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Motif Go Public, Herding, Ukuran Perusahaan, Dan Underpricing Pada Pasar Modal Indonesia Fitri Ismiyanti; Rohmad Fuad Armansyah
Jurnal Manajemen Teori dan Terapan | Journal of Theory and Applied Management Vol. 3 No. 1 (2010): Jurnal Manajemen Teori dan Terapan - April 2010
Publisher : Universitas Airlangga

Underpricing become a phenomenon which often occurs by companies during Initial Public Offering in every country in the world, which offering price lower than closing price on the first day trading on the stock exchange. According to Rock (1982), asymmetry information of an IPO company leads to underpricing phenomena, where the information according to the company are not evenly distributed among investors. This asymmetry information emerging distribution of uncertainty among investors that leads to underpricing. The objective of this research is to test the influence of motive of company going public, herding in stock market, and size of the company to the degree of underpricing using sample of 257 companies listed during year 1990 to June 2009 on the Indonesian Stock Exchange. Sample is taken by using purposive sampling with criteria as underpriced stocks and the stocks are not delisting overall from stock exchange. Data are analyzed using multiple regressions and path analysis to test the relation between motive of company going public, herding, and size of the company to the degree of underpricing. Pursuant to the analysis, motive of company going public and herding have positively influence on the degree of underpricing but statistically not significant. Size of the company which measure using total asset have negatively influence on the degree of underpricing and statistically significant on the first day trading on the stock exchange.

Efektivitas Hedging Kontrak Futures Komoditi Emas Dengan OLEIN Fitri Ismiyanti; Hendra Ima Sasmita
Jurnal Manajemen Teori dan Terapan | Journal of Theory and Applied Management Vol. 4 No. 2 (2011): Jurnal Manajemen Teori dan Terapan - Agustus 2011
Publisher : Universitas Airlangga

This research is for comparing hedging effectiveness in gold and olein commodity. Using Ordinary Least Square (OLS) model to determine the hedge ratio, it’s found that olein hedge ratio is bigger than gold hedge ratio. The value of olein hedge ratio is bigger than gold hedge ratio indicate that to eliminate loss in olein spot market is needed a lot of futures contract as compared to eliminate loss in gold spot market. However, independent t-test to return hedged variance both commodity show there is no different variance. This mean the return hedged variance of gold commodity has the same value with olein return hedged variance. So, handling the systematic risk of olein hedger have the same as of gold hedger handling. With the result that, if doing hedging strategy and there is no same instrument to be hedged in futures market, so hedger may considering to use cross hedging strategy, but previously determined first the optimum hedge ratio, because the optimum hedge ratio can reduce the variance return caused by market risk (systematic risk).

Pengaruh Perubahan BI Rate Terhadap Market Return Dan Volatilitas Indeks LQ45 Alan Fatih; Fitri Ismiyanti
Jurnal Manajemen Teori dan Terapan | Journal of Theory and Applied Management Vol. 8 No. 1 (2015)
Publisher : Universitas Airlangga

This study aimed to examine the effect of the announcement of the change in the BI rate to market return and volatility on the index LQ45 during the period March 2010 to February 2015 by using inflation and industrial production index as variable control. This study uses multiple regression analysis (α = 5%). Regression results show that changes in the BI rate has no significant effect on the market return. These results indicate that at the time of the announcement of the BI rate does not give any influence on the market return LQ45. The different results shown by the effect of changes in the BI rate to return volatility LQ45. Volatility increased with the announcement of the increase in the BI rate changes. Furthermore, the control variables, inflation and the industrial production index has no significant effect either on the market returns and volatility of LQ45 so that this control variable can not be used to predict market returns and volatility of LQ45 current BI rate announcement.

Pengaruh Corporate Hedging Terhadap Cost Of Debt Vicki Lineous Suryagari; Fitri Ismiyanti
Jurnal Manajemen Teori dan Terapan | Journal of Theory and Applied Management Vol. 10 No. 2 (2017)
Publisher : Universitas Airlangga

The ongoing globalization era is marked by free trade, will bring uncertainty to the Indonesian economy. These uncertainties include fluctuations of exchange rate, interest rates, and commodity prices. This will certainly pose risks, including financial risks that can increase the firm's cost of debt as a risk premium for investors. This study aims to determine the effect of hedging calculated using dummy variable to cost of debt proxies with yield spread. In addition, the bond age, credit rating, leverage, and profitability are used as control variables. The sample which used is manufacturing firm that issues bonds and is listed on the Indonesia Stock Exchange (IDX) for the period 2009-2015. The result of multiple linear regression shows that hedging has a significant negative effect on the cost of debt. Bond age and credit rating have a significant negative effect on cost of debt. Leverage has no significant positive effect on cost of debt. Profitability has no significant negative effect on cost of debt. Hedging lowers cost of debt through decreased bankruptcy costs, agency costs, and information asymmetry. So firms that use hedging will have a lower cost of debt than non-users.

Efek Mediasi Nilai Perusahaan pada Pengaruh Biaya Modal terhadap Return Saham di Indonesia Wishnu Okky Pranadi Tirta; Fitri Ismiyanti
Jurnal Manajemen Teori dan Terapan | Journal of Theory and Applied Management Vol. 12 No. 2 (2019)
Publisher : Universitas Airlangga

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.20473/jmtt.v12i2.13930

Investing in real assets or financial assets is increasingly becoming the choice for the public, forgetting a return or profit. This research aims to examine the effect of Cost of Capital on Stock Returns through Corporate Valuesas mediating variables in Indonesia during 2013 - 2017. The sample in this study was 780 companies. The method used in this study is regression analysis to see the influence between variables and path analysis to see the mediating effects of intervening variables. The results of this study indicate that the value of the Company can mediate the relationship between the cost of capital and stock return in Indonesia.

Mekanisme Corporate Governance dan Kecurangan Laporan Keuangan [Mechanisms of Corporate Governance and Financial Statement Fraud] Fitri Ismiyanti; Chintia Prastichia
DeReMa (Development Research of Management): Jurnal Manajemen Vol 10, No 2 (2015): September
Publisher : Universitas Pelita Harapan

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.19166/derema.v10i2.171

The purpose of this research is to examine factors that may affect fraud on financial statements that could encourage the emergence of corruption by management. This research uses banks as an industry sample because the banking industry is highly regulated and should report their financial statement to a central bank. Meanwhile, banks still frequently have fraudulent financial statements. Good corporate governance mechanisms indicated that banks have the capability to detect fraud in financial statements. This research focuses on testing factors that may affect the financial statements fraud which lead to the corruption of management. The data used in this research is financial statement data. Corporate governance mechanisms tested in this study are the number of commissioners, percentage of independent directors, number of commissioners meeting, percentage of largest share ownership, managerial ownership, long tenure of commissioners, and type of auditor. This research found that the number of commissioners and managerial ownership affects management's fraud, while the number of independent directors, the number of commissioners meeting, a long tenure managing director, large share ownership, and the type of auditor has no effect on fraud.

Pengaruh Struktur Kepemilikan Terhadap Kinerja Dengan Value Added Intellectual Capital Coefficient (VAIC) Sebagai Variabel Intervening [The Influence of Ownership Structure on Performance with Value Added Intellectual Capital Coefficient (VAIC) as an Intervening Variable] Fitri Ismiyanti; Anggita Rebbica Hamidya
DeReMa (Development Research of Management): Jurnal Manajemen Vol 12, No 1 (2017): May
Publisher : Universitas Pelita Harapan

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.19166/derema.v12i1.340

Development of science, innovation, and economics shifts the view of how to run a labor-based business into a knowledge-based business. Intellectual capital (IC), which is based on the competitive advantage of companies, is considered as one of the hidden assets that contributes to the measurement of companies’ value. Value Added Intellectual Capital Coefficient (VAICTM) is a method developed by Pulic, which became the standard to gauge IC on research in various countries. Ownership structure has indicated effects on VAICTM, because shareholder’s governance reflects the control and supervision of company's assets and performance. VAICTM also has indicated impacts on ROE and company’s market performance, which is proxied by Q Ratio Modification. The purpose of this study is to measure the effect of ownership structure, such as managerial, domestic institutional, foreign institutional, and government ownership on VAICTM, as well as the influence of VAICTM to the ROE and Q Ratio Modification on 218 observations of listed companies on the Indonesia Stock Exchange in the period of 2009-2011 using the recursive regression analysis method. The results showed a significantly negative effect of government ownership on VAICTM, and VAICTM had a significantly positive effect on ROE and Q Ratio Modification.BAHASA INDONESIA ABSTRAK: Perkembangan ilmu pengetahuan, inovasi, dan ekonomi menggeser pandangan cara menjalankan bisnis yang berbasis tenaga kerja (labor-based business) menjadi bisnis yang berkarakter ilmu pengetahuan (knowledge-based business). Intellectual capital (IC) yang bertumpu pada keunggulan bersaing perusahaan dianggap menjadi salah satu hidden assets yang berkontribusi terhadap pengukuran nilai perusahaan. Value Added Intellectual Capital Coefficient (VAICTM) adalah metode yang dikembangkan oleh Pulic, yang menjadi standar pengukur IC pada banyak penelitian di berbagai negara. Struktur kepemilikan diindikasikan memiliki efek terhadap VAICTM, karena tata kelola pemegang saham tersebut mencerminkan pengendalian dan pengawasan aset dan kinerja perusahaan. VAICTM juga diindikasikan memiliki dampak terhadap pendapatan bersih per ekuitas (ROE) dan kinerja pasar perusahaan, yang diproksikan dengan Modifikasi Q Ratio. Tujuan penelitian ini adalah mengukur pengaruh struktur kepemilikan manajerial, domestik, asing, dan pemerintah terhadap VAICTM, serta pengaruh VAICTM tersebut terhadap ROE dan Modifikasi Q Ratio atas 218 pengamatan yang tergabung dari berbagai sektor perusahaan yang terdaftar di BEI pada periode 2009-2011 dengan metode analisa recursive regression. Hasil penelitian menunjukkan kepemilikan pemerintah berpengaruh negatif signifikan terhadap VAICTM, dan VAICTM berpengaruh positif signifikan terhadap ROE dan Modifikasi Q Ratio.

DOES MARKET MICROSTRUCTURE MATTER? FOREIGN AND DOMESTIC INSTITUTIONAL OWNERSHIP TO AGENCY COST Fitri Ismiyanti
Journal of Management and Business Vol 7, No 1 (2008): MARCH 2008
Publisher : Department of Management - Faculty of Business and Economics. Universitas Surabaya.

This research provides measure of absolute and relative equity agency costs for corporations under different ownership and management structures. Miller (1977) argues that divergence of opinion among investors causes the price difference of the price of a security. The dispute mechanism causes the forming price to be further of closer to its intrinsic value. Greater the divergence of opinion, causes greater the gap between the price and its’ intrinsic value. This study tests a new condition that reflects the existence of agency conflict, which is the conditions of stock price premium and stock price discount and related to agency cost control mechanism through foreign and domestic institutional ownership. The two conditions then called as price spread. This study tests four interrelated hypotheses in conditions of stock price premium and stock price discount that related to agency cost, foreign institutional ownership and domestic institutional ownership. Analysis method employs complete structural equation model (SEM), and multigroup SEM with constrained and unconstrained parameters. The direction of the study results consistent with result prediction. Nevertheless, there is one insignificant relationship, which is domestic institutional ownership towards agency cost. This indicates that the relationship hold but remains statistically unproven.

THE METHOD OF BEHAVIOUR DETECTION ON MORAL HAZARD IN FINANCIAL STATEMENT Fitri Ismiyanti
Journal of Management and Business Vol 13, No 1 (2014): MARCH 2014
Publisher : Department of Management - Faculty of Business and Economics. Universitas Surabaya.

The purpose of this study is to detect fraud or moral hazard on the financial statements that prepared by the company. This research uses financial ratio analysis to detect financial fraud and moral hazard. Fundamental contribution of this study is on the detection of fraud in the financial statements in accordance with GAAP, so investors and external parties able to find any intentional distortion of financial statements of the company. In addition, the condition of this deviation can also be traced in relation to its influence on the financial performance of the company, and those who benefited from the fraud. In particular the contribution of research is to provide information on the occurrence of fraudulent financial reporting that occurred in several companies in Indonesia. This research provides empirical evidence on the effectiveness of financial ratio analysis to detect fraudulent financial reporting. In addition, the calculation of financial ratios is expected to be early detection of potential fraudulent financial reporting in any form. This study uses financial statement ratio analysis to detect financial fraud. The results showed of 23 financial ratios are used, only two liquidity ratios (current ratio) and profitability (ROE) which can be used to help determine that a company is likely to carry out fraud in the financial statements..

Does Debt Affect Firm Financial Performance? The Role of Debt on Corporate Governance in Indonesia Fitri Ismiyanti; Putu Anom Mahadwartha
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.182

This research addresses main question of the conditions of debt-constraint expropriation and debt-facilitate expropriation, and the difference between those conditions on type of group ownership (group or no group-affiliate). Agency theory predicts that debt is bonding and monitoring mechanism for managers' perquisites action. Expropriation of minority shareholders by majority shareholders hurts good corporate governance practices. The expropriation also hurts debtholders value. The research argues that the use of debt will minimize the expropriation level and maintain certain control to managers and majority shareholders, on behalf of minority shareholders and debtholders. The problem of majority versus minority and debtholders spreads widely in Indonesia. This research conducts analytical and statistical methods to examine the roles of debt policy as mechanism of good corporate governance practices in Indonesia. This research argues that debt has difference effect on financial performance based on certain debt characteristic. Two characteristics of debt are debt-constraint expropriation (DCE) and debt-facilitate expropriation (DFE). Different types of ownership, which are group and no group-affiliate, are also examined to support the main issues of DCE and DFE. The result will be useful for economic policy makers; firms level policy makers, investors, academician, and researchers in the area of finance, social science, and humanities. The research tests the main question with four hypotheses using ordinary least squares (OLS) regression and Wald test for coefficient test. The result shows support for differences in effect on debt to performance for DCE (positive effect) and DFE (negative effect). On DCE, no group-affiliate firms have higher positive effect of debt on performance than group-affiliate firms do. However, on DFE due to risk reduction mechanism, group-affiliate firms have less negative effect of debt on performance than no group-affiliate firms do.

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