Puput Aja
Universitas Airlangga, Management, Faculty Member
Research Interests:
Perencanaan sistem informasi (SI) tetap menjadi perhatian utama di berbagai organisasi mengingat fungsinya yang turut menentukan keberhasilan bisnis. Terlebih lagi di masa globalisasi yang mendorong perkembangan yang cepat baik di bidang... more
Perencanaan sistem informasi (SI) tetap menjadi perhatian utama di berbagai organisasi mengingat fungsinya yang turut menentukan keberhasilan bisnis. Terlebih lagi di masa globalisasi yang mendorong perkembangan yang cepat baik di bidang teknologi maupun ilmu pengetahuan. Berbagai peelitia empiris dan tinjauan teoritis telah menemukan dan membahas adanya praktik-praktik perencanaan SI. yang sangat bervariasi. Artikel ini mengetengahkan suatu model positif mengenai perencanaan SI. Model perencanaan SI ini didasarkan pada teori agensi. Inti dari model ini adalah memandang bahwa perencanaan SI merupakan kontrak antara principal (manajer senior) dan agen (manajer SI). Lebih lanjut artikel ini juga menjelaskan mengapa perbedaan praktik perencanaan SI itu terjadi.
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Kesimpulan kontroversi telah dikemukakan Bazerman et al. (1997) bahwa tidak mungkin bagi auditor untuk menjaga objektivitas kasus kegagalan audit; yang tak terelakkan, bahkan dengan auditor yang paling jujur. Kesimpulan ini didasarkan... more
Kesimpulan kontroversi telah dikemukakan Bazerman et al. (1997) bahwa tidak mungkin bagi auditor untuk menjaga objektivitas kasus kegagalan audit; yang tak terelakkan, bahkan dengan auditor yang paling jujur. Kesimpulan ini didasarkan pada asumsi bahwa auditor adalah pemaksimal utilitas yang diharapkan. Dengan kata lain, ada hubungan antara pemegang saham, manajer dan auditor. Awalnya, auditor diharapkan dapat mengurangi masalah agensi antara pemegang saham dan agen melalui independensi dalam proses audit. Tetapi, untuk beberapa tingkat independensi auditor masih dipertanyakan. Keraguraguan independensi auditor ini adalah karena faktor psikologis yang disebut bias pelayanan mandiri, yang timbul dari interaksi terus-menerus antara auditor dan manajer. Di Indonesia, independensi auditor telah dipertanyakan setelah runtuhnya banyak perusahaan besar yang dilabeli sebagai pendapat Wajar Tanpa Pengecualian pada krisis moneter di tengah 1997-an. Makalah ini bertujuan untuk memberikan penil...
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This paper examines the impact of family ownership structure, leadership, and family representatives on firm performance that was measured by Tobin’s Q and ROA. This research used leverage, size, sales growth and firm ages of public... more
This paper examines the impact of family ownership structure, leadership, and family representatives on firm performance that was measured by Tobin’s Q and ROA. This research used leverage, size, sales growth and firm ages of public corporate that was listed in Indonesia StockExchange for period 2009 to 2011 as control variables. Regression’sresult shows that family ownership structure has positive impact to market performance (Tobin’s Q) and financial performance (ROA). Family CEO has negative effect to Tobin’s Q, but a positive effect to ROA. Family member on the board hasa negative effect to Tobin’s Q and ROA.
Research Interests:
Financial statement is a product of the company's accounting and reporting systems that present quantitative data on the company's financial position and performance. High earnings quality provides more information about the... more
Financial statement is a product of the company's accounting and reporting systems that present quantitative data on the company's financial position and performance. High earnings quality provides more information about the company's financial performance characteristics that are relevant to the specific decisions that must be made by decision-makers. This research examined the effect of earnings quality as measured by discretionary accruals on investment and its efficiency made by the company. The research sample was 82 manufacturing companies in 2009. The results of this study found that the quality of the financial statements do not affect the level of investment made by the company both companies that are under or over-investment. Opportunities for growth and firm size effect on corporate investment decisions. Keywords: earnings quality, discretionary accrual, investment, over-investment, under-investment
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This study aimed to investigate the effect of state ownership and foreign ownership of corporate risk taking as well as the control variable return on assets (ROA) and the size of the companies that influence the corporate risk taking.... more
This study aimed to investigate the effect of state ownership and foreign ownership of corporate risk taking as well as the control variable return on assets (ROA) and the size of the companies that influence the corporate risk taking. The sample of this study was 181 companies from non-financial companies listed on the Indonesia Stock Exchange in 2010-2013. The analysis technique used is multiple linear regression analysis. The results obtained are state ownership significant negative effect on the corporate risk taking and foreign ownership is significant positive effect on corporate risk taking. In the control variable is return on assets (ROA) significant positive effect on corporate risk taking and the size of the company significant negative effect on corporate risk taking.
Research Interests:
The research was intended to investigate the relationship between tax tariff and the compliance of tax payer; and how this relationship was affected by type of income (endowed income vs earned income). The degree of the tax payer... more
The research was intended to investigate the relationship between tax tariff and the compliance of tax payer; and how this relationship was affected by type of income (endowed income vs earned income). The degree of the tax payer compliance was measured based on reported income. The treatment of the experiment was conducted in accordance with variables of reported income (endowed v.s. earned income) and variables of tax tariff (15% vs 30%). The testing results on the impact of endowed income towards the degree of tax payer compliance indicated that there was no distinct difference on the degree of tax payer compliance towards the application of lower tax tariff of 15% as well as higher tax tariff of 30%. This premise possibly resulted from the nature of the participants as a risk averse receiving endowed income, providing that how hard they worked, they received constant amount of incomes. The testing toward participants receiving earned income revealed that they responded positivel...
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Public sector organizations, namely governments, are described as “non-productive and inefficient organization”. This negative image of public sector organizations has arisen as a consequence of low public sector organization performance.... more
Public sector organizations, namely governments, are described as “non-productive and inefficient organization”. This negative image of public sector organizations has arisen as a consequence of low public sector organization performance. Public sector performance improvement can be done by manipulating motivational dimensions of public service employee. This research aims to empirically test effect of public service motivation and organizational citizenship behavior (OCB) on organizational performance in the public sector of Indonesia. In addition, this study also focuses on individual factor of motivation, such as job satisfaction and organizational commitment. This paper employed 108 respondents that were sampled using convenient sampling. The result showed that there were positive significant influences of public service motivation and job satisfaction on organizational performance. Unfortunately, this study failed to give a proof that OCB influences organizational performance. ...
Research Interests:
The concept of mean-variance optimization, developed by Markowitz, is the cornerstone of modern finance theory. The objective of this portfolio construction is to minimize investment risk by forming optimal portfolios. Dynamic movement in... more
The concept of mean-variance optimization, developed by Markowitz, is the cornerstone of modern finance theory. The objective of this portfolio construction is to minimize investment risk by forming optimal portfolios. Dynamic movement in capital markets requires not only changes in portfolio composition. Optimal portfolio is not only determined by the covariance between securities in the portfolio, but also by holding period. The aims of this study is to answer two research questions. The first research question is how long the optimal holding period that was resulted from trade-off between risk and return. This study using target return that are determined hypothetically as well as the risk criteria are divided into 3 namely the mean variance, semivarians and expected loss. Target returns are simulated in this study were divided into 3 criteria namely aggressive, moderate and conservative. The second research question is whether there are differences among the various portfolio pe...
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Herding behaviour in the financial market has been popular as a theoretical concept since the 1990s. Many articles have studied and discussed herding behaviour in the capital market, but research examining the causes or factors that... more
Herding behaviour in the financial market has been popular as a theoretical concept since the 1990s. Many articles have studied and discussed herding behaviour in the capital market, but research examining the causes or factors that trigger herding behaviour is minimal. The research themes are relatively underdeveloped because the majority of empirical research still struggles to answer the question of whether herding behaviour is found in the capital market or not. It has impeded our understanding and the development of a comprehensive theoretical framework of herding behaviour. The purpose of this paper is to conduct a bibliometric analysis and systematic literature review to provide an overview of the research findings, analyse the research profile, and guide the researcher to the most influential works and results related to herding behaviour. Based on 279 articles taken from the Scopus database, we mapped the co-occurrence of research through keywords analysis. This paper's...
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Herding behaviour in the financial market has been popular as a theoretical concept since the 1990s. Many articles have studied and discussed herding behaviour in the capital market, but research examining the causes or factors that... more
Herding behaviour in the financial market has been popular as a theoretical concept since the 1990s. Many articles have studied and discussed herding behaviour in the capital market, but research examining the causes or factors that trigger herding behaviour is minimal. The research themes are relatively underdeveloped because
the majority of empirical research still struggles to answer the question of whether herding behaviour is found in the capital market or not. It has impeded our understanding and the development of a comprehensive theoretical framework of herding behaviour. The purpose of this paper is to conduct a bibliometric analysis and systematic literature review to provide an overview of the research findings, analyse the research profile, and guide the researcher to the most influential works and results
related to herding behaviour. Based on 279 articles taken from the Scopus database, we mapped the co-occurrence of research through keywords analysis. This paper’s main contribution is to build a structure of knowledge for herding behaviour in the capital market, elaborate and classify empirical research into relevant dimensions that can be used as a reference for comprehensively developing herding behaviour research. Finally, this systematic literature review’s results may provide insight into future research prospects about herding behaviour.
the majority of empirical research still struggles to answer the question of whether herding behaviour is found in the capital market or not. It has impeded our understanding and the development of a comprehensive theoretical framework of herding behaviour. The purpose of this paper is to conduct a bibliometric analysis and systematic literature review to provide an overview of the research findings, analyse the research profile, and guide the researcher to the most influential works and results
related to herding behaviour. Based on 279 articles taken from the Scopus database, we mapped the co-occurrence of research through keywords analysis. This paper’s main contribution is to build a structure of knowledge for herding behaviour in the capital market, elaborate and classify empirical research into relevant dimensions that can be used as a reference for comprehensively developing herding behaviour research. Finally, this systematic literature review’s results may provide insight into future research prospects about herding behaviour.
Research Interests:
Information is a valuable commodity and resource to maximize the utility of economic agents. Information asymmetry occurs when there is an information gap among economic actors. It has received considerable attention in both accounting... more
Information is a valuable commodity and resource to maximize the utility of economic agents. Information asymmetry occurs when there is an information gap among economic actors. It has received considerable attention in both accounting and finance literature. Basically, information asymmetry is not directly observable and therefore researchers use proxy variables. However, so far there are no studies classifying the proxies of information asymmetry based on its characteristics. Furthermore, market characteristics are often overlooked in choosing a proxy of information asymmetry. This paper attempts to partially address this gap in literature by classifying proxies of information asymmetry and reviewing proxies that are more appropriate to be used in emerging market. This paper also discusses how information asymmetry takes place in capital market and why it is important in emerging capital market research. We pay more attention to emerging markets because information asymmetry is presumed resulting capital market collapse.
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Herding behavior in financial market as a theoretical concept get going to be popular since 1990s. There are many articles that discuss and investigate herding behavior in capital market, but our understanding about antecedents and... more
Herding behavior in financial market as a theoretical concept get going to be popular since 1990s. There are many articles that discuss and investigate herding behavior in capital market, but our understanding about antecedents and outcomes of herding behavior is still very limited. The majority of empirical research are investigated whether herding behavior really occur in capital market or not. In this paper, we conduct a bibliometric analysis to map the development of research on herding behavior in the capital market. We analyze quantitatively the distribution patterns of publications, dimensions related to herding behavior and the most influential research. Based on 279 articles which were taken from Scopus database, we mapped the level of co-occurrence and network of researchers through keywords analysis. This bibliometric analysis provides insight into the research profile and opportunities that can be carried out regarding herding behavior in the capital market.
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Herding behaviour is one of the efficient market hypothesis anomalies. Investors display such behaviour when they imitate the actions of other investors; the behaviour occurs when there is constant interaction between rational investors,... more
Herding behaviour is one of the efficient market hypothesis anomalies. Investors display such behaviour when they imitate the actions of other investors; the behaviour occurs when there is constant interaction between rational investors, which prevents them from seeking information about market fundamentals. Herding behaviour arises because investors do not act in accordance with their private information, but refer to other investors' decisions. As a result, the process of social learning stops. Information asymmetry is claimed to be responsible for the emergence of such behaviour. Extensive literature and empirical studies have proven its existence in financial markets; however, the majority of these studies examined herding behavior in institutional contexts, or in terms of overall market movements. No studies have examined individual motivation for such behaviour. This paper builds a new model of individual herding behaviour to fill the lack of theory about such motivation. Aspects of personality, namely conscientiousness and neuroticism, together with gender, are important factors that affect the relationship between the asymmetry of information and herding behaviour.
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Controversy conclusion have been drawn by Bazerman et al. (1997), that it is impossible for auditors to maintain their objectivity cases of audit failure; are inevitable, even with the most honest auditors. This conclusion based on... more
Controversy conclusion have been drawn by Bazerman et al. (1997), that it is impossible for auditors to maintain their objectivity cases of audit failure; are inevitable, even with the most honest auditors. This conclusion based on assumption that auditor is a expected utility maximizer. In other words, there is agency relationship between principal, manager and auditor. Initially, auditor is expected to reduce agency problem between principal and agent through his independence in auditing process. But, to some extent auditor independence is in a question. This hesitation of auditor independence is due to a psychological factor called self serving bias, arising out from continual interaction between auditors and managers. In Indonesia, the independency of auditors has been in question after the collapse of many big companies which is labeled as unqualified opinion following monetary crisis in the middle of 1997s.
This paper aims to provide an appraisal of game theory in the agency problem context, and demonstrates that strategic interaction between auditors and managers are not less important to elaborate. By applying
a game-theoretic framework, this research shown that there is self serving bias in auditing process, but auditor group affiliation can mitigate this self serving bias. It implies that there is agency problem betwen
auditor and principal. This problem can reduce by creating and maintaining strong cohesion within auditor team and public accountant association.
This paper aims to provide an appraisal of game theory in the agency problem context, and demonstrates that strategic interaction between auditors and managers are not less important to elaborate. By applying
a game-theoretic framework, this research shown that there is self serving bias in auditing process, but auditor group affiliation can mitigate this self serving bias. It implies that there is agency problem betwen
auditor and principal. This problem can reduce by creating and maintaining strong cohesion within auditor team and public accountant association.
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This study examines the direct and indirect impacts of earnings quality on cost of equity capital by using path analysis. The quality of earnings is measured by two proxies, namely discretionary accrual and income smoothing. Information... more
This study examines the direct and indirect impacts of earnings quality on cost of equity capital by using path analysis. The quality of earnings is measured by two proxies, namely discretionary accrual and income smoothing. Information asymmetry is used as mediating variable. This study uses 3 years sample period, ie 2008–2010. This study finds that information asymmetry has two important roles in determining the cost of equity capital. Firstly, information asymmetry affects positively to cost of equity capital, and secondly, information asymmetries serve as mediator between earnings quality measured by discretionary accrual and the cost of equity capital. Nevertheless, there is no significant direct and indirect relationship between earnings quality and the cost of capital when earnings quality was measured by income smoothing.
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Conceptually, the stock market is strong form efficient in the long term. However, in practice, there are various forms of market anomalies that undermine the accuracy of the efficient market hypothesis. One factor suspected as the cause... more
Conceptually, the stock market is strong form efficient in the long term. However, in practice, there are various forms of market anomalies that undermine the accuracy of the efficient market hypothesis. One factor suspected as the cause of market inefficiency is herding behavior. Investors herd when they imitate the actions of other investors. This behavior occurs when there is a continuous interaction among rational investors that prevents them from seeking information about market fundamentals. This study provides new insights by including information asymmetry as a moderating variable. This research examines the phenomenon of herding behavior in the Indonesia Stock Exchange as well as examines directly the effect of information asymmetry on herding behavior. The period of study is 2008 using time series of daily stocks data that actively traded in the capital market. Results of this study find that investor tends to follow market consensus when price changes at the low level, but when there is large price swing market participant acts independently from other investors. Interestingly, this study finds that information asymmetry is a necessary condition for the existence of herding behavior.
Research Interests:
The concept of mean-variance optimization, developed by Markowitz, is the cornerstone of modern finance theory. The objective of this portfolio construction is to minimize investment risk by forming optimal portfolios. Dynamic movement in... more
The concept of mean-variance optimization, developed by Markowitz, is the cornerstone of modern finance theory. The objective of this portfolio construction is to minimize investment risk by forming optimal portfolios. Dynamic movement in capital markets requires not only changes in portfolio composition. Optimal portfolio is not only determined by the covariance between securities in the portfolio, but also by holding period. The aims of this study is to answer two research questions. The first research question is how long the optimal holding period that was resulted from trade-off between risk and return. This study using target return that are determined hypothetically as well as the risk criteria are divided into 3 namely the mean variance, semivarians and expected loss. Target returns are simulated in this study were divided into 3 criteria namely aggressive, moderate and conservative. The second research question is whether there are differences among the various portfolio performance based on criteria of risk and target return. Portfolio performance is measured by using excess return and the Sharpe index. In this study, stocks covered in LQ-45 index are used to construct efficient portoflio. Monthly price series for company and LQ-45 index for February 2004 to September 2008 are collected. The analysis found that optimal holing period is ranges between 1-5 months. Holding period of a portfolio that more than 5 months will provide risk and return trade-off less favorable. In addition this study found that there was no significant differences in portfolio performance based on overall scenarios.
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Penelitian ini menguji hubungan antara asimetri informasi dan cost of equity capital. Secara umum diasumsikan bahwa perusahaan yang memiliki pengungkapan yang lebih besar akan mampu menurunkan cost of equity capital. Penelitian ini... more
Penelitian ini menguji hubungan antara asimetri informasi dan cost of equity capital. Secara umum diasumsikan bahwa perusahaan yang memiliki pengungkapan yang lebih besar akan mampu menurunkan cost of equity capital. Penelitian ini bertujuan menguji apakah penurunan asimetri informasi yang dihasilkan dari pengungkapan laporan keuangan akan menurunkan cost of equity capital. Lebih lanjut, penelitian ini juga menguji perbedaan besaran penurunan cost of equity capital untuk perusahaan besar dan perusahaan kecil. Dengan menggunakan 213 perusahaan yang terdaftar di BEJ sebelum tahun 1996, dan menggunakan bid-ask spread sebagai dasar pengukuran asimetri informasi, penelitian ini menemukan hubungan positif antara asimetri informasi dan cost of equity capital. Hasil uji beda koefisien antara perusahaan besar dan kecil menunjukkan bahwa penurunan cost of equity capital pada perusahaan besar lebih besar dibandingkan perusahaan kecil.
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This study aimed to investigate the effect of state ownership and foreign ownership of corporate risk taking as well as the control variable return on assets (ROA) and the size of the companies that influence the corporate risk taking.... more
This study aimed to investigate the effect of state ownership and foreign ownership of corporate risk taking as well as the control variable return on assets (ROA) and the size of the companies that influence the corporate risk taking. The sample of this study was 181 companies from non-financial companies listed on the Indonesia Stock Exchange in 2010-
2013. The analysis technique used is multiple linear regression analysis. The results obtained are state ownership significant negative effect on the corporate risk taking and foreign ownership is significant positive effect on corporate risk taking. In the control variable is return on assets (ROA) significant positive effect on corporate risk taking and the size of the company significant negative effect on corporate risk taking.
2013. The analysis technique used is multiple linear regression analysis. The results obtained are state ownership significant negative effect on the corporate risk taking and foreign ownership is significant positive effect on corporate risk taking. In the control variable is return on assets (ROA) significant positive effect on corporate risk taking and the size of the company significant negative effect on corporate risk taking.
Research Interests:
This paper examines the impact of family ownership structure, leadership, and family representatives on firm performance that was measured by Tobin’s Q and ROA. This research used leverage, size, sales growth and firm ages of public... more
This paper examines the impact of family ownership structure, leadership, and family representatives on firm performance that was measured by Tobin’s Q and ROA. This research used leverage, size, sales growth and firm ages of public corporate that was listed in Indonesia Stock Exchange for period 2009 to 2011 as control variables. Regression’s result shows that family ownership structure has positive impact to market performance (Tobin’s Q) and financial performance (ROA). Family CEO has negative effect to Tobin’s Q, but a positive effect to ROA. Family member on the board has a negative effect to Tobin’s Q and ROA.
Research Interests:
The research was intended to investigate the relationship between tax tariff and the compliance of tax payer; and how this relationship was affected by type of income (endowed income vs earned income). The degree of the tax payer... more
The research was intended to investigate the relationship between tax tariff and the compliance of tax payer; and how this relationship was affected by type of income (endowed income vs earned income). The degree of the tax payer compliance was measured based on reported income. The treatment of the experiment was conducted in accordance with variables of reported income (endowed v.s. earned income) and
variables of tax tariff (15% vs 30%). The testing results on the impact of endowed income towards the degree of tax payer compliance indicated that there was no distinct difference on the degree of tax payer compliance towards the application of lower tax tariff of 15% as well as higher tax tariff of 30%. This premise possibly resulted from the nature of the participants as a risk averse receiving endowed income, providing that how hard they worked, they received constant amount of incomes. The testing toward participants receiving earned income revealed that they responded positively toward the increase of tax tariff by encouraging the degree of compliance to report their tax. This issue is in line with economics theory stating that tax-evasion-gamble brings higher risks whenever the tax tariff rises. Thus, the risk faced by the tax payer will increase in the line with the incline of audit and penalty probability.
variables of tax tariff (15% vs 30%). The testing results on the impact of endowed income towards the degree of tax payer compliance indicated that there was no distinct difference on the degree of tax payer compliance towards the application of lower tax tariff of 15% as well as higher tax tariff of 30%. This premise possibly resulted from the nature of the participants as a risk averse receiving endowed income, providing that how hard they worked, they received constant amount of incomes. The testing toward participants receiving earned income revealed that they responded positively toward the increase of tax tariff by encouraging the degree of compliance to report their tax. This issue is in line with economics theory stating that tax-evasion-gamble brings higher risks whenever the tax tariff rises. Thus, the risk faced by the tax payer will increase in the line with the incline of audit and penalty probability.
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Public sector organizations, namely governments, are described as " non-productive and inefficient organization ". This negative image of public sector organizations has arisen as a consequence of low public sector organization... more
Public sector organizations, namely governments, are described as " non-productive and inefficient organization ". This negative image of public sector organizations has arisen as a consequence of low public sector organization performance. Public sector performance improvement can be done by manipulating motivational dimensions of public service employee. This research aims to empirically test effect of public service motivation and organizational citizenship behavior (OCB) on organizational performance in the public sector of Indonesia. In addition, this study also focuses on individual factor of motivation, such as job satisfaction and organizational commitment. This paper employed 108 respondens that were sampled using convenient sampling. The result showed that there were positive significant influences of public service motivation and job satisfaction on organizational performance. Unfortunately, this study failed to give a proof that OCB influences organizational performance. Moreover, this study showed that there is differences level of motivational between men and women. On average, women have job satisfaction and public service motivation higher than men. This imply that women more satisfy at work than men, and women more likely to value intrinsic reward than men.
Research Interests:
Perencanaan sistem informasi (SI) tetap menjadi perhatian utama di berbagai organisasi mengingat fungsinya yang turut menentukan keberhasilan bisnis. Terlebih lagi di masa globalisasi yang mendorong perkembangan yang cepat baik di bidang... more
Perencanaan sistem informasi (SI) tetap menjadi perhatian utama di berbagai organisasi mengingat fungsinya yang turut menentukan keberhasilan bisnis. Terlebih lagi di masa globalisasi yang mendorong perkembangan yang cepat baik di bidang teknologi maupun ilmu pengetahuan. Berbagai penelitian empiris dan tinjauan teoritis telah menemukan dan membahas adanya praktik-praktik perencanaan SI yang sangat bervariasi. Artikel ini mengetengahkan suatu model positif mengenai perencanaan SI. Model perencanaan SI ini didasarkan pada teori agensi. Inti dari model ini adalah memandang bahwa perencanaan SI merupakan kontrak antara prinsipal (manajer senior) dan agen (manajer SI). Lebih lanjut artikel ini juga menjelaskan mengapa perbedaan praktik perencanaan SI itu terjadi.
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The accounting information has been the business language that informs stakeholders about firm’s performance at a relatively low cost and credible manner. On the other hand, the accounting standard gives management flexibility to choose a... more
The accounting information has been the business language that informs stakeholders about firm’s performance at a relatively low cost and credible manner. On the other hand, the accounting standard gives management flexibility to choose a set of accounting policies. This condition opens up the management to choose accounting policies in their own best interest. Given an information asymmetry between management and other external stakeholders, management is motivated to have opportunistic behavior through practice of earnings management. For lack of empirical evidence that shows the effect of information asymmetry on earnings management, the purpose of this study is to investigate whether the information asymmetry has motivated the management to do earnings management.
The object of this study is manufacturing firms listed in the Jakarta Stock Exchange in 1996. Based on purposive sampling, a company should meet the following criteria: manufacturing company is listed in Jakarta Stock Exchange before 1994, a company gave the financial statement publicly at December 31st, and there is no missing data. Based on these criteria, extracting a list of firms produces 107 admissible firms.
The test result failed to show the influence of information asymmetry on earnings management (the null hypothesis failed to be rejected). Nevertheless, the relationship between information asymmetry and earnings management took on the expected sign. Empirical result also showed a little support to the political cost hypothesis and didn’t show to the debt covenant hypothesis.
The object of this study is manufacturing firms listed in the Jakarta Stock Exchange in 1996. Based on purposive sampling, a company should meet the following criteria: manufacturing company is listed in Jakarta Stock Exchange before 1994, a company gave the financial statement publicly at December 31st, and there is no missing data. Based on these criteria, extracting a list of firms produces 107 admissible firms.
The test result failed to show the influence of information asymmetry on earnings management (the null hypothesis failed to be rejected). Nevertheless, the relationship between information asymmetry and earnings management took on the expected sign. Empirical result also showed a little support to the political cost hypothesis and didn’t show to the debt covenant hypothesis.
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Informasi laporan keuangan merupakan produk dari akuntansi perusahaan dan sistem pelaporan kepada pihak eksternal yang telah diaudit serta menyajikan data kuantitatif tentang posisi keuangan perusahaan serta kinerja perusahaan. Kualitas... more
Informasi laporan keuangan merupakan produk dari akuntansi perusahaan dan sistem pelaporan kepada pihak eksternal yang telah diaudit serta menyajikan data kuantitatif tentang posisi keuangan perusahaan serta kinerja perusahaan. Kualitas laba yang tinggi mampu memberikan informasi lebih banyak tentang karakteristik kinerja keuangan perusahaan yang relevan dengan keputusan spesifik yang harus dibuat oleh pengambil keputusan. Penelitian ini hendak menguji pengaruh kualitas laba yang diukur dengan discretionary accrual terhadap pola investasi dan efisiensi investasi yang dilakukan perusahaan. Sampel penelitian ini adalah 82 perusahaan manufaktur pada tahun 2009. Hasil penelitian ini menemukan bahwa kualitas laporan keuangan tidak mempengaruhi tingkat investasi yang dilakukan oleh perusahaan baik perusahaan yang sedang under ataupun over-investment. Peluang pertumbuhan dan ukuran perusahaan berpengaruh terhadap keputusan investasi perusahaan.
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Menyajikan kembali presentasi tentang Pemikiran John Maynard Keynes setelah dilakukan perbaikan atas kesalahan penulisan.
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Presentasi ini menyajikan pengelolaan barang milik daerah dengan mempertimbangkan peraturan yang baru, yaitu Permendagri 19 Tahun 2016. Namun, materi kali ini tidak membahas semua siklus pengelolaan BMD melainkan hanya aspek penilaian,... more
Presentasi ini menyajikan pengelolaan barang milik daerah dengan mempertimbangkan peraturan yang baru, yaitu Permendagri 19 Tahun 2016. Namun, materi kali ini tidak membahas semua siklus pengelolaan BMD melainkan hanya aspek penilaian, penatausahaan, dan ganti rugi.
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Modul ini menjelaskan hakekat perencanaan strategis daerah dengan memberikan pemahaman mengenai elemen perencanaan strategis daerah disertai contoh rumusan perencanaan strategis. Modul ini bersifat normatif yang diharapkan bisa memberikan... more
Modul ini menjelaskan hakekat perencanaan strategis daerah dengan memberikan pemahaman mengenai elemen perencanaan strategis daerah disertai contoh rumusan perencanaan strategis.
Modul ini bersifat normatif yang diharapkan bisa memberikan gambaran penyusunan perencanaan strategis yang baik.
Modul ini bersifat normatif yang diharapkan bisa memberikan gambaran penyusunan perencanaan strategis yang baik.
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Presentasi tentang pengelolaan keuangan puskesmas dalam rangka menatausahakan Jaminan Keamanan Nasional (JKN) berdasarkan SE MDN Nomor 900/2280/SJ tanggal 5 Mei 2014, Hal Petunjuk Teknis Penganggaran, Pelaksanaan dan Penatausahaan, Serta... more
Presentasi tentang pengelolaan keuangan puskesmas dalam rangka menatausahakan Jaminan Keamanan Nasional (JKN) berdasarkan SE MDN Nomor 900/2280/SJ tanggal 5 Mei 2014, Hal Petunjuk Teknis Penganggaran, Pelaksanaan dan Penatausahaan, Serta Pertanggungjawaban Dana Kapitasi JKN pada FKTP Milik Pemerintah Daerah.
Untuk menjalankan JKN, puskesmas tidak harus berbentuk BLUD
Untuk menjalankan JKN, puskesmas tidak harus berbentuk BLUD
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Materi ini membahas tentang keterkaitan antara pelaporan barang milik daerah dengan pencatatan akuntansi di pemerintahan daerah.
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Istilah EMH memiliki banyak makna bagi banyak orang Akumulasi bukti oleh Fama dan mahasiswanya menunjukkan bahwa EMH could not be true, EMH gagal memberikan deskripsi empiris bagaimana pasar bekerja Jika harga fully reflect semua... more
Istilah EMH memiliki banyak makna bagi banyak orang Akumulasi bukti oleh Fama dan mahasiswanya menunjukkan bahwa EMH could not be true, EMH gagal memberikan deskripsi empiris bagaimana pasar bekerja Jika harga fully reflect semua informasi yang tersedia, maka tidak akan ada insentif untuk mencari informasi sehingga tidak ada mekanisme bagi harga untuk menyesuaikan kembali terhadap informasi baru Para akademisi, praktisi mendiskreditkan EMH terlebih sejak adanya stock market crash tahun 1987. Politisi lebih senang menyalahkan EMH dibandingkan menyalahkan bad people, bad institutions, atau ineffective regulatory action
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Marc Goergen dan Luc Renneboog Journal of Corporate Finance 7 (2001)
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Pemaparan tentang determinan dari organizational outcome dan hubungannya dengan sikap.
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Presentasi tentang sejarah munculnya mazhab Keynes yang didahului oleh great depression sehingga pada akhirnya melahirkan karya yang fenomenal: The General Theory of Employment, Interest, and Money. Presentasi ini juga mengungkapkan... more
Presentasi tentang sejarah munculnya mazhab Keynes yang didahului oleh great depression sehingga pada akhirnya melahirkan karya yang fenomenal: The General Theory of Employment, Interest, and Money. Presentasi ini juga mengungkapkan beberapa poin penting dari teori yang dikemukakan oleh Keynes.
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CAPM telah menuai banyak perdebatan mengenai validitasnya dalam menjelaskan fenomena perilaku investasi di pasar modal. Dempsey mengemukakan pendapatnya bahwa para pengkritik tersebut ternyata masih menggunakan CAPM sebagai basis untuk... more
CAPM telah menuai banyak perdebatan mengenai validitasnya dalam menjelaskan fenomena perilaku investasi di pasar modal. Dempsey mengemukakan pendapatnya bahwa para pengkritik tersebut ternyata masih menggunakan CAPM sebagai basis untuk mengembangkan teori mereka. Inilah ciri dari 'normal science" menurut Thomas Kuhn