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All Journal Jurnal Bisnis dan Manajemen Jurnal Manajemen Teori dan Terapan AKRUAL: Jurnal Akuntansi The Indonesian Journal of Accounting Research Inobis: Jurnal Inovasi Bisnis dan Manajemen Indonesia EKONOMIKA45 Jurnal Akuntansi dan Keuangan Indonesia Journal of Management and Social Sciences
Puput Tri Komalasari
Fakultas Ekonomi Dan Bisnis Universitas Airlangga
Decision Sciences, Operations Research & Management Economics, Econometrics & Finance Education Social Sciences Transportation

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Journal : Jurnal Akuntansi dan Keuangan Indonesia

 1 
INFORMATION ASYMMETRY AND HERDING BEHAVIOR Komalasari, Puput Tri
Jurnal Akuntansi dan Keuangan Indonesia Vol. 13, No. 1
Publisher : UI Scholars Hub

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Abstract

Conceptually, the stock market is strong form efficient in the long term. However, in practice, there are various forms of market anomalies that undermine the accuracy of the efficient market hypothesis. One factor suspected as the cause of market inefficiency is herding behavior. Investors herd when they imitate the actions of other investors. This behavior occurs when there is a continuous interaction among rational investors that prevents them from seeking information about market fundamentals. This study provides new insights by including information asymmetry as a moderating variable. This research examines the phenomenon of herding behavior in the Indonesia Stock Exchange as well as examines directly the effect of information asymmetry on herding behavior. The period of study is 2008 using time series of daily stocks data that actively traded in the capital market. Results of this study find that investor tends to follow market consensus when price changes at the low level, but when there is large price swing market participant acts independently from other investors. Interestingly, this study finds that information asymmetry is a necessary condition for the existence of herding behavior.
HUBUNGAN ANTARA KUALITAS LABA, ASIMETRI INFORMASI, DAN BIAYA MODAL EKUITAS: PENGUJIAN MENGGUNAKAN ANALISIS JALUR Nasih, Moh.; Komalasari, Puput Tri; Madyan, Moh.
Jurnal Akuntansi dan Keuangan Indonesia Vol. 13, No. 2
Publisher : UI Scholars Hub

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Abstract

This study examines the direct and indirect impacts of earnings quality on cost of equity capital by using path analysis. The quality of earnings is measured by two proxies, namely discretionary accrual and income smoothing. Information asymmetry is used as mediating variable. This study uses 3 years sample period, ie 2008-2010. This study finds that information asymmetry has two important roles in determining the cost of equity capital. Firstly, information asymmetry affects positively to cost of equity capital, and secondly, information asymmetries serve as mediator between earnings quality measured by discretionary accrual and the cost of equity capital. Nevertheless, there is no significant direct and indirect relationship between earnings quality and the cost of capital when earnings quality was measured by income smoothing.
Co-Authors Indah Kurniawati JOSE RIZAL JOESEOF Juwita Sari Madyan, Moh. Madyan, Moh. MOH. NASHIH Moh. Nasih Muhammad Alfin Nor Muhammad Alfin Nor, Muhammad Alfin Ni Luh Ayu Mahetria Pradnyaswari Teguh Prasetio Tri Siwi Agustina Zahrin Haznina Qalby