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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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The Market Quality to Technical Analysis Performance: Intercountry Analysis Jogiyanto Hartono; Dedhy Sulistiawan
Gadjah Mada International Journal of Business Vol 16, No 3 (2014): September-December
Publisher : Master in Management, Faculty of Economics and Business, Universitas Gadjah Mada

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (187.55 KB) | DOI: 10.22146/gamaijb.5658

Abstract

The main objective of this research is to discuss the impact of market quality on technical analysis profitability using inter-country analysis. Market quality is proxied by market capitalization. Technical analysis performance (profitability) is calculated using technical analysis return for MA5 indicator and short transaction strategy. This study uses the OSIRIS and Yahoo Finance databases. Using 21 countries with 50 companies for each country, this study finds that market quality affects technical analysis performance. Robustness tests are conducted for longer moving average indicators that are MA10 and MA15. To make sure that the results are not sensitive toward the strategy used, other robustness tests are conducted by using short and long-short transaction strategies. All robustness tests confirm the findings.     
Examining the Effects of Presentation Patterns, Orders, and Information Types in Investment Decision Making Luciana Spica Almilia; Jogiyanto Hartono; . Supriyadi; Ertambang Nahartyo
Gadjah Mada International Journal of Business Vol 15, No 2 (2013): May-August
Publisher : Master in Management, Faculty of Economics and Business, Universitas Gadjah Mada

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (171.059 KB) | DOI: 10.22146/gamaijb.5701

Abstract

This study aims to investigate the existence of Belief Model (BAM) developed by Hogarth and Einhorn (1992) in investment decision making. Particulary, this study examined: the effects of presentation patterns, presentation orders, and information types (accounting or non-accounting information) in investment decision making. This study used laboratory experiment to test the hypotheses. Hypotheses were tested using t-test. This study showed a “judgement bias” that is a recency which the effect of presentation pattern is consecutive is higher than unconsecutively.                  
Does Auditor Rotation Increase Auditor Independence? Junaidi Junaidi; Jogiyanto Hartono; Eko Suwardi; Setiyono Miharjo; Bambang Hartadi
Gadjah Mada International Journal of Business Vol 18, No 3 (2016): September-December
Publisher : Master in Management, Faculty of Economics and Business, Universitas Gadjah Mada

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (281.835 KB) | DOI: 10.22146/gamaijb.16988

Abstract

This study aims to empirically test the effects of auditor rotation and auditor tenure on an auditor’s independence in companies listed on the Indonesia Stock Exchange during the years 2002-2010. This study using logistic regression estimation technique. The results show that, statistically, the auditor’s tenure has significant negative effects on the auditor’s independence, measured by the tendency to give a ‘going concern’ opinion. Furthermore, the results also show significant differences between the effects of short and long term tenures on the auditors’ independence. Auditor rotation has significant positive effects on the auditors’ independence.
EARNINGS ANNOUNCEMENTS AND COMPETING INFORMATION: THE INDONESIAN EVIDENCE Dedhy Sulistiawan; Jogiyanto Hartono; Eduardus Tandelilin; Supriyadi Supriyadi
Journal of Indonesian Economy and Business (JIEB) Vol 29, No 1 (2014): January
Publisher : Faculty of Economics and Business, Universitas Gadjah Mada

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (119.977 KB) | DOI: 10.22146/jieb.6212

Abstract

The main purpose of this study is to provide empirical evidence of the relationship between investors’ responses to two events, which are, (1) earnings anouncements, and (2) technical analysis 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 stock market. To extend that idea, this study uses technical analysis signals as competing information in the Indonesian stock market. Using Indonesian data from 2007-2012, this study shows that there are price reactions on the day of a technical analysis signal’s release, which is prior to earnings announcements. It means that investors react to the emergence of competing information. Reactions on earnings announcements also produce a negative relationship with the reaction to a technical analysis signal before an earnings announcement. This study gives evidence about the importance of technical analysis as competing information to earnings announcements.
REMINDER EFFECT AND ANCHORING-ADJUSTMENT IN EARNINGS ANNOUNCEMENT: IMPLEMENTATION OF PRIORPERIOD BENCHMARK DISCLOSURE STRATEGY Sri Wahyuni; Jogiyanto HM
Journal of Indonesian Economy and Business (JIEB) Vol 27, No 3 (2012): September
Publisher : Faculty of Economics and Business, Universitas Gadjah Mada

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (160.068 KB) | DOI: 10.22146/jieb.6241

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
MOTIVATION AND CONSEQUENCE OF INDIVIDUAL’S INVOLVEMENT IN SOCIAL NETWORK SITES: A STUDY OF SOCIAL COMPUTING OF INTER COLLECTIVISTINDIVIDUALIST CULTURAL VALUE Willy Abdillah; Jogiyanto HM; Hani Handoko
Journal of Indonesian Economy and Business (JIEB) Vol 27, No 2 (2012): May
Publisher : Faculty of Economics and Business, Universitas Gadjah Mada

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (895.952 KB) | DOI: 10.22146/jieb.6249

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.
NON-FINANCIAL FACTORS IN THE GOING-CONCERN OPINION Junaidi Junaidi; Jogiyanto Hartono
Journal of Indonesian Economy and Business (JIEB) Vol 25, No 3 (2010): September
Publisher : Faculty of Economics and Business, Universitas Gadjah Mada

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (362.77 KB) | DOI: 10.22146/jieb.6290

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
TOTAL AND INDIVIDUAL EFFECTS OF AN AGENCY-COST EXPLANATION FOR DIVIDEND PAYMENTS Dewi Ratnaningsih; Jogiyanto Hartono
Journal of Indonesian Economy and Business (JIEB) Vol 18, No 1 (2003): January
Publisher : Faculty of Economics and Business, Universitas Gadjah Mada

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.22146/jieb.6616

Abstract

Penelitian ini menjelaskan dividend puzzle menggunakan teori biaya keagenan yangdiusulkan oleh Easterbrook (1984). Dia menghipotesiskan bahwa pemegang saham yangmenaikkan pembayaran dividen dan secara ‘simultan’ meningkatkan utang untukmembiayai investasinya lebih sejahtera dibandingkan dengan pemegang saham lainnyayang hanya meningkatkan pembayaran dividennya saja. Dia menyediakan mekanismebahwa pemegang saham menggunakan pembayaran dividen untuk memaksa manajer kepasar modal untuk menggalang dana. Argumen Easterbrook dibangun berdasarkan padabiaya pemonitoran keagenan. Biaya ini merupakan biaya yang signifikan dan pemegangsaham tidak dapat mendapatkan hasil sepenuhnya dari biaya pemonitoran yangdikeluarkan. Mereka hanya menerima manfaat sebesar proporsi kepemilikannya saja,karena beberapa manfaat akibat dari biaya pemonitoran ini akan juga diterima olehprisipal lain seperti pemegang obligasi. Suatu mekanisme untuk meningkatkankesejahteraan pemegang saham dilakukan untuk memaksa pemegang obligasi membagibeban biaya pemonitoran. Dengan demikian pemegang saham yang mampu memaksamanajernya mencari tambahan dana di pasar modal akan mendapatkan insentifmengurangi biaya pemonitoran keagenan.Kesejahteraan pemegang saham dipengaruhi oleh dua kebijakan yaitu, kebijakandividen (meningkatkan pembayaran dividen) dan kebijakan pendanaan (meningkatkanutang) secara ‘simultan’. Penelitian ini mencoba menginvestigasi kebijakan mana yangmempengaruhi yang lainnya. Penelitian ini selain meneliti efek keseluruhan dari keduakebijakan secara ‘simultan,’ juga meneliti efek individual dari masing-masing kebijakanterhadap kesejahteraan pemegang saham.Penelitian ini menemukan hasil mendukung hipotesis dari Easterbrook yaitu,perusahaan-perusahaan yang meningkatkan pembayaran dividen tunainya dan sekaligusmeningkatkan utang-utangnya benar-benar meningkatkan kesejahteraan pemegang saham.Meningkatkan pembayaran dividen akan menurunkan kesejahteraan pemegang saham,tetapi meningkatkan utang setelahnya akan meningkatkan kesejahteraan pemegang saham dengan efek total bersih berpengaruh positif terhadap kesejahteraan pemegang saham.Keywords: agency monitoring cost, dividend mechanism, dividend policy, financing policy,total effect, individual effect, shareholders’ wealth, investment opportunity set.
THE DILUTION EFFECT OF ACCOUNTING INFORMATION1 Jogiyanto Hartono
Journal of Indonesian Economy and Business (JIEB) Vol 18, No 4 (2003): October
Publisher : Faculty of Economics and Business, Universitas Gadjah Mada

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (290.599 KB) | DOI: 10.22146/jieb.6652

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.
ANALISIS PENGARUH PEMILIHAN METODE AKUNTANSI TERHADAP PEMASUKAN PENAWARAN PERDANA Jogiyanto Hartono; Syaiful Ali
Journal of Indonesian Economy and Business (JIEB) Vol 17, No 2 (2002): April
Publisher : Faculty of Economics and Business, Universitas Gadjah Mada

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (236.625 KB) | DOI: 10.22146/jieb.6726

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.
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