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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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Journal : Jurnal Keuangan dan Perbankan

 1 
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.
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