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PENGENDALIAN RISIKO TUNNELINGPADA TRANSAKSI MERGER & AKUISISI DAN MEKANISME CORPORATE GOVERNANCE: BUKTI EMPIRIS DI ASIA Ratna Candra Sari; Abdullah Taman
Jurnal Pendidikan Akuntansi Indonesia Vol 9, No 2 (2011): Jurnal Pendidikan Akuntansi Indonesia
Publisher : Universitas Negeri Yogyakarta

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21831/jpai.v9i2.966

Di Indonesia, konglomerasi mendominasi perekonomian nasional sekaligusmemberikan kontribusi besar dalam krisis ekonomi nasional. Beberapa bentuk konglomerasidi Indonesia antara lain Salim Group, Bakrie Group, Sinar Mas, Gudang Garam, Lippo dsb.Perusahaan dengan karakteristik kelompok bisnis konglomerat menyebabkan timbulnyarisiko ekspropriasi sebagai akibat pengaruh kuat dari pemegang saham pengendali yangmerugikan pemegang saham minoritas dan pihak eksternal lain. Salah satu bentuk eksproriasiterhadap pemegang saham minoritas adalah tunneling. Tunneling adalah transfer aset dankeuntungan keluar dari perusahaan untuk kepentingan pemegang saham mayoritas (Johnson,2000). Dalam konteks cross border merger dan akuisisi, tunneling mempunyai dampakberpindahnya asset dan corporate control ke negara lain. Tujuan penelitian ini adalah untukmengetahui: pertama, apakah mekanisme corporate governance mampu mengendalikan risikotunneling. Kedua, untuk menguji apakah karakteristik level negara lebih efektif dibandingkarakteristik level perusahaan dalam mempengaruhi praktik corporate governance.Penelitian ini dilakukan dengan memetakan value destroyed deal dan value addeddeal dalam konteks merger dan akuisisi berdasarkan nilai wajar transaksi dan kinerjakeuangan non keuangan setelah merger dan akuisisi. Untuk menguji pengaruh mekanismecorporate governance pada pengendalian risiko tunneling, maka penelitian ini melakukanpenilaian implementasi corporate governance pada perusahaan target dan perusahaanpengakusisi pada value destroyed dan value added deal.Penelitian ini berguna untuk: pertama, melindungi asset negara dari risiko tunneling.Dalam konteks cross border merger dan akuisisi, tunneling dapat menyebabkan berpindahnyaasset dan corporate control ke negara lain. Kedua, meningkatkan perekonomian dan ikliminvestasi yang kondusif dengan memberikan perlindungan bagi investor minoritas/publik;ketiga, memberikan pemahaman pada pemegang saham public atau minoritas tentang adanyarisiko ekspropriasi oleh pemegang saham mayoritas (konglomerasi) dalam bentuk tunneling.Keempat, mengusulkan model corporate governance yang dapat meningkatkan perlindunganpada pemegang saham minoritas/public. Kelima: memberikan rekomendasi pada regulatormengenai mekanisme perlindungan pada investor minoritas dan public. Keenam, memahamipentingnya implikasi karakteristik level negara dalam menjelaskan praktik corporategovernance.Hasil penelitian ini memiliki implikasi dalam kebijakan publikdan model corporategovernance berkaitan dengan perlindungan terhadap pemegang saham minoritas (publik) daririsiko tunneling yang dilakukan oleh pemegang saham mayoritas (konglomerasi). Sehinggahasil penelitian ini akan layak untuk dipublikasikan dalam berbagai jurnal dan diseminarkandalam forum nasional dan internasional.

A clawback compensation scheme and its effect on method options for earnings management Ratna Candra Sari; Mahfud Sholihin
Jurnal Akuntansi dan Auditing Indonesia Vol 22, No 2 (2018)
Publisher : Accounting Department, Faculty of Business and Economics, Universitas Islam Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.20885/jaai.vol22.iss2.art4

This study aims to examine the effectiveness of the adoption of clawback in reducing the intention of managers to manipulate earnings. This study differs from previous literatures which are mainly conducted in low uncertainty avoidance and high individualism cultures using an archaival method since it is conducted in a country with high uncertainty avoidance and low individualism culture using an experimental approach. This study is important because previous studies indicate that national culture provides important explanations or the variance of the effectiveness of compensation schemes. The respondents are students of postgraduate of accounting who have work experience in the field. The study was conducted between February-March 2018. The result of this study shows that the adoption of clawback reduces managers’ intention to engage in earnings manipulation, especially accrual manipulation. However, the study also finds that clawback motivates managers to engage in earnings management using a method that is more difficult to be detected by regulators and auditors.

PENGEMBANGAN KOMIK EDUKASI SEBAGAI MEDIA PEMBELAJARAN LITERASI KEUANGAN UNTUK SISWA SEKOLAH DASAR Sariyatul Ilyana; Ratna Candra Sari
Jurnal Pendidikan Akuntansi Indonesia Vol 13, No 2 (2015): Jurnal Pendidikan Akuntansi Indonesia
Publisher : Universitas Negeri Yogyakarta

Penelitian ini bertujuan untuk: mengembangkan komik edukasi “Impian Moni” sebagai media pembelajaran literasi keuangan kompetensi anggaran pribadi untuk siswa sekolah dasar; mengetahui kelayakan komik edukasi”Impian Moni”; mengetahui peningkatan pemahaman siswa mengenai pembelajaran literasi keuangan kompetensi anggaran pribadi dengan menggunakan komik edukasi “Impian Moni”. Penelitian ini menggunakan metode Research and Development (RD) model Four-D. Hasil penelitian menunjukkan empat tahap dalam pengembangan komik edukasi: 1) Define, 2) Design 3) Develop,dan 4) Disseminate. Berdasarkan penilaian ahli materi, ahli media, ahli bahasa, dan praktisi, skor rata-rata aspek materi adalah sebesar 4,26 (Sangat Layak), aspek media sebesar 3,56 (Layak), dan aspek bahasa sebesar 3,89 (Layak). Berdasarkan respon siswa pada uji pengembangan menunjukkan bahwa rata-rata skor aspek materi sebesar 4,10 (Layak), aspek media sebesar 3,89 (Layak), dan aspek bahasa sebesar 4,25 (Sangat Layak). Nilai gain peningkatan pemahaman siswa dengan menggunakan komik edukasi “Impian Moni” adalah sebesar 0,37. Berdasarkan kriteria nilai Gain menurut Hake menunjukkan bahwa peningkatan pemahaman siswa tergolong Sedang.Kata kunci: Media Pembelajaran, Literasi Keuangan, Anggaran Pribadi, Komik Edukasi

Implementation of Good Corporate Governance and Financial Performance: Lessons from Telecommunication and Technology Sector in South East Asia Didi Achjari; Sri Suryaningsum; Ratna Candra Sari
The Indonesian Journal of Accounting Research Vol 12, No 3 (2009): IJAR September 2009
Publisher : The Indonesian Journal of Accounting Research

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.33312/ijar.211

Implementation of Good Corporate Governance (GCG) has been interesting topics in Indonesia as well as in many other countries. The current study aims to investigate GCG implementation especially in communication and technology companies in ASEAN countries. GCG implementation is measured using some surrogates such as corporate action, GCG elements in organization structure, public ownership, audited financial report, and return of total assets. Samples used in this study are technology and telecommunication companies from six ASEAN countries. Data obtained from OSIRIS database from year 2005 to 2007 is examined using regression analysis. The study finds factors influencing net profit vary across the countries. In Indonesia, public ownership and corporate action affect net profit. In Malaysia, the influencing factors are corporate action, public ownership independence, quality of audited financial report, and return of total assets. Meanwhile, in Singapore the significant factors are corporate action, public ownership independence, and return of total assets. Further, Thailand's results show that all variables are significant. However, Philippine's results suggest that not all variables are significant. Lastly, in Vietnam, corporate actions, the number of GCG members and return of total assets influence the net profit.

CURRENT ASSET TUNNELING AND FIRM PERFORMANCE IN AN EMERGING MARKET Sari, Ratna Candra; Baridwan, Zaki
Jurnal Akuntansi dan Keuangan Indonesia Vol. 11, No. 2
Publisher : UI Scholars Hub

Show Abstract | Download Original | Original Source | Check in Google Scholar

This study examines the effect of current asset tunneling on firm performance from the emerging market perspective. Although tunneling activities is a common practices by businesses especially in Indonesia, there exist obstacles in the measurement of tunneling activity because it is difficult to proof the existence of such practices. In this study, we measure tunneling by using accounts receivables and develop tunneling detection criteria. In addition, this study examines the effect of tunneling on firm performance and market reaction during the announcement of the related party transaction. The study finds that from the perspective of the being-tunneled companies, receivables to related parties negatively affect the company’s profit margin. Companies which announce related party transaction indicating tunneling obtain negative abnormal return during the announcement of the related party transaction.

Pengaruh Badan Usaha Miliki Desa terhadap Kinerja Keuangan Pemerintah Daerah Istimewa Yogyakarta Agnisa Widayanti; Ratna Candrasari
Nomicpedia: Journal of Economics and Business Innovation Vol. 1 No. 1 (2021): Maret
Publisher : Inspirasi Nusantara

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (383.949 KB)

This study aims to determine how financial performance of the regional government in Yogyakarta before the BUMDes 2010-2013 and after the BUMDes 2014-2018. This study uses a descriptive method with a quantitative approach to analyze the financial performance of regional government in Yogyakarta before BUMDes 2010-2013 and after BUMDes 2014-2018 using Independence Ratio, Efficiency Ratio, Decentralization Ratio, and Capital Expenditure Harmony Ratio. This study using secondary data which get from Regional Revenues and Expenditures Yogyakarta 2010-2018. The result of this study based on Independence Ratio is the independence of financial performance before BUMDes was very low and independence of financial performance after BUMDes still low but its increase than before, Efficiency Ratio show financial performance before BUMDes was efficient and financial performance after BUMDes not efficient, based on Decentralization Ratio financial performance before BUMDes was very low and financial performance after BUMDes still low but its increase than before, capital Expenditure Harmony Ratio shows that capital expenditure ratio before BUMDes and after BUMDes still proper.

Pendampingan Pemanfaatan Media Literaci.id Guna Meningkatkan Aksesibilitas Pengetahuan Literasi Keuangan di SD IT LHI Banguntapan Ratna Candra Sari; Dian Normalitasari Purnama; Arin Pranesti; Novita Nurbaiti; Astri Mardanik; Arsy Widiyanti; Mulatiningsih Mulatiningsih
BERNAS: Jurnal Pengabdian Kepada Masyarakat Vol. 4 No. 4 (2023)
Publisher : Universitas Majalengka

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.31949/jb.v4i4.6734

Salah satu literasi yang merupakan emerging skills di abad 21 adalah literasi keuangan. Akan tetapi, tingkat literasi Indonesia terendah (38,03%) di banding negara ASEAN lain. Hal ini dikarenakan rendahnya pembelajaran literasi keuangan. Oleh karena itu, kegiatan PKM ini dilakukan dengan tujuan untuk: 1) Memberikan pengetahuan dan keterampilan mengenai konsep dan penerapan literasi keuangan bagi guru dan orang tua SD IT LHI Banguntapan sebagai bekal pembelajaran literasi keuangan bagi peserta didik; 2) Mendiseminasikan media edukasi literasi keuangan “literaci.id” yang merupakan produk edukasi tim pengabdi; 3) Memberikan pengetahuan dan keterampilan penggunaan aplikasi mobile edukasi literasi keuangan “literaci.id”. Kegiatan PKM ini dilaksanakan secara luring di Fakultas Ekonomi dan Bisnis, Universitas Negeri Yogyakarta dengan 40 peserta. Hasil dari kegiatan PKM ini yaitu: 1) Peserta memperoleh pengetahuan dan wawasan mengenai konsep dan penerapan literasi keuangan sebagai bekal pembelajaran literasi keuangan bagi peserta didik; 2) Produk riset tim pengabdi berupa media edukasi literasi keuangan “literaci.id” diketahui oleh peserta untuk dijadikan referensi media pembelajaran literasi keuangan; 3) Peserta memperoleh pengetahuan dan keterampilan dalam penggunaan media pembelajaran literasi keuangan Literaci.id dengan benar.

Pendampingan Pemanfaatan Media Literaci.id Guna Meningkatkan Aksesibilitas Pengetahuan Literasi Keuangan di SD IT LHI Banguntapan Ratna Candra Sari; Dian Normalitasari Purnama; Arin Pranesti; Novita Nurbaiti; Astri Mardanik; Arsy Widiyanti; Mulatiningsih Mulatiningsih
BERNAS: Jurnal Pengabdian Kepada Masyarakat Vol. 4 No. 4 (2023)
Publisher : Universitas Majalengka

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.31949/jb.v4i4.6734

Salah satu literasi yang merupakan emerging skills di abad 21 adalah literasi keuangan. Akan tetapi, tingkat literasi Indonesia terendah (38,03%) di banding negara ASEAN lain. Hal ini dikarenakan rendahnya pembelajaran literasi keuangan. Oleh karena itu, kegiatan PKM ini dilakukan dengan tujuan untuk: 1) Memberikan pengetahuan dan keterampilan mengenai konsep dan penerapan literasi keuangan bagi guru dan orang tua SD IT LHI Banguntapan sebagai bekal pembelajaran literasi keuangan bagi peserta didik; 2) Mendiseminasikan media edukasi literasi keuangan “literaci.id” yang merupakan produk edukasi tim pengabdi; 3) Memberikan pengetahuan dan keterampilan penggunaan aplikasi mobile edukasi literasi keuangan “literaci.id”. Kegiatan PKM ini dilaksanakan secara luring di Fakultas Ekonomi dan Bisnis, Universitas Negeri Yogyakarta dengan 40 peserta. Hasil dari kegiatan PKM ini yaitu: 1) Peserta memperoleh pengetahuan dan wawasan mengenai konsep dan penerapan literasi keuangan sebagai bekal pembelajaran literasi keuangan bagi peserta didik; 2) Produk riset tim pengabdi berupa media edukasi literasi keuangan “literaci.id” diketahui oleh peserta untuk dijadikan referensi media pembelajaran literasi keuangan; 3) Peserta memperoleh pengetahuan dan keterampilan dalam penggunaan media pembelajaran literasi keuangan Literaci.id dengan benar.

Pengembangan Instrumen Investment Readiness Sebagai Pedoman Penilaian Kesiapan Pendanaan Start-Up Di Era Ekonomi Digital Denies Priantinah; Ratna Candra Sari; Patriani Wahyu Dewanti; Arin Pranesti
Jurnal Reviu Akuntansi dan Keuangan Vol. 14 No. 1 (2024): Jurnal Reviu Akuntansi dan Keuangan
Publisher : Universitas Muhammadiyah Malang

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.22219/jrak.v14i1.25769

Purpose: This research aims to develop instruments to measure start-up funding assessments. The dimensions of measuring funding and Investment readiness consist of eight dimensions adopted from the investment guide. Methodology/approach: This research is based on solving specific problems by improving the instructional design process and developing new models, tools and procedures regarding Investment readiness instruments as guidelines for assessing start-up funding readiness in the digital economy era. An investment readiness instrument is advanced by holding a Focus Group Discussion (FGD) with experts in start-up investment. Findings: The results of this study contribute to developing an investment readiness instrument as a guideline for assessing start-up funding readiness for the start-up. Practical implications: The practical implication of this research is that investment readiness instruments can assist start-ups in assessing financial and non-financial performance, which is helpful for funding applications and start-up financing. Originality/value: This research has social implications for investors and creditors in order to make relevant decisions regarding investment and funding for start-ups.

Accounting Profession and Industrial Revolution Era 4.0: Opportunity or Threat? Solikhatun, Ismi; Sari, Ratna Candra; Nurfatmawati, Lisa
JABE (JOURNAL OF ACCOUNTING AND BUSINESS EDUCATION) Volume 7, Issue 2, March 2023
Publisher : Universitas Negeri Malang

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.26675/jabe.v7i2.17350

The industrial revolution era 4.0 has changed the manual-based to technology-based systems. The automation of financial system in business has shifted the accounting profession. This study aimed to evaluate the impact of industrial revolution 4.0 era whether as opportunity or threat faced by accountant. This study provided a perspective of industrial revolution 4.0 towards the accounting profession and the existing opportunities and threats. This systematic review research used a stage model previously developed by Chitu Okoli. This study used the related articles from various journals. The industrial revolution offers users to possibly change the data and information and companies to become more effective and efficient. Industrial revolution has impacted the number of workers due to the automation in accounting activities. On the other hand, industrial revolution provides various job opportunities in accounting profession. The development of technology still cannot replace the role of accountants, because humans are equipped with emotional intelligence unlike technology. Therefore, various types of technology used in industrial revolution era 4.0 still need the involvement of humans. Anyone with special Accounting expertise and competence will have these opportunities. This study is expected to provide contributions related to the views on opportunities and challenges for the profession of accountants in industrial revolution era 4.0. This study possibly encourages accountants to improve their skills and professionalism, especially on the accounting systems which cannot be completed by machince and still require the involvement of humans.

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