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REAKSI PASAR ATAS INFORMASI PENGUMUMAN PEMBENTUKAN KOMITE AUDIT Sanjaya, I Putu Sugiartha
Benefit Volume 11 No 2 Desember 2007
Publisher : Universitas Muhammadiyah Surakarta

Show Abstract | Download Original | Original Source | Check in Google Scholar

The role of the audit committee continues to be of importance to regulators. The NewÂ York Stock Exchange (NYSE)Â and the National Association of Securities Dealers (NASD) co-sponsored a Blue Ribbon Committee (BRC) to make recommendations for improving the effectiveness of the audit committee. In Indonesia, the Jakarta Stock Exchange (JSX) issued a regulation in 2001. The regulation emphasize all companies (which treaded publicly) must have audit committee. According to Millstein (1999), it is totally consistent that good corporate governance practice points to the audit committee as the focal point for improvement in financial statements. The objective of this study is to investigate whether the announcement of appointing audit committee is reacted by the market. Using a window of 7 days (three days before the announcement date and three days after the announcement dates), the result of this study is the market reacts to the announcement which explain audit committee is eligible to JSXâs standard and ineligible to JSXâs standard. Therefore, the result suggests that the information has information content.

UJI BEDA MANAJEMEN LABA SEBELUM DAN SELAMA KRISIS DI INDONESIA Sanjaya, I Putu Sugiartha; Budi Raharjo, D. Agus
KINERJA Vol 10, No 2 (2006): Kinerja
Publisher : Faculty of Economics Universitas Atma Jaya Yogyakarta

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.24002/kinerja.v10i2.929

Scott (2000) explained patterns of earnings management as taking a bath and income minimization. Taking a bath can be made during periods of organizational stress or reorganization, including the hiring of a new CEO. If a firm must report a loss, management may feel compelled to report a large one. Consequently, it will write off assets, provide for expected future costs, and generally clear of decks. This will enhance the probability of future reported profits. Income minimization is similar to taking a bath, but fewer extremes. A politically visible firm may choose patterns during periods of high profitability. Policies that suggest income minimization include rapid write-offs of capital assets and intangibles, expensing of advertising and R&D expenditures. The objective of this study is to investigate which pattern of earnings management chosen by management during economic crisis in Indonesia. Therefore, there are differences on earnings management between before the economic crisis and during the economic crisis in Indonesia. To test the hypothesis of this study, data are collected from Jakarta Stock Exchange for manufacturing companies. There are 27 companies. The result of this study suggests that management is most likely to make income decreasing to taking a bath.Keywords: earnings management, economic crisis, taking a bath, and income minimization.

PENGARUH RASA MANFAAT DAN KEMUDAHAN TERHADAP MINAT BERPERILAKU (BEHAVIORAL INTENTION) PARA MAHASISWA DAN MAHASISWI DALAM PENGGUNAAN INTERNET Sanjaya, I Putu Sugiartha
KINERJA Vol 9, No 2 (2005): Kinerja
Publisher : Faculty of Economics Universitas Atma Jaya Yogyakarta

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.24002/kinerja.v9i2.909

Davisâ€™ Technology Acceptance Model (TAM), perceived usefulness, and perceived ease of use instruments are widely accepted in information technology research community as tools for evaluating information system application and predicting usage. This study attempts to investigate whether perceived usefulness and perceived ease of use influence behavioral intention in using Internet. Perceived usefulness is the degree to which a person believes that using a particular system would enhance his or her job performance. Perceived ease of use is the degree to which a person believes that using a particular system would be free of effort. Data were collected from 149 students of Department of Informatics Technology, Faculty of Industrial Technology, University of Atma Jaya Yogyakarta. The result is that perceived usefulness has a positive and significant influences on behavioral intention, while the influence of perceived ease of use on behavioral intention is not statistically significant.Keywords: perceived usefulness, perceived ease of use, technology acceptance modelbehavioral intention

REAKSI PASAR ATAS INFORMASI PENGUMUMAN PEMBENTUKAN KOMITE AUDIT Sanjaya, I Putu Sugiartha
Benefit: Jurnal Manajemen dan Bisnis Benefit : Kumpulan Makalah Diskusi Dosen FE UMS Volume 11 No 2 Desember 2007
Publisher : Universitas Muhammadiyah Surakarta

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.23917/benefit.v11i2.1272

The role of the audit committee continues to be of importance to regulators. The NewÂ York Stock Exchange (NYSE)Â and the National Association of Securities Dealers (NASD) co-sponsored a Blue Ribbon Committee (BRC) to make recommendations for improving the effectiveness of the audit committee. In Indonesia, the Jakarta Stock Exchange (JSX) issued a regulation in 2001. The regulation emphasize all companies (which treaded publicly) must have audit committee. According to Millstein (1999), it is totally consistent that good corporate governance practice points to the audit committee as the focal point for improvement in financial statements. The objective of this study is to investigate whether the announcement of appointing audit committee is reacted by the market. Using a window of 7 days (three days before the announcement date and three days after the announcement dates), the result of this study is the market reacts to the announcement which explain audit committee is eligible to JSXâs standard and ineligible to JSXâs standard. Therefore, the result suggests that the information has information content.

PENGARUH KEPEMILIKAN ULTIMAT TERHADAP KEINFORMATIFAN LABA PADA PERUSAHAAN MANUFAKTUR YANG TERDAFTAR DI BEI Susilowati, Isabella Henny; Sanjaya, IPutu Sugiartha
Modus Journals Vol 27, No 1 (2015): MODUS
Publisher : Faculty of Economics Universitas Atma Jaya Yogyakarta

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.24002/modus.v27i1.565

Ultimate ownership is ownership directly and indirectly in public companies to identify the ultimate owners of public Vendor. Ultimate owner has the right greater control of cash fow rights is called the controlling shareholder. This causes problems between controlling shareholders and non-controlling shareholders, which will afect earnings informativeness. Informativeness proft is profit information that could afect stock returns. This study uses the 149 companies listed on the Stock Exchange in 2004-2009. Te data used in this study is proft and equity in the annual fnancial statements, as well as the ownership of the company. Tis test uses regression analysis moderasian with moderating variable Cash Flow Right Leverage (CFRL). CFRL is the diference between control rights to cash fow rights. The results of this study showed that the diference of control rights to cash fow rights owned by the controlling shareholders make a proft informativeness be low because shareholders can infuence policy to make accounting information, thus making proft informativeness be low.Keywords: ultimate ownership, control rights, cash fow rights, earnings informativeness.

ANALISIS PERBEDAAN DIVIDEN PADA PERUSAHAAN KELUARGA DAN NON KELUARGA BERDASARKAN KEPEMILIKAN ULTIMAT Cahyani, Krisnati Adi; Sanjaya, I Putu Sugiartha
Modus Journals Vol 26, No 2 (2014): MODUS
Publisher : Faculty of Economics Universitas Atma Jaya Yogyakarta

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.24002/modus.v26i2.584

This study aims to to analyze whether there is a diference of the dividend shared on family company and non family based on the ultimate ownerships. Sampling method that used in this research was 400 manufacturing companies which are listed at Indonesia Stock Exchange (IDX), with research periods 2009-2012. The sample collected by purposive sampling method. Secondary data obtained from a IDX database and the ownership structure obtained through SanjayaÃ¢â‚¬â„¢s (2010) previous research. The result of data analysis shows there are signifcant and diferencesÃ‚Â of the dividend shared between family company and non family. Family company pay dividends lower than non family company.Keywords : Dividend, Agency Teory, Family Ownership, IDX

Analisis Perbedaan Elemen-Elemen Laporan Keuangan dalam Dtabase Bursa Efek Jakarta (BEJ) DAN Indonesian Capital Market Directory (ICMD) Sanjaya, I Putu Sugiartha
Riset Akuntansi dan Keuangan Indonesia Vol 4, No 2 (2005): Jurnal Akuntansi dan Keuangan
Publisher : Universitas Muhammadiyah Surakarta

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.23917/reaksi.v4i2.3583

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IMPACT CASH FLOW RIGHT LEVERAGE OF CONTROLLING SHAREHOLDER ON PERFORMANCE IN INDONESIA Sanjaya, I Putu Sugiartha
Jurnal Akuntansi Vol 20, No 3 (2016): September 2016
Publisher : Fakultas Ekonomi dan Bisnis Universitas Tarumanagara

The purpose of this study is to investigate the impact of cash flow rights leverage of controlling shareholder on performance. The ownership of common stock has some rights such as control rights and cash flow rights. Control rights are the rights of common shareholders to elect board of directors and other company?s policies, such as the issuence of securities, stock split and substansial changes in company?s operation (Du and Dai, 2005). Cash flow rights are the financial claims of shareholders on the companies (La Porta et al., 1999). Case in Indonesia, commonly there are differences between control rights and cash flow rights. It is called cash flow right leverage. The large leverage indicates the large agency conflict between controlling shareholder and non-controlling shareholders. The low leverage indicates the low agency conflict. It will impact on performance. If the control rights are greater than cash flow rights, it indicates the larger agency problem. It indicates that the power of the controlling shareholder in the company is larger than claim to the firm. It is incentive for a controlling shareholder to expropriate non-controlling shareholders through utilizing assets of company for his/her private benefit. This study uses the sample of the manufacturing companies listed in the Indonesian Stock Exchange during the period 2001-2007. Performance is measured by Return on Assets (ROA). The results of this study show that the cash flow right leverage of controlling shareholder has negative impacts on performance. It means the large agency conflict (cash flow right leverage) between controlling and non-controlling shareholders reduce performance. The results of this study can give contribution for Indonesia Financial Service Authority (Otoritas Jasa Keuangan (OJK)) to monitor public companies in Indonesia. This institution more focus for companies which has large cash flow right leverage. Because, it indicates the large agency problem between controlling and non-controlling shareholders.

The Differences Cost of Equity Capital between Before and After Adoption of IFRS Sanjaya, I Putu Sugiartha; Br. Barus, May Hosiani
Jurnal Keuangan dan Perbankan Vol 21, No 4 (2017): October 2017
Publisher : UNIVERSITY OF MERDEKA MALANG

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.26905/jkdp.v21i4.1479

The objective of this study was to analyze and compare between the cost of equity capital between before and after the adoption of IFRS on Statement of Financial Accounting Standard Financial Instrument (PSAK) for banking companies listed in Indonesian Stock Exchange. The period on this study was 2008-2009 for before adoption and 2013-2014 for after adoption. Data on this study was secondary data such as annual financial reporting and share price. Cost of equity capital was measured using the Ohlson Model. The sample in this study was banking companies listed in Indonesian Stock Exchange in 2008, 2009, 2013, and 2014. Selecting a sample was by purposive sampling with specific criteria. Results of this study proved that the cost of equity capital was lower for after adoption of IFRS on Statement of Financial Accounting Standard Financial Instrument for banking companies listed in Indonesian Stock Exchange than before adoption. It meant that adoption IFRS could reduce the cost of equity capital. This result had an impact on reducing the non-performing loan, increasing the loan to deposit ratio, and increasing net interest margin.DOI: https://doi.org/10.26905/jkdp.v21i4.1479

DAMPAK PROFITABILITAS, ALIRAN KAS BEBAS, DAN KESEMPATAN INVESTASI TERHADAP PEMBAYARAN DIVIDEN PERUSAHAAN PERBANKAN Salvatore Wika Lingga Pradana; I Putu Sugiartha Sanjaya
Jurnal Keuangan dan Perbankan Vol 21, No 1 (2017): January 2017
Publisher : University of Merdeka Malang

This study aimed to identify and analyze the factors that affected paid dividend proxies by Dividend Payout Ratio (DPR) on the banking companies listed in Indonesia Stock Exchange (IDX). Multiple regression was a model of analysis that was used by the researchers to examine several variables which might affect the dividend payout ratio such as profitability, free cash flow, and investment opportunity set as independent variables, as well as firm size as a control variable. The samples in this study were 29 conventional banks that were listed in the Indonesia Stock Exchange (IDX). The result showed that the independent variable profitability (ROA) had a significant and positive effect on the dividend payout ratio while the free cash flow variable and the investment opportunity set did not affect the dividend payout ratio. Control variables firm size had a significant and negative effect on the dividend payout ratio.

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