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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

Author-ID : 2811571

Arts Humanities Decision Sciences, Operations Research & Management Economics, Econometrics & Finance Education Social Sciences Other

Published : 41 Documents Claim Missing Document

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Articles

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ACCOUNTING FUNDAMENTALS AND VARIATIONS OF STOCK PRICE: METHODOLOGICAL REFINEMENT WITH RECURSIVE SIMULTANEOUS MODEL Sumiyana Sumiyana; Zaki Baridwan
Journal of Indonesian Economy and Business (JIEB) Vol 28, No 1 (2013): January
Publisher : Faculty of Economics and Business, Universitas Gadjah Mada

This study investigates association between accounting fundamentals and variations of stock prices using recursive simultaneous equation model. The accounting fundamentals consist of earnings yield, book value, profitability, growth opportunities and discount rate. The prior single relationships model has been investigated by Chen and Zhang (2007), Sumiyana (2011) and Sumiyana et al. (2010). They assume that all accounting fundamentals associate direct-linearly to the stock returns. This study assembles that all accounting fundamentals should associate recursively.This study reconstructs the model and found that only the first two factors could influence stock returns directly, while the three remaining factors should relate precedently to the earnings yield and book value. This study suggests that new reconstructed relationships among accounting fundamentals could decompose association degree between them and the movements of stock prices. Finally, this study concludes that this methodological refinement would improve the ability of predicting stock prices and reduce stock price deviations. It implies that accounting fundamentals actually have higher value relevance in the new recursive simultaneous equation model than that in single equation model. It also entails that relationship decompositions revitalize the integration of the adaptation and the recursion theories.

PRIVATE INFORMATION ARRIVAL AT INDONESIA STOCK EXCHANGE, REALITY OR IMAGINARY? U-SHAPED RETURN VARIANCE CURVE VERIFICATION Setiyono Mihardjo; Sumiyana Sumiyana
Journal of Indonesian Economy and Business (JIEB) Vol 27, No 3 (2012): September
Publisher : Faculty of Economics and Business, Universitas Gadjah Mada

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

RELATED PARTIES’ TRANSACTION AND EARNINGS MANAGEMENT: A CASE IN INDONESIA Sumiyana Sumiyana; Rahmat Febrianto
Journal of Indonesian Economy and Business (JIEB) Vol 27, No 2 (2012): May
Publisher : Faculty of Economics and Business, Universitas Gadjah Mada

This study investigates the association between related parties’ transactions and earnings management in Indonesia. Firm's 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.

ACCOUNTING FUNDAMENTALS AND VARIATIONS OF STOCK PRICE: FORWARD LOOKING INFORMATION INDUCEMENT Sumiyana Sumiyana
Journal of Indonesian Economy and Business (JIEB) Vol 26, No 2 (2011): May
Publisher : Faculty of Economics and Business, Universitas Gadjah Mada

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

NOISE AS THE IMPACT OF TRADING MECHANISM AND PERIODIC CLEARING PROCEDURES: SUBSTANTIVE EVIDENCE FROM INDONESIA STOCK EXCHANGE Sumiyana Sumiyana
Journal of Indonesian Economy and Business (JIEB) Vol 24, No 1 (2009): January
Publisher : Faculty of Economics and Business, Universitas Gadjah Mada

Sumiyana (2007b) investigates that noises occurred in Indonesia Stock Exchange. Especially, Sumiyanas’ research concludes that noise over trading and nontrading period, along with overnight and lunch break nontrading session, and the first and second trading session, had occurred. However, Sumiyana’s research does not identify who are responsible for the noise. This research used intraday data in Indonesia Stock Exchange. Samples of the data are the firms consecutively listed in LQ 45 indexes for the year of 2004-2006.This research attempts to identify who are responsible for the noise. This research studies effects of trading mechanism and clearing mechanism on the stock return behaviour. Finally, this research is enabling to differentiate the effect of trading mechanism from the effect of clearing mechanism. This research concludes that periodicclearing procedure at the beginning of the trading period is noisy. Therefore, this research suggests that trading mechanism in Indonesia Stock Exchange is inefficient. This research also hopefully recommends shifting from the periodic to continuous trading mechanism.Keywords: Intraday data, trading mechanism, trading and nontrading periods, stock return behaviour, noise, negative autocorrelation, clearing mechanism, periodic clearing procedure.

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 (JIEB) Vol 22, No 2 (2007): April
Publisher : Faculty of Economics and Business, Universitas Gadjah Mada

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

NOISE ATAU KEDATANGAN INFORMASI: SEBUAH FENOMENA SPESIFIK PERILAKU HARGA SAHAM DI PASAR MODAL INDONESIA Studi Empiris Berbasis Data Intraday, Bursa Efek Jakarta 1999-2006 Sumiyana Sumiyana
Journal of Indonesian Economy and Business (JIEB) Vol 22, No 3 (2007): July
Publisher : Faculty of Economics and Business, Universitas Gadjah Mada

This research proved occurrence of noise. This research used intraday data in JSX(Jakarta Stock Exchange). Samples of the data are the firms listed in LQ 45 indexes for the yearof 1999-2006. The noise, in accordance with previous concepts and theories, were influenced bythe arrival of public and private information and those arrivals were disseminated. Test resultsconcluded that noise over trading and nontrading period, along with overnight and lunch breaknontrading session, and the first and second trading session, had occured.Factually, noise occurred in the interval of one and three aforementioned periods.Conversely, information arrival (consistently positive return) occurred in the lag of fourpreceding period or one day lag only. Sequentially, this research conducted to control using size,trading volume, bid-ask spreads, up-down market, and tick size statute. Having controlled, thisresearch found that these were not always correct and valid. It means that conclusions of theprior researches were not consistent. Especially, this research suggested contra evidence incomparisons with previous concepts and theories whenever controlled by size, trading volume,bid-ask spreads, up-down market and tick size.Keywords: intraday data, trading and nontrading periods, noise, negative autocorrelation, size, trading volume, bid-ask spreads, up-down market, tick size.

PERSISTENSI SKEWNESS RETURN POSITIF ANTAR PERIODA RETURN: SAHAM INDIVIDUAL DAN PORTOFOLIO (BURSA EFEK JAKARTA, 2001-2006) Sumiyana Sumiyana
Journal of Indonesian Economy and Business (JIEB) Vol 22, No 4 (2007): October
Publisher : Faculty of Economics and Business, Universitas Gadjah Mada

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.

THE TECHNOLOGY READINESS OR SOCIAL PRESENCE, WHICH ONE COULD EXPLAIN THE TECHNOLOGY ACCEPTANCE BETTER? AN INVESTIGATION ON VIRTUAL COMMUNITIES Said Jubran; Sumiyana Sumiyana
Journal of Indonesian Economy and Business (JIEB) Vol 30, No 2 (2015): May
Publisher : Faculty of Economics and Business, Universitas Gadjah Mada

Internet technology has accelerated the development of communities from face-to-face into computer-mediated communications. Individuals who joined the virtual communities contributed greatly to building their knowledge by sharing their experiences. This study investigates the individuals’ knowledge sharing intentions using two approaches for the research model. The first approach is adopted from Hung & Cheng’s (2013) model that incorporates technology readiness, compatibility and acceptance. The second approach is a new model built specifically for this study which combines the social presence and compatibility into the technology acceptance. Furthermore, this study compared both models to identify their ability to explain the individuals’ knowledge sharing intentions.This study’s results show that the first model is not better than the second. In the first model, the technology readiness, as represented only by the innovative, is the only one having a positive effect on the technology acceptance. Meanwhile, the three other constructs, i.e. optimism, discomfort, and insecurity are not. In the second model, the social presence and compatibility that are integrated into the Technology Acceptance Model could actually positively affect the technology acceptance.In the technology readiness model, the ease of the technology is not the indicator which assesses the usefulness of the technology. Meanwhile, in the social presence model, the ease of use affects the usefulness of the technology. Furthermore, both in the technology readiness and social presence models, the perceived usefulness and ease of use affect the knowledge sharing intentions. The study finds that the social presence is able to explain the knowledge sharingintentions better than the technology readiness does. It implies practically that virtual community providers should make individuals be more active in their virtual communities. Then, the providers could facilitate the improvement of the individuals’ cognitive capabilities and competencies with their high motivation for knowledge sharing.Keywords: technology readiness, social presence, communications medium, compatibility, virtual community, online learning

ISLAM AND THE MORAL ECONOMY: THE CHALLENGE OF CAPITALISM Sumiyana .
Journal of Indonesian Economy and Business (JIEB) Vol 29, No 3 (2014): September
Publisher : Faculty of Economics and Business, Universitas Gadjah Mada

This is a book review on Islam and the moral economy that highlights the challenge of capitalism.

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

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