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All Journal Jurnal Keuangan dan Perbankan Journal of Applied Finance & Accounting The Indonesian Journal of Accounting Research
Hutagaol-Martowidjojo, Yanthi
School Of Accounting & Finance BINUS Business School - BINUS University Jl. Hang Lekir I No.6 Jakarta, 12120
Economics, Econometrics & Finance

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EMPIRICAL INVESTIGATION OF DETERMINANT FACTORS OF COMPANY DELISTING: EVIDENCE FROM INDONESIA Leslie Benny; Yanthi Hutagaol
Journal of Applied Finance & Accounting Vol. 6 No. 1 (2013): Publish on November 2013
Publisher : Bina Nusantara University

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21512/jafa.v6i1.836

Abstract

The main purpose of the research is to evaluate determinant factors which contribute to companies being delisted from Stock Exchange Market in Indonesia. The samples are taken from the delisted companies list in IDX for a period year 2007-2011. The matching companies are then selected based on the company size to make an equivalent comparison for each delisted companies sample. The total final samples consist of 58 companies, 29 delisted companies and 29 matching companies. This research analyzes the company’s financial status by using descriptive statistics, independent sample t-test, and logistic regression model to find the effect of each determinant to the probability of delisting. The shares liquidity is a significant determinant to company’s delisting in Indonesia. Meanwhile, profitability and leverage seems to be determinant factors for delisted, but appear to be insignificant. Other examined factors, market capitalization and growth opportunity appear to insignificant determinants. This manager implication of this research is that the strong delisting factor is the external company factor, in this case, the market factor.
Analisis Arus Kas Kegiatan Operasi dalam Mendeteksi Manipulasi Aktivitas Riil dan Dampaknya Terhadap Kinerja Pasar Megawati Oktorina; Yanthi Hutagaol
The Indonesian Journal of Accounting Research Vol 12, No 1 (2009): JRAI January 2009
Publisher : The Indonesian Journal of Accounting Research

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.33312/ijar.199

Abstract

This study aims to identify firm's tendency to execute real activities manipulation through cash flow from operating activities and its impact to market performance. The sample is drawn from firms in the biggest 50 firms with assets above 1 quintillions rupiahs for period of 2001 - 2006, which are published in Swa100. The research model is based on Roychowdhury's model (2003). Prior to test the hypotheses, this studitthe researcher employed regression model to determine normal and abnormal cash flow from operating activities. The result shows that firms tend to execute real activities manipulation through operating cash flow. Moreover, the impact of real activities manipulation on market performance shows firms which are more likely executing real activities manipulation have higher market performance than their counterparts. By controlling for industrial types of the companies, the result finds that manufacturing firms execute more real activities manipulation than non-manufacturing firms.
Co-Authors Angela Tamara Anggreni, Dellia Annisa Rahman Dezie L. Warganegara Dezie L. Warganegara Florens Siauw I Gusti Ayu Esika Irwan A. Ekaputra Joachim, Hansi Leslie Benny Lusia Astra Sari Marko S Hermawan Megawati Oktorina Natasha I. E. Noni Tanjung Pamela Abigail Simforianus Simforianus Tjut F. Bachrumsyah Valentina Tohang Wibisono, Christofer