Apakah Kinerja Jangka Panjang Penawaran Umum Perdana di Indonesia Underperformed?: Bukti Baru

Dosen Fakultas Ekonomi Universitas Negeri Jakarta


Previous research found that long-run share price performance of Indonesian initial public offerings (IPOs) underperformed. My research gives new evidence that the long run performance depends on the methods used. Insignificant underperformance is found for equally-weighted cumulative abnormal returns (EWCARs) and value-weighted cumulative abnormal returns (VWCARs). Significant underperformance is found for equally-weighted buy-and-hold abnormal returns (EWBHARs). Significant outperformance is found for value-weighted buy-and-hold abnormal returns (VWBHARs). The underperformance disappears, however, when calendar-time approach is utilized. The intercepts in Fama-French three-factor regressions are insignificantly different from zero, suggesting no abnormal performance.
Keywords: Long-run performance, Initial Public Offerings, Fama-French Three Factor Model.

Masalah Keagenan Aliran Kas Bebas, Manajemen Laba dan Relevansi Nilai Informasi Akuntansi

Aulia Fuad Rahman Fakultas Ekonomi Universitas Brawijaya
Ulfi Kartika Oktaviana Fakultas Ekonomi UIN Maliki Malang

Free cash flow agency problem causes potential conflict of interest between managers and shareholders. Managers of firms with high free cash flow and of low growth opportunity tend to invest in marginal or even negative NPV project and use earnings management to camouflage the effects of non-wealth-maximizing investments. As a result, it is predicted that investors will react to earnings management and free cash flow agency problem and therefore reflected in stock price. In this sense, earnings management and free cash flow agency problem is predicted to have an impact on value relevance of accounting information. The objective of this study is to assess the impact of earnings management on value relevance of earnings and book value. This study also investigates the different effect of earnings management on value relevance of earnings and book value between free cash flow agency problem firms and non free cash flow agency problem firms. Result shows that earnings and book value are value relevance and earnings management decreases those value relevances. The result also conclude that the negative effect of earnings management on value relevance of earnings and book value is higher for free cash flow agency problem firms compared to non free cash flow agency problem firms.
Key words: Free cash flow agency problem, value relevance, earnings and book value, earnings management.

The Preliminary Study of Accounting Professional's Perception Towards IFRS Implementatio in Indonesia

Ersa Tri Wahyuni (Universitas Padjajaran)
Penny Lay (Binus University)


Indonesian Institute of Accountants (Ikatan Akuntan Indonesia or IAI) has announced the plan to converge Indonesian GAAP (Pernyataan Standar Akuntansi Keuangan or PSAK) with IFRS as of 1 January 2009 starting to be effective on 1 January 2012. Indonesia as one of member of the Group of Twenty (G-20) should strive to achieve IFRS compliance as it is one of G-20 goal and commitment in enhancing economic cooperation around the world. This study aims to examine Indonesian accounting professionals‟ perceptions regarding IFRS convergence in 2012. This study is based on a survey which focuses on accounting professionals‟ perceptions in Indonesia The total population in this study was 275 accountants and auditors who attended the four accounting events in Jakarta held by IAI and IAPI. There was a total sample of 143 respondents, 76 accountants from companies and 67 auditors from public accounting firms. The research revealed many interesting findings. Language issue in understanding PSAK (a translation from IFRS) is perceived as a problem more to the accountants works in company rather than auditors. However both types of accountants sees IFRS training to staffs was viewed as an important issue for IFRS implementation in Indonesia. With regard to the advantages of IFRS implementation in Indonesia, the foreign-affiliated institutions voiced higher agreement that IFRS will result in greater comparability of financial performance. They are also confident that Indonesia is ready for IFRS convergence by 2012 in contrast with non-affiliated institutions. And lastly accountants with 0-5 years experience group expressed greater concerns towards Indonesia‟s readiness for IFRS implementation as compared to accountants with more than 15 years experience. However overall perception shows that accounting professionals surveyed has positive perceptions towards IFRS convergence in Indonesia.
Keywords: IFRS Convergence, Implementation, Accountants perception

1. Background
Indonesian Institute of Accountants (Ikatan Akuntan Indonesia or IAI) has announced a formal statement for the plan to have Indonesian GAAP (Pernyataan Standar Akuntansi Keuangan or PSAK) fully converged with IFRS as of 1 January 2009 starting to be effective on 1 January 2012 (Akuntan Indonesia, 2010). Moreover, Indonesia is a member of the Group of Twenty (G-20) Finance ministers and Central Bank Governors. Ahmadi Hadibroto as the national board chairman of IAI affirmed that, „The creation of global harmonization of accounting standards is also one of G-20 goal and commitment in enhancing economic cooperation around the world‟. This issue is driven by the perceptions and attitudes of various concerned groups, including auditors, corporate accountants and public accountants (Akuntan Indonesia, 2010).

Intellectual Capital dan Abnormal Return Saham (Studi Peristiwa pada Perusahaan Publik di Indonesia)

Jennie Sir (Politeknik Negeri Kupang)
Bambang Subroto (Universitas Brawijaya Malang)
Grahita Chandrarin (Universitas Merdeka Malang)


The objective of this study to examine information content of intellectual capital disclosure in corporate annual reports. Tests on the information content of intellectual capital disclosure (ICD) can be seen from the abnormal stock return around the date obtained ICD, which refers to the date of issuance of the company's annual report. This study also examines the differences in average abnormal stock returns before and after the ICD, and to classify the sample companies based on the widely reported ICD, and test the difference in average abnormal return for companies that disclose information in a comprehensive IC and non-comprehensive. The results of this study show that the market responds to the ICD company, which the impact of ICD on cumulative abnormal stock return is statistically significant. Although this research has not succeeded in proving the existence of differences in average abnormal return obtained before and after the disclosure, but this study found the differences in average abnormal return for companies that disclose IC information in a comprehensive and non-comprehensive. The results show that firms with a comprehensive level of IC disclosures will obtain average abnormal return which is higher than companies that do not disclose information in a comprehensive IC.
Keywords: information content, cumulative abnormal return, average abnormal returns, intellectual capital disclosure.

Pemeringkat Obligasi Perdana sebagai Pemicu Manajemen Lab: Bukti Empiris dari Pasar Modal Indonesia

Gerianta Wirawan Yasa Fakultas Ekonomi Universitas Udayana


This research tests the influence of ranking requirement on earnings management of companies who go public bonds for the first time. This research covers two issues. The first one concerns the influence of information and financial ratios toward obligation ranking. The second issue is earnings management performed by companies that are going to issue obligation for the first time before the process of setting the obligation ranking. The sample of this research is non-financial companies listed in the Jakarta Stock Exchange and Surabaya Stock Exchange who perform Initial Public Offering of their obligation from year 1999 to 2006. Obligations issued by listed companies in obligation ranking made by PT. PEFINDO and PT. KASNIC Credit Rating Indonesia. Every company that issued obligation in this research is required to have comparable counterpart who did not issue obligation. The theory that based this research is agency theory and signaling theory. Hypotheses were tested using Discriminant Analysis model and Compare Means-Independent Samples T-Test. Several popular earnings management detection models were used to detect earnings management during the Initial Public Offering. The test result using Discriminant Analysis model showed evidence that operating income, retained earnings, operating cash flow, and liquidity have ability to differentiate obligation ranking. Total asset and leverage which did not have any influence. This research shows earnings management in which management increase earnings before the Initial Public Offering of Obligation. Earnings management in companies going through their Initial Public Offering of Obligation is larger that companies who did not issue obligation in the same period.

Keywords: Initial public offering bonds, bonds rating, financial ratios, earnings management

Tafsir Keuntungan bagi Profesi Dokter dengan Pendekatan Hermeneutika Intensionalisme

Dian Purnama Sari Unika Widya Mandala Surabaya


This research’s goal is to understand the meaning of “profit” which is seen from doctor’s side. Doctor proffesion become focus because their relation directly close with society. Doctor often considered as a successful profession, seen of prestige and also wealth. With Intensionalism Hermeneutic, this research concludes that there are four meanings of “profit” for doctor profession. The first meaning is material “profit” which is called as saving to fulfill doctor’s needs. The second meaning is spiritual “profit” addressed for fellow being and return to God. The third meaning is prestige “profit” which is respected enough in society. And the fourth meaning is satisfaction of mind “profit” when the patient is cured and healthy. These are the four meanings of “profit” found in this research.

Keywords: Intensionalism Hermeneutic, Doctor, “Profit”

The Real and Accruals Earnings Managements: Satu Perspektif dari Teori Prospek

Imam Subekti Anita Wijayanti Komarudin Akhmad (Universitas Brawijaya)


The present study aims to investigate earnings management behavior measured by real and accruals transactions i.e. abnormal cash flow of operation, abnormal production cost, abnormal discretionary, short-term discretionary accruals, and long-term discretionary accruals. The study apllies a perspective of prospect theory. One prediction of prospect theory is that managers tend to manage earnings to avoid earnings negative. It means that positive earnings around zero is earnings managed to avoid negative earnings. The present study classifies samples become identified firms and unidentified firm engaging in earnings management based on EPS distribution. It is different with previous studies using ROA distribution. Distribution EPS is more usefullness for Indonesian’s investors especially minority shareholders beacuse EPS has more function than ROA to predict future return. The EPS distribution is based on exchange rate between Rupiah and US Dollar, and between Rupiah and EURO as sensitivity analysis. The present study also applies an adjusment on each model of earnings management proxy in order to obtain better regression parameter of the models. Result of the present study shows that most of Indonesian publilc firms tend to manage earnings based on real transactions than accruals transactions. All proxies of real earnings management support hypothesis that positive earnings around zero are managed through the real transactions. On contrary, only long-short discretionary accruals which support hypothesis revealing that positive earnings around zero is managed through accruals accounts. These results are consistent with sensitivity analysis based on exchange rate between Rupiah and EURO.
Keywords: abnormal cash flow of operation, abnormal production cost, abnormal discretionary expenses, short-term discretionary accruals, long-term discretionary accruals, EPS distribution, and prospect theory

Perbedaan Perilaku Earnings Managment Berdasarkan pada Perbedaan Life Cycle dan Ukuran Perusahaan

Sri Hastuti dan Ponty Sya’banto Putra Hutama
STIE SBI Yogyakarta


The objective of the study was to examine the difference of earnings management based on the difference of corporate life cycles (growth, mature, and stagnant) and firm size. This earnings management behavior differences were shown by the magnitude of earnings management in every life cycle stage and firm size. Small-sized firms and may have not sophisticated internal control system engage in more earnings management, as measured by discretionary accrual. Firm in mature and stagnant stage may have more sophisticated internal control system than firm in growth stage. The sample of the study was the manufacturing companies listed in the Indonesia Stock Exchange. The data observation period was 8 years (2000-2007). The data was collected using purposive sampling method. Total samples were 135 firms. Earnings management was indicated by the magnitude of discretionary accruals, which is bigger than null. The samples are classified into various life cycle using dividend payout, sales growth, capital expenditure value, and age. Firm size are classified by total assets. As predicted, the empirical results indicate firms in growth, mature, and stagnant stage are conducting earnings management. This research could not found any earnings management differences between life cycle and size.
Keywords: earnings management, corporate life cycle, growth, mature, stagnant, firm size

Kepemilikan Manajerial, Konservatisma Akuntansi dan Cost of Debt

 Muhamad Safi


This research was aimed to test the influence of managerial ownership to accounting conservatism and the effect to cost of debt. This research used companies’ data which the companies listed on Indonesian Stock Exchange and had debt rate published by Pefindo. Ordinary Least Square was used to do analysis to data. Result showed that managerial ownership variable related to the increasing asymmetric timeliness. It was meant that the bigger managerial ownership, the more conservative. And than, no significant influence of accounting conservatism to cost of debt. The statement that the more conservative of financial statement, the bigger company’s rating (low cost of debt), was not proved. Next result showed that no significant of influence of managerial ownership to cost of debt. The final finding showed that there was influence of managerial ownership to rating (proxy of cost of debt), after moderated with accounting conservatism. By interacting accounting conservatism with managerial ownership, the unsignificant influence of managerial ownership became significant influence. This research was expected ti give contribution to investors and to interest parties on their decision making and to regulators on their judgment of regulation making.

Keyword: Managerial ownership, accounting conservatism, cost of debt

Hubungan antara Kesalahan Prediksi Laba Manajemen dan Akrual dengan Ketidakpastian Lingkungan sebagai Variabel Moderating

Ratna Narulitasari
(Alumni FE Universitas Sultan Ageng Tirtayasa, Banten)
Munawar Muchlish Elvin Bastian
(FE Universitas Sultan Ageng Tirtayasa, Banten)


This research aims to test empirically the association between errors in management forecast of subsequent year earnings and current year accruals, and investigate the influence of uncertainty environment in the association between management earnings forecast errors and accruals. This is an empirical research whose Purposive Sampling as collecting data’s method. Data’s obtained by take the secondary’s data from non financial companies which listing in Indonesia Stock Exchange (IDX). The hypothesis was analysed using Structural Equation Model (SEM) with the program PLS (Partial Least Square). The result indicate that there is a positive association between errors in management forecast of subsequent year earnings and current year accruals, and the uncertainty environment can’t moderated a positive association between management earnings forecast errors and accruals.

Keyword : Voluntary Disclosure, Management Earnings Forecast Errors, Accruals and Uncertainty Environment

Equity Risk Premium Perusahaan yang Terdaftar di Bursa Efek Indonesia dan Faktor-faktor yang Mempengaruhinya

Saiful Uvi Elin Erliana
(Universitas Bengkulu)


The purpose of this study is to examine the impact of tenure, company’s size, book to market equity, leverage, beta and earnings quality on company’s equity risk premium. Sample was taken based on purposive sampling method from Manufacture companies that listed in Indonesia Stock Exchange in the year 2005 to 2008. The final samples consist of 45 companies. This study found that book to market equity and leverage positively and significantly influence equity risk premium, while beta negatively and significantly influence equity risk premium. These findings indicate that equity risk premium increase as book to market equity increase, because the highest book to market equity ratio show that companies is not growth, so company’s risk will be high. Meanwhile, the highest leverage ratio show that companies have financial distress and its will increase the company’s risk. In contras, higher beta lead to lower equity risk premium, it may be effected by emerging market in Indonesia feature.
Keywords: Capital Asset Pricing Model, Auditor Tenure, Book to Market equity, Leverage, beta, and Equity Risk Premium

Pengaruh Kualitas Pelaporan Keuangan terhadap Asimetri Informasi

Rini Indriani
Wahiddatul Khoiriyah 

The purpose of this study is to examine the attributes that can representated financial reporting quality and examine the effect of financial reporting quality on economic consequences. The financial reporting quality was measured on the following attributes: value relevance, timeliness, and conservatism. As for the economic consequences was measured on the asymmetric information. Sample was taken based on purposive sampling method from Manufactured companies listed in Indonesia Stock Exchange in the year 2004 to 2008. The final samples consist of 99 companies. This study use the auxiliary R2 and simple linear regression method for testing the hypotesis. This study found that the attributes of financial reporting quality have not overlap with each other and all of the attributes can representation the financial reporting quality. As for the economic consequences test resulted that the financial reporting quality had a positively and significant relationship with the asymmetric information, whereas the level of significant is 10%. It’s mean that firm’s with high financial reporting quality will increase the economic consequences.
Key words : Financial Reporting Quality, Value Relevance, Timeliness, Conservatism, Economic Consequences.

Efek Entrenchment dan Alignment pada Manajemen Laba

I Putu Sugiartha Sanjaya
Universitas Atma Jaya Yogyakarta


The objective of this research is to investigate whether controlling shareholder manages earnings. The issue is most important to be revealed because ownership of public companies is concentrated and low protections for noncontrolling shareholders in Indonesia. Therefore, controlling shareholder is motivated to manage earnings. This research also investigates whether control rights of controlling shareholder positively influence earnings management. The issue relates to entrenchment effect. This research also investigates whether cash flow rights reduce earnings management. The issue relates to alignment effect. This research used data of ultimate ownership and financial statement. The data are collected from Indonesia Stock Exchange during 2001 to 2007. There are 786 year companies during seven years. This study documents that the control rights motivate the controlling shareholder to manage earnings. Control rights entrench controlling shareholder to manage earnings. It implicates the entrenchment effect. Cash flow rights negatively influence earnings management. It implicates the alignment effect.
Keywords: entrenchment, alignment, control rights, cash flow rights, and earnings management

Menguji Kualitas Standar Akuntansi Hasil Adopsi IFRS: Studi Empiris pada PSAK NO. 55 (Revisi 2006)

Anis Chariri
Sonny Kusuma Soejanto Hendro


The need for high quality accounting standards has been discussed by various parties. High quality accounting standards are expected by all parties. If there are no accounting standards, firms present the financial statements as their wish. This will become a problem for all users of financial statements because it will be very difficult to understand and analyze the existing financial reporting. This research was conducted by survey method of accounting students from four universities in Semarang. The survey was conducted by distributing questionnaires directly to the samples. Hypotheses were tested using Sign test. The results stated that accounting students perceived PSAK No. 55 (Revised 2006) as an accounting standards that is difficult to understand. In fact, accounting students found it difficult to understand the meaning of content and language of PSAK No. 55 (Revised 2006). In addition, accounting students perceived PSAK No. 55 (Revised 2006) as an accounting standard that do not meet criteria as a high quality accounting standard ( from its content and language aspect).

Keyword: PSAK No. 55 (Revised 2006), financial instruments, accounting standards, high quality accounting standards.

Financial Reporting Practice as A Ritual: Understanding Accounting Within Institusional Framework

Anis Chariri
Fakultas Ekonomi Universitas Diponegoro


This study is aimed is to understand a ritual in financial reporting practice of a single company and to understand how institutional theory is useful to explain such ritual through institutionalised isomorphism. Ontologically, this study is built on a belief that financial reporting practice is an institutional practice concerning the supply of information. Based on the above belief, this study employed interpretive paradigm and was conducted in an insurance company as a research setting. To improve the credibility of the research findings, data were collected from interview, observation and document analysis and were manually analysed using a method suggested by Marshall and Rossman (1999) and Seidel (1998). This study reveals that financial reporting practice has been perceived by organizational member of PT. ABTBK as an institutionalised routine that becomes a ritual in the company. Financial reporting practice is seen as a ritual of constructing and delivering information to an audience using “a holy guidance of ceremony” (regulations, law, standards and procedures). In doing so, the company employed three institutionalised isomorphism as the institutional theory explains. This study explains that financial reporting practice of the company is a socially dynamic process that is not value free, but rather a socially constructed reality.

Keywords: financial reporting, ritual, institutional theory, interpretive

Studies of financial reporting have been dominated by the positive accounting research paradigm framework which is aimed at explaining and predicting how self-interested individuals behave when facing economic consequences of particular accounting issues (Holthausen 1990; Watt and Zimmerman 1986). However, the studies produced different results, but unfortunately they did not provide conclusive and convincing explanations for such different findings. (see for example, Beasley 1996; Beasley, et al. 2000; Chen and Jaggi 2000; Dunn 2003; 2004; Forker 1992; Goodwin and Seow 2002).

Analisis Pendekatan Nilai Wajar dan Nilai Historis dalam Penilaian Asset Biologis pada Perusahaan Agrikultur: Tinjauan Kritis Rencana Adopsi IAS 41

Saur Maruli dan Aria Farah Mita
Universitas Indonesia

This study discusses about the analysis of application of fair value and historical cost approaches used by agricultural companies in valuing their biological assets. The term of  biological assets in this study refers to the biological assets possessed by agricultural companies specifically plantation companies. Due to IFRS convergence process done by IAI to adopt IAS 41, this study tries to give initial description by comparing both groups which use different approaches in valuing the biological assets. The comparison is intended to figure out the existence of significant differences for the value of assets, return on assets, revenue and earnings for each group which uses two different approaches, respectively. The study also tries to prove the existence of larger income smoothing propensity in the group of companies using fair values approach instead of historical cost approach. Eventually, the study tries to prove the influence of the application of fair value approach to earnings volatility which is indicated to be higher than if we use the application of historical cost approach. By using statistical tests, analysis of variance and analysis of regression, we reach the result and conclusion that there is no significant differences in the value and volatility of the assets, return on assets, revenue and earnings for both different groups. The result and conclusion also explain that there is no significant influence of the application of fair value approach to the volatility of company’s earnings.

Key words:  Biological Assets, Fair Value, Historical Cost, IAS 41, Plantation

Pengaruh Profitabilitas, Risiko keuangan, Nilai Perusahaan dan Struktur Kepemilikan terhadap Praktek Perataan Laba: Studi Empiris Perusahaan Manufaktur yang Terdaftar di BEI

Dhamar Yudho Aji and Aria Farah Mita
Universitas Indonesia

This paper examines whether profitability, financial risk, firm value and ownership structure are factors that influence income smoothing practice done by management. Rating of correlation between Discretionary accruals and its pre-managed earning is used to measure income smoothing practice. The methodology used in this study is multiple regressions with sample of manufacturing company listed in Indonesia Stock Exchange during year 2002 until 2008. The result indicates that financial risk and firm value positively influence the income smoothing practice, while profitability, ownership structure and firm size is not influence income smoothing practice. This paper also performs sensitivity analysis using Eckel index as other measurement income smoothing practice. The result shows that discretionary accrual model better explain those factors tested than Eckel Index model.

Keywords: Income Smoothing, Discretionary accruals, Profitability, Financial Risk, Ownership Structure,  Firm Value

Implikasi Intellectual Capital terhadap Financial Performance, Growth dan Market Value: Studi Empiris dengan Pendekatan Simplistic Specification

Badingatus Solikhah, S.E.
Universitas Negeri Semarang

Dr. H. Abdul Rohman, M.Si, Akt
Wahyu Meiranto, M.Si., Akt
Universitas Diponegoro


Intellectual Capital has been examined in several countries, but in Indonesia Intellectual Capital study which related to market value is limited. The results in previous research also show to different findings. The purpose of this study is to investigate the influence of Intellectual Capital of firm toward their financial performance, growth and market value. Furthermore, the purpose of this study is to investigate differensiation of Intellectual Capital Performance in each industry. The Value Added Intellectual Coefficient (VAICTM) methode is used to measure of Intellectual Capital. This study uses data from 116 publicly listed companies in Indonesian Stock Exchange between the years 2006 to 2008. It is an empirical study using Partial Least Square (PLS) and one-way ANOVA for the data analysis. The results show that: Intellectual Capital influences positively to financial performance and growth; Intellectual Capital doesn’t influence firm’s market value. The Performance of Intellectual Capital is differs by industry. But this differenciation is low because the samples in this study are only in manufacturing sectors which have same characters.

Key words: Intellectual Capital, financial performance, growth, firm’s market value, Partial Least Square (PLS).

Pengaruh Konservatisme terhadap Asimetri Informasi dengan Menggunakan Beberapa Model Pengukuran Konservatisme



This research aims to examine the influence of conservatism to the information asymmetry. It is conducted on non financial companies which were listed on BEI during 2007 to 2008. The accounting conservatism was measured in models such Givoly Hyan model (2000), Zhang model (2007), Kasznik model (1999), and market base model (Duellman, 2006). Whereas, asymmetrical accounting measured by CSPREAD (Kanagaretnam et al., 2007). Zhang has the higher r2 (14.01%), and then Givoly (2000) 13 %, the others 11%. The research revealed that conservatism has significant and negative correlation to the information asymmetry. It supports Lafond and Watts (2006) which explained that conservatism has its role to reduce in information asymmetry. This result is expected to suggest that IFRS will never leave conservatism principles, because these principles have been proven to reduce asymmetry information between manager and investor.
Keywords: Conservatism, Information Asymmetry,Bid Ask Spread, Accrual Consevatism

The Effect of Degree of Convergence to IFRS and Governance System to Accounting Conservatism: Evidence from Asia

Dr. Ratna Wardhani

Graduate Program in Accounting Faculty of Economics, University of Indonesia, Depok 16424, Indonesia


Motivated by increasing demand of full convergence to IFRS, I investigate the effect of degree of convergence of local standards to IFRS to accounting conservatism. I also examine the impact of governance system, both at country and firm level, to conservatism. This research covers a number of Asian countries, consists of Hong Kong, India, Indonesia, Japan, Korea, Malaysia, Philippines, Singapore, Taiwan, and Thailand. This study concludes that the degree of convergence positively affect accounting conservatism. Governance system, both at country level and firm level, also has positive influence to accounting conservatism. Interestingly, the effect of degree of convergence of local GAAP to IFRS and corporate governance practice to conservatism will be stronger for companies in countries with weak investor protection. Also, I find that in company with weak corporate governance practice, the adoption of international standards will increase accounting conservatism.
Key words: conservatism, convergence, IFRS, accounting standards, investor protection, corporate governance, cross-country analysis, Asia.

Karakteristik Pribadi Komite Audit dan Praktik Manajemen Laba

Dr. Ratna Wardhani
Herunata Joseph, SE
Fakultas Ekonomi Universitas Indonesia


This study aims to determine the relationship between audit committee characteristics with the practice of earnings management in a company. This research examined the characteristics of the chairman of the audit committee as part of the most influential in an audit committee. Characteristics of the audit committee that investigated in this study include the age of the chairman of the audit committee, financial and accounting background, the experience became a partner in the accounting firm, experience of being part of internal management and education level. While earnings management calculated with discretionary accruals. Discretionary accruals values calculated using the Kaznik model. The results showed that the accounting and financial background variables are related negatively to earnings management. Another variable that has significant impact is the experience of being a partner at accounting firm which is positively related to earnings management. Several control variables in the study, namely firm size and growth opportunity, also proved to have an influence on earnings management. Firm size has a positive relationship, while the growth opportunity has a negative relationship.
Keywords: audit committee, characteristics, earnings management, corporate governance

Hubungan antara Growth Opportunity dengan Debt Maturity dan Kebijakan Leverage serta Fungsi Covenant dalam Mengontrol Konflik Keagenan antara Shareholders dengan Debtholders

Rhini Fatmasari. M.Sc

Agency conflict is a phenomenon that occurs when a firm is doing its financing policies, especially of those related to the leverage strategies. Some of the former researches revealed some empirical evidence of the existence of a negative effect between growth opportunity, leverage, and debt maturity as one of the efforts in controlling the agency conflict between stockholders and bondholders. By using panel data regression model and data observation for over six years, this research found that firms with high growth opportunity tend to use low leverage policies with short maturity to control the agency conflict between stockholders and bondholders. On the other hand, firms with low growth opportunity tend to use higher leverage policies with a longer period of debt maturity. Moreover, covenant as a moderating variable, could lower the negative relation between growth opportunity and leverage, but it could not diminish the negative relation between growth opportunity and debt maturity. Debt maturity and covenant also could not be use as substitution variable to lessen the agency conflict.
Keywords: growth opportunity, leverage, debt maturity, covenant, stockholders and bondholders conflicts.

Pengaruh Corporate Governance dan Konsentrasi Kepemilikan terhadap Daya Informasi Akuntansi

Universitas Islam Negeri Alauddin Makassar


The objective of this research will test the effect of corporate governance and concentrated ownership on the informativeness of accounting. Especially, this research will test the effect of independent commissioner and audit committee as corporate governance mechanism and concentrated ownership on the informativeness of accounting. Independent directors are proportion independent director in board of director. Audit committee is presence of independent audit, while ownership data are proportion of biggest shareholder in company. This research samples are public companies listed on the Indonesian Stock Exchange for the period in 5 years which is in period of 2003 to 2007 with exception of bank and financial institutions. Hypothesis test by method which is used by Fang and Wong (2002) with independent variable consist of independent directors, audit committee and concentrate ownership, while control variable in this research use market to book ratio, leverage, and fixed effect. The result research can be summarized as following; First, independent commissioner has a positive effect on the informativeness of accounting but audit committee does not have effect on the informativeness of accounting. Second, concentrated ownership at immediate level has a negative effect on the informativeness of accounting at cut-off 10%, 20% and 30% but concentrated ownership does not has effect on the informativeness of accounting at level 40% and 50%. Third, the immediate of concentrated ownership at cut-off 10% as moderating variable on associated between independent commissioner and the informativeness of accounting can not support. This result supported by sensitivity test on cut-off point 20%, 30%, 40% and 50% are not effect.
Key words: Cumulative of Abnormal Return (CAR), the informativeness of accounting, independent directors, audit committee, concentrated ownership.

Kepemilikan Manajemen, Kepemilikan Institusi, Leverage dan Corporate Social Responsibility

(FE Universitas Swadaya Gunung Jati, Cirebon)

Munawar Muchlish
(FE Universitas Sultan Ageng Tirtayasa, Banten)


The objective of this study was to analyze the influence of management ownership, institution ownership, and leverage on Corporate Social Responsibility (CSR). The analysis used control variable of total asset, market value upon book value, return change, and factory’s age. Using the control variables, it was hoped that the analysis result could eliminate the mistakes in drawing the conclusion. The sample used here was the secondary data from Bursa Efek Indonesia (BEI/Indonesia Exchange Stock), i.e. the annual report of manufacturers listed in 2005 to 2007 in BEI. The sample was taken using the method of purposive sampling, and those meeting the selection criteria were also taken. The sample used was of 81 manufacturers. The statistics method used here was multiplied analysis linear regression, with hypotheses testing of statistic t and F tests. The result of analysis based on the use of all control variables suggested that the management ownership had significant influence on CSR, and the institution ownership and leverage, on the other hand, had no significant influence on CSR.
Keywords : Corporate Social Responsibility, Management Ownership, Institution Ownership; Leverage.

Pengaruh Order Effect dan Pola Pengungkapan dalam Pengambilan Keputusan Investasi

Luciana Spica Almilia
STIE Perbanas Surabaya


Hogarth and Einhorn's Model (1992) predicted that judgment after each evidence items is presented – a step by step (SbS) response mode – tend to find significant recency effect, while judgment that require only one judgment at the end of the evidence series – an end of sequence (EoS) response mode – tend to find no recency. EoS eliminates recency because the contract effect that characterizes sequential presentation is dampened by a netting of the effect of the positive and negative evidence, thus reducing the impact of individual positive and negative items. This study aims to examine the influence of order effects in making investment decisions on a step by step (SbS) and an end of sequence response modes. Experiment method used to examine the research hypotheses. Final participant in this research were 93 people who are accounting students majoring in accounting at the private university in Surabaya - Indonesia. The results of this study show that a step by step (SbS) response mode – tend to find significant recency effect, while judgment that require only one judgment at the end of the evidence series – an end of sequence (EoS) response mode – tend to find no recency.

Keywords: step by step (SbS), end of sequence (EoS), order effect, recency effect, investment judgment

Pengujian Peran Perlindungan Investor dan Kultur terhadap Perilaku Managemen Laba pada Perusahaan Keluarga: Studi Internasional

Francisca Reni Retno Anggraini
Yavida Nurim
Program Doktor Universitas Gadjah Mada, Jogjakarta
Nung Harjanto
Akademi Akuntansi YKPN, Jogjakarta


Prior researches have proved that the level of investor protection has positive relationship with earnings quality, because the inside shareholders take benefit from outside shareholders. However, alignment approach views that family firms which the majority of shares owned by individual or family concern with the firm value, so family ownership has positive relationship with earnings quality. Based on the inconsistency results, this study examines the role of investor protection level for increasing the family firms’ earnings quality. This study also examines the role of culture in a country for increasing the family firms’ earnings quality, because culture influences accounting practice in the firm. The investor protection level is measured by LaPorta et al.’s proxy, culture uses power distance and individualism/collectivism, and family ownership is proxied by the percentage of share owned by individual or family. The study only uses the firms that their shares at least 20% owned by individual or family as sample. The sample is taken from 2002-2008 OSIRIS data base. Based on the examination of family firms in around 17 countries, this study reveals that the individual or family as inside shareholders has positive effect to the earnings quality. This evidence reveals that family firms tend to choose the alignment behaviour. Surprisingly, investor protection has less benefit in increasing the family firms’ earnings quality, but culture in a country influences the family’s behaviour through ameliorating or deteriorating the earnings quality.

Key words: perlindungan investor, kultur, perusahaan keluarga, dan managemen laba

Praktik Manajemen Laba Terkait Peringkat Obligasi

Syarifah Ratih Kartika Sari
Mahasiswa Magister Akuntansi Universitas Sebelas Maret

Fakultas Ekonomi Universitas Sebelas Maret 


This study aims to give empirical evidence about earning management practice related to bond issue. The data of the study consist of 68 corporate bond of non financial firms listed on Indonesian Stock Exchange in 2005-2008. The technique sampling is purposive sampling. The study uses Healy (1985) model to detect the earning management. The result of this study shows the existence of earning management practice in four observation period, however, the relationship between earning management and bond rating is only in the period when bond is issued. This finding indicates that there is manager efforts for manipulating their profit.

Keyword : earning management, financial performance, bond issue, corporate bond rating

Data availability :data base OTC-FIS (Over The Counter - Fixed Income Service), www.idx.co.id

Strategic Disclosure of Multiple Benchmarks in Earnings Announcements: An Experimental Study of Investors’ Behavior in Evaluating of Company Performance

STIE Mahardhika Surabaya
Universitas Gadjah Mada


This study has two research objective: (1) to provide empirical support regarding the effectiveness of strategic disclosure of multiple benchmarks in earnings announcements and (2) to explains the cognitive mechanism in processing the information that the consequences can affect the judgments of investors in evaluating company performance. This issue is important because during this study of the behavioral investors often focus on the consideration in the framework of investment decision-making mechanism based on a systematic and accurate. Much prior research has described strategic disclosure of prior-period benchmark in earnings announcement that focus on the transitory gain or loss, which, in turn, influences investor’ judgments (Schrand dan Walther 2000; Krische 2005). Using multiple reference-point theory from psychology, this paper extend such research by investigating how investors behave differently to remainder effect and sufficient information available about external factors in earnings announcement. In addition, this study also investigates whether investors revisi their evaluation when they allowed to re-examine the prior-period announcement. The experimental results suggest that strategic disclosure of multiple benchmarks influences investor’ judgments in evaluating of company performance.

Keywords: Strategic disclosures, multiple benchmarks, multiple reference-point theory, remainder effect, transitory gain or loss, judgments investor.

Kinerja Akuntansi dan Kinerja Pasar sebagai Anteseden dan Konsekusnei atas Pergantian Chief Executive Officer (CEO)

Lindrianasari and Jogiyanto Hartono


This study aimed to test the usefulness of accounting information and market of the CEO turnover issues in Indonesia. The results of this study is planned for the long term to capture the overall factors that affect CEO turnover in Indonesia, not only from the accounting side but also from market side, so it can make a significant contribution for the company strategy to determine the corporate governance’ setting. Previous research show inconclusive results about CEO turnover is whether the antecedent factors and consequences. Also, the issue ofCEO turnover research is still very rarely done in Indonesia, since the turn of information not generally available.

The sample used is all firms that are identified through the turn (either routine or nonroutine) in the company's top management level (in this case is President Director). The main advantage of this study is to use the sample all firms that conduct the CEO turnover period 1998-2006, and subsequently determine the accounting variables that allegedly able to explain these changes. For the companies that during the year observations is never do turnover action we define as a control sample. Final sample that we used for testing accounting data is as much as 140 companies, consisting of 81 companies that make the turnover and the 59 companies that did not. For the final sample testing of market data totaled 131 firms, consisting of 77 companies that make the turnover and the 54 companies that did not. Final sample for the second data source is set after considering the availability of data and the confounding effects during the observation period. Both of accounting data and market data are tested using logit models (separately), because the dependent variable used is a binary variable, 1 for turnover and 0 for others. The results of test show that accounting data (i.e. Total Asset, Total Sales, ROA, ROE and Earnings), statistically have a negative significant effect of turnover decisions while CurRatio and D/ Equity is not significant. The results of test for market data show the performance of stock prices statistically negative significant effect, while market risk have a statistically positive significant effect. This finding is consistent with previous research which states that in the CEO turnover decision making, the company will consider the performance of accounting and market performance achievements of the CEO. From the results of different test by using paired t-test samples, we found the stock price rose significantly after the turnover while the risk of being seen significant decreases. These findings reveal a positive response to the changing market. And finally, from the analysis of this study we conclude that the better performance of both (accounting and market) then there is a tendency for the incumbent CEO who will not be fired and the worse the performance of both the CEO who is appointed will have the potential to be replaced (down position or enter to the board of commissioners) and fired from the company as ultimatelly.

Keywords: CEO Turnover, Accounting Performances, Market Performances, Antecendences, Consequences.

Pengaruh Corporate Governance pada Hubungan Corporate Social Responsibility dan Nilai Perusahaan


 Universitas Mahasaraswati Denpasar


The corporate responsibility has to be based on triple bottom lines those are social, environmental, and financial. The corporate governance is represented with managerial ownership, institutional ownership, independent commissary proportion, and the member of audit committee as the moderating variable. This research is aimed to investigate the influence corporate social responsibility and corporate governance on firm value, and to study the influence of corporate governance toward corporate social responsibility and firm value in Indonesia Stock Exchange on 2008. Factor analysis and regression analysis are used to analyze the data. The result shows that corporate social responsibility and corporate governance influence on firm value. Corporate governance influenced on the relation between corporate social responsibility disclosure and firm value. Corporate governance variable is a moderating variable on the relation between corporate social responsibility disclosure and firm value.

Keywords: audit committee, independent commissary, institusional ownership, managerial ownership.


Kartika Hendra Titisari Fakultas Ekonomi - UNIBA - Surakarta
Eko Suwardi Fakultas Ekonomi – UGM – Yogyakarta
Doddy Setiawan Fakultas Ekonomi – UNS - Surakarta


This research investigates the effects of Corporate Social Responsibility (CSR) on the firm performance. We analyse CSR based on the parameters: community, environment and employment and we use CAR as proxy of firm performance. Samples of this research consist of 32 annual reports of the companies which vulnerable to environment and joined the Company’s Environmental Performance Rating Program of the Ministry of Environment from 2005 to 2006. The results of the descriptive statistics show that there is an increase in the CSR index trend; if seen from its parameters, the CSR activities are much more done in the field of environment and community. Based on the correlation analysis, the variables of environment and community have a positive correlation with CAR; this indicates that information regarded by the investors to have effect on the corporate performances. On the other hand employment has a negative correlation with CAR, because this information is thought by the investors to be the corporate expenditures, which causes the damage of value in the stockholders. But, using regression analysis we do not find significant impact of CSR as well as community and environmental on the stock return. On the other hand, we find significant effect of employment on the stock return.

Keyword : CSR, environment, community, employment, stock return, firm performance


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