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All Journal Jurnal Widya Manajemen & Akuntansi Gadjah Mada International Journal of Business JAM : Jurnal Aplikasi Manajemen Journal of Indonesian Economy and Business INDONESIAN JOURNAL OF PHARMACY Majalah Farmaseutik Indonesian Treasury Review: Jurnal Perbendaharaan, Keuangan Negara dan Kebijakan Publik Jurnal Bisnis dan Akuntansi Global Financial Accounting Journal The Indonesian Journal of Accounting Research Indonesian Capital Market Review ABIS: Accounting and Business Information Systems Journal
Jogiyanto Hartono
Faculty Economics And Business, Universitas Gadjah Mada, Indonesia
Decision Sciences, Operations Research & Management Economics, Econometrics & Finance Medicine & Pharmacology

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EARNINGS ANNOUNCEMENTS AND COMPETING INFORMATION: THE INDONESIAN EVIDENCE Sulistiawan, Dedhy; Hartono, Jogiyanto; Tandelilin, Eduardus; Supriyadi, Supriyadi
Journal of Indonesian Economy and Business Vol 29, No 1 (2014): January
Publisher : Journal of Indonesian Economy and Business

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Abstract

The main purpose of this study is to provide empirical evidence of the relationship betweeninvestors’ responses to two events, which are, (1) earnings anouncements, and (2) technicalanalysis signals, as competing information. This study is motivated by Francis, et al. (2002),whose study used stock analyst’s recommendations as competing information in the U.S stockmarket. To extend that idea, this study uses technical analysis signals as competing informationin the Indonesian stock market. Using Indonesian data from 2007-2012, this study shows thatthere are price reactions on the day of a technical analysis signal’s release, which is prior toearnings announcements. It means that investors react to the emergence of competinginformation. Reactions on earnings announcements also produce a negative relationship withthe reaction to a technical analysis signal before an earnings announcement. This study givesevidence about the importance of technical analysis as competing information to earningsannouncements.Keywords: competing information, earnings announcements, technical analysis, price reaction
NON-FINANCIAL FACTORS IN THE GOING-CONCERN OPINION Junaidi, Junaidi; Hartono, Jogiyanto
Journal of Indonesian Economy and Business Vol 25, No 3 (2010): September
Publisher : Journal of Indonesian Economy and Business

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Abstract

This paper describes the influence of tenure, auditor reputation, disclosure, and the size of the client company on a going concern opinion. Audit opinion issued by the auditoris expected by users of the quality of information, because as the basis for investment decisions. Going-concern audit opinion is an opinion issued by auditors to ascertainwhether the company can maintain its existence. Studies on the factors that affect the audit opinion have been carried out both overseas and in Indonesia. The factors used are vary and the results are not conclusive. This study uses 89 sample firms listed on the Indonesia Stock Exchange in 2003-2008. Logit regression analysis shows that the tenure, auditor reputation, disclosure has a significant on going-concern opinion while the client company size has no effect on going-concern opinion.Keywords: tenure, auditor reputation, disclosure, size, going-concern opinion
MOTIVATION AND CONSEQUENCE OF INDIVIDUAL’S INVOLVEMENT IN SOCIAL NETWORK SITES: A STUDY OF SOCIAL COMPUTING OF INTER COLLECTIVISTINDIVIDUALIST CULTURAL VALUE Abdillah, Willy; HM, Jogiyanto; Handoko, Hani
Journal of Indonesian Economy and Business Vol 27, No 2 (2012): May
Publisher : Journal of Indonesian Economy and Business

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Abstract

This research aims to examine the empirical model of social computing. Research model is developed upon the social influence factors, technology acceptance model, psycho-social wellbeing, and culture value. Research design employed online survey questionnaire. Data of 433 samples were analyzed using Partial Least Square (PLS) technique. Results suggest that proposed model has met criteria of goodness-of-fit model and indicated that Identification and Compliant are the motivation factors of desire to involve in social network sites (SNS) and involvement in SNS predicts depression and loneliness. This research also finds that motivation of individual to involve in SNS and its impact are different among collectivist and individualist. Implications for stakeholders and further research are discussed.Keywords: social computing, social influence factors, psychosocial wellbeing, social network sites, individual culture values, and PLS.
THE DILUTION EFFECT OF ACCOUNTING INFORMATION1 Hartono, Jogiyanto
Journal of Indonesian Economy and Business Vol 18, No 4 (2003): October
Publisher : Journal of Indonesian Economy and Business

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Abstract

Riset ini meneliti efek gabungan antara kejutan-kejutan dividen dan laba. Dengan menggunakan belief-adjustment theory yang dikenalkan oleh Hogarth and Einhorn’s (1992), riset ini menguji perilaku dari reaksi investor terhadap waktu (timing) dari pengumuman-pengumuman dividen dan laba. Teori ini memprediksi bahwa untuk kejutan-kejutan konsisten yang terjadi pada waktu bersamaan, mereka mempunyai pengaruh yang lebih kecil di return saham dibandingkan dengan kejutan-kejutan konsisten yang terjadi secara berurutan (hipotesis ini disebut dengan hipotesis efek dilusi atau the dilution effect hypothesis).Hipotesis-hipotesis efek dilusi ini didukung di satu dari empat skenario yaitu terjadi pada waktu kejutan-kejutan laba positip. Hipotesis-hipotesis ini tidak didukung untuk kejutan-kejutan dividen negatip, kejutan-kejutan dividen positip dan kejutan-kejutan laba negatip.Key words: the dilution effect, belief adjustment theory, belief revision, Hogarth and Einhorn, behavioral finance, behavioral accounting, behavioral market research, contemporaneous announcements, simultaneous announcements, joint announcements, noncontemporaneous announcements, sequential announcements, mixed evidence, consistent evidence.
REMINDER EFFECT AND ANCHORING-ADJUSTMENT IN EARNINGS ANNOUNCEMENT: IMPLEMENTATION OF PRIORPERIOD BENCHMARK DISCLOSURE STRATEGY Wahyuni, Sri; HM, Jogiyanto
Journal of Indonesian Economy and Business Vol 27, No 3 (2012): September
Publisher : Journal of Indonesian Economy and Business

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Abstract

The purpose of this study is to provide empirical support regarding the reminder effects and anchoring-adjustment in earnings announcements. This study is important to explainthe cognitive mechanism in processing the information that the consequences can affect the judgments of investors in evaluating company performance. The research of behavioralaccounting often focuses on the consideration in the framework of investment decision making mechanism based on a systematic and accurate. Prior researches have described strategic disclosure of prior-period benchmark in earnings announcement that focuses on the transitory gain or loss, which, in turn, influences investor’s judgments (Schrand & Walther 2000; Krische 2005). Using strategic reference-point theory from psychology and Hogarth & Einhorn’s (1992) belief-adjustment theory, this paper extends such research by investigating how investors behave differently to reminder effect and anchoringadjustment. The experimental results suggest that reminder effects and anchoring of information can influences investor’s judgments in evaluating of company performance.Keywords: reminder effect, anchoring-adjustment, cognitive mechanism, strategic reference-point theory, belief- adjustment theory
ANALISIS PENGARUH PEMILIHAN METODE AKUNTANSI TERHADAP PEMASUKAN PENAWARAN PERDANA Hartono, Jogiyanto; Ali, Syaiful
Journal of Indonesian Economy and Business Vol 17, No 2 (2002): April
Publisher : Journal of Indonesian Economy and Business

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Abstract

IPO (initial public offerings) has been characterized by a lack of publicly available information. In the offerings process, financial statement disclosures are especially critical to the market price-setting process (Neill et al. 1995). In this paper, we examine the accounting methods choices accompanying the initial public offerings of 100 companies that listed at Jakarta Stock Exchange for 1994-1999 periods. Using regression analysis, the methods choice of the sample firms are examined with regard to the company initial offering proceeds.Accounting choice is viewed as a means by which issuers may affect the proceeds of the initial offering. We hypothetized that the issuers with accounting methods result in larger income and asset values (income-increasing methods), has higher initial proceeds than the issuers using income decreasing methods. The accounting methods that we examined are accounting method for inventory valuation and depreciation methods. Other independent variable, which included in the research model are equity book value and ownership signal.Our result indicate no positive association between the initial proceeds from an offering and the selection of accounting methods that result in larger income and asset values. The result is not consistent with the hypotheses of Neill et.al (1995) study, which indicate a marginally positive association.Keywords: IPO, income-increasing methods, income-decreasing methods.
CONFLICT OF INTEREST PROBLEM IN THE MANAGEMENT-CONTROLLED FIRMS Ratnaningsih, Dewi; Hartono, Jogiyanto
Journal of Indonesian Economy and Business Vol 16, No 1 (2001): January
Publisher : Journal of Indonesian Economy and Business

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Abstract

This study hypothesizes that the conflict of interest problem exists in themanagement-controlled firms. The problem does not exist in the owner-controlled firms.This study supports these hypotheses.The conflict of interest problem occurs in the management-controlled firmsbecause managers tend to emphasize their wealth by increasing sales or profit but stockreturns at the expense of shareholders’ wealth. Shareholders are more concerned withthe increase of stock returns, which is related directly to their wealth. On the otherhand, in the owner-controlled firms, since the managers are also the owners of thefirms, the conflict of interest problem does not exist.The conflict of interest problem still persists even though CEOs have beencompensated well. The problem cannot be solved by how much CEOs are paid, but byhow they are paid. The problem can be reduced by designing compensation scheme thatincreases the ownership of the CEOs. This situation had already been recognized by theU.S. firms, that of the 374 firms in the sample, 80% or 300 firms are the ownercontrolledfirms.Keywords: Compensation, conflict of interest, agency relationship.
Analisis Kandungan Informasi Dividen dan Ketepatan Reaksi Pasar : Pengujian terhadap Dividend Signaling Theory Studi Empiris di Bursa Efek Jakarta Sujoko, .; HM, Jogiyanto
Jurnal Widya Manajemen & Akuntansi Vol 1, No 2 (2001)
Publisher : Fakutas Ekonomi Unika Widya Mandala Surabaya

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Abstract

The purpose of this study is to examine the information content of dividend. Another purpose of this study is to examine the decisionally efficient market. This research explored the issue by applying the event study methodology for analyzing the market reaction. As much as 150 firms listed in Jakarta Stock Exchange (BEJ) were taken as a sample using a purposive sampling method. The sample are dividend into four sub sample: (1) sub sample consist of 150 firms that pay increase dividend, (2) sub sample consist of 18 firms that pay consistently increase dividend, (3) sub sample consist of 96 firms that pay increase dividend and the firms are growing, (4) sub sample consist of 54 firms that pay increase dividend and the firms are not growing. The statistic method used to test hypotheses is t-test. Three models of expected return were considered: OLS Market Model, Mean Adjusted Model, and Market Adjusted model. The empirical result indicates that dividend conveys information to the market. this means that investors in BEJ use information of dividend announcements for decision making. The result of this study supports dividend signaling theory. Another result of this study indicates that the Jakarta Stock Exchange (BEJ) is not decisionally efficient market. This means that investors are not sophisticated and fooled by manager of the firms.
Kualitas Akrual Dan Manajemen Aktivitas Riil Seasoned Equity Offering Perusahaan High Technology Di Asia Pasifik Sumiyati, Sumiyati; Hartono, Jogiyanto
Global Financial Accounting Journal Vol 1 No 1 (2017)
Publisher : Faculty of Economics, Universitas Internasional Batam

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Abstract

Seasoned Equity Offering is a public stock offering after the Initial Public Offering. This study aims to determine the effect of accrual quality and management of real activity toward market reaction and performance of companies employed Seasoned Equity Offering (SEO) in high-technology companies in Asia Pacific.  Sample of this research is employed by using purposive sampling with this following criteria; high technology companies in Asia Pacific that offering SEO in 2001-2015 and sample data of company should be available on OSIRIS database. In ultimate, the total final sample is  obtained from 40 companies spread in Australia, China, Indonesia, India, South Korea, Malaysia, New Zealand, Singapore and Taiwan. This research is a study of events (event study) using 5-year-window that is two years before SEO, current year of SEO  and two years after SEO. The hypothesis is analyzed using Ordinary Least Square (OLS) for each events t-2, t-1, t0, t+1 dan t+2. The test results showed evidence that accrual quality had positive effects on performance of companies employed SEO. Yet, the results of second hypothesis testing, accrual quality measured by deviation standard,  do not influence market reaction. This study can also prove management of real activity measured by abnormal cash flow. Abnormal can degrade the performance of SEO companies after the event, while the abnormal of cost discretioner does not influence performance. The fourth hypothesis testing results showed evidence that negative effect of SEO market reaction is definitely caused by pessimistic reaction of investor toward the performance of company employed SEO. 
Set Kesempatan Investasi : Konstruksi dan Analisis Hubungannya dengan Kebijakan Pendanaan dan Dividen fitrijanti, TetTet; Hartono, Jogiyanto
The Indonesian Journal of Accounting Research Vol 5, No 1 (2002): JRAI January 2002
Publisher : The Indonesian Journal of Accounting Research

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.33312/ijar.69

Abstract

The primary objective of this research is examining correlation of three kinds of IOS proxies with realized growth after period of measuring the IOS level (t+l until t+5). The three kinds of IOS proxies are single empirical rasio (market to book value of asset or MVABVA , market to book value of equity or MVEBVE, price to earning per-price or PER, capital expenditure to book value of asset or CAPBVA and capital expenditure to market value of asset or CAPMVA), instrumental variable (VIIOS) and factor score (Skor). The results of one tailed Spearman Rank Correlation analysis show that all of IOS proxies positively correlated with realized growth of sales t+l, book value of equity t+l and book value of asset t+1. The common indeks of IOS, VIIOS and Skor, in the average have higher correlation coeffisients than single ratio IOS level of a company has to be evaluated every one year, because realized growth t+2 and so on have not been able to be predicted yet exactly using all of alternates IOS proxies.All of alternates IOS proxies from the primary hypothesis are used to examine the explanatory power of IOS in financing and dividend policy model. The results show that the growth firms have lower financing (measured by ln market debt to equity) and dividend (measured by ln dividend yields) policy than non growth firms. Contracting cost hypothesis explains the empirical relationship between IOS level, financing and dividend policy.The size of growth companies measured by lg asset higher than non growth companies. Contracting cost and secured debt hypothesis explain that, large companies have higher debt financing policy (measured by ln market debt to equity) than little companies. My opinion is there is conversely explanation between contracting cost hypothesis about association between IOS and debt financing policy, contracting cost and secured debt hypothesis about association between size of companies and debt financing policy and the consistent phenomenon that the growth companies are the large companies. But the result about dividend policy is consistent with contracting cost and pecking order hypothesis that the growth (large) companies have lower dividend policy (measured by ln dividend yields) than non growth (little) companies.
Co-Authors . Sujoko ., Satibi Abd Hamid Habbe Achmad Djunaedi Achmad Djunaedi Achmad Fudholi Ainun Na′im Ainun Na’im Almilia, Luciana Spica Almilia Anak Agung Gede Sugianthara Annisya Fitri Arsita Leni Sefindri Bambang Hartadi Bambang Riyanto BAMBANG RIYANTO LS Bandi Bandi Dedhy Sulistiawan Dedhy Sulistiawan Dewi Ratnaningsih Dewi Ratnaningsih Dewi Ratnaningsih Dewi Ratnaningsih Doddy Setiawan Eduardus Tandelilin Eko Suwardi Ertambang Naharto Ertambang Nahartyo FIRMAN PRIBADI fitrijanti, TetTet Fudholi, Achmad Hani Handoko Hani Handoko Hargo Utomo Hari Kusnanto Heni Pujiastuti JONI JONI Junaidi Junaidi _ Khiyarunnas Khiyarunnas Kusnanto, Hari Lindrianasari Luciana Spica Almilia Mamduh M. Hanafi Mamduh M. Hanafi Marwan Asri Nofie Iman Novi Indriana Soepratikno Satibi Satibi Setiyono Miharjo SETIYONO MIHARJO Setiyono Miharjo Setiyono Setiyono Setiyono Setiyono Slamet Sugiri Sri WAHYUNI Sri Wahyuni Sri Wahyuni Sumiyana Sumiyana SUMIYATI SUMIYATI Sumiyati Sumiyati Supriyadi . Supriyadi Supriyadi Syaiful Ali Triyono Triyono Wahyu Anggraini Wahyuni Reksoatmodjo Wahyuni Reksoatmodjo Wendy Willy Abdillah Willy Abdillah Wuryan Andayani Zainuddin Zainuddin Zaki Baridwan Zaki Baridwan