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All Journal Gadjah Mada International Journal of Business Jurnal Akuntansi Multiparadigma Journal of Indonesian Economy and Business Jurnal Manajemen Teori dan Terapan WIDYAKALA JOURNAL The Indonesian Journal of Accounting Research Studi Akuntansi, Keuangan, dan Manajemen ABIS: Accounting and Business Information Systems Journal VISI SAKTI: Jurnal Industri Kreatif dan Inovatif
Sumiyana Sumiyana
Universitas Gadjah Mada
Arts Humanities Decision Sciences, Operations Research & Management Economics, Econometrics & Finance Education Social Sciences Other

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Keberterimaan Situs Pajak: Pengindusian Orientasi Tujuan Pembelajaran dan Norma Subyektif ., Sumiyana; Pribadi, Angelia
Jurnal Akuntansi Multiparadigma Vol 1, No 3 (2010): Jurnal Akuntansi Multiparadigma
Publisher : Jurusan Akuntansi Fakultas Ekonomi dan Bisnis Universitas Brawijaya

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Abstract

This study investigates a new IS success model that predicts the net benefits of tax consultans’ works especially in Indonesia by inducing learning goal orientation and subjective norms. This research investigates initially the basic IS success model (DeLone dan McLean, 1992) using system quality, information quality, intention to use and net benefits. This study induces stepwisely learning goal orientation and subjective norms to this model to predict net benefits improvement of the IS success model. This study suggests that system quality and information quality enhance intention to use and users’ satisfaction, then they could make net benefits. This study finds low goodness of fit level of the basic model. The inducement of learning goal orientation to the basic model did not improve the level, neither did subjective norms. It means that tax information systems in Indonesia are still far from the IS that could be used as decision support systems or expert systems tools.
The Behavior of Opening and Closing Prices Noise and Overreaction Sumiyana, Sumiyana
Gadjah Mada International Journal of Business Vol 11, No 1 (2009): January - April
Publisher : Master of Management, Faculty of Economics and Business, Universitas Gadjah Mada

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Abstract

This study extends several previous studies that conclude that noise and overreaction on intraday data occur. Those studies have yet to be clear about the kind of price that explains for this noise and overreaction. This study examines the opening price and closing price behavior, and tries to explain the noise and overreaction on the Indonesia Stock Exchange using intraday data in every 30-minute interval. Sample is firms listed in LQ45 index. Sequentially, this research sample is filtered to stocks that are the most actively traded on the Indonesia Stock Exchange based on trading frequency in an observation period from January to December 2006. This research finds that noise and overreaction phenomena always occur in the opening and closing prices. In addition, investors actually correct the noise and overreaction that occur simultaneously at the first 30-minute interval on every trading day.
Accounting Fundamentals and the Variation of Stock Price: Factoring in the Investment Scalability Sumiyana, Sumiyana; Baridwan, Zaki; Sugiri, Slamet; Hartono, Jogiyanto
Gadjah Mada International Journal of Business Vol 12, No 2 (2010): May - August
Publisher : Master of Management, Faculty of Economics and Business, Universitas Gadjah Mada

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Abstract

This study develops a new return model with respect to accounting fundamentals. The new return model is based on Chen and Zhang (2007). This study takes into account theinvestment scalability information. Specifically, this study splitsthe scale of firm’s operations into short-run and long-runinvestment scalabilities. We document that five accounting fun-damentals explain the variation of annual stock return. Thefactors, comprised book value, earnings yield, short-run andlong-run investment scalabilities, and growth opportunities, co associate positively with stock price. The remaining factor,which is the pure interest rate, is negatively related to annualstock return. This study finds that inducing short-run and long-run investment scalabilities into the model could improve the degree of association. In other words, they have value rel-evance. Finally, this study suggests that basic trading strategieswill improve if investors revert to the accounting fundamentals.Keywords: accounting fundamentals; book value; earnings yield; growth opportuni­ties; short­run and long­run investment scalabilities; trading strategy;value relevance
Behavior of Stock Price Variability over Trading and Nontrading Periods, and Daily Return Volatility Sumiyana, Sumiyana
Gadjah Mada International Journal of Business Vol 9, No 3 (2007): September - December
Publisher : Master of Management, Faculty of Economics and Business, Universitas Gadjah Mada

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Abstract

This study examined the behavior of stock price variability over trading and nontrading periods, and daily return volatility. This study used intraday data in Indonesia Stock Exchange. Sample was taken from the firms listed in LQ 45 indexes for the year of 1999-2006. The behavior of stock price variability and daily return volatility, according to previous theories, is influenced by the array of public and private information.This study concludes that return variance over trading and nontrading periods, along with overnight and lunch break nontrading session, and the first and second trading session, has differed significantly. In addition, daily return volatility is also not identical significantly. Subsequently, this study used size, trading volume, bid-ask spreads and up-down market as control variables. This study contradicts to all prior studies. This study especially suggests contra evidence in comparisons with previous concepts and theories in regards to size, trading volume, bid-ask spreads, and up-down market as control variables.
MONDAY EFFECT: PENALARANAN LOGIS SEBAGAI AKIBAT DARI PENGARUH PSIKOLOGIS, PENGARUH PERIODE NONPERDAGANGAN, ATAU PENGARUH KOMBINASIAN KEDUANYA (Studi Empiris Berbasis Data Intraday, Bursa Efek Jakarta 1999-2005) sumiyana, sumiyana
Journal of Indonesian Economy and Business Vol 22, No 2 (2007): April
Publisher : Journal of Indonesian Economy and Business

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Abstract

This research tested Monday effect over day of the week. Especially, this researchinvestigated the existance or not of excessively negative intraday return on Monday which are notidentical in comparison with the same periods in others day. Having identified the existance ofMonday effect, this research continued to investigate the intraday returns on Monday trading andnontrading periods in comparison with intraday return in others day. This study used meancomparison F-test. This research resulted that nontrading weekend effect and psychological effectwere not fully supported, or the both effects were partially and incidentally only. Finally, thisresearch evidenced that Monday effect influenced by combination of nontrading weekend effectand psychological effect.Keywords: monday effect, intraday data, trading periods, nontrading periods, nontrading weekend effect, psychological effect
ACCOUNTING FUNDAMENTALS AND VARIATIONS OF STOCK PRICE: FORWARD LOOKING INFORMATION INDUCEMENT Sumiyana, Sumiyana
Journal of Indonesian Economy and Business Vol 26, No 2 (2011): May
Publisher : Journal of Indonesian Economy and Business

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Abstract

This study investigates a permanent issue about low association between accounting fundamentals and variations of stock prices. It induces not only historical accountingfundamentals, but also forward looking information. Investors consider forward looking information that enables them to predict potential future cash flow, increase predictive power, lessen mispricing error, increase information content and drives future price equilibrium. The accounting fundamentals are earnings yield, book value, profitability, growth opportunities and discount rate or they could be called as five-related-cash flow factors. The forward looking information are expected earnings and expected growth opportunities. This study suggests that model inducing forward looking information could improve association degree between accounting fundamentals and the movements of stock prices. In other words, they have higher value relevance than not by inducing. Finally, thisstudy concludes that inducing forward looking information could predict stock price accurately and reduce stock price deviations from their fundamental value. It also impliesthat trading strategies should realize to firm’s future rational expectations.Keywords: earnings yield, book value, profitability, growth opportunities, discount rate, accounting fundamentals, forward looking, value relevance
RELATED PARTIES’ TRANSACTION AND EARNINGS MANAGEMENT: A CASE IN INDONESIA Sumiyana, Sumiyana; Febrianto, Rahmat
Journal of Indonesian Economy and Business Vol 27, No 2 (2012): May
Publisher : Journal of Indonesian Economy and Business

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Abstract

This study investigates the association between related parties’ transactions and earnings management in Indonesia. Firms executives officers accompanied by board of director members usually engage in related parties’ transactions to expropriate the firm’s resources. Therefore, they have incentives to manage earnings either to increase theirperquisites or possibly to mask such expropriation.This study presents evidence that earnings management is positively associated with certain types of related parties’ transactions. Overall, this study concludes that concernsabout related parties’ transactions as a factor associated with earnings management are warranted, especially for certain related parties’ transactions. There are purchase costs from subsidiary or parent companies and expenses incurred from the firm’s related parties’ transactions.Keywords: related parties’ transactions, perquisite, earnings management. 
TASK-TECHNOLOGY FIT AND PERSON-JOB FIT: A BEAUTY CONTEST TO IMPROVE THE SUCCESS OF INFORMATION SYSTEMS Suryani, Woro Dwi; Sumiyana, Sumiyana
Journal of Indonesian Economy and Business Vol 29, No 2 (2014): May
Publisher : Journal of Indonesian Economy and Business

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Abstract

This study raises the issue that information system success could be enhanced by complementingother factors. This study investigates the success of information systems by inducing2the task-technology fit (TTF) and person-job fit (PJF) into the DeLone and McLean model. Thisstudy aims to examine, among the two induced factors, which one is able to explain andimprove the success of the information systems implementation.The results of this study indicate that the TTF explains the models’ goodness of fit betterthan that of the PJF when induced into the modified DeLone and McLean model. This studyimplies this in terms of both theory and practice. Theoretically, this research presents an alternativeresearch model that can be used to investigate the success of information systems byconsidering the aspect of the users’ cognitive suitability (the cognitive fit theory). Furthermore,practically, this study suggests the importance of focusing on users’ skills and competenciesand, subsequently, management should do so. Additionally, the TTF recommends a simpleproposition that it could be attached immediately into the individuals’ skills and competencies.However, the PJF needs to be deeply embedded in the job’s qualifications and recruitmentpolicies.Keywords: DeLone and McLean Model, inducement, task-technology fit, person-job fit
PRIVATE INFORMATION ARRIVAL AT INDONESIA STOCK EXCHANGE, REALITY OR IMAGINARY? U-SHAPED RETURN VARIANCE CURVE VERIFICATION Mihardjo, Setiyono; Sumiyana, Sumiyana
Journal of Indonesian Economy and Business Vol 27, No 3 (2012): September
Publisher : Journal of Indonesian Economy and Business

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Abstract

This research investigates occurrence of private information arrival in Indonesia Stock Exchange (IDX). The occurrence comes from overnight nontrading session as well as lunch-break hour. Lunch-break return variance decreases two times in comparison with early morning and lately afternoon return variances. This variance is due to private information arrival. This study finds that opening prices form the full day U-shape. It means that opening price causes stock mispricing. It also be concluded that lunch-break session produces the bottom line on the U-shape to move downward. U-shaped curve during morning until the end-afternoon session occurs. Therefore, the line formationimplies the existence of private information arrival that is in short-lived.Keywords: U-shaped curve, private and public information
PERSISTENSI SKEWNESS RETURN POSITIF ANTAR PERIODA RETURN: SAHAM INDIVIDUAL DAN PORTOFOLIO (BURSA EFEK JAKARTA, 2001-2006) Sumiyana, Sumiyana
Journal of Indonesian Economy and Business Vol 22, No 4 (2007): October
Publisher : Journal of Indonesian Economy and Business

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Abstract

This research investigates stock returns to be consistently positively skewed. Thefrequency of positive skewness is found to be relatively stable over varying time periods.Controversially, in regards to others empirical research, past positively-skewed returns donot predict future positively-skewed returns. This research used daily and weekly data inJSX (Jakarta Stock Exchange). Samples of the data are the firms ever listed in LQ 45indexes for the year of 2001-2006.The positively-skewed returns of individual stocks are relatively rare (small proportion).Furthermore, the positively-skewed returns are likely occured incidentally only.Sequentially, this research conducted to control using 100 portfolios that composed withfive stocks and 20 stocks in each portfolio. Having controlled, this research concludedequivalent results with individual stock before. This research also suggests that pastpositively-skewed returns do not predict future positively-skewed returns. Finally, theskewness of individual stocks and portfolios does not persist across different periods. Thisresearch inffered that investors in JSX face uncertainty.Keywords: skewness persistence, consistently, mean (first-moment), variance (secondmoment), skewness (third-moment), random portfolios, distribution of stock returns, multiperiod case.
Co-Authors Aini, Rias Angelia Pribadi Angelia Pribadi Asriningsih, Rani BAMBANG RIYANTO LS Binsar I. K. Telaumbanua Handoko, Suhery Hendrian Hendrian HENDRIK GAMALIEL I Wayan Nuka Lantara Irfan Nursasmito Jogiyanto Hartono Junaidi , Junaidi Mahsun, Mohamad Nurdiono Nurdiono Rahmat Febrianto Rr. Paramitha Dyah Fitriasari Said Jubran Setiyono Mihardjo Setiyono Miharjo Slamet Sugiri Suparmono Suparmono Vita Kumalasari, Vita Woro Dwi Suryani Woro Dwi Suryani ZAKI BARIDWAN Zaki Baridwan Zaki Baridwan