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KEBANGKRUTAN VERSUS RESTRUKTURISASI: EVALUASI DAN PREDIKSI KELANGSUNGAN HIDUP PERUSAHAAN PASCA KRISIS KEUANGAN 1997
Get PDFThe purposes of this study are to evaluate the persistence in healthy firms during financial crisis periods, to predict healthy firms based on some relevant variables, and to evaluate the effectiveness of the change of company strategic attributes to cope with the financial distress, and to avoid firms bankruptcy in the future. This study provides a methodology that useful to evaluate and predict firm performance. This study uses statistical and qualitative approaches in order to get comprehensive conclusion whether non-healthy firms can increase their performance or not.Twelve selected variables are employed to predict the healthy firms from one through four periods (from 1994 through 1999) before the events (from 1998 through 2000). Seven strategic attributes are identified during the crisis periods to evaluate the change of firm performance. Four major research findings can be summarized as follows. First, there is persistence in the firm performance. The non-healthy firms underperform healthy firms and they also persistently have the worst performance in one and two next years. Second, two business risk proxies, sales stability and standard deviation of return on investment, are consistently significant in predictingthe healthy firms. The effect of investment opportunity, leverage (financial risk), and liquidity in predicting the healthy firms is relatively moderate from one through four years before the event years. While other variables including dividend policy, earning stability, and assets structure are less consistent to predict the healthy firms due to the bias of multicolinearity effects. This study also finds that using univariate t-test, most variables of the two sub-samples (healthy versus nonhealthy firms) are significantly different for all periods, except 1994. Third, the results of predictionmodels are robust. The models provide highly accurate results in matching the classifications of actual observations and the prediction results, range from 86,8% through 100%. Fourth, four strategic attributes, the change of director boards, the composition change of capital ownerships, strategic alliances, and acquisitions, are effective to increase the firm performance. However, surprise that debt restructuring is less powerful to cope with the firm financial distress during three year periods of analysis.Keywords: healthy firm, debt restructuring, corporate strategy, business and financial risk
PENGUKURAN TINGKAT KESEHATAN DAN GEJALA FINANCIAL DISTRESS PADA BANK UMUM SYARIAH DI INDONESIA
Get PDFAbstrakKondisi ekonomi yang tidak stabil menyebabkan perlunya kehati-hatian stakeholders untuk membuat keputusan ekonomi. Salah satu indikator yang digunakan adalah prediksi kebangkrutan. Tujuan penelitian iniuntuk mengetahui tingkat kesehatan dan kebangkrutan bank Syariah di Indonesia mengunakan model Grover, Altman, Springate dan Zmijewski serta tingkat keakuratannya serta perbedaan dari keempat modeng pengujian tersebut.Penelitian ini mengambil sampel seluruh bank Syariah di Indonesia tahun 2010 – 2014 kecuali Maybank Syariah. Hasil penelitian ini menunjukkan bahwa antara model Grover, Altman dan Springate terdapat perbedaan yang signifikan, namun hasilnya bisa digunakan untuk memprediksi kebangkrutan bank Syariah di Indonesia. Sedangkan model Zmijewski tidak bisa digunakan.Kata kunci: Stakeholders, Model Grover, Altman, Springate, ZmijewskiAbstractThis study aims to assess the financial condition of Islamic banking based on ratio analysis and the score given the economic conditions. so be greeting one consideration for stakeholders to take economic decisions. One indicator used is the prediction of bankruptcy. The purpose of this study to determine the level of health and bankruptcy Islamic bank in Indonesia using models Grover, Altman, Springate and Zmijewski and the level of accuracy as well as the difference of the fourth Modeng the test. This study took a sample of the entire Islamic bank in Indonesia in 2010 - 2014 except for Maybank Syariah. The results of this study indicate that among themodels Grover, Altman and Springate there are significant differences, but the results can be used to predict bankruptcy Islamic bank in Indonesia. While Zmijewski models can not be used.Key words: Stakeholders, Model Grover, Altman, Springate, Zmijewsk
MENGELOLA DIVERSITAS: PENYEBAB KEGAGALAN DAN MODEL YANG EFEKTIF
Get PDFCurrently, diversity grows rapidly in business and organizations that it becomes the major problem to academics and practitioners. Many organizations had attempted to implement diversity management, but they failed afterward. This article discusses the definition of diversity management, the causes of failure in implementing diversity management, and an effective model of diversity management.Keywords: diversity, diversity management, organizatio
PENGARUH BEBAN PAJAK TANGGUHAN DAN PERENCANAAN PAJAK TERHADAP MANAJEMEN LABA
Get PDFThe aim of the study is to provide evidence on how tax rate reform used corporate to affect earningmanagement. The motivation for using deferred tax expense to detect earnings management as there istypically more discretion under generally accepted accounting principles than under tax rules. One mightexpect fi rms to include the reporting of income when there is a pre-announced increasing in the corporate taxrate. It is assumed that managers exploit such discretion to manage income backwards primarily in ways thatdo not affect taxable income. Thus, we expect that decisions to manage earnings backwards will generatebook-tax differences that increase deferred tax expense. Previous studies indicate that deferred tax positionaffects positively on earning management. On the other hand, tax planning and earnings quality jointly affectthe information content of book and taxable income.Sample of 96 manufactured public companies during year 2008-2009 was selected and their fi nancialstatement becomes main data source. Multiple regression model was adopted to analysis the effects of thevariables and the impact of corporate behavior on earning management.The results show that deferred tax expense 2008 signifi cantly positive affects on earning management, butit is not proved in deferred tax expense 2009. This result supports the view that fi rms attempt to shift incomein the period of low rate when there are pre-announced increase changes corporate tax rates. On the otherhand, tax planning is also used to respond increased tax rate to manage earning. Thus, the results support thehypotheses developed.Keywords: Earning management, deferred tax expense, tax planning, tax rate changes, single tax rate
THE ROLE OF INTERNAL AND EXTERNAL CONTEXTUAL FACTORS ON FIRM’S RESOURCES-PERFORMANCE RELATIONSHIPS
Get PDFThe critical resources affect the power of company’s competitiveness. Management and business literaturehave limited knowledge and empirical research concerning the problems faced by the Indonesian manufacturingsector in relation to resources management, strategy, and environment issues. The broad objective of this studyis to investigate the effects of resources on performance in Indonesian manufacturing fi rms and to analyzesensitivity of the resource-growth relationship on the degree of competition, degree of uncertainty as well asfi rm’s characteristics. This study is conducted by distributing a set of structured questionnaires to the CEOs oflarge-scale manufacturing fi rms. Simple random sampling is used in this study in order to provide the least biasand offer most generalizability. This study indicates that for the Indonesian manufacturing fi rms to survive andto grow, they need not only to improve its production capacities but also technological capabilities. The effectsof fi rm’s resources on performance depend on contextual factors such as environment and business strategies.Keywords: Firm’s Resources, degree of competition, uncertainty, fi rm’s characteristic, fi rm’s performace
PRAKTIK PERENCANAAN KEUANGAN: STUDI EMPIRIS TENTANG SIKAP DAN PERILAKU KEUANGAN RUMAH TANGGA DESA
Get PDFThis study examines the attitudes and behaviors of the rural households toward personal nancial planningpractices, which encompases money management, insurance planning, investment planning, retirementplanning, and estate planning. The personal nancial planning is associated with demogra c, human capital,dan economic capital characteristics. This study is conducted via questionnaire survey. A survey data isobtained from 261 rural households by using set of structured quesionnaire. The results show a number ofinteresting ndings. First, the economic capitals are the important factors in in uencing attitudes and behaviorstoward household nancial planning. Second, the human capital, i.e. education of respondent is also in uenceattitudes and behaviors toward household nancial planning. Lastly, the demographic characteristics ofrespondent are not in uence attitudes and behaviors toward household nancial planning.Keywords: household nance, money, insurance, investment, retirement, estat
PENERIMAAN AUDITOR TERHADAP UNDER-REPORTING TIME
Get PDFThis study seeks to analyze the relationship between the factors that affect the auditor’s acceptanceof under-reporting time. Auditor’s who worked in Public Accounting in Indonesia is an object in this studyusing questionnaire-based survey that was sent. The data have been collected and analyzed using SPSS.Expectancy theory and the theory of goal setting is the basic theory used to explain the behavior of auditorsunderreporting time in accepting. The results of this study found that locus of control variables have a positiveand signifi cant impact on acceptance of under-reporting time, while the variable of organizational commitmentauditor has no infl uence on the acceptance of under-reporting time. Adversely affect the auditor’s expertiseacceptance under-reporting time. These results indicate that the internal factors affecting the acceptance ofindividual auditor’s under-reporting time.Keywords: locus of control, auditor’s expertise, organizational commitment, acceptance of under-reportingtime, expectancy theory and the theory of goal setting
THE EFFECT OF CONSUMER CONFUSION PRONENESS ON WORD OF MOUTH, TRUST, AND CUSTOMER SATISFACTION
Get PDFHigh-tech products (such as smartphones, notebooks, and tablets) have been characterized as beingincreasingly similar between brands, having too many slightly different choices, and providing complexinformation. In buying these products, many consumers fi nd it diffi cult to differentiate between brands, evaluateover alternatives, and make a good purchase decision. Such situation is known as consumer confusionphenomenon. Previous studies have revealed that consumer confusion is becoming a problem for bothconsumers and marketers. However, the topic still needs further examination, especially in the context of adeveloping country.The present study aims to examine consumers’ general tendency to become confused and its effect onword of mouth, trust and consumer satisfaction. The product context is smartphones, while the sample consistsof 150 university students who had experiences in using or buying smartphones. Nine research hypotheseswere tested using multiple regression analyses. The results indicate that only two of the three consumerconfusion dimensions (i.e. similarity confusion and overload confusion) have signifi cant negative impacts onword of mouth, trust and consumer satisfaction. The other dimension (i.e. ambiguity confusion) was found tohave insignifi cant impacts on the three dependent variables.Keywords: Consumer confusion, word of mouth, trust, consumer satisfaction, smartphone
MONEY NEXUS ANTARA PERKEMBANGAN FUNGSI UANG DAN DAMPAKNYA TERHADAP INFLASI DI INDONESIA
Get PDFThis research was discussed about the relationship between the development of the function of money fromthe stage of barter between two commodities, which are C and C’ and then become C-M-C’, when the moneyonce introduced. M - C - M’ happened when the businessman utilize the money (M) to produce commodityC, that will be sell to generate more money (M’). Last, the trading process of M - M’ that shown the capital orfi nancial market, just like the money or security market. The development of the function of money was shownby the changes of the money supply that weigh by the infl ation. Based on the data on 1990-2011 using theAnova and regression analysis, it is known that there were a difference between the currency money supply,demand deposits, and quasi money in Indonesia; The currency money supply didn’t have signifi cantly positiveeffect on the infl ation in Indonesia; The demand deposits didn’t have positive effect on the infl ation in Indonesia;and the quasi money have positive effect on the infl ation in Indonesia.Keywords: money nexus, currency money, demand deposits, quasi money, infl ation rat