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All Journal Krisna: Kumpulan Riset Akuntansi Jurnal Keuangan dan Perbankan Kinerja Juara: Jurnal Riset Akuntansi Journal of Accounting and Investment Jurnal Manajemen Teori dan Terapan Benefit: Jurnal Manajemen dan Bisnis MODUS-Jurnal Ekonomi dan Bisnis Riset Akuntansi dan Keuangan Indonesia Jurnal Akuntansi dan Pajak PengabdianMu: Jurnal Ilmiah Pengabdian kepada Masyarakat MABIS: Manajemen dan Bisnis Journal of Contemporary Accounting Jurnal Akuntansi The Indonesian Journal of Accounting Research
I Putu Sugiartha Sanjaya
Univeristas Atma Jaya Yogyakarta
Agriculture, Biological Sciences & Forestry Decision Sciences, Operations Research & Management Economics, Econometrics & Finance Education Law, Crime, Criminology & Criminal Justice Public Health Social Sciences

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IMPACT CASH FLOW RIGHT LEVERAGE OF CONTROLLING SHAREHOLDER ON PERFORMANCE IN INDONESIA I Putu Sugiartha Sanjaya
Jurnal Akuntansi Vol. 20 No. 3 (2016): September 2016
Publisher : Fakultas Ekonomi dan Bisnis Universitas Tarumanagara

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.24912/ja.v20i3.3

Abstract

The purpose of this study is to investigate the impact of cash flow rights leverage of controlling shareholder on performance. The ownership of common stock has some rights such as control rights and cash flow rights. Control rights are the rights of common shareholders to elect board of directors and other company’s policies, such as the issuence of securities, stock split and substansial changes in company’s operation (Du and Dai, 2005). Cash flow rights are the financial claims of shareholders on the companies (La Porta et al., 1999). Case in Indonesia, commonly there are differences between control rights and cash flow rights. It  is called cash flow right leverage. The large leverage indicates the large agency conflict between controlling shareholder and non-controlling shareholders. The low leverage indicates the low agency conflict. It will impact on performance. If the control rights are greater than cash flow rights, it indicates the larger agency problem. It indicates that the power of the controlling shareholder in the company is larger than claim to the firm. It is incentive for a controlling shareholder to expropriate non-controlling shareholders through utilizing assets of company for his/her private benefit. This study uses the sample of the manufacturing companies listed in the Indonesian Stock Exchange during the period 2001-2007. Performance is measured by Return on Assets (ROA). The results of this study show that the cash flow right leverage of controlling shareholder has negative impacts on performance. It means the large agency conflict (cash flow right leverage) between controlling and non-controlling shareholders reduce performance. The results of this study can give contribution for Indonesia Financial Service Authority (Otoritas Jasa Keuangan (OJK)) to monitor public companies in Indonesia. This institution more focus for companies which has large cash flow right leverage. Because, it indicates the large agency problem between controlling and non-controlling shareholders.
Auditor Eksternal, Komite Audit, dan Manajemen Laba Sanjaya I Putu Sugiartha Sanjaya
The Indonesian Journal of Accounting Research Vol 11, No 1 (2008): JRAI January 2008
Publisher : The Indonesian Journal of Accounting Research

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.33312/ijar.187

Abstract

The objective of this paper is to investigate whether earnings management is different between audited and non-audited firms (big four and non big four). This study also investigates whether earnings management is different between companies forming and not forming audit committees (eligible and ineligible to Jakarta Stock Exchange (JSX)). The study investigates whether earnings management for companies forming audit committee is eligible and employ big four auditors is lower than three other groups of companies.  This study uses data of 127 manufacturing companies listed in JSX. The result of this study shows that earnings management is somewhat lower for big four than non big four auditors. But, earnings management is not different for companies forming and not forming audit committees, and employing combination between audit committee and auditor.
Pengaruh Pengungkapan Corporate Social Responsibility Terhadap Nilai Perusahaan Dengan Financial Distress Sebagai Variabel Moderasi Katarina Feliska Kurniawan; I Putu Sugiartha Sanjaya
Juara: Jurnal Riset Akuntansi Vol. 12 No. 2 (2022): Juara: Jurnal Riset Akuntansi
Publisher : Program Studi Akuntansi Fakultas Ekonomi dan Bisnis Universitas Mahasaraswati Denpasar

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.36733/juara.v12i2.5180

Abstract

Disclosure of corporate social responsibility is regulated in Law Number 40 of 2007 Article 74. Disclosure of CSR provides benefits for both the community and the company. CSR disclosure can improve the company's reputation. A good reputation will increase the value of the company in the eyes of the community. In fact, there are still cases of misuse of CSR funds in Indonesia, such as cases of corruption and money laundering. Companies may do CSR to cover a situation, such as financial difficulties. This will make the value of the company decrease due to the element of imagery and is considered unfavorable by investors. This study aims to provide empirical evidence regarding the effect of corporate social responsibility disclosure on firm value with financial distress as a moderating variable. The research was conducted on manufacturing companies listed on the Indonesia Stock Exchange in 2015-2019. The dependent variable in this study is the value of the company as proxied by Tobin's Q. The independent variable in this study is corporate social responsibility which is measured using the GRI G4 index. The moderating variable in this study is financial distress as measured by the Altman and Zmijewski models. The control variables used in this study are leverage, growth, and cash ratio. The results show that corporate social responsibility has a positive effect on firm value. The results also show that financial distress does not affect the relationship between corporate social responsibility and firm value.
The effect of corporate social responsibility disclosure on the company’s financial performance with environmental uncertainty as a moderating variable Ni Komang Apriliani Selumbung; I Putu Sugiartha Sanjaya
Journal of Contemporary Accounting Volume 4 Issue 3, 2022
Publisher : Master in Accounting Program, Faculty of Business & Economics, Universitas Islam Indonesia, Yogyakarta, Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.20885/jca.vol4.iss3.art2

Abstract

This study aims to provide empirical evidence regarding the effect of Corporate Social Responsibility (CSR) disclosure on financial performance. This study also examines the effect of Environmental Uncertainty (EU) as a moderating variable on the relationship between CSR disclosure and the financial performance of companies listed on the Indonesian Stock Exchange (IDX) in 2019-2020. The study’s secondary data is from annual reports, sustainability reports, and financial information. This study measures CSR disclosure by the Global Reporting Initiative (GRI) G4 standard, return measures financial performance on Equity (ROE), and the EU is measured using a dummy variable. The observations (firm-years) in this study were 673. This study tests the hypothesis by multiple linear regression analyses. This study provides two results. First, CSR disclosure has a positive effect on financial performance. Second, the EU as a moderating variable does not affect the relationship between CSR disclosure and financial performance.
Impact of ownerships and control on internet financial reporting Gunawan, Gregorius; Sanjaya, I Putu Sugiartha
Journal of Contemporary Accounting Volume 3 Issue 3, 2021
Publisher : Master in Accounting Program, Faculty of Business & Economics, Universitas Islam Indonesia, Yogyakarta, Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.20885/jca.vol3.iss3.art3

Abstract

The objective of this study is to empirically investigate the impacts of ownerships (managerial ownership and institutional ownership) and control (number of independent commissioners, frequency of audit committee meeting, and audit committee competence) on Internet Financial Reporting (IFR). This study was conducted on manufacturing companies listed at the Indonesian Stock Exchange (BEI) in 2015-2019. This study used secondary data, namely annual financial statements which were accessed through the companies’ websites. The firm years counted 200 with 40 companies and 5 years of research duration. The dependent variable is IFR which analyzed the contents of the websites with the maximum score of 54. The independent variables are managerial ownership, institutional ownership, number of independent commissioners, frequency of audit committee meeting, and competence of audit committee. The results show that institutional ownership, frequency of audit committee meeting, and audit committee competence have significantly and positively influences on IFR. However, institutional ownership negatively affects IFR. Meanwhile, number of independent commissioners does not influence internet financial reporting.
Pelatihan Penguatan Identitas Produk di Instagram pada Kelompok Usaha Bersama Ulva Sari: Strengthening Product Identity Training on Instagram at the Joint Business Group Ulva Sari Vidiadari, Irene Santika; Sanjaya, I Putu Sugiartha; Purwijantiningsih, LM. Ekawati
PengabdianMu: Jurnal Ilmiah Pengabdian kepada Masyarakat Vol. 10 No. 11 (2025): PengabdianMu: Jurnal Ilmiah Pengabdian kepada Masyarakat
Publisher : Institute for Research and Community Services Universitas Muhammadiyah Palangkaraya

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.33084/pengabdianmu.v10i11.10739

Abstract

Micro, Small, and Medium Enterprises (MSMEs) face challenges in promoting their products, especially on social media. Social media offers several advantages, including a broad reach, low cost, easy access, and the ability to provide content recommendations tailored to user searches. We should capitalize on these advantages to effectively promote our products. However, MSME products require a distinct product identity to ensure easy recall by their audience and potential consumers. This article discusses assistance in building a product identity on social media for Kelompok Usaha Bersama (KUB) Ulva Sari, located in the Tepus District, Gunung Kidul. This activity includes materials on social media and its advantages, the importance of using social media for product promotion, building a product identity through logo and color elements, and creating an Instagram business account, along with an introduction to its features. The results of this community service activity include determining colors and logos as product identities, creating a special Instagram account for KUB Ulva Sari products, developing a website to display basic product information, and assigning two social media administrators to manage the account.
PORTOFOLIO OPTIMAL MODEL MARKOWITZ SAHAM IDX ESG LEADERS DALAM TERANG LAUDATO SI’ Florian Indra Kusuma Irawan; I Putu Sugiartha Sanjaya
KRISNA: Kumpulan Riset Akuntansi Vol. 16 No. 2 (2025): KRISNA: Kumpulan Riset Akuntansi
Publisher : Faculty of Economics and Business, Universitas Warmadewa

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.22225/kr.16.2.2025.198-208

Abstract

This study examines the formation of an optimal portfolio using stocks from the IDX ESG Leaders Index through the Markowitz Model approach, integrated with the principles of Integral Ecology from the encyclical Laudato Si’. The background of this research is the pressing issue of environmental degradation, including climate change, deforestation, illegal, unreported, unregulated (IUU) fishing, air pollution, and water crises in Indonesia. Pope Francis in the encyclical Laudato Si’ emphasizes the importance of incorporating environmental aspects into economic decision-making. This study utilizes data from 30 companies within the IDX ESG Leaders Index, which meet environmental, social, and governance (ESG) criteria. The advantage of this research lies in its holistic approach that considers not only financial factors but also environmental and social impacts, in line with the principles of Integral Ecology of Laudato Si’. Portfolio evaluation is conducted using three performance measures: Sharpe Ratio, Treynor Ratio, and Jensen Ratio. The research results show that the optimal portfolio of IDX ESG Leaders can be formed from BBRI (45%), MAPI (35%), TBIG (15%), and PWON (5%). This portfolio yields a return of 11.18% with a risk of 3.55% per six months. This portfolio is better than JKSE which only provides a return of 3.43% with a risk level of 5.29%. Based on Sharpe, Treynor, and Jensen Index measurements, this portfolio outperforms the two other portfolios also formed from IDX ESG Leaders stocks. This study contributes to the development of Financial Management theory and Divine Philosophy related to sustainable economics, provides practical guidance for investors, and serves as an evaluation material for the Indonesia Stock Exchange policies.
KUALITAS PENGUNGKAPAN EMISI KARBON SEBAGAI MEDIASI ANTARA KEPEMILIKAN PENGENDALI DAN NILAI PERUSAHAAN Tamariska Militia Lasapu; I Putu Sugiartha Sanjaya
KRISNA: Kumpulan Riset Akuntansi Vol. 17 No. 2 (2026): KRISNA: Kumpulan Riset Akuntansi
Publisher : Faculty of Economics and Business, Universitas Warmadewa

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.22225/kr.17.2.2026.309-321

Abstract

Sustainability and environmental responsibility have become global concerns, including in Indonesia, which ranks among the ten largest greenhouse gas emitters worldwide. Efforts to reduce carbon emissions are being strengthened through various policies such as the Paris Agreement, the Financial Services Authority Regulation (OJK) No. 51/POJK.03/2017 on Sustainable Finance, and the implementation of carbon tax and trading schemes. In the context of corporate governance, the role of controlling shareholders can influence the direction and quality of environmental information disclosure, including carbon emissions, and ultimately affect firm value. Controlling shareholders with greater control rights than cash flow rights may make decisions that do not always align with minority shareholders’ interests, potentially reducing firm value. This study examines the effect of controlling shareholders’ cash flow right leverage (CFRL) on firm value, with the quality of carbon emission disclosure as a mediating variable. The research focuses on the banking sector listed on the Indonesia Stock Exchange (IDX) from 2019 to 2023, with 225 firm-year observations and a 10% ownership cutoff for identifying controlling shareholders. Hypothesis testing was conducted using the Structural Equation Modeling–Partial Least Squares (SEM-PLS) method with SmartPLS software. The results show that CFRL has a significant negative effect on both carbon emission disclosure quality and firm value. Furthermore, carbon emission disclosure quality significantly mediates the relationship between CFRL and firm value in a positive direction.
Co-Authors Br. Barus, May Hosiani D. Agus Budi Raharjo, D. Agus Florian Indra Kusuma Irawan Gunawan, Gregorius Irene Santika Vidiadari, Irene Santika Isabella Henny Susilowati Isabella Henny Susilowati, Isabella Henny Katarina Feliska Kurniawan Krisnati Adi Cahyani Krisnati Adi Cahyani, Krisnati Adi Ni Komang Apriliani Selumbung Purwijantiningsih, LM. Ekawati Raharjono, Agus Budi Rayenda Khresna Brahmana Salvatore Wika Lingga Pradana Tamariska Militia Lasapu Wimpie Yustino Setiawan