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All Journal Gadjah Mada International Journal of Business 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

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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.
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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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 Leonardo Z., F Leonardo, F.