25 research outputs found
TAX COSTS AND CORPORATION DIVIDEND POLICY: Evidence from the 1986 U.S. Tax Reform Acts
Get PDFScholes and Wolfson (1992) predict that following the 1986 Tax
Reform Act, the tax cost of the corporate form relative to that of the partnership form (the incremental tax cost) increased significantly. This study hypothesizes that since dividends represent a tax disadvantaged form of income relative to capital gains, then in response to an increase in incremental tax costs, corporations would decrease their dividend payout ratios. The response is expected to be stronger for corporations owned by
shareholders with long investment horizons because the tax cost saved from decreasing dividend payout ratios is an increasing function of shareholders’ investment horizon. The empirical tests support the hypothesis and show a negative relationship between the change in incremental tax costs and the change in dividend payout ratios for firms with long average investment horizons
THE DEMAND FOR NEW CARS AND THE INDEX OF CONSUMER SENTIMENT
Get PDFThe index of consumer sentiment (ICS) has been widely employed as a proxy for future buying confidence to predict future aggregate buying behavior. This study empirically compares two forecast models: the expectation model that includes the ICS as an explanatory variable and the traditional model that does not include the ICS. The models are employed to estimate the aggregate demand for new cars in the U.S. from 1976 to 1984. The results indicate that the ICS has a positive relation with new car sales. On the basis of the likelihood dominance criterion, however, the traditional model is preferred to the expectation model. Furthermore, the forecast ability of the expectation model is slightly inferior to the traditional mode
Harmoni Keberagaman pada Pemahaman Moderasi Beragama dan Penguatan Nilai-Nilai Kebangsaan di Vihara Siddharta Tangerang
No full textThe goal of diversity harmony is religious moderation towards national values at the Siddharta monastery. The previous problem was that there were difficulties in building national insights and after being given guidance there was meaning to the values of Pancasila. By conducting this research, it is hoped that after providing an overview of the relationship between Religious Moderation and National Values, there will be an increase in harmony at the Siddharta Tangerang Temple. From the main findings of this research effort, there were previous difficulties for teachers providing an understanding of national values so that the effect of reduced understanding of moderation at the Siddharta Temple. after guidance there is the contribution of the teacher as one of the strengths in the formation of religious moderation. The research method used is descriptive method with a qualitative approach. Data collection through in-depth interactive observations and interviews and findings from research results on religious moderation of strength, courage, honesty and self-esteem. Likewise, these findings provide more understanding of the importance of national values such as; consensus, the 1945 Constitution, and Bhinneka Tunggal Ika. Also efforts of Buddhist values such as; Metta, Karuna, Mudita and Upekkha.AbstrakTujuan harmoni keberagaman pada moderasi beragama terhadap nilai-nilai kebangsaan di Vihara Siddharta. Masalah sebelumnya terdapat kesulitan untuk membangun wawasan kebangsaan dan setelah diberikan bimbingan adanya makna pada nilai Pancasila. Dengan melakukan penelitian ini, diharapkan setelah diberikan gambaran keterkaitan antara Moderasi Beragama dengan Nilai-nilai Kebangsaan terdapat adanya peningkatan harmoni di Vihara Siddharta Tangerang. Upaya-upaya penelitian ini dari temuan utama terdapat sebelumnnya kesulitan guru memberikan pemahaman nilai-nilai kebangsaan sehingga berpengaruh pemahaman moderasi berkurang di Vihara Siddharta. setelah adanya bimbingan terdapat adanya kontribusi guru sebagai salah satu kekuatan terbentuknya moderasi beragama. Metode penelitian yang digunakan adalah metode deskriptif dengan pendekatan kualitatif. Pengumpulan data melalui interaktif secara mendalam pengamatan dan wawancara dan temuan dari hasil penelitian pada moderasi beragama adanya kekuatan, keberanian, kejujuran dan harga diri. Begitu juga temuan ini memberikan pemahaman yang lebih pada pentingnya nilai-nilai kebangsaan seperti; konsensus, UUD 1945, dan Bhinneka Tunggal Ika. Juga upaya-upaya nilai Buddhis seperti; metta, karuna, mudita dan upekha
Teori Dan Riset Akuntansi Positif: Suatu Tinjauan Literatur
No full textABSTRACT
The purpose of this paper is to review theoretical and empirical literature of the Positive Accounting Theory (PAT). The theory basically is derived from property rights literature that states that a firm is a nexus of contract among various parties_ Based on the agency theory. PAT proposes that Accounting plays an important role to minimize agency costs with its use as a performance monitoring and evaluation tool. Using this framework enables PAT to explain the qualitative characteristics of the current financial accounting standard Further, PAT hypothesizes some variables that determine a firm\u27s accounting policy. Three hypotheses that have been widely tested are debt covenant hypothesis, bonus plan hypothesis, and political cost hypothesis. The results of empirical tests generally are consistent with the proposed hypothesis.
Keywords: Teori Akuntansi Posiq, Riset Akunlansi Positif, Karakterisirk Kualitatif, Standar Akuntansi Keuanga
The Demand for New Cars and the Index of Consumer Sentiment
Get PDFThe index ofconsumer sentiment (ICS) has been widely employed as a proxy for future buying confidence to predict future aggregate buying behavior. This study empirically compares two forecast models: the expectation model thatincludes the ICS as an explanatory variable and the traditional model that does not include the ICS. The models are employed to estimate the aggregate demand for new cars in the U.S. from 1976 to 1984. The results indicate that the ICS has a positive relation with new car sales. On the basis of the likelihood dominance criterion, however, the traditional model is preferred to the expectation model. Furthermore, the forecast ability of the expectation model is slightly inferior to the traditional mode
The Performance Evaluation of stck Portofolios Formed Using Accounting and Market Data in Jakarta stock Exchange
No full textThis study evaluates performance of various stocks portfolios that are
formed with the use of accounting and market data such as Price Earnings
Ratio (PER), Price to Book Value (PBV), Price to Sales Ratio (PSR), and
Return on Equity (ROE) in the Jakarta Stock Exchange over the period of
1993 to 1998. Each portfolio consists of 25 equally weighted stocks and is
formed based on the level of PER, PBV, PSR, and ROE. The portfolio is also
categorized based on their market capitalization. Various measures of
performance are employed to evaluate the portfolios. The results show that
the performance of portfolios with low PER, PBV, and PSR is ntuch better
than that of high PER, PBV, and PSR. Further, the performance of large
capitalization portfolios generally is worse than that of other portfolios.
portfrolios with high ROE tend to perform well, regardless of their
capitalization. Our findings suggest that investors can generate superior
returns by employing accounting market information. The results may also
indicate some form of market inefficiency in the Jakarta Stock Exchange.
Keywords: Jakarta Stock Exchangeefficient marketportfolio performanceprice to book valueprice earnings ratioprice to sales ratioreturn on equit
EVIDENCE ON AUDIT COMMITTEE COMPOSITION AND AUDIT COMMITTEE EFFECTIVENESS AMONG LISTED COMPANIES IN THE JAKARTA STOCK EXCHANGE
Get PDFThe purpose of this study is to provide empirical on audit committee composition and audit committee effectiveness (ACE), based on a survey of audit committees of publicly listed companies in the Jakarta Stock Exchange. The study finds that the majority of the companies comply with the JSX requirement about the minimum number of audit committee member (3 persons), their independence, and their competence (finance or accounting background). However, this study finds that audit committees are not yet effective in their authority, resources, and efforts. The interaction of audit committee with external auditors is the least effective while the communication to the board of commissioners and shareholders is the most effective. The interaction of audit committee with internal auditors and monitoring on compliance are also ineffective
Institutional ownership, differential predisclosure precision and trading volume at announcement dates
No full text
El Inventario de Bienes Culturales Muebles. Su objeto y ámbito de aplicación. 61 Tercera época (2015) abril-julio. Gaceta de Museos. Museo Nacional de las Culturas. 50 años
No full text“Declaración de México sobre las políticas culturales”, Conferencia Mundial Sobre las Políticas Culturales, México, 1982, en línea [http://portal.unesco.org/pv_obj_cache/pv_obj_id_F6738ABFE74967624B9752C079285FA381780000/filename/mexico_sp.pdf].“Convención sobre las medidas que deben adoptarse para prohibir e impedir la importación, la exportación y la transferencia de propiedad ilícita de bienes cul-turales”, París, 14 de noviembre de 1970, en línea [http://portal.unesco.org/es/ev.php-URL_ID=13039&URL_DO=DO_TOPIC&URL_SECTION=201.html].Ley Federal de Monumentos y Zonas Arqueológicos, Artísticos e Históricos, México, 6 de mayo de 1972 (última reforma: 9 de abril de 2012), en línea [http://www.diputados.gob.mx/LeyesBiblio/pdf/131.pdf].Ley Orgánica del Instituto Nacional de Antropología e Historia, México, 3 de febrero de 1939 (última reforma: 23 de enero de 1998), en línea [http://www.diputa-dos.gob.mx/LeyesBiblio/pdf/170.pdf].Recondo Pérez, Ramón, “Restauración e Identidad, salvando la memoria”, Revista de Arquitectura e Ingeniería, 2006, vol. 0, en línea [http://redalyc.uaemex.mx/src/inicio/ArtPdfRed.jsp?iCve=193915923004].Recondo Pérez, Ramón, “Restauración e Identidad, salvando la memoria”, Revista de Arquitectura e Ingeniería, 2006, vol. 0, en línea [http://redalyc.uaemex.mx/src/inicio/ArtPdfRed.jsp?iCve=193915923004].“Segundo Protocolo de la Convención de La Haya de 1954 para la Protección de los Bienes Culturales en caso de Conflicto Armado”, La Haya, 26 de marzo de 1999, en línea [http://portal.unesco.org/es/ev.php-URL_ID=15207&URL_DO=DO_TOPIC&URL_SECTION=201.html]
