<p><em>The objective of the empirical study is to examine and to analyze the influence of employee stock option program (ESOP) and auditor quality on earnings informativeness proxied by earnings response coefficients on companies that adopted ESOP listed on the Indonesia Stock Exchange at year 2013-2017. This research uses moderating variables managerial ownership and uses control variables company size, default risk and industry type. Data for this research were obtained by Indonesian Capital Market Directory (ICMD), the Indonesia Stock Exchange website, the company's annual report, and stock price data from Yahoo Finance. Sample that used in this research were 18 go public companies listed on the Indonesia Stock Exchange and adopted ESOP in 2013-2017. The sampling technique used was purposive sampling method. This research uses moderation regression analysis. The results showed that employee stock option programs and auditor quality had a positive and significant influence to earnings informativeness. The test results in the moderating variable that managerial ownership cannot strengthen the relation between employee stock option program and earnings informativeness, while managerial ownership can strengthen the relation between auditor quality and earnings informativeness. Company size and default risk as control variables have a positive but not significant effect to earnings informativeness, while industry types have a positive and significant influence to earnings informativeness.</em></p>
This study examines the effect of number of risk factors, use of proceeds for investment, size of issue and the level of ownership retained on initial returns of firm making Initial Public Offerings (IPOs) in Indonesian capital market. A sample of 290 Indonesia IPOs that went public between 1989 and 2005 were examined. The number of risk factors is found to be positively related to the level of average positive initial returns (underpricing). The level of ownership retention has negative but insignificant relationship with the level of underpricing. Firms that use the proceeds from the offering for investment or expansion purposes are less underpriced than their counterparts that use the funds for operating purposes. Size of issue is negatively associated with the level of underpricing.
This study focuses on analyzing the stock price changes in the days around the cum-dividend date. Cum-dividend date is the date when the shareholdersare entitled to receive the dividend already declared, which will be paid on the pre-determined date. The sample of this study consists of 37 manufacturing companies that are continuously distributing dividends from 2014 to 2016. The results show stock prices tend to be higher on the cum-dividend date. The analysis onyear 2015 data shows that significant stock price differences were found only between the cum-dividend date and the first day after cum-dividend date. Different results are found for data of 2016, where significant stock price differences occur between cum-dividend date and day one, day two, and day three after cum-dividend date. The implication of the research result is that cum-dividend date has the potential to become one of investment strategy in capital market.Keywords : stock price, cum-dividend date, investment strategyCorrespondence to : retsi_ayu@yahoo.co.id, alfi.rif@unej.ac.id, bayu@unmuhjember.ac.id ABSTRAK Penelitian ini berfokus pada kajian perubahan harga saham pada hari-hari di sekitar cum-dividend date. Cum-dividend date (hari dengan dividen) adalah tanggal ketika pemilik saham berhak untuk menerima dividen yang telah dinyatakan, yang akan dibayarkan pada suatu waktu. Sampel penelitian ini berjumlah 37 perusahaan manufaktur yang secara terus menerus membagikan dividen tahun 2014 sampai 2016. Hasil penelitian menunjukkan harga saham cenderung lebih tinggi pada cum-dividend date. Pada analisis terhadap data tahun 2015, perbedaan harga saham yang signifikan ditemukan hanya antara cum-dividend date dan hari pertama sesudah. Hasil berbeda ditemukan untuk data tahun 2016, dimana perbedaan harga saham yang signifikan terjadi antara cum-dividend date dan hari pertama, kedua, dan ketiga sesudah cum-dividend date. Implikasi hasil penelitian adalah cum-dividend date berpotensi untuk dijadikan sebagai salah satu strategi berinvestasi di pasar modal.Kata kunci : harga saham, cum-dividend date, strategi investasiKorespondensi : retsi_ayu@yahoo.co.id, alfi.rif@unej.ac.id, bayu@unmuhjember.ac.id
This study investigates the relationship between corporate governance mechanisms and earnings management (as measured by discretionary current accruals) for Indonesian IPO firms. Previous studies have mainly focused on an examination of the effect of corporate governance on the earnings management of publicly traded firms, whilst this study examines newly listed firms. It employs a modified Jones model to measure earnings management as developed by Tykvova (2006). The hypothesis predicts that Indonesian IPO firms with good corporate governance will engage in less earnings management in the periods prior to the IPO year. The sample consists of 75 IPOs and the results show that the proportion of board of commissioners, public ownership, institutional ownership and managerial ownership constrain the extent of earnings management of IPO firms. This study contributes to the literature in showing that corporate governance mechanism is an important determinant in earnings management practices for Indonesian IPO firms.
This study aims to detect empirical evidence regarding the effect of liquidity, leverage, profitability and firm size on bond ratings. The population in this study uses banking companies listed on the Indonesia Stock Exchange in the period 2014-2018. The sampling method used was purposive sampling. 10 banking companies that met the criteria were sampled. The data analysis method used is panel data regression analysis. Panel regression analysis model used is the Fixed Effect model. The data used are secondary data in the form of annual financial ratios. The results of this study on the partial test prove that firm size has an effect on bond ratings. The results also showed that liquidity, leverage, profitability had no effect on bond ratings. The simultaneous test results prove that simultaneously liquidity, leverage, profitability and firm size have a significant effect on the bond rating
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