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The Market Quality to Technical Analysis Performance: Intercountry Analysis Hartono, Jogiyanto; Sulistiawan, Dedhy
Gadjah Mada International Journal of Business Vol 16, No 3 (2014): September-December
Publisher : Master of Management, Faculty of Economics and Business, Universitas Gadjah Mada

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The main objective of this research is to discuss the impact of market quality on technical analysis profitability using inter-country analysis. Market quality is proxied by market capitalization. Technical analysis performance (profitability) is calculated using technical analysis return for MA5 indicator and short transaction strategy. This study uses the OSIRIS and Yahoo Finance databases. Using 21 countries with 50 companies for each country, this study finds that market quality affects technical analysis performance. Robustness tests are conducted for longer moving average indicators that are MA10 and MA15. To make sure that the results are not sensitive toward the strategy used, other robustness tests are conducted by using short and long-short transaction strategies. All robustness tests confirm the findings.Â Â Â Â Â

EARNINGS ANNOUNCEMENTS AND COMPETING INFORMATION: THE INDONESIAN EVIDENCE Sulistiawan, Dedhy; Hartono, Jogiyanto; Tandelilin, Eduardus; Supriyadi, Supriyadi
Journal of Indonesian Economy and Business Vol 29, No 1 (2014): January
Publisher : Journal of Indonesian Economy and Business

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The main purpose of this study is to provide empirical evidence of the relationship betweeninvestorsâ responses to two events, which are, (1) earnings anouncements, and (2) technicalanalysis signals, as competing information. This study is motivated by Francis, et al. (2002),whose study used stock analystâs recommendations as competing information in the U.S stockmarket. To extend that idea, this study uses technical analysis signals as competing informationin the Indonesian stock market. Using Indonesian data from 2007-2012, this study shows thatthere are price reactions on the day of a technical analysis signalâs release, which is prior toearnings announcements. It means that investors react to the emergence of competinginformation. Reactions on earnings announcements also produce a negative relationship withthe reaction to a technical analysis signal before an earnings announcement. This study givesevidence about the importance of technical analysis as competing information to earningsannouncements.Keywords: competing information, earnings announcements, technical analysis, price reaction

REAKSI ASIMETRI ATAS SINYAL BELI DAN JUAL ANALISIS TEKNIS: PENGUJIAN BIAS KONFIRMASI SEBELUM PENGUMUMAN LABA Sulistiawan, Dedhy
Jurnal Keuangan dan Perbankan Vol 19, No 3 (2015): September 2015
Publisher : D-III Keuangan dan Perbankan

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The main purpose of this study is to examine asymmetry reaction on buying and selling technical analysis signal before earnings announcements. Behavioral finance theory is used in explaining why confirmation bias stimulates asymmetry reaction to stock return. To support that idea, this article uses technical analysis as an important feature in testing confirmation bias. Using Indonesian stock market data, the results show that technical analysis signal produce higher return in buying signal than selling signal. Investors give different attention in anticipating technical analysis signal around earnings announcements. This finding contributes to behavioral finance and technical analysis studies.

APAKAH TINGKAT KONSERVATISME MEMPENGARUHI PER DAN ECR ? Gunawan, Nita; Sulistiawan, Dedhy
Jurnal Analisis Bisnis Ekonomi Vol 8 No 1 (2010): Volume 8, Nomor 1, April 2010
Publisher : Universitas Muhammadiyah Magelang

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The purpose of this research is try to test the impact of conversatism level to PER and ERC. Theorically, conversatism accounting will show lower income. Lower income will produce lower EPS, but educated user of financial reporting will adjust it to higher market value because of more quality reported income. On ERC persprective, conversatism will decrease relevance, because it presents lower income and asset that should be reported. Using several statistical tests, the result show that conversatism lever to PER and ERC show no statistical relation. It means that market tent to consider on relevance than reliability of accounting information. This phenomenon supports to the IFRS adoption for Indonesian standard.

APAKAH TINGKAT KONSERVATISME MEMPENGARUHI PER DAN ECR ? Gunawan, Nita; Sulistiawan, Dedhy
Jurnal Analisis Bisnis Ekonomi Vol 8 No 1 (2010): Volume 8, Nomor 1, April 2010
Publisher : Universitas Muhammadiyah Magelang

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (983.367 KB)

The purpose of this research is try to test the impact of conversatism level to PER and ERC. Theorically, conversatism accounting will show lower income. Lower income will produce lower EPS, but educated user of financial reporting will adjust it to higher market value because of more quality reported income. On ERC persprective, conversatism will decrease relevance, because it presents lower income and asset that should be reported. Using several statistical tests, the result show that conversatism lever to PER and ERC show no statistical relation. It means that market tent to consider on relevance than reliability of accounting information. This phenomenon supports to the IFRS adoption for Indonesian standard.

EARNINGS MANAGEMENT AT THE COMPANY THROUGH DEFERRED TAX ASSETS RESERVES Oetama, Nathania Sherly; Sulistiawan, Dedhy
Journal of Business, Management, and Accounting Vol 2 No 1 (2020): March
Publisher : STIE Kusuma Negara

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Earnings management is the company's actions taken so that the company reaches a certain level of profit. Many ways can be done by companies in the framework of earnings management, one of which is to change the method or conduct a backup policy that has not been or not regulated how and the amount. One way for a company to carry out its profit management is by reserving deferred tax assets. Uncertainty over the income tax that must be paid by the company causes the regulator to allow management to make allowances with each other's valuation. Therefore, this can be one of the ways companies do profit management. This study uses non-financial companies listed BEI in 2016-2018 as research samples. The sample used must recognize deferred tax assets or deferred tax liabilities in their financial statements. Samples that pass the criteria will be tested with multiple linear regression to find out what accounts affect the reserves and whether there are indications that the company is doing earnings management. The results show that the provision for deferred tax assets themselves is affected by deferred tax assets from both fiscal losses and other records. This study also shows an indication of earnings management through the provision of deferred tax assets carried out by the company.

MANAJEMEN LABA, TATA KELOLA DAN NILAI PERUSAHAAN SHEVIN WINARTA; IRENE NATALIA; DEDHY SULISTIAWAN
Jurnal Bisnis dan Akuntansi Vol 23 No 1 (2021): Jurnal Bisnis dan Akuntansi
Publisher : Pusat Penelitian dan Pengabdian Masyarakat Sekolah Tinggi Ilmu Ekonomi Trisakti

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.34208/jba.v23i1.897

The purpose of this study is to empirically determine the effect of earnings management and corporate governance practices on firm value. Modified Jones-based discretionary accruals are used as a proxy for earnings management. Firm value is measured by Tobin's Q and corporate governance is evaluated by independent commissioners, managerial ownership, institutional ownership, and auditor reputation. The study uses companies listed in Indonesia Stock Exchange for the 2017-2019 period. The main findings indicate that earnings management has a positive effect on firm value and institutional ownership is able to weaken the effect of earnings management on firm value. This study contributes to market-based accounting research and corporate governance.

ANALISIS PENGARUH RASIO CAEL TERHADAP RETURN SAHAM PADA EMITEN PERBANKAN Ellen Erlambang; Dedhy Sulistiawan
CALYPTRA Vol. 7 No. 2 (2019): Calyptra : Jurnal Ilmiah Mahasiswa Universitas Surabaya (Maret)
Publisher : Perpustakaan Universitas Surabaya

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Banks have an important role in the economy of a country so that banks become one of investment opportunity that is quite promising for investors. It is underlying this research on the influence of CAEL ratio to stock return of banks in Indonesia. CAEL ratio is a financial ratios that can describe financial soundness of banks. This research is a quantitative research. This study aims to test the positive relationship between CAR and LDR as well as negative relationship between BOPO and NPL on stock return of banks. Test of CAEL ratio using secondary data which obtained from Capital Market Reference Center and Indonesia Stock Exchange which accessed through www.idx.co.id. The testing technique is carried out with a combined period (2011-2016) as well as a partial period every year. From this research, the majority results obtained that there is no relationship between CAEL ratio to stock returns of banks in the combined or partial period (2011-2016).

Bagaimana Pendanaan Utang Menstimulasi Manajemen Laba ? Grace; Dedhy Sulistiawan
Akurasi : Jurnal Studi Akuntansi dan Keuangan Vol 4 No 1 (2021): Akurasi: Jurnal Studi Akuntansi dan Keuangan, Juni 2021
Publisher : Magister Akuntansi Fakultas Ekonomi dan Bisnis Unram

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.29303/akurasi.v4i1.74

Penelitian ini berupaya mengevaluasi pengaruh pendanaan utang dan manajemen laba, serta dampak dari keberadaan KAP besar terhadap kontrak perjanjian utang dan manajemen laba. Dengan menggunakan sampel perusahaan non keuangan yang terdaftar di Bursa Efek Indonesia (BEI) pada tahun 2017-2019, studi ini menunjukkan bukti bahwa pendanaan utang berpengaruh negatif terhadap manajemen laba pada perusahaan rugi. Hal ini mengindikasikan bahwa pada perusahaan rugi dan berutang banyak akan diawasi oleh pemberi pinjaman sehingga tindakan manajemen laba akan tereduksi. Keberadaan KAP besar ternyata juga mempengaruhi relasi antara pendanaan utang dan manajemen laba. Temuan riset ini berkontribusi pada teori akuntansi positif, secara spesifik pada hipotesis perjanjian utang.

Pengujian Fenomena Underpricing Dengan Studi Eksperimen Dedhy Sulistiawan
Jurnal Manajemen Teori dan Terapan | Journal of Theory and Applied Management Vol. 3 No. 1 (2010): Jurnal Manajemen Teori dan Terapan - April 2010
Publisher : Universitas Airlangga

The purpose of this study is to examine the impact of conflict of interest to the level of IPO price determined by managers. This experiment divides treatment group (the group of participants who have economic benefit from their decision making), and control group (groups with no economic benefit from their decision making). In experiment scenario for treatment group, the managements of IPO companies tend to decrease the price of IPO in order to get financial benefit. Using experimental design, this research shows that participants in treatment group determine lower IPO price than control group. This evidence confirms IPO phenomenon around the world. This research also makes supplementary analysis. The results show that alternative statistical test using GPA and gender of participants as control variable are not statistically significant. It means that the level of IPO price isn’t determined by GPA and Gender, but conflict of interest.

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