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All Journal ETIKONOMI Jurnal Akuntansi dan Bisnis The Indonesian Journal of Accounting Research
Muhammad Agung Prabowo
Universitas Sebelas Maret
Economics, Econometrics & Finance

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Board of Commissioners’ Structure, Ownership Retention, and IPO Underpricing: Evidence from Indonesia Doddy Setiawan; Muhammad Agung Prabowo; Irwan Trinugroho; Bany Ariffin Amin Noordin
ETIKONOMI Vol 20, No 1 (2021)
Publisher : Faculty of Economic and Business

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.15408/etk.v20i1.19156

Abstract

This research examines how the board of commissioners' structure and ownership retention affect IPO underpricing in Indonesia. In this study, we have examined the following three aspects: the number of board of commissioners, percentage of independent commissioners, and percentage of female commissioners. In total, 186 Indonesian companies that have conducted IPO from 2001 to 2016 were included in this study. This study uses multiple regressions to test the hypothesis. Our findings show that ownership retention has a negative implication on underpricing. Furthermore, the number of board of commissioners and independent commissioners has also been determined to reduce the level of underpricing. However, female commissioners were found to have no significant effect on IPO underpricing; furthermore, it demonstrated no significant effect in reducing the level of underpricing. These results show that higher ownership retention, a smaller number of board members, and a higher percentage of independent commissioners can reduce IPO underpricing.JEL Classification: G30, G32How to Cite:Setiawan, D., Prabowo, M. A., Trinugroho, I., & Noordin, B. A. A. (2021). Board of Commissioners’ Structure, Ownership Retention, and IPO Underpricing: Evidence from Indonesia. Etikonomi, 20(1), 185 – 200. https://doi.org/10.15408/etk.v20i1.19156.
Kinerja Rugi dan Manajemen Laba di Indonesia: Perspektif Governance Muhammad Agung Prabowo
Jurnal Akuntansi dan Bisnis Vol 19, No 2 (2019)
Publisher : Accounting Study Program, Faculty Economics and Business, Universitas Sebelas Maret

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (372.793 KB) | DOI: 10.20961/jab.v19i2.425

Abstract

The paper investigates the effect of accounting loss on earnings management in Indonesia. Research gap hinges upon the differences in institutional setting between Indonesia and developed markets, of which has been previously studied extensively. Earnings management refers to discretionary accruals. Theoretical background follows corporate governance framework originated from agency theory. Governance framework claims that loss might provide manager with incentive to commit either positive accruals or negative accruals. Under manager-owner conflict, insider might prefer to choose positive accruals while, under manager-creditor conflict, it is negative accruals that might be selected. Analysis is based on firms engaging in manufacturing operation that listed in Indonesian Stock Exchange during 2009 to 2014. The results reveal that loss triggers manager to commit negative accruals and that results are robust to the definition and the endogeneity of loss. The shortcomings include the issues of discontinuity and trade of between real and accrual earnings management that, accordingly, require a due care in interpreting the results.Penelitian ini menginvestigasi pengaruh kinerja rugi perusahaan terhadap manajemen laba di Indonesia. Celah penelitian merujuk pada perbedaan setting kelembagaan antara Indonesia dengan negara maju yang menjadi basis penelitian sebelumnya. Manajemen laba merujuk pada akrual diskresioner. Latar belakang teoritis mengikuti rerangka konseptual corporate governance yang bersumber dari teori keagenan. Dari perspektif konflik keagenan antara manajer-pemilik maka diprediksi bahwa kinerja rugi dapat menyebakan perusahaan melakukan akrual positif. Pada konflik keagenan manajer-kreditur maka diprediksi perusahaan yang mengalami kinerja rugi akan melakukan akrual negatif untuk mendapatkan termin renogosiasi yang lebih baik. Analisa dilakukan dengan menggunakan data perusahaan manufaktur yang tercatat di Bursa Efek Indonesia periode 2009 sampai dengan 2014. Hasil analisa menunjukkan bahwa kinerja rugi mendorong perusahaan memilih akrual negatif. Hasil tersebut robust terhadap isu definisi kinerja rugi dan isu endogeneitas kinerja rugi. Kelemahan penelitian mengacu pada isu discontinuity kinerja rugi dan isu trade-off antara manajemen laba berbasis akrual dengan berbasis aktivitas rill yang mengharuskan kecermatan dalam mengintepretasikan hasil analisa.
Kualitas Audit dan Manajemen Laba Berbasis Operasional Muhammad Agung Prabowo; Santoso Tri Hananto; Christiyaningsih Budiwati; Hanung Triatmoko; Anis Widjajanto
Jurnal Akuntansi dan Bisnis Vol 20, No 2 (2020)
Publisher : Accounting Study Program, Faculty Economics and Business, Universitas Sebelas Maret

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (269.051 KB) | DOI: 10.20961/jab.v20i2.570

Abstract

This paper investigates the effect of audit quality on real earnings management. Audit quality refers to the size of the audit office. Conceptual framework borrows from agency theory positing that earnings management reflects managerial opportunistic behavior to influence the contractual outcome imposed by stakeholders. The size of the auditors’ office represents available resources within the firm that eventually enables the auditor to maintain independence and to invests in auditing techno logy that results in higher technical competence. The hypothesis predicts that auditor size negatively affects real earnings management. The sample consists of firms engaging in manufacturing operations listed in Bursa Efek Indonesia, which meetspecific requirements. In contrast with a hypothesis, the analysis reveals that auditor size is positively related to real earnings management. the results hold after controlling for self-selection bias. The paper conjectures that deep-pocket insurance might dominate audit quality in that relationship. Several caveats are in place that require due care in interpreting the results. Penelitian ini menguji pengaruh kualitas audit, dengan menggunakan ukuran auditor sebagai surogasi, terhadap manajemen laba berbasis operasi riil. Rerangka konseptual mengacu pada teori keagenan yang mengklaim bahwa manajemen laba merupakan tindakan opportunistik manajemen untuk mempengaruhi keputusan pemangku kepentingan. Ukuran auditor berasosiasi dengan ketersediaan sumber daya yang memungkinkan auditor mempertahankan independensi dan meningkatkan kompetensi teknis pengauditan. Hipotesa memprediksi bahwa ukuran kantor auditor berpengaruh secara negatif terhadap manajemen laba. Sampel terdiri dari perusahaan manufaktur di Indonesia yang terdaftar pada Bursa Efek Indonesia dengan kriteria tertentu. Sumber data adalah laporan tahunan perusahaan. berlawanan dengan prediksi awal, hasil pengujian menunjukkan bahwa ukuran auditor berpengaruh secara postif terhadap manajemen laba. Hasil tersebut robust terhadap isu self-selection bias. Penjelasan yang mungkin dari hasil tersebut adalah deep-pocket insurance lebih mendominasi daripada isu kualitas audit. Penelitian ini mengandung beberapa kelemahan dan oleh karean tiu diperlukan kecermatan dalam mengintepretasikan hasil penelitian
Governance Mechanisms and Earnings Management: Evidence from Indonesia MUHAMMAD AGUNG PRABOWO; IRWAN TRINUGROHO; TAUFIK ARIFIN; SUTARYO SUTARYO
The Indonesian Journal of Accounting Research Vol 14, No 2 (2011): IJAR May 2011
Publisher : The Indonesian Journal of Accounting Research

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.33312/ijar.236

Abstract

We investigate the association between ownership, board structure, audit committee size, external auditor, and accounting accruals using a dataset of Indonesian listed firms. The theoretical framework borrows from agency theory predicting that governance mechanism might discourage management from engaging in earnings manipulation. The empirical evidence supports the conditional impact of ownership, board properties, and audit committee on the level of discretionary accruals. Ownership by the ten largest shareholders is significantly related to the level of income decreasing discretionary accruals negatively. The representation of independent directors and the size of audit committee are found to have significant and negative impact on income increasing discretionary accruals. The size of the board is insignificantly related to both income increasing and decreasing accruals. The findings suggest that governance mechanisms are more likely to help mitigating agency problems in specific circumstance. However, the results of the study might suffer from measurement issues.
Co-Authors Anis Widjajanto Bany Ariffin Amin Noordin Christiyaningsih Budiwati Doddy Setiawan Hananto, Santoso Tri Hanung Triatmoko Irwan Trinugroho, Irwan Sutaryo Sutaryo TAUFIK ARIFIN