. Because of the extent of the benefits of performance appraisal data, the performance appraisal judgments to be made based on valid and reliable evidence.

Knowingly or not, there are various biases that affect judgments of the assessors of performance. Research now discuss the effects of bias caused by the outcome (outcome bias). Outcome or ex post information is the end result of a series of activities that may not be associated with ex ante information because the outcome can not be controlled by the decision maker (DM). Outcome bias arises when the evaluator assessment is influenced by knowledge of the outcome (Hawkins and Hastie, 1990 in Ghosh, 2005). If the outcome is positive, the appraisal of performance (upper management) tend to evaluate their subordinates (DM) is more positive than actual feasibility assessment based on ex ante information. Conversely, if a negative outcome, the performance appraisal tends to evaluate his subordinates in a more negative.

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Simposium Nasional Akuntansi 11
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Pengaruh Skema Bonus Direksi terhadap Aktivitas Manajemen Laba

Pengaruh Skema Bonus Direksi terhadap Aktivitas Manajemen Laba
(Studi Empiris pada Badan Usaha Milik Negara)
Periode Tahun 2003 - 2006

Abstract

Bonus scheme for board of directors of state-owned enterprises use components related to earnings number as basis to compute bonus. Hence, this scheme could motivate management to engage in earnings management activity to maximize their bonus.

The purpose of this research is to investigate the effect of director’s bonus scheme in state-owned enterprises on earnings management. Our samples consist of 326 firm-years state-owned enterprises during year 2003-2006.

Our results show that overall there is positive and significant effect of bonus scheme on earnings management. This result indicates that directors engage in earnings management activity to increase their bonus.

Keywords: bonus, earnings management, state-owned enterprises

1.Latar Belakang
The existence of State-Owned Enterprises (SOEs) is almost always the public spotlight. SOE performance is often judged insufficient characterized by the low level of profitability compared with the amount of capital invested. Limited resources and lack of professional management as the manager of the company is often blamed as the cause of poor performance of SOEs.

As one effort to raise professionalism and motivate SOE management to improve corporate performance, it is necessary to the adjustment of remuneration management of SOEs with the prevailing professional remuneration in the market. To that end, in 2002 established new guidelines for remuneration for Directors and Commissioners SOEs include the calculation of salaries, facilities, retirement benefits, and bonuses (bonuses) that the calculation is based largely on the size of the company's financial performance, especially earnings.

Of the four types of remuneration provided to Directors SOEs, the bonuses (bonuses) are the most interesting to discuss. First, the bonus given to the Board of Directors "every year" if the company booked a "profit". Second, unlike the third calculations other types of remuneration, bonus calculation component is not solely dependent on the financial performance of the respective companies but also on last year's performance and budget targets (budget) of the company. The use of performance measures, performance standards and the structure of the relationship between pay and performance bonuses in the bonus scheme, bonus scheme makes a very firm-specific and implications are also becoming more complex.

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Simposium Nasional Akuntansi 11
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Sistem Kontrol Dan Kinerja: Pendekatan Interaksi Dan Sistem Untuk Riset Kontinjensi Dalam Akuntansi Manajemen

Sistem Kontrol Dan Kinerja: Pendekatan Interaksi Dan Sistem Untuk Riset Kontinjensi Dalam Akuntansi Manajemen

ABSTRACT

The research was done to investigate the influence of control systems on firms’ performance, which involved perceived environment uncertainty (PEU). Using interaction and system approach, which use to test of fit between contextual and organizational variables, tested the hypothesis. Therefore, this research has theoretical and methodological meanings.

The data was collected from managers of Bank Perkreditan Rakyat (BPR), where the Branch of Indonesian Central Bank at Semarang has supervised them. There are 97 samples was collected by using mail survey and was chosen by purposive random sampling. The variables include PEU, control systems and financial performances. According to early literature, the control systems were categorized into operational control systems, management control systems and strategic planning, while financial performance was measured by ROA.

The result indicates that control systems affected to financial performance, which involved PEU and using system approach. Any way, based on this research, the system approach is better than interaction approach.


Key Word: Control Systems, Perceived Environment Uncertainty, Interaction Approach, System Approach, Fit, Performance.


1. PENDAHULUAN
The control system is an important area in the company. The control system is defined as all procedures and formal systems that use information to maintain or alter patterns of organizational activity (Simons, 1987). Control systems associated with goal achievement as measured strategy of organizational performance (Anthony and Vijay G., 1998).

Previous research showed that the implementation of effective organizational control system will provide a significant impact on performance improvement. However, the relationship is not directly so, but there are contextual factors (eg environmental uncertainty (perceived environtmental uncertainty (PEU)) which exist in the relationship between control systems with the organization's performance (VK Chong, 1996). The argument that supports such a proposition is the existence the fact that the environment is an important contextual factors that have a strong impact on firm performance. Furthermore, in terms of contingencies stated that organizational effectiveness is a function of fit (fitness) between organizational structure and environment in which these organizations operate (Duncan and Ken Moores, 1989).

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Simposium Nasional Akuntansi 11
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Determinan Implementasi Sistem Akuntansi Manajemen Inovatif

Determinan Implementasi Sistem Akuntansi Manajemen Inovatif :
Studi Empiris Pada Perusahaan Manufaktur di Indonesia


Yudhi Herliansyah
Nurlis
Universitas Mercubuana Jakarta
Meifida Ilyas
Universitas Satya Negara Indonesia Jakarta

Accounting innovations are often not successfully implemented or diffused throughout the organization. This study seeks to explain this phenomenon. One of the major impediments to the successful implementation of accounting innovation is that management accounting systems are generally used to serve the decision control needs of top management while at the same time purportedly supporting the decision management needs of lower level managers. To the extent that the accounting system is used for decision control, innovation creates the potential for wealth effects to occur. This prompts managers, whose wealth will be negatively affected, to resist accounting innovation. We present conditions where it is likely for negative wealth effects to occur. Under these conditions the system will fail to achieve its intended objectives. Our theoretical model examines how decentralization choices influence resistance to accounting innovation.

We argue that delegation of decision rights can limit the potential for resistance in two ways—(a) by creating the environment which allows managers to ensure that their subunits are able to adapt to the new signals provided by accounting innovations and (b) by enabling subunit managers to become involved in the design of these systems. Our model also enables us to assess the consequences on organizational outcomes when subunit managers resist accounting innovations. Based on data collected from production managers, our results demonstrate the importance of decentralization choices on the effective implementation of accounting innovations.

Key words: Adaptability; Change; Decentralization; Innovation; Management

Implementation of new management accounting system by top management believed would enhance the company's performance. In fact they are wrong, because a lot of evidence to suggest that innovative management accounting does not improve corporate performance (Kaplan, 1986; Brun, 1987; Innes and Mitchell, 1991; Cooper et al, 1992; Scapen and Roberts, 1993; Scapens and Burn, 2000; Abernethy and Lilis, 2001; Cavalluzzo and Ittner, 2004). Their study tries to prove the reason of such failure, but a lot of research focuses on organizational-level issues related to the implementation of innovative management accounting system. For example, empirical research that examined why corporate strategy, policies, training and internal management structure affect the successful implementation and diffusion of management accounting systems (Shields, 1995; Gosselin, 1997; McGowan and Klammer, 1997; Krumwiede, 1998).

Yet very little research directed at understanding user attitudes innovative management accounting systems and factors influencing those attitudes. Jermias (2001) using cognitive dissonance theory to investigate the resistance to the accounting system. Cavallazo and Ittner (2004) also examined the factors that affect approval (acceptancy) performance measurement system. This research examines why management accounting system design choices affect the production manager attitudes towards innovative management accounting system.

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Simposium Nasional Akuntansi 11
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Analisis Fairness dan Incentive Contracting

Analisis Fairness dan Incentive Contracting
Pada Kinerja Berbasis Anggaran:
Pengujian Eksperimen Atas Referent Cognition Theory

Oleh
Yusnaini, SE., MSi.
Universitas IBA Palembang

Abstract

Based on referent cognition theory, this study examines the effects of fairness and incentive on individual performance in a nonparticipative budgeting setting. An experimental design 2x2 between subject was conducted. Participants are as many as 88 student of accounting program. Two way anova analysis is used to investigate hypothesis.
The result show as predicted by referent cognition theory. Performance was lowest when an unfair budget target assigned using an unfair budgeting process. When the budget target assigned was fair, the fairness or unfairness of the budgeting process had no effect on performance. When an unfair budget target was determined using a fair budgeting process, performance was not significantly different from performance of the subjects assigned fair budget targets.

Keywords: fairness; referent cognitions; budgeting, incentive contracting.


PENDAHULUAN

A decentralized organization often make the budget as one of the divisional manager of performance measurement. In this case, the budget serves to motivate and evaluate the performance of division managers (Merchan 1998). Budget could be motivational if linked to organizational performance evaluation and compensation systems (Hopwood 1972). Achievement of budget targets in both the time and a predetermined quantity is a form of achievement that should be given awards.

Every organization expects a predetermined budget can be achieved. But the determination of budget targets and the establishment are two important factors to be considered. In general, one would compare the budgets imposed on him by another party equivalent. This raises the perception of justice on the target and its determination process. Thus the perception of fairness is a driver to perform well. Individual perceptions of fairness or justice in both the target and the process is a motivation for individuals to achieve a predetermined budget (Libby 1999; Wetzel 1999; Lindquist 1995). One theory about the fairness test is a theory of referent cognitions. According to referent cognitions theory, the interaction between the fairness of the budget target, and fairness in the process of determining the budget target is a mix that can lead to motivation in achieving the budget.

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Simposium Nasional Akuntansi 11
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Wednesday, November 24, 2010

Pengujian Efek Pembingkaian Sebagai Determinan Eskalasi Komitmen Dalam Keputusan Investasi : Dampak Dari Pengalaman Kerja

Pengujian Efek Pembingkaian Sebagai Determinan Eskalasi Komitmen Dalam Keputusan Investasi : Dampak Dari Pengalaman Kerja



ABSTRACT

Prior studies have shown that the framing effect is one of determinant in explaining decisions to escalate commitment to failing projects. Such studies, however, have not considered whether experience moderates the framing effect on escalation of commitment. This study reports the results of an experiment in which the effect of decision frame of investment performance with negative feedback informatian on judgment to continue project of experienced subjects is compared to inexperienced subjects. Forty six Indonesian experienced managers and forty seven accounting students participated in this experiment. Two conditions based on prospect theory (negative framing and positive framing) manipulated, and two conditions of business experience, crossed between subjects. The experiment reaffirms that decision frame does not have effect on judgment of experienced subject but those frame indeed have effect on judgment to continue project of inexperienced subjects. This result suggest that framing effect as drawn from prospect theory is one of explanatory power of escalation of commitment, but it can not generalized to real-world business settings.


Key words: escalation of commitment, framing effect, prospect theory, experience

Pendahuluan

Rational decision making, based on economic theory, assume that corporate managers seeking to maximize corporate profits. Managers should invest in projects that provide the greatest benefits for the company and periodically assess the economic performance of the projects. They should continue projects that benefit and to avoid losses, managers have to stop projects that are not profitable. In making these considerations managers should ignore the sunk cost that has occurred.

However, empirical evidence has been obtained shows that managers who initiate a project that became unprofitable even more inclined to continue the project rather than managers who did not start the project (Staw, 1976, 1981). The behavior of decision makers is often referred to as escalation of commitment. Escalation of commitment refers to the tendency by the decision makers to persist or escalate commitment to a failing course of action (Brockner, 1992). Bazerman (1994) defines escalation as an irrational (nonrational Escalation of commitment) is the degree to which individuals escalating commitment to specific actions performed prior to a single point through a rational decision making model. Individuals or managers generally have difficulty in separating the decisions taken previously by the decision relating to the future. As a consequence, individuals will tend to bias the decision because of the actions in the past and have a tendency to escalate commitment, especially when receiving negative feedback (Bazerman, 1994).

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Simposium Nasional Akuntansi 11
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The Effect of Cognitive Style and Sponsorship Bias on the Treatment of Opportunity Costs in Resources Allocation Decisions

The Effect of Cognitive Style and Sponsorship Bias on the
Treatment of Opportunity Costs in Resources Allocation Decisions

H. Alfian
(Fakultas Ekonomi Universitas Lambung Mangkurat, Banjarmasin)

Abstract

The current research seeks to identify factors that may potentially influence the way managers respond to opportunity costs when relevant data are not explicitly provided. Identification of such factors should enhance our understanding of why some managers respond to opportunity costs in ways that may be inconsistent with normative economic theory. This information could then be used to identify those situations in which structural and procedural precautions are necessary to correct limitations and biases in human information processing and so ensure the correct treatment of opportunity costs.

Disability of individual processes of perception dimension of Jungs’ typology on research of Chenhall & Morris (1991) to explain difference of managers’ way to making decision, lead us to research questions are: first, which cognitive style combination have a proclivity to incorporate implicit opportunity costs in their economic analysis? Second, used of two dimensions of cognitive style, will project sponsorship encourage managers to ignore negative economic signals derived from opportunity costs that are nevertheless relevant to the resource allocation decision?

A laboratory experiment with 2x4 factorial designs was used to investigating the effect of cognitive style on the managers’ decision of opportunity costs in situation of absence sponsorship or not. The results indicated that intuitive managers tended to incorporate opportunity costs in their decisions whereas sensation individuals appeared to focus more on the directness of the relationship between expenditure and a project to determine the relevance of the cost. Opportunity cost implications tended not to be identified by the sensation group. Evidence was found that sponsorship moderated the influence of cognitive style on decision to include opportunity costs.


Keywords: Cognitive style, sponsorship bias, and opportunity cost


1. INTRODUCTION

The incorporation of opportunity costs into resources allocation decisions is stressed in normative approaches to both management accounting (Horngren & Foster, 1987) and capital budgeting (Brealy & Myers, 1984). However, empirical evidence on the way managers respond to opportunity costs has revealed a variety of behaviours. Some studies have demonstrated that managers do include opportunity costs (Neumann & Friedman, 1978; Friedman & Neumann, 1980), while others have questioned whether decision makers correctly include the concept in their resources allocation decisions (Becker et al., 1974; Buzzell & Chussil, 1985; Northcraft & Wolf, 1984; Kaplan, 1986). Several studies have demonstrated that decision makers tend to include opportunity cost data only when explicitly provided (Friedman & Neumann, 1980; Northcraft & Neale, 1986). However, research on decision making in organizations indicates that managers frequently lack knowledge about alternatives (March, 1987). Typically, managers do not have explicit and relevant information on a well-defined set of alternatives. March (1987) refers to the identification of alternatives as the main uncertainty facing managers in the decision making process. Chenhall & Morris (1991) examined how managers treat opportunity costs in the common decision situation where explicit information on these costs is lacking. Chenhall & Morris (1991) argued that decision makers’ cognitive style , and the existence of project sponsorship, will influence their response to opportunity costs in situations in which the relevant information is implicit. 

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Simposium Nasional Akuntansi 11
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What Determines Internal Control Weakness? An Empirical Analysis Of State-Owned Enterprises Audited By State Audit Agency

What Determines Internal Control Weakness?
An Empirical Analysis Of State-Owned Enterprises
Audited By State Audit Agency


Abstract

A material weakness in internal control is defined as a significant deficiency, or combination of significant deficiencies, that result in more than a remote likelihood that a material misstatement of the annual or interim financial statement will not be prevented or detected. Section 404 of the Sarbanes-Oxley Act (Management Assessment of Internal Controls) stipulates that management of publicly listed firms has to evaluate the effectiveness of their internal controls over financial reporting and disclose the identified material weakness. Numerous articles aim to find empirical evidence of factors influencing weakness of internal control. 

In Indonesia, publicly listed firms are yet obliged to disclose their material weakness of internal control. However, BPK (as the state audit agency) report the material weakness of internal control over entities’ financial reporting in their audit report of state-owned enterprises (SOE or BUMN). The report enables us to empirically analyze influencing factors of internal control weakness over BUMN financial reporting. 

There are four independent variables to be hypothesized to influence internal control weakness (WEAK): profitability (PROFIT), firm size (SIZE), growth rate (GROWTH), and the presence of complex transaction (COMPTRANS). Additionally, we also employ one control variable (FORM or legal form of SOE: Persero or non-Persero).

Empirical results show that without control variables, only SIZE is significantly associated with WEAK (for univariate and multivariate analysis). However, the direction of effect of SIZE on WEAK (positive) is contradictory with the hypothesized direction (negative). After including control variables, the power of regression equation is slightly increasing. However, still only SIZE significantly affect WEAK with contradictory direction.

Keywords : Internal control, Internals control weakness, state-owned enterprises (SOE)

1. INTRODUCTION
Enron’s accounting scandal (revenue mark-up and hiding liability with the use of off balance sheeet financing) has captured US public attenttion. The fraud eroded investors’ trust to invest in US public firms. This condition leads to the issuance of The Sarbanes-Oxley Act in 2002 to restore public confidence. This act was initiated by Senator Paul Sarbanes (Maryland) dan Representative Michael Oxley (Ohio), and has been ratified by President George W. Bush on July 30 2002. This act was the response of US Conggress on numerous accounting scandals performed by some US big firms which also involves “the big five” accounting firms, such as Arthur Andersen, KPMG, and PWC. 

The Sarbanes-Oxley Act (SOX) stipulates publicly listed firms to report their internal control in their financial reporting in order to increase investor confidence, quality of accounting information and corporate governance. At Section 404 (on Management Assessment of Internal Controls), it is asserted that report of company’s internal control should include the responsibility of management to produce and maintain the adequacy of evidence of internal control structure and procedure over financial reporting. Besides, end-of-period assessment should include the effectiveness of internal control structure ( control environment, accounting systems, and control procedure) in financial reporting. Consequently, external auditors are expected to not only audit financial statements (as usually practiced), but also provide assessment on clients’ internal control over financial reporting and management’s performance. 
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Simposium Nasional Akuntansi 11
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IMPLEMENTATION OF REFINED HYPERVIEW OF LEARNING (rHOL) ON MANAGEMENT ACCOUNTING LEARNING PROCESS

IMPLEMENTATION OF REFINED HYPERVIEW OF LEARNING (rHOL) ON MANAGEMENT ACCOUNTING LEARNING PROCESS (AN ETHNOGRAPHIC STUDY)

Ari Kamayanti Aji Dedi Mulawarman 

Abstract

The purpose of this paper is to describe the implementation of Love Based Accounting Education (LBAE) through refined Hyperview of Learning (rHOL) as the core of humanity learning process. The essence of rHOL is purification process. The result described its impacts on learning process to suit faith towards God to free accounting education from secularism and corporate hegemony. The implications on accounting students’ learning conceptions on three management accounting topics: ABC, TQM and BSC, that are definitely secular and support corporate hegemony, were portrayed by extending ethnography by phenomenology. This method is named exetnography. The presence of secularism and corporate hegemony cause the disregard for local values and local needs respectively. The role of educator has become an important factor in implementing rHOL since he/she must trigger and maintain the purification process throughout the learning process. The results were astonishing since there were shifts of students’ consciousness in three varying degrees (verstehen, critical, reconstruction/deconstruction). Both educator and students were enlightened since renewed consciousness to return to local values and local needs emerged as a result of rHOL implementation. 

Keywords: LBAE, rHOL, Purification, ABC, TQM, BSC, Ethnography, Phenomenology, Exethnography

Simposium Nasional Akuntansi 11
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Tuesday, November 23, 2010

PENGUJIAN SIMULTAN : BEBERAPA FAKTOR YANG MEMPENGARUHI EARNING RESPONSE COEFFICIENT

PENGUJIAN SIMULTAN : BEBERAPA FAKTOR YANG MEMPENGARUHI EARNING RESPONSE COEFFICIENT (ERC)*

Etty Murwaningsari
Fakultas Ekonomi Universitas Trisakti

Abstract

The objective of this research are to identify the direct and indirect influences of leverage, disclosure, size, timeliness, persistence and growth to the firm’s Earning Response Coefficient (ERC).

This research examine 60 manufacturing companies listed in Jakarta Stock Exchange and issues audited financial statement since 2003-2006. The statistical methods used to test the hypothesis is Structural Equation Model (SEM).

The empirical result of this research indicates that leverage has negative influence to ERC. Test results suggest that by using the direct path analysis, both disclosure and timeliness have positive significant influences to ERC, while both leverage and firm’s size have negative significant influences to ERC. The subsequent test indicates that leverage and size, each has non-significant influence to disclosure and timeliness, respectively. The control variable Auditor Reputation and Earning Growth have positive significant influence to disclosure and ERC respectively, Auditor’s Opinion has negative significant influence to timeliness, whereas Earning Persistence has non-significant influence to ERC. The last test (indirect path analysis) both leverage and size have no influences to ERC through disclosure and timeliness, respectively. Thus it can be concluded that neither disclosure nor timeliness constitutes an intervening variable.

Keywords: size, leverage, disclosure, timeliness, persistence, growth, auditor’s opinion, auditor’s reputation

PENDAHULUAN
A. Latar Belakang Masalah
Statement of Financial Accounting Concept (SFAC) No. 1 stated income benefits to assess management performance, to help estimate the ability of a representative profit in the long term, predicting earnings and assess risk in the investment or loan.

Information gain is one part of the financial statements are a lot of attention. The study by Beaver et al (1979) show that earnings have information content that is reflected in the stock price. While Lev and Zarowin (1999) using the ERC as an alternative to measure the value relevance of income information. The low ERC indicates that the profit is less informative for investors to make economic decisions.


(Simposium Nasional Akuntansi 11)
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PENGARUH CORPORATE SOCIAL RESPONSIBILITY TERHADAP NILAI PERUSAHAAN DENGAN PROSENTASE KEPEMILIKAN MANAJEMEN SEBAGAI VARIABEL MODERATING

PENGARUH CORPORATE SOCIAL RESPONSIBILITY TERHADAP
NILAI PERUSAHAAN DENGAN PROSENTASE KEPEMILIKAN MANAJEMEN
SEBAGAI VARIABEL MODERATING
(Studi Empiris Pada Perusahaan Yang Terdaftar di Bursa Efek Jakarta)


RIKA NURLELA

ISLAHUDDIN

Universitas Syiah Kuala


ABSTRACT

The aim of this research is to know: (1) The influence of Corporate Social Responsibility to firm value (2) The influence of Percentage of management ownership as the moderating variable in relations between Corporate Social Responsibility and firm value. The research sample is non-financial sector in 2005 by using method of purposive sampling. There are 41 company fulfilling criterion as this research sample. The methode analysis of this research used multiple regression analysis.

The result of study show that (1) Simultaneously the effect of Corporates Social Responsibility , percentage of management ownership and interaction between Corporate Social Responsibility and Percentage of management ownership on firm value was significant and .(2) Partially, only percentage of management ownership have an effect on significant to firm value, while other variables in this research have not an effect on significant to fim value.

Keyword: Corporate Social Responsibility, Management Ownership, Firm Value.


I. PENDAHULUAN
1.1. Latar Belakang Masalah
Corporate Social Responsibility (CSR), is a discourse that was prominent in the world of multinational companies. This discourse is used by companies in order to take the role of facing the economy toward the free market. The development of free markets that have shaped the world's economic ties with the formation of AFTA, APEC and others, have been encouraging companies from around the world to jointly carry out their activities in order to prosper the surrounding community.


Thinking that underlies Corporate Social Responsibility (CSR) is often considered the core of business ethics is that companies do not only have economic obligations and legal (meaning the shareholders of or shareholder) but also the obligations of other parties who interested parties (stakeholders) that reach beyond the obligations above. Social responsibility of companies between a company with all stakeholders, including the customer or customers, employees, communities, owners or investors, governments, suppliers and even competitors.

........

(Simposium Nasional Akuntansi 11)
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Association of Earnings Management before IPO and Stock’s Returns with Investors Sophistication as Moderating Variable

Hubungan Manajemen Laba Sebelum IPO dan Return Saham dengan Kecerdasan Investor sebagai Variabel Pemoderasi

Association of Earnings Management before IPO and Stock’s Returns with Investors Sophistication as Moderating Variable

Joni dan Jogiyanto H. M.


Abstract

The major purpose of this study is to investigate association between earnings management before Initial Public Offerings (IPO) and stock’s returns with investors sophistication as a moderating variable. Institutional ownership is used to proxy investors sophistication.

The JSX’s IPO companies from 1990 to 2002 were used as samples. The first sample was 75 companies which institutional ownership ≥ 40% and the second was 63 companies that institutional ownership ≥ 60%. Instrumental Variable Approach (Kang and Sivaramakrishnan, 1995) was used to detect earnings management.

This study provides an evidence that issuers report unusually high earnings management around IPO (two years before and five years after IPO). Issuers used mean reversing strategy in two years before IPO period (income decreasing) for preparing earnings management in the next period (income increasing). Furthermore, this study documented a negative association between earnings management and stock’s returns with investors sophistication as moderating variable. One interpretation of this finding is that high earnings management has substantial stock’s returns consequences when investors sophistication factor was taken into account. This finding is consistent with the prior research developed by Balsam et al., 2002.


Key words: IPO, Earnings Management, Instrumental Variable Approach,
Stock’s Returns, Investors Sophistication.


LATAR BELAKANG
Some studies find that firms manage earnings prior to the IPO. Friedlan (1994) found evidence that firms in the United States to increase accounting earnings period of one year before the IPO. Jain and Now (1994) states that there is reduction in the operational performance of the company after the IPO. The decline is showing indications of earnings management has occurred before the IPO. Teoh et al. (1998a) found that there are companies that behave aggressively (increase profits) and there are behaving conservatively when preparing financial statements of one period before the IPO.

Imam Sutanto (2000), Gumanti (2001), Syaiful (2002), and Raharjono (2005) finds that earnings management occurs ahead of an IPO on the Jakarta Stock Exchange (JSE). Gumanti (2001) and Syaiful (2002) concluded that management conduct of management earnings period of two years before the IPO and there was no indication of earnings management period of one year before the IPO. While Raharjono (2005) find that earnings management occurs in period one year before the IPO.

(Simposium Nasional Akuntansi 11)
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Perilaku Harga Pembukaan (Opening Price): Noise dan/atau Overreaction

Perilaku Harga Pembukaan (Opening Price): Noise dan/atau Overreaction
(Studi Empiris Berbasis Intraday Data, 2006)

S u m i y a n a (Universitas Gadjah Mada)
Hendrik Gamaliel (Universitas Samratulangi)

Abstract

This study extends Sumiyana (2007b) which concluded that noise over trading and nontrading period, along with overnight and lunch break nontrading session, and the first and second trading session, had occured. However, Sumiyana (2007b) is not clear what kind of prices are responsible for this noise and overreaction?
This study examines the opening price behavior responsibled for the noise and overreaction in the Indonesian Stock Exchange using intraday data in every 30 minutes interval. Samples of the data are the firms listed in LQ45. Sequentially, samples are filtered to stocks that actively traded in the Indonesian Stock Exchange based on trading frequency in observation period from January to December 2006. This research finds that noise and overreaction phenomena were always occurred in the opening price. In addition, investors actually corrected for the noise and overreaction come to pass at the first 30 minutes interval in every trading day session.

Keywords: opening price, noise, overreaction, 30 minutes interval



1. Pendahuluan
Opening price in each trading session is crucial because it provides a combination of opening prices of trading volume is concentrated. This is also supported by high uncertainty as a result of nontrading period (Madahavan & Panchapagesan, 2002). Prove the existence of phenomena that occur in valid ie the high return volatility in early trade (Ammihud & Mendelson, 1987; Stoll & Whaley, 1990). Ammihud & Mendelson (1987) argues that the price patterns that occur due to the difference in trading mechanism that was adopted (used) by the stock market in determining prices. Ammihud & Mendelson (1987) and Stoll & Whaley (1990) examine the trading mechanism hypothesis by comparing the variance of return on the opening price on the closing price return variances for stocks listed on the NYSE. NYSE trading mechanism adopted the second. Price is determined by the opening call market mechanism, while the closing price is determined by continuous method. As a result, these two studies found that the variance of returns during the period of open-to-open return variance is higher than during the period of close-to-close-and concluded that the results are consistent with the hypothesis that trading mechanism is used. This differs from the mechanism of trade in the Indonesia Stock Exchange (JSE) that the opening and closing prices are determined by the continuous method. That is, if the trading mechanism moving the volatility, there is no significant difference between the opening price variance with the closing price.

........

(Simposium Nasional Akuntansi 11)
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PENGARUH MODAL INTELEKTUAL TERHADAP KINERJA PERUSAHAAN

PENGARUH MODAL INTELEKTUAL TERHADAP KINERJA PERUSAHAAN

BENNY KURYANTO
Universitas Diponegoro Semarang

MUCHAMAD SYAFRUDDIN
Universitas Diponegoro Semarang

ABSTRACT

The objective of this study is to investigate influence of firm’s intellectual capital (IC) on their financial performance. This paper uses the Pulic Framework and data from 73 publicly listed companies between the years 2003 and 2005 on the Indonesia Stock Exchange except financial industry. This study uses partial least square (PLS) for data analysis. Three elements of IC and company performances are tested by this study.

The results show that IC and company performance are not positively related, IC is not correlated to future company performance, the rate of growth of a company’s IC is not positively related to the company’s performance and the contribution of IC to company performance differs by industry. The results help to embolden modern day managers to better harness and manage IC.

Keywords: Intellectual Capital, Performance, Partial Least Square (PLS)

I. Background
Globalization, technological innovation and business competition is tight in this century has forced companies to change their way of doing business. In order for the company continue to survive, companies must quickly change its strategy from a business that is based on labor (labor-based business) towards knowledge-based business (business based on knowledge), so the main characteristics of the company into a science-based company. Along with economic changes that characterized the knowledge-based economy with the implementation of knowledge management (knowledge management), the prosperity of a company will rely on a transformation of creation and capitalization of knowledge itself (Sawarjuwono, 2003)

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(Simposium Nasional Akuntansi 11)
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Pengaruh Risiko Perusahaan dan Leverage terhadap Relevansi Nilai Laba Akuntansi

Pengaruh Risiko Perusahaan dan Leverage terhadap Relevansi Nilai
Laba Akuntansi

ABSTRACT

The objective of this study is to examine the value relevance of accounting earnings in explaining stock price. The study is aimed to identify the factors that influence earnings response coefficient. The factors are risk and leverage. The results show that accounting earnings and book value of equity are positively associated with stock price. This results support the prior studies that accounting earnings and book value of equity have value relevance (Ohlson, 1995; Burgthaler and Dichev, 1997, etc). Accounting earnings and book value of equity are useful to explain stock price changes. The results of this study are consistent with previous studies that earnings response coefficient is smaller in the firms that have high risk (Collins dan Kothari, 1989; Easton dan Zmijewski, 1989; dan Barth et al, 1998), and the firms that have high leverage (Dhaliwal et al, 1991; Dhaliwal dan Reynold, 1994; dan Billings, 1999).

Keywords: earnings response coefficients, book value response coefficients, risk and leverage.

1.1. Background and Research Problem

The financial statements issued by a company must be able to reveal the true condition of the company, so that it benefits the general public. Useful information for decision making must be information that has relevance. One indicator that a relevant accounting information is a reaction by investors at the time of the publication of any information that can be observed from the movement of stock prices.

The focus of this research is testing the coefficient associated with accounting earnings information. This coefficient measures the response of stock price or market value of equity to the information contained in accounting earnings. Studies that examine the coefficient of earnings or the earnings response coefficient (ERC) found that the ERC varies in cross-section. The variation can be explained by several factors such as risk, growth, earnings persistence, and interest rates (eg Collins and Kothari, 1989; Easton and Zmijewski, 1989). The research is to discover the factors that affect earnings response coefficients.
.............

(Simposium Nasional Akuntansi 11)
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REALITAS REFERENSIAL LABA AKUNTANSI SEBAGAI REFLEKSI KANDUNGAN INFORMASI


REALITAS REFERENSIAL LABA AKUNTANSI SEBAGAI REFLEKSI KANDUNGAN INFORMASI
(Studi Interpretif-Kritis Pada Komunitas Akuntan dan Non-Akuntan)

AKHMAD RIDUWAN
Sekolah Tinggi Ilmu Ekonomi Indonesia (STIESIA) Surabaya

ABSTRACT

The main aim of the research is to understand the interpretation of accounting earnings by accountants and non-accountants, and its underlied accounting concepts. This research is motivated by the fact that accounting earnings is one of many simbols in the financial statements used to representing certain reality in the communication space. Equality of accounting earning interpretation in that communication space will determine the communication effectivity. Based on hermeneutics, or particularly named as an interpretive approach, the result of this research gives an understanding that accounting earnings are differently interpreted by accountants and non-accountants.

In the accountants’ interpretation frame, accounting earnings are the signifier of enterprises’ economic reality changes, should not signify by the net cash inflows in the reporting period. However, in the non-accountants’ interpretation frame, the reality represented by accounting earnings sign is not clear: is that an economic reality, financial reality, or accounting reality, so that usefulness of accounting earnings information in decision making is low. Analogically, in the perspective of non-accountants, accounting earnings are not differ with the reality reflected from the cracked mirror. Nevertheless, in the everyday accounting practice, non accountants still accepted and used the accounting earnings information calculated based on the accounting and financial reporting standards. Implications of this research are the rising of the needs for: (a) decomposite of accounting and financial reporting standards that useful to accomodate the ”habitus” difference between accountants and non-accountants; (b) eliminate the hegemony in accounting practice; and (c) reasking of the meaning of ”generally accepted accounting principles”.

Key-Words: Accounting Earnings, Refferential Reality, Information Contents, Interpretation, Communication, Hegemony, Decomposition.
Background of Research

Accounting is the language of the company's technical. Accounting is the text that became the media of communication of financial information between managers and parties outside the firm, when managers do not have the opportunity to communicate directly via Wi-way. Ray J. Chambers states that accounting is a written language that serves as a substitute for speech language, and argues that the communication aspect of the accountant-it should be the basis in the development of accounting theory (see Lee 1982, 152).

Chambers recognition that accounting is the technical language of the company, obtain the response and the positive support from the profession and accounting academics (eg Li 1972; Lusk 1973, Ijiri 1975; Heath 1987; Fiol 1989; Fischer and Stoken 2001; and Suwardjono 2005, 28). Ijiri (1975, 23) provided support by stating that in addition to closely related to the measurement problem, accounting also closely related to communication problems, so that no matter how effective the process measurements made in the accounting, the resulting information will be less useful if not communicated properly.

(Simposium Nasional Akuntansi 11)
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TINGKAT KONSERVATISME AKUNTANSI DI INDONESIA DAN HUBUNGANNYA DENGAN KARAKTERISTIK DEWAN SEBAGAI SALAH SATU MEKANISME CORPORATE GOVERNANCE

TINGKAT KONSERVATISME AKUNTANSI DI INDONESIA DAN HUBUNGANNYA DENGAN KARAKTERISTIK DEWAN SEBAGAI SALAH SATU MEKANISME CORPORATE GOVERNANCE

RATNA WARDHANI
Universitas Indonesia

ABSTRAKSI

The objective of this research is to investigate the effect of board characteristics as part of corporate governance to conservatism in financial reporting. This research uses two measurements of conservatism, accrual as accounting based measure and book to market ratio as market based measure. Boards characteristics examine in this research are independency of boards, managerial ownership, and existence of audit committee. The result show that the existence of audit committee has a significant positive effect to conservatism measured by accrual, board independency has a significant positive effect to conservatism measured by book to market ratio, and managerial ownership has a significant negative effect to conservatism measured by book to market ratio. By using two proxy of conservatism, this research gives inconclusive evidence on the effect of board characteristic to conservatism. In conclusion, the effect of board characteristic to conservatism in financial reporting depends on the proxies to measure conservatism.

Keywords: conservatism, accrual, book to market ratio, corporate governance, board characteristics, board independency, managerial ownership, and audit committee

1.1. Background
Generally accepted accounting principles (Generally Accepted Accounting Principles) provide for management flexibility in determining methods and accounting estimates that can be used. Flexibility will influence the behavior of managers in performing accounting and reporting financial transactions of the company. In a condition of doubt, a manager must apply the accounting principles that is conservatism.

Conservatism can be defined as a tendency which is owned by an accountant who require higher levels of verification to recognize a profit (good news in earnings) compared to acknowledge losses (bad news in earnings) (Basu, 1997). Traditionally, conservatism in accounting can be translated by the statement "does not anticipate a profit, but anticipate all losses" (Bliss, 1924 in Watts, 2003a). Conservatism in accounting implies the existence of the asymmetrical verification requirements between profit and loss recognition. Therefore, the higher the difference in the verification required for the recognition of gain versus loss recognition, the higher the level of accounting conservatism (Watts, 2003a).
(Simposium Nasional Akuntansi 11)
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Monday, November 22, 2010

INTELLECTUAL CAPITAL DAN KINERJA KEUANGAN PERUSAHAAN; SUATU ANALISIS DENGAN PENDEKATAN PARTIAL LEAST SQUARES

INTELLECTUAL CAPITAL DAN KINERJA KEUANGAN PERUSAHAAN; SUATU ANALISIS DENGAN PENDEKATAN PARTIAL LEAST SQUARES

Ihyaul Ulum
(FE Universitas Muhammadiyah Malang)
Imam Ghozali & Anis Chariri
(FE Universitas Diponegoro Semarang)

Abstract

The purpose of this study is to investigate the association between the efficiency of value added (VAICTM) by the major components of a firm’s resource base (physical capital, human capital and structural capital) and three traditional dimensions of financial company’s performance: ROA, ATO, and GR. Data are drawn from 130 Indonesian banking sectors for three years (2004-2006). It is an empirical study using PLS for the data analysis. The findings show that: IC influences positively to financial company’s performance; IC influences positively to future financial company’s performance; and the rate of growth of a company’s IC (ROGIC) is not influences to the future financial company’s performance. Overall, the empirical findings suggest that human capital (VAHU) and profitability ROA remains the most significant indicator for VAICTM and financial company’s performance for three years. While physical capital (VACA) is significant only for 2006. The limitation of this research is: the data is drawn from all of Indonesian banking sectors, listed and unlisted, which have limited this research to choose the financial performance measure based on market value.

Key words: Intellectual Capital, VAICTM, company’s performance, Indonesian banking sector, partial least squares.

INTRODUCTION

Since the 1990s, attention to practice management of intangible assets (intangible assest) has increased dramatically (Harrison and Sullivan, 2000). One approach used in the assessment and measurement of intangible assest is the intellectual capital (IC) which has been the focus of attention in various fields, good management, information technology, sociology, and accounting (Petty and Guthrie, 2000; Sullivan and Sullivan, 2000) .

In Indonesia, the IC starts growing phenomenon, especially after the emergence of SFAS No. 19 (revised 2000) on intangible assets. Although not stated explicitly as an IC, but IC has received much less attention. According to SFAS No. 19, intangible assets are non-monetary assets that can be identified and has no physical form and held for use in produce or deliver goods or services, leased to other parties, or for administrative purposes (IAI, 2002).

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(Simposium Nasional Akuntansi 11)

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