Reaksi Pasar terhadap Pengukuran Kinerja Akuntansi Perusahaan Prospector dan Defender: Bukti Tambahan untuk Periode setelah Krisis

Fakultas Ekonomi Universitas Brawijaya Malang


Miles and Snow devide firm’s strategy into four types, which are prospector, defender, analyzer and reaction, with prospector and defender as the two extremes. The objectives of this research are to empirically examine the differences in accounting performance between prospector and defender firms and the differences in market reaction as well. Accounting performance are measured by earnings before tax, discontinued operation and extraordinary items, sales growth and dividend payout ratio. Market reaction is proxied by cumulative abnormal returns. Sample of this research consists of 60 firms, 33 firms are categorized as prospectors and 27 firms are categorized as defenders. Data of this research are analyzed using Mann-Whitney U test. The results of this research show that there are no differences in earnings before tax, discontinued operation and extraordinary items, sales growth and market reaction between prospector firms and defender firms. On the contrary, this research found that dividend payout ratio of defender firms are higher than dividend payout ratio of prospector firms, as predicted.

Keywords: Defender, prospector, financial performance, market reaction

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Accounting Beta as Ex Ante Uncertainty Proxy in Initial Public Offering

Universitas Jember


The purpose of this study is to examine the relation between accounting measures of total firm risk and the level f underpricing of initial public offerings (IPOs). A number of studies have shown an association between market and accounting betas. However, most of the studies are performed using a sample of large established firms for which both accounting and market betas can be computed. In case of IPO firms, market betas cannot be computed due to the data limitations associated with private firms. Due to limited information available prior to IPO dates, in particular financial reports, one has to use a proxy to measure risk in an IPO. Accounting variables have been prominently known as potential proxy for ex ante uncertainty in an IPO. Using a sample of 90 IPOs that went public during 1991-1997 at the Jakarta Stock Exchange, this study finds that the level of underpricing is determined by accounting beta, price to book value ratio and price earnings ratio. The IPO issue size has negative but insignificant association with the level of underpricing.

Keywords: Initial public offerings (IPO), accounting beta, ex ante uncertainty, underpricing

1. Introduction
Theoretical and empirical evidence has indicated that certain accounting measures can be used as proxies for total firm risk, that is, they could determine the riskiness of a corporation (Lev, 1974; Bowman, 1979; DeAngelo, 1990, among others). The literature also suggests that accounting information is relevant in determining the value and thus the riskiness of a corporation through the use of accounting analysis (Brealy and Myers, 1996; Benninga and Sarig, 1997; White et al., 1998, among others). Since most of the information available in the prospectus is accounting information, it is arguable that this information represents a potential source for assessing the quality of the issuing firm.

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Analisis Cross-Sectional dan Temporal Hubungan antara Financial Leverage dan Risiko Sistematis

Drs. Ibnu Qizam, SE, MSi, Akt.
Fakultas Syari`ah UIN Sunan Kalijaga


This research is intended to examine both cross-sectionally and inter-temporally the correlation between financial leverage and systematic risk (beta). Financial leverage is usually considered as one proxy of risk derived from financial data and as one domain that has distinctive determinants. Beta, on the other domain, is regarded as one proxy of risk derived from market that has some other determinants. It is the research that tries to combine both cross-sectionally and inter-temporally the two domains that most of accounting researchers devote themselves little to. Cross-sectionally, this result fail to support hypothesis 1, that is the relation between financial leverage and systematic risk will be stronger when sizes of the firms are relatively smaller that the other firms and conversely, the relation between financial leverage and systematic risk will be stronger when the size is relatively larger that the others. Hypotheis 2 (the relation between financial leverage and systematic risk will be negatively stronger when the firms belong to a group of relatively more homogeneous industries than the others; and conversely, the relation between financial leverage and systematic risk will be positively less strong when the firms belong to a group of relatively less homogeneous industries than the others) and hypothesis 3b (the relation between financial leverage and systematic risk will be stronger when the significant effect of operating leverage variable is higher) is empirically supported (when using interaction model C.1). In spite of the significant results, the coefficients of financial leverage, operating leverage, and industry on the main effects show inconsistent signs. The result, however, is consistent with Sufiyati (1977)`s findings where some of her results showed that financial leverage was negatively related to beta. On the other test, inter-temporally the result shows that financial leverage is significantly and symmetrically related to beta. This means that the two variables show bidirectional causality. The high (low) beta can result in the high (low) financial leverage; and on the contrary, the high (low) financial leverage can result in the high (low) beta. This means that hypothesis 4a is supported. Nevertheless, the conditioning variables (operating leverage and size) do not significantly influence the causal relation between beta and financial leverage.

Key words: Beta (systematic risk), Financial leverage, Operating Leverage, Size, Cross-sectional, inter-temporal, bidirectional, interaction model

Pengaruh Pemisahan Hak Aliran Kas dan Hak Kontrol terhadap Dividen

Baldric siregar
STIE YKPN Yogyakarta


The expropriation of minority shareholders by those of controlling shareholder is the main agency conflict in firms with concentrated ownership. The expropriation is obvious when cash flow rights and control rights are separated through pyramiding and cross-holdings. The ultimate ownership concept is used to identify the separation and investigate its implications on dividend. By using sample consists of firms listed in the Jakarta Stock Exchange for the period from 2000 to 2004, empirical evidences show that cash flow rights and control rights do not go together but have different implications. The cash flow right concentration is an incentive to avoid expropriation. This can be seen from evidences of positive effects of cash flow rights on dividend. On the other hand, control right concentration is an incentive to generate private benefits through expropriation. This conclusion is supported by evidence of negative effects of control rights on dividend. When control rights exceed cash flow rights, the controlling shareholders have higher incentive to expropriate by participating in firm’s management. The controlling shareholders’ participation in management makes them more freely to generate private benefits. But the incentive is lower when a firm has the second controlling shareholder. The second controlling shareholder can mitigate the controlling shareholder’s incentive to expropriate.

Keywords: expropriation, cash flow rights, control rights, cash flow right leverage, pyramiding, cross-holding, immediate ownership, ultimate ownership, dividend

Pemanfaatan Informasi Akuntansi untuk Menghindari Eskalasi Komitmen pada Level Pengambilan Keputusan

Universitas IBA Palembang


The Objective of this research is to examine accounting information as strategy to help decision maker avoiding commitment escalation. Given strategy include unambiguous feed back strategy, project progress report, and giving information of future advantage to individual or group of decision maker. Sums of 182 students of Accounting Department, Faculty of Economic, Gadjah Mada University participate in this experiment. The result of the test shows that the three strategies can significantly help decision maker avoiding commitment escalation problem. However, surprisingly the result of the test show that strategy to give future benefit information significantly tends to direct the group to commitment escalation. The test is also performed to observe whether there is polarization of individual or group decision. Statistic results give support that when the three strategies are given to individual and group of decision maker and group polarization occurred.

Key word: commitment escalation, accounting information strategy, individual-group decision


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