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Peran Auditor Dalam Menurunkan Biaya Utang Sebelum Dan Setelah Go Public Sansaloni Butar Butar; Stefani Lily Indarto; Sih Mirmaning Damar Endah
Jurnal Akuntansi Bisnis Vol 17, No 1: Maret 2019
Publisher : Universitas Katolik Soegijapranata Semarang

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.24167/jab.v17i1.2283

Abstract his study examine the role of auditors and firm’s reputation in lowering firm’s cost of debt before and after Initial Public Offering. Firms gradually build reputation and history in the capital markets and thus information of older firms are widely available and increasing with age. Firms with highly regarded reputation are predicted to pay lower interest rate relative to those with lower reputation. To test the hypothesis, as much as 161 sampel firms are collected from Indonesia Stock Exhange over period 2003-2012. Results show, contrary to the prediction, that auditor reputation has no association with cost of debt. However, negative association between auditor reputation and cost of debt was found for firms with short private history. In additon, the results also provide no evident of the interaction between auditor reputation and age. Taking as a whole, the findings in this study shows that the role of auditors in reducing cost of debt were effective only before firms went public. Abstrak Studi ini menguji peran auditor dan reputasi perusahaan dalam menurunkan biaya hutang perusahaan sebelum dan sesudah go public. Perusahaan membangun reputasi dan sejarah di pasar modal secara bertahap sehingga informasi mengenai perusahaan yang telah lama beroperasi tersedia secara luas. Penelitian ini berargumen bahwa perusahaan dengan reputasi yang baik membayar suku bunga yang lebih rendah dibandingkan. Untuk menguji hipotesis, sebanyak 161 sampel perusahaan dikumpulkan dari Bursa Efek Indonesia selama periode 2003-2012. Hasil analisis regresi menunjukkan bahwa reputasi auditor tidak berpengaruh pada biaya hutang. Selain itu, hasilnya juga tidak memberikan bukti interaksi antara reputasi dan usia auditor. Namun, hubungan negatif antara reputasi auditor dan biaya hutang ditemukan untuk perusahaan dengan sejarah pribadi yang pendek. Secara keseluruhan, temuan dalam penelitian ini menunjukkan bahwa peran auditor dalam mengurangi biaya hutang hanya efektif sebelum perusahaan go public.

Pengaruh Good Corporate Governance dan Karakteristik Perusahaan Terhadap Pengungkapan Corporate Social Responsibility Aurellia Adi Leksono; Sansaloni Butar Butar
Jurnal Akuntansi Bisnis Vol 16, No 1: Maret 2018
Publisher : Universitas Katolik Soegijapranata Semarang

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.24167/jab.v16i2.1696

This study examine the role of good corporate governance (GCG) and firm characteristics to expand corporate social responsibility (CSR) disclosure. CSR disclosure is measured by fraction of total items reported in Sustainability Report to 58 items index released by Global Reporting Initiative. Samples are collected from listed companies in BEI (Bursa Efek Indonesia) and have been participated in Indonesian Sustainability Report Award (ISRA during 2014-2016. As much as 22 companies have complete data for further analysis. Using multiple regression analysis, results showed that profitability have a positive effect on CSR disclosure and become the only accepted hypothesis in this research; size of board of commissioner, company size, and leverage have no effect on CSR disclosure; while audit committee meeting frequency have negative effect on CSR disclosure.

Pengaruh Tata Kelola Perusahaan, Reputasi KAP, Karakteristik Perusahaan dan Opini Audit terhadap Audit Delay Hilda Azalia David M; Sansaloni Butar Butar
Jurnal Akuntansi Bisnis Vol 18, No 1: Maret 2020
Publisher : Universitas Katolik Soegijapranata Semarang

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.24167/jab.v18i1.2698

Abstract Financial statements may help investors in estimating firm’s future performance. The sooner they are published, the more relevant the information for making investment decision. A delay in the release of financial statements may result from audit delay. Audit delay is a period of time the process of auditing measured from the date book company up to date stated in a report auditor independent. This study examines the factors that can influence the audit delay period for public companies on Indonesia Stock Exchange in 2014 to 2018. The independent variables used in this study are the existence of the governance committee, the size of the audit committee, the reputation of the firm (KAP), the company's complexity, profits and audit opinion. Employing purposive sampling method, this study collect final sample of 1866 companies which used to test the hypotheses. Using logistic regression. the evidents show that the existence of the governance committee, KAP reputation, and profit were negatively associated with audit delay. Meanwhile, firm complexity was positively associated with audit delay. In addition, the size of the audit committee has no effect on audit delay. Keywords: audit delay, corporate governance, KAP reputation, company complexity, audit opinion. Abstrak Laporan keuangan membantu investor mengestimasi kinerja perusahaan di masa depan. Semakin cepat laporan keuangan dipublikasikan maka semakin relevan digunakan dalam pengambilan keputusan investasi. Keterlambatan pelaporan keuangan bisa dipucu oleh audit delay. Audit delay adalah jangka waktu penyelesaian proses audit yang diukur dari tanggal tutup buku perusahaan hingga tanggal yang tertera pada laporan auditor independen. Penelitian ini menguji kembali faktor-faktor yang dapat mempengaruhi masa audit delay pada perusahaan publik yang terdapat di BEI tahun 2014 hingga 2018. Variabel independen yang digunakan dalam penelitian ini adalah keberadaan komite tata kelola, ukuran komite audit, reputasi KAP, kompleksitas perusahaan, laba dan opini audit. Penentuan sampel menggunakan metode purposive sampling dengan jumlah sampel akhir yang digunakan yaitu 1866 perusahaan. Analisis menggunakan regresi logistik. Hasil pengujian menunjukkan bahwa keberadaan komite tata kelola, reputasi KAP, dan laba berpengaruh negatif terhadap audit delay, dan kompleksitas perusahaan berpengaruh positif terhadap audit delay, sedangkan ukuran komite audit tidak berpengaruh terhadap audit delay. Kata kunci: audit delay, tata kelola perusahaan, reputasi KAP, kompleksitas perusahaan, opini audit.

Determinan Efisiensi Investasi Perusahaan Publik di Indonesia Andika Supra Nathaniel; Sansaloni Butar Butar
Jurnal Akuntansi Bisnis Vol 17, No 2: September 2019
Publisher : Universitas Katolik Soegijapranata Semarang

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.24167/jab.v17i2.2341

Conceptually, a company should invest in projects that will generate a positive Net Present Value (NPV). However, information asymmetry can lead to wrong investment decisions, namely investing in projects with a negative NPV and rejecting projects that produce a positive NPV. The wrong investment decision causes under (over) investment. This study aims to reexamine the effect of debt maturity, tangibility, foreign ownership, frequency of audit committee meetings, and company age on the company's investment efficiency. This study uses secondary data in the form of financial statements and annual reports of companies listed on the Indonesia Stock Exchange for the period 2012-2016. Number of samples used in this study are 289 companies. The results of the regression analysis show that debt maturity, tangibility have a positive effect on investment efficiency. Foreign ownership, company age, institutional ownership and managerial ownership negatively affect investment efficiency. Meanwhile, the frequency of meetings of the audit committee and the independent board of commissioners did not affect the investment efficiency. Abstrak Secara konseptual, perusahaan seharusnya melakukan investasi pada proyek yang akan menghasilkan Net Present Value (NPV) positif. Namun, asimetri informasi dapat menyebabkan putusan investasi yang keliru yaitu berinvestasi pada proyek dengan NPV negatif dan menolak proyek yang menghasilkan NPV positif. Keputusan investasi yang keliru menyebabkan terjadinya under (over) investment. Penelitian ini bertujuan untuk menguji kembali pengaruh maturitas utang, tangibilitas, kepemilikan asing, frekuensi pertemuan komite audit, dan umur perusahaan terhadap Efisiensi Investasi Perusahaan. Penelitian ini menggunakan data sekunder yang berupa laporan keuangan dan laporan tahunan perusahaan yang terdaftar di Bursa Efek Indonesia periode 2012-2016. Sampel yang digunakan dalam penelitian ini sebanyak 289 perusahaan. Hasil analisis reegresi menunjukkan bahwa maturitas utang, tangibilitas berpengaruh positif terhadap efisiensi investasi. Kepemilikan asing, umur perusahaan, kepemilikan institusional dan kepemilikan manajerial berpengaruh negatif terhadap efisiensi investasi. Sementara, frekuensi pertemuan komite audit dan dewan komisaris independen tidak berpengaruh terhadap efisiensi investasi.

Pengaruh Beta Saham, Likuiditas Saham, Atribut Audit, dan Tata Kelola Perusahaan Terhadap Biaya Modal Ekuitas Olivia Meirina M; Sansaloni Butar Butar
Jurnal Akuntansi Bisnis Vol 16, No 2: September 2018
Publisher : Universitas Katolik Soegijapranata Semarang

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.24167/jab.v16i2.2251

Abstract This study aims to examine the effect of stock beta, stock liquidity, KAP size, industry auditor specialization, board of commissioner independence, and audit committee expertise on cost of equity capital. Cost of equity capital was measured with Capital Assets Pricing Model (CAPM). This research use secondary data and the data was collected using purposive sampling at company that is registeres at Indonesian Stock Exchange 2013-2016. Total of the sample in this research is 800 companies. The test equipment in this research using multiple regression test. The results showed that stock beta, KAP size, and independence of board of commissioner have a positive effect on cost of equity capital. Auditor industry specialization has negative effect on the cost of equity capital. Meanwhile stock liquidity and audit committee's expertise have no effect on cost of equity capital. Keywords: beta stocks, stock liquidity, audit attributes, good corporate governance, cost of equity capital Abstrak Penelitian ini bertujuan untuk menguji pengaruh beta saham, likuditas saham, ukuran KAP, spesialisasi industri auditor, independensi dewan komisaris, dan keahlian komite audit terhadap biaya modal ekuitas. Biaya modal ekuitas diukur menggunakan Capital Assets Pricing Model (CAPM). Penelitian ini menggunakan data sekunder dan pemilihan sampel menggunakan metode purposive sampling pada perusahaan yang terdaftar di Bursa Efek Indonesia periode 2013-2016. Sampel yang digunakan dalam penelitian ini sebanyak 800 perusahaan. Alat uji yang digunakan pada penelitian ini adalah uji regresi berganda. Hasil penelitian menunjukan bahwa beta saham, ukuran KAP, dan independensi dewan komisaris berpengaruh positif terhadap biaya modal ekuitas. Spesialisasi industri auditor berpengaruh negatif terhadap biaya modal ekuitas. Sedangkan likuiditas saham dan keahlian komite audit tidak berpengaruh terhadap biaya modal ekuitas. Kata kunci: beta saham, likuiditas saham, atribut audit, good corporate governance, biaya modal ekuitas

RESTATEMENT AND TAX AGGRESSIVENESS: DOES BUSINESS STRATEGY MATTER? Sansaloni Butar Butar
AKUNTABILITAS Vol 15, No 2 (2021): AKUNTABILITAS
Publisher : Department of Accounting, Faculty of Economics, Universitas Sriwijaya

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.29259/ja.v15i2.14016

This study examines the effect of business strategy on tax aggressiveness and restatement. Prospectors are more aggressive in choosing accounting policies relative to defenders, thereby increasing the likelihood of restatements. Prospectors are also predicted to be more aggressive in tax planning than defenders. Sample was hand collected from Indonesian public firms in the period of 2014-2018 by using a purposive sampling method. As much as 1630 firm-year observations were gathered during the sample period and subsequently analyzed by employing multiple regressions analysis. A number of control variables are included in the regression model to control for differences in corporate governance system and firm characteristics. The corporate governance variables are Board of Commissioners independence, Audit Committee expertise, and institutional ownership. The firm characteristics variables are firm size, leverage, growth, and profitability. Results show that business strategy has an implication on tax aggressiveness but no effect on restatement. For control variables, all corporate governance variables are not significantly associated with restatement. On the other hand, Board of Commissioners independence, Audit Committee expertise, and institutional ownership are significantly associated with tax aggressiveness. As for company characteristics, size, leverage, growth rate, and profitability are not associated with restatement, but they are associated, except leverage, with tax aggressiveness.

KARAKTERISTIK DEWAN KOMISARIS DAN IDIOSYNCRATIC VOLATILITY Sansaloni Butar Butar
Media Riset Akuntansi, Auditing & Informasi Vol. 20 No. 1 (2020): April
Publisher : LEMBAGA PENERBIT FAKULTAS EKONOMI DAN BISNIS UNIVERSITAS TRISAKTI

CAPM has been used as a widely accepted model forstock valuation. According to CAPM, stock risks comprise of systematic and unsystematic risks. The latter is also called idiosyncratic risk. Since idiosyncratic riskis induced by firm-specific factors, it can be removed by forming portfolio. However, some empirical findings in various capital markets indicate that idiosyncratic risk cannot be completely eliminated. Thus, stock price movements may also be influenced by firm-specific factors. Volatility of stock price movements induced by firm- specific information are commonly called idiosyncratic volatility. The objective of this research is to provide evidence of the association between Board of Commissioners characteristics and idiosyncratic volatility in Indonesian capital market. More specifically, the characteristics include Board of Commissioners independence, size, gender diversity, busyness, and meeting frequency. Using sample of indonesian public firms in 2013-2017, regression analysis show that Board size and meeting frequency are inversely related with idiosyncratic volatility. However, Board independence, gender diversity, and busyness have no effect on idiosyncratic volatility. The practical implication of this study is that firms should establish Board of Commissioners with larger membership and urge Board of Commissioners to conduct more frequent meeting to discuss financial reporting-related issues.

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