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All Journal Jurnal Reviu Akuntansi dan Keuangan Jurnal Akuntansi & Auditing Indonesia Media Riset Akuntansi Journal The Winners Akuntansi Krida Wacana Journal of Accounting and Investment Riset Akuntansi dan Keuangan Indonesia Indonesian Journal of Sustainability Accounting and Management Jurnal Kajian Akuntansi Jurnal Akuntansi dan Keuangan Indonesia Proceeding National Conference Business, Management, and Accounting (NCBMA) Jurnal Dinamika Akuntansi dan Bisnis (JDAB) Indonesian Journal of Sustainability Accounting and Management Proceeding of International Conference on Entrepreneurship (IConEnt) Riset Akuntansi dan Keuangan Indonesia Jurnal Akuntansi
Antonius Herusetya
Department Of Accounting, Faculty Of Economic And Business, Universitas Pelita Harapan, Tangerang
Decision Sciences, Operations Research & Management Economics, Econometrics & Finance Education Social Sciences

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INFORMATION ASYMMETRY, MARKET REACTION AND COMPANY PERFORMANCE: PRE AND DURING THE COVID-19 PANDEMIC Herusetya, Antonius; Lawu, Sintya Andrey
Proceedings of the International Conference on Entrepreneurship (IConEnt) Vol. 2 (2022): Proceedings of the 2nd International Conference on Entrepreneurship (IConEnt)
Publisher : Universitas Pelita Harapan

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Abstract

This study examines the effect of information asymmetry and market reaction on company performance before and during the Covid-19 pandemic. The population in this study are all listed companies on the Indonesia Stock Exchange except for the financial sector with the 2018-2020 observation year. We define the observation period as pre- pandemic (2018-2019) and during the pandemic Covid-19 (2020). This study used the purposive sample selection method and obtained 953 observations. Using multiple linear regression analysis models, our study finds evidence that information asymmetry negatively affects firm performance. During the Covid-19 pandemic, this study finds weak evidence of the moderating role of Covid-19 on the relationship between information asymmetry and performance. Furthermore, this study found no evidence that the company's performance gave a market reaction, measured by the earnings response coefficient, but in the Covid-19 pandemic period, the company's performance gave a positive market reaction.
LOW AUDIT QUALITY: CLIENT COMPLEXITY AS MODERATING VARIABLE, PRE- AND AT THE PANDEMIC COVID-19 PERIOD Herusetya, Antonius; Halim, Yiska Cornelia
Proceedings of the International Conference on Entrepreneurship (IConEnt) Vol. 2 (2022): Proceedings of the 2nd International Conference on Entrepreneurship (IConEnt)
Publisher : Universitas Pelita Harapan

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Abstract

We suspect that in the era of the COVID-19 pandemic, where physical distance is required by rule, audit quality will decline, especially for small audit firms. This study examines the low audit quality of the modified audit opinion. Low audit quality is measured by low audit tenure and non-Big Four accounting firms. This study also examines this relationship in the era of the COVID-19 pandemic. The sample is all non-financial companies listed on the Indonesia Stock Exchange for 2018-2020. Using logistic regression analysis in our models, our study show contrary empirical evidence to our hypothesis that low audit tenure and non-Big Four audit firms are positively related to modified audit opinion. However, this study found no evidence that client complexity affects the relationship between low audit tenure and non-big four with modified audit opinions, both in the entire observation period and during the COVID-19 era. Our results give new implications to the stakeholders that audit quality of low tenure and non-Big Four firms do not automatically decline in the era of the COVID-19 pandemic.
Market Reaction Toward the Detailed Content of Disclosure in the Modified Audit Opinion: Case of Indonesia Wijaya, Hana; Herusetya, Antonius
Proceedings of the International Conference on Entrepreneurship (IConEnt) Vol. 3 (2023): Proceedings of the 3rd International Conference on Entrepreneurship (IConEnt)
Publisher : Universitas Pelita Harapan

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Abstract

This study examines the market reaction toward information content in the auditors' opinions measured by the number of paragraphs and detailed disclosures in additional and modified paragraphs in the modified audit opinion. The study sample was taken from all public companies on the Indonesian Stock Exchange, except for the financial industries in 2018-2020. Hypotheses tests were carried out using linear multiple regression models. With a total sample of 1017 firm-year observations for 339 listed companies, our study found evidence that the market reacted negatively to disclosures in audit opinions in the form of the number of paragraphs in the modified audit opinions. However, this study did not find evidence that the market reacts to the number of detailed contents in additional paragraphs and modification paragraphs. Our further tests found strong evidence of incremental information captured by the capital market players in the form of positive reactions to the number of paragraphs and detailed topics in the paragraphs of modified audit opinions during the Covid-19 pandemic in 2020. Results of the study provide practical implications that capital market players use detailed information contained in paragraphs of modified audit opinions to make investment decisions, reflected in the earnings response coefficient.
Does Client Complexity Before and During the Covid-19 Pandemic Affect Audit Partner Independence? Evidence from the Modified Audit Opinions Amabel, Vania; Herusetya, Antonius
Proceedings of the International Conference on Entrepreneurship (IConEnt) Vol. 3 (2023): Proceedings of the 3rd International Conference on Entrepreneurship (IConEnt)
Publisher : Universitas Pelita Harapan

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Abstract

This study examines the impact of the client's level of complexity on the modified audit opinion (MAO). This study also examines the moderating effect of the COVID-19 pandemic on the relationship between client complexity level and modified audit opinion. The level of client complexity is measured using a complexity score with the dimensions of company size, level of bankruptcy risk, level of company growth, and financial performance. The study sample was taken from all listed companies on the Indonesia Stock Exchange except for the financial industry, with an observation period of 2018-2020. Using logistic regression analysis and 1020 firm-year observations, our study found that client complexity positively affects the audit partner quality measured by the tendency to issue modified audit opinions. Further study found no evidence that the COVID-19 pandemic occurred in 2020 has a moderating effect on the relationship between client complexity and modified audit opinions. This study's results imply that the sample profile, which the Big Four audit firms dominate, reflects the relatively high quality of audit partners in Indonesia in issuing modified audit opinions despite client complexities.
TEKANAN KEUANGAN, RISIKO KEBANGKUTAN, DAN MANAJEMEN LABA REAL: BUKTI EMPIRIS PADA NEGARA ASEAN- SEBELUM DAN PADA SAAT KRISIS KEUANGAN 2020 Tantomi, Gabriella; Herusetya, Antonius
Proceeding National Conference Business, Management, and Accounting (NCBMA) 7th National Conference Business, Management, and Accounting
Publisher : Faculty of Economics and Business Universitas Pelita Harapan

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Abstract

Studi ini menguji pengaruh tekanan keuangan/financial distress dan risiko kebangkrutan/bankruptcy risk terhadap manajemen laba real sebelum dan pada saat krisis keuangan 2020 yang disebabkan oleh pandemi COVID-19. Dengan menggunakan metode purposive sampling kami memperoleh 1326 perusahaan terbuka atau 5304 observasi final dalam firm-years dari lima negara ASEAN, yaitu Singapura, Indonesia, Malaysia, Filipina, dan Thailand untuk periode pengamatan 2017 - 2020. Manajemen laba real pada level agregat diukur menggunakan jumlah  dari abnormal CFO (cash flows from operating activities), abnormal production cost, dan abnormal discretionary expenditure. Financial distress diukur menggunakan dua pengukuran, yaitu loss dan/atau CFO negatif, dan retained earnings negatif dua tahun berturut - turut. Sedangkan bankruptcy risk diukur dengan model Zmijewski. Hasil studi menemukan hubungan positif antara  financial distress dan bankruptcy risk dengan manajemen laba real pada level agregat untuk seluruh periode pengamatan. Pada periode krisis keuangan tahun 2020, tidak ditemukan bukti bahwa financial distress dan bankruptcy risk semakin berpengaruh terhadap manajemen laba real pada tingkat agregat dibandingkan periode non-krisis keuangan 2020. Pengujian tambahan menemukan bukti bahwa pada periode krisis 2020, perusahaan yang mengalami financial distress dan bankruptcy risk memiliki kecenderungan yang lebih rendah dalam melakukan manajemen laba real pada level abnormal CFO, tetapi cenderung meningkatkan discretionary expense. Studi kami memberikan implikasi bahwa pada periode krisis keuangan 2020, manajer melakukan kombinasi aktivitas transaksi real pada level individual karena biaya manajemen laba real yang terlalu mahal.
Audit Quality of The Engagement Partner and Audit Firm Sambuaga, Elfina Astrella; Herusetya, Antonius
Riset Akuntansi dan Keuangan Indonesia Vol 7, No 1 (2022) Riset Akuntansi dan Keuangan Indonesia
Publisher : Universitas Muhammadiyah Surakarta

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.23917/reaksi.v7i1.17388

Abstract

This study examines the effect of the number of clients and complexity on audit quality at the engagement partner and public accounting firm levels. The discretionary accrual and real activities manipulation models are used to assess the audit quality at the engagement partner and public accounting firm levels. From 2013 to 2018, this study examined 506 firm-year observations for companies in the industrial sector listed on the Indonesian Stock Exchange. Using multiple linear regressions and controlling for year and industry fixed effects, our study discovered that the client complexity handled by engagement partners has an association with the engagement partners’ audit quality declining using discretionary accruals. However, our study discovered no relationship between the number of clients at the engagement partner and audit firm levels, and client complexity at the audit firm level that influences audit quality. Thus, the findings of our study suggest to standard setters, capital market participants, and other stakeholders that audit quality at the engagement partner level remains a significant concern.
Is Audit Quality at Risk in the Covid-19 Era? The Moderating Role of Client Complexity Thalia, Michelle; Herusetya, Antonius
Jurnal Dinamika Akuntansi dan Bisnis Vol 12, No 1 (2025): March 2025
Publisher : Accounting Departement Economics and Business Faculty Syiah Kuala University

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.24815/jdab.v12i1.41756

Abstract

This study investigated the association between low audit quality and the tendency to issue modified audit opinions (MAO), using the proxy of non-Big Four audit firms and non-industry-specialized auditors. It also investigated the moderating effect of client complexity on the relationship between audit quality and MAO, and examines the effect of COVID-19 pandemic on these relationships. The samples were all listed firms on the Indonesia Stock Exchange, except for financial industry over a period of 2018 2020 (1,020 firm-years observations). Using panel logistic regression analyses, this study reveals that non-Big Four audit firms have a greater tendency to issue MAO, with no association between non-industry-specialized auditors and the tendency to issue MAO. This study also identifies that client complexity represents a moderator that enhances the positive correlation between non-Big Four audit firms and MAO. Lastly, no evidence found of any difference in the audit quality between pre- and during COVID-19 pandemic.
APAKAH KEMAMPUAN MANAJERIAL MEMILIKI PERAN PADA SIKLUS HIDUP PERUSAHAAN? BUKTI EMPIRIS MENGGUNAKAN DATA ENVELOPMENT ANALYSIS Angelina Novena Tjiano; Antonius Herusetya
Proceeding National Conference Business, Management, and Accounting (NCBMA) 8th National Conference Business, Management, and Accounting
Publisher : Faculty of Economics and Business Universitas Pelita Harapan

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Abstract

Studi ini menguji asosiasi kemampuan manajerial dengan siklus hidup perusahaan pada emerging market. Kemampuan manajerial diukur menggunakan pendekatan Demerjian et al. (2012) dengan teknik Data Envelopment Analysis (DEA), sedangkan siklus hidup perusahaan diukur dengan arus kas model Dickinson (2011), yang mencakup tahapan introduction, growth, mature, dan decline. Sampel studi diambil dari beberapa negara ASEAN, yaitu Indonesia, Filipina, dan Singapura yang tercatat di S&P Capital IQ, kecuali sektor keuangan, dan dengan metode purposive sampling diperoleh 4.410 observasi dari 441 perusahaan untuk periode pengamatan 2014-2023. Dengan menggunakan analisis data panel fixed effects, studi ini menemukan bukti empiris adanya hubungan positif kemampuan manajerial dengan tahapan introduction dan tahapan mature, namun tidak menemukan bukti untuk tahapan siklus hidup yang lain. Pengujian sensitivitas untuk negara Filipina dan Singapura menemukan bukti yang mendukung temuan utama, yaitu hubungan positif antara kemampuan manajerial dengan tahap introduction, namun tidak ditemukan bukti pada tahapan siklus hidup lainnya, kecuali untuk Indonesia ditemukan hubungan positif antara kemampuan manajerial dengan tahap mature. Studi ini memberikan implikasi bahwa kemampuan tim manajer yang lebih tinggi memiliki peran penting pada tahapan siklus hidup perusahaan untuk menjaga keberlangsungan usaha.
Co-Authors Ahmad Kamil Amabel, Vania Amelia Susanto Angelina Novena Tjiano Cyrilla Stefani Hadisurja, Andrea Chrysanti Halim, Yiska Cornelia Hartiwi Prabowo Hartiwi Prabowo, Hartiwi Kezia Natalie Lawu, Sintya Andrey Purba, Golrida Karyawati Reisha Pujilestari Sambuaga, Elfina Astrella Synthia Atas Sari Synthia Atas Sari, Synthia Atas Tantomi, Gabriella Thalia, Michelle Totong, Allysa Vionna Lievia Wijaya, Hana Yiska Cornelia Halim