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Friday, December 10, 2010

The long-run performance of initial public offerings: comparison between shari’ah and non shari’ah-based firms

The long-run performance of initial public offerings:
comparison between shari’ah and non shari’ah-based firms

Abstract

This paper empirically investigates the difference of the performance between shariah-based and non shariah-based firms that listed on the Jakarta Stock Exchange (JSX) during the period July 2001 to December 2005. The results show that, when using equally-weighted cumulative abnormal return (EW-CAR) and equally-weighted buy-and-hold abnormal return (EW-BHAR), the long-run performance of IPOs return between shariah and non shariah firms are significantly different. However, the significance disappears when the returns are calculated with value-weighted cumulative abnormal return (VW-CAR) and value-weighted buy-and-hold abnormal return (VW-BHAR). Further, the results show that shariah-based firms outperform the market in almost every month for two years, except month 7 and 10 when using VW-CAR. However, non shariah-based firms underperform in almost each month.

Key words: long-run performance, IPO, shari’ah, equally-weighted, value-weighted.

JEL Classification: G1.

1. Introduction
In recent years, the academic community has closely examined and intensely debated the performance of IPOs, particularly in the long-run. The analysis of the long-run returns is directed towards a methodological approach. Thus, Barber and Lyon (1997), Kothari and Warner (1997), Brav and Gompers (1997), Fama (1998), Lyon, Barber and Tsai (1999), Loughran and Ritter (2000), Gompers and Lerner (2003), Ang, Gu, and Hochberg (2005), and Ahmad-Zaluki, Campbell, and Goodacre (2007) have argued that the method of performance measurement influences both the magnitude of the abnormal returns as well as the size and power of the statistical test.

Our research sheds additional light on the performance of IPOs by empirically examining the long-run performance of shariah-based IPOs. We therefore add to the growing body of evidence on the long-run performance of new issuers. The study of IPOs in the Islamic capital market is of interest because IPOs in Islamic capital market are smaller than those launched in non Islamic capital market. Furthermore, the characteristics of shariah-based firms are different from the characteristics of non shariah-based firms. We thus hope to shed light on whether the characteristics and the institutional setting of shariah-based firms might affect IPO performance. This research makes two distinct contributions to the literature concerning the long-run performance of IPOs. First, we use shariah-based and non shariah-based firms as sample. Second, we use two different measures to calculate the abnormal return : cumulative abnormal returns and buy-and-hold abnormal returns.

The remainder of the paper is organized as follows. In section 2, we provide a brief literature review concerning the long run share price performance of IPOs. Section 3 describes the methodology of this paper. Section 4 describes the results. And section 5 describes the conclusion and remarks for the future research.




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Jurnal Simposium Nasional Akuntasi XI (SNA 11)



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Does Investor Protection Prevent Earnings Management Activity Through Real Activity Manipulation?

Does Investor Protection Prevent Earnings Management Activity Through Real Activity Manipulation?

Asian Comparison


Abstract

This paper examines systematic differences in earnings management through real activity manipulation across 6 Asia countries. Contrary with Leuz (2003) finding that earnings management through accrual manipulation is lower in economies with high investor protection than in low investor protection. We predict that in economies with high investor protection, manager prefer to manage earnings through real activity manipulation rather than through accrual manipulation. Because accrual manipulation is more likely to draw auditor or regulator scrutiny than real decisions about pricing and production. Our findings are consistent with our prediction.
Keyword: earnings management, real activity manipulation, investor protection

INTRODUCTION
Legal systems protect investors by conferring on them rights to discipline insiders (e.g., to replace managers), as well as by enforcing contracts designed to limit insiders’ private control benefits (e.g., La Porta et al., 1998; Nenova, 2000; Claessens et al., 2002; Dyck and Zingales, 2002).2 As a result, legal systems that effectively protect outside investors reduce insiders’ need to conceal their activities. Investor protection as a key institutional factor affecting corporate policy choices (see Shleifer and Vishny, 1997; La Porta et al., 2000), we focus on investor protection as a significant determinant of earnings management activity. Leuz (2003) find: earnings management is more pervasive in countries where the legal protection of outside investors is weak, because in these countries insiders enjoy greater private control benefits and hence have stronger incentives to manipulate firm performance. Leuz measure earnings management with accrual manipulation, but beside manage earnings through accrual management, manager also can manage earnings through other method such as real activity manipulation and classification shifting. Accrual manipulation is more likely to draw auditor scrutiny than real decision. Thus, the purpose of this study is to investigate does investor protection reduce effectively earnings management through real activity manipulation.





............................End of Summary............................
Jurnal Simposium Nasional Akuntasi XI (SNA 11)



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Earnings And Cash Flow Performances Surrounding IPO

Earnings And Cash Flow Performances Surrounding Ipo

Abstract

Initial public offerings (IPOs) offer a fruitful area to be explored given the existence of asymmetric information among various parties interested in the IPO. This study attempts to examine whether there is significant increase in earnings level prior to the offering to be interpreted as the existence of earnings management. The behaviour of cash flow from operation is also examined.

A sample of 35 Indonesian IPOs that made public during 2002-2005 periods was examined. The t-test for mean difference was performed to test whether earnings differences persist. The findings show that earnings level tends increase in the year closes to the IPO date, but decrease in the next two year after that. The behaviour of cash flow from operating activities is almost similar. However, this study is unable to state that earnings management is strongly evidenced in Indonesian IPO setting.

Keywords: IPOs, prospectus, earnings and cash flow performance


EARNINGS AND CASH FLOW PERFORMANCES SURROUNDING IPO

1. Introduction
This study examines earnings management of Indonesian initial public offerings (IPO). Companies offering shares publicly for listing are required by the securities law to meet certain financial and operating criteria. Because of the major impact of the offering prices on their private wealth and the explicit use of accounting numbers, particularly accounting earnings, the managers and the major stockholders of IPO firms have the incentives to manage earnings numbers to maximize their private wealth.

According to Healy and Wahlen (1999: 368), earnings management occurs "when managers use judgment in financial reporting and in structuring transactions to alter financial reports to either mislead some stakeholders about the underlying economic performance of the company or to influence contractual outcomes that depend on reported accounting numbers". We interpret this broad definition as including earnings management in IPO.
Levitt (1998), former chairman of United States’ capital market regulator, has asserted that aggressive earnings management has been of concern to regulators for several years and that concern has only intensified following evidence of improper accounting practices by Enron, WorldCom, and some other major corporations. Thus, a better understanding of how earnings management occurs could help (1) regulators and standard setters identify the areas most in need of regulatory change; (2) auditors evaluate and report on their clients' quality of earnings, and train novice auditors about earnings management; (3) CEOs, CFOs, audit committees, and investors focus attention on those areas of the financial statements where they should be most skeptical; (4) managers and audit committees anticipate the transactions that investors will view most skeptically; (5) educators teach students about earnings management; and (6) researchers focus their analyses on areas of high-earnings-management activity.







............................End of Summary............................
Jurnal Simposium Nasional Akuntasi XI (SNA 11)



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Mobil Keluarga Ideal Terbaik Indonesia


Toyota Innova adalah model terkemuka di segmennya. Diproduksi oleh salah satu produsen mobil terkemuka di dunia, Toyota Innova memiliki banyak fitur unggulan dengan keamanan berkendara berkelas internasional, model yang stylish, dan daya tahan yang solid. Jika Anda ingin mobil untuk tujuan mengemudi maka Toyota Innova pasti pilihan yang sempurna.

Hemat Bahan Bakar
Innova dilengkapi dengan mesin VVT-I atau D4Ddiesel. Kedua jenis mesin menawarkan kapasitas kinerja tiada tara. Khususnya mesin diesel memiliki kekuatan teknologi common-rail yang memiliki kinerja yang unggul dan sangat efisiensi energi. Biaya bahan bakar Anda harus anda bayar menjadi lebih minim dibandingkan dengan kendaraan lain. Bahkan, Innova dianggap antara mobil bahan bakar yang paling efisien di dunia.

Keamanan Berkendara
Toyota Innova adalah mobil terkemuka dalam teknologi keamanan berkendara. Toyota Innova dilengkapi denga; SRS airbag, rem disk yang besar, rangka yang kokoh, Global Outstanding Assessment body, dan collapsible steering column. Dalam jaman modern ini dengan kebutuhan akan MPV (Multi-Purpose-Vehicle) yang semakin meningkat, Toyota Innova berjanji untuk melanjutkan peran utama dalam tahun-tahun mendatang sebagai produsen Mobil Keluarga Ideal Terbaik Indonesia.

Interior dan Kenyamanan Berkendara
Ruang interior dan kenyamanan adalah salah satu faktor yang menjadikan sebuah mobil menjadi yang terkemuka di dunia mobil kelas dunia. Innova menawarkan hal ini lebih baik daripada model lainnya. Barisan tengah dirancang cukup tinggi dari lantai, sehingga meninggalkan ruang untuk duduk nyaman. Innova masih memiliki banyak ruang untuk kaki dan ruang untuk penumpang yang duduk di kursi tengah.
Kursi belakang dirancang untuk menjadi fleksibel dan nyaman. Kursi belakang dirancang untuk dua penumpang dengan model kursi memanjang. Toyota Innova ditujukan untuk kendaraan dengan delapan penumpang. Ini menjadikannya sebagai Mobil Keluarga Ideal Terbaik Indonesia.

Bukan Mobil Balap Tapi Akselerasi Tinggi
Innova mudah untuk diarahkan / dikendalikan meskipun ukurannya besar. Dari kursi Supir, Anda memiliki pandangan yang luas ke depan. Mesin leter 2.0 bekerja baik dengan gearbox 4-speed untuk membantu memindahkan badan modil yang beratnya 1,5 ton. Walaupun Innova tidak dirancang untuk berpartisipasi dalam reli mengemudi, Innova masih menawarkan akselerasi kecepatan tinggi. Innova dapat mencapai kecepatan 160 kilometer per jam. Rem disk yang besar memastikan bahwa Anda memiliki kontrol total atas Innova’s gerakan Anda. Setelah Anda menginjak rem, mobil berhenti bergerak dalam hitungan detik.
Jadi berdasarkan pemaparan di atas mengenai keunggulan mobil pabrikan Toyota ini, maka bisa disimpulkan bahwa Kijang Innova layak menjadi Mobil Keluarga Ideal Terbaik Indonesia.

Untuk info selengkapnya mengenai Mobil Keluarga Ideal Terbaik Indonesia ini, menyangkut pembelian dan layanannya, bisa dilihat di www.toyota.astra.co.id


Logo Toyota SEO Award 2010
Mobil Keluarga Ideal Terbaik Indonesia.

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Monday, December 6, 2010

Accounting in the Golden Age of Singosari Kingdom: A Foucauldian Perspective

Accounting in the Golden Age of Singosari Kingdom:
A Foucauldian Perspective

Eko Ganis Sukoharsono
and
Novrida Qudsi
Department of Accounting
Brawijaya University

Abstract
The aim of this study is to explore the history of accounting in Indonesia. In this case, a particular period of Indonesia history – the form and the existence of the accounting system in the Singosari Kingdom era – is the focus of the investigation. In the context of this study, accounting is not simply a method of calculation, but it is a discipline with complex phenomena in which it influences the individual, organizational, and social orders. In addition, the range of its aspects is from social, political and economic point of view.

This study is conducted by using a Foucauldian concept of the relation between the power and knowledge. The historical accounting researchers use the Foucauldian approach to show the accounting complexity of the power and knowledge structures within a society. This approach shows the accounting system as a valuable social science for disciplining the society and manifesting a comprehensive political power within the society. Then the major concern of the methodological analyses in the accounting research is to disclose how accounting becomes a disciplinary power and constitutive activity of knowledge.

The kingdom of Singosari (1222-1292) was historically closely related to the foundation of Majapahit kingdom, particularly in the field of public finance and administrative accountability. There was a fact that during Singosari and Majapahit kingdom, state-craft stressed the importance of a full treasury for successful governmental activities. Both kingdoms evolved a regular system of taxation. The taxation system, in some extent, was a complex system in which it provided the tax for merchandise in various tariffs and different types of levies based on the commodities and the problems occurred. The complex system of the taxation would not be possible without involving the accounting in term of calculability. One of the particular developments of the accounting system in form of writing during the Singosari kingdom was related to the mechanism in which writing was used for the purpose of administration and accountability of the tax collection in the royal court of the Singosari kingdom. The records of tax collection were reflected in simple forms. For instance, the Inscription of Turyyan mentions that the earning of the society in a year was equal to 1 kati and 3 gold swarna.

Then it can be concluded that the development of accounting in Indonesia is not an instant process, but it emerged through a long and complex process of the history. The kingdom of Singosari used accounting as a technique to discipline the subjects under the kingdom’s territory. Through this study, it is clear that accounting had a significant role as a supporting means of the Singosari kingdom development. It did not merely provide the technical calculation, but also the diverse roles in social, economic, and political life.





............................End of Summary............................
Jurnal Simposium Nasional Akuntasi XI (SNA 11)



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Determinants Of Stock Market Reaction Toward Legal Requirement Of Csr In Indonesia

Determinants Of Stock Market Reaction Toward Legal Requirement Of CSR In Indonesia

*Gatot Soepriyanto
Accounting Department Bina Nusantara (BINUS) University
Email: gsoepriyanto@binus.edu

**Rudy Suryanto
Accounting Department - Muhammadiyah University Yogyakarta (UMY)
Email:rudysuryanto@yahoo.com

Abstract
Prior study on stock market reaction toward mandatory Corporate Social Responsibility (CSR) implementation law in Indonesia (article 74, Law No. 40/2007 on Limited Liability Company) present evidence that the equity investors from firms whose deal with or related to the management of natural resources, reacted positively to the passage of the law. This suggests that investors view mandatory CSR implementation law as “a good news” which in the long run may increase firm values. This study, therefore, aims to investigate the economic determinants that drive positive market reactions, as we found that the magnitude of the reactions were vary among companies taken as sample. We address five hypotheses that investor reaction is explained by: (a) size of firms, (b) profitability of firms, (c) leverage of firms, (d) how long the firm has been established and (e) whether the firms in are engaged in mining or non-mining industry. These hypotheses are investigated through cross-sectional regression analysis on firms that directly affected by the CSR law. We conclude that the stock market reaction toward the law is determined by size, leverage, age of firms and whether firms are engaged in mining industry or not. It also concludes that investors react more (less) positive to small (big) firms and high (low) leverage firms, suggesting that the investor consider the law as “insurance” for company to sustain their operation.

Keywords: CSR Mandatory Law, Stock Market Reaction, Economic Determinants


1. Introduction
After a heated debate on whether mandatory corporate social responsibility (CSR) implementation would benefit or harm the company, the House Representative (DPR) finally approved the bill on July 20, 2007 – which require a company whose activities deal with or related to the management of natural resources to carry out a CSR program. This mandatory rule is enacted under article 74 of Law no. 1, 2007 on Limited Liability Company (PT). Based on such research setting, Soepriyanto and Suryanto (2008) examine stock price reactions to the passage of the bill – specifically to the share price of firms that directly affected by the law (i.e. seven sub industries whose activities deal with or related to the management of natural resources) and find some evidence that on average, equity investors react positively to the approval of mandatory CSR implementation law. Their result consistent with prior studies which suggested that CSR will help investor to minimize exposed risk of the companies (Heugens, 2007, Chih. et.al, 2007, Sarre, 2001) and maintain companies’ reputation (Rowe, 2007). In summary, their result supports the view that CSR program will contribute positively to the firm value.







............................End of Summary............................
Jurnal Simposium Nasional Akuntasi XI (SNA 11)



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Analysis Of Selling, General And Administrative Cost Stickiness On Net Sales At Different Economic Condition

Analysis Of Selling, General And Administrative Cost Stickiness On Net Sales At Different Economic Condition
(Empirical Study Of Manufacturing Company Listed In The Indonesia Stock Exchange)

Astri Novianti & Primanita Setyono


ABSTRACT

A traditional theory of cost behavior is that cost responses mechanically to activity volume. Mechanical means that cost adjust without management intervention. The purpose of this research is to investigate whether cost is “sticky” in different economic condition. The cost is sticky if whether cost increases more when volume rises than they decrease when volume is fallen by an equivalent amount. 69 manufacturing firms listed in the Jakarta Stock Exchange from 1993 to 2004 (divided into three period) were taken as sample using purposive sampling method. The statistical method used to test hypotheses is panel data log linear regression. The result of this study shows that: 1) cost stickiness is not found before and after economic crisis period, but it is found in during economic crisis period. 2)The degree of stickiness increases with employee intensity in each period with the highest stickiness before economic crisis. 3)The degree of stickiness increases with asset intensity before economic crisis period. While, during and after economic crisis, the degree of stickiness decrease with the increase asset intensity.

Keywords: Cost Behavior, Economic Crisis, Selling, General and Administrative Cost, Employee Intensity, Asset Intensity


I. INTRODUCTION
According to Cashin & Polimeni (1998, p.19), cost is defined as the benefits given up to acquire goods or services. It means that cost is spent out by company in order to this company gets benefits in the future. Related to volume, there are three kinds of cost varied with changes in the volume of production; fixed cost, variable cost, and semi-variable cost. Three of these costs have different behavior depending on the change of input or output. In traditional theory of cost behavior, cost is divided into fixed and variable cost in which cost responses mechanically to activity volume. Mechanical means that cost adjust without management intervention (based on production schedule). However, there are many arguments regard to this characterization of cost behavior which is inconsistent with the way that managers manage cost (Cooper & Kaplan, 1998 cited in Anderson & Lanen, 2007), such as the action of managers in deliberately adjusting resources as response to changes in volume. This matter effects on costs which increase more when volume rises than they decrease when volume is fallen by an equivalent amount. It is called as sticky cost. From the definition, it is shown that sticky cost is an asymmetric reaction to activity change.





............................End of Summary............................
Jurnal Simposium Nasional Akuntasi XI (SNA 11)



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Program Audit Kinerja Berbasis SPKN

Program Audit Kinerja Berbasis SPKN

Oktarika Ayoe Sandha – BPK


ABSTRAKSI

To be able to produce a good audit, SAI's should have a good standard of examination as well. According to Article 9 (1e) of Law No. 15 year 2006 on the CPC, in January 2007, the BPK-RI has published the State Auditing Standards (SPKN) as a benchmark in financial management audit of State. The purpose of this study is to empirically examine whether there are differences between the rules in practice done SPKN with auditors in preparing a performance audit program. This study shows the differences between the practice of programming performance audit by the auditor with the existing rules in SPKN. A difference here is more strict than the rules contained SPKN run by the auditors in preparing the program performance audit.

Kata kunci : Audit Kinerja, Auditor, SPKN


1. PENDAHULUAN

In accordance with the mandate given to the BPK-RI, BPK-RI has the authority to conduct three types of audit ie audit, performance examination, and examination with a specific purpose. To be able to produce a good audit BPK-RI should have a good standard of examination as well. In accordance with article 9 (1e) of Law No. 15 year 2006 on the CPC, CPC-RI has the authority to set audit standards state after consultation with the Central / Local Government that must be used in the examination of financial management and accountability of the State.

Based on this regulation in January 2007 BPK-RI has published the State Auditing Standards (SPKN) as a benchmark in financial management audit of State. Most of the content of SPKN mainly to performance auditing standards is the adoption of several existing standards, especially from the United States auditing standards issued by the Government Accountability Office (GAO). Adoption has a positive side that is making SPKN par with international standards but need to be considered whether adoption was in accordance with the conditions that exist in Indonesia. Auditing standards is very important because the standard has become the basic guidelines for auditors to maintain the values of ethics and meet the objectives of the audit (Naim, 2006).

The purpose of this study is to empirically examine whether there are differences between the rules in practice done SPKN with auditors in preparing a performance audit program.




............................End of Summary............................
Jurnal Simposium Nasional Akuntasi XI (SNA 11)



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Variabel Anteseden Dan Konsekuensi Implementasi Sistem Informasi Keuangan Daerah (SIKD)

Variabel Anteseden Dan Konsekuensi Implementasi Sistem Informasi Keuangan Daerah (SIKD)

(Studi Empiris Pada Badan Koordinasi Wilayah Pembangunan Lintas Kabupaten / Kota Wilayah I Propinsi Jawa Tengah)

ABSTRACT
This study examines the antecedent variable of implementation Government Financial Information Sistem (SIKD) and its consequence. The antecedent variables are : decentralization of decision making, adaptation and the influence of desain SIKD. The Concequences are satisfaction and performance officer .

This research represents the empirical test which used convienence sampling technics in data collection. Data were collected from 148 officer of local government in Bakorwil I central Java provinces. Data analysis used Structural Equation Model (SEM) with the program AMOS 5.0

Keywords : Decentralization of decision making, adaptation officer, influence of design SIKD, implementation of Government Financial Information Sistem (SIKD), satisfaction and performance officer.

I. LATAR BELAKANG PENELITAN

The development of public sector accounting, particularly in Indonesia, more rapidly in the presence of a new era in the implementation of regional autonomy and fiscal decentralization. One of the MPR MPR decree No. XV / MPR / 1998 on the Implementation of Regional Autonomy; Management, Allocation and Utilization of National Resources, which are just as well as Central and Regional Financial Balance in the framework of the Republic of Indonesia is the basis for the issuance of Law No. 22 of 1999 on Fiscal Balance the area between Central and Local Government as the implementation of Regional Autonomy.

With bergulirnya Act No. 22 of 1999 on Regional Governance and Law No. 25 of 1999 on Fiscal Balance of Central and Local Government, and implementing regulations, the government passed Republic Act No. 33 of 2004 on Financial Balance between Central and Local Government. Establishment of the Law on Financial Balance between Central and Local Government is intended to support the funding of submission to Local Government affairs are regulated in the Law on Local Government.





............................End of Summary............................
Jurnal Simposium Nasional Akuntasi XI (SNA 11)



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Friday, December 3, 2010

Peran Kebijakan Pemerintah Dalam Pengelolaan Dan Pelaporan Kinerja Lingkungan

Peran Kebijakan Pemerintah Dalam Pengelolaan Dan Pelaporan Kinerja Lingkungan Oleh Perusahaan-Perusahaan Publik Di Indonesia

Abstrak

This study examined the impact of Environmental regulatory factors issued by Indonesian Government and environmental management proactive on the environmental disclosure in firms' annual report among Public Indonesian Companies. By using two models, the purpose of the study is to analysis of environmental regulation role dedicated to environmental disclosure.

Sample were taken from companies published in Jakarta Stock Exchange (secondary data) and their manager (primary data), selected 100 companies by using purposive random sampling, whereby resulted 53 companies. The research used two models to analysis the impact of regulatory factors to environmental disclosure. First, a regression analysis and discriminant analysis was used to test the impact of regulatory factors on the environmental disclosure, through an environmental management proactive variable. Second, the discriminant analysis was used to test the impact of regulatory factors on the relation between environmental management proactive and environmental disclosure.
.
This study revealed that regulatory factors and environmental management proactive are predictor variables of the environmental disclosure, where the government regulation (regulatory factors) role is meaningful.

Keyword: regulatory factors; environmental management proactive; environmental disclosure

PENDAHULUAN
Environmental problems Indonesia is now arguably extraordinary. Starting from natural disasters, climate change to ecosystem damage. Various aspects of the causes of the disaster could have been sourced from a variety of factors, but the bad factors influence human behavior to the preservation of nature seems to be a major cause of environmental damage.

In Indonesia, deforestation rates have also been well above normal limits. Approximately 1.2% per-year of Indonesia's forests damaged by illegal logging and lack of seriousness of the government's handling of the forest. The implications of this fact is the destruction of ecosystems and natural resources due to floods, landslides and global warming.

Apart from the question of whether the current disaster is the legacy of poor environmental management in the past, a clear environmental management in Indonesia crash. Lingkunganpun protection of law enforcement experience infertility with the increasing illegal logging in many areas. Public Transaparansi environmental disaster like the case of Lapindo's well sealed, and environmental management being carried out in a patchwork impressed, just raise emphaty people who have started thinning.



............................End of Summary............................
Jurnal Simposium Nasional Akuntasi XI (SNA 11)



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Analisis Kinerja Rumah Sakit Daerah Berdasarkan Budaya Organisasi, Komitmen Organisasi Dan Akuntabilitas Publik

Analisis Kinerja Rumah Sakit Daerah Berdasarkan Budaya Organisasi, Komitmen Organisasi Dan Akuntabilitas Publik
(Survei Pada Rumah Sakit Daerah di Jawa Timur)

ABSTRACT

The purpose of this research are to study and analyze the influence of organizational culture, organizational commitment, public accountability toward organizational performance simultaneously and partially. The method of this research is description and explanatory survey. The units analysis are regional hospital in east java. The data collecting was carried out by spreading questionnaires to regional hospital managers. The technical method of simple random sampling. The tool of analyze is path analysis .

The result on this research and hypothesis testing show that: (1) there is correlation among organizational commitment and internal audit in moderate category; (2) simultaneously, organizational culture, organizational commitment and public accountability had significant influence to regional hospital performance; (3) partially, organizational culture and organizational commitment had positive influence and significant to regional hospital performance, public accountability had positive influence but not significant to regional hospital performance

Key Words: Organizational Culture, Organizational Commitment, Public Accountability and Organizational Performance




I. PENDAHULUAN
Government efforts to improve the quality of public health at a cost affordable by the local government with continuous improvement (continuous improvement), both in administration, services, technology, health and so forth. Decree of the Minister of Health of the Republic Indanesia Number 228/Menkes/SKIll/2002 on Minimum Service Standard Guidelines for Preparing Hospitals which must be implemented by local governments (http://www dinkesjatim.go.id / data-informasi.html) and the Law No. 32 of 2004 on Regional Government which states that health development is one area that must be implemented by local governments (provinces) and is fully responsible for the implementation of health development in improving the standard of public health. Local governments have a very strategic role in the effort to accelerate the degree of public health. In addition, also issued the Decree of the Minister of Health of the Republic of Indonesia Number: 004/Menkes/Sk/I/2003 Policy and Strategy for Health Sector Decentralization. The success of this desentarlisasi necessary commitment of local government, legislative, community and other stakeholders in sustainable health development.

This prompted RSD which was once a cost center, where all operational costs RSD financed by central and local governments through local budget and state budget, now have to incorporate the orientation of public service oriented and profit oriented. It is intended that the burden of local budgets and the center can be reduced or even if it is possible RSD to be one source of revenue-producing agency (PAD). Therefore we need the professional management of RSD towards the creation of a public institution-oriented value for money (economy efficiency, and efectifity).





............................End of Summary............................
Jurnal Simposium Nasional Akuntasi XI (SNA 11)



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Analisa Kinerja Keuangan Terhadap Pertumbuhan Ekonomi, Pengangguran, Dan Kemiskinan

ANALISA KINERJA KEUANGAN TERHADAP PERTUMBUHAN EKONOMI, PENGANGGURAN, DAN KEMISKINAN: PENDEKATAN ANALISIS JALUR
(STUDI PADA 29 KABUPATEN DAN 9 KOTA DI PROPINSI JAWA TIMUR PERIODE 2001 – 2006)

Abstract

The Purpose of this research is to examine directly effect variables financial performance on economic growth, to examine directly effect economic growth on poverty and unemployment also to examine indirectly effect variables financial performance on poverty and unemployment. The samples of study are region expense and revenue budget in 2001 – 2006 at 38 municipal. The result of study with regression indicate that variables finacial performance namely independently1 ratio, independently2 ratio, and efficiency ratio directly have positive significantly effect on economic growth, while effectiveness ratio directly have not significantly effect on economic growth. At economic growth directly have positive significantly effect on unemployment and also directly have negative significantly effect on poverty. To examine indirectly among variables financial performance on unemployment and povery indicate independently1 ratio, independently2 ratio and efficiency ratio have significant effect on unemployment and poverty, while effectiveness have not significant effect on unemployment and poverty.

Keyword: financial performance, economic growth, poverty, unemployment


1. Latar Belakang
Financial management area is very large influence on the fate of a region because the region can become strong and powerful local and able to develop his greatness or be helpless dependent on how to manage finances. Management area that is economically, efficiently and effectively or meet value for money as well as participation, transparency, accountability and fairness will encourage economic growth which in turn reduces the amount of unemployment and reduce poverty. For local management, not only human resources are needed, but also economic resources in the form of finance as outlined in a local government budget.

Local budget or the budget of the local government (APBD) is a major policy instrument for local governments. Budget areas occupy a central position in the development of capability, efficiency, and effectiveness of local government. Local budgets should be used as a tool to determine the income, expenditure, and financing, decision making tool and development planning, equipment spending authority in the future, a standard measure for evaluating the performance and coordination tool for all activities in various work units. Budget as an instrument of policy and occupy a central position must include performance, both internally and for assessment of relevance in promoting further economic growth to reduce unemployment and reduce poverty. Performance related to the budget represents the financial performance of the comparison between the components contained in the budget.






............................End of Summary............................
Jurnal Simposium Nasional Akuntasi XI (SNA 11)



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Penginvestigasian Audit Expectation Gap Pada Sektor Publik

Penginvestigasian Audit Expectation Gap Pada Sektor Publik

Rusliyawati
Fakultas Ekonomi, Universitas Tanjungpura

Abdul Halim
Fakultas Ekonomi, Universitas Gadjah Mada

ABSTRACT

This study aims to investigate the existence of audit expectation gap on public sector empirically. Three variables being tested are reporting, accountability, and auditing concepts that consist of auditor independence, auditor competence, unqualified opinion and performance audit.

This research uses samples from 209 respondents that consist of 30 auditors BPK, 62 parliament members, 83 local government employees and 34 citizens of West Kalimantan Province. The data collection utilizes survey method and the analysis method is One-Way ANOVA.

This research suggest that there are difference perceived between auditors (BPK) and the user of local government financial statement statistically significant. This research shows the existence of audit expectation gap in public sector.


Keywords: Audit Expectation Gap, Reporting, Accountability, Auditing Concepts, Auditors BPK, The User of Local Government Financial Statements, West Kalimantan

Pendahuluan
Article 23 UUD 1945 stipulates that the government is obliged to submit the financial accountability of state soon after the budget year ends, and will become the basis of examination by the CPC. Article shows that there is the obligation of governments to formulate the state financial accountability. The statement also applies to local government (local government). Local governments also have an obligation to account for the financial district with the financial reporting area. This is consistent with the statement contained in Law no. 17 of 2003 on State Finance.

State Audit Agency (BPK) is a state of high institution which holds the constitutional mandate to examine or audit the financial management responsibilities of the State. Government auditors, CPC won the trust of clients in this regard the government to examine the financial statements presented by the client.

The preparation of financial statements is one form of implementation of the accountability of public financial management. The absence of financial statements showing the weakness of accountability. Demands of accountability in the public sector needed to do related to transparency and information providers to the public in order to fulfill the public rights.

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Jurnal Simposium Nasional Akuntasi XI (SNA 11)
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Studi Fenomenologis Terhadap Pelaksanaan Pengendalian Akuntansi Sektor Publik

Studi Fenomenologis Terhadap Pelaksanaan Pengendalian Akuntansi Sektor Publik pada Satuan Kerja Pengelola Keuangan Daerah kota Pusako di Provinsi Jambi dalam Pemahaman Functionalism Structural Parsons

Yudi
Universitas Jambi
Eko Ganis Sukoharsono
Universitas Brawijaya
Didied P. Affandy
Universitas Brawijaya

Abstract
This research was aimed to ascertain profoundly about implementation for controlling public sector accounting applied on one of Work Unity for Local Financial Management (WULFM) Pusako city at Jambi Province and to analyze and interpret effectively controlling for public sector accounting at Pusako city. This condition is starting from power abuse of local government apparatus that causes the losing of local government asset and people asset. By using interpretative approach and the phenomenology method, then the qualitative approach for symptom and/or reality investigated by observation and description to know what really exist is. However, the frame of its analysis uses functionalism structural Parson Theory. The object of research is one of work unity on local financial management Pusako City at Jambi Province. The result research described the causal reality implementation for controlling accounting is not running effectively, because internal controlling environment as “fundamental” to perform controlling public sector is not “establishing” yet strongly. Functionalism structural Parsons Theory expresses that all environment factor of internal controlling can’t establish by it self, interdependence and related one and another to deal with every changing.

Keywords: Controlling Accounting, Internal Controlling Environment, Structural Functionalism, Phenomenology.


Pendahuluan
Internal control activities, especially accounting controls become a very important thing to make public sector organizations more professional in managing state finances. To know the effort that one of them accounting controls to safeguard the rich countries, need to be done empirical research aimed at finding accounting control activities as an effort to prevent losses for the state and the people.

From the results of audits of financial statements of local governments (LKPD) conducted in 2006 showed CPC unqualified opinion for 3 LKPD (1%), except for reasonable opinion LKPD 326 (71.02%), opinion is not fair for 28 LKPD (6 , 10%), and do not give opinions to LKPD 102 (22.22%) (Sukirman, 2008). One cause of a disclaimer of opinion issued by the CPC is the weak system of government control.

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Jurnal Simposium Nasional Akuntasi XI (SNA 11)
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Thursday, December 2, 2010

Pengaruh Struktur Kepemilikan Terhadap Keputusan Keuangan Dan Nilai Perusahaan

Pengaruh Struktur Kepemilikan Terhadap Keputusan Keuangan Dan Nilai Perusahaan:
Survey Pada Perusahaan Manufaktur di PT. Bursa Efek Indonesia




ABSTRACT

Top manager through the role of financial manager as the agent hired by the principal made three major decisions, which are: investment decision, financing decision, and dividend policy. Those decisions are interconnected and will create a value. Agency theory argued that in practice there will be conflict of interest between manager and the principal which is called as agency conflict.
Ownership structure plays an important role to minimize the problem result from agency conflict in a company through the increase of managerial ownership and institutional ownership.
The objective of this research is to investigate the effect of ownership structure to the financial decision and the value of the company, this research used for regression model. The models are: First Model to investigate the effect of ownership structure to the financing decisions. 2nd model, used to investigate the effect of ownership structure to investment decision. 3rd model used to investigate the effect of ownership structure to dividend policy and the 4th model used to investigate the effect of ownership structure to financial decision and company value.

The population of this research is manufacturing companies listed in BEJ. The sampling method used in this research is purposive sampling. The results are 94 companies. Pooling data method is used to collect the data and two stage least squares (2 SLS) is the analysis method.

Base on the hypothesis test it can be summarized that simultaneously all predictor have significant effect. Partially: 1) Managerial ownership, Institutional Ownership and Dividend Payout Ratio Effect that to Equity Ratio (DER). 2) Managerial ownership, Institutional Ownership Debt to Equity Ratio (DER), dividend Payout Ratio, profitability to Growth effect the total Assets Growth (Investment decision). 3) Managerial Ownership, DER, Company Risk Effected Dividend Payout Ratio. 4) Managerial Ownership, Institutional Ownership, Investment and DPR Effect the Market Value of Equity (MVE). Finally the ownership structure (Managerial Ownership and Institutional ownership) and DPR Effect the Share Price.

Keywords : Financing Decision, Investment Decision, Dividend Policy, Managerial Ownership, Institutional ownership, Firm Value, Agency conflict, Agency cost.


I. PENDAHULUAN

Company manager has the objective to enhance shareholder value through the implementation of financial decisions which consists of investment decisions, financing decisions and dividend policy. Therefore, its implementation must be done carefully and precisely, given any financial decisions taken will affect other financial decisions and will have an impact on the achievement of company objectives.

Investment decisions include the allocation of funds, whether the funds come from within the company and from outside the company on various forms of investment. Gitman (2000) and Brealy & Myers (2000) states that investment decisions are very important because it will affect the successful achievement of company objectives and the core of all financial analysis. Meanwhile, according to Jensen and Meckling (1976) states that investment decisions can act as a transmission mechanism between ownership and corporate value.

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Jurnal Simposium Nasional Akuntasi XI (SNA 11)
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Pengaruh Konsentrasi Kepemilikan Institusional dan Leverage terhadap Manajemen Laba, Nilai Pemegang Saham serta Cost of Equity Capital

Pengaruh Konsentrasi Kepemilikan Institusional dan Leverage terhadap Manajemen Laba, Nilai Pemegang Saham serta Cost of Equity Capital

Tarjo
Universitas Trunojoyo Bangkalan Madura

Abstract

This study was aimed to analyze the effect of institutional ownerships concentration and leverage towards earnings management, shareholders value and cost of equity capital. This study was based on agency theory and economic consequences.

This study was performed using field research. Data were collected from The Indonesian Capital Market Directory (ICMD). The population in this study is 102 firms which are listed at the Jakarta Stock Exchange from 2004-2005 and derived using some criteria. This study use Partial Least Square technique.
The result showed that earnings management was negatively affected by institutional ownerships concentration and positively affected by leverage. Shareholders value was negatively affected by leverage. Cost of equity capital was positively affected by institutional ownerships concentration, earnings management, and shareholders value.

The findings might be of interest to investors and creditors to make investment and credit decision. The study contributed to the literature in that has shown that earnings management is driven by shareholders value increasing rather than motive opportunistic management. Institutional ownerships concentration was positively reaction by capital market, so that evidence of them weren’t expropriation on minority shareholder’s and capital market.

Key words: agency theory, concentration institutional ownerships, earnings management, leverage, shareholders value, cost of equity capital.


1. LATAR BELAKANG
Since Berle and Means (1932:11-12) investigated the structure of corporate ownership of public agency problem is a central issue in financial literature. With the increasing amount of corporate and business area, then the owner can not manage his own company directly so that is what triggered the emergence of agency problems. In relation to ownership of the agency there were two problems, namely agency problems between management and shareholders (Jensen and Meckling, 1976) and the agency problem between majority shareholders and minority shareholders (Shleifer and Vishny, 1997). The first agency problem occurs when the dispersed stock ownership, so that individual shareholders can not control the management. As a result the company can be run as desired management itself. The second agency problem occurs when there is a majority shareholder (ownership concentration), so there is a majority shareholder who can control the management or even become part of management itself. As a result, the majority shareholder has absolute control over minority shareholders, so that majority shareholders can perform actions that benefit themselves, but are likely detrimental to minority shareholders.


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Jurnal Simposium Nasional Akuntasi XI (SNA 11)
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Pengaruh Struktur Kepemilikan Terhadap Luas Pengungkapan Tanggung Jawab Sosial (Csr Disclosure) Pada Laporan Tahunan Perusahaan

Pengaruh Struktur Kepemilikan Terhadap Luas Pengungkapan Tanggung Jawab Sosial (Csr Disclosure) Pada Laporan Tahunan Perusahaan: Studi Empiris Pada Perusahaan Publik Yang Tercatat Di Bursa Efek Indonesia Tahun 2006

Abstract

The purpose of this study is to investigate the foreign ownership and institutional ownership are considered by corporate to disclose social responsibility at annual report 2006. Our samples consist of 107 listed company at Indonesian Stock Exchange at years 2006.

Our results show that foreign ownership is no significant effect to CSR disclosure, and institutional ownership do not have significant effect to CSR disclosure. This indicate both of ownership structure in this study haven’t concern with CSR disclosure to make investment decision.

Keywords: CSR Disclosure, Foreign Ownership, Institutional Ownership


1. Pendahuluan
CSR as an idea makes the company no longer faced with the responsibility that rests on a single bottom line, namely the value of the company (corporate value) which is reflected in its financial condition (financial) only. But the company's responsibility should be based on the triple bottom lines are also concerned with social and environmental problems (Daniri, 2008). Because the financial condition alone is not enough to guarantee the value of the company grow in a sustainable (sustainable).

Disclosure of environmental performance, social, and economic development in the annual report or separate reports are to reflect the level of accountability, responsibility, and corporate transparency to investors and other stakeholders. Disclosure is intended to establish a good relationship and effective communication between companies and public and other stakeholders about how the company has been integrating Corporate Social Responsibility (CSR): - environmental and social - in every aspect of its operations (Darwin, 2007).

In addition, the company can gain legitimacy by demonstrating social responsibility through CSR disclosure in the media including in the company's annual report (Oliver, 1991; Haniffa and Coke, 2005; Ani, 2007). The same thing dikemukan by Kiroyan (2006), in Sayed and Wondabio (2007) states that by implementing CSR, companies are expected to gain social legitimacy and maximize long-term financial strength. This indicates that companies that use CSR expects to respond positively by traders.

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Jurnal Simposium Nasional Akuntasi XI (SNA 11)
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Praktek Window Dressing Pada Reksa Dana Saham Di Indonesia Selama Periode 2001-2007

Praktek Window Dressing Pada Reksa Dana Saham Di Indonesia Selama Periode 2001-2007

PATRICK KAPUGU
Fakultas Ekonomi Universitas Indonesia

Abstract
During maintaining their assets, there is an indication that days surrounding every reporting date, which is the date at each year end, fund manager behaves differently from any other dates. Some researchers and analysts conclude this behavior as what-so-called window dressing, which is a practice to present the report in favor of the investors’ expectation. This study is intended to examine the existence of such behavior in Indonesia. Some of the signals that aid in proving the existence of window dressing are the turn-of-year factor, lagged returns, and fund’s objectives. The result of this study exhibits indications of turn-of-year factor and lagged return inclined to window dressing. This study fails to verify the indications of fund’s objective inclined to window dressing because of the changing objectives during the portfolio management.

Keywords: window dressing, turn-of-year effect, lagged return, fund’s objective

1. PENDAHULUAN
Attempts to make the report appear promising (favorable) for its users is often done by many companies in various industries. This practice can occur because users report only know the state of the object of the report at a specified time not all the time. In Indonesia, it is very common especially supported by the market that has not really efficient. Therefore, mutual funds also report a high chance to be the object of the practice, known as window dressing. In mutual funds, window dressing by fund managers to make a purchase or sale of securities held in a few days before the date of reporting to cover the performance during the period are not reported. In Indonesia, the mutual fund window dressing can occur for a detailed portfolio information can not be obtained each day of trading.


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Jurnal Simposium Nasional Akuntasi XI (SNA 11)
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Pengaruh Praktek Corporate Governance Terhadap Resiko Kredit, Yield Surat Hutang (Obligasi)

PENGARUH PRAKTEK CORPORATE GOVERNANCE TERHADAP RESIKO KREDIT, YIELD SURAT HUTANG (OBLIGASI)

RINANINGSIH
Universitas Indonesia
ABSTRACT

The purposes of this study are to investigate whether there are a relationship between corporate governance practices and credit risk and bond yields. This study takes sample from the companies that published bonds in 2006.

First we investigate the relationship between corporate governance practices and credit risk. Credit risk (default risk) can be measured by bond ratings (Billings, 1999). Using ordered probit regressions, we find evidence that the quality of transparency and financial information disclosure that proxied by big-4 auditors and audit committee have significant influence on bond ratings, but the relationship between blockholders and institutional ownership is not significant on bond ratings.

Second, we investigate the relationship between corporate governance practice and bond yields. Using multiple regressions, we find that corporate governance practices is not significant on bondyields. Then we put bond ratings in the equation, we find that bond ratings give incremental effect to the evidence. This evidence is consistent to Bradley et.al, 2007, that bond ratings are the prominent determinant for bond yields. Together with the bond ratings, the corporate governance practices (blockholders, institutional ownership, big-4 auditors) have significant influence on bond yields.

Keywords: bond ratings, bond yields, corporate governance, credit risk, default risk

Preliminary
This study aims to examine whether there is any relationship between CG practice in credit risk and yield of debt securities. Although research on corporate governance in Indonesia has been done, researchers motivated to conduct this research because it is still little that links the impact of corporate governance on the quality of credit (debt) and his perceptions of credit risk. Credit risk (default risk) can be measured by bond rating and debt to equity ratio (DER) (Billings, 1999). Credit risk in this study were measured by bond ratings issued by independent rating agencies (Outlook).

Many factors affect a company's debt ratings. The main determinants of debt ratings is the company's financial condition, however the practice of corporate governance can also help explain differences in inter-company debt ratings are not captured in the financial condition of each company (Bradley et al, 2007)

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Jurnal Simposium Nasional Akuntasi XI (SNA 11)
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Pengaruh Faktor Kultur Organisasi, Manajemen, Strategik, Keuangan, Dan Auditor Terhadap Kecenderungan Kecurangan Akuntansi

Pengaruh Faktor Kultur Organisasi, Manajemen, Strategik, Keuangan, Dan Auditor Terhadap Kecenderungan Kecurangan Akuntansi:
Studi Pada Perusahaan Publik Di Indonesia

Rangga Soselisa
Mukhlasin
UNIKA ATMA JAYA - JAKARTA

ABSTRACT
Accounting fraud, where the financial reports are reported not in compliance with the generally accepted accounting principles can undermines the credibility of the financial reporting system. Indeed the effects of accounting fraud can be devastating for investors. The objectives of the research is to explain the effect of organization culture, managerial, strategic, financial ratios , and auditor factors to the tendency of accounting fraud. The research population was 343 companies listed in the Indonesian Stock Exchange (IDX). The research samples were 110 public companies consisting 29 fraud firms and 81 non-fraud firms. Binary logistic regression was used to test the hypothesis. The results showed that number of related party transactions, CEO’s age, current asset composition in total asset, capital turnover, firm size, and auditor’s non-unqualified opinion affected the tendency of accounting fraud significantly. These results advance the understanding of accounting fraud.

Keywords: Accounting Fraud, Organizational Culture, Managerial Factors, Strategic Factors, Financial Ratios, Auditor Factors.

1. PENDAHULUAN
In the United States, accounting fraud has grown extensively. The impact of fraud is very large and has harmed many people. In 2001 occurred the Enron case is expected to incur losses of Enron amounted to U.S. $ 50 billion, plus the loss of investors for U.S. $ 32 billion and thousands of Enron employees losing their retirement funds of about U.S. $ 1 billion. Accounting fraud also occurred in Indonesia as the country with the highest in the world ranking of corruption (Transparency International, 2005). In Indonesia, accounting fraud evidenced by the liquidation of some banks, the presentation of the management of SOEs and the private sector to the courts, banking crimes, tax manipulation, corruption in the commission organizing the elections, and parliaments.


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Jurnal Simposium Nasional Akuntasi XI (SNA 11)
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Analisis Arus Kas Kegiatan Operasi Dalam Mendeteksi Manipulasi Aktivitas Riil Dan Dampaknya Terhadap Kinerja Pasar

Analisis Arus Kas Kegiatan Operasi Dalam Mendeteksi Manipulasi Aktivitas Riil Dan Dampaknya Terhadap Kinerja Pasar

ABSTRACT
This research aims at identifying firm’s tendency to execute real activities manipulation through cash flow from operating activities and its impact to market performance. The sample is drawn from firms in the biggest 50 firms with assets above 1 trillion rupiahs for period of 2001 – 2006, which are published in Swa100. The research model used is based on Roychowdhury’s model (2003). Prior to test the hypotheses, the researcher employed regression model to determine normal and abnormal cash flow from operating activities. Then, descriptive statistics, one sample t-test, and two independent samples t-test are used to test the research hypotheses.
The result shows that firms tend to execute real activities manipulation through operating cash flow. Moreover, the impact of real activities manipulation on market performance shows firms that are more likely executing real activities manipulation have higher market performance than their counterparts. After controlling for industrial types of the companies, the result finds that manufacturing firms execute more real activities manipulation than non manufacturing firms.

Keywords: Operating cash flow, real activities manipulation, market performance.


LATAR BELAKANG PENELITIAN
The company as a collection of contracts (nexus of contracts) between the various parties is a contract between company owners and employees relating to wages or compensation, the contract between the company and creditors relating to debt, and tax-related government contracts. In the company there is the owner of the company (principal) and management (agent). Both the principal and agent each have vested interests that could create conflicts of interest (conflict of interest).

The management or managers are required to meet the interests of company owners, but in addition, managers also have personal goals that may be different from the owner. Asymmetry of information (information asymmetry) between the management and owners (shareholders) provide flexibility and opportunity for managers to perform engineering and construction engineering terms as profit or earnings management (earnings management). The objective of earnings management is to avoid losses, compensation, meet profit targets, and analysts forecast (analyst forecast).

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Jurnal Simposium Nasional Akuntasi XI (SNA 11)
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Analisis Hubungan Value Based Management Dengan Corporate Social Responsibility Dalam Iklim Bisnis Indonesia

ANALISIS HUBUNGAN VALUE BASED MANAGEMENT DENGAN CORPORATE SOCIAL RESPONSIBILITY DALAM IKLIM BISNIS INDONESIA
(STUDI KASUS PERUSAHAAN SWA100 2006)


Elsa Rumiris Monika
Fakultas Ekonomi Universitas Indonesia
Dwi Hartanti
Fakultas Ekonomi Universitas Indonesia


Abstract
This research tries to analyze the relationship between corporate environmental performance and financial performance. The influence of corporate environmental management aspect into that relationship is also observed.

We used PROPER rating 2002 – 2004 as proxy of environmental performance, accounting and market based measure in financial performance and GRI Guideline for environmental aspect of companies. We conducted lead – lag scenario for tested the relationship. We also try to analyze the effect of disclosure and ISO as environmental aspect of companies.

The study found that the relationship between environmental performance and financial performance is positive but not significant, both in lead and lag scenario. We also found that market react negatively to the environmental aspect of company such as corporate environmental management and ISO 14001. The relationship between environmental performance and ISO is negative. But we found that the better the corporate environmental management, the higher the disclosure.

Key word: Environmental performance, financial performance, corporate social responsibility

PENDAHULUAN
Financial condition alone is not enough to guarantee a sustainable growth company value (Narver, 1971; McWilliams and Siegel, 2000). The sustainability of the company (corporate sustainability) will only be guaranteed if the company's attention to social and environmental dimensions. It is a fact how the society around resistance to surface against companies deemed to be notice of the environment. An example is the case in Indonesia Inti Utama Indorayon, North Sumatra.

Awareness about the importance of CSR practice has become a global trend in line with the rise of a global public awareness to the products environmentally friendly and manufactured with attention to social norms and principles of human rights (human rights). For example, a boycott of Nike products by citizens in European countries and the United States occurred when the manufacturer of Nike shoes in Asia and Africa reported employing minors with very low wages. Other global trends in CSR implementation in the field of capital markets is the implementation of an index that includes the category of stocks that have been practicing CSR.


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Jurnal Simposium Nasional Akuntasi XI (SNA 11)
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Pengaruh Corporate Social Responsibility Terhadap Kinerja Perusahaan

Pengaruh Corporate Social Responsibility Terhadap Kinerja Perusahaan

(Studi Empiris Pada Perusahaan Yang Tercatat Di Bursa Efek Indonesia Pada Tahun 2005 Dan 2006)


Abstract
The purpose of this research is to test the effect of CSR on firm financial and market performance. This research is motivated by the fact that there is a lower level of activities of CSR and its disclosure and also mixed results from previous research.

This research used Corporate Social Disclosure Index (CSDI) as a measure of CSR disclosure, based on indicators from Global Reporting Initiatives (GRI). The samples of this research are 77 public firms listed in Indonesian Stock Exchange (IDX) year 2005 and 2006

Relatively lower score of CSDI shows that CSR disclosure in firms’ annual report is still low. This may due to there is still no mandatory rules regarding CSR disclosure in Indonesia and the lack of firms’ awareness of the importance of CSR and its disclosure in annual report. Test results show that CSR disclosure have positive and significant effect on Return on Equity as a measure of financial performance, but CSR disclosure do not has significant effect on cumulative abnormal return (CAR) as a measure of market performance.

Keywords: Corporate Social Responsibility; Return on Equity; Cumulative Abnormal Return


1. Pendahuluan
Corporate social responsibility (CSR) is the claim that the company not only operates for the benefit of the shareholders (shareholders), but also for the benefit of the stakeholders in business practices, namely the workers, local communities, governments, NGOs, consumers and the environment. Global Compact Initiative (2002) calls this understanding with the 3P (profit, people, planet), that business goals are not only looking for profit (profit), but also the welfare of people (people), and ensure the sustainability of this planet (Nugroho, 2007).

In Indonesia, the awareness of the necessity of protecting the environment is governed by the Limited Liability Company Act No. 40 of Article 74 in 2007, whereby companies that do business in the field / related to natural resources required to conduct social and environmental responsibility.


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Jurnal Simposium Nasional Akuntasi XI (SNA 11)
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Peran Praktek Corporate Governance Sebagai Moderating Variable Dari Pengaruh Earnings Management Terhadap Nilai Perusahaan

PERAN PRAKTEK CORPORATE GOVERNANCE SEBAGAI MODERATING VARIABLE DARI PENGARUH EARNINGS MANAGEMENT TERHADAP NILAI PERUSAHAAN


Vinola Herawaty
Dosen Universitas Trisakti
dan mahasiswa Pasca Sarjana Program Ilmu Akuntansi Universitas Indonesia

The objective of the empirical studi is to examine the role of Corporat Governance Practises as a variabel that moderates the effect of Earnings Management to the value of the firm and to answer the effectinessness of Corporate Governance Practises in controlling the company’s management’s ability with Earnings Management that affect the Firm Value. Four proxies used for Corporate Governance Practices are Manajerial Ownership, Institusional Ownership, Outside Independent Director, Audit Quality. Company size is use as a control variable. The value of the firm is measured by using proxy Tobin’s Q Model. The analysis method used is Ordinary Least Square, t-test and F-test. The sample of this empirical study is the company that listed in Jakarta Stock Exchange in the period of 2004-2006.

The result gives the evidence that Corporate Governace Practises that have a signifikan impact to the value the firm are Outside Independent Director and Institusional Ownership, in the model regression with moderating variable. It also indicates that Outside Independent Director, Audit Quality and Institusional Ownership are moderating variables of the relationship between Earnings Managementt and the value of the firm, but not the Manajerial Ownership. Thus, Earnings Management can be minimized with the monitoring mechanism i.e. (1) Outside Independent Director that can monitor the management of the company in aligning the interest of principal and agent, (2) Institusional Ownership shareholders - the sophitisticed investor that also monitor the management to decrease the motivation of management to manipulate Earnings and (3) Audit Quality with the role of auditors to give the credibility of the reported financial statement by management. The result also shows that Manajerial Ownership does not represent the moderating variable of the realtionship between Earnings Management and Firm Value, it proves that the role of manajerial ownership is not significant to minimize the management’s ability to manipulate Earnings that affects the Firm Value


Keywords: Corporate Governance, Earnings Management, Manajerial Ownership, Outside Independent Director, Institusional Ownership, dan Audit Quality..


PENDAHULUAN
One of the ways used by dala management processes of financial statements that may affect the rate of profit shown is Earnings Management, which is expected to increase the value of the Company at any given moment. Earnings Management objective is to improve the welfare of a particular party in the long run although there is no difference in cumulative profit companies with earnings that can be identified as an advantage (Fischer and Rosenzweirg, 1995), Scot 1997: 294. Earnings Management by company management will increase firm value (Tobin's Q) and then going down (Morck, Scheifer & Vishny (1988). L

Earnings Management can cause problems agency problem (agency cost) that is triggered from the separation of roles or differences of interest between shareholders (principal) with the manager / management company (agent). Management as the manager of the company have information about the company more and more advance than the shareholders resulting in asymmetry of information that enables management accounting practice with an orientation on earnings to achieve a certain performance. Agency conflict that resulted in opportunistic earnings management that will result in the reported apparent, so that will cause the company's value is reduced in the future,

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Jurnal Simposium Nasional Akuntasi XI (SNA 11)
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Overreaksi pasar terhadap harga saham Perusahaan-perusahaan di indonesia

Overreaksi pasar terhadap harga saham Perusahaan-perusahaan di indonesia
(Studi Kasus pada Bursa Efek Indonesia)
Oleh
Azhar Ardi, Kiryanto, dan Dista Amalia )


Abstract
Researches about market overreact toward stock value emphasize that there is phenomenon of stock value reversal which have negative return for same period of time and then move toward positive return, at the other hand high-return stocks for while become worse and stock value go down. Hypothesize about this overreact usually use winner portfolio as parameter for stock value which have good performance and loser portfolio for the bad one. The objective of this research is to know market overreact toward company stock at BEJ.

This research reexamine, is there a market overreact toward stock value in 2004-2007 using market adjusted and mean adjusted model. Sample divide into two group; 20 companies as winner portfolio and 20 companies for loser portfolio. 

The result show that market overreact signed loser porfolio exceed winner portfolio in 2005, after that both of groups stock value movement quite stabil. Independence analysis sample t-test indicate there is no significant difference between average return group of winner stock and loser stock.

Key word: Market overreact, winner-loser, mean adjusted model, market adjusted model


PENDAHULUAN

The motivation of investors to invest in the stock market is to obtain the return, to get optimal return, namely: that in accordance with the compensation received by the risk an investor is required to constantly follow the development of the market and have as much information related to the dynamics of stock prices. Therefore, the need for relevant information in decision-making in the capital market is becoming ever increasing along with the development of capital market itself. Investors should follow market developments and information since basically the success of the investment is to make an informed decision (making well-informed decision), whether the information available dipublik or personal information, because any information would affect the reaction on the stock exchange (information effect) and useful to get a portfolio that reflects the preferences of individual investors in obtaining the maximum return on a particular view of risk compensation.

Information used in capital markets is meaningful information for investors, in the context of information that can change the belief (belief) or hope (expectation) of investors and may assist in predicting outcomes in the future from a variety of alternative measures, all of which cause a person to perform capital market transactions. According to Weston and Copelland (1991: 141), an information is defined as: "A set of messages or news that can be used to change the recipient in order to improve their welfare." This means that information is needed to determine the price of securities that reflect the relationship of risk and return results. While the information is useful for investors to get a portfolio that reflects their own preferences in obtaining the maximum return with a certain degree of risk.

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Jurnal Simposium Nasional Akuntasi XI (SNA 11)
Download Link:
http://www.ziddu.com/download/12650022/paper17.doc.html

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Pengaruh Konsentrasi Kepemilikan, Ukuran Perusahaan, Dan Mekanisme Corporate Governance Terhadap Manajemen Laba

Pengaruh Konsentrasi Kepemilikan, Ukuran Perusahaan, Dan Mekanisme Corporate Governance Terhadap Manajemen Laba


Abstract

The objectives of the research are to find out empirical evidence of the effect of ownership concentration, firms size, and corporate governance mechanisms on earnings management. The corporate governance mechanisms of this research are composition of board of commissioner and audit quality. Audit quality were measure by industry specialize audit firm. The target population was listed companies in the manufacturing sector at the Indonesia Stock Exchange. The sample determined based on purposive samping methode. There were 101 companies meeting the criteria. Data analysis was carried out in term cross section covering financial report during 2005. The research hyphotesis were tested using multiple regression analysis. The result of this research show that: (1) ownership concentration had significantly negative influence on earnings management (2) firms size had significantly negative influence on earnings management (3) composition of board of commissioner had no influence on earnings management. The additional result that earnings management of the firms which have competency independent commissioner are lower than earnings management of the firms which have uncompetency independent commissioner; (4) industry specialize audit firm had no influence on earnings management.

Keywords : ownerships concentration, firms size, corporate governance mechanisms, earnings management

1. Pendahuluan
Information profits as part of the financial statements, often a target of manipulation by opportunistic action management to maximize their satisfaction, but can be detrimental to shareholders or investors. Opportunistic actions are done by selecting particular accounting policies, so that profits can be adjusted, increased or decreased in accordance with her wishes. Behaviour management to manage earnings in accordance with her wishes are known by the term earnings management (earnings management).

U-Thai (2005) conducted an international comparative study on earnings management and investor protection with a sample of 33 countries, Indonesia included in the sample, the observation period from 1993 to 2003. The purpose of the research to provide empirical evidence of differences in earnings quality in various countries, the difference is due to differences in investor protection. U-Thai using earnings management as a proxy for earnings quality. Investor protection using three indicator scores are: protection of minority shareholders; law enforcement, and how important capital markets. Based on these results, Indonesia is in a group of countries with an average height of earnings management, and investor protection level in Indonesia is relatively low.


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Jurnal Simposium Nasional Akuntasi XI (SNA 11)
Download Link:
 http://www.ziddu.com/download/12650023/paper16.doc.html

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Analisis faktor-faktor yang mempengaruhi Ketepatan waktu penyampaian laporan keuangan


Analisis faktor-faktor yang mempengaruhi Ketepatan waktu penyampaian laporan keuangan
(Studi Empiris pada Perusahaan-perusahaan yang Terdaftar di BEJ Periode 2004-2006)


Utari Hilmi FH S.E., Ak. (Pemakalah 1)
Syaiful Ali S.E., MIS. (Pemakalah 2)


Abstract

This research aims is to know factors influencing timeliness of financial statement forwarding. Bapepam as a regulator of capital market stated Bapepam Decision Number KEP-36/PM/2003 specifying deadline of financial statement forwarding from 120 day become 90 day.

Sample of research is 879 firms listed in Jakarta Stock Exchange period 2004-2006 that selected by using purposive sampling method. Method used in analyzing data that is logistic regression. Result of this research at level significance 5%, variable profitability (ROA), liquidity (CR), shareholder’s dispersion (KP), and reputation of public accountant firm (KAP) have an effect on by significance to timeliness of financial statement forwarding. While variable of financial leverage (DER), firms size (TA) and auditor opinion (OA) not have an effect on to timeliness of financial statement forwarding.

Keywords: timeliness, financial statement, Bapepam decision

PENDAHULUAN
Timeliness (timeliness) is one important factor in presenting the relevant information. Characteristics of relevant information should have predictive value and presented on time. The financial statements as an information would be useful if the information it contains is provided timely information for decision makers before it loses its ability to influence decision-making. If there is undue delay in reporting, the information generated will lose its relevance.

The need for timeliness of financial reporting has clearly mentioned in the basic framework for preparing presentation of financial statements that timeliness is one of the qualitative characteristics that must be met, for the financial statements relevant for decision making. Accounting profession will also recognize the need for timely financial reporting. This is demonstrated in the work of accountants who are always trying to be on time in presenting the financial statements.


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Jurnal Simposium Nasional Akuntasi XI (SNA 11)
Download Link:
http://www.ziddu.com/download/12649975/paper15.doc.html

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Pengaruh Tingkat Ketaatan Pengungkapan Wajib Dan Luas Pengungkapan Sukarela Terhadap Kualitas Laba

PENGARUH TINGKAT KETAATAN PENGUNGKAPAN WAJIB DAN LUAS PENGUNGKAPAN SUKARELA TERHADAP KUALITAS LABA
( STUDI PADA PERUSAHAAN PUBLIK SEKTOR MANUFAKTUR)

SOVI ISMAWATI RAHAYU
FAKULTAS EKONOMI UNIVERSITAS YARSI

Abstract
The objectives of the research is to find out the impact of mandatory disclosures and voluntary disclosures on earnings quality. The population of this study was public manufacturing companies listed at Jakarta Stock Exchange in 2005 period. There were 31 manufacturing companies meet the criteria was chosen as sample.
This research is explanatory research, and the data analysis were treated as cross-section. Mandatory disclosure were measured by mandatory disclosure index, while voluntary disclosure were measured by voluntary disclosure index, and earnings quality were measured by earnings response coefficient (ERC). Earning persistence, systematic risk, company growth, leverage and company size which in prior studies described ERC variation, in this research used as controlling variable. The research hypothesis were tested using the multiple regression analysis.

The result of this research before and after use the which described ERC variation show that: (a) mandatory disclosure had no impact on earnings quality, (b) voluntary disclosure had significantly negative influence on earnings quality, and (c) mandatory disclosure and voluntary disclosure were simultance had no impact on earning quality.

Keywords: Mandatory Disclosures, Voluntary Disclosures, Earnings Quality, Earnings Response Coefficient


1.PENDAHULUAN

The annual report and financial statements is one of the information formally published as a means of accountability for the management of the owner of resource management, and information windows that allow for parties outside the management, knowing the condition of the company. But the extent to which information can be obtained is highly dependent on the level of disclosure (disclosure) of the report.

Disclosures in the financial statements will help users of financial statements to understand the contents and the figures reported in financial statements. Failure in understanding the financial statements resulted in some companies got an error assessment (misvalued), either undervalued or overvalued, as in the case of Enron, Worldcom, and Kimia Farma. Then came the question of transparency, information disclosure, and accounting roles in providing financial information that is relevant and reliable, so that users of accounting information to receive a signal about the true condition of the company.

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Jurnal Simposium Nasional Akuntasi XI (SNA 11)
Download Link:
http://www.ziddu.com/download/12649972/paper14.doc.html

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