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


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