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Muhammad Arfan
Fakultas Ekonomi Universitas Syiah Kuala
Decision Sciences, Operations Research & Management Economics, Econometrics & Finance

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PENGARUH FIRM SIZE, WINNER/LOSER STOCK, DAN DEBT TO EQUITY RATIO TERHADAP PERATAAN LABA (STUDI PADA PERUSAHAAN MANUFAKTUR YANG TERDAFTAR DI BURSA EFEK INDONESIA) Muhammad Arfan; Desry Wahyuni
Jurnal Telaah dan Riset Akuntansi Vol 3, No 1 (2010): Jurnal Telaah & Riset Akuntansi
Publisher : Program Magister Akuntansi Unsyiah

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Abstract

Income smoothing can be defined as a means used by management to diminish the variability of a stream of reported income numbers relative to some perceived target stream by the manipulation of artificial (accounting) and real (transactional) variables. To achieve certain purposes, the management thinks that income smoothing is a common action to be done. This action can be taken for the importances of investors, creditors, even for the management’s importances. The objective of this research is to examine and analyze the influance of firm size, winner/loser stock, and debt to equity ratio toward income smoothing on listed manufacturing companies at the Indonesian Stock Exchange. The research type used in this research is verificative or hypothesis testing research. By using census method and balanced panel data, there are 105 firm observations fulfilling the population criteria during 3 years since 2005 until 2007. The data type used are secondary data obtained from the capital market reference center at the Indonesian Stock Excange.The logistic regression analysis model is used to test the hypothesis. The results of this research show that: 1) Simultaneously, firm size, winner/loser stock, and debt to equity ratio have influence toward income smoothing on listed manufacturing companies at the Indonesian Stock Exchange, 2) Firm size has positive influance toward income smoothing on listed manufacturing companies at the Indonesian Stock Exchange, 3) Winner/loser stock has positive influance toward income smoothing on listed manufacturing companies at the Indonesian Stock Exchange, 4) Debt to equity ratio has not positive influance toward income smoothing on listed manufacturing companies at the Indonesian Stock Exchange. Key words: Income smoothing, firm size, winner/loser stock, and debt to equity ratio
REAKSI PASAR TERHADAP PENGUMUMAN DIVIDEN KAS (Studi pada Perusahaan yang Terdaftar Di Bursa Efek Indonesia) Iman Rafiyal Putra; Muhammad Arfan
Jurnal Telaah dan Riset Akuntansi Vol 6, No 1 (2013): Jurnal Telaah & Riset Akuntansi
Publisher : Program Magister Akuntansi Unsyiah

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Abstract

The purpose of this research is to obtain empirical evidence of how the average abnormal stock returns before and after the announcement of cash dividend, whether announcements of increasing cash dividend,  constant  cash dividend, and decreasing cash dividend on listed companies at  the Indonesia Stock Exchange.This research uses census method. The research population are 51 companies. Abnormal return is measured based on individual stock returns using market returns. Individual stock return is obtained from the daily closing price and market return is measured using the Composite Index of BEI. The results show that: (1)  the average abnormal stock return 10 days after the announcement of increasing cash dividends s is not higher than the average abnormal stock return 10 days before the announcement of increasing cash dividend  (0.00460 0.00519), (2) the average abnormal stock return 10 days after the announcement of constant cash dividends is not higher than the average abnormal stock return 10 days before the announcement of constant cash dividend (0.00098 0.01617), (3) the average abnormal stock return 10 days after the announcement of decreasing cash dividend is not lower than the average abnormal stock return 10 days before the announcement of decreasing cash dividend (0.00151 0.00026). The conclusion of this research is that the announcement of cash dividend does not give abnormal return to investors. Keywords: Dividend announcement, abnormal return, increasing cash dividend, constant cash dividend, and decreasing cash dividend
PENGARUH LABA, ARUS KAS OPERASI, ARUS KAS BEBAS, DAN PEMBAYARAN DIVIDEN KAS SEBELUMNYA TERHADAP DIVIDEN KAS YANG DITERIMA OLEH PEMEGANG SAHAM (Studi pada Perusahaan Manufaktur yang Terdaftar di Bursa Efek Indonesia) Muhammad Ridh Ramli; Muhammad Arfan
Jurnal Telaah dan Riset Akuntansi Vol 4, No 2 (2011): Jurnal Telaah & Riset Akuntansi
Publisher : Program Magister Akuntansi Unsyiah

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Abstract

The objective of this research is to examine and analyze the influence of earnings, operating cash flow, free cash flow,  and last year cash dividend both simultaneously and partially toward cash dividend received by stock holders on listed companies from the manufacturing sector at the Indonesia Stock Exchange for the year 2001-2005. The research type used is verificative research by using census method.The target population of this research is listed companies from the manufacturing sector at the Indonesia Stock Exchange which have positive earnings, operating cash flow, free cash flow and pay cash dividend both current year and last year. After being selected, there are 11 companies as target population. Because this research is done for five years, the total observations are 55. The multiple regression model is used to examine the influence of earnings, operating cash flow, free cash flow, and last year cash dividend both simultaneously and partially toward cash dividend received by stock holders.The results of this research show that (1) earnings, operating cash flow, free cash flow, and last year cash dividend simultaneously have influence toward cash dividend received by stock holders, (2) partially, earnings, free cash flow, and last year cash dividend have positive influence toward cash dividend received by stock holders, whereas operating cash flow has negative influence toward cash dividend received by stock holders. Keywords: earnings, operating cash flow, free cash flow, and cash dividend
STRUKTUR KEPEMILIKAN DAN KOMPENSASI BONUS SERTA PENGARUHNYA TERHADAP MANAJEMEN LABA PADA PERUSAHAAN MANUFAKTUR YANG TERDAFTAR DI BURSA EFEK INDONESIA TAHUN 2006-2010 Evi Juliani Pujiati; Muhammad Arfan
Jurnal Telaah dan Riset Akuntansi Vol 6, No 2 (2013): Jurnal Telaah & Riset Akuntansi
Publisher : Program Magister Akuntansi Unsyiah

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Abstract

This research is aimed to investigate the influence of managerial ownership, institutional ownership, and bonus compensation, both simultaneously and partially, toward earnings management on listed companies from the manufacturing sector at the Indonesia Stock Exchange (ISX) for the year 2006-2010. The research type used is verificative research or hypothesis testing research. By using census method and unbalanced panel data, there are 77 firm observations fulfilling the population criteria.The data type used is secondary data gotten from the capital market reference center at the Indonesia Stock Exchange. The multiple regression analysis model is used to test the hypothesis.The results of this research show that (1) managerial ownership, institutional ownership, and bonus compensation simultaneously have influence toward earnings management (2) managerial ownership has negative influence toward earnings management (3) institutional ownership has negative influence toward earnings management, and (4) bonus compensation has negative influence toward earnings management. Keywords: managerial ownership, institutional ownership, bonus compensation, earnings management 
PENGARUH MASA KERJA, JABATAN, DAN JENJANG PENDIDIKAN TERHADAP TINGKAT PEMAHAMAN APARATUR PEMERINTAH TENTANG PRIPSIP–PRINSIP GOOD GOVERNANCE DI PEMERINTAH KOTA BANDA ACEH Muhammad Arfan; Edi Faisal
Jurnal Telaah dan Riset Akuntansi Vol 2, No 1 (2009): Jurnal Telaah & Riset Akuntansi
Publisher : Program Magister Akuntansi Unsyiah

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Abstract

 The objective of this research is to examine and analyze the influence of servicing period, position, and education level toward the level of understanding of government officials about the principles of good government governance in the Government of Banda Aceh City. The research type used in this research is verificative research or hypothesis testing research.Respondents in this study amounted to 82 respondents as the sample of the total population of 459 respondents, namely Banda Aceh City government officials who served as Eselon II and Eselon IV of the government services and boards in the Government of Banda Aceh City. Data used in this study are primary data obtained by conducting field research by distributing questionnaires to the respondents directly. All questionnaires can be returned by respondents.Based on the descriptive analysis of the government officials, score of the level of understanding of government officials about the principles of good government governance is obtained by 79.76%. Based on the acquisition of this score can be said that the level of understanding of government officials about the principles of good government governance in the Government of Banda Aceh City is high. The independent variables in this study are presented in the form of dummy variables. Based on the results of hypothesis testing, it is showed that the servicing period and education level have influence toward the level of understanding of government officials about the principles of good governance in the Government of Banda Aceh City, while the position does not have influence toward the level of understanding of government officials about the principles of good governance in the Government of Banda Aceh City.
PENGARUH ARUS KAS BEBAS, COLLATERALIZABLE ASSETS, DAN KEBIJAKAN UTANG TERHADAP KEBIJAKAN DIVIDEN PADA PERUSAHAAN YANG TERDAFTAR DI JAKARTA ISLAMIC INDEX Muhammad Arfan; Trilas Maywindlan
Jurnal Telaah dan Riset Akuntansi Vol 6, No 2 (2013): Jurnal Telaah & Riset Akuntansi
Publisher : Program Magister Akuntansi Unsyiah

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Abstract

The aim of this study is to investigate the effect of free cash flow, collateralizable assets, and debt policy, both simultaneously and partially, to dividend policy on listed companies at Jakarta Islamic Index for the year 2007-2010. The study type used is verificative study or hypothesis testing study. By using census method and unbalanced panel data, there are 91 firm observations fulfilling the population criteria.The source of data is secondary data obtained from the capital  market reference centre at the Indonesia Stock Exchange. The multiple regression analysis model is used to test the hypothesis.The results show that (1) free cash flow, collateralizable assets, and debt policy simultaneously have influence to dividend policy (2) free cash flow has positive influence to dividend policy (3) collateralizable assets has positive influence to dividend policy, and (4) debt policy has negative influence to dividend policy.Keywords:  free cash flow, collateralizable assets, debt policy, dividend policy
NILAI PERUSAHAAN DALAM KAITANNYA DENGAN ARUS KAS BEBAS DAN PERTUMBUHAN PERUSAHAAN (Studi pada Perusahaan Manufaktur yang Terdaftar di Bursa Efek Indonesia) Heny Rofizar; Muhammad Arfan
Jurnal Telaah dan Riset Akuntansi Vol 6, No 1 (2013): Jurnal Telaah & Riset Akuntansi
Publisher : Program Magister Akuntansi Unsyiah

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Abstract

The objective of this research is to examine the influence of free cash flow and firms growth both simultaneously and partially toward firms value. The research was conducted on listed companies from the manufacturing sector at the Indonesia Stock Exchange in 2008-2010.     Based on the objective of this research, this research uses verificative research or hypotesis testing research by using census method. The target population in this research are manufacturing companies that have complete data for all variables studied. Based on the criteria mentioned, there are 111 firms-years (observations) that fulfill the population criteria during the three years of observation. The sources of data are secondary data obtained from financial statements that have been audited and share market price. All data are obtained from official website of Indonesia Stock Exchange (www.idx.co.id). Data are collected by using balanced panel data and analyzed by using multiple regression analysis.The results of this research show that: (1) simultaneously, free cash flow and firms growth have influence towards firms value, (2) partially, free cash flow and firms growth has positive influence towards firms value. Keywords: Free cash flow, Firms growth, Firms value
Co-Authors Desry Wahyuni Edi Faisal Evi Juliani Pujiati Heny Rofizar Iman Rafiyal Putra Muhammad Ridh Ramli Trilas Maywindlan