167 research outputs found
The Impact of the Abolition of tax credit on ex-dividend day abnormal returns in the united kingdom (uk) market
Get PDFThe ex-dividend day returns are composed of the capital gains component and the dividends component. This study mainly examines the relationship between the 1997 abolition of the tax-credit and the ex-dividend day abnormal stock returns in the UK market (London Stock Exchange). The 1997 abolition of the tax credit on dividend effectively reduced the income of pension funds and other tax-exempt shareholders who had a strong preference for dividends. This study finds that the ex-day abnormal returns (AR) declined from +0.0580 percent during the pre-abolition periods to -0.1459 percent during the post-abolition periods. This decline is statistically significant with a t-value of 2.0431. From these results it would appear that the ex-dividend day AR changed following the 1997 abolition of tax credits on dividends.
Moreover the comparison tests of ex-day drop-off ratios between pre-and post-abolition periods show that drop-off ratios for all dividend yield groups increased significantly from 0.519 in the pre-abolition periods to 0.574 over the post-abolition periods with a t-value of 2.183. Thus, the decrease on ex-day AR was further supported by a significant increase in the average price-drop to dividend ratios.
The decline in the ex-day AR for the post-abolition periods seems to be driven primarily by quintile 5 (the highest dividend yield quintile). Quintile 5 exhibits strong dividend preference and this preference is likely caused by the imputation system that provides a tax advantage to the tax exempt shareholders. This finding appears to suggest that the highest dividend yield securities are likely to be held by tax-exempt investors such as pension funds that were affected by the abolition of the tax credits on dividend
The Response of Corporate Dividend Policy to The Abolition of Tax Credit in the United Kingdom (U.K.)
Get PDFBy abolishing the tax credit on dividends received by tax-exempt financial institutions in 1997, the effective rate of tax for share-holders such as pension funds increases significantly, and the tax preference for dividends is significantly reduced. The tax-exempt shareholders mainly consist of pension funds and insurance companies with respect to their pension business. This tax-exempt community is the most influential shareholders in many U.K. companies, and their tax preference for dividends may have an important impact on corporate dividend policy.
The objective of this study is to examine whether the aggregate dividend payment changes following the 1997 abolition of the tax credit. Using aggregate data in time series from 1974 to 1999, this study finds that the percentage of forecast error in Lintner’s model does not change significantly between the pre- and post-abolition periods. Hence, there is no evidence that aggregate dividend payment decreases following the abolition of tax credit. This could be interpreted that the aggregate sample of U.K. firms indicates a little intention of changing their dividend policies in response to the abolition of tax credit.
This study also investigates whether individual U.K. companies respond to the 1997 abolition of tax-credit. The test results show that the majority of companies in the sample do not change their dividend policies after the abolition of tax credit. It is possible that companies are reluctant to cut their dividend payment since the existing dividend payout could be sustained in the long-run. They also avoid sending negative signals to the market. Thus, companies typically chose to keep a dividend level relatively stable following the tax change in 1997. Only the minority of the U.K. companies experience a decline in their dividend payment. This evidence supports the hypothesis that the abolition of tax credit on dividends results in a decrease in aggregate dividend payment in order to satisfy a tax clientele
The impact of the 1997 abolition of the tax credit on dividends in the UK and corporate dividend policy
No full textEThOS - Electronic Theses Online ServiceGBUnited Kingdo
The Impact of the Abolition of tax credit on ex-dividebt Day Abnormal Return In the Limited kingdom (UK) Market
No full textThe ex-dividend day returns are composed of the capital gains component and the dividends component. This study mainly examines the relationship between the 1997 abolition of the tax-credit and the ex-dividend day abnormal stock returns in the UK market (London Stock Exchange). The 1997 abolition of the tax credit on
dividend effectively reduced the income of pension funds and other tax-exempt shareholders who had a strong preference for dividends. This study finds that the ex-day abnormal returns (AR) declined from +0.0580 percent during the pre-abolition periods to -0.1459 percent during the post-abolition periods. This decline is statistically significant with a t-value of 2.0431. From these results it would appear that the ex-dividend day AR changed following the 1997
abolition of tax credits on dividends. Moreover the comparison tests of ex-day drop-off ratios between
pre-and post-abolition periods show that drop-off ratios for all dividend yield groups increased significantly from 0.519 in the preabolition periods to 0.574 over the post-abolition periods with a tvalue of 2.183. Thus, the decrease on ex-day AR was further supported by a significant increase in the average price-drop to dividend ratios. The decline in the ex-day AR for the post-abolition periods seems to be driven primarily by quintile 5 (the highest dividend yield quintile). Quintile 5 exhibits strong dividend preference and this preference is likely caused by the imputation system that provides a tax advantage to the tax exempt shareholders. This finding appears to suggest that the highest dividend yield securities are likely to be held by tax-exempt investors such as pension funds that were affected by the abolition of the tax credits on dividend
Jurnal Akuntansi dan Keuangan Indonesia: Vol.11 No.1 Juni 2014
No full textSIFAT KEPRIBADIAN SEBAGAI PEMODERASI HUBUNGAN STRES KERJA DAN PERILAKU DISFUNGSIONAL AUDIT
Ni Wayan Rustiarini
DYNAMIC STRATEGIC-FIT DAN KINERJA: STUDI PADA PERBANKAN SYARIAH
Sugiyarti F. Laela
BAGAIMANA MENGURANGI BIAS KEMURAHAN HATI DALAM PENILAIAN KINERJA SUBJEKTIF? SEBUAH PENDEKATAN EKSPERIMEN
Monika Handojono, Mahfud Sholihin
HUBUNGAN ASPEK POWER, PENERAPAN SISTEM PENGENDALIAN ADMINISTRATIF, AKUNTABILITAS, DAN EFISIENSI PROGRAM JAMINAN KESEHATAN
Made Aristia Prayudi, Hardo Basuki
DETERMINAN PENGUNGKAPAN INFORMASI ATRIBUSI DAN DAMPAKNYA TERHADAP PERSISTENSI LABA
Bambang Suripto
IMPLIKASI REGULASI PASAR MODAL TERHADAP MOTIF MANAJEMEN LABA: PENGUJIAN BERBASIS TEORI PENSINYALAN
Sansaloni Butar Buta
An Analytical Assessment of Assurance Practices in Social Environmental and Sustainable Reporting in the United Kingdom and North America
Get PDFThe objective of this study is to continue and extend previous studies in evaluating the extent to which current assurance practices promote transparency and accountability to stakeholders. This is carried out by conducting an empirical analysis of the content of assurance statements accompanying a sample of non-financial reports short-listed for the Association of Chartered Certified Accountants (ACCA) U.K. Sustainability Reporting Award and the CERES-ACCA Sustainability Reporting Award from 2006 to 2008.
The findings of this study show that several new trends in social, environmental and sustainability assurance can be observed. Firstly, accountants tend to limit their intended readership to management only and state a disclaimer for other potential readers. This diminishes the transparency and stakeholder accountability of the reporting. Secondly, there is even stronger evidence that management has the control over the scope of the assurance engagement and over what information gets publicly disclosed. The evidence is shown in the fact that in many assurance statements prepared by accountants, only selected parts of the reports are being assured, with no indication that it is not management who selects these parts. Finally, the recent practices of assurance engagements represented by the sample in this study have not improved the transparency and stakeholder accountability of social, environmental and sustainable reporting. Similar to the two previous studies, we assert that a generally accepted standard is needed to promote assurance statements that add meaningful values to the reliability of social, environmental and sustainability reporting
THE INFLUENCE OF SUPPORT AND INFORMATION SYSTEM TOWARD THE USE OF WORK INFORMATION IN BUDGETING WITH DEVELOPMENT FACTOR AS INTERVENING VARIABLE
No full textThis research is dealt with political factors using internal and external organization supports as proxy. Besides that, it also uses information system as variables that influence work performance measurement development as well as the utilization of performance information in budgeting. This research attempts to test and confirm whether such factors are consistently influential toward work performance measurement development and utilization of performance information in budgeting as conducted by the previous studies. It uses random sampling system,consisting of 316 executives with the echelon ranks of 2, 3, and 4 at the regional government offices, Jogjakarta, Indonesia. This research reveals that political factor influence utilization of performance information in budgeting, both directly and indirectly through performance measurement development. In addition, information system capability, incapabilityof explaining and assessing performance metrics (as technical factors) do not influence either directly or indirectly both work performance measurement development and utilization of performance information in budgeting. Yet, another technical factor, which is technical knowledge, has significant influence toward work performance measurement development in budgeting. These findings imply that the change into performance measurement-based budgeting is influenced by the regional government’s internal and external support, external participations such as society for escorting the regional government officials in facing the budgeting system change
Perspective of Fraud Diamond Theory and Moral Reasoning as A Moderating Variable On Fraud In Village Fund Management D.I Yogyakarta
Get PDFLaw No. 6 of 2014 concerning Villages provides opportunities for village governments to empower their communities to be able to improve village development by managing village funds independently, but in practice there are several fraudulent actions so that the purpose of holding village funds becomes less effective. This study aims to analyze the motivation of a person to commit fraud in the management of village funds using the perspective of fraud diamond theory and the role of moral reasoning as a moderating variable.This research is quantitative research, and the data was collected with survey method using a questionnaire which is distributed directly to village government apparatus in D.I Yogyakarta. Sampling using probability sampling with cluster sampling technique, and obtained as many as 216 participants. The data analysis and hypothesis testing method used is Structural Equation Modeling (SEM) with WrapPls 7.0 software analysis tool.The results of analysis indicate the suitability of compensation has a positive effect on fraud, while organizational culture, competence, and internal control systems have a negative effect on fraud in village fund management. On the other hand, the role of moral reasoning could moderate the relationship between the perspective of fraud diamond theory and fraud.
Keywords: Fraud Diamond Theory, Village Fund Management, Moral Reasoning
Undang-undang No. 6 Tahun 2014 tentang Desa memberikan peluang kepada pemerintah desa untuk memberdayakan masyarakatnya agar mampu meningkatkan pembangunan desa dengan mengelola dana desa secara mandiri, akan tetapi pada pelaksanaannya terjadi beberapa tindakan fraud sehingga tujuan dari diselenggarakannya dana desa menjadi kurang efektif. Penelitian ini bertujuan menganalisis motivasi seseorang melakukan tindakan fraud pada pengelolaan dana desa dengan menggunakan persepektif fraud diamond theory dan peran penalaran moral sebagai variabel moderasi. Penelitian ini merupakan penelitian kuantitatif dengan metode survei menggunakan kuesioner sebagai media pengumpulan data yang disebarkan secara langsung kepada Aparatur pemerintah Desa D.I Yogyakarta. Pengambilan sampel menggunakan probability sampling dengan teknik cluster sampling, dan didapatkan sebanyak 216 partisipan. Motode analisis data dan pengujian hipotesis yang digunakan adalah Structural Equation Modelling (SEM) dengan menggunakan alat analisis software WrapPls 7.0. Hasil penelitian ini menunjukkan bahwa kesesuaian kompensasi berpengaruh positif terhadap fraud pada pengelolaan dana desa, sedangkan budaya organisasi, kompetensi, dan sistem pengendalian internal berpengaruh negatif terhadap fraud pada pengelolaan dana desa. Disisi lain, peran penalaran moral terbukti mampu memoderasi hubungan antara persepektif fraud diamond theory terhadap fraud.
Kata kunci: Fraud Diamond Theory, Pengelolaan Dana Desa, Penalaran MoralLaw No. 6 of 2014 concerning Villages provides opportunities for village governments to empower their communities to be able to improve village development by managing village funds independently, but in practice there are several fraudulent actions so that the purpose of holding village funds becomes less effective. This study aims to analyze the motivation of a person to commit fraud in the management of village funds using the perspective of fraud diamond theory and the role of moral reasoning as a moderating variable.This research is quantitative research, and the data was collected with survey method using a questionnaire which is distributed directly to village government apparatus in D.I Yogyakarta. Sampling using probability sampling with cluster sampling technique, and obtained as many as 216 participants. The data analysis and hypothesis testing method used is Structural Equation Modeling (SEM) with WrapPls 7.0 software analysis tool.The results of analysis indicate the suitability of compensation has a positive effect on fraud, while organizational culture, competence, and internal control systems have a negative effect on fraud in village fund management. On the other hand, the role of moral reasoning could moderate the relationship between the perspective of fraud diamond theory and fraud.
Keywords: Fraud Diamond Theory, Village Fund Management, Moral Reasoning
Undang-undang No. 6 Tahun 2014 tentang Desa memberikan peluang kepada pemerintah desa untuk memberdayakan masyarakatnya agar mampu meningkatkan pembangunan desa dengan mengelola dana desa secara mandiri, akan tetapi pada pelaksanaannya terjadi beberapa tindakan fraud sehingga tujuan dari diselenggarakannya dana desa menjadi kurang efektif. Penelitian ini bertujuan menganalisis motivasi seseorang melakukan tindakan fraud pada pengelolaan dana desa dengan menggunakan persepektif fraud diamond theory dan peran penalaran moral sebagai variabel moderasi. Penelitian ini merupakan penelitian kuantitatif dengan metode survei menggunakan kuesioner sebagai media pengumpulan data yang disebarkan secara langsung kepada Aparatur pemerintah Desa D.I Yogyakarta. Pengambilan sampel menggunakan probability sampling dengan teknik cluster sampling, dan didapatkan sebanyak 216 partisipan. Motode analisis data dan pengujian hipotesis yang digunakan adalah Structural Equation Modelling (SEM) dengan menggunakan alat analisis software WrapPls 7.0. Hasil penelitian ini menunjukkan bahwa kesesuaian kompensasi berpengaruh positif terhadap fraud pada pengelolaan dana desa, sedangkan budaya organisasi, kompetensi, dan sistem pengendalian internal berpengaruh negatif terhadap fraud pada pengelolaan dana desa. Disisi lain, peran penalaran moral terbukti mampu memoderasi hubungan antara persepektif fraud diamond theory terhadap fraud.
Kata kunci: Fraud Diamond Theory, Pengelolaan Dana Desa, Penalaran Moral
 
Penentuan Prioritas Pemilihan Saham LQ45 Dengan Metode Taguchi Loss Function
No full textJakarta Composite Index (JCI) continued rising since Indonesia passed from
the monetary crisis in 1997-1999 and reach its peak in early 2008. JCI plunged to the
lowest point in November 2010 when the economic crisis hit USA and Europe in
2008. Then JCI continued to rebound until the thesis was written in May 2011. In
2010 JCI provided return in the amount of 46.13%, while the highest return of LQ45
stock showed by KLBF reaching up to 150%. This thesis undertakes to find another
LQ45 stocks which have similar characteristics with KLBF stock as a target of
investments to get high return.
The research is conducted by comparing performance amongst LQ45 stocks
through comparison ratios from financial statements in 2010 LQ45. Then undertakes
prioritizing selection on LQ45 stock by Taguchi Loss Function method. The first step
is investigating to find out what are the significant financial ratios influencing LQ45
stock return. The ratios are Earning Per Share (EPS), Price to Earning Ratio (PER),
Book Value (BV), Price to Book Ratio (PBV), Return on Assets (ROA), Return on
Equity (ROE), Debt to Equity Ratio (DER), Net Profit Margin (NPM), and Operating
Profit Margin (OPM). The data of financial ratios and LQ45 stock return used in
earlier research are using financial reports from 2008 until 2010. The results founded
that the ratios of the most influential on the LQ45 stock return are PBV and ROA.
Then by using KLBF�s PBV and ROA we can selected prioritizing selection on
another LQ45 stocks by Taguchi Loss Function method. Taguchi method was
originally used in many manufacturing industries, but lately has been widely used in
other sectors such as services, accounting, insurance and financial services.
By using a 30% tolerance on KLBF�s PBV and ROA ratio, then the loss
function was calculated to prioritizing selection on LQ45 stocks are AALI, HEXA,
INTP, UNTR, SMGR and ASII. Another conclusion of this research was the LQ45
stocks with the highest returns do not always include in prioritizing stock on LQ45 by
Taguchi Loss Function. It is found that amongst stocks in prioritizing stock selection
on LQ45 only HEXA, UNTR and ASII that can beat return JCI throughout 2010
surpassed. Stocks in prioritizing selection on LQ45 derived from a variety of different
sectors from KLBF and also have any market capitalization
EVALUASI PENERAPAN ELEMEN PENGENDALIAN INTERNAL COSO, DALAM AKTIVITAS PEMELIHARAAN PERALATAN PENUNJANG FASILITAS PT. SAWOKEMBAR GALERIA YOGYAKARTA
No full textThe study aims to evaluate the implementation of internal control elements of COSO in the maintenance activities of facility supporting equipments at PT Sawokembar Galeria Yogyakarta. It was conducted to determine whether the application of internal control components for the maintenance of facility supporting equipments has been feasible based on the criteria of the five internal control components stipulated by COSO.
The study was conducted at PT. Sawokembar Galeria Yogyakarta, commonly referred to as Galeria Mall, as shopping center located on Jalan Jendral Sudirman 99-101, Yogyakarta. The data was obtained from observation of the suitability for the practice of internal control element application in the maintenance of facility supporting equipments at PT. Sawokembar Galeria Yogyakarta.
From the results of the study, it can be concluded that there are several internal control components at Galeria Mall that are incompatible with the criteria stipulated by COSO. Therefore, the author provides several recommendations for repair and maintenance department in relation to the implementation of equipment maintenance control activities
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