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INVESTIGASI EMPIRIS INTERAKSI FREE CASH FLOW, EARNING MANAGEMENT DAN INEFISIENSI INVESTASI Perdana, Djaja
Jurnal Reviu Akuntansi dan Keuangan Vol 9, No 3: Jurnal Reviu Akuntansi Dan Keuangan
Publisher : Universitas Muhammadiyah Malang

The level of Free cash flow has a pivotal role for investors to understand the inefficiency of a company's investment. This paper discusses empirical research that investigates the main effects of free cash flow and the effects of their interactions with earning management on investment inefficiency. This study uses a sample of 56 infrastructure, utility and transportation companies registered in Indonesian's Capital Market for the fiscal year ended on December 31, 2014 to 2018. This study uses a multiple regression method with the pooled ordinary least square (OLS) approach for 256 observational data. This study find that the main effect of free cash flow is significantly positive on investment inefficiency, but the earning management does not affect inefficiency investment. Furthermore this study find that the interaction effect of free cash flow is significantly negative on investment inefficiency if the amount of earning management is small.

Tingkat Solvabilitas Perbankan Indonesia Dalam Konteks Pemenuhan Ketahanan Likuiditas Perdana, Djaja; Kusumadewi, Hermala
Jurnal Riset Akuntansi dan Keuangan Vol 9, No 1 (2021): Jurnal Riset Akuntansi dan Keuangan. April 2021 [DOAJ & SINTA Indexed]
Publisher : Program Studi Akuntansi FPEB UPI

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.17509/jrak.v9i1.27946

Abstract: Bank liquidity has become a serious concern of the government with the issuance of a regulation requiring banks in Indonesia to meet the liquidity coverage ratio (LCR). However, efforts to build liquidity resilience have resulted in banks having to make adjustments to their capital structure so that they are suspected of having an influence on their solvency. This study investigates the effect of the level of liquidity on the level of solvency of Indonesian banks, which is proxied by the level of capital ratios and debt ratios during the 2013-2019 period using banking data listed on the Indonesia Stock Exchange. The results of this study prove that the liquidity variable proxied by the loan-to-asset ratio (LAR) has a negative effect on the capital adequacy ratio (CAR) but has a positive effect on the debt-to-asset ratio (DAR). Meanwhile, the liquidity estimated by the current ratio (CR) does not affect the capital adequacy ratio (CAR) but has a negative effect on the debt-to-asset ratio (DAR).Abstrak: Aspek likuiditas bank telah menjadi perhatian serius pemerintah dengan dikeluarkannya peraturan yang mewajibkan bank di Indonesia untuk memenuhi liquidity coverage ratio (LCR). Namun upaya membentuk ketahanan likuiditas tersebut mengakibatkan bank harus melakukan penyesuaian struktur permodalannya sehingga diduga memiliki pengaruh terhadap solvabilitasnya. Penelitian ini melakukan investigasi pengaruh tingkat likuiditas terhadap tingkat solvabilitas perbankan Indonesia yang diproksikan dengan tingkat capital ratio dan debt ratio selama periode 2013-2019 dengan menggunakan data perbankan yang terdaftar di Bursa Efek Indonesia. Hasil penelitian ini membuktikan bahwa variabel likuiditas yang diproksikan dengan loan-to-asset ratio (LAR) berpengaruh negatif terhadap capital adequacy ratio (CAR) tetapi berpengaruh positif terhadap debt-to-asset ratio (DAR). Sedangkan likuiditas yang diestimasi dengan current ratio (CR) tidak berpengaruh terhadap capital adequacy ratio (CAR) tetapi berpengaruh negatif terhadap debt-to-asset ratio (DAR)

Kepemilikan Pemerintah dan Struktur Modal Dalam Konteks Institusional BUMN Indonesia Perdana, Djaja
Jurnal Riset Akuntansi dan Keuangan Vol 7, No 3 (2019): Jurnal Riset Akuntansi dan Keuangan. Desember 2019 [DOAJ & SINTA Indexed]
Publisher : Program Studi Akuntansi FPEB UPI

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.17509/jrak.v7i3.17758

Abstract. Government as the largest shareholders has an important role to decide source of funding for State Owned Enterprises (SOEs) including from lenders. This study examined the impact of government ownership on capital structure that is proxied by the total debt-to-equity ratio and the long term debt-to-equity ratio. This study uses a sample of total 40 SOEs, SOE's subsiadiaries, and other partial government ownership companies which is listed on Indonesian Stock Exchange for the fiscal year ended in December 31, 2012 to 2018. To study the impact of government ownership on capital structure across firms over the study periods, the study undertake pooled ordinary least square (OLS). This study find that the government ownership has a negatively significant impact on capital structure if the government is the largest shareholders in a firm but the largest non-government shareholders has no impact on capital structure in a firm.Keywords: capital structure; debt ratio; government ownership; largest shareholdersAbstrak. Sebagai pemegang saham terbesar BUMN, pemerintah dipandang memiliki peran yang sangat krusial dalam menentukan kebijakan sumber pendanaan BUMN termasuk dari pemberi pinjaman. Peningkatan jumlah utang BUMN yang mengkhawatirkan dalam beberapa tahun ini diduga memiliki keterkaitan dengan kebijakan pemerintah sebagai pemegang saham terbesar. Penelitian ini bertujuan menguji pengaruh kepemilikan saham oleh pemerintah terhadap struktur modal perusahaan yang diproksikan dengan debt ratio. Sampel berjumlah total 40 perusahaan BUMN publik, anak perusahaan BUMN publik dan perusahaan non-BUMN yang sebagian sahamnya dimiliki pemerintah. Seluruh sampel diambil dari Bursa Efek Indonesia yang terdaftar pada periode 2012 - 2018. Analisa data menggunakan pooled ordinary least square (OLS). Hasil penelitian ini membuktikan bahwa kepemilikan saham oleh pemerintah berpengaruh negatif secara signifikan terhadap struktur modal pada perusahaan yang kepemilikan saham terbesarnya dipegang oleh pemerintah. Namun kepemilikan saham oleh pemerintah tidak berpengaruh terhadap struktur modal pada perusahaan yang kepemilikan saham terbesarnya bukan dipegang oleh pemerintah

PERBEDAAN FINANCIAL PERFORMANCE PASCA SECONDARY OFFERINGS Djaja Perdana; Herbowo Herbowo
Wahana: Jurnal Ekonomi, Manajemen dan Akuntansi Vol 22, No 1 (2019)
Publisher : Akademi Akuntansi YKPN Yogyakarta

This study aims to examine the differences in corporate financial performance before and after secondary offerings. The financial performance is proxied by WCR, DER, Solvency, ROA, ROE, Asset Turnover (ATO) and Growth ratio which representing the value of liquidity, financing, activity, performance and growth of the firm. The study involved 67 samples of the companies listed on the Indonesia Stock Exchange conducting secondary offerings during 2008-2013 period and selected through purposive random sampling method and using Financial Statement data from 2005-2016 period. Hypothesis test is performed using Wilcoxon Signed Rank test. The results of this study indicate that there is no significant difference in the ratio of Solvency, ROA and ROE between before and after secondary offerings, but there are significant differences in the ratio of WCR, DER, Asset Turnover and Growth. WCR ratio after secondary offerings increased, while DER ratio after secondary offerings decreased, the condition of both ratios showed better performance. While the indication of poor performance seen in decreasing asset turnover ratio and growth ratio.Keywords : agency theory, financial performance, secondary offerings

Pengaruh Corporate Governance Terhadap Inefisiensi Investasi Dengan Free Cash Flow Sebagai Pemoderasi Djaja Perdana; Hasan Subagyo
Wahana: Jurnal Ekonomi, Manajemen dan Akuntansi Vol 24, No 1 (2021)
Publisher : Akademi Akuntansi YKPN Yogyakarta

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.35591/wahana.v24i1.280

The level of corporate investment inefficiency is closely related to the effectiveness of corporate governance practices implemented by the largest shareholders and board of directors. This paper discusses empirical research that investigates the impact of the largest shareholders and board size on investment inefficiency with free cash flow as a moderating variable. This study uses a sample of 152 public companies registered in Indonesia’s capital market for the fiscal year ended on December 31, 2014 to 2018. This study uses a multiple regression method with the Ordinary Least Square (OLS) approach. This study find that the largest shareholders and board size are significantly negative impact on investment inefficiency, but the free cash flow doesn’t moderate the influence of board size on investment inefficiency.

KINERJA SAHAM DI SEPUTAR SEASONED EQUITY OFFERINGS (SEO) Djaja Perdana
Wahana: Jurnal Ekonomi, Manajemen dan Akuntansi Vol 11, No 1 (2008)
Publisher : Akademi Akuntansi YKPN Yogyakarta

This research aims to investigate the market reaction to seasoned equity offerings (SEO). This research was conducted at Jakarta Stock Exchange over 2000-2002 using 77 emitens based on purposive sampling. Paired sample t-test is used in testing return, abnormal return and trading volume activity surronding seasoned equity offerings (SEO) announcement (t-5 until t+5). The result of the all analysis shows that there are no significant average return, abnormal return and trading volume activity surrounding seasoned equity offerings (SEO).Keywords: Seasoned Equity Offerings, Return, Abnormal Return, Trading Volume Activity

CRITICAL SUCCESS FACTORS DALAM PENGELOLAAN DATA SISTEM INFORMASI AKUNTANSI Djaja Perdana
Wahana: Jurnal Ekonomi, Manajemen dan Akuntansi Vol 12, No 2 (2009)
Publisher : Akademi Akuntansi YKPN Yogyakarta

This research aims to investigate the critical success factors influence to level of maturity and performance of data management in CV Wirotomo Trading, Yogyakarta. The research focused on data management of accounting information system including in delivery and support domain by controlling implementation, level of maturity measurement, and performance indicators evaluation with COBIT critical success factors as standard. The research tools is an adoption result from COBIT Implementation Tool Set, COBIT Control Objectives, Maturity Model, and Key Performance Indicators that adapted into subject’s organization environment. Data collecting method used the documents inspection, interview and self-assessment questionnaire for selected subjects. The result shows that the level of maturity and performance indicators of data management keep increasing after the critical success factors based controlling is implemented.Keywords: COBIT Framework, Level of Maturity, Key Performance Indicators, Critical Success Factors, accounting information system

IMPLEMENTASI COBIT FRAMEWORK PADA PENGAUDITAN PROSES PENGEMBANGAN SISTEM INFORMASI AKUNTANSI Djaja Perdana
Wahana: Jurnal Ekonomi, Manajemen dan Akuntansi Vol 12, No 1 (2009)
Publisher : Akademi Akuntansi YKPN Yogyakarta

This research evaluated and estimated planning and organization processes of accounting information system in PT. Pendopo ITM by applicating audit activities with COBIT framework as standard. The auditing focused on accounting information system process including in planning and organisation domain by controlling activities identifying, risk-assessment, level of maturity measurement, performance indicators evaluation and goal achievement indicators evaluation with COBIT framework as standard. The research tools is an adoption result from COBIT Implementation Tool Set, COBIT Control Objectives, Maturity Model, Key Performance Indicators (KPI), and Key Goal Indicators (KGI) considering Critical Success Factors (CSF) that adapted into auditee’s organization environment. Data collecting method used the documents inspection, interview and self-assessment questionnaire for selected auditee. The result shows that planning and organisation of the information system processes in PT Pendopo ITM need optimal control, and include preventive control, detective control and corective control with improvement of the resources utilization effectiveness therefore this guarantee organization’s objectives achievement.Keywords: Audit, COBIT Framework, Internal Control, Risk Factor, Maturity Level, Performance Indicator, Goal Indicator, Critical Success Factor

INVESTIGASI EMPIRIS INTERAKSI FREE CASH FLOW, EARNING MANAGEMENT DAN INEFISIENSI INVESTASI Djaja Perdana
Jurnal Reviu Akuntansi dan Keuangan Vol. 9 No. 3: Jurnal Reviu Akuntansi Dan Keuangan
Publisher : Universitas Muhammadiyah Malang

The level of Free cash flow has a pivotal role for investors to understand the inefficiency of a company's investment. This paper discusses empirical research that investigates the main effects of free cash flow and the effects of their interactions with earning management on investment inefficiency. This study uses a sample of 56 infrastructure, utility and transportation companies registered in Indonesian's Capital Market for the fiscal year ended on December 31, 2014 to 2018. This study uses a multiple regression method with the pooled ordinary least square (OLS) approach for 256 observational data. This study find that the main effect of free cash flow is significantly positive on investment inefficiency, but the earning management does not affect inefficiency investment. Furthermore this study find that the interaction effect of free cash flow is significantly negative on investment inefficiency if the amount of earning management is small.

KINERJA KEUANGAN PASCA SEASONED EQUITY OFFERINGS Djaja Perdana
Jurnal Akuntansi Vol 8 No 1 (2020): JURNAL AKUNTANSI VOL. 8 NO. 1 JUNI 2020
Publisher : Program Studi Akuntansi Fakultas Ekonomi Universitas Sarjanawiyata Tamansiswa

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.26460/ja.v8i1.1003

Penelitian ini bertujuan menguji perbedaan kinerja keuangan perusahaan sebelum dan sesudah aksi Seasoned Equity Offerings (SEO). Kinerja keuangan dalam penelitian ini diproksikan dengan rasio WCR, DER, ROA, ROE, Asset Turnover (ATO) dan Growth yang merepresentasikan nilai likuiditas, pembiayaan, aktivitas, kinerja dan pertumbuhan perusahaan. Penelitian ini melibatkan 67 sampel perusahaan yang terdaftar di Bursa Efek Indonesia yang melakukan Seasoned Equity Offerings selama periode 2008-2013 dan dipilih melalui metode purposive random sampling serta menggunakan data Laporan Keuangan periode 2005-2016. Pengujian hipotesis menggunakan Wilcoxon Signed Rank Test. Hasil penelitian ini menunjukkan bahwa tidak terdapat perbedaan yang signifikan pada rasio ROA dan ROE antara sebelum dengan sesudah Seasoned Equity Offerings, tetapi terdapat perbedaan yang signifikan pada rasio WCR, DER, Asset Turnover dan Growth. Rasio WCR sesudah Seasoned Equity Offerings meningkat, sedangkan rasio DER sesudah Seasoned Equity Offerings menurun, kondisi kedua rasio tersebut mengindikasikan kinerja yang lebih baik. Sedangkan indikasi kinerja yang buruk terlihat pada penurunan rasio Asset Turnover dan rasio Growth.

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