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All Journal Jurnal Keuangan dan Perbankan Journal of Applied Finance & Accounting Journal of Economics, Business, & Accountancy Ventura The Indonesian Journal of Accounting Research
Hutagaol-Martowidjojo, Yanthi
School Of Accounting & Finance BINUS Business School - BINUS University Jl. Hang Lekir I No.6 Jakarta, 12120
Economics, Econometrics & Finance

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The role of earnings and tax on dividend policy of Indonesian listed firms Hutagaol-Martowidjojo, Yanthi; Joachim, Hansi; Anggreni, Dellia
Jurnal Keuangan dan Perbankan Vol 23, No 1 (2019): January 2019
Publisher : University of Merdeka Malang

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (552.106 KB) | DOI: 10.26905/jkdp.v23i1.2581

Abstract

Prior studies show that profitability is the main financial aspect that determines a firm’s dividend policy. To add to the Indonesian’ dividends literature, this study examines the role of earnings and tax as dividend policy in Indonesian listed firms. This study argues that besides profitability, Indonesian firms consider other financial performance, namely earnings (contributed capital and prior year earnings) and tax to determine their dividend policy, since earnings reflect firm’s real ability to pay dividends, and tax affects the number of dividends should be paid.  Using 1688 firm-year observations of Indonesian firms from 2012 to 2016, the panel data regression result shows that prior year’s earnings and contributed capital, are the significant determinants of firms sample’s dividend policy. However, the insignificant result is found in the corporate tax role. Meanwhile, the robustness test, earnings, and tax are significant and of the expected sign. The result implies that the higher the firms’ earnings, the higher the dividend payout ratio that is used as a proxy to the firms’ dividend policy. Corporate tax, on the other hand, is a significant negative determinant in some years of the observation. Higher corporate tax hinders managers to increase the dividend payout ratio.JEL Classification: G35, M19, M40DOI: https://doi.org/10.26905/jkdp.v23i1.2581
THE ACCURACY OF EARNINGS FORECAST AND POST-IPO EARNINGS MANAGEMENT Hutagaol, Yanthi; Warganegara, Dezie L.; Wibisono, Christofer
Jurnal Keuangan dan Perbankan Vol 16, No 3 (2012): September 2012
Publisher : University of Merdeka Malang

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (167.351 KB) | DOI: 10.26905/jkdp.v16i3.1073

Abstract

Prior studies showed that before IPO, many companies conducted earnings management in order to attract potential investors through impressive earnings figures. This study aimed to investigate the tendency of earningsmanagement practice post - IPO. This practice of earnings management was motivated to preserve managers’reputation in achieving their earnings forecasts. Using a total of 165 IPOs in IDX during year 2000-2010, thisstudy employed descriptive analyses to identify the earnings management differences within the sample. A crosssectionanalysis was conducted to test the difference of earnings management indicator among the forecasters.Then, controlling for audit quality, ownership, firm size, and firm leverage, a regression analysis was performedto test the impact of earnings forecasts accuracy on the earnings management. The result of this research showedthat there was an indication that the forecasters conducted more earnings management than the non-forecasters.The study found that forecast accuracy was significantly related to managers’ behavior to manage post-IPOearnings. Further analysis showed that optimistic forecasters tended to engage more in more earning managementthan conservative forecasters. The cross section analysis confirmed that optimistic earnings forecast strengthenedthe relationship of forecast accuracy and post-IPO earnings management, while high audit quality failed toweaken it.
THE RELATIVE ACCURACY OF MANAGEMENT EARNINGS FORECAST AND IPO PERFORMANCE Yanthi Hutagaol; I Gusti Ayu Esika
Jurnal Keuangan dan Perbankan Vol 15, No 1 (2011): January 2011
Publisher : University of Merdeka Malang

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (151.395 KB) | DOI: 10.26905/jkdp.v15i1.995

Abstract

Prior studies show that IPO earnings forecasts are robustly related to the IPO initial market valuation and itsshort-run performance (i.e., Chen, Firth, and Khrisnan, 2001; How and Yeo, 2001; Li and McConomy, 2004;Keasey and McGuiness, 2008). This study investigates the impact of management earning forecasts on thelong run performance of IPOs in Indonesia Stock Exchange (IDX). It hypothesizes that the relative accuracy,which is revealed at the end of IPO year, will affect the pricing process in the market that in turn will affect theIPO 1 year performance. Unlike most prior studies, this study uses relative forecast bias, as the direction of thebias will have different impact on the IPO after-market performance. Using 94 IPOs that went public in 2000-2008 in IDX, this study finds some interesting results. In general, the sample shows an average of negativeforecast bias. The upward bias IPOs has a better 1-year performance than the downward bias IPOs. They alsoappear to have a higher initial performance. Finally, the cross section analysis result shows a robust evidenceto support the research hypothesis that the relative accuracy of management earnings forecast is positivelyrelated to the IPO 1-year performance.
THE INCIDENCE AND QUALITY OF FINANCIAL GRAPHICS IN INDONESIAN IPO PROSPECTUSES Dezie L. Warganegara; Yanthi R.I. Hutagaol; Tjut F. Bachrumsyah
Jurnal Keuangan dan Perbankan Vol 17, No 2 (2013): May 2013
Publisher : University of Merdeka Malang

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (267.977 KB) | DOI: 10.26905/jkdp.v17i2.736

Abstract

The purpose of this study was to investigate the selectivity and the quality of financial graphs in IndonesianIPO prospectuses. The first hypothesis of this study related to the intensiveness in the use of the graphs with theprofitability of the IPO firms, while the second hypothesis associated the distortion in the graphs constructionswith the intention to show financial performance in a more favorable way. Content analysis was used toinvestigate the relationship between the intensiveness in the use of the graphs and the profitability. Thedistortion in the graphs constructions was detected using the Relative Graph Discrepancy (RGD) index. Thisstudy found that there was no evidence more profitable firms using graphs more intensively in their IPOprospectuses. With regards to distortion, it was found that IPO firms tended to exaggerate their performancedepicted on the financial graphs in their prospectuses.
Analisis Kinerja Reksa Dana Saham Dengan Metode Raw Return, Sharpe, Treynor, Jensen dan Sortino Simforianus Simforianus; Yanthi Hutagaol
Journal of Applied Finance & Accounting Vol. 1 No. 1 (2008): Published on November 2008
Publisher : Bina Nusantara University

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21512/jafa.v1i1.122

Abstract

Mutual Fund (Reksa Dana) can be used as one of the investment alternatives besides personal saving, time deposit, shares and bond. Mutual fund is an investment that has a form as a collective contract investment and managed by the profesionals. From various mutual funds in Indonesia, the investor should choose the mutual fund that they want to invest in. The problem is the type of indicators that the investor can use to choose the mutual funds. The writer did research with 16 equity-based mutual funds in Indonesia with the period from December 31, 2002 to December 31, 2007. Firstly, the writer measures all mutual funds according to their performance, which is based on raw return, Sharpe, Treynor, Jensen and Sortino. Mutual funds with above average performance are considered as superior mutual funds. Afterwards, whether there is any consistency in the performance is checked by using probabilistic method and Chi Squared test. Then, ranking will be made started with the best to the worst mutual funds. The candidates for the best mutual funds are the mutual funds that achieve the superior level at least three times during the six years of the research period. The best mutual fund is the mutual fund which obtains the highest rank according to the five methods above. Probabilistic method indicates a high consistency level with an average of 71.50%. This result is supported by the chi squared test, where the hyphotesis that stated that there is a consistency between mutual fund performances can be proven. The final result is the rank of equity-based mutual funds in Indonesia. The following is the rank of the mutual funds with superior performance: Fortis Pesona, Schroder Prestasi Plus, Dana Reksa Mawar, Fortis Ekuitas, Trim Kapital, Panin Dana Maksima, Si Dana Saham, Rencana Cerdas dan Bahana Dana Prima.
The Analysis of R&D Impact on the Public Listed Companies’ Performance in Indonesia Natasha I. E.; Yanthi R. I. Hutagaol
Journal of Applied Finance & Accounting Vol. 1 No. 2 (2009): Published on June 2009
Publisher : Bina Nusantara University

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21512/jafa.v1i2.130

Abstract

Research & Development (R&D) is one of significant firms’ activities that is expected to enhance firms’ future value. This paper examines the relationship between R&D with firm’s operation and market performance. The sample used is 106 firm years from 32 non-finance firms that listed in Indonesia Stock Exchange (IDX) and report R&D expenditure during period 2004-2007. Two research hypotheses are developed and tested using a multiple regression model. The findings signify that all sample firms have reported their R&D activities accordingly to the applied accounting standard. However, the hypothesis testing results shows that there is no relationship between R&D and firm’s operation and market performance. These findings imply that R&D activities in Indonesian firms are not yet perceived as an important element in firms’ value added chain. 
Debt to Equity Ratio, Degree of Operating Leverage Stock Beta and Stock Returns of Food and Beverages Companies on the Indonesian Stock Exchange Lusia Astra Sari; Yanthi R.I. Hutagaol
Journal of Applied Finance & Accounting Vol. 2 No. 1 (2009): Published on November 2009
Publisher : Bina Nusantara University

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21512/jafa.v2i1.149

Abstract

This research examines three factors that may have relationships with returns on stock investment. The factors tested under this research are three types of risk associated with a company’s capital structure, company’s business risk, and market risk of the company’s stock. A company’s capital structure is measured by debt to equity ratio, a company’s business risk is measured by degree of operating leverage, while the market risk of the company’s stock is measured by stock beta. This research focuses on the food and beverages (F&B) industry. The sample firms are F&B firms that are listed on the Indonesian Stock Exchange in the period of 2003-2008. The results show that there is a positive relationship between debt to equity ratio and stock return; however this result is insignificant statistically. A similar result is found between the degree of operating leverage and stock return. There is a positive significant relationship between the stock beta and stock return. The result also shows that debt to equity ratio, degree of operating leverage, and stock beta all together do not have a significant influence on the stock returns of food and beverage companies on the Indonesian Stock Exchange during 2003-2008.
THE DETERMINANTS OF MANAGEMENT FORECASTS ERROR AND THE IPO UNDERPRICING: A CASE STUDY OF INDONESIAN IPO Yanthi Hutagaol; Florens Siauw; Irwan A. Ekaputra
Journal of Applied Finance & Accounting Vol. 3 No. 2 (2011): Published on June 2011
Publisher : Bina Nusantara University

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21512/jafa.v3i2.167

Abstract

To reduce the well-known information asymmetry in the IPO market, the issuing firms are required to publish offering prospectuses. One type of information disclosed in the prospectus is the management financial forecasts in which the IPO firms predict expected earnings at the end of year after the listing. The purpose of this study is to investigate the determinants of forecasted error published by the management in the IPO prospectuses. This study observes six possible determinants that affect the absolute forecast errors (AFE). Furthermore, this study also examines whether the earning forecast errors could explain the IPO stylish underpricing phenomenon.A sample of 124 IPO firms that went public in Indonesian Stock Exchange (prior Jakarta Stock Exchange) during the 1997 – 2005 period. The results show that the research models proposed are valid models. The management AFE is determined by firm size, forecast interval period, industry, and the firm business range.  This study also finds that the AFE is positively related to the IPO underpricing, suggesting that the higher the forecast errors, the more underpriced is the IPO. Moreover, it is also found that market condition also influences the underpricing level in Indonesian IPO market.
THE MARKET PERFORMANCE OF BOOK BUILDING IPOs IN INDONESIA Noni Tanjung; Yanthi Hutagaol
Journal of Applied Finance & Accounting Vol. 5 No. 1 (2012): Publish on November 2012
Publisher : Bina Nusantara University

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

Abstract

This research is aimed to determine the significant difference in short run and long run performance of Initial Public Offerings (IPOs) in Indonesian Capital Market through book building or fixed price marketing method. Moreover, it is intended to distinguish the characteristics of the issuer that might influence in their choice of marketing method. The sample firms are companies who went public in year 2007 to 2010. The aftermarket performance of the IPOs is assessed based on their short run performance (initial return) and long-term performance. The model has the marketing method as the dependent variable and size, age, industry and ownership of the issuer as independent variable. The result shows there is no significance difference in the short run performance between the marketing methods. However, there are significant difference in the long-run performance. For logistic regression, there are no significant relationship between the companies’ characteristics that influence the marketing method chosen.
THE INFLUENCE OF CORPORATE DISCLOSURE LEVEL ON COST OF EQUITY CAPITAL: EVIDENCE FROM INDONESIA Angela Tamara; Yanthi Hutagaol
Journal of Applied Finance & Accounting Vol. 5 No. 2 (2013): Publish on June 2013
Publisher : Bina Nusantara University

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21512/jafa.v5i2.795

Abstract

This research investigates the level of corporate disclosure in Indonesia and how corporate disclosure may influence company’s cost of equity capital. Moreover, this research is also wanted to investigate the profile of corporate disclosure in Indonesia.The samples used in this research are companies that are listed in LQ-45 from 2006 to 2010. The corporate disclosure information is derived from the annual report. Moreover, related information required are also extracted from annual report, such as leverage, total asset and auditor quality. For data analysis, this research will employ a multiple regression to determine the association among variables. The result shows the disclosure level in Indonesia is actually affected cost of equity capital even though the level of significant is considered as low. As the conclusion, although most of companies does not disclosed information as the expected number of regulation, Indonesia capital market still can be considered as semi strong since the information that are available for public are actually affecting investors decision on investment.
Co-Authors Angela Tamara Anggreni, Dellia Annisa Rahman Dezie L. Warganegara Dezie L. Warganegara Florens Siauw I Gusti Ayu Esika Irwan A. Ekaputra Joachim, Hansi Leslie Benny Lusia Astra Sari Marko S Hermawan Megawati Oktorina Natasha I. E. Noni Tanjung Pamela Abigail Simforianus Simforianus Tjut F. Bachrumsyah Valentina Tohang Wibisono, Christofer