Articles
<![CDATA[Corporate Growth and CEO Compensation: Case from Indonesia ]]>
<![CDATA[lindrianasari lindrianasari]]>;
<![CDATA[Jogiyanto Hartono]]>;
<![CDATA[SUPRIYADI SUPRIYADI]]>;
<![CDATA[SETIYONO MIHARJO]]>
<![CDATA[ The Indonesian Journal of Accounting Research Vol 15, No 2 (2012): IJAR May 2012 ]]>
Publisher : <![CDATA[The Indonesian Journal of Accounting Research ]]>
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DOI: 10.33312/ijar.254
<![CDATA[This study aims to obtain empirical evidence on whether corporate growth affects the amount of compensation received by CEOs in Indonesia. The contribution of this study is to provide emporical evidence on how CEOs perceive their level of compensation when they succeeded in increasing the value of the firm. The samples are 395 firm-year from 2005-2008. Test results show that growth has a positive relationship with the amount of compensation received by the CEO in Indonesia. Net income and total assets are significantly related to the amount of compensation received by CEOs, while stock price is not.]]>
<![CDATA[Hubungan Manajemen Laba Sebelum IPO dan Return Saham dengan Kecerdasan Investor sebagai Variabel Pemoderasi ]]>
<![CDATA[JONI JONI]]>;
<![CDATA[Jogiyanto Hartono]]>
<![CDATA[ The Indonesian Journal of Accounting Research Vol 12, No 1 (2009): JRAI January 2009 ]]>
Publisher : <![CDATA[The Indonesian Journal of Accounting Research ]]>
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DOI: 10.33312/ijar.202
<![CDATA[The major purpose of this study is to investigate association be-tween earnings management before Initial Public Offerings (IPO) and stock's returns with investors sophistication as a moderating variable. Institutional ownership is used to proxy investors sophistication. The JSX's IPO companies from 1990 to 2002 were used as samples. The first sample was 75 companies which institutional ownership ? 40% and the second was 63 companies that institutional ownership ? 60%. Instrumental Variable Approach (Kang and Sivaramakrishnan, 1995) was used to detect earnings management.This study provides an evidence that issuers report unusually high earnings management around IPO (two years before and five years after IPO). Issuers used mean reversing strategy in two years before IPO period (income decreasing) for preparing earnings management in the next period (income increasing). Furthermore, this study documented a negative association between earnings management andstock's re-turns with investors sophistication as moderating variable. One inter-pretation of this finding is that high earnings management has substan-tial stock's returns consequences when investors sophistication factor was taken into account. This finding is consistent with the prior re-search developed by Balsam et al., 2002.]]>
<![CDATA[The No Order Effect of Accounting Information ]]>
<![CDATA[Jogiyanto Hartono]]>
<![CDATA[ The Indonesian Journal of Accounting Research Vol 7, No 1 (2004): JRAI Januari 2004 ]]>
Publisher : <![CDATA[The Indonesian Journal of Accounting Research ]]>
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DOI: 10.33312/ijar.112
<![CDATA[This study models the behavior of investor reactions to joint dividend and earnings surprises. Using Hogarth and Einhorn’s (1992) belief-adjustment theory, it predicts that when dividend and earnings surprises have the same signs (consistent evidence), whether dividend surprises follow or precede earnings surprises, has no effect on stock returns (the ‘no-order’ effect hypothesis).This study finds evidence for the ‘no-order’ effect hypotheses for consistent positive evidence. The impact of consistent positive evidence is unaffected by the order of announcements. The finding of this study has a important implication for firm’s announcement policy. If a firm likes to announce two “good news” information, the order of the announcement does not matter in affecting its stock price. In this case, the firm can announce a positive dividend surprise first followed by a positive earnings surprise or a positive earnings surprise first followed by a positive dividend surprises without any effect to the stock price.]]>
<![CDATA[Perilaku Reaksi Harga Dan Volume Perdagangan Saham terhadap Pengumuman Dividen ]]>
<![CDATA[BANDI BANDI]]>;
<![CDATA[JOGIYANTO HARTONO]]>
<![CDATA[ The Indonesian Journal of Accounting Research Vol 3, No 2 (2000): JRAI May 2000 ]]>
Publisher : <![CDATA[The Indonesian Journal of Accounting Research ]]>
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DOI: 10.33312/ijar.46
<![CDATA[Many of researches on price and volume reaction associated with the earnings announcement have been conducted. Bamber and Cheon (1995) acknowledge that there is a positive relation between the average of magnitudes of price and of volume reaction. Nearly a quarter of the quarterly earning announcements generate price and volume reaction of different relative magnitudes. Surprisingly, there is little empirical evidence of such reaction regarding the dividend announcements. This research investigates the volume and price reactions associated with the dividend announcements.The result of this study shows a dependence between price and volume reaction. Additionally, price and trading volume is positively related.Although there is a relation between price and volume reaction around dividend announcements, the reactions are very relatively different in magnitudes. The relative magnitudes of price and volume reactions are extremely different for 32,88 percent of these sample dividend announcements, relatively similar reactions for 30,87 percent, and the remaining 36,24 percent shows relatively indeterminate reactions.]]>
<![CDATA[Hubungan Kandungan Informasi Arus Kas, Komponen Arus Kas dan Laba Akuntansi dengan Harga atau Return Saham ]]>
<![CDATA[Triyono Triyono]]>;
<![CDATA[Jogiyanto Hartono]]>
<![CDATA[ The Indonesian Journal of Accounting Research Vol 3, No 1 (2000): JRAI January 2000 ]]>
Publisher : <![CDATA[The Indonesian Journal of Accounting Research ]]>
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DOI: 10.33312/ijar.37
<![CDATA[The Indonesian Institute of Accountants (IAI) published the Statement of Financial Accounting Standard (PSAK) No. 2, “Statement of Cash Flows” requires companies to publish the statement of cash flows beginning from January 1, 1995. The objective of the study is to examine the association of information content of total cash flows, components of cash flows, and accounting income with stock prices or stock returns. Another objective of the study is to compare the predictive power of between of total cash flows and accounting income with their relation to stock prices or stock returns.As much as 54 manufacturing firms listed in the Jakarta Stock Exchange (BEJ) were taken as a sample using a purposive sampling method. Data from audited financial statements were taken from Indo-exchange files. The statistics method used to test hypotheses is a linear multiple regression. Two models were considered: levels and return models. The multicollinearity test shows that there is no association between independent variables in the regression models, indicating multicollinearity is a serious problem. The heteroscedasticity test shows that variances of disturbances are constant for all observation in independent variables. Therefore, heteroscedasticity is not a problem. Results from diagnostic tests suggest that regression models used in this study are unbiased.The empirical results indicate that disaggregation of total cash flows into their components as required by PSAK No.2 are significantly associated with stock prices in the levels model. This means that the accounting authority has correctly mandated the publication statement of cash flows. In contrast, the results of the study indicate that total cash flows, components of cash flows, and accounting income are not associated with stock returns in the return model.]]>
<![CDATA[Pengaruh Atribut Perusahaan Terhadap Relevansi Laba dan Arus Kas ]]>
<![CDATA[Novi Indriana Soepratikno]]>;
<![CDATA[Jogiyanto Hartono]]>
<![CDATA[ The Indonesian Journal of Accounting Research Vol 8, No 3 (2005): JRAI September 2005 ]]>
Publisher : <![CDATA[The Indonesian Journal of Accounting Research ]]>
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DOI: 10.33312/ijar.140
<![CDATA[The purpose of this study is to test whether there are linear or non linear relationship between stock returns and accounting variables (earnings and cash flows) in Indonesia and how firm-specific attributes such as size, debt level and firm life-cycle influence the relative relevance of earnings and cash flows in explaining stock returns.The results support a linear relationship between stock returns and accounting variables. They indicate that earnings change reveals more information for small firms and large firms. With regards to cash flows, we find that they do not reveal additional information beyond that contained in earnings for small firms and also for large firms.The results based on debt level indicate that for high leverage firms and low leverage firms, earnings change is the most relevant accounting variable in explaining stock returns, while the cash flows reveal a greater incremental information beyond that contained in earnings for high leverage firms than for low leverage firms.The regression results based on firm life cycle indicate that the most relevant accounting variable for growth firms and mature firms is earnings change. In addition, cash flows reveal a greater incremental information beyond that contained in earnings for growth firms than for mature firms.]]>
<![CDATA[The Information Disclosure Strategy of Single versus Multiple Benchmarks in Earnings Announcements ]]>
<![CDATA[Sri Wahyuni]]>;
<![CDATA[Jogiyanto Hartono]]>;
<![CDATA[Supriyadi Supriyadi]]>;
<![CDATA[Ertambang Naharto]]>
<![CDATA[ The Indonesian Journal of Accounting Research Vol 21, No 3 (2018): IJAR September 2018 ]]>
Publisher : <![CDATA[The Indonesian Journal of Accounting Research ]]>
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DOI: 10.33312/ijar.377
<![CDATA[Abstract: This study is aimed to test the impact of single versus multiple benchmarks earnings information disclosure strategy towards financial users’ behavior in estimating future earnings. The study is important because it links behavioral aspects between the ways of providing and using earnings information based on multiple reference point theory of psychology. Using experimental factorial mix design 2x3x2 with 58 investor and non-investor participants, the result indicates that earnings disclosure strategy of single versus multiple benchmarks influences participant's judgments. Specifically, the multiple benchmarks are more effective than a single benchmark used to estimating future earnings. This finding is consistent with some priors studies of Schrand and Walther (2000), Krische (2005), Han and Tan (2007) and Wahyuni and Hartono (2010, 2012, 2014). Abstract: This study is aimed to test the impact of single versus multiple benchmarks earnings information disclosure strategy towards financial users’ behavior in estimating future earnings. The study is important because it links behavioral aspects between the ways of providing and using earnings information based on multiple reference point theory of psychology. Using experimental factorial mix design 2x3x2 with 58 investor and non-investor participants, the result indicates that earnings disclosure strategy of single versus multiple benchmarks influences participant's judgments. Specifically, the multiple benchmarks are more effective than a single benchmark used to estimating future earnings. This finding is consistent with some priors studies of Schrand and Walther (2000), Krische (2005), Han and Tan (2007) and Wahyuni and Hartono (2010, 2012, 2014). ]]>
<![CDATA[Pengaruh Pemilihan Metode Akuntansi terhadap Tingkat Underpricing Saham Perdana ]]>
<![CDATA[Syaiful Ali]]>;
<![CDATA[Jogiyanto Hartono]]>
<![CDATA[ The Indonesian Journal of Accounting Research Vol 6, No 1 (2003): JRAI January 2003 ]]>
Publisher : <![CDATA[The Indonesian Journal of Accounting Research ]]>
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DOI: 10.33312/ijar.90
<![CDATA[This paper studies the different effects of accounting method choices used by companies before initial public offerings to the underpricing during 1994-1999. From the perspective of litigation theory avoidance, Neill, et al. (1995) found that IPO companies using income increasing accounting methods (liberal) have greater underpricing rate compared to the companies using income decreasing accounting methods (conservative). The result indicated that underwriter and issuers attempted to reduce their risks exposure.We examined 129 IPO companies listed in Jakarta Stock Exchange during 1994-1999 and the result showed that there is significant effects of accounting method for fixed assets depreciation variable and ownerships signal over the underpricing. It is consistent with Neill, et. al (1995) research that indicated income increasing accounting method choices for fixed assets depreciation (liberal) positively related with underpricing. However, the research failed to prove the effect of accounting method for inventory valuation that probably due to the insignificant of financial effects of average inventory valuation accounting method.]]>
<![CDATA[Pengujian Efisiesni Pasar Bentuk Setengah Kuat Secara Keputusan: Analisis Pengumuman Dividen Meningkat ]]>
<![CDATA[Doddy Setiawan]]>;
<![CDATA[Jogiyanto Hartono]]>
<![CDATA[ The Indonesian Journal of Accounting Research Vol 6, No 2 (2003): JRAI May 2003 ]]>
Publisher : <![CDATA[The Indonesian Journal of Accounting Research ]]>
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DOI: 10.33312/ijar.95
<![CDATA[This research aims at examining the decisionally efficient market by analyzing dividend increase announcement at Jakarta Stock Exchange. The analysis includes three aspects: information content, speed of market reaction and accuracy of market reaction.The sample for this research is 132 firms during the period of 1992-1996. The analysis shows that on the announcement date market significantly gave positive reaction to dividend increase announcement. This reaction resulted in abnormal return of 0,3838%. This fact shows that the dividend increase announcement in Indonesia has an information content and market react quickly. To analyze the accuracy of market reaction, the sample is divided into 2 parts: growth and non-growth firms. The analysis then shows that market did not react significantly to growth firms and gave positive reaction to non-growth firms. Actually, market should give positive reaction to the growth firms only and negative reaction to the non-growth firms. Finally, the conclusion is that Jakarta Stock Exchange is not a decisionally efficient market.]]>
