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All Journal Gadjah Mada International Journal of Business The Indonesian Journal of Accounting Research Makara Human Behavior Studies in Asia Jurnal Akuntansi dan Keuangan Indonesia
Siddharta Utama
Faculty Of Economics And Master Of Management Program, Indonesia University
Economics, Econometrics & Finance

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TAX COSTS AND CORPORATION DIVIDEND POLICY: Evidence from the 1986 U.S. Tax Reform Acts Utama, Siddharta
Gadjah Mada International Journal of Business Vol 5, No 1 (2003): January-April
Publisher : Master of Management, Faculty of Economics and Business, Universitas Gadjah Mada

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (66.154 KB)

Abstract

Scholes and Wolfson (1992) predict that following the 1986 TaxReform Act, the tax cost of the corporate form relative to that of the partnership form (the incremental tax cost) increased significantly. This study hypothesizes that since dividends represent a tax disadvantaged form of income relative to capital gains, then in response to an increase in incremental tax costs, corporations would decrease their dividend payout ratios. The response is expected to be stronger for corporations owned byshareholders with long investment horizons because the tax cost saved from decreasing dividend payout ratios is an increasing function of shareholders’ investment horizon. The empirical tests support the hypothesis and show a negative relationship between the change in incremental tax costs and the change in dividend payout ratios for firms with long average investment horizons.
TAX COSTS AND CORPORATION DIVIDEND POLICY: Evidence from the 1986 U.S. Tax Reform Acts Siddharta Utama
Gadjah Mada International Journal of Business Vol 5, No 1 (2003): January-April
Publisher : Master in Management, Faculty of Economics and Business, Universitas Gadjah Mada

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (66.154 KB) | DOI: 10.22146/gamaijb.5397

Abstract

Scholes and Wolfson (1992) predict that following the 1986 TaxReform Act, the tax cost of the corporate form relative to that of the partnership form (the incremental tax cost) increased significantly. This study hypothesizes that since dividends represent a tax disadvantaged form of income relative to capital gains, then in response to an increase in incremental tax costs, corporations would decrease their dividend payout ratios. The response is expected to be stronger for corporations owned byshareholders with long investment horizons because the tax cost saved from decreasing dividend payout ratios is an increasing function of shareholders’ investment horizon. The empirical tests support the hypothesis and show a negative relationship between the change in incremental tax costs and the change in dividend payout ratios for firms with long average investment horizons.
Pengaruh Struktur Kepemilikan, Ukuran Perusahaan, dan Praktik Corporate Gorvernance Terhadap Pengelolaan Laba (Earnings Management) Sylvia Veronica N.P. Siregar; Siddharta Utama
The Indonesian Journal of Accounting Research Vol 9, No 3 (2006): IJAR September 2006
Publisher : The Indonesian Journal of Accounting Research

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.33312/ijar.161

Abstract

Penelitian ini bertujuan untuk mengetahui pengaruh dari struktur kepemilikan, ukuran perusahaan, dan praktek corporate governance terhadap besaran pengelolaan laba. Struktur kepemilikan dibedakan menjadi kepemilikan institusional dan kepemilikan keluarga, ukuran perusahaan diukur menggunakan kapitalisasi pasar, dan praktek corporate governance diukur menggunakan tiga variabel (kualitas audit, proporsi dewan komisaris independen, dan keberadaan komite audit). Metode analisis yang digunakan adalah regresi berganda. Penelitian ini menggunakan data empiris dari Bursa Efek Jakarta dengan sampel sebanyak 144 perusahaan untuk periode non krisis (1995-1996, 1999-2002).Berdasarkan hasil pengujian, ditemukan bahwa variabel yang mempunyai pengaruh yang signifikan terhadap besaran pengelolaan laba adalah ukuran perusahaan dan kepemilikan keluarga. Semakin besar ukuran perusahaan semakin kecil pengelolaan labanya dan rata-rata pengelolaan laba pada perusahaan dengan kepemilikan keluarga tinggi dan bukan perusahaan konglomerasi lebih tinggi daripada rata-rata pengelolaan laba pada perusahaan lain. Variabel kepemilikan institusional dan ketiga variabel praktek corporate governance tidak terbukti mempunyai pengaruh yang signifikan terhadap besaran pengelolaan laba yang dilakukan perusahaan.
Kaitan antara Rasio Price/Book Value dan Imbal Hasil Saham pada Bursa Efek Jakarta Siddharta Utama; Anto Yulianto Budi Santosa
The Indonesian Journal of Accounting Research Vol 1, No 1 (1998): JRAI January 1998
Publisher : The Indonesian Journal of Accounting Research

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.33312/ijar.8

Abstract

Studi ini bertujuan untuk mengungkapkan (1) seberapa jauh rasio harga saham-nilai buku (Price-Book Value Ratio atau rasio PBV) berkaitan dengan imbal hasil (return) saham, dan (2) seberapa jauh rasio PBV berkaitan dengan faktor-faktor fundamental perusahaan. Hasil penelitian menunjukkan bahwa rasio PBV dapat digunakan untuk menentukan strategi investasi karena dengan menggunakan rasio PBV investor dapat memperkirakan saham-saham yang mengalami undervalued dan overvalued, dan memperoleh imbal hasil yang signifikan. Penelitian ini juga menemukan bahwa dari empat faktor fundamental yang dianalisis (profitabilitas (Return on Equity atau ROE), prospek pertumbuhan, tingkat resiko, dan kebijakan dividen), ternyata hanya ROE yang secara konsisten dan signifikan mempunyai hubungan yang positif dengan rasio PBV. Terakhir, penelitian ini menemukan terdapatnya hubungan yang negatif antara rasio PBV dengan imbal hasil saham, konsisten dengan temuan penelitian lainnya yang dilakukan di berbagai negara.
The Convex Relation between Equity Value and Earnings cynthia utama; roy sembel; siddharta utama
The Indonesian Journal of Accounting Research Vol 4, No 2 (2001): JRAI May 2001
Publisher : The Indonesian Journal of Accounting Research

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.33312/ijar.60

Abstract

This paper applies the Burgstahler and Dichev (1997) equity valuation model on stocks listed in the Jakarta Stock Exchange for the period 1993-1996. The prediction of the model is that the value of equity is a convex function of both expected earnings and book value. The piece-wise regression and the quadratic regression are employed to test the prediction. The empirical evidence strongly supports the prediction of convexity: as the ratio of earnings to book value increases, the relation between equity value and earnings becomes stronger while the relation between equity value and book value becomes weaker. In the pooled regression, the quadratic regression provides better explanation on the variation of equity value than the piece-wise regression. Finally, the results are robust with respect to alternative variable/model specifications. The results support Burgstahler and Dichev’s findings in the United States and imply that equity value is a function of both expected earnings and book value.
The Demand of New Cars and the Index of Consumer Sentiment Utama, Siddharta
Makara Human Behavior Studies in Asia Vol. 7, No. 1
Publisher : UI Scholars Hub

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Abstract

The index of consumer sentiment (ICS) has been widely employed as a proxy for future buying confidence to predict future aggregate buying behavior. This study empirically compares two forecast models: the expectation model that includes the ICS as an explanatory variable and the traditional model that does not include the ICS. The models are employed to estimate the aggregate demand for new cars in the U.S. from 1976 to 1984. The results indicate that the ICS has a positive relation with new car sales. On the basis of the likelihood dominance criterion, however, the traditional model is preferred to the expectation model. Furthermore, the forecast ability of the expectation model is slightly inferior to the traditional model
EVIDENCE ON AUDIT COMMITTEE COMPOSITION AND AUDIT COMMITTEE EFFECTIVENESS AMONG LISTED COMPANIES IN THE JAKARTA STOCK EXCHANGE Utama, Siddharta; Leonardo Z., F
Jurnal Akuntansi dan Keuangan Indonesia Vol. 1, No. 2
Publisher : UI Scholars Hub

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Abstract

The purpose of this study is to provide empirical on audit committee composition and audit committee effectiveness (ACE), based on a survey of audit committees of publicly listed companies in the Jakarta Stock Exchange. The study finds that the majority of the companies comply with the JSX requirement about the minimum number of audit committee member (3 persons), their independence, and their competence (finance or accounting background). However, this study finds that audit committees are not yet effective in their authority, resources, and efforts. The interaction of audit committee with external auditors is the least effective while the communication to the board of commissioners and shareholders is the most effective. The interaction of audit committee with internal auditors and monitoring on compliance are also ineffective.
Co-Authors Anto Yulianto Budi Santosa cynthia utama Leonardo Z., F Leonardo, F. roy sembel Sylvia Veronica Siregar