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All Journal IQTISHODUNA Gadjah Mada International Journal of Business JAM : Jurnal Aplikasi Manajemen JURNAL ILMU MANAJEMEN DAN BISNIS Bisma: Jurnal Bisnis dan Manajemen Jurnal Ekonomi dan Bisnis Digital (MINISTAL) Indonesian Journal of Business Analytics (IJBA) Jurnal Akuntansi dan Keuangan Indonesia
Tatang Ary Gumanti
Jurusan Manajemen, Fakultas Ekonomi, Universitas Jember
Computer Science & IT Decision Sciences, Operations Research & Management Economics, Econometrics & Finance Other

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AN INVESTIGATION OF EARNINGS MANAGEMENT IN INDONESIAN MANUFACTURING INITIAL PUBLIC OFFERINGS Gumanti, Tatang Ary
Gadjah Mada International Journal of Business Vol 5, No 3 (2003): September-December
Publisher : Master of Management, Faculty of Economics and Business, Universitas Gadjah Mada

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Abstract

This paper examines whether the issuers of Indonesian manufacturing initial public offerings (IPOs) manage the firms reported earnings by making income increasing discretionary accruals. The absence of market-determined prices for IPO shares prior to the offering has made issuers and underwriters to use nonprice information. The test was performed on a sample of 45 IPOs that went public during the period of July1991 through December 1994. The model used in this study follows the one developed by Friedlan (1994). The results show that there is no evidence that earnings management occurs among the sample firms. In other words, this study is unable to reject the null hypothesis that the issuers of Indonesian IPOs exercise accounting discretion that increases the reported earnings in the periods prior to the offering. In contrast, the study finds strong evidence of earnings management in the period after the offering, which could be interpreted as issuers trying to maintain the firms performance after the offering by making income increasing discretionary accruals.
CAN ACCOUNTING INFORMATION ACT AS A PROXY FOR EX ANTE UNCERTAINTY IN INITIAL PUBLIC OFFERINGS? Gumanti, Tatang Ary
Gadjah Mada International Journal of Business Vol 5, No 2 (2003): May-August
Publisher : Master of Management, Faculty of Economics and Business, Universitas Gadjah Mada

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Abstract

This paper reviews and summarizes previous works and the rationale for the proposition that accounting information is in fact value relevant in the determination of an initial public offering IPO).Theoretical and empirical evidence has indicated that certain accounting measures can he used as proxies for total firm risk, that is, they could determine the riskiness of a corporation. The literature also advocates that accounting information is relevant in determining the value and thus the riskiness of a corporation through the use of accounting analysis. Since most of the information available in the prospectus is accounting information, it is arguable that this information represents a potential source for assessing the issuing firm. Some scholars have also advocated the possibility of using accounting information in assessing the value of firm making an IPO. Numerous papers have provided analytical and empirical evidence of the association between accounting numbers and the value of IPOs. The conclusion generally comes to show that information in the prospectus is value relevant concerning the IPO. The paper shows that it is indeed an arguable to use accounting information in the valuation of an IPO. Accordingly, it is an empirical issue whether accounting information has the property in explaining the ex-ante uncertainty of an IPO.
ANALISIS RASIO KEUANGAN DALAM MEMPREDIKSI FINANCIAL DISTRESS PADA PERUSAHAAN SEKTOR INDUSTRI DASAR DAN KIMIA YANG TERDAFATAR DI BEI TAHUN 2011-2015 Kholidah, Asna Nur; Gumanti, Tatang Ary; Mufidah, Ana
BISMA: Jurnal Bisnis dan Manajemen Vol 10 No 3 (2016)
Publisher : Jurusan Manajemen Fakultas Ekonomi dan Bisnis

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Abstract: This reserach aims to analyze the ability of financial ratios in predicting financial distress. It was a quantitative research using logistic regression model to analyze the ability of current ratio, return on assets, total assets turn over, and debt to assets ratio in predicting companies financial distress. The population of this research were the basic industry and chemical companies listed in Indonesia Stock Exchange. 52 companies satisfy the criteria. Sample were divided into two groups, 19 potentially financial distress companies and 33 not potentially financial distress companies. Result indicates that current ratio, return on assets, and debt to assets ratio acted as predictor of financial distress, while total assets turn over could not predict financial distress. Current ratio and return on assets have negative significant impact on predicting financial distress. Debt to assets ratio have positive significant impact on predicting financial distress.Keywords: Financial distress, Financial ratios, Logistic regression, Net profit
PREDIKSI KESULITAN LIKUIDITAS BANK DI INDONESIA Muslim, Muslim; Gumanti, Tatang Ary; Sukarno, Hari
BISMA: Jurnal Bisnis dan Manajemen Vol 10 No 1 (2016)
Publisher : Jurusan Manajemen Fakultas Ekonomi dan Bisnis

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Abstract: This research aims to analyze the ability of Capital, Assets, Management, Earnings, Liquidity (CAMEL) ratio in differentiating and predicting the liquidity problem of the banks. The population of this research was national commercial banks listed on the Directory of Bank Indonesia from 2010 to 2013. The analysis tools used were the mean different test and logistic regression analysis. The results of the different test show that Adversely Classified Assets (ACA), Return on Equity (ROE), Loan to Deposit Ratio (LDR), and Non-Performing Loan (NPL) wereable to differentiate between the liquid and non-liquid, while Capital Adequacy Ratio (CAR), Fixed Assets against Capital (FAAC), Return on Assets (ROA), Operating Expenses to Operating Income (OEOI), and minimum deposit of rupiah were not the discriminators ofthe bank liquidity problem. The results of logistic regression analysis show that in 2011 the predictors used to predict the liquidity problem of the banks were the ratio of ACA and ROA, while in 2012,the ratios were CAR and ACA ratio and in 2013, it was only the CAR ratio. The pooling data, ACA and ROA, can be used as the predictor of the ability to predict the liquidity problem of banks in the future. Keywords: Liquidity Problem,Capital, Assets, Management, Earning, Liquidity
PENGARUH KINERJA KEUANGAN TERHADAP RETURN SAHAM PADA PERUSAHAAN KELOMPOK JAKARTA ISLAMIC INDEX Wardana, Guntur Kusuma; Gumanti, Tatang Ary; Utami, Elok Sri
IQTISHODUNA IQTISHODUNA (VOL 11, NO: 1.
Publisher : Fakultas Ekonomi, UIN Maliki Malang

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.18860/iq.v1i1.3700

Abstract

The purpose of this research is to analyse the influence of financial performance on returns a stockslisted in Jakarta Islamic Index. The populations in this research are all companies listed on the Jakarta IslamicIndex (JII) 2012 to 2013. The data were analysed by using method criteria a purposive sampling generate a totalof 20 companies. Multiple regression analysis results show that Price Earnings Ratio effect CumulativeAbnormal Returns, while the Net Profit Margin, Price to Book Value and Current Ratio do not influence onCumulative Abnormal Return.
Karakteristik Perusahaan dan Pengungkapan Tanggung Jawab Sosial Perusahaan Manufaktur yang Terdaftar Di BEI Prasanti, Novi; Gumanti, Tatang Ary; Farida, Lilik
JURNAL ILMU MANAJEMEN DAN BISNIS Vol 11, No 1 (2020): Jurnal Ilmu Manajemen dan Bisnis. Maret 2020
Publisher : Universitas Pendidikan Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.17509/jimb.v11i1.18491

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AbstractThis study aims to examine and analyze the effect of company size, audit committee, and institutional ownership on the level of Corporate Social Responsibility disclosure. The objects of this research are the manufacturing companies listed on the Indonesia Stock Exchange years 2015- 2017. The study employes multiple regression analysis to examine the effect of the independent variables on the dependent variable. The samples comprise a total of 93 companies that have met the predetermined criteria. The hypotheses were tested using multiple linear regression analysis. The results of the study show that only company size has a positive and significant effect on the level of CSR disclosure. Meanwhile, audit committees and institutional ownership do not have significant effect on the level of CSR disclosure.AbstrakPenelitian ini bertujuan untuk menguji dan menganalisis pengaruh ukuran perusahaan, komite audit dan kepemilikan institusional terhadap derajat pengungkapan tangung jawab social perusahaan (Corporate Social Responsibility = CSR). Objek penelitian ini adalah  perusahaan manufatur yang terdaftar di Bursa Efek Indonesia tahun 2015-2017. Penelitian ini menggunakan analisis regresi berganda untuk menguji pengaruh variabel-variabel bebas terhadap variabel terikat. Sampel penelitian berjumlah 93 perusahaan yang memenuhi ketentuan kriteria. Metode analisis yang digunakan adalah analisis regresi linier beganda.  Hasil penelitian menunjukkan bahwa hanya ukuran perusahaan berpengaruh positif dan signifikan terhadap pengungkapan CSR. Sedangkan, komite audit dan kepemilikan institusional tidak berpengaruh signifikan terhadap pengungkapan CSR.Kata Kunci: kepemilikan institusional; komite audit; pengungkapan csr; ukuran perusahaan
UNDERPRICING DALAM PENAWARAN SAHAM PERDANA DAN PENAWARAN SAHAM SUSULAN Gumanti, Tatang Ary; Alkaf, Nafisah
Jurnal Akuntansi dan Keuangan Indonesia Vol. 8, No. 1
Publisher : UI Scholars Hub

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Abstract

Underpricing has become a subject for various examinations in initial public offerings (IPO) context. Underpricing is known as one of three anomalies surrounding IPO setting. A number of theories have been put forward to explain why such phenomenon occurs. One of them is that underpricing is used as a signal of firm quality, hoping that when the firm is going to reissue stock in the future, namely right issue or seasoned equity offerings (SEO), it will gain positive response from the market. This study aims at examining a sample of 85 IPOs and SEOs whether underpricing could signal firm quality when making right issue during 1990-2006 at the Indonesian Stock Exchange. Consistent with other capital market studies, results show that, on average, IPO firms are significantly underpriced as much as 22.35 percent, whilst for SEOs the average underpricing is 13.35 percent. The level of underpricing between IPOs and SEOs is not significantly different from zero. IPO firms experiencing higher underpricing will experience lower underpricing in SEO. Overall, the finding does not support the hypothesis that IPO underpricing is used as signal for firm quality undertaking SEO.
THE EFFECT OF LEADERSHIP, INTERNAL CONTROL SYSTEM, AND ORGANIZATIONAL COMMITMENT ON ACCOUNTABILITY OF VILLAGE FINANCIAL MANAGEMENT Savitri, Enni; Andreas, Andreas; Diyanto, Volta; Gumanti, Tatang Ary
Jurnal Aplikasi Manajemen Vol. 18 No. 3 (2020)
Publisher : Universitas Brawijaya, Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21776/ub.jam.2020.018.03.12

Abstract

This study aims to analyze the influence of leadership, internal control system, and organizational commitment on the accountability of village fund management in Kampar and Siak Districts. A total of 164 financial management officials from 218 villages in 15 subdistricts in Kampar and Siak Regencies were selected as the respondents. The villages are located in coastal areas and watersheds. The data were obtained by distributing questionnaires distributed directly to the respondents. The data were analyzed using multiple linear regression. The results show that leadership, internal control system, organizational commitment affect significantly the accountability of village fund management. Future research on the same issue may examine both internal control and external control system.
Is the Cost of Corporate Debt Affected by the Volume and Intensity of Carbon Emissions? Sukoco, Y. Djoko; Gumanti, Tatang Ary; Ariyani, Vivi
Indonesian Journal of Business Analytics Vol. 5 No. 3 (2025): June 2025
Publisher : PT FORMOSA CENDEKIA GLOBAL

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.55927/ijba.v5i3.14514

Abstract

This study aims to examine the impact of carbon risk on the debt costs of non-financial companies listed on the Indonesia Stock Exchange (idx) from 2017 to 2023. Carbon risk is proxied by carbon emission volume and carbon emission intensity, which are considered more closely aligned with the government's goal of achieving net-zero emissions by 2060. The hypothesis is tested using fixed-effects regression on a 1,023-unbalanced panel dataset. The results show that before the implementation of the Financial Services Authority Regulation (POJK) No. 51 of 2017, carbon risk had a significant negative impact on corporate debt costs. Following the implementation of the regulation, the negative effect of carbon risk on the cost of debt weakened and became statistically insignificant positive direction. This indicates that creditors have begun to internalize the carbon risk in their assessment of corporate borrowing costs.
THE EFFECTIVENESS OF ALLOCATED VILLAGE FUNDS MANAGEMENT (A Study in Pelalawan District, Riau Province, Indonesia) Savitri, Enni; Gumanti, Tatang Ary; Andreas, Andreas; Diyanto, Volta
Jurnal Aplikasi Manajemen Vol. 16 No. 4 (2018)
Publisher : Universitas Brawijaya, Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (136.907 KB) | DOI: 10.21776/ub.jam.2018.016.04.19

Abstract

This study aimed to analyze the effectiveness of the management ofAllocated Village Funds (AVF) through the stages of planning, implementing, reporting, and the accountability and to see if it was completed in a transparent and accountable manner. Each stage of the management process has the rules that must be understood and implemented according to the Ministry of Home Affairs RegulationNo. 113 year 2014. Accountability of village funds is required to be managed transparently, accountable and participative. This research used a qualitative method. Primary data were obtained through interviews with 28 informants. Research informants were village heads, village secretaries and village treasurers. Research locations were 104 villages in 12 subdistricts in the Pelalawan District, Riau Province. The method of data collection was through interview, observation, and documentation. To validate the data the triangulation method was used. The results showed that the system of management for the AVF was in accordance with the provisions of the legislation. However, in the implementation of AVF, some obstacles were found such as the quality of human resources in operating the management system, limitations in the availability of supporting equipment in the village offices to facilitate the process of AVF's, and the lack of facilities and infrastructure at the village offices. Also, it was found that the village management team needed to receive some training to improve their knowledge and expertise in carrying out the management of AVF.
Co-Authors Alkaf, Nafisah Alkaf, Nafisah Ana Mufidah Andreas Andreas Eka Handriani Elok Sri Utami Enni Savitri Guntur Kusuma Wardana Hari Sukarno Kholidah, Asna Nur Lilik Farida Niswatul Imsiyah Nurpramana, Dwitya Prasanti, Novi Safitri, Julia Sukoco, Y. Djoko Vivi Ariyani Volta Diyanto Yundari, Yundari