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All Journal JAM : Jurnal Aplikasi Manajemen Studi Akuntansi dan Keuangan Indonesia (SAKI) International Research Journal of Business Studies
Suthiono, Henry
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Decision Sciences, Operations Research & Management Economics, Econometrics & Finance Social Sciences

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PRICE REACTION TO RIGHTS ISSUES ANNOUNCEMENT: NEW EVIDENCE FROM INDONESIA Suthiono, Henry; Atmaja, Lukas Setia
Jurnal Aplikasi Manajemen Vol. 17 No. 4 (2019)
Publisher : Universitas Brawijaya, Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21776/ub.jam.2019.017.04.04

Abstract

Research on rights issues has been carried out in Indonesia with mixed results and in a short period, between 3-8 years. The results of research on rights issues in Indonesia are mostly insignificant. The number of sleep stocks can cause that. Therefore, a longer period of research is needed to examine the reaction of stock prices to the announcement of rights issues. This study uses data that has been available from 1991 to 2016 and uses an event study methodology that considers thin trading. This study found significant negative abnormal returns between -1.66% and -2.80% at different periods. Therefore, this study does not support that the Indonesia Stock Exchange is in a semi-strong efficiency. The characteristic of companies in Indonesia is the family company, but this is not considered in this study, which can be considered for further research.
The Stickiness of Selling, General, and Administrative Costs in the Indonesian Companies Armanto, Benny; Tiono, Karoline Melanika; Suthiono, Henry
International Research Journal of Business Studies Vol. 7 No. 1 (2014): April - July 2014
Publisher : Universitas Prasetiya Mulya

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21632/irjbs.7.1.39-53

Abstract

Selling, general and administration costs are the main components in the Income Statement. A large number of permanent staff in sales and marketing department will make the company dominated by the fixed costs. This fact could lead to sticky cost behavior. In addition, role of the manager can also cause the cost stickiness. When the company’s revenue decreases, manager may delay to decrease the cost or not even decrease cost at all. The objective of the study is to determine whether cost stickiness of selling, general and administrative in the Indonesian listed companies. This study applied log-linear data panel regression with 3605 firm years that is listed in Indonesian Stock Exchange (BEI) from 1993 – 2013. This study finds that selling, general, and administrative costs are sticky only for the manufacturing companies. Furthermore, the results show that adjustment of sales, general, and administrative costs delayed by the manager when revenue decreases, yet the cost stickiness will be reduced in the next period.
Female Executives and Leverage of Public Companies in Indonesia : Does Age Matter? Christie, Florencia; Hermanto, Florentina Elena; Kosasih, Valerie Angela; Chandera, Yane; Suthiono, Henry
Studi Akuntansi dan Keuangan Indonesia Vol 8 No 1 (2025): Studi Akuntansi dan Keuangan Indonesia (SAKI) - In Progress
Publisher : Universitas Prasetiya Mulya

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21632/saki.8.1.on process

Abstract

The study aims to examine the effect of the proportion of women in the board of directors on the debt level of publicly listed companies in Indonesia, as measured by the debt-equity ratio (DER). Additionally, this research seeks to determine whether the age of female directors strengthens or weakens the established relationship between female directors and company DER. The study employs a multiple regression method with a sample of 64 publicly listed companies on the Indonesian Stock Exchange during the years 2019-2023. Findings reveal that the presence of women on the board of directors has a significant negative relationship with company DER, indicating that a higher number of female directors may decrease company DER. Furthermore, findings also show that age strengthens the aforementioned negative relationship, although with a lower significance level of 10%. Thus concluding that female and senior directors reduce a company’s tendency to take on debt, due to their risk averse nature.
Co-Authors Armanto, Benny Christie, Florencia Hermanto, Florentina Elena Kosasih, Valerie Angela Lukas Setia Atmaja Tiono, Karoline Melanika Yane Chandera