Exploring Accounting and Its Perseverance in Javanese Ceremonies (Slametan) Through Hermeneutic-Phenomenological Study

Nurmala Ahmar, STIE Perbanas Surabaya
Ari Kamayanti, STIE Mahardhika Surabaya


Slametan as Javanese ceremonies has been present ever since Islam arrived in Java and mingled with the previous religions such as Hindu and Buddha. Up to this day, slametan is still conducted and in the process there are social activities that involve the giving/receiving of goods and cash called buwuh or ndeleh. There are many varieties of slametan but this paper focuses on marriage and circumcision. This paper tries to explore the presence of accounting and its underlying values through a combination of two methods: hermeneutics and phenomenology. Hermeneutics involve interpretation of ancient texts that go back as far as 1030 AC, as well as interpretation of photographs. Phenomenology involves understanding experience and peeling off consciousness right down to metaphysical beliefs. To holistically understand accounting in Javanese and how it survives up to this day in 2009 AC (its perseverance), a synchronic analysis is needed; i.e. combining interpretation of ancient texts and recent experiences. It is found that although physical recordings do exist, mental recordings are just as important. However, the values that are not left behind that might be the cause of accounting perseverance in slametan are cohesiveness /togetherness among the people, and spiritual as well as religious beliefs that would give rise to social obligations, mental recordings, and soul-spiritual profit.

Keywords: Slametan, buwuh, ndeleh, Javanese, social obligations, mental recordings, soul-spiritual profit.

1. Introduction
In the globalization era, one might question the importance of exploring local needs and values through culture. The answer to that simple question lies in this proverb that is rooted from Javanese philosophy: “Budaya iku dadi kaca benggalaning bangsa”. This means that a culture is a big mirror that reflects civilization of a nation (Herusatoto, 2002: 1). Thus, an argument that could be proposed for the reason to conduct this research is to preserve a nation civilization because by following an international standard, local norms and culture would be eroded as globalization suggests a drive toward homogenization (Cooper et al., 2003). Globalization would result in cultural alienation or cultural ‘cringe’ i.e. losing a nation’s identity.

Through Gentle Beauty and Subtle Love in Performance Measurements: Introducing a Balanca in The Balanced Scorecard (BSC) and Management Accounting Accountability

Ari Kamayanti1
STIE Mahardhika Surabaya


Celebrating the seventeenth anniversary of the Balanced Scorecard (BSC) since it was born in 1992, this paper revisits its concept as one of the landmarks in performance measurement. The BSC turns out to be ‘not so balanced’ since it lacks certain beauty and love. It hinges on accountability to certain interests when measuring performance, negating or putting other interests as minority. Thus, it fits perfectly with the aim of management accounting that puts managers and customers as priorities. The imbalance comes from secularism and overemphasis in rationalism. Sustainability that becomes the current issue nowadays would not be supported by such performance measurement. In order to insert this balance, a methodology by taking a metaphor of nurturing mother is applied in this research that encompasses gentle beauty and subtle love. Gentle beauty refers to a complete harmony of beauty: irrational and the rational; this means introducing those that have been left out in the name of rationality such as religions and spiritualism. Subtle love refers to love towards God that is expressed subtly without lust to overpower. The result is a more balanced set of performance measurements that are filled with beauty and love, insyaAllah.

Keywords: Balanced Scorecard (BSC), accountability, sustainability, gentle beauty, subtle love
Is not it interesting that conservatism is one of the principles in accounting? This raises deep question: is accounting built upon a catastrophe or a state of decay upon viewing reality? Conservatism is based on suspicion and fear of the unseen future. Conservatism principle in accounting regards that a choice of accounting standard must be based on the effect of the least benefit it gives to the equity of stockholders. It is pessimistic in nature (Belkaoui, 2004: 288). One might say that this is not so; that this is a concept brought upon a careful versus careless stance. However, it is in fact is rooted from a source, an overwhelming rationality.

Degree of Tax Payer Compliance and Tax Tariff The Testing on Impact of Income Types

Universitas Airlangga
Universitas Airlangga


The research was intended to investigate the relationship between tax tariff and the compliance of tax payer; and how this relationship was affected by type of income (endowed income vs earned income). The degree of the tax payer compliance was measured based on reported income. The treatment of the experiment was conducted in accordance with variables of reported income (endowed v.s. earned income) and variables of tax tariff (15% vs 30%). The testing results on the impact of endowed income towards the degree of tax payer compliance indicated that there was no distinct  difference on the degree of tax payer compliance towards the application of lower tax tariff of 15% as well as higher tax tariff of 30%. This premise possibly resulted from the nature of the participants as a risk averse receiving endowed income, providing that how hard they worked, they received constant amount of incomes. The testing toward participants receiving earned income revealed that they responded positively toward the increase of tax tariff by encouraging the degree of compliance to report their tax. This issue is in line with economics theory stating that tax-evasion-gamble brings higher risks whenever the tax tariff rises. Thus, the risk faced by the tax payer will increase in the line with the incline of audit and penalty probability.

Key words: tax payer compliance, tax tariff, earned income, endowed income

Variabel-variabel yang Mempengaruhi Fenomena Underpricing pada Penawaran Saham Perdana di BEJ Tahun 1994-2001

KAP Prasetyo Sarwoko & Sandjaja/Ernst & Young
Dosen Departemen Akuntansi FEUI


Underpricing is phenomenon of IPO which often happened in capital market and have been proved by researchers in many countries. This research aim to prove phenomenon of underpricing in Bursa Efek Jakarta at 1994-2001 and study the factors influencing of underpricing. This research uses mean adjusted return as underpricing measurement. Independent variables of the research are reputation of undwewriting, rate of foreign currency, total asset, ROE and industrial type. The research use multiple regression model to test the relationship between dependent and independent variabel This research result prove that phenomenon of underpricing happened in BEJ at 1994 - 2001 and consistent with researchs before in BEJ. The level of underpricing during periode is 38%. Rate of foreign currency, total asset, ROE and industrial type significantly correlated to underpricing. In this model, only reputation of underwriting that not significantly correlated to underpricing.

Key Words: Underpricing, Initial Return, IPO, Reputasi Penjamin Emisi, Kurs, Total Aktiva, ROE, Jenis Industri

Mekanisme Corporate Governance, Manajemen Laba dan Kinerja Keuangan (Studi pada Perusahaan Go Public Sektor Manufaktur)

STIE Muhammadiyah Pekalongan
Universitas Jenderal Soedirman Purwokerto


The objective of this study is to examine the influence of corporate governance mechanism, namely institutional ownership, managerial ownership, presence of independent of director and size of director to earnings management. This study also examines influence concequensies of earnings management to financial performance. This study takes sample from 30 companies in the manufacturing sector at the Jakarta Stock Exchange, which were published in financial report from 2001-2004. The method of analysis of this research used multi regression and single regression. The results of this study show that (1) institutional ownership had not significant influence to earnings management, (2) managerial ownership had negative significant influence to earnings management, (3) presence of independent of director had positive significant influence to earnings management, (4) size of director had not significant influence to earnings management, (5) simultaneously of institutional ownership, managerial ownership, presence of independent of director and size of director had significant influence to earnings management, and (6) earnings management had not significant influence to financial performance.

Key Words: Corporate Governance Mechanism, Earnings Management, Financial Performance

Analisis Efisiensi Perusahaan Manufaktur yang Terdaftar di BEJ Sebelum dan Sesudah Berlakunya Undang-undang Perpajakan 2000

Dosen Fakultas Ekonomi Universitas Janabadra Yogyakarta


The main objective of this study is to examine the efficiency of listed manufacture company before and after the implementation of Tax Reform 2000. Further more, another objective is to examine empirically the efficiency of food and beverages, tobacco, and automotive industry sectors before and after the implementation of Tax Reform 2000. Variables that are used to measure the performance are financial ratios. These ratios are: (1) liquidity ratio, that is current ratio (2) solvability, including leverage ratio, and (3) profitability ratios, such as gross profit margin, operating profit margin, total asset turnover, return on investment, and return on equity. The author uses window period two years before and two years after the implementation of Tax reform 2000. A hundred and thirty manufacture companies are taken by the author as a sample besides, 19 companies in food and beverages sector, 3 in tobacco, and 16 in automotive industry. Wilcoxon signed rank is utilized to test the ratios individually. Moreover, Wilks Lambda Manova test is used to test the ratios simultaneously. The finding of this research indicates that the efficiency of the manufacture and automotive industry companies before and after the implementation of Tax Reform 2000 is statistically different. This result is not consistent with the prior research who took banking sector as a sample. In terms of testing the financial ratios individually, the efficiency of manufacture and automotive industry companies are significantly different in all ratios. However, the differences are temporary and not consistent. In contrast, the efficiency of food and beverages companies and tobacco companies are not significantly different before and after the implementation of Tax Reform 2000.

Keywords: efficiency, Tax Reform 2000, financial ratios

Anomali Pasar Berbasis Earnings dan Persistensi Abnormal Akrual

Universitas Dian Nuswantoro

Universitas Diponegoro


This paper investigates whether mispricing of total accrual is due to largerly to abnormal accrual. This paper used Jones and modified-Jones model-estimated abnormal accrual to test whether stock prices rationally reflect the one-year-ahead earnings. The data comprise earnings from 1999-2002 and accrual and cash flows components of earnings from 1998-2001. OLS regression and Iterative Non Linear Generalized Least Squares is utilized to test the hypothesis. The results show that the cash flow component of earnings is more persistent than the normal accrual component, and the normal accrual component is more persistent than the abnormal accrual component. The Miskhin test results indicate that the market overprice cashflow and both normal and abnormal accrual. This paper controls for major unusual accrual and non-articulation events when estimating abnormal accrual and find that market overprice abnormal accrual. Thus the finding is consistent with the market overpricing of abnormal accrual stemming from managerial discretion.
Key Words: abnormal accrual, cash flow, earnings, market efficiency, earnings management

Pengaruh Variabel Makro terhadap Return Saham di BEJ: Pendekatan Beberapa Model

Universitas Kristen Duta Wacana


This research examined the effect of macro variables which consist of interest rate, inflation, and exchange rate on stock return in Jakarta Stock Exchange. To examine this effect, some models are employed namely Classical Linier model, Autoregressive model, and Granger Causality model. The empirical result of this study indicate that the most efficient model is Granger Causality model. The conclusion of this study proved the theory that the macro variables effected the fluctuation of stock return.

Keywords: macro variables; stock return; Classical Linier model, Autoregressive model, and Granger Causality model

Fenomena The Monday Effect di BEJ

Universitas Muhammadiyah Yogyakarta


There is seasonal anomaly in financial markets called the Monday effect, which occurs when the return on stock markets is significantly negative on Monday. The presence of these anomalies violates the weak form of market efficiency because stock returns are not random, but are predictable based on certain calendar effects. The objective of this research is to empirically re-examine the presence of the Monday effect anomalies. The sample used in this study are stock market index at Jakarta Stock Exchange (JSX), with the proxy IHSG, over 1999 to 2004. The major conclusion of this study is that Monday returns are significantly negative and are lower than returns during the rest of the week at Jakarta Stock Exchange (JSX). We also confirm the evidence that: (1) Monday returns are significantly driven by previous Friday returns, and (2) the Monday effect is unstable and significantly time-varying over the 1999-2004. Otherwise, we can not confirm previous studies, where this study documented that negative Monday effect does not occur primarily in the last two weeks of the month.

Keywords : the Monday effect, weak form efficient market, Monday returns, Friday returns, last two weeks, time-varying

Manfaat Laba dan Arus Kas untuk Memprediksi Kondisi Financial Distress pada Perusahaan Textile Mill Products dan Apparel and Others Textile Pruducts yang Terdaftar di BEJ

Universitas Brawijaya


Financial distress condition happens before bankruptcy. This condition can be predicted using models that have developed by many researchers. Most financial distress prediction models rely on financial data, which is easier to obtain, and focus on earnings. The purpose of this research is to examine whether cash flow or earnings that can better predict financial distress condition of a firm. Besides, this research tries to build a model to predict financial distress condition of a firm using financial and non-financial data. This research uses analysis sample and holdout sample. The analysis sample consists of 60 firm-year from 24 different firms in earnings model and 60 firm-year from 24 different firms in cash flow model. The holdout sample consists of 23 firms. The statistic method used is multiple discriminant analysis (MDA). The result of this study shows that earnings can better predict financial distress condition. In other words, it is harder to predict financial distress condition defined in terms of cash flow than in profitability.

Keywords: financial distress, cash flow, earnings

Perbandingan Ketepatan Klasifikasi Model Prediksi Kepailitan Berbasis Akrual dan Berbasis Aliran Kas

Sekolah Tinggi Ekonomi Islam Tazkia


The objective of this research is to test and provide empirical evidence about accrual-based and cash flow-based financial ratios used to developt model of bankruptcy prediction early and compare accuracy of both model in classification of firm's financial situation in the future. Data of the study are financial statement of all company listed in Jakarta Stock Exchange in 1999-2000 for estimation sample and in 2001 for validation sample, excluded financial and banking firm. The statistics method used to test hypotheses one is two-group discriminant analysis, while hypotheses two tested by using examination of Chi-Square. The empirical result indicate that accrual-based and cash flow-based financial ratios have ability to predict firm's financial situation in the future early. And so it is with result of examination of hypotheses two indicating that accrual-based bankruptcy prediction model differ and have ability of classification of firm's financial situation in the future betterly compared to cash flow-based bankruptcy prediction model.

Keyword: Bankruptcy Prediction Model, Accrual-Based and Cash Flow-Based Financial Ratios, Two-Group Discriminant Analysis, Chi-Square Test

Pengaruh Tingkat Kesulitan Keuangan Perusahaan terhadap Konservatisme Akuntansi



This research tests the influence of a company’s financial distress on its  accounting conservatism. The issue of this research is the prediction difference between positive accounting theory and signaling theory about the influence of a company’s financial distress on its accounting conservatism. Sample in this study consists of manufacturing companies that were listed at Jakarta Stock Exchange since 1994 to 2002. Sample consists of 108 companies or 864 observations. This study develops a testing and developing procedure of accounting conservatism instrumental variables by using more accounting conservatism attributes. Hypotheses are examined by using Ordinary Least Squares Regression and Generalized Method of Moments Regression. The results of empirical tests indicate that a company’s financial condition positively influences its accounting conservatism. These support signaling theory prediction.

Keyword: conservatism, financial distress, positive accounting theory, signaling theory, intrumental variables

Karakteristik Perusahaan dan Pengungkapan Tanggung Jawab Sosial: Studi Empiris pada Perusahaan yang Tercatat di BEJ

Universitas Katolik St. Thomas Sumatera Utara


The aim of this research is to examine some determinants of corporate social responsibility disclosure in Indonesian companies. The corporate social responsibility disclosures include details of the environment, energy, employee health and safety, employee other, products, community involvement, and general. Review of previous researches show the inconsistencies. These inconsistencies contribute substantially to the diversity of result. This research attempts to correct with used five corporate characteristics as explanatory variables. They are company size, profitability, profile, size of board of commissioner, and leverage. The sample of this research was extracted with stratified random sampling method. The population is 323 companies, which are listed at Jakarta Stock Exchange (JSX). The 78 corporate annual reports were analyzed as a sample. The technique for examining hypothesis is multiple regression analysis by using SPSS 10.00 programs. The results indicate that company size, profile and size of board of commissioner have a significant positive influence on the corporate social responsibility disclosure, but profitability and leverage failed to show its significant effect. These results generally coincide with previous research findings on corporate social responsibility disclosure.

Key words: Disclosure, Corporate social responsibility disclosure, Company size, Profitability; Profile; Size of board of commissioner; Leverage

Analisa Ekonomi Makro, Industri dan Karakteristik Perusahaan terhadap Beta Saham Syariah

Magister Sains UGM


The purpose of this studi are to know effect variable-variable macro economic, industry and firm characteristic on syariah stock beta. The samples of the study are firms listed in Jakarta Islamic Index in 2001 – 2004. The result of study with F test or ANOVA indicate that variable-variable macro economic, industry and firm 5% significant effect on syariah stock beta. The result of study with t-test indicate that leverage and profitabily 10% significant effect on syariah stock beta.

Keyword: macro economic, industry, firm characteristic, syariah stock beta

Pengaruh Pengumuman Peringkat terhadap Kinerja Obligasi


Universitas Gajah Mada


This study investigates the effect of rating announcement on the bond performance (yield to maturity) using an event study. Prior work (Hand et al. 1992; Lianto and Matolcsy 1995; Liu et al. 1999) has suggested that downgrade revised bond convey new information to investors. Larger firms are expected to enjoy lower yield and higher rating because of their lower market risk (Bhojraj and Sengupta 2003; Kurana and Raman 2003). This study uses the sample of listed companies in Surabaya Stock Exchange and rated by Pefindo during 2000-2004. The result suggest that, only downgrade revised bonds have difference bond performance before and after the rating announcement, its indicate that downgrade has information content. There is no difference bond performance after the rating announcement between small firms and big firms, it is not consistent with the big bang theory cause there is no difference response of investors from those firms.

Key words: bond performance, yield to maturity, rating announcement, upgrade, downgrade, information content

Informasi Akuntansi Keuangan dan Kegagalan Bank Umum di Indonesia

Universitas Jember


The aims of this research are: (1) to determine whether the capital factor dominates the probability in deciding bankrupt bank compare with financial risk factors, (2) to establish a prediction model for bankruptcy of bank in Indonesia. In line with the aims of this study, is used Multivariate Analysis-Logistic Regression. Performance test for bankruptcy model was conducted based on the design and validation of population data. The results have show that (1) capital factor is the dominant predictor for year 1998, but the dominant predictor is financial risk factor for year 1999, (2) Predicted Model of Bankruptcy is composed by bank status (public or non-public), Loans to Total Capital Ratio, and Fixed Assets to Total Capital Ratio. This model was able to classify 89.3% of design population and 83.9% validation population accurately.
Key words: bankruptcy of bank, capital, financial risk, financial distress

Manfaat Kandungan Informasi Amortisasi Goodwill dalam Laporan Keuangan

Kap Sidharta Sidharta/Kpmg
Dosen Departemen Akuntansi FEUI


Indonesian GAAP No.22 Accounting for Business Combinations requires that goodwill arises from acquisition should be amortized over its economic life for 5 years, or can be extended for maximum 20 years if there is any proper reason. Meanwhile, Statement of Financial Accounting Standard (SFAS) No. 142 Goodwill and Other Intangible Assets and International Financial Reporting Standards (IFRS) No.3 Business Combinations had changed the requirement of accounting treatment for goodwill. They require that goodwill should not be amortized, but is subject to impairment test periodically. The reasons of this treatment are that the economic life of goodwill cannot be reliably estimated and its pattern for decrease in value changes overtime. This research is intended to examine the implication of goodwill amortization on investors’ decisions in all industries in general and in manufacturing industry in particular, in Indonesia. This is achieved by comparing the ability of earnings after amortization before extraordinary items, earnings before amortization and extraordinary items, and cash flow from operation in explaining market-adjusted return. The result shows that goodwill amortization only contribute minor impact to the market-adjusted return, which agrees the prior researches conclusions.

Keyword: goodwill, amortization,financial statement.

Relevansi Nilai Informasi Akuntansi dengan Pendekatan Terintegrasi: Hubungan Non Linear

Universitas Sebelas Maret Surakarta


The purpose of this research are to know: (1) is there nonlinearity relationship between earnings and stock return, (2) is there nonlinearity relationship between cash flow and stock return that is moderated with earnings/price ratio, (3) is there nonlinearity relationship between accrual and stock return. The result of this research can used as judgment for the practise in decision making with information earnings, cash flow and accrual and what is primary to be expected. This research uses 41 manufacturing firms that listed in Jakarta Stock Exchanges, which are selected by using purposive random sampling. Those selected firms announced their financial statement during 1998 until 2002. Assumption classics test is done, there are normality test with Jarque-Bera (JB) Test of Normality, linierity test with scatterplot, heteroscedasticity test with White Heteroskedasticity test, autocorrelation test with Durbin-Watson test. The hypothesis is tested by NLS (Non Linier Least Square) model regression. Value relevance earnings (unexpected) begin lost their value relevance but to earnings level, there are significant examination year. Value relevance component cash flow are consistent with Hodgson and Clarke (1998) research that give the greater explanatory power. Value relevance accrual is same as value relevance earnings (unexpected).

Keyword: earnings, cash flow component, accrual, return stock


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