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All Journal JURNAL AKUNTANSI DAN AUDITING Gadjah Mada International Journal of Business International Research Journal of Business Studies (E-Journal) Studi Akuntansi dan Keuangan Indonesia (SAKI) International Research Journal of Business Studies
Wijantini Wijantini
Universitas Prasetiya Mulya
Decision Sciences, Operations Research & Management Economics, Econometrics & Finance Social Sciences

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 1 
Voluntary Disclosure in the Annual Reports of Financially Distressed Companies in Indonesia Wijantini, Wijantini
Gadjah Mada International Journal of Business Vol 8, No 3 (2006): September-December
Publisher : Master of Management, Faculty of Economics and Business, Universitas Gadjah Mada

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (256.313 KB)

Abstract

This paper examines voluntary disclosure in the annual reports of financially distressed companies in Indonesia. The disclosure score range is between 3 percent and 49 percent with the mean and median score of 25 percent and 26 percent, respectively, at the onset of distress. The score is measured as the ratio of the total items disclosed to the maximum possible items score applicable to the firm. The most disclosed items are in the category of financial highlights and general corporate information whereas the three least disclosed items concern projections, liquidity, and research and development. Moreover, the results of this study reveal that the level of voluntary disclosure in the financially distressed firms is higher than that in non-financially distressed firms. There is no significant difference between the types of information disclosed by the 2  groups. The statistical tests are applied for various years. Consistent with findings in previous studies, the size of the firm appears to be a positive variable significantly affecting the disclosure level.
The Indirect Costs of Financial Distress in Indonesia Wijantini, Wijantini
Gadjah Mada International Journal of Business Vol 9, No 2 (2007): May - August
Publisher : Master of Management, Faculty of Economics and Business, Universitas Gadjah Mada

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Abstract

This paper presents quantitative estimates of the indirect cost of financial distress and its determinants. In order to measure the cost, this study estimates the annualized changes in industry-adjusted operation profit and sales from a year before the onset of distress to the resolution year. Using those approaches, the median of indirect financial distress cost is estimated between three and 11 percent annually. To the extent that the direct cost of financial distress reduces reported operating income, the estimated costs are overstated. The simple regressions analysis suggest that the indirect cost of financial distress significantly increases with size, leverage, number of creditors, and poor industry performance, but is not related to degree of bank loan reliance. The findings provide a weak support for the financial distress theory which suggests that conflicts of interest render the costs of financial distress.
Indonesian Bankruptcy Law: Revisited Wijantini, .
INTERNATIONAL RESEARCH JOURNAL OF BUSINESS STUDIES Vol 1, No 2 (2008): August-November 2008
Publisher : Universitas Prasetiya Mulya

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Abstract

One of the key challenges in fnancial distress resolution is to fnd the way to renegotiate the debts. Financial troubled firms may apply either court or out-of-court resolution process. Under court supervision, frms have to follow Indonesian bankruptcy law which ofers a moratorium on debt repayment through a system of court supervision and liquidation proceedings. Alternatively, frms may apply out-of-court workout. This paper is written to examine process of both resolutions, problem in executing the law and the reasons for least likelihood of fling court solution in Indonesia. In addition, it shows study on bankruptcy fling in East Asia countries.
STRATEGY FOR RECOVERY FROM INDONESIAN FINANCIALLY DISTRESSED COMPANIES IN CRISIS Wijantini*, Wijantini
INTERNATIONAL RESEARCH JOURNAL OF BUSINESS STUDIES Vol 13, No 1 (2020): April - July 2020
Publisher : Universitas Prasetiya Mulya

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Abstract

At the time of writing, the International Monetary Fund (IMF) declared a global economy recession due to pandemic crisis. The spread of coronavirus shut down many companies and put them in financial distress. Many previous studies investigate the strategy for firms? recovery in normal economic condition. However, firms may adopt different strategies during crises. The Asian crisis is a well-known example of a temporary, but stiff contraction across industries. In this case, troubled firms demand certain corporate strategies to recover from the crisis. The main purpose of this study is to undertake an empirical examination of Indonesian financially distressed firms as they strive to recover during the severe crisis. It compares the strategy between recovered and nonrecovered firms. Successful strategies for recovery are identified through Altman?s Emerging Market Score. The strategies involve four types of restructuring such as operational, financial, asset, and management restructuring. This study uses the number of employees decreased, debt restructuring, disposal of assets, and change of the CEO as the proxy of the respective types of restructuring. The success of debt restructuring appears to be the most important differentiator of recovery.Keywords:Asian crisis, Financial distress, Financial restructuring, Recovery strategy,  Indonesia* School of Business and Economics, Universitas Prasetiya Mulya, Kampus Cilandak, Jakarta, Jl. RA. Kartini (TB Simatupang) Cilandak Barat, Jakarta, 12430 https://doi.org/10.21632/irjbs.13.1.49-62
Pengaruh Audit Tenure Terhadap Kualitas Audit pada Perusahaan Terbuka di Indonesia Angela Angela; Marceline Miharja; Wijantini Wijantini; Siti Farhana
Studi Akuntansi dan Keuangan Indonesia Vol 2 No 2 (2019): Studi Akuntansi dan Keuangan Indonesia (SAKI)
Publisher : Universitas Prasetiya Mulya

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (484.12 KB) | DOI: 10.21632/saki.2.2.224-250

Abstract

This paper focuses on analyzing the effect of audit tenure on firm and audit partners on audit quality in non-financial publicly listed companies in Indonesia in the period of 2008 until 2014. The research is motivated by the inconsistent results of previous research in Indonesia and also in other countries. The audit quality is measured by the absolute discretionary accrual proxy using the Modified Jones model (1995). Fundamentally, audit quality describes the results of the performance of independent auditor which is one form of monitoring cost on agency theory. The results show the negative significant relationship between audit firm tenure to audit quality, in line with research from Junaidi et al. (2012), among others. On the other hand, there was no significant relationship between audit partner tenure and audit quality, similar to research from Blandon & Bosch (2017), among others. The result also supported by two types of robustness test. First, using the same model with different period has a negative significant result on audit firm tenure while there was no significant effect on audit partner tenure. Second robustness test using t-test for audit partner tenure on year 1 and 3, and the result shows there is no significant difference in audit quality. The result will be useful as consideration for regulators to concern more to the effect of audit firm tenure compared to tenure partner. keywords: accrual discretionary, audit firm tenure, audit partner tenure, audit tenure, audit quality https://doi.org/10.21632/saki.2.2.224-250
THE EFFECT OF FREE CASH FLOW ON ASSET UTILIZATION WITH OWNERSHIP STRUCTURES AS MODERATING VARIABLES Elizabeth Nathania; Samuel Putera; Siti Farhana; Wijantini Wijantini
JURNAL AKUNTANSI DAN AUDITING Volume 16, Nomor 2, Tahun 2019
Publisher : Department of Accounting, Faculty of Economics & Business,Diponegoro University, Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.14710/jaa.16.2.1-17

Abstract

This study aims to examine how free cash flow (FCF) affects on asset utilization (AU) as a proxy for agency cost, followed by investigating the influence of ownership structures as moderating variables in reducing the negative effect of FCF on asset utilization. The research sample of 465 companies consisted of all companies listed on the Indonesia Stock Exchange in 2013-2017 with purposive sampling method. The findings of this study showed that FCF negatively influences AU). Institutional ownership weakens the negative relationship between FCF and AU. Contrarily, managerial ownership strengthens the negative relationship between FCF and AU. This study also found that family ownership strengthens the negative relationship between FCF and AU. This study contributes to understanding the role of various ownership structures in utilizing company's resources to improve their asset utilization, especially in the family ownership that dominates Indonesian firms. 
Indonesian Bankruptcy Law: Revisited Wijantini, Wijantini
International Research Journal of Business Studies Vol. 1 No. 2 (2008): August-November 2008
Publisher : Universitas Prasetiya Mulya

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21632/

Abstract

One of the key challenges in financial distress resolution is to find the way to renegotiate the debts. Financial troubled firms may apply either court or out-of-court resolution process. Under court supervision, firms have to follow Indonesian bankruptcy law which offers a moratorium on debt repayment through a system of court supervision and liquidation proceedings. Alternatively, firms may apply out-of-court workout. This paper is written to examine process of both resolutions, problem in executing the law and the reasons for least likelihood of filing court solution in Indonesia. In addition, it shows study on bankruptcy filing in East Asia countries. 
Co-Authors Angela Angela Elizabeth Nathania Marceline Miharja Samuel Putera Siti Farhana