Rusmin
Fakultas Bisnis dan Teknologi Informasi
Universitas Teknologi Yogyakarta
Abstract
This study extends previous research by empirically investigating the relationship between internal governance monitoring mechanisms and the probability of receiving a qualified audit report. Corporate governance monitoring devices are measured using five alternative proxies: board size, board independence, audit committee size, audit committee independence, and audit committee meeting frequency. The analysis of logistic regression is conducted to test the hypotheses proposed for this study. Using a sample of 121 Australian manufacturing companies listed on the Australian Stock Exchange (ASX), this study adds to the growing body of literature that documents the importance of boards and audit committees’ role in monitoring management behavior. This study finds smaller size board of directors appear to more effective than large size boards. In addition, audit committee independence improves the quality of financial reporting leading to receive a clear audit opinion. In regard to control variables, this study provides evidence that Leverage and ROI are important variables in explaining the auditors’ propensity to qualify their opinions. Particularly, the study finds a positive (negative) and highly significant (at p<0.01) association between both Leverage (ROI) and the possibility of receiving qualified audit reports. This has significant implications for companies that are moving towards a more regimented corporate governance structure to enhance the quality of financial reporting.
Keywords: Qualified audit opinion, internal governance monitoring mechanisms, Australian companies
Ietje Nazaruddin
Universitas Muhammadiyah Yogyakarta
Abstract
This study examines the influence of religiosity and ethical ideology on moral reasoning. This study also examines the effect of personal moral philosophies and moral reasoning on ethical judgment of earnings management behavior. Cognitive moral development theory used to explain ethical behavior of earnings management. The respondents were the students of the graduate program executive (management and accounting) and accounting professions programs, who has held positions within the company. Data collection using the survey data gathered as many as 278 of 1500 questionnaires distributed, and used in data analysis total of 261. Validity and reliability testing conducted prior to examine the relationship between variables using structural equation model. The results showed that the level of religiosity affect the idealism and moral reasoning. Moral reasoning, idealism and relativism affect the ethical behavior of earnings management. However, found no evidence of the influence of religiosity on individual relativism.
Keywords: religiosity, moral reasoning, personal moral philosophies, earnings management, cognitive moral development.
Merry Katili Sastro Sarunggalo & Sylvia Veronica Siregar
Fakultas Ekonomi, Universitas Indonesia
Abstract
This research investigates the relationship between investment opportunity and audit quality and also the effect of audit quality on the relationship between investment opportunity and earning management. Our sample consist of 463 firm-years observations of listed firms during 2007-2009. This research uses logistic regression and multiple regressions. The result indicates that investment opportunity has significant positive association with audit quality (measured using auditor size). Our study also find that audit quality (industry-specialist auditor) can lessen the positive effect of investment opportunity on earnings management.
Keywords: investment opportunity, audit quality, auditor size, industry-specialist auditor, earnings management
Antonius Herusetya
Universitas Pelita harapan
Abstract
The purpose of this study is to examine the impact of audit quality on ex-ante cost of equity capital of public listed companies in The Indonesia Stock Exchange (IDX). Audit quality is measured by the size (Big 4) and industry specialization of CPA firm. Previous literatures found that higher audit quality could minimize ex-ante cost of equity capital. With the sample of 288 firm years panel data of public listed companies in IDX, we found contrary result of positive impact of audit quality proxied by CPA firm affiliated with the Big 4 on the ex-ante cost of equity capital. On the other hand, we found evidence of a negative impact of the industry specialization of CPA firm on the ex-ante cost of equity capital, expecially for the smaller firms. Our alternative explanation for these findings are investors do not perceive Big 4 as having a higher audit quality compared to non Big 4, and rely on other reliable information to reduce the information risk in their investment decisions.
Keywords: cost of equity capital, audit quality, Big 4, industry specialization, price to earnings growth (PEG)
Atika Jauharia Hatta
STIE YKPN Yogyakarta
Abstract
This research aims to investigates the statistical relationship between macroeconomic variables and stock market return in Indonesia. The sample consist of 58 observations from Indonesian Stock Exchange data in 1990 until 2004. The reason for using the data because in 1997 in Indonesia there is a structural break data caused by economic crisis. The contribution of this paper is that it using Zivot-Andrews unit root testing for accommodates the structural break of data. The regression analysis, using Engle-Granger and Gregory-Hansen for the co-integration testing shows that only output and exchange rate influence the long run equilibrium relationship of stock return. The error correction model also has the same result as the co integration testing.
Keywords: long run equilibrium, stock return, macroeconomic variable, co-integration, error correction model.
Diantika Pharamitha
Alumni Fakultas Ekonomi Universias Islam Indonesia
Arief Bahtiar
Fakultas Ekonomi Universitas Islam Idonesia
Abstract
This study examines the usefulness of accounting and market information on CEO turnover issues in Indonesia. All firms that did turnover (either routine or non routine) for their company’s top management level during 2000-2008 were examined. The result of the test shows that both accounting and market information have significant effect to CEO turnover. Current ratio, debt to equity ratio, and ROE have significant effect to turnover decision, but total assets, total sales, ROA, and earnings do not affect the turnover. The result of test for market data shows that market risk has significant positive effect while performance of market price does not. From the result of paired t-test samples, it is found that accounting information and stock price before turnover are not significantly different to them after turnover, but market risk significantly decreases after the turnover. These findings reveal a positive response to the changing market. Finally, it is concluded that the better performance of both information (accounting and market) will tend to make the CEO to be sustained and the worse performance of both will tend to make the CEO to be replaced (down position or enter to the board of commissioners) or fired.
Keywords: CEO Turnover, Accounting Performance, Market Performance, Antecedence, Consequences.
Anggit Senja Nugraha
PT. Bank Negara Indonesia Tbk
Sigit Handoyo
Fakultas Ekonomi Universitas Islam Indonesia
Abstract
This research is aimed to know the effect of commitment, sensitivity ethics in behavior and experiences to the independence of auditor. The sample of this research is taken from the auditors who work in accounting firms in Yogyakarta. The collected data are analyzed by using regression. The result of this research shows that commitment has a positive significant relationship with the independence of auditor. Furthermore a positive significant relationship is showed between sensitivity ethics in behavior and experiences to independence of auditor.
Keywords: Auditing, commitment, sensitivity ethics in behavior and experience, independence of auditor.
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