The Indonesian Journal of Accounting Research
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Studi Empiris tentang Pengaruh Pemilihan Metode Akuntansi untuk Merjer dan Akuisisi terhadap Volume Perdagangan Saham Perusahaan Publik di Indonesia
No full textPengaruh Atribut Perusahaan Terhadap Relevansi Laba dan Arus Kas
No full textThe purpose of this study is to test whether there are linear or non linear relationship between stock returns and accounting variables (earnings and cash flows) in Indonesia and how firm-specific attributes such as size, debt level and firm life-cycle influence the relative relevance of earnings and cash flows in explaining stock returns.The results support a linear relationship between stock returns and accounting variables. They indicate that earnings change reveals more information for small firms and large firms. With regards to cash flows, we find that they do not reveal additional information beyond that contained in earnings for small firms and also for large firms.The results based on debt level indicate that for high leverage firms and low leverage firms, earnings change is the most relevant accounting variable in explaining stock returns, while the cash flows reveal a greater incremental information beyond that contained in earnings for high leverage firms than for low leverage firms.The regression results based on firm life cycle indicate that the most relevant accounting variable for growth firms and mature firms is earnings change. In addition, cash flows reveal a greater incremental information beyond that contained in earnings for growth firms than for mature firms
The Effects of Tax Complexity and Tax Fairness on Tax Compliance
No full textThis study aims to provide empirical evidence that tax complexityand tax fairness affect tax compliance. This study is conductedusing the experimental method, which is designed to have a post-testcontrol group to observe behavioral changes in tax compliancedecisions.This experimental method uses 173 participants from a vocationalcollege, which is a part of the Faculty of Economics and Business,Universitas Gadjah Mada, the Master of Economics faculty at theUniversitas Cenderawasih Jayapura and participants from a trainingcourse in local finance run by the PSKD UGM. The participants arecategorized into two groups, they are group A (the experimental group)and group B (the control group).The result of this study shows that taxcomplexity negatively correlates to tax compliance in the control group,and positively correlates in the experimental group. Tax complexity positivelycorrelates with tax fairness in both the control group and theexperimental group. Tax fairness shows a significant and positive correlationwith tax compliance in both the control group and the experimentalgroup. Tax fairness mediates the relationship between tax complexityand tax compliance.Tax compliance is a psychological factorthat essentially contributes to enhancing tax compliance. Tax complexityshows indications of noncompliance unless it is subjected to tax fairness,when it indicates tax compliance. The tax institutions should provideappropriate explanations related to the taxation system, so the taxpayerscould understand the complexities of the taxation system
Hubungan Kandungan Informasi Arus Kas, Komponen Arus Kas dan Laba Akuntansi dengan Harga atau Return Saham
No full textThe Indonesian Institute of Accountants (IAI) published the Statement of Financial Accounting Standard (PSAK) No. 2, “Statement of Cash Flows” requires companies to publish the statement of cash flows beginning from January 1, 1995. The objective of the study is to examine the association of information content of total cash flows, components of cash flows, and accounting income with stock prices or stock returns. Another objective of the study is to compare the predictive power of between of total cash flows and accounting income with their relation to stock prices or stock returns.As much as 54 manufacturing firms listed in the Jakarta Stock Exchange (BEJ) were taken as a sample using a purposive sampling method. Data from audited financial statements were taken from Indo-exchange files. The statistics method used to test hypotheses is a linear multiple regression. Two models were considered: levels and return models. The multicollinearity test shows that there is no association between independent variables in the regression models, indicating multicollinearity is 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. Results from diagnostic tests suggest that regression models used in this study are unbiased.The empirical results indicate that disaggregation of total cash flows into their components as required by PSAK No.2 are significantly associated with stock prices in the levels model. This means that the accounting authority has correctly mandated the publication statement of cash flows. In contrast, the results of the study indicate that total cash flows, components of cash flows, and accounting income are not associated with stock returns in the return model
Motivasi Perataan Penghasilan
No full textThis study was aimed to analyze the effect of some factors towards income smoothing tendency and the influence of the income smoothing tendency towards firm value on non financial public companies at the Indonesia Stock Exchange. Those factors are debt, independent commissioners, and auditor quality. This study was performed using field research. Data were collected from Indonesian Capital Market Directories. Sample in this study is 100 non financial firms which listed at the Indonesia Stock Exchange from 1999-2005 and is derived using some criteria. This study used Partial Least Square regression technique.The result showed that income smoothing tendency was positive affected by debt. The findings refused first hypothesis. The findings might be of interest to creditors to make credit decision. The study contributed to the literature in that it has shown that income smoothing practice is driven by opportunistic management motive rather than efficiency. Managers should not exercise it because public did not care the practice
Pengaruh Karakteristik Tugas terhadap Keefektifan Bentuk Pengendalian Akuntansi, Perilaku dan Personal dalam Peningkatan Kinerja Manajer Riset dan Pengembangan
No full textThe distinctive feature of R & D task, such as lack of routines, may potentially influence the effectiveness forms of control. Perrow’s model of technology and structure (1970) is drawn to explore the influence of task characteristics. This study tests the influence of task characteristics (number of exceptions & task analyzability) on the effectiveness of accounting, behavior and personnel forms of control to managerial performance in research and development setting. Respondents participating in the study are managers and sub managers in research and development divisions. The study uses survey method. Of the 388 questionares sent, 86 were returned and 57 were used in analysis. The method used in analysis is multiple regression. The result shows that accounting control contributes to organization effectiveness, particularly where task characteristics are low number of exceptions and low task analyzability. By contrast, behavior and personnel controls do not appear compatible where task characteristics are low number of exceptions and low task analyzability. In addition, the result suggests that task characteristics prove to have significant influence on suitability of the control. The result fails to confirm prior study which stated that accounting control was not suitable in research and development setting
Pengaruh Karakteristik Industri, Negara, dan Faktor Makroekonomi terhadap Tingkat Utang
No full textThe study investigates whether the level of financial leverage is affected by industry type (i.e. lodging or software industries), macroeconomic factors (measured by inflation rate and GDP per capita), and country characteristics. Generally, lodging firms are characterized by higher asset tangibility than software firms. Consequently, higher growth opportunities do not prevent the firms to use more debt because asset tangibility can be used as a collateral of debt. The sample includes listed firms in the lodging and software industries and are from Indonesia, Malaysia, and Singapore. As previous studies, this study finds that growth opportunities negatively affect the level of financial leverage, but this negative effect weakens as the use of fixed assets (i.e., asset tangibility) increases. In addition, lodging firms have more leverage than the software firms. Further, the study finds that higher GDP per capita and lower inflation rate translate to lower use of debt
Asosiasi Siklus Hidup Perusahaan dengan Incremental Value- Relevance Informasi Laba dan Arus Kas
No full textThe objectives of this study is to empirically examine the association between corporate life-cycle and the incremental value-relevance of earnings and cash flows. Value-relevance is defined as the ability to explain cross-sectional variation in market value of equity.Corporate life-cycle consists of four stages: start-up, growth, mature, and decline. Firms in different life-cycle stages have different characteristics. The differences in the life-cycle stages affect the usefulness of accounting performance measures, such as earnings and cash flows.Four criteria are used to identify a start-up firm-year observation: (1) firm was founded between 1988 and 1997, (2) firm was not formed as a result of divestiture, merger, or other form of restructuring, (3) firm had no more than one year of sales history prior to going public, and (4) only the first three years of firm s data are included after the founding date. Four classification variables are used to classify firm-year observations in to growth, mature, and decline: percent sales growth, capital expenditure as a percentage of total value of the firm, annual dividend as a percentage of income, and age of the firm. Based on these criteria, 54 firm-year observations from 41 different firm are taken as samples, consisting of 37 firm-year observation from 26 different firm in the growth stage and 17 firm-year observation from 15 different firms in the mature stage.Data are analyzed using multiple regression analysis. Because of the limitation of the samples, this study is not succeeded to test the hypothesis that relate to start-up and decline stages. The results show that market value of equity of growth firms is influenced by earnings and cash flows from financing activities. Earnings and financing cash flows associate positively with market value of equity. There are no association between cash flows from operation activities and cash flows from investments activities. Investment cash flows associate negatively with market value of equity. There are no association between earnings, cash flows from operation activities, and cash flows from financing activities and market value of equity.Overall, this study provides evidence that corporate life-cycle influences the incremental value-relevance of earnings and cash flows. Earnings and cash flows from financing activities appear to be value-relevant in mature stage
ROE and EVA: How Do They Explain the Degree of Association of Stock Return Models?
No full textAccording to empirical theories, in analysis of stock return model, EVA should provide better results than ROE since EVA reflects wealth creation to shareholders. However, this statement is still debatable. While previous studies showed that, either together or separately, they are good indicators, this study raises a new issue that they are actually not as good as we thought. This study investigates the degree of association of stock return model under various ROE and EVA conditions. This study finds that the combination of ROE and EVA could not return a better degree of association. This study also finds that combination of high ROE and high EVA failed to show better degree of association than other combinations. It means that EVA accompanied by ROE could not show the stockholders’ wealth fares. Finally, because of their inconcurrency, this study suggests that they are factually weak and indifferent in their ability to show stockholders’ wealth creation when investigated in a stock return association model
Relevansi Nilai Dividend Yield dan Price Earnings Ratio dengan Moderasi Investment Opportunity Set (IOS) dalam Penilaian Harga Saham
No full textThis study develops and tests a market valuation model whose main prediction is that equity value is a function of book value, earnings, and dividend. This function is extended by using relative level of investment opportunity set (IOS) as a moderation variable. The using of IOS level is aimed to search value relevance of dividend yield and price earnings ratio (PER) commonly used in market price valuation. As model used in this study, dividend and retained earning has reflected the use of dividend yield and PER by market participants.Samples used in this study are selected using purposive sampling from public companies of Jakarta Stock Exchange (BEJ) from 1993 to 1996. Based on model used, the results show that book value, retained earnings, and dividend have relation to stock price or they have value relevance. By adding relative level of IOS as a moderation variable in this functional relation, value relevance of dividend yield is more related to a high IOS companies. Companies in a high IOS show that dividend yield and PER have value relevance. Companies in a high IOS are more related to dividend yield than PER. These results are different from Riahi-Belkaoui and Picur (2001) research that shows companies in a low IOS tend to “dividend yield valued,” and companies in a high IOS tend to “PE valued.