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INDONESIA
Journal of Accounting and Investment
Published by Universitas Muhammadiyah Yogyakarta
ISSN : 26223899     EISSN : 26226413     DOI : 10.18196/jai
Core Subject : Economy,
Economics, Econometrics & Finance
JAI receives rigorous articles that have not been offered for publication elsewhere. JAI focuses on the issue related to accounting and investments that are relevant for the development of theory and practices of accounting in Indonesia and southeast asia especially. Therefore, JAI accepts the articles from Indonesia authors and other countries. JAI covered various of research approach, namely: quantitative, qualitative and mixed method.
Arjuna Subject : -
Articles 6 Documents
 1 
Search results for , issue "Vol 5, No 2: July 2004" : 6 Documents clear
Indikasi Manajemen Laba (Earnings Management) dan Hubungannya dengan Kinerja Operasi Disekitar Initial Public Offering (Ipo) pada Perusahaan-Perusahaan Manufaktur yang Terdaftar di Bursa Efek Jakarta Sri Anik
Journal of Accounting and Investment Vol 5, No 2: July 2004
Publisher : Universitas Muhammadiyah Yogyakarta, Indonesia

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Abstract

The objective of this study is to found empirical about manufacture companies which the listed in Jakarta Stock Exchange performed the earnings management surrounding Initial Public Offering and association between Initial Public offering. The research variables which are examined in this study: earnings management with indicator Discretionary Acrual (DA) and operating performance with indicator Return on Asset (ROA). The test result shows from 32 manufacture companies performed IPO during 1995-2000, in fact 26 companies were detected commited earnings management, and only 6 companies which were being able to be detected performed earnings management. And the different test result shows that operating performance before IPO and operating performance after IPO relative same, although mean operating performance before IPO bigger from mean operating performance after IPO. The result of this research also shows that association between earnings management with operating performance surrounding IPO are negative association and significant.
Hubungan antara Indikator Mikro dan Makro terhadap Nilai Buku dan Harga Pasar Saham Perusahaan Harahap, Sofyan S; Jacob, Renata H
Journal of Accounting and Investment Vol 5, No 2: July 2004
Publisher : Universitas Muhammadiyah Yogyakarta, Indonesia

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Abstract

This study discusses the differences between Book Value and Market Value of Indonesian Company listed in JSE focuses on banking industry which sample total 11 banks. The date was collected from financial reports of those banks published in the Indonesian Capital Market Directory of 1998-2002. The objective of the study was to test the differences between book value and market value of banks’ shares using Tobin Q-Ratio model. Then, micro aspects are represented by EPS, LDR and ETA and macro aspects are represented by inflation and interest rate were examined how much those variables influence book value and market value. The study found that there was a difference between book value and market value. Average Q-Ratio Indonesian banking industry during 1999-2002 respectively was 1.72, 1.27, 0.92, 1.10 and 1.25. The highest and the lowest Q ratio during 4 years in average was achieved by PT Bank CIC International Tbk 4,14 and PT Bank Pan Indonesia Tbk 0.27 respectively. Then, the correlation between independent and dependent variables using SPSS version 10 has been tested and found that micro aspect only influences 45.8% to book value and 61.7% to market value. EPS has more significant role in influencing book value and market value. Macro aspect has a minimum role in influencing. The limitation of this study is due to limitation of sample, period and ratio tested.  Future research could be done in having more sample periods and ratios.
Analisis Pengaruh Day of The Week Effect terhadap Return Saham di Bursa Efek Jakarta Arum Indrasari; Afrizal Tahar
Journal of Accounting and Investment Vol 5, No 2: July 2004
Publisher : Universitas Muhammadiyah Yogyakarta, Indonesia

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Abstract

Some of the people have believed in the superstitions in which there exists “good days” for doing  activities, including to start business and investment. The purpose of this paper is to disclose to what extent the phenomenon of market anomaly is feasible in Jakarta Stock Exchange in connection to the existence of the effect of “good days” for trading on daily stock returns. Based on the research result, we found the there exist distinction in daily stock return and abnormal returns particularly on Tuesday and Wednesday.
Pengaruh Luas Ungkapan Sukarela dalam Laporan Tahunan terhadap Earnings Response Coefficient (ERC) Widiastuti, Harjanti
Journal of Accounting and Investment Vol 5, No 2: July 2004
Publisher : Universitas Muhammadiyah Yogyakarta, Indonesia

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Abstract

This study examines whether voluntary corporate disclosure level published in annual report affects the relation between current stock return and contemporaneous annual earnings. The purpose of the study is to investigate whether the variances in corporate disclosure level published in annual report of companies listed on the Jakarta Stock Exchange (the JSX) affects the value-relevance of earnings information proxied by earnings response coefficient (the ERC). This study is preliminary attempt to combine two research issues: the informativeness of earnings (ERC) and the informativeness of disclosures, which have been separately investigated by previous studies. The findings are expected to give preliminary evidence about cross-sectional differences in current ERC associated with voluntary corporate disclosure level published in annual report. It is hypothesized that voluntary corporate disclosure level published in annual report has a negative effect on the ERC. To test the hypothesis, current stock returns are regressed against current earnings changes. The sample consists of 67 of annual reports of companies listed on the JSX as of December 31, 1995. The study finds evidence that voluntary corporate disclosure level published in annual report have a statistically positive effect on the ERC at 0.10 significant levels. This result remains consistent after controlling for other factors that have been shown to influence the earnings response coefficient. The result does not support the hypothesis that voluntary corporate disclosure level published in annual report has a negative effect on the ERC. The possible reason is that disclosures in annual report insufficiently reveal the information about companies’ future prospect. However, the result of sensitivity analysis using fundamental return model shows that voluntary corporate disclosure level published in annual report has a negative effect on the ERC, but not statistically significant.
Analisis Efisiensi Pasar Modal “Semistrong Form Tests” dengan adanya pengumuman “Right Issue” di Bursa Efek Jakarta Gunawan, Barbara
Journal of Accounting and Investment Vol 5, No 2: July 2004
Publisher : Universitas Muhammadiyah Yogyakarta, Indonesia

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Abstract

The objective of this study is to find whether Indonesian stock market is a semistrong efficient market. This study use 10 listed public companies in  Jakarta Stock Exchange and performed right issue in 2003. The study found there was a significantly difference between stock price at stock exchange and theoretical price before and after ex right date. This study also reveal that abnormal return before and after ex right date does not have a significant different.
Menilai Keberhasilan Balanced Scorecard sebagai Sistem Pengukuran Kinerja Strategik Tri Ramaraya Koroy
Journal of Accounting and Investment Vol 5, No 2: July 2004
Publisher : Universitas Muhammadiyah Yogyakarta, Indonesia

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Abstract

This paper reviews the literature of Balanced Scorecard (BSC) as a strategic performance measurement tool. The research concerning the effectiveness of BSC indicate that BSC is a useful tool for communicating strategy, strategic learning and developing organizational culture. However, related research also shows that the implementation of BSC is not associated with economic benefit particularly for short-term period. This suggests that the adoption of BSC need a careful inquiry by the organization and the organization should not accept it as a ‘generic’ solution as a performance measurement tool.

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