Kebijakan Diversifikasi Perusahaan dan Pengaruhnya terhadap Kinerja: Studi Empiris pada Perusahaan Publik di Indonesia

Universitas Diponegoro


For many years, there have been debates about the benefit and cost of corporate diversification strategy. This research provide evidence on corporate diversification and it consequences toward firm value. Corporate diversification as part of internal market mechanism can have benefit and cost on performance of the firm. We estimate that diversification strategy will reduce firm value especially in situation like Indonesia with less-developed financial market and many companies still recovered from monetary crises in recent years. We find that companies with diversified business segment have negative excess value comparing with stand alone firms. In relation with firms characteristics, its show that level of leverage and asset size positively related with firm value. This result is rejecting internal capital market hypothesis.

Keywords: diversification, excess value, internal market, firm value

Memprediksi Tingkat Pengembalian Investasi pada Equity Securities Melalui Rasio Profitabilitas, Likuiditas dan Hutang pada Perusahaan Publik di Jakarta

Universitas Katolik Indonesia Atma Jaya, Jakarta
Universitas Katolik Indonesia Atma Jaya, Jakarta


The objective of this research is to predict return of investment in equity securities. This research examines how profitability ratio, liquidity ratio, and debt ratio can be instrument to predict the return. Investors have primarily objective to increase return from their investment. Investors buy stock from public enterprises and may get dividend or capital gain as its return. This research focuses on dividend as its return. Profitability ratio in this research is Return on Investment, while liquidity ratio in this research is Current Ratio and debt ratio employs Debt to Equity Ratio. This research examines financial statement of several companies are listed at Jakarta Stock Exchange for period ended December 31, 2000 until December 31, 2003. Data is collected from Jakarta Stock Exchange and Indonesia Capital Market Directory 2004. This study reveals that profitability, liquidity, and leverage of the investee company can predict the investment return of the investor (in form if dividend). Positive correlation occurs between profitability, liquidity and dividend amount. It means that dividend given to the investor by the investee increase in line with the increase of profitability and liquidity. On the other hand, negative correlation occurs between leverage level and dividend. The more leverage level, the less dividend distributed.
Keyword : Dividend, Return, Profitability Ratio, Liquidity Ratio, Debt Ratio

Analisis Rasio Keuangan terhadap Perubahan Kinerja pada Perusahaan di Industri Food and Beverages yang Terdaftar di BEJ

Universitas Kristen Duta Wacana
Universitas Kristen Duta Wacana


Financial statements users need financial information of companies to analyze their financial condition and performance. Finacial ratios are useful measures for explaning the future earning changes. The study focuses on the usefulness of financial ratios in explaning future earnings. The objective of the study is to empirically examine whether financial statement based financial ratios have ability for explaning future earnings. Data in this study were in food and beverages firms listed on the Jakarta Stock Exchange. Regression analysis were used in testing the ability financial ratios for explaning changes. The multicollinearity test shows that there is no assosiation between independent variables, indicating multicollinearity is not a serious problem. The heteroscedasticity test shows that variances of disturbances are constant for all observation in independent variables. Therefore heteroscedasticity is not a problem. The empirically result showed that, financial ratios influences the future earnings changes for earning after tax are total debt to total capital assets, total assets turnover, and return on investment. Among those sevent financial ratios that are significant influences the future earnings changes for operating profit is current ratio.

Keywords : Financial Ratios, Performance changes of firms, significantly influence.

Simultanitas dan Trade-off Pengambilan Keputusan Finansial dalam Mengurangi Konflik Agensi: Peran dari Corporate Ownership

Universitas Dian Nuswantoro


This study investigated the simultaneity of four financial variables that are hypothesized to control agency costs. It builds a model showing that debt, dividend, insider ownership, and corporate ownership are determined simultaneously as each of the variables is hypothesized to affect agency cost. This study developed the graphical analysis, as well as empirical evidences employing both Hausman specification test and three-stage least squares test. The study proved that corporate ownership was determined simultaneously by the other agency control variables, while dividend payout, debt and insider ownership were partially determined by those agency control variables. Further results, however, did not find the presence of non-linier relationship between insider ownership and all of agency control variables. Finally, this study reveals that there is a trade-off and simultaneity in the financial decision making variables to control the agency costs.

Keyword: agency problems, dividend payout, debt, managerial ownership, corporate ownership

Corporate Governance dan Kinerja: Analisis Pengaruh Compliance Reporting dan Struktur Dewan terhadap Kinerja



This research aims to test empirically whether investors value GCG transparency disclosed in annual reports, which is reflected in the market value of firms. The transparency items used in this research represent the compliance of management to GCG codes developed by KNKCG (2001). Moreover, the model also investigates whether investors also consider other corporate governance variables, such as board characteristics, as one of the added value in public companies. GCG transparency level is measured using 161 items recommended by GCG Codes, which are developed by KNKCG (2001). Data are taken from the annual reports 2002 and the 1st and 2nd interim reports 2003 of all of companies listed at JSX. The statistical method being used is multiple regression analysis. The result shows that compliance reporting level is responded by the market. Market also gives premium to board characteristics, one of the other corporate governance variables.

Keywords: Corporate Governance, Transparency, Complience Reporting, Board Characteristics, Value of Firms.

Hubungan antara Good Corporate Governance dan Struktur Kepemilikan dengan Kinerja Keuangan (Studi Kasus pada Perusahaan yang Listing di BEJ)

Unika Soegijapranata


Agency Theory say if principal and agent (manager) have different of interest,will make agency conflict. Separate of function about owner (shareholder) with manager will make negatif effect like manajemen freedom to maximized profit for themsevesf. This condirtion will happended caused asymmetry information among management and the other party that have no acces information about firm. So there were not enough to oversee behavior of management. This study intend to know the corelation Good Corporate Governance and ownership structure with company performance. Good corporate governance and ownership structure as independent variable and company preformace as dependent variable. We use two pillar of Good Corporate Governance.There are transparancy and accuntability. Transparancy is poxied by disclosureoffinancialstatement and accuntabilitiesis proxied by accruals . Company performance is proxied by Tobin’s Q The population are company that list in LQ 45 during 2 semester. The resut of this study are: (1) there are no corelation about ownership structure with company performance. (2) there are no corelation about accountability with company performance. (3) there are significant corelation about transparancy with company performance.

Kata kunci: good corporate governance, struktur kepemilikan, kinerja keuangan

Asosiasi antara Praktik Perataan Laba dan Reaksi Pasar Modal di Indonesia

Dosen Fak. Ekonomi Unibraw


This research aim to examine market reaction of earning information announced by smoother companies and non smoother companies. Earning information will be told informative if the information can influence perpetrator of market in taking decision of investment. Investor oftentimes only centrally at earnings information not on procedure used to yield earnings information, so that this matter push management to conduct action earnings management known as income smoothing. The research sample is manufacturing industry which enlist since year 1999-2002 by using method of purposive sampling. There are 84 company fulfilling criterion as this research sample. The proxy of market reactions are abnormal return (AR) and trading volume activity (TVA), while for the earnings information used proxy unexpected earnings which grouped become positive earnings surprise and negative earnings surprise. This research used Mann Whitney testing to exam mean of AR and TVA to the overall of hypothesis. The examinations result show that there are no difference AR and TVA between smoother companies with non smoother companies. Conclusion of which can taken away from entire result of examination is pursuant to efficiency market theory, hence Indonesia capital market haven’t yet efficient semi strength decisionally.

Keywords: Abnormal Return, Trading Volume Activity, positive earnings surprise, negative earnings surprise, smoother companies and non smoother companies

Pengaruh Pengumuman dan Karakteristik Transaksi Divestasi dan Aliansi terhadap Kemakmuran Pemegang Saham Perusahaan yang Listed di BEJ

STIE YKPN Yogyakarta


Divestiture and alliance transactions as strategic-oriented transactions to  increase company`s value. The objective of this study is to test empirically the implication of divestiture and alliance transactions announcement shown in the abnormal returns of company who doing that transactions. Particularly, this study test the implication of the divestiture and alliance transactions characteristic and company`s characteristic who doing that transactions reflected by cumulative abnormal returns during event windows. This study uses divestiture and alliance transactions sample in Bursa Efek Jakarta (BEJ) during period 1991-2004. Generally, the result in this study shown that divestiture and alliance transactions in BEJ give the stockholder`s wealth who doing that activities. Particularly, the market reaction significantly occur in event date, in other words Indonesian`s stock market informationally efficient. The transaction value, one of three variables used as divestiture and alliance transactions characteristic, significantly influence the cumulative abnormal return whereas the others do not. The company`s characteristic who doing divestiture and alliance transactions (company`s size and age) as control variables, do not significantly influence the cumulative abnormal return.

Keyword : divestiture, alliance, abnormal return

Kualitas Laba: Studi Pengaruh Mekanisme Corporate Governance dan Dampak Manajemen Laba dengan Menggunakan Analisis Jalur

UPN “Veteran” Jogjakarta


This research tried to explain phenomenas of the financial reporting quality, respecially earnings responsivenes that is determined by factors of earnings management and corporate governance mechanism, namely the mechanism of institutional ownership, managerial ownership and composition of board of commissioner. The number of population were ninety six. The type of this research was explanatory research and used cencus research method. The method of analysis of this research used path analysis to examine causal association between exogenous and endogenous variables. The results show that: (1.a) simultaneously the effect of mechanism of institutional ownership, managerial ownership and composition of board of commissioner on earnings management was weak; (1.b) partially the effect of mechanism of institutional ownership, managerial ownership and composition of board of commissioner on earnings management was semi strong, weak and very weak respectively. (2a) simultaneously the effect of mechanism of institutional ownership, managerial ownership, composition of board of commissioner and earnings management on earnings quality was semi strong; (2.b) partially the effect of mechanism of institutional ownership, managerial ownership and composition of board of commissioner and earnings management on earnings quality was weak, weak, weak and very weak respectively.
Key Words: Corporate Governance Mechanism, Earnings Management, Earnings Quality

Tiga Angka Laba Akuntansi: Mana yang Lebih Bermakna bagi Investor?

Universitas Andalas

Alumni Universitas Gajah Mada


When a researcher wants to test the relationship between accounting income number and share price, he/she (naturally) will use operating income or net income numbers. The earlier is chosen because this number is operative, can be “traced” to income, while the later is chosen because its close relationship with investor-since it will be paid as dividend. This research tries to prove whether these two income numbers have better quality, compared to the third income number: gross profit. The results show that gross profit number has the best quality and statistically significant in all windows used.
Keywords: market reaction, earnings response coefficient, gross profit, operating profit, net profit

Pengaruh Komite Audit terhadap Kualitas Laba

Universitas Udayana


This research aims at examining the impact of audit committees on earnings quality. The study motivated by the controversy of previous study about performance of audit committee. Earnings quality was measured by Earnings Response Coefficient. The sample of the study was the manufacturing companies liest in the Jakarta Stock Exchange. The data was collected using purposive sampling method. The number of samples of the company was 97. The ERC was estimated using pooled cross-sectional coefficient method (CRSM) and firm specific coefficient method (FSCM) in the observation period of 2001-2002. The result using CRSM and FSCM showed that audit committee firms ERC’s were bigger than non audit committee firm ERC’s. These result showed that unexpected earnings of audit committee firms were responsed stronger than non audit committee firm because investor believe that noise of audit committee firms earnings were less than non audit committee firms. The result indicate that investors belive audit committees have done their responsibility to monitor financial reporting process.

Key words: Audit committee, Earnings response coefficient, Earnings quality

Income Smoothing dan Motivasi Investor: Studi Empiris pada Investor di BEJ

Universitas Muslim Indonesia


The research is aimed at examining the effect of income smoothing (real, artificial and classificatory smoothing) on the investor’s motivation to invest their money in the company registered in JSX (Jakarta Stock Exchange), both partially and simultaneously. This research hopefully contributes to relatively new knowlegde to the academics, especially the impact caused by the management behavior in conducting income smoothing. Moreover, for the management of the company listed in JSX, they will be able to settle the policies aiming the value and organizational continues improvement. While for the investors, the research’s results would be one of the consideration in making investment decision. The research tested hypotheses by using multiple regression analysis model. Furthermore, t test was used to test partially, the effect of income smoothing dimension on investor motivation. While for simultaneous test, F test was applied. Hypotheses testing was conducted by using research sample of 107 investors registered in 16 securities companies in Central Java and D.I. Yogyakarta region, precisely in three major cities; Semarang, Solo and Yogyakarta. The research result shows that income smoothing through actual transaction (real smoothing) and income smoothing through procedure or accounting method (artificial smoothing) do not have any effects on investor motivation to invest. On the contrary, investors do not respond to the income smoothing act by using both dimension mentioned. But in the other side, this research shows that income smoothing through elements classification in the income statement (classificatory smoothing) affects the investor motivation to invest in the companies listed in JSX.

Keywords: real, artificial and classificatory smoothing, investor motivation, JSX

Analisis Pengaruh Karakteristik Perusahaan terhadap Tindakan Perataan Laba yang Dilakukan oleh Perusahaan yang Terdaftar di BEJ

STIE Trisakti
STIE Trisakti


The aimed of this study was to examine the influence of company’s characterictics toward income smoothing practice among listed companies at Jakarta Stock Exchange. Income smoothing practice used by the management to diminish the variability of a stream of reported income numbers related to some perceived target stream by manipulating artificial (accounting) and real (transactional) variables (Koch, 1981). The factors being examined were industrial type, size of the company, company’s profitability ratios, company’s operating leverage ratios and company’s net profit margin. Index Eckel is used to determine the income smoothing practice. The object of income smoothing in this study is the net profit of the company. The study was using 60 companies listed in Jakarta Stock Exchange, with a period between 2000-2002. The hypothesis was tested using binary logistic regression. The first hypothesis was used to examine the influence of industrial type of the company to income smoothing. The second hypothesis was used to examine the influence of size of the company to income smoothing. The third hypothesis was used to examine the influence of company’s profitability ratios to income smoothing. The fourth hypothesis was used to examine the influence of company’s operating leverage ratios to income smoothing. The fifth hypothesis was used to examine the influence of company’s net profit margin to income smoothing. The result of this study showed that some of the listed companies at Jakarta Stock Exchange were committed to income smoothing practice. Binary logistic regression showed that industrial type, size of the company, company’s profitability ratios, company’s operating leverage ratios and company’s net profit margin did not have significant influence to income smoothing.

Keywords: Industrial type, size of the company, company’s profitability ratios, company’s  operating leverage ratios, company’s net profit margin, income smoothing

Pengaruh Manajemen Laba pada Tingkat Pengungkapan Laporan Keuangan pada Perusahaan Manufaktur yang Termasuk dalam Indeks LQ-45

Alumni Institut Bisnis Dan Informatika Indonesia
Dosen Institut Bisnis Dan Informatika Indonesia
Dosen Institut Bisnis Dan Informatika Indonesia


This research examines rhe relationship between corporate disclosure and earnings management. Earnings management occurs when managers use judgement in financial reporting. Earnings management may also result when shareholders do not have access to relevant information to monitor manager’s action which may give rise to the practice of the earnings management. Because of that, managers prefer to disclose less information in financial report. The research presents two hypothesis that have opposite implications for the relation between earnings management and corporate disclosure. If earnings management is opportunistic, then the predicted relation is negative. Alternatively, if earnings management is for rising corporate value then the predicted relation is positive. Besides earnings management and disclosure as endogenous variables, this research also used information asymmetry, current income, future income, leverage, company size, cummulative return, and current ratio as moderating variables. The results show that earnings management affects corporate disclosure positively and in other side, the corporate disclosure affects earnings management negatively.
Keywords : Earnings management, Disclosure (Kep.38/PM/1996), Accruals, Discretionary accruals, Asymmetric information

Pengaruh Manajemen Laba terhadap Biaya Modal Ekuitas (Studi pada Perusahaan Publik Sektor Manufaktur)

Universitas Mercu Buana


The objectives of the research is to find out empirical evidence of the influence of earnings management on cost of equity capital.The population of this study was listed companies in the manufacturing sector at the Jakarta Stock Exchange, and the sample was determined based on the following criteria: (a) the annual report ended 31 December, and (b) book value of equity is positive. There were 92 companies meeting the criteria. Data analysis was carried out in terms of pool cross-section covering annual financial report during 2001–2002. Earnings management were measured by ratio of working capital accruals with sales, and cost of equity capital was estimated by Ohlson model. The research hypotheses were tested using multi regression with beta risk and size as control variables. The results of this research show that (1) earnings management had positive significant influence on cost of equity capital, and (2) sensitivity analysis of earnings management proxy show that ratio of working capital accruals with sales is the best proxy compared with Healy model, modified Jones model and Jones Model.

Keywords: Earnings management, Cost of equity capital

Pengaruh Informasi Akuntansi dan Non Akuntansi terhadap Initial Return: Studi pada Perusahaan yang Melakukan IPO di BEJ

Helen Sulistio
Institut Bisnis & Informatika Indonesia, Jakarta


The objectives of this study are to examine the effects of accounting information and non accounting information on initial returns to proxy for investment decision making on Initial Public Offering in Jakarta Stock Exchange. The initial returns observe in this study are limited for stocks that experienced underpricing. The accounting information examine in this study are size of the firms, earnings per share, price earnings ratio and leverage ratio. The non accounting information examine are percentage of shares retained by owner, auditor reputation and underwriter reputation. Information is reflected by security prices when prices change because of the changes in investor beliefs. The new beliefs affect the prices through changes in demand (Dyckman and Morse, 1996: p.17). Daljono (2000), Nasirwan (2000), Rosyati and Sebeni (2002) and Gumanti (2004) provide evidences that accounting information and non accounting information have significant effects on initial returns. Accounting information is defined as information that is provided by financial statements. Other information about a firm that is not provided by its financial statements is defined as non accounting information. This study uses 44 samples of manufacturing and non manufacturing firms listed on Jakarta Stock Exchange in 1998 – 2003 periods. The samples selection uses purposive sampling methods. Based on the purpose of the study, this research uses hypothesis testing. Regression analysis is used to test hypothesis. The results suggest that information about leverage ratio effect initial return negatively significant and percentage of shares retained by owner effect initial return positively significant. It means that investor used accounting information and non accounting information on their investment decisions on IPO stocks.

Reaksi Pasar terhadap Pengumuman Kenaikan/Penurunan Dividen (Studi Empiris pada Perusahaan Utilitas Publik dan Perusahaan dalam Industri tidak Diregulasi)

Universitas Sanata Dharma


It has long been known that announcements of unexpected changes in dividend payments provide information affecting the market values of the companies making the change. This study compare market reactions to dividend announcements of Public Utilities vs Unregulated Industrial Firms. The analysis uses data from 2 Public Utilities Firms and 5 Unregulated Industrial Firms during the period 1999 – 2003. I examine stock prices 2 weeks before dividend announcement date and 2 weeks after dividend announcements date. The analysis using t-test shows that there are market respons to dividend announcements of Public Utilities.

Over Reaksi Pasar terhadap Harga Saham Perusahaan Manufaktur di Bursa Efek Jakarta

Universitas Sebelas Maret
Universitas Sebelas Maret


The overreaction hypothesis predicts that securities suffering abnormally low return (losers) will subsequently experience abnormally high return. On the contrary, securities with abnormally high return (winners) will later experience abnormally low return. The overreaction hypothesis also stated that investor overreact in the initial period and subsequently correct themselves or people tend to overweight recent information and to underweight prior data. This research examines the overreaction hypothesis in manufacturing company at Jakarta Stock Exchange (JSX) troughout the years between 2000 to 2002. Samples obtained by using market adjusted model amounted to 15 loser stocks and 15 winner stocks. The result of this research seems to indicate that overreaction occurs separate in its move. Winners and losers are not constant overtime. Analysis independent sample t test, winners and losers do not show the different average abnormal return significantly. Implication on the efficient market hypothesis is that the phenomena of overreaction shows that market is not efficient (especially Jakarta Stock Exchange), since the stock price can be predicted on the previous stock price.

Keywords : Overreaction, Loser-Winner, Jakarta Stock Exchange

Pengaruh Respon Perusahaan dalam Investasi Teknologi Informasi terhadap Kinerja Perusahaan: Strategi Bisnis, Kematangan Teknologi Informasi dan Ukuran Perusahaan sebagai Variabel Anteseden

Fakultas Ekonomi Universitas Sebelas Maret, Surakarta


The purposes of this research are first, to give empirical evidence of whether decisions of information technology investment influence the company performance; second, whether the company strategy, information technology maturity, and company size variables influence the company response in decision of information technology investment; and third, is whether the company strategy, information technology maturity, and company size influence the company performance through strategic response of company with decision in investment of the company information technology. This research uses the primary and secondary data. The Sampling is judgmentally conducted by and taken away from a population of banking companies in Indonesia that is from Indonesia Bank Directory. The data were tested by the validity and reliability test before analyzed by the path analysis. The information technology maturity influences the intention company to do investment in the information technology. The Company size was measured by gross revenue that influenced the company performance through the company strategy response. This results are consistent with a research by Karimi et. al. (1996).

Keywords: business strategy, information technology maturity, company size, strategic response of company, performance

Pengaruh Structural Assurance dan Perceived Reputation terhadap Trust Pengguna Internet di Sistem E-Commerce

Universitas Lampung


The objective of this research is to find the empirical evidence whether structural assurance and perceived reputation have positive effect to trust in e-commerce system. Using e-mail method survey by convenience sampling had obtained 127 questionnaire. A number of 27 questionnaire accepted incomplete so that only 100 questionnaire which can be analysed. It used multiple-regression to analyze the data. Result of the study indicate that structural assurance and perceived reputation had positive and significant influences to trust in e-commerce system. Research in the future requires to check the other factors that influence trust in e-commerce such: personality, ease of use and transaction experience, industrial difference.

Keywords: structural assurance, perceived reputation, e-commerce, trust

Komitmen dalam Hubungan Auditor dan Klien: Anteseden dan Konsekuensi



The objectives of this study are to examine for existence antecedents of commitment in auditor-client relationship as well as existence consequences of it. Prior research has recognized that the construct commitment plays a central role in business relationship. This study develops a conceptual model that can be used to investigate what motivates clients to continue their relationship with audit firm. One hundred and five questionnaires were received from clients, which is a response rate of 42%. Partially Least Squares (PLS) were utilized to test the conceptual model. The results provide empirical evidence that interdependence is an antecedent of commitment. It is also sown that affective commitment plays an important role in auditor-client relationships.

Key words: affective commitment, accounting firms, client, interdependence, continuance intentions

Penghentian Prematur atas Prosedur Audit

Suryanita Weningtyas
Alumni Fakultas Ekonomi Universitas Sebelas Maret
Doddy Setiawan
Fakultas Ekonomi Universitas Sebelas Maret
Hanung Triatmoko
Fakultas Ekonomi Universitas Sebelas Maret


Premature sign off of audit procedure is one form of Reduced Audit Quality / RAQ behaviors. This act refers to falsely signed off a require audit step, which is not covered by other step, without completing the work or noting the omisson of the procedures but auditor dare to express opinion based on that procedures. Auditor can make wrong opinion to financial statement if he conducts such act. As a result, litigation risk faced by auditor will increase because of making mistake opinion. The objectives of this research are : first, knowing the sequence of audit procedure which most often signed off and second, testing the effect of time pressure, audit risk, materiality, review procedure and quality control on premature sign off of audit procedure. The result of this research indicates that there are priority sequence of discontinued audit procedure in time pressure condition. The most audit procedure which often to be left is understanding business’s client and audit procedure which seldom to be left is physical examination. The logistic regression show that time pressure, audit risk, materiality, review procedure and quality control have an effect on premature signed off of audit procedure.

Key Words : Premature sign off, time pressure, audit risk, materiality, review procedure and quality control

Anteseden dan Konsekuensi Burnout pada Auditor: Pengembangan terhadap Role Stress Model




The objective of this study is to develop burnout construct in accounting occupation by showing that burnout is a key mediator for role stressors (role conflict, role ambiguity and role overload) on critical job outcomes (job satisfaction, turnover intention and job performance). Burnout is a well known phenomenon in pschycology, characterized by three interrelated symptoms of emotional exhaustion, reduced personal accomplishment and depersonalization. This research is conducted to examine the direct and indirect effect of role stressor on behavioral job outcomes. The hyphoteses are tested using Structural Equation Model (SEM) by Lisrel 8,54. Structural equation model is a mutivariate analysis technique that is possible to test both measurement model and structural model to get all description about complexitas model. Applying convenience sampling method, this study has collected 166 auditors from 46 audit firms in Indonesia. This study reveals two result. First, burnout condition will appear because the presence of role stressor and moreever will affect to behavioral job outcomes (except turnover intention). Second, burnout condition become a mediator on the relation between role overload and behavioral job outcomes but neither for role conflict and role ambiguity.

Keyword: burnout, role stressor, job outcomes and Structural Equation Model

Pengaruh Pengalaman Auditor terhadap Penggunaan Bukti Tidak Relevan dalam Auditor Judgment



Auditors encounter both relevant and irrelevant information during the performance of audit tasks. Prior studies have shown that the presence of irrelevance information weakens the impact of relevant information on audit judgments. Such studies, however, have not considered whether experience moderates the diluting effect of irrelevant information on auditor’s judgment this study reports the results of an experiment in which the effect of irrelevant information on the going concern judgments of less-experienced auditors is compared to the effect of irrelevant information on the going concern judgments of more-experienced auditors. This experiment involved 56 less-experienced auditors and 31 more-experienced auditors. The experiment reaffirm that irrelevant information does have a diluting effect on the judgments of less-experienced auditors but provides new evidence that irrelevant information does not have a diluting effect on judgments of more-experienced auditors.

Keywords : Experience, Dilution Effect, Irrelevant, Relevant

Pengaruh Interaksi Gender, Kompleksitas Tugas dan Pengalaman Auditor terhadap Audit Judment (Sebuah Kajian Eksperimental dalam Audit Saldo Akun Persediaan)



This study examines the gender issues in Indonesian society whether there are differences between women and men in domsetic roles; with relation to gender issues whether males perform better than female in complexity audit tasks; and the effects of gender, task complexity, and experience on the accuracy of audit judgments. This study used experimental design method to collect data to test the hypothesis. There were 75 participants from alumni graduated major in accounting who are studying in the post graduate programs. Data were analyzed by descriptive statistics, t-test, and ancova. Participants were required to judge gender issues, and an inventory balance was fairly presented base on case material that contained a material misstatement in the inventory account balance. The results support the gender issues, and the effect of gender and experience interaction on the accuracy of audit judgment. In other hand, the effects of gender and task complexity interaction are not supported and there is no difference between male and females in performing audit judgment in complexity audit tasks.

Key words : gender, complexity task, experience, judgment

Sifat Machiavellian dan Pertimbangan Etis: Anteseden Independensi dan Perilaku Etis Auditor

St. Vena Purnamasari, SE.,MSi
UNIKA Soegijapranata Semarang


This research is designed to gain an understanding of how auditor’s respond to realistic ethical dilemmas. Machiavellianism and Cognitive Moral Development theory are the basic theories in this study. The purpose of this study is to investigates: (1) the association Machiavellianism and ethical reasoning with auditor’s independence judgment and ethical behavior and (2) the relationship between auditor’s independence judgment and ethical behavior. Literature suggests that individual with high Machiavellian levels and lower ethical reasoning levels are more likely less independence and more likely agree with unethical behavior. Literature also suggests independence is the first subject addressed in the rules of conduct. Independence in auditing means taking an unbiased viewpoint in the performance of audit test, the evaluation of the results, and the issuance of audit report. Several hypothesis are developed to investigate: first the relationship between Machiavellianism and auditor’s independence judgment. Second, the relationship between Machiavellianism and ethical behavior. Third, relationship between ethical reasoning and auditor’s independence judgment. Fourth, the relationship between ethical reasoning and ethical behavior and the last is the relationship between auditor’s independence judgment and ethical behavior. A total of 140 auditors are used to examine the hypotheses. Data was collected by mail survey and tested by path analysis. Results indicate that individual with high Machiavellian levels is more likely to less independence and more likely to agree with unethical behavior.

Key words: Machiavellianism, Ethical Reasoning, Independence, Ethical Behavior and Cognitive Moral Development Theory

Pengaruh Problem-Based Learning (PBL) pada Pengetahuan tentang Kekeliruan dan Kecurangan (Errors and Irregularities)

Riki Ferdian
Alumni Fakultas Ekonomi Universitas Gadjah Mada
Ainun Na’im
Universitas Gadjah Mada


This study examines the effects of Problem-Based-Learning (PBL) approach in auditing course teaching on the students’ knowledge about errors and irregularities. PBL is an approach in teaching that focuses on identification, analysis, and intergroup discussion of problems. In PBL auditing course teaching, instead of focusing on lecturing, professors stimulate students to identify, to discuss and to analyze problems in auditing. We predict that PBL is more effective than traditional teaching approach in auditing course that focuses on lecturing. Of course other (out of class) activities such as exercises and case analysis still be used and parts of the whole learning process. Using an experiment involving subjects of 57 students, we find that the difference between PBL and Conventional approach is not significant. There are two reasons for this unexpected finding. First, we may fail to have a group of subjects who have PBL approach and the other group of subjects who have Conventional approach. Second, the instruments may not be able to provide durable measures to differentiate the knowledge of the subjects in errors and irregularities. Thus, this research may be extended by improving those weaknesses. This research provides contribution on the development of the theories and approaches in teaching and in auditing.

Keywords: Problem-Based Learning (PBL) method, recall of errors and irregularities, accuracy of errors and irregularities

Hubungan antara Risiko Manipulasi Earnings dan Risiko Corporate Governance dengan Perencanaan Audit (Studi Empiris pada Auditor Se-Jawa)

Nurna Aziza
Universitas Bengkulu
H. Mohamad Nasir
Universitas Diponegoro Semarang
Universitas Diponegoro Semarang

The purposes of this study are to examine the relationship of earnings manipulation risk and corporate governance risk with auditors’ planning. These topics are rarely examined. The results of this research contribute for theory development, particularly for auditing and behavioral accounting; for auditor when make planning audit practice; and for organization’s (input) in decision making about rule that will be applied by its members. The population in this study are auditors working in KAP (audit firm) in Java island. Questionnaires were sent to 613 members, with purposive sampling method. The response rate of the samples just 10.28 % (63/613*100%) was analyzed using regression method. The result show that earnings manipulation risk, corporate governance risk, and interaction of earnings manipulation risk, corporate governance risk, and auditors’ planning not associated with audit planned . The future research is suggested to examine other variables, including: size and culture of audit firm, experience, and auditor knowledge on client.

Keywords: Earnings manipulation, earnings management, corporate governance, auditors’ planning and risk

Evaluasi Manajemen Risiko Kantor Akuntan Publik (KAP) dalam Keputusan Penerimaan Klien Berdasarkan Pertimbangan dari Risiko Klien, Risiko Audit dan Risiko Bisnis

Program Doktoral – Program Ilmu Akuntansi
Fakultas Ekonomi Universitas Indonesia


The objective of this research is to understand the risk management factors which should be performed by the accounting firm in the process of client acceptance decision by considering of 3 risks factors: Client Risk, Audit Risk and Auditor’s Business Risk. The client risk was determined by management integrity valuation and client’s business risk, meanwhile, the audit risk was determined by the nature of the audit engagement, related parties transactions, client’s prior knowledge and experiences, and also from the deep understanding of auditors in regards to the error and fraud which is possible performed by the client. Furthermore, auditor’s business risk was determined by considering whether the client’s profiles is a public company, regulated industry or high profile company. In order to enhance this research, this paper also discusses how the audit fee and the role of specialist will impact to client’s acceptance decision. In conducting the model testing, this research was performed through a field of empirical testing in one of the accounting firm ( rchival data).

Key words : client acceptance, audit risk, auditor’s business risk, error and fraud risk, oing public, audit fee recovery, risk management

Strukturasi Praktik Etika di Kantor Akuntan Publik: Sebuah Studi Interpretif

Unti Ludigdo
Universitas Brawijaya


The main aim of this research is to understand the practice of ethics in a public accounting office (KAP). Hence, this research is developed with the basis of interpretive paradigm. The collaborative theory (ethnomethodology, structuration and spiritual intelligence or SQ) used to explore comprehendship meaning of ethics in everyday practice. The result of this research are; First, in this KAP, the managing partner has a strong change strenght in his organization. Whilts in the organization context, the management of this KAP is more in informal climate. Nevertheless, in the framework of ESQ it can be understood that the informal pattern developed here would be the manifestation of Madia’s (as a chief) internal dimension that has a view and action that are not always based on a certain convention, a flexible behaviour, a tendency to maintain life quality inspired by visions and values, and also the tendency of Madia to see the relationship between lots of things (to view in a “holistic” way). Second, the structuration pattern is not only rolling in the context of interaction between human being and organization, but also in the context of social environment setting. With an informal pattern developed in a KAP, the praxis of ethics which is developed here is coming from the effort of Madia as a chief and the shared of value that is held by him is rolling personally. Whilst, this effort is unseparable from the social context coped with this individual and organizational context. Ethical praxis is always happen because the existence of a strong external pressure, both from clients, the user, and those who have interest in this public accountant service (banks and tax officer) and also the ruler body in the field of public accountant (IAI and the Republic of Indonesia Financial Department).

Keywords: Practice of ethics, public accountant, structuration, ethnomethodology, ESQ

Studi tentang Perbedaan Evaluasi Etis, Intensi Etis dan Orientasi Etis Dilihat dari Gender dan Disiplin Ilmu: Potensi Rekruitmen Staf Profesional pada KAP

Siti Muthmainah
Universitas Diponegoro


This study tests for gender and discipline-based differences in ethical evaluation, ethical intentions and ethical orientation among subjects from accountancy department, faculty of law and information technology undergraduates, both women and men. Examination conducted with Mancova and Ancova. Results indicate that difference of ethical orientation between women and men only happened at moral construct of utilitarianism. There are also differences of ethical intention and ethical evaluation between men and women. In general research findings support structural approach and previous research which done by Harris (1989), McNichols and Zimmerer (1985); Ford and Lowery (1986), Friedman et al. (1987), Forsyth et al. (1988), Tsalikis and Ortiz-Buonfina (1990), Stanga and Turpen (1991), Jones and Kavanagh (1996), McCuddy and Perry (1996). Differences of ethical orientation also happened among various responder of different academic discipline, especially in moral construct of justice, egoism and deontological. There are also differences of ethical evaluation and ethical intention among responders coming from different science discipline. These findings are consistence with previous research which have been done by Ponemon and Gabhart (1993), Jeffrey (1993), Ponemon and Glazer (1990), and Cohen et al. (1998).

Pengaruh Variabel-variabel yang Berpengaruh terhadap Keinginan Klien untuk Mempengaruhi Kebijakan Audit




The purposes of this study are to examine the impact of Client-Public Accountant Firms relationship, the client importance for Public Accountant Firms, non-audit services provided by Public Accountant Firms, client’s audit experience, auditor’s seniority, auditor’s experience, auditor’s knowledge on clients’expectations in audit judgment from client perspective. The populations in this study are members of The Indonesian Institute of Accountants-The Management Accountant Compartment. Questionnaires were sent to 300 members, with multistage sampling method. The response rate of 21,67% was analyzed by regression method.

Keywords: Client-Public Accountant Firms relationship

Pengaruh Kualitas Audit, Kondisi Keuangan Perusahaan, Opini Audit Tahun Sebelumnya, Pertumbuhan Perusahaan terhadap Opini Audit Going Concern

Eko Budi Setyarno
Indira Januarti


In this study, we attempt empirically to investigate the relationship between audit quality, financial condition, previous audit report and sales growth on going concern audit opinion would receive a going concern opinion. A samples of 59 manufacturing companies listed at Jakarta Stock Exchange from 2000-2004. Logistic regression is used to examine hypothesis. The results indicate that financial condition (Altman Z-Score) and previous audit report are significantly affect the going concern audit opinion. On the other hand, audit quality and sales growth does not have effect on going concern audit opinion.
Keywords: audit quality, financial condition, previous audit report, sales growth, going concern audit opinion

Pengaruh Profesionalisme Auditor terhadap Tingkat Materialitas dalam Pemeriksaaan Laporan Keuangan

Hendro Wahyudi
Alumnus STIE Malangkuçeçwara Malang

Aida Ainul Mardiyah
STIE Malangkuçeçwara Malang


This research objective is to examine empirically the influence of professionalism of auditor on level of materiality in course of financial statement audit. Professionalism of auditor which estimate can influence level of materiality is devotion of at profession, social obligation, independence, belief of at profession, and relation with humanity of friend profession. Data is selected using purposive sampling. The analysis units for responses of 66 staff in KAP Suprihadi and Friend’s. The data collection is performed using mail survey. The statistic method used to test the hypotheses is multiple regressions. The study results are as follows: 1) the influence of devotion of at profession on materiality. Result of researches has done Rahmawati (1997) and Hastuti et al. (2003), 2) the influence of independence on materiality. Result of researches has done Rahmawati (1997) and Hastuti et al. (2003), 3) the influence of belief profession on materiality Result of researches has done Rahmawati (1997) and Hastuti et al. (2003), 4) the influence of relation with humanity of friend profession. Result of researches has done Rahmawati (1997) and Hastuti et al. (2003), also 5) the influence of devotion of social obey on materiality do not support research of Rahmawati (1997) and Hastuti et al. (2003). This research also indicate that by using five dimension of professionalism that is: devotion of at profession, social obligation, independence, belief of at profession, and relation of humanity of friend of profession can influence a auditor in considering storey level materiality. Consideration mount materiality influenced by the professionalism, consistence with result of previous research.

Keywords: devotion of at profession, social obligation, independence, belief of at profession, relation with humanity of friend profession, and materiality.

Pengaruh Kecerdasan Emosional terhadap Tingkat Pemahaman Akuntansi dengan Kepercayaan Diri sebagai Variabel Pemoderasi

Universitas Bengkulu


This research aim to to test do emotional intellegence consisting of five component that is recognition self awareness, self regulation, motivation, empathy, and social skills have an effect on to storey level understanding of accountancy. This research also aim to know the existence of role self trust as moderating variable to emotional intellegence influence to storey level understanding of accountancy. Besides also this research aim to see the existence of difference emotional intellegence between student owning self trust of strong with student which is selftrust of weak. Measuring instrument to measure storey level understanding of accountancy is average point of accountancy that is PA1, PA2, AKM1, AKM2, AKL1, AKL2, AU1, AU2 And TA. That Analyzer used is simple linear regression, MRA, and Independent Sample T-Test. Result of analysis express that recognition self awareness, self regulation, motivation, social skill and empathy do not have an effect on by signifikan and have role as quasi moderator variable. Self trust of weak and strong differ in the case of empathy and self regulation, and recognition ofself trust, social skill and motivation do not differ. Many other factor which influence storey level understanding of accountancy like mental stress factor, and etc. Result of this research can give contribution to university in order to compiling curriculum and can give input to student in order to developing emotional intellegence and self trust.

Key words : self awareness, self regulation, motivation, empathy, social skills, self trust, level understanding of accountancy

Pengaruh Kecerdasan Intelektual, Kecerdasan Emosional dan Kecerdasan Spiritual terhadap Sikap Etis Mahasiswa Akuntansi (Studi pada Perguruan Tinggi Negeri Kota Makasar)

M. Ridwan Tikollah
Universitas Negeri Makassar
Iwan Triyuwono
Universitas Brawijaya
H. Unti Ludigdo
Universitas Brawijaya


The research is aimed at: 1) Testing the effect of intellectual intelligence (IQ), emotional intelligence (EQ), and spiritual intelligence (SQ ) on ethical attitudes of university accounting students, simultaneously and partially; 2) Testing which variable that has dominant effect. The respondents of the research are accounting students at the State University of Makassar (UNM) and Hasanuddin University (Unhas) in Makassar City. Purposive sampling technique is chosen with criteria respondents have done Auditing I Subject. Data was gathered by questionnaires and documentation. IQ variable is gathered with Intelligence Test CFIT 3 Scale and it is done by Psychologists. Data analysis to test hypothesis is done with multiple linear regression analysis. This research results shows that IQ, EQ, and SQ simultaneously had significantly effect on ethical attitudes of university accounting students. But partially, only IQ has significantly and dominantly effects on ethical attitudes of university accounting students.

Keywords : IQ, EQ, SQ, ethichal attitudes, ethics

Muatan Etika dalam Pengajaran Akuntansi Keuangan dan Dampaknya terhadap Persepsi Etika Mahasiswa: Studi Eksperimen Semu

Wiwik Utami and Fitri Indriawati
Universitas Mercu Buana


Ethics education is more than studying the code of professional conduct, but rather a process whereby individuals become more consciously involved in making ethical decisions (Langenderfer and Rockness:1989). This study investigates whether integrating ethical issues in financial accounting course will improve student’s ethics perception. The research design was quasi experiment, posttest-only control group design, and the subject were students who took intermediate accounting. The hypotheses of this research were: (1) loading ethical issues in financial accounting course influenced student’s ethics perception, and (2) interaction between ethical issues in financial accounting course and student GPA (Grade Point Average) influenced student’s ethics perception. The research hypotheses were tested using two way ANOVA. The result show that: (1) loading ethical issues in financial accounting course not influenced student’s ethics perception, (2) interaction between loading ethical issues in financial accounting course and student GPA significantly influenced the student’s ethics perception. Considering the current climate of good corporate governance, educators can no longer postpone in integrating ethics issues in accounting curriculum.

Keywords: ethical perception, ethical issue, financial accounting

The Influence of Earnings Management on Earning Quality

Widanarni Pudjiastuti
STIE Malangkuçeçwara Malang
Aida Ainul Mardiyah
STIE Malangkuçeçwara Malang


This research objective is to examine empirically the influence of earnings management on earnings quality. The analysis units were 459 (153x3) manufacturing companies listed in the Jakarta Stock Exchange, started from the year 2002 up to 2004. Data used were archival ones. Sample selection was based on purposive sampling. Statistical method used to test the hypotheses was multiple regressions. The result of the research showed that: the influence of earnings management on earnings quality was 47.56%. It means that higher earnings management will be followed by higher earnings quality. Earnings management supports earnings responsive coefficient (ERC) that revealed on the fluctuation of market response as the symbol of market assurance towards financial statement especially on the earnings. The financial statement users assume that the reported earnings show managerial performance, through its responsive strength. The weak influence of earnings management on earnings quality means that the earnings management can not be detected by users, so that market will not give over response. It indicated that there is still chance for management to do the earnings management in the border of Standar Akuntansi Keuangan. Result of this study supported the results of Cho and Jung (1991), Subramanyam (1996), Pae (1999), Sankar (1999), Feltham and Pae (2000), Nelson et al. (2000), Scott (2000), Lobo and Zhou (2001), also Teixeira (2002).

Keywords: Earnings Management, Earnings Quality, Earnings Response Coefficient (ERC), and CAR

A. Background Of The Study

In an ideal condition, capital market is a media to support the mechanism of fair stock transactions but in reality this condition is difficult to gain because of the interest conflict and because of intransparancy of company’s financial statement. Leuz and Winsock (2003) had done international comparative study on earnings management and investor protection with 31 countries (including Indonesia) as samples that covered 1990 up to 1999-study period. Objective of the study was, to give empirical evidence that there were differences of earnings management in various countries because of the difference in investor protection. Based on average score of earnings management, Indonesia was on the 15th level among 31 countries that means that Indonesia was in the middle level. At the lowest level of earnings management was United States. If it is compared to other ASEAN countries that were chosen as samples: Malaysia, Philippines, and Thailand, it seems that Indonesia got the highest earnings management score. For legal enforcement score, Indonesia got point 2.9 as the lowest score, means that legal enforcement in Indonesia was very weak and this will give influence to the low investor protection level.

Ownership Retention, Number of Risk Factors and Underpricing in Indonesia Intial Publik Offerings

Tatang A Gumanti and Marentin Nita Niagara
University of Jember


This study examines whether the level of ownership retained by the issuers of IPO and the number of risk factors available in the issue prospectus are associated with the variation of the level of underpricing. Using a sample of 288 IPOs that went public between 1990 and 2004 in Indonesian capital market, this study finds that the level of ownership retention has negative correlation with the level of underpricing. In line with the expectation, this study finds that the number of risk factors is positively related to the level of underpricing. This finding implies that the riskier the IPO firm as indicated by the number of risk factors, the higher the level of underpricing.

Keywords: underpricing, ownership retention, number of risk factors, initial public offerings.

1. Introduction
A detailed prospectus is required before new securities can be offered to the public in an initial public offering (IPO). It provides information about the offering itself, a brief history of the firm’s business, information related to past financial performance, ownership details, and the risks associated with the investment. The investment community recognizes that the most detailed and precise information about the issuing firm is found in the offering prospectus. In addition, the prospectus is a legal document that protects the issuer and the underwriter because it is written proof that the investor was provided with all the material facts related to the offering. However, very little is known about how useful prospectus information is to investors in their decision to invest in an individual IPO. Because a number of issuers lack a history of past revenues or earnings, investors are likely to be quite skeptical about the value of prospectus information. Recent evidence in Teoh et al. (1998), that earnings management prior to going public is related to long-run under-performance, could further erode the investor’s confidence in the value of the information contained in the prospectus, because it shows that firms could resort to window dressing prior to going public. Nevertheless, information contained in a prospectus is often the first window to a potential investor about the firm’s past and its projected future performance.

The Correlation of Catering Incentives to Stock Return-A Test of Catering Theory of Dividend

Andalas University


This research investigates whether dividend catering theory can provide the answer to explain phenomenon of dividend policy in Indonesia. The theory argues that the decision to pay dividends is driven by investors demand. Managers pay dividend when investors put a higher price on the shares of dividend payers and not paying when investors prefer non-dividend payers. Dividend premium is used as the proxy for the investor sentiment for dividend. The sample of this research is 337 non-financial firms listed within the Jakarta Stock Exchange, which is composed of 363 dividend announcements during the period 1999-2003. The correlation between catering incentives, measured by dividend premium, and the stock return shows a negative association between dividend premium and the stock return. Such a negative relationship might be caused by the relative growth opportunity of the firms showed by the decreasing number of dividend payers during period of observation.

Keywords: Dividend catering theory; dividend premium, dividend yield, abnormal return

Several theories of dividend policy have been offered in the literature of corporate finance for firms to pay dividends. The first dividend theory; dividend irrelevance theory, proposed by Miller and Modigliani (1961) find that dividend policy is “only a financing decision”. The way of income is distributed (in the form of capital gain or dividend) does not affect the overall value of the firm, because of the two assumptions-given the firm’s investment decision and the existence of the perfect capital market. Then, the-bird-in-the-hand theory, suggest by Myron Gordon and John Lintner states that stockholders prefer dividend to retain earnings since dividend is less risky compared to retain earnings. Next, the tax preference theory hypothesizes that investors prefer a low dividend payment to a high pay-out because dividends are taxed at higher rates than capital gains. The dividend clientele theory states that the clienteles of investors becomes the consideration in changing the dividend policy. Meanwhile, the residual dividend theory hypothesizes that dividends are only paid when there are residual earnings after financing of the new investment. The next theory is the dividend signaling hypothesis suggests that payout to shareholders convey valuable information to the capital market e.g. (Bhattacharya, 1979; Miller and Rock, 1985; John and Williams, 1985) in Lie (2004). The theory predicts that the announcement of changes in current dividend brings information about the future performance of a firm. The empirical evidences associated with this theory are still inconclusive. In the support of the signaling theory, Hanlon et al. (2006) investigates the information content of dividend: whether market can understand and predict future earnings for dividend paying firms. Their result shows that the greater the association between current returns and future earnings, the more relevant the dividend information content of future earning. In contrast, Grullon et al. (2002) find the dividend increasing firms experience a decline in profitability in the years after the dividend change.

The Information Content Simultaneity of Returns and Earnings: The Case of Indonesia

Universitas Dian Nuswantoro, Semarang

Universitas Diponegoro, Semarang


This paper analyzes in detail the information content of returns and earnings, both linearly and simultaneously because they are jointly affected by information that is difficult to specify explicitly. Based on empirical evidence, we challenge the assumption that earnings follow first order moving average process, while assuming that they actually follow first order autoregressive process. Using 900 firm-specific observations from 1996 to 2004 we found that earnings (ERC) and returns response coefficients (RRC) provide similar estimates under joint estimation rather than linear one. We also found that 2-Stage Least Square (2SLS) reduces the bias of ERC and RRC in contrast to under Ordinary Least Square. Surprisingly, earnings and returns convey information larger in the short-term rather than in the long-term. In particular, we found that one year lag of return contain more information about future earning than two-or three years lag of return.

Keywords : Joint Estimation, Earning Response Coefficient, Return Response Coefficient, Information Content Bias

One of the most compelling and intriguing research questions of our time is exploring the relationship between return and accounting earning, in which capital market equilibrium can be characterized by as a mapping from states into a set of security returns. Similarly, earnings are signals from information system which is a mapping from states into signal. In general, there could be any relationship between returns and earnings depending upon the nature of the two mappings. If one assumes that return and earnings reflect a common set of events, it is not unreasonable to assume that the two might be associated (Beaver, et al. 1979).

Pengaruh Privasi, Keamanan, Kepercayaan dan Pengalaman terhadap Niat untuk Bertransaksi secara Online

M. Rafki Nazar


This research aims to understand the impact of privacy, security, trust, and internet experience, to intention online transaction. The approach use theory planned behavior in this research. Hypothesis that are proposed: (1) Trust will be positive influence on attitude consumer to intention online transaction. (2) Security will be positive influence to risk perception. (3) Trust will be negative influence to risk perception (4)Privacy will be positively influence risk to perception (5) Risk perception will be negative influence to attitude consumer to online transaction (6) attitude will be positive influence to intention (7) Risk perception will be negative influence to intention to online transaction (8) Internet experience will be positively influence to intention online transaction (9)subjective norm will be positively influence to online transaction (10) Behavioral control will be positively influence to online transaction. The subjects of this research are 200 students of information system from various campuses in Yogyakarta city. This is research used survey method with instrument questioner and sample was taken using non probability sampling, and more specific, purposive sampling. Validity test used convergent and discriminant, and reliability test used composite reliability. The result of this research show that: there is a positive not significant influence of trust on attitude; There is a positive and significant influence security on risk perception; there is a positive not significant influence trust on risk perception; there is a positive and significant influence privacy on risk perception; there is a positive and significant influence risk perception on attitude; there is a positive and significant influence attitude on intention; there is a positive and significant influence risk perception on intention; there is a positive and significant internet experience on intention; there is a negative not significant influence subjective norm on intention; there is a positive and significant influence behavior control on intention.

Keywords: Privacy, Security, Trust, Internet experience, Intention, The Theory Planned Behavior, Online store, and Online transaction


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