APCAF 2015 Part 13 - Centro Multi Akuntansi

Transcription

STUDI PENGARUH PENERAPAN CORPORATE GOVERNANCE
TERHADAP CREDIT RATING PADA BADAN USAHA GO PUBLIC YANG
MASUK DALAM IBMD DAN TERDAFTAR DI BEI PERIODE 2009-2013
Samuel Tulus
Fakultas Bisnis dan Ekonomika Jurusan Akuntansi
[email protected]
Fidelis Arastyo Andono, S.E., M.M., Ak.
[email protected]
Dr. Yie Ke Feliana, S.E., M.Com.,Ak., CPA.,CFP.,CA.
[email protected]
PENDAHULUAN
Agency Theory (Teori Keagenan) merupakan teori pemisahan antara agents
(dewan direksi) sebagai perwakilan untuk menjalankan perusahaan yang ditunjuk
oleh principals (pemegang saham) sesuai dengan perjanjian kerja (Jensen dan
Meckling, 1976). Permasalahan yang sering terjadi pada perusahaan dalam
penerapan tata kelola perusahaan atau corporate governance adalah pada agency
conflict atau konflik kepentingan baik antara manajemen dan stockholders
ataupun sesama stockholders. Di Indonesia agency conflict lebih cenderung antara
pemegang saham mayoritas dan minoritas, karena pemegang saham mayoritaslah
yang memegang kendali manajemen di perusahaan.
Salah satu kasus agency conflict di Indonesia adalah antara negara Indonesia
dengan PT. Freeport Indonesia. Terhitung sejak 2011 Indonesia tidak menerima
hak deviden sebesar Rp 1,5 triliun/tahun dengan alasan keuntungan PT. Freeport
Indonesia berkurang karena terkena UU larangan ekspor bahan mentah yang
membuat mereka harus membangun smelter (DetikFinance, 2014). Padahal
Indonesia merupakan sebuah negara yang dimana sumber daya alamnya diambil
dan lingkungannya juga dirusak dalam prosesnya, namun tetap tidak dapat berbuat
apa-apa karena merupakan pemegang saham minoritas.
Tindakan yang dapat dilakukan untuk mengatasi ini adalah dengan menerapkan
tata kelola perusahaan yang baik, Aman dan Nguyen (2013) membenarkan dengan
melakukan tata kelola perusahaan yang baik akan meminimalkan terjadinya
agency conflicts karena ada peningkatan insentif untuk mengambil keputusan
yang baik dan mencegah keputusan buruk. Krechovská dan Procházková (2014)
menguatkan hal tersebut dengan berbendapat peranan corporate governance
sangat penting karena setiap bisnis membutuhkan badan yang memastikan
perusahaan beroperasi kearah yang benar dan berjalan dengan baik.
Pentingnya tata kelola perusahaan yang baik atau good corporate governance
(GCG) selain untuk mengatasi agency conflict yaitu dapat mengumpulkan dana
dengan biaya lebih rendah dari pada perusahaan yang tidak menerapkan tata
kelola perusahaan yang baik, hasil penelitian Aman dan Nguyen (2013)
membuktikan hal ini. Pengumpulan dana yang dapat dilakukan oleh perusahaan
selain dengan menerbitkan saham dan meminjam pada bank adalah dengan
diunduh dari:
www.multiparadigma.lecture.ub.ac.id
menerbitkan bond atau obligasi sebagai tambahan modal usaha. Kim, Nofsinger,
dan Mohr (2010) membagi secara umum lenders menjadi dua yang pertama
adalah institutional lenders dan individual lenders.
Lenders harus berhati-hati ketika akan meminjamkan uangnya terutama untuk
instrumen keuangan jangka panjang seperti obligasi. Di Indonesia perusahaan
yang menerbitkan obligasi terus bertambah setiap tahunnya walaupun sempat
terjadi penurunan pada 2010, berikut adalah data pertumbuhan yang diambil dari
“Indonesia Bond Market Directory” yang diterbitkan oleh IDX :
Tabel 1
Tabel Jumlah Perusahaan yang masuk IBMD Periode 2009-2010
Tahun
2009
2010
2011
2012
2013
Jumlah perusahaan
87
85
97
101
115
Indikator yang dapat dipakai oleh bondholders untuk membeli obligasi selain
menggunakan laporan keuangan adalah dengan melihat “credit rating”
perusahaan yang diterbitkan oleh credit agencies. Credit rating atau peringkat
hutang perusahaan menurut Moody's Investors Service (2009) terbagi atas dua
yaitu credit rating untuk penerbit obligasi (obligator) dan untuk obligasi yang
diterbitkan oleh perusahaan tersebut, sama seperti Moody’s PEFINDO juga
membagi credit ratingnya menjadi dua yaitu “Company rating” atau “General
Obligation Rating” (GO) dan Debt Instrument Rating. Menurut Standard &
Poor’s (2002) credit rating perusahaan mencerminkan pendapat dari credit
agencies secara keseluruhan pada kelayakan kredit yang diterbitkan dan kapasitas
entitas untuk melakukan pemenuhan kewajiban keuangannya.
Peringkat credit rating dipengaruhi juga dengan corporate governance atau tata
kelola perusahaan, menurut FitchRatings dalam Ashbaugh-Skaife, Collins, dan
LaFond (2006) credit agencies sangat memperhatikan tata kelola perusahaan,
karena tata kelola perusahaan yang lemah dapat berakibat terganganggunya posisi
keuangan perusahaan dan membuat para investor rentan terhadap kerugian.
Penelitian yang dilakukan oleh Ashbaugh-Skaife, Collins, dan LaFond (2006)
mencerminkan mengenai pengaruh dari tata kelola perusahaan yang lemah akan
meningkatkan pembiayaan dari hutang perusahaan serta dapat berdampak pada
credit rating perusahaan. Namun ada perbedaan hasil penelitian yang dilakukan
diperusahaan Jepang dan Amerika. Perbedaan ini adalah pada hasil dari
signifikansi pengaruh outside directors terhadap credit rating perusahaan, dimana
di Jepang menunjukan hasil yang tidak signifikan sedangkan di Amerika
menunjukan hasil yang signifikan.
METODE PENELITIAN
Unit Analisis
Unit analisis dari penelitian ini adalah badan usaha karena yang dianalisis adalah
semua perusahaan non-keuangan go public yang terdaftar di Indonesia Bond
Market Directory Book. Perusahaan tersebut harus mempublikasikan annual
report untuk periode 31 Desember 2009-2013 dan telah di audit. Dalam hal ini,
perusahaan tersebut memenuhi kriteria yang telah disampaikan di bab I pada
ruang lingkup penelitian.
diunduh dari:
Variabel
Dalam penelitian ini ada beberapa variable terkait yang digunakan baik
dependent, independent, dan control variable. Berikut adalah tabel yang
mnejelaskan secara singkat pengertian setiap variabel yang digunakan dalam
penelitian ini :
Tabel 2
Definisi Variabel
Variabel
Definisi
Peringkat utang perusahaan (General
Credit Rating
Obligation Rating)
Jumlah dewan komisaris dalam
Board Size
perusahaan
Komposisi dewan komisaris
Outside Directors
independen dalam perusahaan
Komposisi kepemilikan institusi
Institutional Ownership
keuangan dalam perusahaan
Komposisi kepemilikan dewan
Board Ownership
komisaris dalam perusahaan
Ketepatan waktu penyampaian laporan
Timeliness
keuangan perusahaan
Assets
Jumlah total aset perusahaan
Rasio liabilitas perusahaan terhadap
Leverage
aset perusahaan
Rasio operating profit terhadap aset
ROA
perusahaan
Variabel dependent yang digunakan dalam penelitian ini adalah Credit Rating
perusahaan yang dilihat dari General Obligation Ratingnya (GO). Variabel ini
digunakan untuk menguji hipotesis-hipotesis dari variabel corporate governance
yang mempengaruhi credit rating perusahaan. Variabel credit rating ini diukur
dengan dummy yang bersekala ordinal sebagaimana di tabel 2. Berikut adalah
tabel peringkat kredit Pefindo :
Tabel 3
Tabel Peringkat Credit Rating PEFINDO
PEFINDO
Variabel Credit
PEFINDO
Variabel Credit
Rating
Rating
Rating
Rating
6
3
AAA
BBBid
id
idAA+
idBB+
5
2
idAA
idBB
idAAidBBidA+
idB+
4
idA
idB
1
idAidBidBBB+
idCCC
3
0
idBBB
idSD
diunduh dari:
idD
Variabel good governance yang digunakan dalam penelitian ini sebagai
Independent Variable adalah board size, outside directors, institutional
ownership, board ownership, timeliness. Perhitungan masing-masing variabel
adalah seperti dibawah ini :
1. Board Size
Nilai variabel board size adalah dengan melihat dari jumlah anggota dewan
komisaris. Berikut adalah persamaannya:
Board Size = Total Dewan Komisaris
2. Outside Directors
Variabel outside directors dilihat dari seberapa besar komposisi/presentase jumlah
dewan komisaris independen dalam sebuah perusahaan dibandingkan dengan total
dewan komisaris. Persamaannya adalah sebagai berikut :
Total Dewan Komisaris Independen
Outside Directors =
Total Dewan Komisaris
3. Institutional Ownership
Institutional ownership dihitung berdasarkan presentase kepemilikan saham
institusi finansial dalam perusahaan. Persamaannya adalah sebagai berikut :
Institutional Ownership = % of institutional shares in a company
4. Board Ownership
Board ownership dihitung berdasarkan presentase kepemilikan saham dari seluruh
dewan komisaris perusahaan. Persamaannya adalah sebagai berikut :
Board Ownership = % of all board member shares in a company
5. Timeliness
Timeliness dihitung berdasarkan jumlah hari yang dibutuhkan perusahaan
dikurangi jumlah hari maksimal dari ketentuan diterbitkannya annual report.
Persamaannya adalah sebagai berikut :
Timeliness = Maximum days – total days need to publish the annual report
Variabel control yang digunakan adalah
1. Assets
Aset perusahaan dihitung berdasarkan total seluruh aset perusahaan yang di Log
kan. Persamaannya adalah sebagai berikut :
Assets = Log Total aset
2. Leverage
Leverage merupakan rasio total liabilitas terhadap total Assets. Persamaannya
adalah sebagai berikut :
Total Liabilities
Leverage =
Total Assets
3. ROA
diunduh dari:
ROA merupakan rasio yang dihitung berdasarkan perbandingan antara operating
profit terhadap total aset. Persamaannya adalah sebagai berikut :
Operating Profit
ROA =
Total Aset
Target dan Karakteristik Populasi
Target populasi adalah seluruh perusahaan non-keuangan yang go public yang ada
di BEI yang termasuk dalam IBMD. Sampel yang dipilih adalah yang
memilikikriteria sebagai berikut :
1. Badan usaha yang diteliti adalah badan usaha non-keuangan yang masuk
daftar IBMD dan terdaftar di BEI periode 2009-2013 dan yang
menerbitkan laporan keuangan dan annual report yang sudah diaudit.
2. Annual reportnya menggunakan rupiah sebagai functional curency.
3. Memiliki jenis credit rating “General Obligation Rating” (GO) di
PEFINDO.
Sumber Data
Penelitian ini menggunakan data dalam kurun waktu 2009-2013 dan merupakan
studi pustaka atau penelitian pustaka karena penelitian ini mengambil data pada
lembaga lain yaitu :
1. Data tentang perusahaan di Indonesia Bond Market Directory peridoe
2009-2013 dapat di akses melalui website www.idx.co.id.
2. Untuk memperoleh data tentang laporan keuanga tahunan atau annual
report perusahaan non-keuangan untuk menghitung variabel dalam
penelitian ini melalui BEI yang dapat diakses melalui www.idx.co.id.
3. Untuk mendapatkan data peringkat credit rating suatu perusahaan melalui
lembaga pemeringkat kredit Indonesia yaitu PEFINDO melalui website
www.pefindo.com
Skala Pengukuran
Dalam penelitian ini skala pengukuran yang digunakan adalah skala nominal dan
skala rasio. Penggunaan skala nominal ini adalah untuk pengukuran variable
dummy (peringkat credit rating perusahaan). Penggunaaan skala rasio adalah
sebagai dasar untuk perhitungan atau pengukuran dari objek penelitian seperti
outside directors, leverage, dan ROA.
Rancangan Uji Hipotesis
Descriptive Satistics
Analisis descriptive statistics dilakukan dengan tujuan untuk memberikan
gambaran atau deskripsi suatu data badan usaha sebagai sampel yang dilihat dari
mean, standar deviasi, dan median.
Correlation Matrix
Hubungan bivariate antar 2 variabel dihitung dengan koefisien korelasi (r).
Menurut Sufren dan Natanael (2013) uji korelasi berguna untuk melihat kuat atau
besarnya hubungan antar variabel yang diteliti, uji-uji yang dapat digunakan
adalah Chi-Square Test, Pearson Correlation dan Spearman’s Rho dan Kendall’s
Tau. Dalam penelitian ini digunakan uji Korelasi Pearson untuk melihat hubungan
masing-masing variabel independen terhadap variabel dependen yang ada dalam
diunduh dari:
penelitian. Dimana dalan penelitian ini, korelasi Pearson digunakan untuk variabel
berskala rasio.
Apabila dalam hasil perhitungan nampak bahwa nilai Pearson Correlation positif,
berarti bila salah satu variabel meningkat, maka variabel lain yang dikorelasikan
juga ikut meningkat, demikian pula sebaliknya. Nilai signifikansi (Sig) yang ada
dalam hasil pengujian dapat menunjukkan ada tidaknya hubungan antarvariabel
yang dikorelasikan, apabila nilai sig. < 0,05 menunjukkan bahwa ada hubungan
atau korelasi yang kuat antar dua variabel, apabila nilai sig. > 0,05 berarti
memiliki korelasi yang lemah antara dua variabel.
Ordinal Logistic Regression
Uji regresi ini digunakan untuk menjawab hipotesis-hipotesis yang ada berkaitan
dengan bagaimana dampak dari corporate governance terhadap credit rating.
Menurut Ghozali (2009) uji ini bisanya digunakan jika kategori variabel
dependennya berupa ordinal atau peringkat yang dalam hal ini adalah credit
rating, yang jika dimisalkan peringkat idAAA lebih tinggi dari idA+ dan idA+
lebih tinggi dari idB, maka analisis logistic harus menggunakan ordinal regression
atau disebut juga PLUM. Dalam uji ini terdapat beberapa uji lain yaitu uji
goodness of fit yang digunakan untuk menguji apakah model tersebut fit. Uji
Pseudo R-Square yang mengukur tingkat seberapa besar penjelasan variasi
variabel dependen dapat dijelaskan oleh variabel independennya. Test of
parallelines menilai apakah asumsi bahwa semua kategori memiliki parameter
yang sama atau tidak nilainya p>0.05. Parameter Estimates digunakan untuk
melihat hasil pengusian regresi apakah variabel independen yang diuji signifikan
atau tidak.
Uji Hipotesis
Penelitian ini dinyatakan dengan directional hypotheses yaitu :
H1 : Semakin besar dewan komisaris maka semakin tinggi credit rating
perusahaan.
H2 : Semakin besar proporsi komisaris independen maka semakin tinggi credit
rating perusahaan.
H3 : Semakin besar proporsi kepemilikan institusional maka semakin tinggi credit
rating perusahaan.
H4 : Semakin besar proporsi kepemilikan manajerial maka semakin tinggi credit
rating perusahaan.
H5 : Semakin tepat waktu penyampaian informasi maka semakin tinggi credit
rating perusahaan.
HASIL DAN PEMBAHASAN
Statistik deskriptif
Setelah mengumpulkan data dan diolah maka kemudian data tersebut diringkas
dalam bentuk statistik deskriptif. Khusus untuk credit rating menggunakan
frekuensi untuk melihat gambarannya. Dibawah ini ditampilkan tabel hasil olahan
data tersebut :
Tabel 4
Jumlah Komposisi Credit Rating
Credit Rating
Presentase Jumlah
Jumlah Perusahaan
0 = idSD dan idD
1,9%
2
diunduh dari:
1 = idB+, idB, idB-, idCCC
2 = idBB+, idBB, idBB3 = idBBB+, idBBB, idBBB4 = idA+, idA, idA5 = idAA+, idAA, idAA6 = idAAA
Total
0,9%
1,9%
11,1%
45,4%
36.1%
2,8%
100%
1
2
12
49
39
3
108
Tabel 5
Descriptives Statistics
Variabel
Minimum
Maksimum
Board Size
2
10
Outside Directors
0,250
1
Institutional Ownership
0
0,998
Board Ownership
0
0,051
Timeliness
-69
79
Assets
11,712
14,107
Leverage
0,313
1,662
ROA
-0,411
0,288
Mean
5,430
0,395
0,122
0,002
17,430
12,969
0,576
0,093
diunduh dari:
Analisis Koefisien Korelasi (r)
Credit rating
value
Credit Rating
value
Tabel 6
Pearson Corelation
Institutional
Board
Ownership
Ownership
Board Size
Outside
Directors
Significant
(+) (0.279)
Insignificant
Insignificant
Insignificant
Timeliness
Assets
Leverage
ROA
Insignificant
Significant
(+), (0.290)
Insignificant
Insignificant
Significant
(-), (-0.411)
Significant
(-), (-0.204)
Significant
(+), (0.631)
Insignificant
Significant
(+), (0.329)
Significant
(+), (0.533)
Insignificant
Insignificant
Insignificant Insignificant Insignificant
Insignificant
Insignificant Insignificant Insignificant Insignificant
Board Size
Significant
(+), (0.279)
Outside Directors
Insignificant
Insignificant
Institutional
Ownership
Insignificant
Insignificant
Insignificant
Board Ownership
Insignificant
Insignificant
Insignificant
Insignificant
Insignificant
Insignificant
Insignificant
Insignificant
Insignificant
Insignificant
Insignificant
Insignificant
Significant
(-), (-0.265)
Significant (), (-0.206)
Insignificant
Insignificant
Insignificant Insignificant
Timeliness
Assets
Leverage
ROA
Significant
(+), (0.290)
Significant
(+), (0.329)
Significant
(+), (0.631)
Significant
(+), (0.553)
Significant (), (-204)
Insignificant
Significant
(-), (-0.266)
Insignificant
Significant
(-), (-0.206)
Significant
(-), (-0.230)
Insignificant
Significant
(-), (-0.265)
Insignificant
Insignificant
Significant
(-), (-0.526)
Insignificant
Significant
(-), (-0.526)
diunduh dari:
Uji Ordinal Logistic Regression
Tabel 7
Hasil Uji Signifikansi
Estimat
e
Threshold [Creditratingvalue 32.987
= 0]
[Creditratingvalue 34.375
= 1]
= 2]
= 3]
= 4]
= 5]
Location BoardSize
.171
OutsideDirectors
3.285
InstitutionalOwne -1.435
rship
BoardOwnership 12.525
Timeliness
.010
Assets
2.678
Leverage
ROA
.634
29.036
Std.
Error Wald df Sig.
8.044 16.81 1 .000
6
8.044 18.26 1 .000
3
8.064 19.27 1 .000
3
8.114 21.39 1 .000
3
8.246 24.53 1 .000
1
8.728 27.74 1 .000
1
.140 1.492 1 .222
2.130 2.379 1 .123
.963 2.221 1 .136
27.939 .201
.009 1.363
.608 19.39
3
1.462 .188
4.586 40.08
0
95% Confidence
Interval
Lower
Upper
Bound
Bound
17.221
48.754
18.610
50.141
19.596
51.206
21.625
53.431
24.678
57.000
28.864
63.078
-.104
-.889
-3.322
.446
7.459
.452
1 .654
1 .243
1 .000
-42.234
-.007
1.486
67.285
.028
3.870
1 .664
1 .000
-2.232
20.047
3.501
38.025
Pembahasan
Hipotesis 1 : Semakin besar dewan komisaris maka semakin tinggi credit rating perusahaan.
Board size dalam hasil pengujian korelasi pearson menunjukkan hubungan korelasi dengan credit rating
adalah positif signifikan, namun hasil pengujian regresi menunjukan ketidak signifikanan pengaruh positif
jumlah anggota dewan komisaris terhadap credit rating. Hal ini menunjukan banyak atau sedikitnya
jumlah anggota komisaris tidak akan terlalu berpengaruh terhadap credit rating perusahaan. Hasil ini
membuktikan bahwa peran dewan komisaris dalam perusahaan tidak memberikan hasil yang diharapkan.
Alasan mengapa hal ini dapat terjadi adalah karena hasil kerja dari pada jumlah anggota dewan komisaris
yang banyak maupun sedikit di Indonesia tidak terlalu berbeda jauh. Berdasarkan KNKG (2006), ukuran
dewan komisaris juga harus disesuaikan dengan kompleksitas badan usaha namun rata-rata justru lebih
dari 50% perusahaan yang diteliti memiliki jumlah komisaris yang sama yaitu antara 5 (25,9%) dan 6
(27,8%), hanya ada beberapa yang tidak seperti itu.
Hasil penelitian ini berbeda dengan hasil penelitian sebelumnya yang dilakukan di jepang oleh Aman dan
Nguyen (2013) yang menyatakan bahwa perusahaan dengan jumlah anggota yang besar cenderung
memiliki peringkat yang lebih tinggi. Rata-rata dewan komisaris yang di teliti juga lebih banyak yaitu
13,24 dibandingkan dengan yang diteliti penulis sebesar 5,43 dengan diunduh
cakupan dari:
sampel mencapai 437
perusahaan sedangkan peneliti hanya 108 perusahaan. Penelitian yang dilakukan oleh Anderson, Mansi,
dan Reeb (2004) di Amerika juga berbeda, dimana dalam penelitian ini diungkapkan bahwa ukuran dewan
komisaris memiliki pengaruh yang signifikan, sebab menurut mereka dewan komisaris yang banyak dapat
memiliki waktu yang lebih banyak untuk menjalankan tugas mereka masing-masing dan kecil
kemungkinan untuk mengabaikan hal yang akan berakibat buruk bagi debtholders.
Hipotesis 2 : Semakin besar proporsi komisaris independen maka semakin tinggi credit rating
perusahaan.
Proporsi dewan komisaris independen dalam penelitian ini memiliki korelasi yang tidak signifikan
terhadap peringkat kredit perusahaan. Hasil ini juga sejalan dengan pengujian regresi yang mencerminkan
hasil yang tidak signifikan terhadap peringkat kredit perusahaan. Hal ini menunjukan bahwa komposisi
dewan komisaris independen yang banyak ataupun sedikit tidak memiliki pengaruh yang besar terhadap
peringkat kredit perusahaan.
Hal ini dapat terjadi karena komisaris independen di Indonesia hanya untuk memenuhi aturan dari BEI
yang dikeluarkan dalam Kep-00001/BEI/01-2014: III.1.4.2. yaitu harus memiliki komposisi sebanyak
30%, bahkan masih ada perusahaan di Indonesia yang masih memiliki komposisis dewan komisaris
independen dibawah 30%. Perusahaan-perusahaan tersebut adalah PT ADHI Karya (Persero) TBK. pada
2009, PT BW Plantation TBK. pada 2011-2013, PT JAPFA Comfeed Indonesia TBK. pada 2010-2011
sebesar 0.25 atau 25%. Hasil ini sejalan dengan penelitian yang dilakukan oleh Aman dan Nguyen (2013)
di Jepang, namun dengan kondisi dikarenakan di Jepang sangat sedikit perusahaan yang memiliki outside
directors dengan jumlah rata-rata hanya 0.06. Jumlah outside directors yang sedikit ini dimungkinkan
karena budaya perusahaan Jepang yang mendasarkan pada rasa “percaya” yang digunakan sebagai dasar
untuk membentuk hubungan jangka panjang dalam berbisnis (Lehmberg, Dhanaraj, dan Funai, 2013).
Hasil penelitian ini berbeda dengan penelitian sebelumnya yang dilakukan di perusahaan Amerika oleh
Anderson, Mansi, dan Reeb (2004), Bhojraj dan Sengupta (2003), dan Ashbaugh-Skaife, Collins, dan
LaFond (2006), yang menyatakan bahwa outside directors memiliki pengaruh yang signifikan terhadap
credit rating. Pernyataan yang diungkapkan oleh Coles, Daniel, dan Naveen (2008) mendukung hasil
penenilitian di perusahaan Amerika karena salah satu faktor yang sangat menentukan keberhasilan dari
pengawasan yaitu adalah komposisi dari komisaris independen.
Hipotesis 3 : Semakin besar proporsi kepemilikan institusional maka semakin tinggi credit rating
perusahaan.
Proporsi kepemilikan institusi keuangan pada perusahaan yang di teliti tidak memiliki korelasi yang
signifikan terhadap peringkat kredit. Hasil pengujian regresi juga mencerminkan hal yang sama proporsi
kepemilikan institusi keuangan tidak berpengaruh signifikan terhadap peringkat kredit perusahaan.
Hasil penelitian ini juga berbeda dengan 3 penelitian sebelumnya yang dilakukan oleh Aman dan Nguyen
(2013), Bhojraj dan Sengupta (2003), dan Ashbaugh-Skaife, Collins, dan LaFond (2006) yang
memberikan hasil yang signifikan dan memiliki pengaruh yang kuat terhadap peringkat kredit perusahaan.
Alasan perbedaan ini adalah di Indonesia sebagian besar perusahaan memiliki presentase kepemilikan
institusi keuangan yang sangat kecil, walaupun rata-rata kepemilikan institusional adalah 10% namun
57,3% (58 perusahaan) dari sampel data tidak memiliki pemegang saham institusi keuangan. Rata-rata
tersebut dapat mencapai 10% karena ada salah satu variabel yang sangat tinggi kepemilikan institusi
keuangannya sebesar 99,8% yang ditemukan dalam PT XL Axiata TBK. pada 2009. Gambaran data
tersebut dapat membuat hasil uji menjadi tidak signifikan. Hal ini tentu saja berkebalikan dengan kondisi
pada perusahaan dalam penelitian sebelumnya, seperti pada perusahaan di Jepang yang diteliti oleh Aman
dan Nguyen (2013) memiliki rata-rata kepemilikan institusi keuangan mencapai 24,6% dan memang
sebagian besar perusahaan dijepang memang memiliki kepemilikan institusi keuangan yang besar. Dilihat
dari Q1, Mean, dan Q3 yang memang tidak memiliki perbedaan yang signifikan yaitu masing-masing
adalah 13,48%, 22,89%, dan 34,02%.
Hipotesis 4: Semakin besar proporsi kepemilikan manajerial maka semakin tinggi credit rating
diunduh dari:
perusahaan.
Proporsi kepemilikan dewan komisaris dalam perusahaan memiliki hubungan korelasi yang tidak
signifikan dengan peringkat kredit perusahaan. Hasil yang sama juga didapatkan oleh uji regresi terhadap
peringkat kredit perusahaan yang tidak signifikan.
Hasil penelitian ini sesuai dengan yang dilakukan oleh Aman dan Nguyen (2013) yang mana proporsi
kepemilikan dewan komisaris tidak terlalu berpengaruh terhadap peringkat kredit perusahaan. Terjadinya
hal ini dapat disimpulkan karena di Indonesia banyak dewan komisaris yang tidak memiliki proporsi
kepemilikan dalam perusahaan, sebab dalam data sampel penelitian sebanyak 70,37% (76 perusahaan)
tidak memiliki kepemilikan dewan komisaris dan adanya kepemilikan terselubung melalui perusahaan lain
yang tidak secara langsung terlihat. Sementara menurut Aman dan Nguyen (2013) tidak terlalu
berpengaruhnya komposisi kepemilikan dewan komisaris karena selain memiliki dampak positif yaitu
lebih besar kemungkinan untuk melindungi kepentingan pemegang saham, juga memiliki dampak negatif
dimana debtholders menjadi kesulitan untuk melakukan monitoring sebab akan terjadi agency conflict
antara dewan komisaris pemegang saham dengan debtholders.
Penelitian yang dilakukan oleh Ashbaugh-Skaife, Collins, dan LaFond (2006) menunjukan bahwa
kepemilikan yang oleh manajerial atau pun institusi keuangan dengan kondisi memiliki saham diatas 5%
memiliki pengaruh yang signifikan negatif yang artinya semakin besar kepemilikannya maka semakin
kecil peringkat kreditnya, dikarenakan mereka dapat “mengamankan” keuntungan yang seharusnya untuk
para debtholders.
Hipotesis 5: Semakin tepat waktu penyampaian informasi maka semakin tinggi credit rating
perusahaan.
Ketepatan waktu dari pada publikasi laporan keuangan dalam penelitian ini memiliki korelasi yang
signifikan positif terhadap credit rating. Hasil berbeda dari pengujian regresi menunjukan hal ketepatan
waktu dari publikasi laporan keuangan tidak memiliki pengaruh yang signifikan terhadap peringkat kredit
perusahaan.
Hasil ini berbeda dengan penelitian yang dilakukan oleh Bhojraj dan Sengupta (2003), AshbaughSkaife, Collins, dan LaFond (2006), dan Aman dan Nguyen (2013) yang menyatakan bahwa peringkat
kredit yang tinggi memililki asosiasi dengan ketepatan waktu pengungkapan laporan keuangan. Perbedaan
ini dapat terjadi karena respon investor Indonesia yang mungkin lebih terpengaruh terhadap isi dari pada
laporan keuangan dari pada ketepatan waktu pengungkapan laporan keuangan oleh perusahaan.
Perusahaan-perusahaan yang diteliti hanya 9,26% (10 perusahaan) yang menerbitkan laporan
keuangannya melewati batas waktu yang ditentukan.
KESIMPULAN DAN SARAN
Berdasarkan hasil perhitungan uji korelasi Pearson credit rating memiliki hubungan korelasi yang
signifikan dengan variabel independen boardsize dan timeliness, dan dengan variabel kontrol yaitu aset,
leverage, dan ROA. Setelah dilakukan uji regresi Ordinal Logistic Regression pada variabel dependen
yaitu credit rating terhadap variabel independennya yaitu board size, outside directors, institutional
ownership, board ownership, dan timeliness tidak ditemukan hasil yang signifikan. Hasil berbeda terdapat
pada variabel kontrol yaitu Aset dan ROA yang memiliki hasil signifikan dan hanya leverage yang tidak
signifikan. Berikut adalah hasil-hasil dari uji hipotesanya :
1. Board size memiliki korelasi signifikan positif namun tidak signifikan saat dilakukan
pengujian regresi, sehingga H1 ditolak.
2. Outside directrors tidak memiliki korelasi signifikan positif dan tidak signifikan saat dilakukan
3. Institutional ownership tidak memiliki korelasi signifikan positif dan tidak signifikan saat
dilakukan pengujian regresi, sehingga H3 ditolak.
4. Board ownership tidak memiliki korelasi signifikan positif dan tidak signifikan saat dilakukan
diunduh dari:
5. Timeliness memiliki korelasi signifikan positif namun tidak signifikan saat dilakukan
.
Saran
1. Penelitian selanjutnya agar lebih memperluas cakupan penelitian sehingga dapat meneliti
semua perusahaan terbuka yang menerbitkan obligasi, termasuk meneliti secara tersendiri
sektor keuangan sebagai sektor yang memiliki peraturan paling ketat agar tidak menimbulkan
hasil yang bias.
2. Menggunakan variabel-variabel CG yang lebih cocok untuk perusahaa di Indonesia agar hasil
yang didapat dari penelitian selanjutnya menjadi lebih akurat dari yang sekarang.
3. Melakukan penelitian yang lebih jauh dengan dengan juga menambahkan peringkat obligasi
dan juga yield obligasi yang ditawarkan oleh perusahaan sehingga tidak hanya melihat
peringkat kredit perusahaan saja, agar hasil penelitian yang didapat lebih mendalam.
DAFTAR PUSTAKA
Aman, H., Nguyen, P., 2013. Does good governance matter to debtholders? Evidence from the credit
ratings of Japan firms. Research in International business and Finance 29, 14–34.
Ashbaugh-Skaife, H., Collins, D., LaFond, R., 2006. The effects of corporate governance on firm’s credit
ratings. Journal of Accounting and Economics 42, 203–243.
Bhojraj, S., Sengupta, P., 2003. Effect of corporate governance on bond ratings and yields: the role of
institutional investors and outside directors. Journal of Business 76, 455–475.
Coles, J., Daniel, N., Naveen, L., 2008. Boards: does one size fit all? Journal of Financial Economics 87,
329–356.
Detik Finance, 22 Agustus 2014. Freeport Cicil Setoran Dividen, Dahlan: Terima Dulu, Nanti Tagih
Lagi. http://finance.detik.com/ read/2014 /08/22/140627/2669877/4/freeport-cicil-setoran-dividen-dahlanterima -dulu-nanti-tagih-lagi , diakses 08 September 2014
Ghozali, I., 2006. Analisis Multivariate Lanjutan dengan Program SPSS. UNDIP, Semarang.
IDX. Indonesia Bond Market Directory http://www.idx.co.id/id-id/beranda/publikasi/bondbook.aspx,
diakses 26 Mei 2014.
Jensen, M., Meckling, W., 1976. Theory of the firm: managerial behavior, agency costs and ownership
structure. Journal of Financial Economics 3, 305–360.
Kieso, E, D., Weygant, J, J., Warfield, D, T., 2011. Intermediate Accounting Volume 1 IFRS Edition.
John Wiley & Sons, Inc., United States of America
Kim, K., Nofsinger, J., Mohr, D., 2010. Corporate Governance. Pearson Education, Inc., New Jersey.
Komite Nasional Kebijakan Governance, 2006. Pedoman Umum Good Corporate Governance Indonesia.
Krechovská, M., Procházková, P, T., 2014. Sustainability and its Integration into Corporate Governance
Focusing on Corporate Performance Management and Reporting. Procedia Engineering 69, 1144-1151.
Lehmberg, D., Dhanaraj, C., Funai, A., 2013. What do we make of Japan? Myths and realities. Business
Horizons 56, 219-229.
Moody's Investors Service, 2009. Moodys Ratings Symbols and Definitions.
Otoritas Jasa Keuangan, 2014. Road Map Tata Kelola Perusahaan Indonesia.
PEFINDO. Rating Service. http://www.pefindo.com/index.php/pageman /page/rating-services.html,
diakses 26 Mei 2014.
Presiden Republik Indonesia, 2007. Undang-Undang Republik Indonesia Nomor 40 Tahun 2007 Tentang
Perseroan Terbatas.
Sufren., Natanael, Y., 2013. Mahir Menggunakan SPSS Secara Otodidak. PT. Elex Media Komputindo.,
Jakarta.
diunduh dari:
CSR Assessment dan Pengembangan Strategi CSR Industri Perhotelan di Surakarta
Kartika Hendra Titisari, SE., M Si., Akt., CA
[email protected]
Universitas Islam Batik (UNIBA) Surakarta
PENDAHULUAN
Corporate Social Responsibility (CSR) atau tanggung jawab sosial perusahaan saat ini semakin
berkembang di masyarakat dan menjadi kewajiban bagi semua perusahaan. Paradigma lama perusahaan
hanya mempunyai kewajiban kepada shareholder sudah tidak bisa di jalankan lagi oleh perusahaan, jika
perusahaan ingin berkembang dan eksis dalam usahanya. Tripple Button Line yang di populerkan oleh
John Elkington (1997) menjadi kewajiban bagi semua perusahaan. Sasaran perusahaan tidak hanya
berorientasi pada kemakmuran shareholder, melainkan meliputi profit, people dan planet.
Makna CSR semakin berkembang, seiring dengan pergerseran paradigma dalam hubungan
perusahaan dan komunitas yang berawal dari aktivitas Community Development(CD). Seperti tertuang
dalam rumusan Susanto “Leit” Star berikut : (Susanto, 2009)
Gambar 2
Susanto “lite” Star
Implementasi CSR perusahaan bergantung pada kondisi perusahaan yang meliputi misi, budaya,
lingkungan dan risiko serta kondisi operasional. Telah banyak perusahaan yang melibatkan diri dalam
aktivitas yang berkaitan dengan aktivitas yang tercakup dalam CSR seperti pelanggan dan karyawan. Ini
merupakan titik awal implementasi CSR yang lebih luas. Selanjutnya dalam pengembangannya aktivitas
CSR perlu di integrasikan dengan pengambilan keputusan inti, strategi, aktivitas dan proses manajemen
perusahaan. Secara menyeluruh implementasi CSR mengacu pada ISO 26000.
Gambar 3
Implementasi Social Responsibility ISO 26000
diunduh dari:
Kota Surakarta yang lebih dikenal sebagai kota budaya sekarang bertambah lagi predikatnya sebagai
Kota MICE (meeting-incentives-conferences and exhibitions). Predikat Kota MICE mendorong
perkembangan industri perhotelan di kota Surakarta, dengan beragam fasilitas. Seiring perkembangan
Kota, pembangunan hotel terus mengalami peningkatan disamping apartemen dan mall yang juga
berkembang pesat. Untuk mendukung eksistensi keberadaan industri perhotelan, pembangunan citra atau
reputasi tentu tidak dapat di pisahkan dari bisnis itu sendiri. Perusahaan harus berupaya membentuk,
meningkatkan dan menjaga citra yang bagus bagi perusahaan yang tentunya dilakukan dengan berbagai
program komunikasi. Salah satunya adalah dengan melaksanakan tanggung jawab sosial perusahaan
(Corporate Social Responsibility).
Penelitian Nuraina, 2010 di Hotel Novotel Semarang menemukan bahwa Hotel Novotel memiliki
pemahaman yang salah akan aktivitas CSR yang selama ini dilakukan karena aktivitas CSR yang
dijalankan Hotel Novotel bukan merupakan bentuk aktivitas CSR melainkan hanya berfungsi sebagai
aktivitas komunikasi atau aktivitas kemanusiaan. Selain itu, aktivitas CSR yang dijalankan Hotel Novotel
Semarang dinilai tidak terlalu berpengaruh terhadap usaha Hotel Novotel dalam mempertahankan citranya
di mata masyarakat. Dampak citra yang positif tidak terlalu berpengaruh terhadap stakeholder utama dari
Hotel Novotel yaitu para pelanggan. Titisari et. al. (2010) memberikan bukti empiris bahwa kinerja CSR
perusahaan berpengaruh terhadap kinerja ekonomi. Selanjutnya kinerja lingkungan juga berpengaruh
terhadap kinerja ekonomi perusahaan (Titisari & Alviana, 2012). Guo.et.al (2009) melakukan penelitian
terhadap 200 perusahaan di wilayah Kota Dalian Cina terkait penerapan CSR perusahaan. Bukti empiris
menunjukkan bahwa CSR dari perusahaan-perusahaan milik negara jelas lebih baik daripada perusahaan
swasta, penilaian lebih unggul untuk perusahaan yang menguntungkan daripada di perusahaanperusahaanyang tidak menguntungkan. Yang menarik di sini adalah karyawan tidak berikan kompensasi
untuk jam kerja lembur.
Belum banyak di temukan hasil penelitian tentang CSR yang mengkaji bagaimana seharusnya
implementasi CSR oleh perusahaan. Penelitian banyak dilakukan melihat dari sisi penerima dana CSR.
Padahal jika di lihat lebih dalam ternya banyak perusahaan belum mengetahui bagaimana panduan dari
implementasi CSR itu sendiri. Untuk mendukung keberadaan industri perhotelan, penelitian ini akan
meneliti implementasi CSR yang telah di jalankan oleh industri perhotelan (CSR Assessment) di Surakarta
dan pengembangan model penerapan CSR industri perhotelan. Diharapkan industri perhotelan di
Surakarta bisa menerapkan praktek CSR secara benar sesuai yang di amanatkan UU RI No. 40 Tahun
2007 dan UU RI No. 25 Tahun 2007, meskipun jenis hotel yang berkembang di kota Surakarta beragam.
Implementasi CSR seperti yang diamanatkan UU No. 40 Tahun 2007 harus mendapatkan
perhatian bagi semua perusahaan di Indonesia. Tidak terkecuali perusahaan yang bergerak dalam ndustri
perhotelan. Panduan implementasi CSR sering menjadi pertanyaan bagi pelaku usaha dan seringkali
praktek CSR dikaitkan dengan peningkatan citra perusahaan di publik. Perkembangan kota Surakarta
yang pesat dan mendapat julukan sebagai kota MICE, menyebabkan perkembangan industri perhotelan
berkembang pesat di kota Surakarta. Banyak perusahaan mengklaim telah menjalankan praktek CSR,
demikian juga hotel-hotel yang berkembang di Surakarta. Namun demikian menjadi pertanyaan apakah
memang praktek yang telah dijalankan adalah merupakan implementasi CSR yang seharusnya ataukah
hanya sekedar pencitraan publik semata. Penelitian ini akan menjawab permasalahan: Bagaimana
implementasi CSR (CSR Assessment) industri perhotelan di kota Surakarta dan bagaimana model strategi
CSR untuk industri perhotelan di Surakarta.
REVIEW LITERATUR
Pengertian CSR
Mengenai pengertian CSR belum ada pengertian tunggal yang disepakati oleh semua pihak.
Menurut Darwin, 2004 dalam Anggraini, 2006, Pertanggungjawaban Sosial Perusahaan atau Corporate
Social Resposibility (CSR) adalah mekanisme bagi suatu organisasi untuk secara sukarela
mengintegrasikan perhatian terhadap lingkungan dan sosial ke dalam operasinya dan interaksinya dengan
stakeholders, yang melebihi tanggung jawab organisasi di bidang hukum.
Definisi
diunduh
dari: lain CSR adalah
kepedulian perusahaan yang menyisihkan sebagian keuntungannya (profit) bagi kepentingan
pembangunan manusia (people) dan lingkungan (planet) secara berkelanjutan berdasarkan prosedur
(procedure) yang tepat dan profesional (Suharto, 2008).
Gray et al. (1987, p. ix) dalam Belal (2001) mendefinisikan Corporate social reporting (CSR) : . .
…proses komunikasi social dan lingkungan dari organisasi ekonomi terhadap kelompok tertentu di
masyarakat dan masyarakat luas. Melibatkan tanggung jawab organisasi (terutama perusahaan), di luar
tanggung jawab keuangan kepada pemilik modal, khususnya pemegang saham. Perusahaan mempunyai
tanggung jawab lebih luas dibanding hanya untuk mencari uang bagi pemegang saham.
CSR merupakan peningkatan kualitas kehidupan mempunyai arti adanya kemampuan manusia
sebagai individu anggota komunitas untuk dapat menanggapi keadaan social yang ada, dan dapat
menikmati serta memanfaatkan lingkungan hidup termasuk perubahan-perubahan yang ada sekaligus
memelihara. Atau dengan kata lain merupakan cara perusahaan mengatur proses usaha untuk
memproduksi dampak positif pada komunitas. Atau dapat dikatakan sebagai proses penting dalam
pengaturan biaya yang internal (pekerja, shareholders, dan penanam modal) maupun eksternal
(kelembagaan pengaturan umum, anggota-anggota komunitas, kelompok komunitas sipil dan perusahaan
lain). (Famiola dan Rudito, 2007)
Dari beragam definisi tersebut, ada satu kesamaan bahwa CSR tak bisa lepas dari kepentingan
shareholder dan stakeholder perusahaan. Mereka adalah pemilik perusahaan, karyawan, masyarakat,
negara dan lingkungan. Konsep inilah yang kemudian diterjemahkan oleh John Elkington sebagai triple
bottom line, yaitu Profit, People, dan Planet. Maksudnya, tujuan CSR harus mampu meningkatkan laba
perusahaan, menyejahterakan karyawan dan masyarakat, sekaligus meningkatkan kualitas lingkungan.
Di perusahaan go publik aktivitas CSR harus di ungkapkan dalam laporan tahunan. Pengungkapan
tanggung jawab sosial perusahaan yang sering juga disebut sebagai social disclosure, corporate social
reporting, social accounting, atau corporate social responsibility merupakan proses pengkomunikasian
dampak sosial dan lingkungan dari kegiatan ekonomi organisasi terhadap kelompok khusus yang
berkepentingan dan terhadap masyarakat secara keseluruhan (Sembiring, 2005). Pratiwi dan Djamhuri
(2004) mengartikan pengungkapan sosial sebagai suatu pelaporan atau penyampaian informasi kepada
stakeholders mengenai segala aktivitas perusahaan yang berhubungan dengan lingkungan sosialnya. Hasil
penelitian di berbagai negara membuktikan, bahwa laporan tahunan (annual report) merupakan media
yang tepat untuk menyampaikan tanggung jawab sosial perusahaan. Pertanggungjawaban sosial timbul
jika organisasi memiliki kesadaran bahwa mereka memiliki kewajiban untuk melakukan
pertanggungjawaban terhadap lingkungannya. Brammer, Brooks dan Pavelin (2006) pengukuran CSR
dengan mempertimbangkan tiga parameter CSR yaitu : Employment, Environment dan Community.
Kategori corporate social disclosures menurut William (1999) meliputi 5 (lima) tema antara lain :
(1) environment; (2) energy; (3) human resources and management; (4) products and customers; and (5)
community. Sedangkan menurut Imam (2000) mengidentifikasi 4 (empat) area utama corporate social
performance, antara lain: Community development, Human resource, Product or service contribution, dan
Physical resources and environmental contribution. Gloutire (1992) dalam Utomo (2000) menyebutkan
tema-tema yang termasuk dalam wacana pengungkapan sosial adalah: Kemasyarakatan, Ketenagakerjaan,
Produk dan Konsumen dan Lingkungan Hidup.
Jika di lihat dari definisi serta regulasi-regulasi yang ada di Indonesia, seolah-olah CSR hanya
merupakan kewajiban perusahaan besar. Mungkin ini juga ketika terdapat “Corporate” dalam singkatan
CSR, sehingga di persepsikan hanya perusahaan besar saja yang berkewajiban melaksanakan CSR.
Kegiatan CSR yang dilakukan saat ini juga sudah mulai beragam, disesuaikan dengan kebutuhan
masyarakat setempat berdasarkan needs assessment. Mulai dari pembangunan fasilitas pendidikan dan
kesehatan, program pencegahan penyakit melalui pendidikan kesehatan masyarakat, membangun fasilitas
MCK untuk masyarakat sekitar, memberikan kesempatan bekerja secara produktif bagi penyandang cacat,
pelatihan untuk penyandang cacat, pemberian bantuan/pinjaman modal UKM, social forestry, pemberian
beasiswa,bantuan sosial, penyuluhan dan pencegahan HIV/AIDS, penguatan
lokal,
diunduhkearifan
dari:
pengembangan skema perlindungan social berbasis masyarakat, pengobatan gratis bagi masyarakat, dan
sebagainya. CSR pada tataran ini tidak sekadar do good dan to look good, melainkan pula to make good,
menciptakan kebaikan atau meningkatkan kesejahteraan masyarakat.
Untuk merangsang pertumbuhan CSR yang mampu berkontribusi terhadap pembangunan ekonomi
yang berkelanjutan diperlukan adanya model CSR yang efektif untuk mencapai tujuan yang diharapkan,
adanya sumber daya manusia dan institusi yang memiliki kapasitas untuk melaksanakan CSR, adanya
peraturan dan kode etik yang jelas dalam dunia usaha serta adanya dukungan sektor publik untuk
menjamin pelaksanaan CSR oleh perusahaan sejalan dengan tujuan dan nilai-nilai dalam suatu
masyarakat. Dalam proses perjalanan CSR di Indonesia banyak masalah dan kendala yang dihadapinya, di
antaranya CSR belum tersosialisasikan dengan baik di masyarakat. Hal ini menyebabkan program CSR
belum bergulir sebagai mana mestinya, mengingat masyarakat umum belum mengerti apa itu program
CSR, apa saja yang dapat dilakukannya dan bagaimana masyarakat dapat berkolaborasi dengan prosedur
perusahaan. Kendala dalam implementasi CSR antara lain adanya gangguan keamanan, kurangnya
kreativitas dan inovasi, timbulnya ketergantungan masyarakat, korupsi, peraturan yang membingungkan,
dan pemerintah masih kurang memberikan situasi yang kondusif bagi perusahaan dalam menjalankan
CSR. Program CSR yang berkelanjutan diharapkan dapat memberikan alternative terobosan baru untuk
memberdayakan masyarakat dalam mengatasi permasalahan social dan lingkungan yang semakin
kompleks dan rumit dalam dekade terakhir. Adanya sinergi antara dunia usaha, masyarakat, dan
pemerintah untuk secara terus menerus membangun dan menciptakan kehidupan masyarakat yang lebih
sejahtera dan lingkungan yang berkualitas akan menentukan keberhasilan pembangunan bangsa.
Secara umum, Corporate Social Responsibility merupakan peningkatan kualitas kehidupan
mempunyai arti adanya kemampuan manusia sebagai individu anggota komunitas untuk dapat menggapi
keadaan sosial yang ada dan dapat menikmati serta memanfatkan lingkungan hidup termasuk perubahanperubahan yang ada sekaligus memelihara, atau dengan kalta lain merupakan cara perusahaan mengatur
proses usaha untuk memproduksi dampak positif pada suatu komunitas, atau merupakan suatu proses yang
penting dalam pengaturan biaya yang dikeluarkan dan keuntungan kegiatan bisnis dari stakeholders baik
secara internal (pekerja, shareholders, dan penanaman modal) maupun eksternal kelembagaan pengaturan
umum,anggota-anggota komunitas, kelompok komunitas sipil dan perusahaan lain).
Perkembangan wacana dan praktik CSR di Indonesia memang sangat menggembirakan. Dari
sebuah konsep asing, CSR kini menjadi konsep yang banyak sekali diperbincangkan, diperdebatkan dan
digunakan untuk melabel banyak aktivitas. Tentu saja, hal tersebut sangat patut disukuri. Hanya saja,
karena tidak cukup banyak pihak yang menekuni wacana CSR sebagaimana yang termuat dalam berbagai
literatur di negara-negara maju, maka banyakkesalahan umum yang kerap ditemui kalau kita benar-benar
memperhatikan bagaimana kini CSR digunakan. Kesalahan umum yang kerap ditemui tersebut adalah :
(1) CD adalah CSR (2) Amal sama dengan CSR (3) CSR harus menonjolkan aspek social (4) Organisasi
CSR cuma tempelan (5) CSR hanya untuk perusahaan besar (6) Memisahkan CSR dari bisnis inti
perusahaan (7) CSR untuk diri sendiri, bukan sepanjang supply chain (8) Setelah sampai konsumen, tak
ada lagi CSR (9) CSR cuma tambahan biaya belaka (10) CSR adalah pemolesan citra perusahaan (11)
Menganggap bahwa CSR sepenuhnya voluntary atau sukarela (12) Mempraktikkan CSR dalam ranah
eksternal saja.
Biaya CSR dalam laporan keuangan
Belakangan ini, aktivitas CSR telah berkembang menjadi bagian dari strategi bisnis perusahaan,
utamanya terkait dengan fungsi pemasaran, public relation, dan investment-decision making. Untuk dapat
menghasilkan program CSR yang dapat menghasilkan program business value sekaligus tax favorable,
ada baiknya jika wajib pajak mempertimbangkan aspek perpajakan saat merancang program CSRnya.Masih menjadi kajian perlakuan atas dana CSR perusahaan. Sebagian besar perusahaan mengkaitkan
dengan biaya promosi. Berbeda halnya dengan pihak penerima bantuan CSR. Ketentuan perpajakan
Indonesia memberikan skema insentif untuk program-program CSR. Pemberian insentif ini diusung
sebagai bentuk akomodasi pemerintah atas kepentigan publik dalam jangka
panjang.
diunduh
dari: Disini, skema
insentif tax exemtion, tax deduction, atau tax credit yang digunakan disesuaikan dengan dasar hukum yang
berlaku di Indonesia serta aplikasi program-program CSR yang terjadi dalam masyarakat. Keuntungan
karena penjualan atau karena pengalihan harta berupa hibah, bantuan, atau sumbangan yang diberikan
kepada keluarga sedarah dalam garis keturunan lurus satu derajat dan badan keagamaan, badan
pendidikan, badan sosial termasuk yayasan, koperasi, atau orang pribadi yang menjalankan usaha mikro
dan kecil, bukan merupakan Objek PPh bagi yang menerima (Effendi, 2010).
Selanjutnya dalam Pasal 4 ayat (3) huruf l,m, dan n UU PPh juga diatur pengecualian pengenaan
PPh atas aktivitas CSR. Seperti halnya beasiswa yang memenuhi persyaratan tertentu, sisa lebih diterima
atau diperoleh badan atau lembaga nirlaba yang bergerak dalam bidang pendidikan dan atau bidang
penelitian dan pengembangan yang telah terdaftar pada instansi yang membidanginya-yang ditanamkan
kembali dalam bentuk sarana dan prasarana kegiatan pendidikan dan atau penelitian dan pengembangan
dalam jangka waktu paling lama 4 (empat) tahun sejak diperolehnya sisa lebih tersebut, serta bantuan atau
santunan yang dibayarkan oleh Badan Penyelenggara Jaminan Sosial kepada Wajib Pajak tertentu.
Pentingnya Pertimbangan Tanggung Jawab Sosial Perusahaan dalam Pelaporan Keuangan
Akuntansi sebagai alat pertanggungjawaban mempunyai fungsi sebagai alat kendali terhadap
aktivitas suatu unit usaha. Tanggung jawab manajemen tidak hanya terbatas pada pengelolaan dana ke
dalam perusahaan kepada investor dan kreditor, tetapi juga meliputi dampak yang ditimbulkan oleh
perusahaan tersebut terhadap lingkungan alam dan sosialnya. Pertukaran-pertukaran yang terjadi antara
perusahaan dengan lingkungan alam dan sosialnya, serta manfaat sosial (social benefit) dan biaya sosial
(social cost) yang ditimbulkannya merupakan sisi aspek sosial pertanggungjawaban manajemen. Dalam
hal ini tujuan akuntansi keuangan dan laporan keuangan dalam SAK 1994 belum mampu mencakup
tanggung jawab perusahaan. Oleh karenanya perlu ada usaha pengembangan tujuan pelaporan keuangan
yang mempertimbangkan tanggung jawab perusahaan kepada investor, kreditor, serta lingkungan
sosialnya.
Financial Accounting Standart Board (FASB) sebagai lembaga pembuat standar mengemukakan
bahwa dalam pemilihan kebijakan akuntansi yang dibuat dapat dilakukan dalam dua tingkat, yaitu: (1)
dilakukan oleh lembaga formal yang mempunyai kekuasaan untuk memaksa dunia bisnis menerapkannya,
dan (2) dilakukan perusahaan secara individual (Halim:1999). Gray et. al., (1993) dalam Halim (1999)
mengemukakan peranan akuntan dalam membantu manajemen terkait masalah tanggung jawab sosial,
yakni: (1) Sistem akuntansi yang ada saat ini dapat dimodifikasi untuk mengidentifikasi masalah
lingkungan dalam hubungannya dengan masalah pengeluaran (atau bahkan penghasilan) seperti biaya
kemasan (packaging), biaya hukum, biaya energi, dan lain-lain; (2) Hal-hal yang negatif dari sistem
akuntansi saat ini perlu diidentifikasi, seperti masalah penilaian investasi yang belum mempertimbangkan
masalah lingkungan; (3) Sistem akuntansi perlu untuk lebih memandang ke depan dan lebih peka pada
munculnya isu-isu lingkungan yang berubah dengan cukup cepat; (4) Pelaporan keuangan untuk pihak
eksternal dalam proses berubah, seperti berubahnya ukuran kinerja perusahaan di masyarakat; (5)
Akuntansi yang baru dan sistem informasi memerlukan pengembangan
Teori Yang Mendasari Penelitian
Teori Impression Management
Impression Management theory menyatakan bahwa setiap individu atau organisasi harus
menetapkan dan memelihara kesan yang kongruen dengan persepsi mereka yang disampaikan
kepada publik (Schenker,1980 dalam Oktaviani, 2011). Yang mendasari teori ini adalah
Corporate Social Responsibility yaitu upaya yang dilakukan perusahaan untuk menimbulkan
kesan memiliki kepedulian terhadap masyarakat. Tujuan ini mengarah pada pemenuhan tanggung
jawab ekonomi, sosial, dan lingkungan (Friedman,1988 dalam Oktaviani, 2011).
Teori Stakeholder
Keberadaan perusahaan bukan semata- mata bertujuan untuk melayani kepentingan shareholder
melainkan untuk seluruh pemangku kepentingan perusahaan (stakeholder) (Daniri, 2007).
diunduh dari:
Pemangku kepentingan adalah kelompok atau individu yang mendapatkan
keuntungan dan atau
kerugian dan yang hak-haknya di langgar oleh tindakan korporasi. Artinya, perusahaan memiliki
tanggung jawab sosial yang menuntut mereka mempertimbangkan semua kepentingan pihak-pihak
yang terkena pengaruh dari tindakannya. (Freeman, 1984 dalam Oktaviani, 2011). Penggunaan teori
ini menekankan bahwa tanggung jawab sosial yang dimiliki oleh perusahaan menuntut mereka untuk
mempertimbangkan semua kepentingan berbagai pihak yang terkena dampak dari pelaksanaan
Corporate Social Responsibility.
Teori Legitimasi
Organisasi/perusahaan merupakan bagian dari masyarakat dimana kegiatan yang dilakukan harus
berdasarkan pada norma atau aturan yang berlaku pada masyarakat sekitarnya. Organisasi/perusahaan
akan terus berlanjut keberadaannya jika masyarakat menyadari bahwa perusahaan beroperasi untuk
sistem nilai yang sepadan dengan sistem nilai masyarakat itu sendiri. Organisasi/perusahaan
secara terus menerus mencoba untuk meyakinkan bahwa mereka melakukan kegiatan sesuai dengan
batasan dan norma-norma masyarakat dimana mereka berada (Gray et al., 1996).
Teori Triple Bottom Line
Jika sebuah perusahaan ingin mempertahankan kelangsungan hidupnya, maka perusahaan itu juga
harus memperhatikan “3P”, yaitu keuntungan (profit), pemenuhan kesejahteraan masyarakat (people),
dan turut berkontribusi aktif dalam menjaga kelestarian lingkungan (planet) (John Elkington,
1997). Uraian tersebut menunjukkan bahwa keuntungan ekonomis tidak pernah dapat
dipisahkan dalam kerangka pelaksanaan CSR, sehingga tujuan dari pelaksanaan CSR adalah
sustainability bagi perusahaan.
Implementasi CSR
Banyak perusahaan mengklaim telah menjalankan CSR. Namun demikian apakah yang mereka
jalankan benar-benar aktivitas CSR ataukah hanya sekedar pencitraan dan meningkatkan brand image
perusahaan di mata publik. Terlepas masih belum sempurnanya penerapan Corporate Social
Responsibility (CSR), namun pelaksanaannya di Indonesia dalam empat tahun terakhir ini makin
menunjukkan kemajuan. Buktinya, semakin banyak perusahaan yang mulai peduli dan melaksanakan
program CSR dalam berbagai bentuk. Namun masih disayangkan, penerapan konsep CSR masih menjadi
milik perusahaan masing-masing, akibatnya banyak dari mereka yang mengklaim telah melakukan CSR
padahal nyatanya belum, atau sekadar menjalankan kegiatan charity /sumbangan
(http://.ciptakarya.pu.go.id).
Terdapat tahapan-tahapan yang harus dilakukan ketika perusahaan akan melakukan program CSR
(Wibisono (2007): (1) Tahap perencanaan: perencanaan terdapat tiga langkah utama, yaitu awareness
building, CSR Assessment, dan CSR manual building. (2) Tahap Implementasi: perencanaan sebaik
apapun tidak akan berarti dan tidak akan berdampak apapun bila tidak diimplementasikan dengan baik.
Tahap impelementasi ini terdiri dari tiga langkah utama, yaitu sosialisasi, pelaksanaan dan internalisasi.
Dengan upaya ini dapat dinyatakan bahwa penerapan CSR bukan sekedar kosmetik namun telah menjadi
strategi perusahaan, bukan lagi sebagai upaya untuk compliance tetapi sudah beyond compliance. (3)
Tahap Evaluasi: tahap yang perlu dilakukan secara konsisten dari waktu ke waktu untuk mengukur
sejauhmana efektifitas penerapan CSR. Evaluasi dilakukan sebagai sarana untuk pengambilan keputusan.
(4) Pelaporan: dilakukan dalam rangka membangun sistem informasi baik untuk keperluan proses
pengembalian keputusan maupun keperluan keterbukaan informasi material dan relevan mengenai
perusahaan. Jadi selain berfungsi untuk keperluan shareholder juga untuk stakeholder yang memerlukan.
Agar efektif, implementasi CSR harus sesuai: tujuan bisnis inti dari perusahaan dan kompetensi
inti dari perusahaan. Jika CSR harus di perlakukan sebagai bagian dari strategi perusahaan yang efektif,
maka definisi CSR menjadi unik bagi setiap perusahaan berdasarkan tujuan spesifik, risiko, peluang, dan
kompetensi perusahaan.
Konsep Strategi
Lingkungan bisnis serba tidak pasti. Perusahaan harus memformulasikan strategi yang konsisten
diunduh
dari:sangat penting dalam
untuk mencapai kesuksesan. Lingkungan organisasi merupakan variabel
yang
menentukan strategi bisnis suatu perusahaan. Kondisi ini memunculkan konsep strategi berupa rencana,
tindakan untuk mengembangkan keunggulan kompetitif suatu perusahaan (Ellitan, 2008).
Strategi mengidentifikasikan pendekatan yang digunakan untuk menyelesaikan tujuan. Selain
itu, strategi dapat diputuskan secara eksplisit dan tercermin pada keputusan-keputusan yang dibuat serta
tindakan- tindakan yang dilaksanakan. Definisi formal dari strategi sendiri adalah seni penyusunan
rencana yang menggelar kemampuan- kemampuan dan kompetensi- kompetensi suatu organisasi
secara terfokus untuk menghadapi lingkungan persaingan yang dikenali pada waktu yang tepat guna
meraih kesuksesan (Craig, 1996).
Strategi merupakan kemampuan untuk melihat arah yang hendak dituju, dan untuk
melakukan hal- hal yang diperlukan supaya tetap berada di jalur serta mencapai tujuan yang telah
ditentukan. Hal ini digunakan untuk mempertahankan komitmen jangka panjang guna meraih posisi
kepemimpinan global terhadap persaingan yang merupakan tindak lanjutan dari visi yang telah ditetapkan
(Watson, 1993).
Strategi bisnis tidak dapat diformulasikan atau diadaptasikan dengan lingkungan yang terus
berubah tanpa adanya proses evaluasi strategi. Strategi merupakan pola tindakan yang dipilih untuk
mewujudkan visi organisasi, melalui misi. Strategi tersebut membentuk pola pengambilan keputusan
dalam visi organisasi. Dengan demikian, evaluasi strategi bisnis merupakan suatu upaya sistematis
yang berusaha melihat secara seksama segala sesuatunya melalui fakta yang jelas dalam menentukan
keberhasilan suatu bidang usaha (Usmara, 2007).
Strategi CSR
Strategi CSR: strategi bisnis yang terintegrasi dengan tujuan bisnis inti dan kompetensi inti untuk
menciptakan nilai bisnis dan nilai sosial/lingkunagn yang positif dan tertanam dalam budaya dan operasi
bisnis sehari-hari (McElhaney, 2007). Strategi CSR membantu perusahaan memastikan bahwa perusahaan
secara berkesinambungan membangun, memelihara, dan memperkuat identitas dan pasar yang
dimilikinya. Penilaian CSR menghasilkan basis informasi perusahaan yang dapat digunakan untuk
mengembangkan strategi CSR. Sebuah strategi CSR adalah peta jalan untuk bergerak maju pada isu-isu
CSR . Ini menetapkan arah perusahaan dan ruang lingkup dalam jangka panjang berkaitan dengan CSR,
yang memungkinkan perusahaan untuk menjadi sukses dengan menggunakan sumber daya dalam
lingkungan yang unik untuk memenuhi kebutuhan pasar dan memenuhi harapan stakeholder. Sebuah
strategi CSR yang baik mengidentifikasi secara keseluruhan dalam perusahaan untuk berkontribusi dalam
implementasi CSR.
Perusahaan yang berbeda akan berbeda pula kesadaran dan penerapan pada CSR, yang akan
menentukan isi dari strategi. Langkah-langkah pengembangan strategi CSR (Susanto, 2009): (1)
Membangun dukungan dengan manajemen senior dan karyawan (2) Pengamatan terhadap pihak lain (3)
Mempersiapkan matriks aktivitas CSR yang di usulkan (4) Mengembangkan opsi bagi kelanjutan program
CSR dan (5) Membuat keputusan dalam hal arah, pendekatan, dan fokus
Strategi CSR perlu di miliki perusahaan. Ada pepatah lama bahwa "jika Anda tidak tahu di mana
Anda pergi, ada sedikit kemungkinan Anda pernah akan sampai ke sana." Hal ini berlaku untuk CSR
seperti itu dengan pendekatan bisnis lainnya . Setelah strategi CSR membantu untuk memastikan bahwa
perusahaan membangun, memelihara dan terus memperkuat identitasnya, pasar, dan hubungan. Yang
penting, ia menyediakan kerangka kerja untuk strategi bisnis yang koheren didasarkan pada isu-isu bahwa
ia dan para pemangku kepentingan mempertimbangkan.
Bagaimana mengembangkan strategi CSR
Enam langkah berikut terdiri dari cara yang disarankan untuk mengembangkan strategi CSR : (1)
Membangun dukungan dengan CEO , manajemen senior dan karyawan (2) Melakukan penelitian apa
yang orang lain ( termasuk pesaing ) lakukan dan menilai nilai instrumen CSR diakui; (3) Siapkan matriks
tindakan CSR yang diusulkan; (4) Mengembangkan pilihan untuk melanjutkan dan kasus bisnis untuk
mereka, dan (5) Tentukan arah, pendekatan , batas-batas dan area fokus .
diunduh dari:
Langkah-langkah yang bisa dilakukan dalam urutan yang berbeda atau disebut dengan nama yang
berbeda, tetapi mengambil mereka semua akan meningkatkan kemungkinan perusahaan memiliki strategi
CSR sistematis dan realisasi. Jelas bahwa strategi CSR tidak mungkin berhasil bila tidak didasarkan pada
pemahaman yang jelas tentang nilai-nilai perusahaan, ketika gagal untuk mengambil keuntungan dari ideide mereka yang mungkin memberikan bantuan, dan ketika itu tidak mendekati masalah secara sistematis ,
membangun kekuatan dan mengatasi kelemahan.
Menurut McElhaney (2007) dalam mengembangkan strategi CSR, terdapat seperangkat praktek
yang baik dimana perusahaan harus fokus: (1) Perlu dukungan kepemimpinan senior perusahaan (2)
Terkait dengan tujuan bisnis perusahaan yang spesifik (3) Strategi CSR harus sesuai dengan kompetensi
inti perusahaan (4) Terintegrasi ke dalam tata kelola perusahaan dan sistem manejemen (5) Perusahaan
harus melihat CSR baik sebagai strategi mitigasi risiko dan strategi mencari peluang dan (6) Perusahaan
harus mengembangkan matrik kinerja yang jelas untuk mengukur dampak dari strategi CSR.
Model CSR
CSR bisa dilaksanakan secara langsung oleh perusahaan di bawah divisi human resource
development atau public relations. CSR bisa pula dilakukan oleh yayasan yang dibentuk terpisah dari
organisasi induk perusahaan namun tetap harus bertanggung jawab ke CEO atau ke dewan direksi.
Sebagian besar perusahaan di Indonesia menjalankan CSR melalui kerjasama dengan mitra lain,
seperti LSM, Perguruan Tinggi atau Lembaga Konsultan. Beberapa perusahaan ada pula yang bergabung
dalam sebuah konsorsium untuk secara bersama-sama menjalankan CSR. Beberapa perusahaan bahkan
ada yang menjalankan kegiatan serupa CSR, meskipun tim dan programnya tidak secara jelas berbendera
CSR (Suharto, 2007).
Pada awal perkembangannya, bentuk CSR yang paling umum adalah pemberian bantuan terhadap
organisasi-organisasi lokal dan masyarakat miskin di negara-negara berkembang. Pendekatan CSR yang
berdasarkan motivasi kemanusiaan ini umumnya dilakukan secara ad-hoc, partial, dan tidak melembaga.
CSR pada tataran ini hanya sekadar berbuat baik agar terlihat baik (Suharto, 2008a).
Kegiatan CSR yang dilakukan saat ini juga sudah mulai beragam, disesuaikan dengan kebutuhan
masyarakat setempat berdasarkan needs assessment. Mulai dari pembangunan fasilitas pendidikan dan
kesehatan, pemberian pinjaman modal bagi UKM, social forestry, penakaran kupukupu, pemberian
beasiswa, penyuluhan HIV/AIDS, penguatan kearifan lokal, pengembangan skema perlindungan sosial
berbasis masyarakat dan seterusnya. CSR pada tataran ini tidak sekadar do gooddan to look good,
melainkan pula to make good, menciptakan kebaikan atau meningkatkan kesejahteraan masyarakat
(Suharto, 2008b).
METODE PENELITIAN
Jenis penelitian ini adalah penelitian kualitative, yang akan memberikan bukti empiris terkait
praktek CSR di industri perhotelan di Surakarta dan rumusan model implementasi CSR di industri
perhotelan.
Populasi yang menjadi obyek penelitian ini ialah industri perhotelan di wilayah Surakarta. Sampel
dipilih dengan metode purposive sampling. Kriteria pengambilan sampel adalah: hotel berada di wilayah
Surakarta dan bersedia di jadikan sampel dalam penelitian
Data kualitatif dalam penelitian ini meliputi informasi praktek Corporate Social Responsibility
yaitu environment, employment, dan community yang di jalankan oleh perusahaan sesuai dengan isian
kuesioner yang di sebarkan kepada pimpinan hotel. Dan data kuantitatif dalam penelitian ini adalah hasil
kuesioner yang di sebarkan kepada pegawai hotel yang menggunakan skala likert. Sumber data penelitian
adalah data primer dari kuesioner kepada pimpinan hotel dan karyawan/karyawati hotel.
Variabel yang di gunakan dalam penelitian ini meliputi: persepsi tanggung jawab sosial (CSR),
reputasi perusahaan (corporate reputation), keterikatan pekerja (employee engagement) dan strategi CSR
(visi dan strategi, pengawasan dan akuntabilitas, risiko dan manajemen, komposisi komisaris dan keahlian
dan pengungkapan eksternal)
diunduh dari:
Analisis data dilakukan dengan tahapan sebagai berikut: (1) Melakukan analisis terhadap CSR
Assessment berdasarkan hasil kuesioner kepada karyawan/karyawati hotel (2) Melakukan analisis
terhadap pemahaman dan praktek CSR berdasarkan hasil kuesioner kepada pimpinan hotel (3) Melakukan
desain atas strategi implementasi CSR hotel mendasarkan pada tahapan (1) dan (2).
HASIL PENELITIAN DAN PEMBAHASAN
Deskripsi Lokasi Penelitian
Penelitian ini di lakukan di kota Surakarta. Seiring dengan perkembangan kota dan telah di
canangkannya kota Surakarta menjadi kota MICE, hotel-hotel berkembang pesat baik dalam tingkat daya
tampung maupun kuantitas hotel. Hasil penelusuran terdapat 26 hotel bintang 1 sd 5 yang berkembang di
Solo lebih dari 4 tahun. Sementara saat ini lebih dari 125 hotel berkembang di kawasan ini. Untuk
mengambil sampel penelitian, peneliti menggunakan hotel yang telah beroperasi di Solo minimal 4 tahun
terakhir. Namun demikian tidak secara keseluruhan bisa di jadikan sampel peneliti di karenakan tidak
seluruhnya bersedia di jadikan sampel penelitian. Dari 26 hotel, yang bersedia di jadikan sampel
penelitian sebanyak 16 hotel. Daftar sampel penelitian seperti dalam tabel 2.
Tabel 2
Sampel penelitian
No.
Hotel
Bintang
1
Laweyan Hotel
1
2
Mangkuyudan
1
3
Setya Kawan
1
4
Grand Orchid
2
5
De Solo
2
6
Margangsa
2
7
Anugerah Palace
3
8
Grand Setya
3
9
Indah Palace
3
10
Riyadi Palace
3
11
Ommaya
3
12
Dana
3
13
Pose In Hotel
3
14
Solo Paragon
4
15
Sahid Kusuma
5
16
Lor In
5
Hasil Penelitian
1. Statistik deskriptive
Tabel 3
Karakteristik Responden
Karyawan/Karyawati Hotel
Keterangan
Usia
Bintang 1 dan 2
18sd28 th
20
51%
29sd39 th
12
31%
40sd49th
7
18%
15
14
5
5
5
15
7
1
11
Bintang 3
Bintang 4 dan 5
26
23
7
46%
41%
13%
5
12
11
18%
43%
39%
38%
36%
13%
13%
15
30
11
27%
54%
20%
15
11
2
54%
39%
7%
13%
38%
18%
3%
28%
17
22
2
4
11
30%
39%
4%
7%
20%
2
13
2
7%
46%
7%
Pendidikan
SLTA
Diploma
S1
S2
Lama Bekerja
di bawah 1 th
1sd3th
4sd6th
7sd9th
10th lebih
11
39%
diunduh
dari:
Dari tabel 3 menunjukkan responden pada hotel bintang 1, 2 dan 3 karyawannya sebagian besar
dengan usia 18 - 28 tahun di susul 29 – 39 tahun dan 40 – 49 tahun. Untuk hotel bintang 4 dan 5 berada
pada usia 29 - 39 tahun kemudian 40-49 tahun dan paling sedikit berusia 18-28 tahun. Nampak di sini
hotel bintang 4 dan 5 memanfaatkan SDM pada usia produktive dengan tingkat kemampuan manajemen
yang mapan. Sedangkat jika di lihat dari pendidikan, seluruhnya sebagian besar menggunakan SDM
lulusan SMA dan D3. Hal ini di mungkinkan terkait dengan sistem penggajian yang tentunya akan lebih
efisien jika menggunakan SDM SMA dan Diploma, sedangkan kemampuan yang di butuhkan pada level
ini adalah kemampuan teknis.
Dilihat dari masa kerja sebagian besar berada pada 1-3 tahun dan di atas 10 tahun. Dan hanya di
hotel bintang 3 juga besar di bawah 1 tahun. Hal ini menunjukkan bahwa tingkat retensi hotel bintang 3
cukup tinggi. Prosentase yang besar pada hotel bintang 4 dan 5 dengan masa kerja 10 tahun lebih
menunjukkan kenyamanan SDM dalam bekerja.
Tabel 4
Karakteristik Responden
Manajemen Hotel
Keterangan
Usia
Jlh
%
18sd28 th
2
13%
29sd39 th
5
31%
40sd49th
6
38%
50atau lebih
3
Jlh
1
5
7
3
Jlh
3
3
3
1
6
19%
%
6%
31%
44%
19%
%
19%
19%
19%
6%
38%
Pendidikan
SLTA
Diploma
S1
S2
Lama Bekerja
di bawah 1 th
1sd3th
4sd6th
7sd9th
10th lebih
Tabel 4 menunjukkan, karakteristik responden manajemen hotel secara keseluruhan sebagian besar
berada di usia 40 – 49 tahun kemudian 29 – 39 tahun. Hal ini menunjukkan bahwa yang menduduki
manajemen berada pada usia produktive. Sedangkan di lihat dari pendidikan paling besar lulusan S1 di
susul lulusan Diploma. Sebagian kecil saja yang lulusan S2. Bisa di simpulkan di sini bahwa pengelolaan
hotel-hotel di Solo mampu di laksanakan oleh lulusan S1. Sedangkan di lihat dari masa kerja sebagian
besar bekerja di atas 10 tahun. Secara sepintas perlu waktu yang lumayan lama menduduki posisi
manajemen.
Tabel 5
Persepsi Karyawan/Karyawati dalam Implementasi CSR Hotel
Keterangan
Hotel Bintang 1 dan 2 Hotel bintang 3
Botel Bintang 4 dan 5
Persepsi tanggung jawab sosial
79%
80%
92%
Reputasi perusahaan
85%
86%
98%
Keterikatan pekerja
74%
74%
84%
Dari tabel 5, hasil penelitian terkait dengan pemahaman implementasi CSR di hotel di lihat dari persepsi
karyawan/karyawati hotel menunjukkan terjadi peningkatan pemahaman atas CSR. Dari hasil wawancara
di dapatkan bahwa untuk hotel bintang 1,2 dan 3 sudah menjalankan tetapi belum ada bentuknya secara
pasti. Sedangkan untuk hotel bintang 4 dan 5 menjalankan aktivitas CSR sesuai dengan yang telah di
rumuskan oleh kantor pusat. Secara grafik terlihat pada gambar berikut:
diunduh dari:
Gambar 4
Persepsi
Karyawan/Karyawati dalam
implementasi CSR
Hotel
2. CSR
Assessment
CSR didefinisikan sebagai aktivitas lingkungan perusahaan, kinerja sosial dan ekonomi dan
dampak perusahaan pada stakeholder internal dan eksternal. Beberapa perusahaan menggunakan
pendekatan dan mengintegrasikan CSR dengan kepentingan pemerintahan mereka, ada yang lebih
memilih 'fokus' pada model di mana mereka mengatur tanggung jawab CSR mereka menjadi satu komite.
Bagaimana pendekatan pentingnya keberadaan divisi CSR sebagai bagian dari strategi bisnis dan
manajemen risiko perusahaan. Selanjutnya disajikan terminologi atas implementasi CSR di hotel-hotel di
Surakarta. Data tersaji pada tabel berikut.
Tabel 6
Terminologi CSR Hotel
Keterangan
Bintang 1 dan 2 Bintang 3
Visi dan Strategi
60%
87%
Pengawasan dan Akuntabilitas
48%
74%
Identifikasi Risiko dan Manajemen
70%
80%
Komposisi Komisaris
61%
76%
Pengungkapan eksternal komisaris
61%
84%
Bintang 4 dan 5
93%
92%
88%
47%
52%
a.
Visi dan Strategi
Pemilik dan pimpinan menunjukkan komitmen mereka terhadap CSR dan memastikan dimasukkan
ke dalam visi dan strategi perusahaan. Dari tabel 6 menunjukkan peningkatan bintang hotel meningkatkan
terminologi CSR perusahaan terkait visi dan strategi. Hal ini berarti terjadi peningkatan dalam: (1)
Pengkomunikasian komitmen untuk menjalankan CSR oleh pihak manajemen; (2) Sosialisasi definisi
CSR yang berhubungan dengan perusahaan mereka; (3) Pengembangan pemahaman umum dalam bisnis
perusahaan untuk mengkaitkan dengan CSR; (4) Pengembangan visi CSR; (5) Memasukkan CSR ke
dalam misi, visi dan nilai-nilai perusahaan; (6) Menggabungkan CSR ke dalam kode etik perusahaan; (7)
Kesadaran bahwa CSR merupakan kewajiban perusahaan; (8) Mempertimbangkan isu-isu materi CSR
dalam pengembangan strategi bisnis perusahaan; (9) Memasukkan tujuan CSR dalam rencana
bisnis/strategi perusahaan
b. Pengawasan dan akuntabilitas
Pemimpin perusahaan memiliki akuntabilitas untuk CSR. Dari tabel 6 menunjukkan peningkatan
bintang hotel meningkatkan terminologi CSR perusahaan terkait pengawasan dan akuntabilitas. Hal ini
berarti terjadi peningkatan dalam: (1) Bagian yang bertanggung jawab untuk memonitor aktivitas CSR;
(2) Keberadaan petugas yang ditunjuk dalam pelaporan aktivitas CSR; (3) Kebijakan-kebijakan CSR baik
yang berdiri sendiri maupun yang di masukkan ke dalam kebijakan-kebijakan lainnya; (4) Peninjauan
kemajuan kinerja perusahaan terkait tujuan dan sasaran CSR oleh pemilik dan manajemen; (5)
Pertimbangan CSR dalam perekrutan eksekutive perusahaan
c.
Identifikasi risiko dan manajemen
Pemimpin mengintegrasikan CSR ke dalam manajemen risiko mereka. Dari tabel 6 menunjukkan
dari:
peningkatan bintang hotel meningkatkan terminologi CSR perusahaandiunduh
terkait identifikasi
risiko dan
manajemen. Hal ini berarti terjadi peningkatan dalam: (1) Mempertimbangkan risiko materi CSR dalam
program manajemen risiko perusahaan; (2) Mempertimbangkan dampak CSR dalam keputusan penting
perusahaan; (3) Sarana pengidentifikasian dampak dari keputusan CSR, (4) Peninjauan praktek CSR
untuk mengurangi dampak social dan lingkungan; (5) Penginformasian manajemen risiko atas isu-isu
pemangku kepentingan dan keprihatinan terkait dengan CSR; (6) Penilaian komitmen CSR
perusahaanyang di patuhi dalam mata rantai perusahaan; (7) Proses audit internal terkait komitmen CSR.
d.
Komposisi komisaris dan keahlian
Pemimpin komisaris dilengkapi untuk memberikan pengawasan pada isu-isu CSR yang material.
Dari tabel 6 menunjukkan peningkatan terminologi CSR perusahaan terkait komposisi komisaris dan
keahlian dari hotel bintang 1 dan 2 ke hotel bintang 3. Dan sebaliknya untuk hotel bintang 4 dan 5. Hal
ini dimungkinkan karena pada hotel bintang 4 dan 5 setelah dilakukan wawancara mendalam hanya
menjalankan program CSR yang telah di tetapkan oleh pusat. Hal ini terkait dengan: (1) Keragaman
komposisi komisaris; (2) Perekrutan direktur terkait ketrampilan CSR, pengetahuan dan pengalaman; (3)
Pertimbangan dalam perekrutan direktur diseleraskan dengan perusahaan dan nilai-nilai CSR individu; (4)
Review komitmen dan tujuan CSR perusahaan dalam proses orientasi direktur baru; (5) Pendidikan CSR
bagi direksi sebagai bagian dari pembangunan berkelanjutan perusahaan; (6) Kompetensi CSR dalam
proses evaluasi komisaris
e.
Pengungkapan eksternal komisaris
Pemimpin mengungkapkan informasi tentang kinerja CSR perusahaan. Pemimpin komisaris
dilengkapi untuk memberikan pengawasan pada isu-isu CSR yang material. Dari tabel 6 menunjukkan
peningkatan terminologi CSR perusahaan terkaitpengungkapan eksternal komisaris dari hotel bintang 1
dan 2 ke hotel bintang 3. Dan sebaliknya untuk hotel bintang 4 dan 5. Sama dengan point 4, hal ini
dimungkinkan karena pada hotel bintang 4 dan 5 setelah dilakukan wawancara mendalam hanya
menjalankan program CSR yang telah di tetapkan oleh pusat. Hal ini terkait dengan: (1) Pemberian
masukan oleh komisaris dalam penilaian manajemen terhadap isu-isu CSR yang akan disertakan dalam
pelaporan eksternal perusahaan; (2) Peninjauan dan persetujuan komisaris atas pelaporan eksternal isu
CSR sesuai dengan persyaratan pengungkapan wajib; (3) Persetujuan komisaris atas laporan CSR sebagai
catatan kinerja CSR perusahaan untuk pengungkapan kepada stakeholder; (4) Pesan pemimpin perusahaan
atas laporan CSR kepada stakeholder.
Gambar 5
Terminologi
CSR
3. Pengembangan strategi implementasi CSR
Praktek CSR yang telah di jalankan oleh industry perhotelan di kota Surakarta: hotel bintang 1, 2
dan 3 telah menjalankan praktek CSR dalam bentuk charity dan phylantrophy dan hotel bintang 4 dan 5
telah menjalankan praktek CSR dalam bentuk Comdev dengan program yang telah ditetapkan oleh kantor
pusat.
Mengingat perkembangan yang cukup pesat industry perhotelan di Surakarta dan amanat UU,
diunduh dari:
nampaknya perlu industry perhotelan mengembangkan strategi CSR yang terintegrasi dengan strategi
bisnis. Langkah pengembangan strategi CSR perusahaan bisa mengikuti langkah-langkah seperti yang
tercantum dalam Susanto (2002), yaitu: membangun dukungan dengan manajemen senior dan karyawan,
pengamatan terhadap pihak lain, mempersiapkan matriks aktivitas CSR yang diusulkan, mengembangkan
opsi bagi kelanjutan program CSR dan membuat keputusan dalam hal arah, pendekatan dan fokus.
Sedangkan dalam implementasinya CSR dalam industri perhotelan bisa menggunakan pendekatan ISO
26000.
Berikut model pengembangan strategi CSR yang bisa diterapkan industry perhotelan, mengacu
pada ISO 26000. Pengembangan strategi CSR di mulai dengan CSR Assessment, CSR Plan, CSR Action
dan CSR measurement. Selanjutnya di kembangkan model implementasi CSR dalam bentuk Community
Development (Comdev). Comdev yang seringkali di pahami hanya pengembangan UMKM, namun
sebenarnya comdev adalah bagian dari CSR sehingga isu-isu dalam comdev mencakup isu-isu CSR.
Mengingat cakupan yang luas atas aktivitas CSR, sebaiknya industry perhotelan di Surakarta mulai
membuat struktur atas CSR sebagai unit yang terpisah. Semua hotel yang menjadi sampel penelitian ini
masih memasukkan CSR di bagian HRD. Sehingga aktivitas CSR tidak bisa di jalankan secara optimal
oleh perusahaan.
diunduh dari:
Gambar 6
Model Pengembangan Strategi CSR Industri Perhotelan di Surakarta
(Dikembangkan dari Model ISO 26000)
diunduh dari:
GAMBAR 7
Model Implementasi CSR Industri Perhotelan di Surakarta
diunduh dari:
KESIMPULAN DAN SARAN
Tujuan penelitian ini adalah untuk
mengetahui praktek CSR yang telah di
jalankan oleh industri perhotelan di kota
Surakarta. Sampel yang di gunakan dalam
penelitian ini adalah hotel bintang 1
sampai dengan hotel bintang lima. Dengan
mengelompokkan menjadi 3 kelompok,
yaitu hotel bintang 1, hotel bintang 2 dan
3, dan hotel bintang 4 dan 5.
Pengelompokkan ini mendasarkan pada
hasil kuesioner yang kembali (hotel yang
bersedia di jadikan sampel penelitian).
Kuesioner meliputi 2 paket yaitu untuk
karyawan/karyawati hotel untuk
mengetahui pemahaman mereka atas CSR
dan untuk manajemen hotel untuk
mengetahui kebijakan praktek CSR yang
telah di jalankan oleh perusahaan.
Hasil penelitian menunjukkan
pemahaman implementasi CSR di hotel
di lihat dari persepsi karyawan/karyawati
hotel menunjukkan terjadi peningkatan
pemahaman atas CSR. Dari hasil
wawancara di dapatkan bahwa untuk hotel
bintang 1,2 dan 3 sudah menjalankan
tetapi belum ada bentuknya secara pasti.
Sedangkan untuk hotel bintang 4 dan 5
menjalankan aktivitas CSR sesuai dengan
yang telah di rumuskan oleh kantor pusat.
Dilihat dari terminologi CSR
mendasarkan hasil kuesioner terjadi
peningkatan atas indkator visi dan strategi,
pengawasan dan akuntabilitas, dan
identifikasi risiko dan manajemen.
Sedangkan untuk komposisi komisaris dan
pengungkapan eksternal komisari terjadi
peningkatan dari hotel bintang 1 dan 2 ke
hotel bintang 3. Tetapi terjadi penurunan
dan berada di bawah hotelbintang 1 dan 2
untuk hotel bintang 4 dan 5. Hal ini di
mungkinkan hotel bintang 4 dan 5, tinggal
menjalankan strategi CSR yang telah di
tetapkan oleh pusat.
Hasil wawancara menunjukkan
CSR yang telah di jalankan oleh hotel
bintang 1,2 dan 3 lebih ke arah pencitraan
(charity dan phylantrophy) di lingkungan
sekitar hotel belum menyentuh ke lingkup
yang lebih luas. Berbeda dengan hotel
bintang 4 dan 5, yang telah
mengintegrasikannya dengan kepentingan
yang lebih luas. Sebagai contoh dengan
pemberian bea siswa pendidikan. Hotel
bintang 1, 2 dan 3 di Surakarta perlu
memulai mengembangkan strategi dalam
mengimplementasikan CSR agar sejalan
dengan strategi bisnis perusahaan.
Kewajiban CSR berlaku bagi
semua perusahaan. Sehingga hotel bintang
1, 2 dan 3 di Surakarta harus segera
melakukan pengembangan strategi CSR
perusahaan agar sejalan dengan strategi
bisnis perusahaan. Dalam
mengembangkan strategi
mengimplementasikan CSR bisa
menggunakan pendekatan Susanto (2002),
yaitu membangun dukungan dengan
manajemen senior dan karyawan,
pengamatan terhadap pihak lain,
mempersiapkan matriks aktivitas CSR
yang diusulkan, mengembangkan opsi
bagi kelanjutan program CSR dan
membuat keputusan dalam hal arah,
pendekatan dan fokus. Selanjutnya untuk
implementasinya dengan menggunakan
pendekatan ISO 26000.
Daftar Pustaka
Anggraini, Fr. 2006. Pengungkapan
informasi sosial dan faktor-faktor
yang mempengaruhi
pengungkapan informasi sosial
dalam laporan keuangan tahunan
(Studi empiris pada perusahaanperusahaan yang terdaftar bursa
efek Jakarta). Simposium Nasional
Akuntansi 9.
Asy’ari, Hasan, 2009. Implementasi
Corporate Social Responsibility
sebagai Modal Sosial pada PT.
Newmont. Tesis Magister Ilmu
Hukum . UNDIP. Semarang
diunduh dari:
Belal, Ataur Rahman, 2001. A study of
corporate social disclosures in
Bangladesh. Managerial Auditing
Journal 16 (5): 274-289
Brammer S, Brooks C, dan Pavelin S.
2005. Corporate Social
Performance and Stock Returns:
UK Evidence from Disaggegate
Measures. Financial Management.
Effendi, Subagio. 2010. Indonesia Tax
Review vol. III/edisi 19/2010,
Direktorat Jenderal Pajak dan
Research Associate Tax Center
,UKI.
Ellitan, Lena. 2008. Manajemen Strategi
Operasi : Teori dan Riset di
Indonesia. CV. Alfabeta.
Bandung.
Famiola M dan Rudito B. 2007. Etika
bisnis dan tanggung jawab sosial
perusahaan di Indonesia. Rekayasa
Sains. Bandung.
Gray R, Kouhy R and Lavers S. 1995.
Corporate social and
environmental reporting: A review
of the literature and a longitudinal
study of UK disclosure.
Accounting, Auditing &
Accountability Journal 8 (2): 78101
Guo, Jingfu; Sun, Likun & Li, Xueli.
2009. Corporate Social
Responsibility Assessment.
International of Chinese
Corporations. Journal of Business
and Management. Vol. 4. No. 4.
Halim, Abdul. 1999. Perspektif teori
akuntansi keuangan terhadap
masalah lingkungan. Jurnal
Ekonomi dan Bisnis Indonesia 14
(2) : 101-112.
Imam, S. 2000. Corporate social
performance reporting in
Bangladesh. Managerial Auditing
Journal 15 (3) : 133-141
McElhaney, Kellie. 2007. Strategic CSR.
Sustainable Entrerprise Quarterly.
Vol 4 No. 1. Kenan Institute of
Private Enterprise Center for
Sustainable Enterprise.
Nuraina, Yessi Tifa. 2010. Aktivitas
(CSR) Hotel Novotel Semarang
Dalam Mempertahankan Citra
Perusahaan. Thesis. UNDIP.
Semarang.
Sembiring, E.R. 2005. Karakteristik
perusahaan dan pengungkapan
tanggung jawab sosial: study
empiris pada perusahaan yang
tercatat di Bursa Efek Jakarta.
Simposium Nasional Akuntansi
VIII.
Susanto, AB., 2009. Reputation-Driven,
Corporate Social Responsibility.
Erlangga. Jakarta.
Utomo, Muhammad Muslim. 2000.
Praktek pengungkapan sosial pada
laporan tahunan perusahaan di
Indonesia (Studi perbandingan
antara perusahaan-perusahaan high
profile dan low profile).
Simposium Nasional Akuntansi 3.
Wibisono, Y. 2007. Membedah konsep
dan aplikasi CSR, Fascho
Publishing, Gresik.
Williams, S. Mitchell dan Carol-Anne Ho
Wern Pei. 1999. Corporate social
disclosures by listed companies on
their web sites: an international
comparison. The International
Journal of Accounting 34 (3) :
389- 419
Pratiwi, S.P., dan Ali Djamhuri. 2004.
Faktor-faktor yang mempengaruhi
praktik-praktik pengungkapan
sosial: studi pada perusahaan-
diunduh dari:
perusahaan high profile yang
terdaftar di Bursa Efek Jakarta.
TEMA 5 (1) : 1-21.
Susiloadi, 2008. Implementasi Corporat
Social Responsibility untuk
Mendukung Pembangunan
Berkelanjutan, Sirit Publik, FISIP
UNS, Surakarta
http://ciptakarya.pu.go.id/v3/?act=vin&ni
d=782 diakses tanggal 5 April 2013.
http://marketinghotelsolo.wordpress.com
di akses tanggal 5 April 2013
http://www.ic.gc.ca/eic/site/csr-rse.nsf
diakses tanggal 10 Februari 2014
Suharto, Edi (2007), Pekerjaan Sosial di
Dunia Industri:Memperkuat
Tanggungjawab Sosial Perusahaan
(Corporate Social
Responsibility),Bandung: Refika
Aditama
Suharto, Edi (2008), “Corporate Social
Responsibility: What is and
Benefit for Corporate” makalah
yang disajikan pada Seminar Dua
Hari, Corporate Social
Responsibility: Strategy,
Management and Leadership,
Intipesan, Hotel Aryaduta Jakarta
13-14 Februari.
Titisari, Kartika Hendra, Suwardi, Eko
dan Setiawan, Doddy, 2010.
(CSR) Dan Kinerja Perusahaan,
13.
Titisari, Kartika Hendra dan Alviana,
Khara. 2012. Pengerauh
Envirinmental Performance
terhadap Economic Performance.
JAKI Vol. 9 No. 1. UI.
Jakarta.Jurnal Akuntansi dan
Keuangan Indonesia
Usmara. 2007. Implementasi
Manajemen Stratejik Kebijakan
dan Proses. Amara Books.
Yogyakarta.
Watson, Gregory. 1993. Strategi
Benchmarking. PT. Gramedia Pustaka
Utama. Jakarta.
diunduh dari:
POTRET PRILAKU PENGGUNA
LAPORAN KEUANGAN DALAM
MEMAKNAI PRAKTIK
MANAJEMEN LABA PERSPEKTIF
WETON
Lilik Purwanti, Iwan Triyuwono, Gugus
Irianto, Ahmad Riduwan
(Jurusan Akuntansi Universitas
Brawijaya)
A. PENDAHULUAN
Latar Belakang
Secara ontologi, penelitian ini
menganggap bahwa praktik akuntansi
adalah suatu fenomena sosial, suatu
sistem dan konsep yang digunakan oleh
suatu organisasi sebagai bagian integral
dari masyarakat yang besar. Setiap
individu dan disiplin ilmu dalam suatu
organisasi dianggap memiliki peran
penting untuk mempengaruhi praktik
akuntansi dan pada gilirannya akan
mempengaruhi kebijakan yang diambil
dalam mengelola sumber daya. Praktik
manajemen laba adalah bagian dari
praktik akuntansi.
Penelitian mengenai adanya
praktik manajemen laba sudah banyak
dilakukan dengan menggunakan
pendekatan kuantitatif. Copeland (1968),
Schipper (1989), Merchant dan Rockness
(1994), Fischer dan Rosenzweig (1995),
Menurut Suh (1990) serta Healy dan
Wahlen (1998), Healy dan Wahlen
(1999), Bell dan Carcello (2000), Kaplan
(2001), Scott: 2003:369, DuCharme et. al.
(2004) dan Beneish (2001), Jiraporn et.al
(2006), (Grasso et.al, 2009). Banyak
penulis atau peneliti yang telah
membuktikan bahwa manajemen laba
memang benar-benar dilakukan oleh
manajer. Menurut Dimastidano (2007):
“Fenomena earnings management seperti
dua sisi mata uang. Di sisi terang,
earnings management adalah produk yang
legitimate, sedangkan di sisi lain (sisi
gelap), earnings management dianggap
sebagai produk dari suatu tindakan yang
immoral dan unethical”. Manajemen laba
oleh sebagian kalangan dianggap sebagai
profesional judgement atas laporan
keuangan, praktik manajemen laba
dianggap legal sepanjang sesuai dengan
PABU (Prinsip Akuntansi Berterima
Umum) dan rata-rata tidak merugikan.
Disisi lain manajemen laba dapat
menyesatkan pihak stakeholder dalam
melakukan interpretasi terhadap kinerja
ekonomi suatu perusahaan, dianggap
sebagai tindakan yang menyesatkan dan
menipu investor karena dapat
mengakibatkan investor salah mengambil
keputusan. Praktik manajemen laba
adalah intervensi yang disengaja oleh
manajer pada proses pelaporan eksternal
untuk mendapatkan beberapa keuntungan
pribadi dengan mengubah laporan
keuangan dengan memanipulasi besaran
laba atau melakukan perataan laba.
Hampir semua penggelapan laporan
keuangan dapat dicirikan sebagai
manajemen laba, tetapi tidak semua
manajemen laba dianggap curang (Grasso
et.al, 2009). Bell dan Carcello (2000)
berpendapat bahwa perusahaan yang
memberikan target pencapaian
laba/kinerja kepada manajemen membuat
manajemen cenderung akan melakukan
manipulasi karena merasa tertekan oleh
tuntutan manajemen puncak.
Penelitian-penelitian terdahulu
tentang praktik manajemen laba seperti
yang sudah disampaikan di atas, banyak
dilakukan dengan menggunakan
pendekatan kuantitatif. Penelitian ini
menggunakan pendekatan kualitatif yang
tujuannya untuk menggali lebih jauh
bagaimana pengguna laporan memaknai
praktik manajemen laba. Pengguna
laporan keuangan adalah pihak yang
secara langsung mengetahui dan
merasakan dampak dari praktik
manajemen laba yang dilakukan oleh
manajer perusahaan. Penelitian ini juga
melakukan analisis apakah perilaku
pengguna laporan keuangan dalam
memaknai praktik manajemen laba
diunduh dari:
mencerminkan karakternya dengan
perspektif weton.
B. WETON SEBAGAI REFLEKSI
WATAK SESEORANG
Watak adalah sifat batin manusia
yang mempengaruhi segenap pikiran,
tingkah laku dan budi pekerti. Istilah
kepribadian dan watak sering
dipergunakan secara bertukartukar, namun Allport10 memberi
pengertian berikut: “karakter adalah
evaluasi personalitas (kepribadian) dan
personalitas adalah devaluasi karakter”.
Allport beranggapan bahwa watak
(character) dan kepribadian (personality)
adalah satu dan sama yang dipandang dari
segi yang berlainan. Kalau orang hendak
mengadakan penilaian (jadi mengenakan
norma), maka lebih tepat dipakai istilah
“watak”; tapi kalau bermaksud
menggambarkan bagaimana adanya (jadi
tidak melakukan penilaian) lebih tepat
dipakai istilah “kepribadian.”
Watak diibaratkan organ tubuh
dari ujung rambut hingga ujung kaki
manusia (sifatnya cenderung konstan),
sedangkan kepribadian diibaratkan
pakaian yang dikenakan oleh individu
tersebut (bisa berubah kapanpun, sesuai
dengan lingkungan sekitar yang
mempengaruhinya). Kepribadian rentan
untuk berubah-ubah karena sifatnya
dinamis. Ramalan tentang karakter
seseorang menurut orang Jawa bisa dilihat
dari hari, tanggal dan jam kelahiran yang
sudah dibukukan dalam primbon.
10
Gordon W. Allport adalah orang yang pertama
kali memunculkan Teori Trait (sifat atau karakter).
Trait menggambarkan konsistensi respon individu
dalam situasi yang berbeda-beda. Trait merupakan
disposisi untuk berperilaku dalam cara tertentu,
seperti yang tercermin dalam perilaku seseorang
pada berbagai situasi. Trait merupakan pola
konsisten dari pikiran, perasaan, atau tindakan
yang membedakan seseorang dari yang lain (trait
relatif stabil dan konsisten). Trait merupakan
kecenderungan dasar yang menetap selama
kehidupan.
Watak atau sifat seseorang dapat
diramalkan dengan melihat kapan
dilahirkan. Salah satu penggunaan yang
umum dari metode ramalan ini dapat
ditemukan dalam sistem kelahiran Jawa
yang disebut wetonan. Dalam pandangan
masyarakat Jawa, weton masih dipercaya
dapat mempengaruhi setiap aktivitas dan
kehidupan manusia, misalnya:
perhitungan hari untuk menentukan hari
baik dalam pernikahan, mendirikan
rumah, pindah rumah dan lain-lain. Dalam
primbon Jawa, weton terdiri dari 5 hari
pasaran yang dikombinasikan dengan 7
hari dalam seminggu. Masing-masing
weton mempunyai makna yang berbedabeda yang bisa menunjukkan bagaimana
watak, perilaku, nasib seseorang dan lainlain (Ranoewidjojo, 2009:17).
Dalam kosmologi Jawa, watak
atau karakter seseorang dipengaruhi oleh
waktu saat seseorang dilahirkan, yang
biasa disebut weton atau hari saat
dilahirkan. Seseorang yang terlahir pada
hari Sabtu Pahing wataknya sangat
berbeda dengan yang dilahirkan pada
Senin Pon. Ramalan sifat-sifat pribadi
dapat didasarkan pada perhitungan dengan
cara Jawa ataupun internasional, yang
meliputi atas weton), neptu (jumlah angka
hari dan pasaran), tanggal jawa, bulan
Jawa, dan tanggal, hari, bulan masehi,
zodiak bintang dan lain-lain.
Weton terdiri dari 7 hari dan 5
pasaran, memiliki makna (karakter) yang
berbeda-beda. Seseorang yang dilahirkan
pada hari dan pasaran berbeda, akan
memiliki watak (karakter) berbeda pula.
Berikut ini contoh karakter seseorang
dilihat dari weton (makna weton diambil
dari Kitab Primbon Betaljemur
Adammakna)11.
11
Karakter seseorang berdasarkan weton diambil
dari Kitab Primbon Betaljemur Adammakna yang
dihimpun oleh R. Soemodidjojo dari Babon asli
kagungan dalem Kanjeng Pangeran Harja
Tjakraningrat, penerbit Soemodidjojo Mahadewa
tahun 2001
diunduh dari:
C. METODE PENELITIAN
Penelitian Kualitatif
Pendekatan kualitatif adalah suatu
pendekatan penelitian yang berusaha
mendeskripsikan dan memahami suatu
fenomena secara mendalam. Creswell
(1998:15) mengatakan bahwa
“pendekatan kualitatif adalah suatu proses
penelitian dan pemahaman berdasarkan
metodologi yang menyelidiki suatu
fenomena sosial dan masalah manusia.
Pada pendekatan kualitatif, peneliti
membuat suatu gambaran kompleks,
meneliti kata-kata, laporan terinci dari
pandangan responden, dan melakukan
studi pada situasi yang alami”. Bogdan
dan Taylor seperti yang dikutip dalam
Moleong (2004:3) mengemukakan bahwa
“metodologi kualitatif merupakan
prosedur penelitian yang menghasilkan
data deskriptif berupa kata-kata tertulis
maupun lisan dari orang-orang dan
perilaku yang diamati”.
Penelitian kualitatif adalah sebuah
aktivitas yang menempatkan peneliti di
dunia yang mempunyai banyak
interpretasi, material praktis sehingga
membuat dunia terbuka. Praktik ini
membentuk dunia, yang pada nantinya
menggulirkan dunia ke dalam beberapa
interpretasi, termasuk catatan lapangan,
wawancara, percakapan, foto, rekaman
dan berbagai memo. Pada tahapan ini,
penelitian kualitatif melibatkan
pendekatan interpretif dan naturalistik ke
dalam dunia. Hal ini berarti bahwa
peneliti kualitatif mempelajari hal
berdasarkan naluriah mereka, mencoba
memahami atau menerjemahkan setiap
fenomena yang terjadi dan memberikan
permahaman yang sama kepada orang
lain.
Dalam penelitian kualitatif,
peneliti adalah instrumen kunci. Peneliti
harus memiliki bekal teori dan wawasan
yang terkait dengan konteks sosial yang
diteliti. Wawasan tersebut berupa nilai,
budaya, keyakinan, hukum, adat istiadat
yang terjadi dan berkembang pada
konteks sosial. Berdasarkan teori dan
wawasan, peneliti bisa bertanya,
menganalisis, dan mengkonstruksi obyek
yang diteliti menjadi lebih jelas.
Informan dan Metode Pengumpulan
Data
Pemilihan informan dilakukan
secara sengaja dan purposive, berpedoman
pada kriteria tertentu seperti yang
dijelaskan oleh Bungin (2003: 54-55):
Pertama, subjek telah cukup lama dan
intensif menyatu dengan kegiatan yang
menjadi sasaran penelitian. Subjek tidak
hanya sekedar tahu dan dapat memberikan
informasi tetapi juga telah menghayati
secara sungguh-sungguh. Hal ini karena
mereka sudah terlibat yang cukup lama
pada lingkungan atau kegiatan yang
bersangkutan. Kedua, subjek masih
terlibat secara aktif pada lingkungan atau
kegiatan yang menjadi fokus penelitian.
Informan dalam penelitian ini
adalah pengguna laporan keuangan yang
memanfaatkan atau merasakan dampak
langsung atau tidak langsung dari
penyajian laporan keuangan. Adapun
informan dapat dilihat pada tabel 1.
Tabel 1: Daftar Nama dan Profesi
No.
Nama
Profesi
Weton
Djoko
Pemeriksa
Senin
1
Pajak di
Wage
Malang
Widodo Analis Kredit
Senin
di Bank
Pon
2
Pemerintah di
Malang
3 Prabowo Investor di
Selasa
Surabaya
Pahing
*) Nama informan adalah nama samaran
Yang menjadi obyek dalam
penelitian ini adalah manusia. Sumber
data penelitian ini berupa kata-kata,
tindakan dan dokumen. Data
dikumpulkan melalui tehnik wawancara
dan dokumentasi. Data yang
dikumpulkan berupa tindakan subjek,
diunduh dari:
gambaran ekspresi, sikap dan pemahaman
dari subjek yang diteliti.
Wawancara secara mendalam (indepth interview) dengan pedoman
wawancara yang telah peneliti siapkan,
wawancara dilakukan secara bebas,
dengan pertanyaan-pertanyaan yang
terbuka. Wawancara dengan informan
yang tidak terstruktur dan terjadwal agar
para informan dalam memberikan
informasi apa adanya. Tanya jawab sambil
bertatap muka antara pewawancara dengan
informan. Data dikumpulkan dengan cara
wawancara yang menghasilkan catatan atau
rekaman wawancara.
Cara pengumpulan data juga
dilakukan dengan metode dokumentasi.
Untuk menentukan hari kelahiran (weton)
informan (andai informan lupa hari
kelahirannya), peneliti menggunakan
bantuan internet berdasarkan tanggal
kelahiranya, dengan situs http://kidemang.com/php_files/02%20kalender%2
0weton%20on%2. Makna weton seseorang
(informan) dilihat menggunakan sumber
tertulis adalah Kitab Primbon Jawa
Betaljemur Adammmakna.
Analisis Data
Prosedur analisis data yang
digunakan dalam penelitian ini adalah
model Miles dan Huberman (1992:15-21)
yang meliputi (1) reduksi data, (2)
penyajian data, (3) penarikan kesimpulan
atau verifikasi. Reduksi data, penyajian
data dan penarikan kesimpulan/verifikasi
menjadi gambaran keberhasilan secara
berurutan sebagai rangkaian kegiatan
analisis yang saling susul menyusul.
Reduksi data diartikan proses
penyempurnaan data, baik pengurangan
terhadap data yang kurang perlu atau
kurang bermanfaat dan tidak relevan, atau
penambahan terhadap data yang dirasa
kurang. Penyajian data merupakan proses
pengumpulan informasi yang disusun
berdasar kategori atau pengelompokanpengelompokan yang diperlukan.
Kategorisasi dilakukan dengan menelaah
seluruh data yang terkumpul dari berbagai
sumber yaitu wawancara, catatan
lapangan dan dokumentasi per informan.
Kategorisasi ini dilakukan untuk
memudahkan peneliti dalam menyusun
dan menyajikan data penelitian.
Interpretasi data merupakan proses
pemahaman makna atau menafsirkan
mengenai apa yang tersirat di dalam data
yang telah disajikan. Pemaknaan praktik
manajemen laba terfokus pada penafsiran
informan atas manajemen laba yang
merupakan ”teks baru” bagi peneliti.
Dengan kata lain, tahap ini merupakan
tahap penafsiran peneliti atas penafsiran
informan. Berdasarkan hasil pemaknaan
oleh informan, peneliti menyampaikan
secara retorik dalam bentuk uraian naratif.
Retorik berarti menyampaikan
pernyataan-pernyataan dengan banyak
menggunakan ungkapan metaforik atau
analogi-analogi (Sugiharto, 1996:104).
Penarikan kesimpulan atau verifikasi
merupakan proses perumusan makna dari
hasil penelitian yang diungkapkan dengan
kalimat-kalimat yang singkat-padat dan
mudah dipahami. Pada tahap ini perlu
dilakukan peninjauan mengenai kebenaran
hasil penelitian dengan cara berulangkali,
agar terjadi relevansi dan konsistensi
antara judul, tujuan penelitian dan
perumusan masalah yang ada.
POTRET HASIL PENELITIAN
Makna Praktik Manajemen Laba
Perspektif Pengguna Lapoan Keuangan
Praktik Manajemen Laba sebuah
Kosmetik
Djoko (pemeriksa pajak) dan
Widodo (analis kredit) memaknai praktik
manajemen laba dengan istilah yang unik
dan tidak peneliti duga sebelumnya.
Pemeriksa pajak memaknai praktik
manajemen laba sebagai sebuah gincu
atau lipstik dan analis kredit memaknai
sebagai kosmetik.
Berikut pendapat Djoko:
“Manajemen laba itu apa
yaaa? Kalau saya ibaratkan
diunduh dari:
mungkin seperti lipstik atau
gincu gitulah. Kita amati
kalau kaum wanita
memakai lipstik, pasti akan
tampak segar, cerah dan
cantik. Apalagi lipstik yang
dipakai berwarna merah
muda, pasti akan tampak
lebih muda. Sebaliknya
kalau wanita lagi di rumah,
seperti istri saya tidak
memakai lipstik? Pasti akan
tampak pucat, tidak segar
dan mungkin kurang cantik
heeee”.
Setelah tertawa lepas, kemudian
Djoko melanjutkan ceritanya: “Saya kira
semua kaum wanita tentu tahu dong
fungsi lipstik atau gincu?” Peneliti mengiyakan dan meneruskan pertanyaan
tentang apa hubungan lipstik dengan
praktik manajemen laba.
Dengan memutar-mutar kursinya,
Djoko melanjutkan pendapatnya.
“Praktik manajemen laba
seperti lipstik ya Bu. Coba
lihat di kaca dan
bandingkan ketika ibu
memakai lipstik dan saat
tidak pakai. Pasti akan
tampak berbeda, saat
memakai lipstik ibu tampak
segar dan mungkin
menambah rasa percaya
diri sebaliknya ketika ibu
tidak memakai lipstik maka
akan tampak agak pucat,
apalagi saat bangun tidur.
He he he”.
Lalu Djoko meneruskan
penjelasannya: “Lipstik itu fungsinya
untuk membuat bibir pucat menjadi merah
merona sehingga wajah tampak cantik,
ayu, menarik ngono yo bu?”. “Tak kiro
podho fungsine karo manajemen laba.
Sama-sama untuk mempercantik yaitu
mempercantik laporan keuangan dengan
memberikan gincu yang berupa metode
yang legal maupun ilegal agar laporan
keuangan tampak cantik dan menarik”.
Setelah minum air putih Djoko
melanjutkan ceritanya.
“Saya kira sama dengan
fungsi lipstik tadi. Jika
wajib pajak ingin
membayar pajak sedikit
maka laporan keuangan
dibuat agar laba kecil. Nah
kalau laba turun atau kecil
maka pajak penghasilan
yang dibebankan menjadi
turun atau kecil pula.
Sebaliknya jika wajib pajak
menghindari pemeriksaan
pajak karena lebih bayar,
beda lagi trik yang
dilakukan. Kalau semua itu
dilakukan tidak melanggar
aturan perpajakan, saya
kira aman dan tenang saja.
Kadang wajib pajak baik
manajer atau akuntan
manajemen perusahaan
lebih jago memanfaatkan
celah peraturan”
Demikian tutur Djoko sambil
mengacungkan jempolnya. Djoko
menganggap bahwa fungsi lipstik sama
dengan praktik manajemen laba yaitu
dapat membuat wanita menjadi cantik dan
segar atau sebaliknya pucat pasi jika tidak
menggunakannya.
Pendapat senada disampaikan oleh
Widodo (analis kredit) yang mengatakan
bahwa praktik manajemen laba adalah
kosmetik seperti lipstik, bedak, perona
pipi, pensil alis dan lain-lain. Selain itu
menganggap manajer adalah salon
kecantikan. Kosmetik berfungsi untuk
mempercantik wajah agar tampil lebih
percaya diri dan menarik.
diunduh dari:
Widodo (analis kredit)
menyampaikan pendapatnya tentang
makna manajemen laba seperti berikut ini.
“Manajemen laba itu saya pandang seperti
alat-alat kecantikan atau kosmetik gitulah.
Ada bedak, pensil alis, lipstik, lalu apa
namanya yaaa yang agar pipi tampak
merah merona itu? Yaa pemerah pipilah
namanya lha aku gak tau he he he”, kata
Widodo sambil tertawa lucu karena tidak
mengetahui nama salah satu alat kosmetik
tersebut.
Setelah minum air putih, Widodo
melanjutkan ceritanya.
“Kosmetik itu kan gunanya
untuk membuat orang
menjadi cantik, ganteng,
mempesona, menarik bagi
siapapun yang melihat.
Para artis itukan tidak
benar-benar cantik tetapi
karena make up dan
pinternya perias maka
mereka menjadi tampak
sangat cantik menawan.
Dikasih bedak tebal, alis,
bulu mata palsu, perona
pipi, lipstik yang cerah.
Selanjutnya Widodo menjelaskan
mengapa dia berpendapat seperti itu.
Berikut penjelasan Widodo:
“Agar kredit yang
diajukan oleh nasabah
bisa disetujui maka
laporan keuangan dibuat
sedemikian rupa agar
tampak bagus,
menguntungkan dengan
laba yang selalu
meningkat misalnya
sehingga meyakinkan
bank. Sama seperti fungsi
kosmetik tadi itu. Wanita
tanpa kosmetik akan
tampak pucat dan kurang
menarik, sehingga sangat
jelas fungsi kosmetik itu
yaaaa agar wanita tampak
cantik dan bisa
menambah rasa percaya
diri wanita. Jadi sama
fungsinya dengan
manajemen laba untuk
mempercantik laporan
keuangan”.
Mencermati pendapat pemeriksa
pajak dan analis kredit di atas maka
praktik manajemen laba cenderung
ditujukan untuk menampakkan laba yang
bagus dan meningkat. Peneliti
menanyakan lebih lanjut apakah
manajemen laba selalu ditujukan untuk
menampakkan laba tinggi atau baik.
Pemeriksa pajak dan analis kredit
mempunyai pendapat yang sama yaitu
tidak selalu karena didasarkan pada
tujuannya. Tujuan untuk mendapatkan
bonus dan untuk memperoleh kredit bank,
tentunya berbeda dengan tujuan
manajemen pajak. Manajemen pajak yang
bertujuan untuk mengurangi besarnya
pajak, wajib pajak pasti menampakkan
laba yang kecil. Di sisi lain, jika untuk
menghidari pemeriksaan pajak karena
lebih bayar, mereka melakukan
sebaliknya.
Pemeriksa pajak mengatakan
praktik manajemen laba tidak selalu
digunakan untuk membuat laporan
keuangan menunjukkan kondisi keuangan
atau kinerja yang bagus. Berikut cerita
Djoko sambil tertawa karena apa yang
diceritakan lucu.
“Ibaratnya laporan
keuangan itu wajah seorang
wanita yang didadani agar
kelihatan agak jelek ato
jelek sekalian. Didandani
itukan tidak harus jadi
cantik, ganteng tapi bisa
juga jadi jelek. Lihat aja
diunduh dari:
badut, pelawak, ato
dagelan itu mereka tampak
lucu karena dandanan yang
jelek ato bahkan aneh.
Tayangan OVJ di Trans 7
contohnya. Mereka
membuat penonton tertawa
bukan hanya karena
lawakannya tetapi juga
dandanannya. Justru itu
yang menarik, betapa
sangat kreatifnya mereka
agar sajian setiap hari tetap
menarik penonton. Itulah
cara mereka untuk mengais
rejeki”
Setelah berhenti tertawa Djoko
melanjutkan ceritanya. “Lihat saja
pemeran nenek lampir atau hantu, pasti
memakai lipstik yang warnanya pucat atau
bahkan warna hitam, itu supaya tampak
serem hiiiiii”. Selanjutnya Djoko
menjelaskan hubungan lipstik dengan
pajak yang dibayar wajib pajak.
“Misalnya terkait dengan membayar
pajak, klien cenderung menurunkan laba
jika ada indikasi akan membayar pajak
yang besar pada tahun itu. Hal itu sudah
biasa dilakukan oleh manajer
perusahaan”, kata Djoko dengan serius.
Senada analis kredit
menyampaikan “Manajemen laba tidak
selalu digunakan agar laporan keuangan
menjadi bagus. Manajer bisa saja mengmake over wajah laporan keuangan
menjadi jelek. Itu bahasa kedokteran atau
kecantikan ya?”, tuturnya dengan
tersenyum karena merasa tidak yakin
dengan istilah yang digunakan.
Lalu Widodo melanjutkan
ceritanya dengan tutur yang lembut.
“Tak kiro gak selalu
laporan keuangan dibuat
bagus dengan manajemen
laba, kadang ditampakkan
kinerjanya menurun. Itu
dilakukan pada saat utang
akan jatuh tempo dan
perusahaan tidak mampu
melunasi. Kalau laporan
keuangan tampak kurang
bagus dan keuangan
nasabah tidak
memungkinkan untuk
melunasi utang, biasanya
dilakukan re-scheduling
utang. Itulah harapan dari
nasabah”.
Berdasarkan uraian di atas dapat
ditarik kesimpulan bahwa praktik
manajemen laba dimaknai pemeriksa
pajak sebagai sebuah lipstik atau gincu
dan analis kredit memaknainya sebagai
kosmetik. Makna yang terkandung dalam
pendapat informan bahwa praktik
manajemen laba sarana untuk membuat
laporan keuangan menjadi menarik bagi
para penggunanya. Fungsi kosmetik bagi
laporan keuangan untuk mempercantik
laporan keuangan atau bahkan membuat
laporan keuangan tampak jelek sesuai
dengan motivasi atau tujuannya.
Praktik Manajemen Laba adalah
Intervensi Manajer dan Akal-akalan
Manajemen
Investor memaknai praktik
manajemen laba sebagai intervensi
manajer yang disengaja pada proses
pelaporan keuangan. Campur tangan ini
dengan maksud untuk memperoleh
keuntungan pribadi. Intervensi dilakukan
dengan penggunaan judgment, misalnya
judgment dalam mengestimasi sejumlah
peristiwa ekonomi di masa depan untuk
ditunjukan dalam laporan keuangan.
Contohnya: estimasi nilai residu aset
tetap, estimasi umur ekonomis aset tetap,
kerugian piutang dan penurunan nilai aset.
Disamping itu manajer memiliki pilihan
untuk metode akuntansi (metode
penyusutan, metode penentuan harga
pokok persediaan dan lain-lain).
diunduh dari:
Investor memaknai praktik
manajemen laba sebagai intervensi
manajer dan untuk kepentingan pribadi
manajer. Berikut pendapat Prabowo
(investor).
Prabowo yang secara lugas dan
lantang mengatakan:
“Kalau membicarakan
manajemen laba, aku jadi
ingat pengalaman
beberapa tahun yang lalu
yang sangat
menjengkelkan hatiku.
Begitu aku mengalami
kerugian yang sangat
besar atas investasiku di
suatu perusahaan,
langsung aku lihat profil
manajernya. Sampeyan
tahu apa yang aku
lakukan? Foto manajer itu
langsung aku coret-coret
sampek mukanya gak
kelihatan lagi. Itu saking
jengkelnya aku”.
Setelah tertawa campur jengkel,
Prabowo melanjutkan ceritanya. “Itu kan
kerjaan manajer yang pinter banget
membuat laporan keuangan tampak bagus
tetapi kenyataannya jelek dan bahkan ada
permasalahan keuangan. Karena tampak
prospek bagus, aku beli sahamnya eee
harga saham langsung ambleg”, tuturnya
sambil duduk lemas.
Demikian lanjutnya: “Manajer
juga manusia”, katanya dengan
melagukannya syair itu. Sambil mencoretcoretkan bolpoinnya di kertas dengan
gambar tidak jelas dan dengan nada yang
agak mulai merendah Prabowo
melanjutkan penjelasannya sambil
memukulkan tangannya ke meja seperti
agak jengkel.
“Mereka pasti memiliki
keinginan ato kepentingan
pribadi. Untuk
mewujudkan
keinginannya itulah
mereka menggunakan
kuasanya. Angka laba diotak-atik, dinaikkan atau
diturunkan dengan
berbagai macam cara
hanya untuk memenuhi
ambisinya. Agar
mendapatkan bonuslah
ato agar tetap
dipertahankan sebagai
manajerlah ato tujuan
lain. Yang jelas mereka
akan berusaha untuk
menampakkan kinerja
bagus selama
kepemimpinannya”.
Berdasarkan pendapat Prabowo di
atas dapat disimpulkan bahwa praktik
manajemen laba merupakan akal-akalan
manajer. Praktik manajemen laba
dilakukan oleh manajer sesuai dengan
keinginannya atau untuk memenuhi
tujuannya. Manajer lebih mengutamakan
kepentingan diri sendiri daripada
kepentingan perusahaan dalam jangka
panjang.
Praktik Manajemen Laba adalah
Manipulasi Laba
Menurut pemeriksa pajak, praktik
manajemen laba identik dengan
manipulasi laba. Konotasi manipulasi laba
cenderung negatif karena praktik
manajemen laba memang dilakukan
manajer sudah tidak sesuai dengan prinsip
akuntansi yang berlaku umum. Berikut
pendapat Djoko.
Djoko mengatakan dengan tegas
tetapi agak lirih.
“Menurut saya
manajemen laba itu
bahasa halus dari
manipulasi laba. Ibu
saya beritahu ya,
berdasarkan pengalaman
saya dalam memeriksa
laporan keuangan wajib
diunduh dari:
pajak bahwa apa yang
sudah wajib pajak
lakukan itu sudah
sampai pada bentuk
manipulasi laba Bu
bahkan kecurangan
karena ada yang sampai
membuat pembukuan
ganda yang sudah sangat
menyimpang dari
prinsip akuntansi yang
berterima umum”.
Selanjutnya Djoko menambahkan
penjelasannya masih dengan suara
merendah sepertinya tidak ingin didengar
orang lain.
“Mengapa saya
mengatakan praktik
manajemen laba adalah
tindakan manipulasi
laba? Karena sudah
tidak sesuai dengan
prinsip akuntansi. Itu
fakta selama saya
melakukan pemeriksaan
atas SPT (Surat
Pemberitahuan
Tahunan) dan
memeriksa laporan
keuangannya. Walaupun
praktik manajemen laba
tidak dilandasi oleh
motivasi manajer untuk
memperoleh keuntungan
pribadi, hal itu tetap saja
salah karena melanggar
aturan”.
Menurut pemeriksa pajak, praktik
manajemen laba sudah mengarah ke
kecurangan karena dalam penyusunan
laporan keungan sudah jauh dari aturan
prinsip akuntansi yang berlaku umum.
Seperti yang disampaikan oleh Djoko
bahwa praktik manajemen laba banyak
dilakukan oleh perusahaan yang belum go
public karena belum tahu ato paham
aturan ato mungkin pura-pura tidak tahu
aturan. Berikut ini pendapat Djoko:
“Menurut saya, praktik
manajemen laba banyak
diterapkan oleh
perusahaan yang belum
go public yang lebih
ekstrim daripada yang
sudah go public. Itu
karena laporan keuangan
mereka kan tidak diaudit
oleh akuntan publik.
Manajer melakukan
rekayasa keuangan
sedemikian rupa yang
menjurus ke kecurangan
karena sama sekali tidak
sesuai dengan aturan
standar akuntansi
keuangan. Di antara
mereka ada yang sudah
paham standar akuntansi
keuangan tetapi dengan
sengaja melakukan
kecurangan itu dengan
memanfaatkan celah
peraturan baik aturan
profesi maupun
perpajakan. Disisi lain
ada juga yang tidak
memahami standar
akuntansi. Yaa mereka
semaunya melaporkan
keuangannya”.
Pendapat senada disampaikan oleh
Prabowo (investor) yang ditunjukkan
dalam pendapatnya berikut.
“Kalau mendengar
praktik manajemen laba,
maka yang ada
dibenakku adalah
rekayasa laporan
keuangan. Mengapa aku
menyebut rekayasa? Yaa
karena manajer
menyusun laporan
diunduh dari:
dengan hiasan-hiasan
beraneka ragam agar
laporan keuangan
tampak bagus. Rekayasa
dilakukan dengan
memberikan polesan
kebijakan akuntansi,
bahkan sudah tidak
sesuai dengan aturan
agar laporan keuangan
menjadi bagus, cantik
dan menarik”.
Dari hasil wawancara dengan
investor, ternyata dia sudah tidak lagi
menggunakan laporan keuangan auditan
untuk dasar pengambilan keputusan
investasinya. Berikut ini Prabowo
menyampaikan:
”Seperti aku sudah jarang
sekali menggunakan
laporan keuangan untuk
dasar keputusan investasi,
baik beli ato jual saham,
kecuali investasi yang
bersifat jangka panjang.
Tapi kalo yang jangka
pendek yaa lebih baik lihat
aja pergerakan harga
saham, itu sudah cukup
buat aku karena sebagian
besar investasi aku jangka
pendek”.
Praktik manajemen laba mengarah
menjadi suatu tindak kecurangan (fraud).
Manajemen laba yang dilakukan dengan
cara yang salah, misalnya: manajer secara
sengaja menerapkan metoda estimasi yang
tidak masuk akal, memilih metoda
akuntansi dan pelaporan keuangan yang
tidak tepat. Hal ini berakibat laporan
keuangan tidak merefleksikan posisi
ekonomik perusahaan yang sebenarnya.
Prabowo berpendapat bahwa
praktik manajemen laba merupakan
kecurangan karena tidak sekedar
mengubah-ubah kebijakan akuntansi
tetapi sudah merekayasa laporan keuangan
yang jauh dari aturan standar akuntansi.
Begini Prabowo mengatakan:
“Menurut aku manajemen
laba ato pengelolaan laba
itu adalah permainan angka
untuk mempertahankan
kinerja perusahaan. Dengan
cara tidak sekedar
mengubah-ubah kebijakan
akuntansi tetapi sudah
sampai merekayasa
pendapatan dan beban yang
tidak benar-benar terjadi.
Manajemen laba itu untuk
mengelabuhi investor
seperti aku ini agar salah
dalam pengambilan
keputusan. Agar investor
mengira kinerja perusahaan
bagus, lalu investor pada
beli sahamnya. Padahal
mungkin perusahaan dalam
kodisi rugi ato bahkan lagi
kesulitan keuangan”.
Dari uraian di atas menunjukkan
bahwa pemeriksa pajak dan investor
sebagai manipulasi laba bahkan
kecurangan. Hal ini karena dilakukan
sudah melanggar aturan acuan
penyusunan laporan keuangan. Tidak
hanya berupa permainan angka tetapi ada
yang sengaja membuat pembukuan ganda
untuk mengurangi besarnya pajak yang
harus dibayar.
Prilaku Pengguna Laporan dalam
Memaknai Praktik Manajemen Laba
Pemeriksa Pajak: Senin Wage Kurang
Pikire, Bregundung Atine, Wani
Pakewuh
Djoko adalah salah satu pemeriksa
pajak, di Kantor Pelayanan Pajak Malang.
Dia telah bekerja dibidang perpajakan
sejak tahun 2003 sampai sekarang. Djoko
diunduh dari:
dilahirkan 35 tahun yang lalu pada hari
Senin Wage.
Menurut primbon Jawa
(Soemodidjojo;2001:61-64) seseorang
yang lahir pada hari Senin Wage memiliki
karakter: kurang pikire, bregundung atine,
wani pakewuh, wani mati. (berpikirnya
kurang, tidak suka terhadap pendapat
orang lain, berani mati dan menderita).
Berdasarkan pengamatan peneliti
dan gambaran potret pendapat Djoko
tentang makna paktik manajemen laba di
atas, perilaku pemeriksa pajak dalam
memaknai praktik manajemen laba kurang
mencerminkan karakter yang dimiliki
dengan perspektif wetonnya. Perilaku
informan tersebut dilihat dari tampak atau
ekspresi wajahnya, ucapannya, dan
perbuatannya. Dilihat dari ekspresi wajah:
selalu tersenyum, tidak menunjukkan
wajah marah walau mempunyai pendapat
yang tidak baik mengenai tindakan
manajemen. Dilihat dari ucapan:
memaknai praktik manajemen pajak
sebagai lipstik dan manipulasi yang
diucapkan dengan santun dan dengan nada
rendah. Selanjutnya dilihat dari tindakan:
sopan, bicara dengan nada rendah, tidak
melakukan tindakan yang menunjukkan
sikap marah walau tidak sepakat dengan
manajemen laba yang dilakukan
manajemen.
Selama wawancara dia menjawab
dengan hati-hati, tenang dan terstruktur
semua pertanyaan peneliti. Makna weton
yaitu bregundung atine, wani mati (tidak
suka terhadap pendapat orang lain, berani
mati) itu tidak tampak dalam perilaku
sehari-hari. Selain wetonnya, watak
pemarah bisa dilihat dari pasaran yang
maknanya adalah ceroboh, pemarah,
kadang kala mengamuk jika dicambuk,
melanggar apa saja. Karakter tersebut
sama sekali tidak tampak ada saat peneliti
melakukan wawancara dengan pemeriksa
pajak. Hal ini dibuktikan dari pendapat
teman kantor berikut ini.
Djoko disegani teman kantornya
karena kesopanannya, perhatian dengan
teman, bawahan bahkan pesuruh
sekalipun. Seperti yang dikatakan Amir
(teman kantornya): ”Pak itu Djoko
orangnya supel, tidak sombong, sopan dan
menghargai pekerjaan bawahannya. Selain
itu juga suka menolong teman yang lagi
kesusahan. Enak kalau diajak ngomong
karena beliau sangat sabar dan perhatian”.
Pengamatan terhadap Djoko selama
penelitian lapangan menunjukkan tidak
tampak ekspresi raut muka marah
sekalipun. Walaupun Djoko menceritakan
pengalaman ada wajib pajak yang
menjengkelkan, tetapi ekspresi wajahnya
biasa saja, tidak tampak ekspresi marah.
Mengapa hal itu terjadi? Peneliti terus
mencari jawabannya.
Peneliti menanyakan lebih lanjut,
apakah bapak tidak pernah marah?
Pengakuan Djoko sama seperti yang
disampaikan oleh rekan kerjanya.
“Untuk apa marah-marah
Bu. Itu membuang energi,
diri kita capek dan tidak
ada hasilnya karena kalau
marah kita tidak bisa
berpikir logis. Saya
belajar sabar sejak saya
mendalami ilmu spiritual.
Saya memiliki seorang
guru yang sangat sabar
dan bijak, oleh karena itu
saya ingin seperti guru
itu. Kalau kita sabar hidup
kita tenang dan bisa awet
muda heeeee”
Itulah kata Djoko sambil
acungkan jempolnya tanda kagum dengan
guru spiritualnya. Setelah nafas panjang
Djoko melanjutkan ceritanya.
“Semenjak saya mendalami
ilmu spiritual bersama
seorang guru, hati saya
menjadi tenang dan hidup
menjadi damai. Saya
diunduh dari:
berusaha untuk tidak marah
dalam menghadapi klien
yang menjengkelkan
sekalipun. Dengan
bertambahnya usia, harus
semakin bijak dalam
menghadapi semua
masalah.Bukankah seperti
itu Bu ?”
Setelah menghabiskan makannya,
Djoko melanjutnya ceritanya tentang
perubahan dalam pola hidupnya yang
membuat hatinya tenang dan tentram.
Beliau mengatakan selalu berpikir positif
tentang apa saja. Berikut tuturnya.
“Saya menanamkan pada
diri sendiri tentang pikiran
yang baik-baik, saya yakin
kekuatan pikiran akan
menjilma dalam kehidupan
kita. Oleh karena itu saya
selalu berpikir positif
terhadap teman, saudara,
klien dan siapa saja. Seperti
manajer perusahaan,
menurut saya tidak
mungkin melakukan
manajemen laba hanya
untuk kepentingan pribadi”.
Kemudian peneliti mencoba
menanyakan weton Djoko. Ternyata
beliau mengetahui wetonnya dari ibunya.
Berikut penjelasan Djoko:
“Menurut ibu, saya
dilahirkan dengan
membawa pasaran wage.
Ibu saya sangat percaya
dengan weton. Ibu bilang
seseorang yang lahir
dengan pasaran wage
mempunyai sifat keras,
mau menang sendiri dan
pemarah. Saya percaya itu
karena saat masih anakanak dulu kadang watak itu
muncul di hati saya Bu .
Misalnya saat itu makanan
atau mainanku diambil
teman, saya jengkel banget
dengan teman itu dan
inginnya memukul dia
tetapi itu tidak saya
lakukan”.
Demikian kata Djoko sambil
tertawa, lalu beliau melanjutkan ceritanya.
“Herannya orang di
sekeliling saya terutama
ibuku tidak melihat sifat itu
ada pada saya. Yaa
mungkin ini disebabkan
lingkungan kami yang
membentuk dan tidak
memungkinkan watak keras
saya berkembang. Ibuku
yang sangat sabar, ayah
yang sangat bijak dan
saudara-saudara yang
sangat bersahabat. Saya
tahu setiap manusia
memiliki dua sifat baik dan
buruk, tinggal bagaimana
kita mengembangkan sifat
baik dan mengurangi sifat
yang jelek”.
Berdasarkan pembicaraan dengan
Djoko, watak amarah beliau tidak muncul
dan berkembang karena beliau menekuni
ilmu spiritual dan selalu berpikir positif.
Dalam perilakunya selama wawancara,
beliau tetap tenang dan sopan dalam
menceritakan masalah yang ditemui ketika
menghadapi klien yang menjengkelkan
sekalipun. Dengan sabar dan telaten
beliau mendengarkan cerita masalah dan
alasan klien yang beraneka ragam.
Analis Kredit: Senin pon manis
wicarane, bisa ngenaki pikir sasamaning
wong lan bisa golek rejeki
Widodo adalah seorang analis
kredit yang berkerja di salah satu Bank
Bank pemerintah yang sudah bekerja
selama 17 tahun dan di bagian Divisi
diunduh dari:
Analis & Pengendalian Kredit selama 8
tahun. Melihat pengalaman di bagian
analis kredit, menurut peneliti sudah
cukup pengalaman dan pemahaman
tentang analisa laporan keuangan sehingga
layak dijadikan sebagai informan.
Widodo terlahir pada hari Senin
Pon. Menurut primbon Jawa
(Soemodidjojo;2001:61-64) seseorang
yang lahir pada Senin Pon memiliki
makna: Senin pon manis wicarane, bisa
ngenaki pikir sasamaning wong lan bisa
golek rejeki (bicaranya manis, dapat
menyenangkan pikiran sesama, dan
pandai mencari rezeki).
Untuk memperoleh gambaran
perilaku analis kredit, selain mengamati
secara langsung melalui wawancara,
peneliti mencari informasi tentang
keluarganya. Kedua orang tua Widodo
adalah guru Sekolah Dasar yang selalu
menanamkan sikap sopan santun, selalu
sabar dalam menghadapi masalah dan
bersikap sayang dengan siapa saja.
Berikut pendapat widodo.
“Saya ini besar di
lingkungan pendidik.
Bapak dan ibu adalah guru
sekolah dasar. Kalau di
desa yang namanya guru
itu sebagai tokoh dan
panutan masyarakat.
Anak-anaknya juga
menjadi tauladan anakanak yang lain. Orang tua
saya selalu mengajari
bahwa kita hidup ini tidak
bisa sendiri sehingga harus
selalu baik dengan
tetangga, saudara dan
teman”.
Katanya sambil
membetulkan kacamatanya. Lalu
Widodo melanjutnya ceritanya.
“Kami tiga bersaudara
semuanya menggunakan
bahasa Jawa halus (kromo
inggil) dengan bapak ibu.
Itu sebagai tanda
penghormatan terhadap
orang tua. Tidak hanya
kepada orang tua, kepada
orang orang lain yang
seumuran bapak ibu, kita
harus Jawa halus juga.
Kalau bicara tidak boleh
keras-keras, harus selalu
sopan dengan orang yang
lebih tua, tidak boleh
marah-marah yang
berlebihan apalagi dengan
berteriak-teriak. Itu karena
orang tua juga tidak
pernah marah dengan
berteriak-teriak”.
Peneliti juga mencari informasi
dari sahabat atau staf di kantornya. Ada
dua staf yang mengatakan bahwa Widodo
orangnya sopan dan sangat menghargai
sahabat-sahabatnya, staf bahkan satpam
kantor. Berikut kata Kirno salah satu staf
Widodo: “Pak Widodo itu orangnya
santun dan sangat menghargai pekerjaan
staf. Beliau hampir tidak pernah
membentak walau dalam keadaan marah.
Meskipun ada kesalahan pekerjaan
stafnya tetapi beliau tidak marah. Beliau
memberitahu dengan lembut sehingga
kami merasa tidak dimarahi dan merasa
nyaman bekerja dengan Widodo”.
Berdasarkan pengamatan peneliti
selama wawancara dengan analis kredit
seperti digambarkan di atas, peneliti dapat
mengambil kesimpulan berikut. Dilihat
dari ekspresi wajahnya: berbicara dengan
tersenyum dan wajah yang selalu
bersahabat. Dari ucapannya: praktik
manajemen laba sebagai kosmetik, bukan
manipulasi laba disampaikan dengan
santai dan sopan. Selanjutnya dilihat dari
tindakannya: berbicara dengan intonasi
rendah, bersikap sopan santun dan ramah
dengan sabar menjawab pertanyaan
peneliti. Perilakunya mencerminkan
diunduh dari:
karakter yang dilihat dari wetonnya.
Karakter tersebut terbentuk semakin kuat
dengan lingkungan keluarga dan kerja
yang sangat mendukung. Dari keluarga
pendidikan yang selalu mengajarkan
sonpan santun dan bagaimana berperilaku
dan bersikap dengan berbagai orang,
Investor: Selasa Pahing Kaku Pikire,
Andhap Patrape
Prabowo seorang investor yang
berkiprah menjadi investor sekitar 5
tahunan. Saat ini dia memiliki saham di
beberapa perusahaan dengan untuk
mendapatkan capital gain dan deviden.
Prabowo dilahirkan pada hari
selasa pahing. Menurut primbon Jawa
Betaljemur Adammakna yang disitir dari
Soemodidjojo (2001:61-64), orang-orang
yang lahir pada hari selasa pahing
memiliki karakter isinan, kaku pikire,
andhap patrape, lumuh mring pagaweyan
(pemalu, malas, kaku hatinya, rendah
perbuatannya).12
Selama menggali informasi inilah
peneliti menemukan adanya kemiripankemiripan antara perilaku sebenarnya
dengan ramalan perilaku menurut
wetonnya. Hanya watak marah yang
dominan berkembang. Hal ini disebabkan
karena pengalaman yang membuatnya
marah dan semakin membentuk karakter
setiap hari sehingga karakter Prabowo
semakin sama dengan ramalan wetonnya.
Peneliti mencoba untuk
menanyakan apakah Prabowo mengetahui
dan percaya wetonnya? Beliau menjawab
tahu dari orang tuanya tetapi tidak percaya
dengan weton. Demikian katanya dengan
nada tinggi.
“Aku tahu wetonku selasa
pahing dari ibuku saat saya
mau menikah. Watakku
12
Makna weton informan diambil dari Kitab
Primbon Betaljemur Adammakna yang
dihimpun oleh R. Soemodidjojo dari Babon asli
kagungan dalem Kanjeng Pangeran Harja
Tjakraningrat, penerbit Soemodidjojo
Mahadewa tahun 2001
keras, gampang marah,
kaku dan tidak mau
mengalah. Aku tidak peduli
dengan makna weton itu,
itukan ramalan orang jaman
dulu. Orang tuaku pernah
mencarikan hari saat kami
akan menikah. Aku ikut aja
wis untuk menyenangkan
orang tua.”.
Berdasarkan hasil wawancara
dengan Probowo, berikut gambaran
perilaku investor dalam memaknai praktik
manajemen laba dengan perspektif weton.
Dilihat dari ekspresi wajahnya: sering
menunjukkan rasa jengkel atau marah
pada saat wawancara. Dari ucapannya:
praktik manajemen laba sebagai akalakalan manajemen, manipulasi laba atau
kecurangan. Selanjutnya dilihat dari
tindakannya: seringkali bicara dengan
nada tinggi dan sesekali memukulkan
tangannya ke meja.
Demikian hasil analisa weton
Prabowo yang menunjukkan bahwa
perilaku Prabowo dalam memaknai
praktik manajemen laba mencerminkan
karakternya berdasarkan ramalan
wetonnya. Ada watak amarah yang
berkembang dan muncul dalam setiap
wawancara. Hal ini dikarenakan kondisi
lingkungan bisnis dan pengalaman selama
menjadi investor. Kondisi lingkungan
bisnis yang penuh persaingan membuat
Prabowo menjadi lebih mementingkan diri
sendiri. Selain itu pengalaman selama
menjadi investor yang pernah gagal dalam
berinvestasi yang disebabkan oleh salah
penilaian laporan keuanganm hal ini juga
memicu berkembangnya sifat amarah
dalam dirinya.
INTISARI
Pemeriksa pajak lahir pada weton
Senin Wage yang memiliki karakter
cenderung banyak buruknya. Pemeriksa
pajak memaknai praktik manajemen laba
sebagai sebuah gincu atau lipstik dengan
diunduh dari:
metode yang legal maupun ilegal agar
laporan keuangan tampak bagus dan
menarik. Selain itu pemeriksa pajak
mengatakan praktik manajemen laba
adalah manipulasi laba dan bahkan sudah
mengarah ke kecurangan dengan membuat
pembukuan ganda, terutama perusahaan
yang belum terdaftar.
Perilaku pemeriksa pajak dalam
memaknai praktik manajemen laba kurang
mencerminkan makna karakter wetonnya.
Perubahan karakter adalah lingkungan
keluarga dan selalu berpikir positif
terhadap apapun yang didukung dengan
mendalami spiritual.
Analis kredit lahir pada weton
Senin Pon memaknai praktik manajemen
laba sebagai kosmetik. Fungsi kosmetik
bagi laporan keuangan untuk
mempercantik laporan keuangan atau
bahkan membuat laporan keuangan
tampak jelek sesuai dengan motivasi atau
tujuannya. Makna yang terkandung dalam
pendapat analis kredit bahwa praktik
manajemen laba sarana untuk membuat
laporan keuangan menjadi menarik dan
sebaliknya.
Perilaku Analis kredit dalam
mencerminkan karakternya yang dilihat
dari wetonnya. Selama pengamatan ketika
wawancara, peneliti menemukan ciri-ciri
seperti makna wetonnya. Dengan
demikian karakter (weton) Widodo dalam
tercermin dalam perilaku sehari-hari.
Karakter yang cenderung baik ini tumbuh
kembang karena Widodo dibesarkan di
lingkungan keluarga guru yang sangat
mendukung.
Investor dilahirkan pada weton
Selasa Pahing memaknai praktik
manajemen laba adalah intervensi manajer
atau akal-akalan manajer. Selain itu
praktik manajemen laba juga dimaknai
sebagai manipulasi laba yang mengarah
ke kecurangan karena tidak sekedar
mengubah-ubah kebijakan akuntansi
tetapi sudah merekayasa laporan keuangan
yang jauh dari aturan Standar Akuntansi
Keuangan.
Perilaku investor dalam memaknai
praktik manajemen laba mencerminkan
karakter yang cenderung banyak sisi
jeleknya terutama pemarah, kaku hatinya.
Hal ini disebabkan oleh pengalaman
selama menjadi investor yang sering
kecewa dan jengkel karena salah
pengambil keputusan yang didasarkan
pada laporan keuangan. Selain itu faktor
lingkungan bisnis yang penuh persaingan
semakin mendukung karakter jeleknya
berkembang atau lebih dominan.
DAFTAR PUSTAKA
Copeland, M. Ronald 1968. Income
Smoothing. The Accounting
Review. Vol. 41, p.101-117
Creswell, J. W. 1998. Qualitatif Inquiry
and Research Design. California:
Sage Publications, Inc.
De Angelo, L.E. 1986. Accounting
Number as Valuation Subsititutes:
A Study of Management Buyout
of Accounting Performannce in
Proxy Contest, Journal of
Accounting and Economics, Vol.
12, p. 3-36.
Dechow,M. Patricia dan Douglas J.
Skinner. 2000. Earning
Management: Reconciling the
View of Accounting Academic,
Practitioners, and Regulators.
Accounting Horizon. Vol. 14 No.
2:235-250.
Dechow, P., R. Sloan, A. Sweeny. 1995.
Detecting Earnings Management.
The Accounting Review, 7(2),
April.
DeFond, L.Mark, dan James Jiambalvo,
1994, "Debt Covenant Violation
and Manipulation of Accruals",
diunduh dari:
Journal of Accounting and
Economics, 17.
Doyodipuro, Hudoyo. 2008. Horoskop
Jawa: Misteri Pranata Mangsa.
Semarang: Dahara Prize.
DuCharme, L.L., P.H.Malatesta, S.E.
Sefcik. 2004. Earnings
Management, Stock Issues and
Shareholder Lawsuits. Journal of
Financial Economics,27-49.
Endraswara, Suwardi. 2010. Falsafah
Hidup Jawa: Menggali Mutiara
Kebijakan dari Intisari Filsafat
Kejawen. Yogyakarta: Cakrawala.
Financial Accounting Standard Board
(FASB). 1978.” Objectives of
Financial Reporting by Business
Enterprises”. Statement of
Financial Accounting Concept
(SFAC) No. 1.
Fischer, Marilyn dan K. Rosenzweig.
1995. Attitude of Student and
Accounting Practitioners
Concerning The Ethical
Acceptability of Earnings
Managements. Journal of Business
Ethics. 14,433-444.Grasso, P.
Lawrence, A.T. Patricia dan A.W.
Richard. 2009. The ethics of
earnings management: perceptions
after Sarbanes-Oxley.
http://findarticles.com/p/ articles.
Diakses 20 Nopember 2010.
Healy, P. 1985. The Effect of Bonus
Schemes on Accounting
Decisions. Journal of
Accounting and Economics 7.
Heally, P.M and J.M. Wahlen. (1999). A
Review of The Earnings
Management Literature and its
Implication for Standard Setting,
Accounting Horizon Vol. 12 No.
4 (December), 365-383.
Irianto, Gugus. 2006. Dilema Laba dan
Rerangka Teori Political Economy of
Accounting (PEA). Jurnal TEMA,
Vol. 7, No. 2, September, 141-153
Jensen, C. Michael dan Meckling, William
H (1976). Theory of the Firm:
Management Behavior, Agency Cost
and Ownership Structure. Journal of
Finance Economic.Oktober.
Jiraporn, Pornsit, A.G. Miller, S.S.
Yoon, S.K. Young. 2008. Is
Earning Management
Opportunistic or Beneficial? An
Agency Theory Perspective.
International Review of Financial
Analysis. volume 17 p 622–634.
Kaplan, E.Steven. 2001. Further
Evidence on the Ethics of
Managing Earnings: An
Examination of The Ethically
Related Judgments of
Shareholders and NonShareholders. Journal of
Accounting and Public Policy.
20,27-44.
Kotler, Philip. 2000. Marketing
Management Millenium Edition.
10th Edition. New Jersey:
Prentice Hall Inc.
McTaggart, Lynne. 2008. The Intention
Experiment: Use Your Thoughts
To Change The world.
London:Harper Element
Merchant, K.A. dan J.Rockness. 1994.
The Ethics of Managing Earnings:
an Empirical Investigation.
Journal of Accounting And
Economic.
Miles, Matthew. B. And Huberman,
A.Michael. 1992. Qualitative Data
Analysis. California: Beverly Hills:
Sage Publication Inc.
diunduh dari:
Moleong, Lexy, J. 2004. Metodologi
Penelitian Kualitatif. Edisi Revisi.
Bandung: PT Remaja Rosdakarya.
Muhadjir, Noeng. 2000. Metodologi
Penelitian Kualitatif. Yogyakarta:
Rake Sarasin.
Neuman, W. Lawrence. 2006. Social
Research Methods: Qualtative and
Quantitative Approaches. Sixth
Edition. New York: Person
Education, Inc.
Rakhmat, Jalaluddin. 2005. Psikologi
Komunikasi. Bandung: PT Remaja
Rosdakarya.
Ranoewidjojo, RDS.Romo. 2009. Primbon
Masa Kini: Warisan Nenek
Moyang untuk Meraba Masa
Depan. Jakarta: Penerbit Bukuné.
Accounting Method Choice.
Management Science. Vol 36, 6.
Walgito, Bimo. 2010. Pengantar
Psikologi Umum. Yogyakarta:
Penerbit Andii Offset.
Yanto, Achmad Soeparno. 2010. “Watak
Manusia Berdasarkan Pasaran”.
http://www.artikelbebas.co.cc/201
0/09/primbon-jawa-watakmanusia-berdasarkan_18.html. 1
September 2010. Diakses 2
Nopember 2010.
Zimmermann, Joechen and I. Goncharov.
2006. Earnings Management
When Incentive Compete: The
Role of Tax Accounting in Russia.
Working Paper. Diakses 1 Juli
2010.
Riduwan, Akhmad. 2009. Etika dan
Prilaku Koruptif dalam Praktek
Manajemen Laba: Studi
Hermeneutika-Kritis. Simposium
Nasional Akuntansi 12.
Palembang. 4-6 November 2009.
Schipper, K. (1989). “Commentary on
Earnings Management”.
Accounting Horizon, 3: 91-102.
Soemodidjojo. 1994. Kitab Primbon:
Betaljemur Adammakna. Bahasa
Indonesia. Yogyakarta:
Soemadjojo Mahadewa .
Soemodidjojo. 2001. Kitab Primbon:
Betaljemur Adammakna. Cetakan
ke 54. Yogyakarta: Soemadjojo
Mahadewa.
Sriwinarti, Ni Ketut. 2010. “Pemilihan
Paradigma Akuntansi: Analisis
Berdasarkan Pewarigaan dan
Kecerdasan Manusia”. Tesis.
Fakultas Ekonomi Universitas
Brawijaya.
Suh, S. Yoon. 1990. Communication and
Income Smoothing Through
diunduh dari:
Pengaruh Debt Default, Firm SizeI, dan
Prior Opinion
terhadap Penerimaan Opini Going
Concern
(Studi Empiris pada Perusahaan yang
listing di BEI)
(Lukyanto Dwi Sandi, Endang Dwi
Wahyuni, Sri Wibawani W.A)
Universitas Muhammadiyah Malang
Latar Belakang
Opini audit going concern adalah
pernyataan auditor yang menyatakan
keraguan jika auditee dapat
memertahankan kelangsungan usaha
setelah periode opini diterbitkan(IAPI,
2011). Dengan kata lain,opini going
concern hanya diberikan pada auditee
yang terindikasi collapse setelah periode
opini diberikan.Hal tersebut menyebabkan
opini auditgoing concern menjadi early
warning dan bad news bagi berbagai
pihak, terutama shareholder (Venuti,
2007). Kondisi demikian menyebabkan
auditor mengalami self fulfilling prophecy.
Self fulfilling prophecy adalah keadaan
dimana auditor mengalami dilema dalam
menentukan opini auditgoing concern.
Opini tersebut diyakini berdampak pada
perilakushareholderyang akanbertindak
irasional, yaitu membatalkan rencana
investasi, bahkan hingga menarik dananya
dari perusahaan tanpa memerhatikan
indikator-indikator lain. Jika kondisi
tersebut terjadi, maka kondisi keuangan
perusahaan akan semakin memburuk
bahkan memercepat kebangkrutan
perusahaan (Mulia et al., 2014).
Umumnya auditor menilai
kelangsungan usaha (going concern)
dengan melihat kondisi keuangan
perusahaan. Utang merupakan salah satu
indikator untuk menilai sehat atau
tidaknya kondisi keuangan perusahaan.
Jika jumlah utang perusahaan sudah
sangat besar, maka aliran kas perusahaan
tentu banyak yang dialokasikan untuk
menutupi utangnya, sehingga akan
mengganggu kelangsungan operasi
perusahaan (Januarti, 2009). Chen dan
Church (1992) menjelaskan bahwa
kegagalan usaha lebih mungkin terjadi
apabila perusahaan gagal dalam melunasi
utang jatuh tempo (debt default). Kondisi
tersebut menyebabkan auditor
memberikan opini going
concern(Ramadhany, 2004, Praptitorini
dan Januarti, 2007, Ulya, 2012, Putrady,
2014). Faktanya, utang bukanlah hal yang
memengaruhi penerimaan opini going
concern. Sebab akhir-akhir ini auditor
akan memertimbangkan kondisi keuangan
secara keseluruhan sebelum menetapkan
opini going concern, karena dampak
negatif yang akan dialami auditee setelah
opini going concern diberikan (Susanto,
2009, Ully, 2013).
Selain utang, auditor akan
memertimbangkan ukuran perusahaan
pada saat kondisi keuangan dinilai tidak
sehat. Karena salah satu strategi untuk
menyehatkan kondisi keuangan
perusahaan adalah dengan memeroleh
modal tambahan. Untuk memeroleh
tambahan modal, perusahaan harus
memiliki jaminan bahwa perusahaan
mampu mengembalikan modal tambahan
beserta bunga pinjaman. Salah satu jenis
jaminan tersebut adalah aset perusahaan.
Perusahaan dengan aset yang besar dinilai
lebih mudah memeroleh pinjaman modal
dari pihak eksternal dibandingkan dengan
perusahaan dengan aset yang kecil, sebab
untuk meminimalkan risiko, kreditur akan
memilih debitur yang dapat menjamin
secara penuh pinjaman beserta bunga.
Sehingga pada saat mengalami kondisi
keuangan yang buruk, perusahaan besar
lebih mudah bertahan dibandingkan
dengan perusahaan kecil. Hal tersebut
menjadi dasar bagi auditor untuk tidak
memberikan opini going concern pada
perusahaan dengan total aset yang besar
(Mutchler, 1985, Januarti, 2009,
Nurpratiwi, 2014).
diunduh dari:
Ketika manajemen telah
melakukan berbagai cara untuk
menyelamatkan perusahaan akan tetapi
kondisi keuangan tidak mengalami
perbaikan, maka kelangsungan hidup
perusahaan menjadi hal yang tidak pasti.
Auditor wajib menyatakan keraguannya
atas going concern perusahaan pada
paragraf opini auditor dalam laporan
keuangan. Hal ini dinilai perlu agar
pengguna laporan keuangan tidak terjebak
dengan informasi yang disajikan dalam
laporan keuangan. Namun kondisi
tersebut menyebabkan shareholder
bertindak irasional dan berdampak pada
kondisi keuangan perusahaan yang
semakin buruk, atau bahkan mempercepat
kebangkrutan pada periode setelah opini
diterbitkan (Susanto, 2009). Dengan kata
lain, ketika auditee telah memeroleh opini
going concern tahun sebelumnya (prior
opinion) maka kondisi keuangan
perusahaan menjadi semakin sulit dan
berpeluang untuk memeroleh opini going
concern kembali pada periode selanjutnya
(Setyarno et al., 2006, Rahman dan
Siregar, 2012, Ulya, 2012, Mufid, 2014).
Berdasarkan uraian tersebut,
peneliti tertarik untuk menemukan bukti
empiris pengaruh debt default, firm size,
dan, prior opinion terhadap penerimaan
opini going concern pada perusahaan
yang listing di Bursa Efek Indonesia
selama periode 2011-2013, mengingat
telah ditemukan bukti empiris bahwa
opini going concern memiliki dampak
yang signifikan terhadap kelangsungan
hidup perusahaan setelah opini tersebut
diterbitkan.
Tujuan Penelitian
Tujuan dari penelitian ini adalah sebagai
berikut :
1. Menguji pengaruh debt default
terhadap penerimaan opini audit
going concern pada perusahaan
yang listing di BEI.
2. Menguji pengaruh firm size
3. Menguji pengaruh prior opinion
Landasan Teori dan Hipotesis
Teori Agensi
Jensen dan Meckling (1976) menjelaskan
hubungan antara principal (pemilik
perusahaan) dengan agent (pengelola
perusahaan). Seorang atau lebih principal
mendelegasikan wewenangnya kepada
agent untuk mengelola perusahaan secara
penuh dan mengambil keputusan terbaik
bagi perusahaan dengan harapan kekayaan
prinsipal meningkat.Hal tersebut menuntut
agent untuk memertanggungjawabkan
aktivitasnya melalui suatu mekanisme
pelaporan keuangan. Laporan keuangan
menggambarkan aktivitas perusahaan
secara keseluruhan, serta menjadi alat bagi
principal untuk mengukur kinerja agent.
Untuk memastikan laporan keuangan telah
sesuai dengan kondisi sebenarnya,
dibutuhkan pihak ketiga yaitu auditor
yangberfungsi melakukan monitoring
pekerjaan manajer melalui sebuah sarana
yaitu laporan tahunan(Rahman dan
Siregar, 2012).
Opini Audit Going Concern
Opini audit going concern merupakan
opini audityang dalam pertimbangan
auditor terdapat ketidakmampuan atau
ketidakpastiansignifikan atas
kelangsungan hidup perusahaan untuk
menjalankan operasinyadalam kurun
waktu yang pantas, tidak lebih dari satu
tahun sejak tanggal laporankeuangan yang
sedang diaudit(IAPI, 2011).
Pertimbangan tersebut dilakukan dengan
mengidentifikasi risiko bisnis dan risiko
diunduh dari:
kecurangan yang bisa berdampak pada
salah saji yang material (Tuanakotta,
2013).
Self Fulfilling Prophecy
Debt Default
Status utang merupakan faktor pertama
yang diperiksa oleh auditor untuk
mengukur kondisi kesehatan perusahaan
(Januarti, 2009). Ketika perusahaan gagal
dalam memanajemen utang, maka
perusahaan dinilai bermasalah dengan
kelangsungan usahanya. Debt default
merupakan kondisi kegagalan debitor
(perusahaan) untukmembayar utang
pokok dan/atau bunganya pada waktu
jatuh tempo (Chen dan Church, 1992).
Ketika jumlah utang perusahaan sudah
sangat besar, maka aliran kas
perusahaantentunya banyak dialokasikan
untuk menutupi utangnya, sehingga
akanmenganggu kelangsungan operasi
perusahaan. Apabila utang ini tidak
mampudilunasi, maka kreditor akan
memberikan status default(Januarti,
2009). Sehingga, perusahaan yang
mengalami status debt default
mengindikasikan bahwa perusahaan
sedang mengalami kesulitan keuangan
yang berdampak pada kelangsungan
usaha.
Firm Size
Kesulitan keuanganyang dialami oleh
perusahaandapat ditanggulangi ketika
perusahaan memeroleh tambahan modal
dari shareholder. Akan tetapi perusahaan
harus mampu menjamin pinjaman modal
yang diberikan oleh shareholder, salah
satunya dengan aset yang dimiliki
perusahaan. Hal ini perlu dilakukan
karena pemberi modal (shareholder)
adalah pihak yang sangat memerhitungkan
resiko. Shareholder akan lebih yakin dan
merasa aman ketika perusahaan memiliki
jaminan lebih besar daripada jumlah
pinjamannya. Sehingga perusahaan besar
akan lebih mudah memeroleh tambahan
modal daripada perusahaan kecil.
Artinnya ukuran perusahaan (firm size)
merupakan salah satu faktor yang dapat
membantu perusahaan ketika kondisi
finansial perusahaan bermasalah
(Mutchler, 1985, Januarti, 2009, Arsianto
dan Rahardjo, 2013, Nurpratiwi, 2014).
Prior Opinion
Hal lain yang mampu memperburuk
kondisi keuangan perusahaan adalah opini
going concern yang diterbitkan oleh
auditor pada perusahaan yang dinilai
bermasalah (prior opinion). Prior opinion
merupakan opini going concern yang
diberikan oleh auditor pada periode
sebelumnya. Opini tersebut merupakan
early warning bagi shareholder selaku
pengguna laporan keuangan dengan
harapan upaya penyelamatan perusahaan
dapat dilakukan lebih cepat. Namun opini
tersebut justru membuat shareholder
bertindak irasional dengan membatalkan
rencana investasi hingga menarik dananya
dari perusahaan dikarenakan perusahaan
dinilai beresiko, sehingga kondisi
keuangan perusahaan semakin bermasalah
(Susanto, 2009).
Hipotesis Penelitian
Debt Default
Debt default merupakan kondisi ketika
perusahaan tidak mampu (gagal) dalam
melunasi kewajiban jatuh temponya. Hal
tersebut terjadi karena perusahaan tidak
memiliki aset yang cukup. Selain itu, debt
default terjadi karena jumlah utang yang
semakin besar dan berakibat pada
operasional perusahaan karena aset yang
dimiliki kebanyakan digunakan untuk
melunasi utang, sehingga tidak cukup
untuk mendanai aktivitas operasional.
Kondisi tersebut mengindikasikan bahwa
kondisi perusahaan dalam keadaan yang
kritis. Jika seorang auditor menemukan
adanya kesangsian yang besar atas going
concern perusahaan (auditee) karena hal
tersebut, auditor diwajibkan memberikan
opini modifikasi (going concern),
sehingga shareholder tidak terkecoh
dengan informasi laporan keuangan yang
disajikan oleh manajemen.Hal tersebut
diunduh dari:
menunjukkan bahwa debt default atau
kegagalan dalam membayar utang
memiliki pengaruh dengan penentuan
opini going concern(Ramadhany, 2004,
Praptitorini dan Januarti, 2007, Januarti,
2009, Lestari, 2009, Ulya, 2012, Putrady,
2014).
Ha1 : Debt Default berpengaruh
terhadap penerimaan opini going
concern
Firm Size
Mutchler (1985) dan (Nurpratiwi, 2014)
menemukan bukti empiris bahwa
perusahaan kecil akan lebih beresiko
menerima opini going concern jika
dibandingkan dengan perusahaan besar
ketika perusahaan mengalami kesulitan
dalam kondisi keuangan. Perusahaan
besar dinilai lebih mampu memertahankan
kelangsungan usahanya dikarenakan
mudahnya memeroleh modal tambahan
daripada perusahaan kecil. Sebab,
perusahaan besar (dengan aset yang besar)
dinilai lebih mampu menjamin pinjaman
daripada perusahaan kecil (dengan aset
yang kecil). Pertimbangan inilah yang
dijadikan auditor untuk menentukan
pemberian opini going concern ketika
perusahaan mengalami kondisi yang
berdampak pada going concern (Mutchler,
1985, Januarti, 2009, Arsianto dan
Rahardjo, 2013, Nurpratiwi, 2014).
Ha2 : Firm Size berpengaruh terhadap
penerimaan opini going concern
Prior Opinion
Perusahaan yang telah memeroleh
opini going concern berkemungkinan
besar akan memeroleh opini going
concern pada tahun selanjutnya (Setyarno
et al., 2006, Dewayanto, 2011, Ulya,
2012). Hal ini disebabkan opini going
concern yang diberikan oleh auditor
merupakan early warning dan bad news
bagi shareholder. Shareholder akan
menilai bahwa kondisi perusahaan dalam
kondisi yang tidak sehat, sehingga akan
bertindak irasional (Susanto, 2009).
Dengan demikian Opini going concern
dapat mempercepat kebangkrutan usaha
karena hilangnya citra publik kepada
perusahaan (Ulya, 2012).
Ha3 : Prior Opinion berpengaruh
terhadap penerimaan opini going
concern
Rerangka Pikir
Debt Default (X1)
Firm Size (X2)
Opini
Going
Concern
(Y)
Prior Opinion (X3)
Metode Penelitian
Populasi pada penelitian ini adalah
seluruh perusahaan yang terdaftar di
Bursa Efek Indonesia mulai tahun 20112013. Tahun 2011-2013 menjadi tahun
pengamatan sebab kondisi perekonomian
di Indonesia pada tahun-tahun tersebut
relatif stabil. Sampel dari penelitian ini
adalah perusahaan yang terdaftar di Bursa
Efek Indonesia mulai tahun 20112013.Pemilihan sampel dilakukan dengan
purposive judgement sampling
method,yaitu metode pengambilan sampel
secara tidak acak yang informasinya
diperoleh dengan menggunakan
pertimbangan tertentu (Mengalami salah
satu kondisi berikut : Laba setelah pajak
negatif,saldo laba negatif, ekuitas negatif)
Variabel Penelitian dan Definisi
Operasional
Chen dan Church (1992)
mendefinisikandebt default sebagai
kegagalan debitor (perusahaan) untuk
diunduh dari:
membayar utang pokok dan/atau
bunganya pada waktu jatuh tempo.
Apabila utang tidak mampudilunasi, maka
kreditor akan memberikan status
default(Januarti, 2009).Variabel ini diukur
dengan variabel dummy, dengan
memberikan angka 1 jika mengalami
status debt default dan 0 jika tidak
mengalami status debt default.
a. Firm Size
Firm Size merupakan ukuran besar
kecilnya perusahaan yang bisa diukur
dengan melihat total asetpenjualan dan
kapitalisasi pasar(Sudarmadji dan Sularto,
2007). Variabel firm size diukur
berdasarkan jumlah aset yang dimiliki
perusahaan, sebab aset memiliki nilai
yang stabil. Variabel ini diukur melalui
logaritma total aset. Logaritma natural
digunakan untuk menyederhanakan nilai
aset yang bernilai miliar bahkan triliunan,
tanpa mengubah proporsi dari nilai asal
yang sebenarnya. Berikut merupakan cara
pengukuran Firm Size :
b. Prior Opinion
Prior Opinion merupakan opini going
concern yang diterima oleh auditee pada
periode sebelumnya. Variabel ini
merupakan variabel dikotomi, karena
hanya memiliki nilai menerima opini
going concern pada tahun sebelumnya dan
tidak menerima opini going concern pada
tahun sebelumnya. Sehingga variabel ini
diukur menggunakan variabel dummy,
yaitu memberi angka 1 jika menerima
opini going concern pada tahun
sebelumnya dan memberi angka 0 jika
tidak menerima opini going concern tahun
sebelumnya.
Jenis dan Sumber Data
Jenis data dalam penelitian ini adalah
data sekunder. Pada penelitian ini, data
yang digunakan berupa laporan keuangan.
Sedangkan sumber data penelitian ini
adalah sumber data eksternal, yang
diperoleh dari Bursa Efek Indonesia atau
pada website resmi Indonesian Stock
Exchangehttp://www.idx.co.id
Teknik Pengambilan Data
Teknik pengambilan data dilakukan
dengan dokumentasi. Sehingga, teknik
pengambian data dilakukan dengan cara
mengunduh laporan keuangan yang ada di
website resmi Indonesian Stock
Exchangehttp://www.idx.co.id
Teknik Analisis Data
1. Statistik Deskriptif
Teknik ini digunakan untuk
menggambarkan data penelitian secara
umum melaluirata-rata
(mean),maksimum, dan
minimum(Ghazali, 2011). Analisis
statistik deskriptif digunakan untuk
menjelaskan distribusi data dari variabelvariabel yang diteliti.
2. Analisis Regresi Logistik
Pengujian hipotesis dilakukan dengan
regresi logistik, sebab variabel dependen
yang digunakan dalam penelitian ini
bukan berupa angka atau pengukurannya
bersifat diskret (Augustine dan Kristaung,
2013). Regresi logistik adalah regresi
yang digunakan untuk menguji
apakahprobabilitas terjadinya variabel
terikat dapat diprediksi dengan variabel
bebasnya, dengan katalain, regresi logistik
digunakan untuk mengetahui ada tidaknya
pengaruh variabel independen terhadap
variabel dependen yang diuji. Regresi
logistik tepat digunakan untuk menguji
hipotesis yang memiliki variabel
kategorial atau diskret (Ghazali, 2011).
Berikut merupakan model regresi yang
digunakan dalam penelitian ini:
Keterangan :
α
= Konstanta (Tingkat
Keyakinan)
OGC
= Opini Going Concern
DebtDefault = Kegagalan Pembayaran
Utang ( Memberi indikator 1 jika
diunduh dari:
mengalami status debt
192
8,62
13,28 11,788
0,79943
Firm Size
default, dan angka 0 jika
9
sebaliknya).Prior Opinion
192
0
1
0,36
0,481
FirmSiz
= Ukuran Perusahaan
Valid N
192
(natural log dari total aset) (listwise)
Prior Opinion = Opini going (Sumber:
concern
SPSS21)
tahun sebelumnya ( Memberi
indikator 1 jika
Koefisien Determinasi
mengalami status debt default,
Tabel 3
dan
Model Summary
angka 0 jika sebaliknya)
-2 Log
Cox & Snell Nagelkerke
Step
ε
= Error
likelihood
R Square
R Square
1
121,291a
0,504
0,685
Hasil dan Pembahasan
(Sumber : Output SPSS 21)
Penelitian ini menggunakan 64 sampel
perusahaan terdaftar di BEI yang
variabilitas variabel independen yang
mengalami salah satu kondisi berikut:
dapat dijelaskan oleh variabel independen
mengalami rugi 2 tahun berturut-turut,
adalah sebesar 0,685 atau 68,5%.
saldo laba negatif, dan ekuitas negatif.
Sehingga masih ada 31,5% yang
Tabel 1
dijelaskan variabel lain diluar model
Sampel Penelitian
penelitian.
Menguji
Hipotesis
Keterangan
Jumlah
Tabel 2
Total perusahaan yang listing di BEI Selama tahun 2010Ringkasan Pengujian Hipote
2013
507
Nilai Keof
Perusahaan yang manyajikan laporan keuagan selain mata
Regresi
(B)
uang Rupiah
(9)
N
Hipotesis
Hasil
dan Nilai
Perusahaan yang tidak mengalami kondisi berikut :
o
Signifikans
a. Mengalami defisiensi ekuitas;
i (sig.)
b. Mengalami defisit saldo laba;
1 Debt
(434)
Default
c. Mengalami kerugian setelah pajak sekurangberpengaru
Diterim
B= 3,115
kurangnya 2 periode berturut-turut.
h terhadap
a
Sig=0,009
penerimaan
opini
Perusahaan yang menjadi sampel penelitian
64 going
concern
(Sumber : Data Diolah 2015)
2 Firm Size
berpengaru
Analisis Deskriptif
h terhadap
Berikut merupakan tabel statitik
B=0,194
penerimaan Ditolak
deskriptif:
Sig=0,562
opini audit
Tabel 2
going
Descriptive Statistics
concern
N
Minimum Maximum Mean
Std.
3Deviation
Prior
Opinion
Diterim
B=3,976
Going Concern
192
0
1
0,39
0,488
berpengaru
a
Sig=0,000
Debt Default
192
0
1
0,11
0,319
h terhadap
diunduh dari:
penerimaan
opini going
concern
Ha1 : Debt Default berpengaruh
terhadap penerimaan Opini Going
Concern
Berdasarkan hasil pengujian statistik
ditemukan bukti bahwa variabel debt
default dan prior opinion berpengaruh
positif terhadap penerimaan opini going
concern. Dengan kata lain, hipotesis
alternatif 1 diterima. Artinya, ketika
auditee mengalami status debt default
(kegagalan dalam membayar utang jatuh
temponya) maka auditee akan memeroleh
opini going concern.
Ha2: Firm Size berpengaruh terhadap
Penerimaan Opini Going Concern
Hasil pengujian statistik menunjukkan
bahwa Hipotesis alternatif 2 tidak berhasil
dibuktikan, dengan kata lain Firm Size
tidak berpengaruh terhadap penerimaan
Opini Going Concern. Hal ini berarti
bahwa besar kecilnya ukuran perusahaan
tidak memengaruhi keputusan auditor
dalam menetapkan opini going concern.
Sebab, berhasil tidaknya perusahaan
bertahan bukan dilihat dari ukuran total
aset, melainkan bagaimana perusahaan
mampu meningkatkan saldo aset.
Ha3 : Prior Opinion berpengaruh
terhadap Penerimaan Opini Going
Concern
Pengujian statistik yang dilakukan
menunjukkan bukti bahwa prior opinion
berpengaruh positif terhadap penerimaan
opini going concern, sehingga hipotesis
alternatif 3 diterima. Hal tersebut
menunjukkan bahwa auditee yang
memeroleh opini going concern pada
tahun sebelumnya cenderung memerooleh
opini going concern kembali. Hal ini
terjadi karena untuk memulihkan kondisi
keuangan perusahaan dibutuhkan waktu
yang panjang.
Kesimpulan dan Saran
Hasil pengujian statistik menunjukkan
bahwa debt default dan prior opinion
berpengaruh positif terhadap penerimaan
opini going concern. Sedangkan firm size
tidak berpengaruh terhadap penerimaan
opini going concern.
Saran untuk penelitian selanjutnya adalah
menggunakan menambahkan variabel
keuangan lain, maupun variabel non
keuangan.Menambah jumlah tahun
pengamatan sehingga mengetahui tren
pemberian opini dalam jangka panjang,
menggunakan pengukuran lain pada
variabel Firm Size dengan pertumbuhan
aset. Menggunnakan pengukuran lain
pada variabel debt default dengan
solvabilitas.
DAFTAR PUSTAKA
Arsianto, Maydica Rossa dan Shiddiq Nur
Rahardjo (2013). Faktor-Faktor
Yang Memengaruhi
Penerimaan Opini Audit Going
Concern. Diponegoro Journal of
Accounting 2(3).
Augustine, Yvone dan Robert Kristaung
(2013). Metodologi Penelitian
Bisnis Dan Akuntansi. Jakarta,
Dian Rakyat.
Chen, K.C.W dan B.K. Church (1992).
Default on Debt Obligations
and Auditor Report. Auditing :
A Journal of Practice & Theory.
Dewayanto, Totok (2011). Analisis
Faktor-Faktor Yang
Mempengaruhi Penerimaan
Opini Audit Going Concern
Pada Perusahaan Manufaktur
Yang Terdaftar Di Bursa Efek
Indonesia. Fokus Ekonomi 6(1).
diunduh dari:
Ghazali, Imam (2011). Aplikasi Analisis
Multivariate Dengan Program
Spss. Semarang, BP.
IAPI (2011). Standar Profesional Akuntan
Publik. Jakarta, Salemba
Empat.
Januarti, Indira (2009). Analisis Pengaruh
Faktor Perusahaan, Kualitas
Auditor, Kepemilikan
Prusahaan Terhadap
Concern. Simposium Nasional
Akuntansi Palembang, IAI.
Jensen, M.C dan W.H Meckling (1976).
Theory of the Firm, Managerial
Behaviour, Agency Costs &
Ownership Structure. Journal of
Financial Economics 3.
Lestari, Wahyu Puji (2009). Pengaruh
Financial Distress, Debt Default
Auditor Changes Dan Opini
Audit Tahun Sebelumnya
Terhadap Opini Audit Going
Concern. Akuntansi. Surakarta,
Universitas Sebelas Maret.
Skripsi.
Mufid, Muhammad Abdullah (2014).
Analisis Faktor-Faktor Yang
Mempengaruhi Opini Audit
Going Concern. Akuntansi.
Semarang, Universitas
Diponegoro. Skripsi.
Mulia, Teodora Winda, Jogiyanto
Hartono, Supriyadi dan
Ertambang Nahartyo (2014).
Pengaruh Bias Self Fulfilling
Prophecy Dan Inisiatif
Perubahan Manajemen Sebagai
Upaya Pengurangbiasan Going
Concern Judgment. Simposium
Nasional Akuntansi 17,
Mataram, IAI.
Mutchler, Jane F. (1985). A Multivariate
Analysis of the Auditor's Going
Concern Opinion Decision.
Journal of Accounting Research
23(2).
Nurpratiwi, Vidya (2014). Analisis
Pengaruh Ukuran Perusahaan,
Struktur Kepemilikan, Faktor
Komite Audit, Rasio
Profitabilitas, Dan Rasio
Aktivitas Terhadap Penerimaan
Opini Audit Going Concern.
Akuntansi. Semarang,
Universitas Diponegoro.
Skripsi.
Praptitorini, Mirna Dyah dan Indira
Januarti (2007). Analisis
Pengaruh Kualitas Audit, Debt
Default Dan Opinion Shopping
Terhadap Penerimaan Opini
Going Concern. Simposium
Nasional Akuntansi 10,
Makasar, IAI.
Putrady, Gea Cherlita (2014). Analisis
Faktor Keuangan Dan Non
Keuangan Yang Mempengaruhi
Concern. Akuntansi. Semarang,
Skripsi.
Rahman, Abdul dan Baldric Siregar
(2012). Faktor - Faktor Yang
Mempengaruhi Kecenderungan
Concern Pada Perusahaan
Manufaktur Yang Terdaftar Di
Bursa Efek Indonesia.
15, Banjarmasin, IAI.
Ramadhany, Alexander (2004). Analisis
Faktor-Faktor Yang
Memengaruhi Penerimaan
diunduh dari:
Opini Going Concern.
Akuntansi. Semarang,
Universitas Diponegoro. Tesis.
Setyarno, Eko Budi, Indira Januarti dan
Faisal (2006). Pengaruh
Kualitas Audit, Kondisi
Keuangan Perusahaan, Opini
Audit Tahun Sebelumnya,
Pertumbuhan Perusahaan
Terhadap Opini Audit Going
Concern. Simposium Nasional
Akuntansi 9, Padang, IAI.
Accounting Analysis Journal
1(1).
Venuti, Elizabeth K (2007). The Going
Concern Assumption Revisited
: Assessing a Company’s Future
Viability. The CPA Journal
Online.
Sudarmadji, Ardi Murdoko dan Lana
Sularto (2007). Pengaruh
Ukuran Perusahaan,
Profitabilitas, Leverage, Dan
Tipe Kepemilikan Perusahaan
Terhadap Luas Voluntary
Disclosure Laporan Keuangan
Tahunan. Proceeding PESAT 2.
Susanto, Yulius Kurnia (2009). Faktor
Faktor Yang Memengaruhi
Penerimaan Opini Going
Concern Pada Perusahaan
Publik Sektor Manufaktur.
Jurnal Bisnis dan Akuntansi
11(3).
Tuanakotta, Theodorus M (2013). Audit
Berbasis Isa (International
Standart on Auditing). Jakarta,
Salemba Empat.
Ully, Mirelda Hana (2013). Pengaruh
Prediksi Kebangkrutan, Debt
Default, Dan Opinion Shopping
Terhadap Penerimaan Opini
Going Concern. Jurnal Ilmiah
Universitas Bakrie 1(2).
Ulya, Alfaizatul (2012). Opini Audit
Going Concern: Analisis
Berdasarkan Faktor Keuangan
Dan Non Keuangan.
diunduh dari:
PENGARUH BO
OKS-TAX DIFFERENCES
TERHADAP
INVESTOR TRADING
M. Khoiru Rusydi13
Universitas Brawijaya
Chaerul D. Djakman
Universitas Indonesia
Sylvia Veronica NPS
Universitas Indonesia
1. Latar Belakang
Pasar modal merupakan tempat
bertemuanya perusahaan dalam rangka
mencari investor untuk menanamkan
dana/investasinya pada perusahaan yang
dimilikinya. Keputusan investor untuk
menanamkan modal tidak terlepas dari
ekspektasi atau harapan investor terhadap
laba yang mampu di raih oleh perusahaan.
Sehingga perusahaan di tuntut untuk dapat
menyajikan laba yang berkualitas dan
dapat menjadi cerminan kinerja
perusahaan sesungguhnya. Definisi laba
yang berkualitas adalah sejauh mana laba
bersih yang dilaporkan dalam laporan laba
rugi berbeda dari laba yang sesungguhnya
(Hodge, 2003).
Salah satu isu yang berkembang
mengenai analisis kualitas laba adalah
book tax differences yang merupakan
kesenjangan antara laba akuntansi
sebelum pajak yang dilaporkan dalam
laporan keuangan yang diterbitkan
perusahaan dan penghasilan kena pajak
yang dilaporkan kepada otoritas pajak
(Tang, 2011). Books -tax differences
(BTD) dapat memberikan informasi
mengenai kualitas laba dan membantu
investor dalam memperkirakan dan
mengevaluasi kualitas laporan keuangan
(Tang, 2011). Penggunaan BTD oleh
investor ini karena adanya pembatasan
13
Mahasiswa PIA S3 Universitas Indonesia
([email protected])
terhadap rekayasa keuangan oleh undangundang perpajakan, sehingga investor
lebih persisten terhadap BTD.
Penelitian ini menguji terhadap
pengaruh book tax differences yang terkait
dengan perdagangan saham oleh investor.
Secara khusus, peneliti menganalisa data
perdagangan yang sebenarnya untuk
menilai apakah perdagangan saham oleh
investor mendasarkan pada books tax
differences, Penelitian yang ada saat ini
menunjukkan bahwa book tax differences
adalah ukuran yang digunakan dalam
mengevaluasi kinerja perusahaan dan
menemukan bahwa harga saham
berhubungan dengan book tax differences
dengan menggunakan tes regresi. Lev dan
Nissim (2004) menemukan bahwa rasio
penghasilan kena pajak terhadap
pendapatan buku secara sistematis
berhubungan dengan pertumbuhan laba
masa depan. Penelitian lain oleh Mills dan
Newberry (2001) membuktikan hubungan
negatif antara laba dengan return saham
pada perusahaan yang mempunyai large
book-tax differences sebagai bukti adanya
manajemen laba. Demikian juga, Hanlon
(2005) menemukan (a) bahwa perusahaan
dengan perbedaan buku-pajak baik positif
besar atau negatif besar memiliki
perisitensi laba yang rendah dan (b) tidak
ada hubungan antara perbedaan bukupajak dan keuntungan masa
mendatang. Hasil penelitian tersebut
menunjukkan bahwa informasi harga
ekuitas perusahaan terkandung dalam
perbedaan buku-pajak, tetapi penelitian
tersebut juga menjelaskan bahwa investor
benar-benar memasukkan informasi book
tax differences menjadi informasi yang
menjadi dasar keputusan perdagangan
investor.
Beberapa penelitian terdahulu telah
menunjukkan bahwa book-tax differences
dapat menginformasikan investor
mengenai kualitas laba. Revsine, Collins,
and Johnson (2002) dalam Ayers et al.
(2009) menunjukkan bahwa tingginya
diunduh dari:
perbedaan buku-pajak merupakan potensi
bahaya karena akan menunjukkan
memburuknya kualitas laba. Konsisten
dengan anggapan ini, Hanlon (2005)
menemukan bahwa perusahaan dengan
perbedaan buku-pajak negatif positif atau
besar besar memiliki penghasilan kurang
persisten (yaitu, laba saat ini kurang
informatif tentang laba masa depan).
Bukti ini menunjukkan bahwa investor
harus memiliki respon yang lebih terhadap
dengan earning suprise perusahaan
dengan perbedaan buku-pajak yang besar.
Book-tax differences ini penting bagi
investor karena BTD ini merupakan salah
satu fungsi dari persistensi laba (Blaylock
et.al; 2012; Ready et.al 2010; Guenther;
2011). Penelitian tersebut menemukan
bahwa dalam adanya book-tax differences
temporer yang memiliki nilai besar dan
positif merupakan akibat manajemen laba,
persistensi laba dan akrual yang secara
signifikan lebih rendah daripada dalam
kasus penghindaran pajak atau
fundamental karakteristik perusahaan
merupakan sumber utama adanya nilai
book-tax differences yang positif dan
besar, penelitian tersebut juga menemukan
bahwa investor menggunakan book-tax
differences untuk menggabungkan variasi
dalam persistensi harga saat ini pada laba
dan akrual, sehingga tidak ada
pengembalian headging pada periode
berikutnya.(Blaylock et.al; 2012).
Penelitian ini akan menguji
hubungan antara investor trading (trading
volume activity) dengan books-tax
differences, peneliti berhipotesis adanya
hubungan negatif antara trading volume
dari nilai absolut dalam books-tax
differences. Dalam analisis sensitivitas,
peneliti menguji apakah hasil yang kuat
untuk kontrol faktor-faktor lain yang
mempengaruhi perdagangan investor
berdasarkan perbedaan buku-pajak seperti
Size, ROA dan Laverage.
Penelitian ini berhasil membutktikan
bahwa tingkat kesenjangan antara laba
akuntansi (buku) dengan laba fiskal
berpengaruh negatif terhadap trading
volume activity (TVA) di Indonesia, yang
artinya bahwa investor telah mampu
membaca dengan baik signal dari
lemahnya laba yang di laporkan oleh
perusahaan, hal ini tercermin dengan
lebarnya kesenjangan dalam book tax
differences
Penelitian ini memberikan kontribusi
pada bukti konsistensi book tax
differences terhadap Investor Trading
(khususnya dengan kondisi hukum pajak
di Indonesia) dan juga memberikan bukti
persistensi book tax differences dalam
mengukur kualitas laba. Beberapa
penelitian di Indonesia masih banyak yang
menguji book tax differences dengan
kinerja perusahaan (Harmana dan
Suardana; 2014) dan peringkat obligasi
(Christina et. al.; 2010).
2 Kajian Pustaka dan Pengembangan
Hipotesis
2.1.Agency Theory
Manajemen sebagai pengelola
perusahaan lebih banyak mengetahui
informasi internal dan juga going concern
perusahaan dibandingkan pemilik
(pemegang saham). Ketidakseimbangan
luasnya informasi akan menimbulkan
suatu kondisi yang disebut sebagai
asimetri informasi (information
asymmetry). Oleh karena itu timbulah
agency cost dalam rangka manajemen
bertindak selaras dengan tujuan pemilik,
agency cost timbul dari agency theory
(Jensen dan Meckling;1976)
mendefinisikan kontrak antara satu atau
beberapa orang principal yang
mendelegasikan wewenang kepada orang
lain (agent) untuk mengambil keputusan
dalam menjalankan perusahaan.
Book tax differences dapat
memberikan informasi tentang
kewenangan manajemen dalam proses
akrual, karena adanya kebebasan
akuntansi yang diperbolehkan dalam
diunduh dari:
pengukuran laba fiskal. Manajemen yang
oportunis dapat menggunakan tax
avoidance ataupun earning management,
satu sisi manajemen menginginkan
peningkatan kompensasi melalui laba
yang tinggi, sisi lainnya pemegang saham
ingin menekan biaya pajak melalui laba
yang rendah. Maka dalam rangka
menjembatani agency problem ini
digunakan tax avoidance ataupun earning
management dalam rangka
mengoptimalkan kedua kepentingan
tersebut.
2.2.Kualitas Laba
Kualitas laba merupakan sebuah
konsep multidimensi dalam penelitian
akuntansi. Oleh karena itu, pilihan
ukuran kualitas laba akan tergantung
pada pertanyaan penelitian yang dan
ketersediaan data dan model estimasi.
Beberapa pertanyaan penelitian
menggunakan ukuran kualitas laba
diubungkan dengan persepsi investor
terhadap laba. Francis et al. (2004)
mengidentifikasi tujuh ukuran kualitas
yang telah banyak digunakan dalam
berbagai penelitian akuntansi. Atribut
laba akuntansi berbasis akrual adalah
kualitas, persistensi, prediktabilitas, dan
smoothness. Atribut berbasis pasar
adalah nilai relevansi, timeliness
(ketepatan waktu), dan konservatisme.
Kualitas Akrual sebagai ukuran kualitas
laba didasarkan pada pandangan bahwa
laba yang mampu memetakan lebih dekat
ke arus kas memiliki kualitas yang lebih
baik (Dechow dan Dichev; 2002).
Penggunaan akrual dalam standar
akuntansi diperkenankan dalam
pengakuan pendapatan maupun biaya,
namun demikian dalam perpajakan tidak
di perkenankan. Perbedaan pengakuan ini
bisa menjadikan timbulnya perbedaan
laba yang di laporkan dalam laporan
keuangan dan laba fiksal yang bertujuan
untuk menghitung pajak yang akan di
laporkan kepada otoritas pajak. Dengan
demikian perbedaan laba akuntansi dan
laba fiskal dapat di gunakan dalam
menjelaskan kualitas laba. Atwood et
al.(2010) mengemukakan bahwa
keseuaian laba akuntansi dan laba fiskal
berhubungan negatif dengan kualitas
laba. Sehingga book tax differences
(BTD) bisa menjadi fokus investor dalam
menilai kualitas laba perusahaan, hal ini
akan menjadi preferensi dalam
melakukan transaksi di pasar modal.
2.3.Book-Tax Differences (BTD)
BTD merupakan kesenjangan antara
pendapatan sebelum pajak yang
dilaporkan dalam laporan keuangan
(akuntansi) perusahaan yang diterbitkan
(selanjutnya disebut pendapatan buku) dan
penghasilan kena pajak yang dilaporkan
kepada otoritas pajak (DJP). Perbedaan ini
karena adanya perbedaan pengakuan dan
pengukuran yang disebabkan perbedaan
aturan, laporan keuangan (akuntansi)
menggunakan standar akuntansi keuangan
(SAK) dan laporan pajak menggunakan
aturan undang-undang perpajakan
(UU.No.36 Tahun 2008 tentang Pajak
Pengahasilan) maupun adanya perbedaan
tujuan penyusunan laporan keuangan
tersebut.
Perbedaan antara UU perpajakan dan
Standar Akuntansi tidak hanya terjadi di
Indonesia namun hampir di seluruh
Negara cenderung terdapat perbedaan
antara pajak dan akuntansi. Perbedaan
antara pajak dan akuntansi dapat
dibedakan menjadi dua, perbedaan tetap
(permanent) dan perbedaan sementara
(temporary). Konsep dant tujuan yang
saling bertentangan antara akuntansi dan
peraturan pajak menyebabkan berbeda
persyaratan pelaporan pendapatan, yang
menghasilkan BTD (Tang;2011). GAAP,
memungkinkan adanya diskresi
(kebijaksanaan) yang cukup besar dalam
praktek pelaporan (Watts & Zimmerman
1986; Manzon & Plesko 2002). Standar
akuntansi memungkinkan fleksibilitas
diunduh dari:
dalam pemilihan metode akuntansi,
seperti penyusutan, alokasi biaya, dan
penilaian aset. Ketika manajer memiliki
insentif untuk mendistorsi kinerja
perusahaan, mereka mungkin oportunis
menggunakan standar akuntansi dan
peraturan perpajakan, dan pada akhirnya
menciptakan BTD.
Hanlon (2005) menemukan bahwa
laba dan bagian laba akrual kurang
persisten untuk laba satu tahun ke depan
untuk perusahaan dengan Temporary BTD
besar, menunjukkan bahwa Temporary
BTD yang ekstrim mengindikasikan
kualitas laba sebelum pajak yang rendah.
Hal ini membuktikan bahwa book tax
differences (BTD) mampu menjelaskan
bagaimana persistensi, akrual dan arus kas
perusahaan (Hanlon 2005). Hal ini juga
karena BTD merupakan proxy untuk
mengukur kualitas laba (Jackson 2009).
Model dalam penelitian ini menggunakan
model Hanlon (2005), dimana penelitian
ini hanya memfokuskan pada perbedaan
temporer. Penelitian ini tidak
menggunakan perbedaan permanen dalam
analisis utama, karena perbedaan
permanen hanya mempengaruhi perioda
terjadinya saja dan tidak mengindikasikan
kualitas laba yang dihubungkan dengan
proses akrual, selain itu perbedaan
permanen tidak menimbulkan
konsekuensi adanya penambahan atau
pengurangan jumlah pajak masa depan.
Sebaliknya, perbedaan temporer dapat
menimbulkan jumlah pajak yang dapat
ditambahkan atau dikurangkan dimasa
depan yang berhubungan dengan proses
akrual, sehingga dapat digunakan untuk
penilaian kualitas laba masa depan. Book
tax differences (BTD) merupakan selisih
antara laba akuntansi dan laba fiskal yang
hanya berupa perbedaan temporer, dan
ditunjukkan oleh akun biaya (manfaat)
pajak tangguhan. Book tax differences
(BTD) dihitung dari pajak tangguhan yang
dibagi total aset (Hanlon, 2005):
BTD 
Total Dif Book - Tax i, t
Total Aset i, t
2.4. Trading Volume Activity (TVA)
Kegiatan perdagangan dalam volume
yang sangat tinggi di suatu bursa
merupakan signal membaik pasar modal.
Volume perdagangan saham juga
merupakan signal yang digunakan oleh
investor dalam mengambil kebijakan
untuk membeli atau menjual saham yang
dimilikinya. Saham yang aktif
perdagangannya sudah pasti memiliki
volume perdagangan yang besar dan
saham dengan volume yang besar akan
menghasilkan return saham yang tinggi
(Tharun, 2000).
Volume perdagangan saham adalah
keseluruhan nilai transaksi pembelian
maupun penjualan saham oleh investor,
Volume perdagangan ini seringkali
dijadikan tolok ukur (benchmark) untuk
mempelajari informasi dan dampak dari
berbagai kejadian. Adanya informasi
tingkat book-tax differences baik tinggi
atau rendah baik positif atau negative
apakah dapat mempengaruhi persepsi
investor dalam melakukan transaksi
perdagangan saham yang dimilikinya atau
membeli saham-saham yang memiliki
kualitas laba yang baik yang di tinjau dari
book-tax differences.
Temuan Gleason dan Mills (2007)
bahwa menunjukkan bahwa reaksi pasar
yang lebih tinggi terhadap pengumuman
laba dari perusahaan-perusahaan yang
tidak melakukan mengelola beban pajak
/tax avoidance relatif terhadap
perusahaan-perusahaan yang informasi
setelah mengelola beban pajak /tax
avoidance. Hasil penelitian tersebut
menunjukkan bahwa mengidentifikasi
perusahaan-perusahaan yang mengelola
beban pajak memberikan kontribusi secara
bertahap dalam memahami respon pasar
untuk meet atau beat terhadap laba.
diunduh dari:
Konsisten dengan Hanlon (2005) yang
menemukan bahwa laba saat ini kurang
informatif tentang laba masa depan untuk
perusahaan dengan book-tax differences
besar baik positif atau negatif.
Model pengukuran TVA dalam
penelitian ini merupakan rasio volume
rata-rata saham tahunan untuk perusahaan
j hari selama 12 bulan dibandingkan
dengan seluruh saham beredar selama 12
bulan untuk perusahaan j (Lamont; 2007):
2.5. Penelitian Terdahulu dan
Pengembangan Hipotesis
Terlepas dari bukti yang berkembang
bahwa hubungan antara laba secara
akuntansi/buku dan penghasilan kena
pajak berguna dalam mengevaluasi kinerja
perusahaan, penelitian sebelumnya
memberikan sedikit bukti mengenai
perdagangan investor pada book-tax
differences. Gleason dan Mills (2007)
memberikan bukti bahwa penggunaan
perbedaan buku-pajak oleh para
pemangku kepentingan perusahaan. Bukti
penelitian tersebut menunjukkan bahwa
reaksi pasar yang lebih tinggi terhadap
pengumuman laba dari perusahaanperusahaan yang tidak melakukan
mengelola beban pajak /tax avoidance
relatif terhadap perusahaan-perusahaan
yang informasi setelah mengelola beban
pajak /tax avoidance.
Konsisten dengan Hanlon (2005), Shevlin
(2002), Ayers et al. (2009) dan Gleason
dan Mills (2007), peneliti ini memberikan
hipotesis sebagai berikut:
H1: Perusahaan yang memiliki tingkat
Book-Tax Differences (BTD) yang
besar Berpengaruh negatif terhadap
Trading Volume Activity (TVA).
3. Metode Penelitian
Populasi dalam penelitian ini adalah
perusahaan manufaktur yang terdaftar di
BEI selama kurun waktu 2010 hingga
2012. Jumlah perusahaan manufaktur
yang terdaftar dalam BEI pada tahun 2012
sebanyak 145 perusahaan. Teknik sampel
yang digunakan dalam penelitian ini
adalah purposive sampling dengan
kriteria sebagai berikut: (1) merupakan
perusahaan yang konsisten terdaftar di
BEI sejak tahun 2010-2012, (2)
perusaahaan yang berturut-turut
menerbitkan annual report, dan (3)
perusahaan yang tidak mengalami
kerugian berturut-turut dari tahun 20102012. Berdasarkan jumlah populasi
sebanyak 145 perusahaan, hanya 91
perusahaan yang menjadi sampel dalam
penelitian ini, sesuai dengan kriteria
dalam purposive sampling.
Trading Volume Activity (TVA)
merupakan instrumen yang dapat
digunakan untuk melihat reaksi pasar
modal terhadap informasi melalui
parameter perubahan volume perdagangan
saham. Hasil perhitungan TVA
mencerminkan perbandingan antara
jumlah saham yang diperdagangkan
dengan jumlah saham yang beredar,
adapun mekanisme perhitungannya adalah
sebagai berikut:
1. Menghitung perubahan aktivitas
volume perdagangan saham dengan
menggunakan ukuran TVA (Trading
Volume Activity) masing-masing
saham selama periode pengamatan.
TVA masing-masing saham dihitung
dengan menggunakan rumus:
TVA 
2.
Jumlah Saham Yang Di Perdagangk an
Jumlah Saham Beredar
Menghitung rata-rata TVA saham
untuk semua sampel selama periode
pengamatan baik sebelum maupun
sesudah peristiwa. Rata-rata TVA
diunduh dari:
Ai,t
saham untuk semua sampel dapat
dihitung dengan rumus sebagai
berikut:
Variabel independen adalah book-tax
differences (BTD) sebagai proksi
discretionary accrual merupakan selisih
antara laba akuntansi dan laba fiskal yang
hanya berupa perbedaan temporer, dan
ditunjukkan oleh akun biaya (manfaat)
pajak tangguhan (deferred tax
expense(benefit)). Book-tax differences
(BTD) dihitung berdasarkan Dyreng et al.
(2008). Book-tax differences (BTD)
merupakan perbedaan antara laba
berdasarkan buku dengan pajak di bagi
dengan total asset sebagaimana model di
bawah ini:
BTD 
Total Dif Book - Tax i, t
Total Aset i, t
Dimana:
 BTD(Book-Tax Differences)
adalah Perbedaan Laba
berdasarkan buku/akuntansi di
kurangi dengan laba berdarkan
pajak di bagi dengan total asset.
Model penelitian diregresi dengan
menggunakan bantuan software Eviews
seri 6. Untuk menganalisis data, penulis
melakukan analisis statistik deskriptif
untuk menentukan batas pada model
regresi, pengujian R2 dan pengujian
hipotesis pada hasil regresi menggunakan
t-statistik dan F-statistik, adapun model
dalam penelitian ini di gunakan merujuk
pada penelitian Ayers (2010). Berikut ini
adalah model yang akan di uji adalah:
=
α0 + β1BTDi,t + β2PBVi,t+
Dimana:
TVA
: Trading Volume Activity
yang di hitung
berdasarkan rata-rata
saham yang di
perdagangkan selama
waktu t di bagi dengan
jumlah saham yang
beredar dalam waktu t
BTD
: Books-Tax Differences
yang dihitung dari
perbedaan antara laba
akuntansi dan laba fiscal
di bagi dengan total asset.
PBV
: Price to Book Value yang di
hitung berdasarkan harga
pasar saham dibagi dengan
nilai buku saham.
SIZE
: Ukuran perusahaan yang
di hitung dengan total aset
ROA
: Return on Asset
merpakan profitabilitas
yang di ukur dengan laba
bersih di bandingkan
dengan total aset
LEV
: Rasio utang (leverage)
perusahaan yang di
hitung dengan
perbandingan hutang
jangka panjand dengan
total ekuitas.
0 - 5
: Koefisien yang
diestimasi
 it
: error term
i
: 1,2,..., N
t
: 1,2,..., T
4. Hasil
Hasil analisis deskriptif pada tabel
4.1 menunjukkan bahwa jumlah
responden (N) dari penelitian ini ada 273
Laporan Tahunan dari 91 perusahaan yang
menjadi sampel. Berdasarkan 273 sampel
Laporan Tahunan ini nilai Trading
Volume Activiy (TVA), nilai yang terkecil
β3SIZEi,t + β4ROAi,t + β5LEV
i,t + 0εi,t
adalah
persen dan yang terbesar adalah
88.36 persen, dengan nilai rata-rata
sebesar 2.76 persen serta nilai
diunduh dari:
penyimpangan (deviasi standar) dari
variabel tersebut sebesar 9.18 persen.
Pada nilai Book tax differences (BTD)
yang merupakan beda laba berdasarkab
buku dan laba pajak, nilai yang terkecil
dari variabel tersebut adalah -0.25 persen
dan yang terbesar adalah 2.66 persen,
dengan nilai rata-rata 0.01 persen serta
nilai penyimpangan (deviasi standar) dari
variabel tersebut 0.05 persen.
Pada model penelitian ini sebagai
variabel independen dalam menghitung
Trading Volume Activiy (TVA), penelitian
ini menggunakan pendekatan Lamont
(2007) dalam memperhitungkan
prosentase rata-rata jumlah saham yang
beredar, untuk nilai R2 atau nilai koefisien
determinasi mencerminkan seberapa besar
variabel terkait dijelaskan oleh sebuah
model estimasi. Hasil regresi untuk model
penelitian ini terlihat dengan dengan nilai
adjusted R2 adalah sebesar 0.049, yang
artinya masih banyak variabel-variabel
lain yang dapat memperkuat hubungan
Trading Volume Activiy (TVA).
Pada variabel Book tax differences
(BTD) dengan menunjukkan hasil
signifikan dan negatif sebesar -0.0193.
Tanda negatif menunjukan hubungan
berlawanan antara BTD dan TVA, yang
artinya setiap adanya penambahan satu
poin untuk variabel BTD maka
mempengaruhi Trading Volume Activiy
(TVA) sebesar -1,9%, hasil ini
mendukung hipotesis penelitian ini H1
yang menyatakan bahwa Perusahaan yang
memiliki tingkat book-tax differences
(BTD) yang besar Berpengaruh negatif
terhadap Trading Volume Activity (TVA),
yang artinya bahwa pengujian ini
menyimpulkan tidak dapat menolak H0.
Hasil penelitian ini mendukung
argumen Gleason dan Mills (2007) dan
Hanlon (2005) memberikan bukti bahwa
penggunaan book tax differences (BTD)
oleh para pemangku kepentingan
perusahaan. Bukti penelitian tersebut
menunjukkan bahwa reaksi pasar yang
negative terhadap perusahaan-perusahaan
yang memiliki gap book tax differences
(BTD) yang lebih besar. Sejalan dengan
penelitian tersebut juga penelitian ini
mendukung hasil penelitian Revsine et. Al
(2002) dalam Ayers et al. (2009)
menunjukkan bahwa tingginya book tax
differences (BTD) merupakan potensi
bahaya karena akan menunjukkan
memburuknya kualitas laba. Konsisten
dengan anggapan ini, Hanlon (2005)
menemukan bahwa perusahaan dengan
perbedaan buku-pajak negatif positif atau
besar besar memiliki penghasilan kurang
persisten (yaitu, laba saat ini kurang
informatif tentang laba masa depan).
Bukti ini menunjukkan bahwa investor
harus memiliki respon yang lebih terhadap
dengan earning suprise perusahaan
dengan perbedaan buku-pajak yang besar.
Hasil penelitian ini makin
memperkuat argumen bahwa perusahaan
yang memiliki gap yang telalu besar pada
book tax differences (BTD)-nya, hal ini
menunjukkan lemahnya persistensi laba
pada laporan keuangan yang di sampaikan
perusahaan pada investor, sehingga
menimbulkan reaksi negatif pada volume
perdagangan saham perusahaan yang
bersangkutan. Penelitian ini juga
mendukung Weber (2009) yang
mengembangkan penelitian Lev dan
Nissim (2004) yang membuktikan
investor benar-benar mempertimbangkan
dampak BTD dalam memprediksi future
earnings.
Hasil penelitian ini juga konsisten
dengan temuan (Ayers et.al; 2010) book
tax differences yang besar sinyal
penghasilan kurang informative, dan
adanya hubungan negatif antara abnormal
buy-sell imbalance sekitar pengumuman
laba dan interaksi antara analis berbasis
earning suprises dan perubahan
perusahaan dalam book tax differences.
Tambahan analisis menunjukkan dalam
penelitian tersebut juga menunjukkan
bahwa baik lembaga (perdagangan besar)
diunduh dari:
dan individu (perdagangan kecil)
menggabungkan book tax differences
dalam perdagangan mereka, meskipun
efeknya jauh lebih jelas bagi lembaga.
Hasil penelitian ini juga diduga
sesuai dengan kondisi di Indonesia, hal ini
berdasarkan data pada penelitian ini yang
menunjukkan bahwa PT. Astra
Internasional pada tahun 2011 memiliki
BTD sebesar 0.35% dan TVA sebesar
0.98% dan pada tahun 2012 memiliki nilai
BTD yang meningkat sebesar 0.37%
berdampak pada rasio TVA yang
mengalami penurunan sebesar 1.5%
(0.831%). Menurut pemerhati investasi di
Indonesia bahwa Investor akan berusaha
untuk menilai kualitas laba yang
dilaporkan. Jika kenaikan berasal dari
penjualan barang dan jasa yang dihasilkan
korporasi, kualitas laba dikatakan bagus
dan investor akan merespons positif.
Sebaliknya, kualitas laba dikatakan jelek
dan investor saham tidak akan banyak
bereaksi jika peningkatan EPS
disumbangkan dari pos luar biasa seperti
divestasi anak perusahaan atau
restrukturisasi pajak (Frensidy; Koran
Sindo 13-11-2013).
Variabel kontrol dalam penelitian ini
adalah Price to Book Value (PBV)
mempresentasikan kinerja harga pasar
saham terhadap nilai buku. Variabel ini
menunjukkan hasil positif dan signifikan
(P<0.01) mempengaruhi trading volume
activity (TVA). Tanda positif menunjukan
hubungan searah antara PBV dan trading
volume activity (TVA). Hasil penelitian
ini mendukung hasil hipotesis dari
Subrahmanyam (2006) dan Downs &
Ingram (2000) yang menemukan
hubungan positif antara PBV dengan
trading volume activity (TVA). Hal ini
mengindikasikan bahwa perusahaan yang
memiliki tingkat kinerja harga pasar
saham yang tinggi, memiliki
kecenderungan banyak di perdagangkan di
pasar saham.
Variabel kontrol kedua adalah
ukuran perusahaan (SIZE)
mempresentasikan ukuran perusahaan
yang diwakili dengan logaritma total aset.
Variabel ini menunjukkan hasil negatif
dan signifikan (P<0.01) mempengaruhi
trading volume activity (TVA). Hasil
penelitian ini sesuai dengan hasil
penelitian dari Andrew W. Lo and Jiang
Wang (2001) yang menemukan bahwa
ukuran perusahaan berpengaruh negatif
terhadap trading volume activity (TVA).
4.2.3.3 Profitabilitas Perusahaan (ROA)
Variabel kontrol ketiga adalah
Profitabilitas Perusahaan (ROA)
mempresentasikan profitabilitas
perusahaan. Variabel ini menunjukkan
hasil negatif dan signifikan (P<0.01)
mempengaruhi trading volume activity
(TVA). Tanda negatif menunjukan
hubungan berlawanan antara ROA dan
trading volume activity (TVA). Hasil
penelitian ini membantah hasil hipotesis
dari Pourali and Roze (2013) yang
menemukan hubungan positif antara ROA
dengan trading volume activity (TVA).
Hal ini mengindikasikan bahwa
perusahaan yang memiliki tingkat
profitabilitas tinggi sudah mampu
menjalankan bisnis perusahaannya dengan
berbagai metode pembiayaan, sehingga
modal yang di butuhkan dari pasar modal
cenderung sedikit. Hal ini berdampak
pada minimnya transaksi perdagangan
saham perusahaan bersangkutan.
Variabel terakhir dalah Tingkat
Utang Perusahaan (LEV) menggambarkan
tingkat hutang perusahaan, variabel ini
menunjukkan hasil positif dan signifikan
(P<0.01) mempengaruhi trading volume
activity (TVA). Hasil penelitian ini sejalan
dengan Wang dan Huang (2012)
menemukan adanya pengaruh positif
antara leverage terhadap TVA, Fenomena
ini terjadi karena perusahaan dengan
dengan tingkat hutang yang tinggi,
menjadi signal baik bagi investor akan
diunduh dari:
kemampuan perusahaan membayarkan
kewajibannya kepada pihak ketiga.
5. Kesimpulan
Secara empiris hasil penelitian ini
menggambarkan bahwa tingkat
kesenjangan antara laba akuntansi (buku)
dengan laba fiskal berpengaruh negatif
terhadap trading volume activity (TVA) di
Indonesia, yang artinya bahwa investor
telah mampu membaca dengan baik signal
dari lemahnya laba yang di laporkan oleh
perusahaan, hal ini tercermin dengan
lebarnya kesenjangan dalam book tax
differences. Hal ini menjadi gambaran
pada pelaku bisnis di Indonesia, dimana
sebagian besar investor akan melihat
persistensi laba dalam melakukan
investasinya di Indonesia. Penelitian ini
menambahkan hasil penelitian Hanlon
(2005), Ayers et. Al (2010) dan Mills dan
Newberry (2001) yang menunjukkan
book tax differences pada perusahaan
yang tinggi berpengaruh negatif terhadap
rata-rata trading volume activity (TVA).
Penelitian ini memiliki keterbatasan,
dengan tidak melakukan pengujian pada
saat tanggal pengumuman laba, sehingga
keakuratan dalam menguji persistensi laba
yang di ukur dengan book tax differences
akan jauh lebih kuat. Disamping itu juga
masih menggunakan sampel hanya
perusahaan manufaktur yang terdaftar di
BEI, sehingga hasil penelitian ini belum
bisa sepenuhnya di generalisir menjadi
temuan umum di Indonesia.
Berdasarkan hasil penelitian ini,
untuk mengembangkan ilmu pengetahuan
di bidang riset pasar modal yang akan
melakukan penelitian yang berhubungan
dengan pengaruh book tax differences
terhadap tingkat trading volume activity
(TVA) di Indonesia, dapat menggunakan
model pengukuran rata-rata TVA dalam
setahun, karena variabel independen
dalam model penelitian ini juga tahunan.
Penelitian ini juga berkontribusi
dalam pemilihan variabel independen
yang mengambil Book tax differencesyang
masih sangat sedikit dilakukan uji empiris
di Indonesia. Penelitian ini juga bisa
menjadi dasar sumber informasi bagi
investor dalam upaya memberikan kajian
pentingnya book tax differences dalam
memberikan sinyal dalam perdagangan
saham di Indonesia.
diunduh dari:
DAFTAR PUSTAKA
Andrew W. Lo & Jiang Wang, 2001.
"Trading Volume: Implications
of An Intertemporal Capital
Asset Pricing Model," NBER
Working Papers8565, National
Bureau of Economic Research,
Inc
Atwood, T., M. Drake, and L. Myers.
2010. “Book-tax Conformity,
Earnings Persistence and the
Association between Earnings
and Future Cash Flows.” Journal
of Accounting and Economics
50(1): 111-125.
Ayers, B., S, John Xuefeng Jiang and
Stacie K Laplante, 2009,
Taxable Income as a
Performance Measure:The
Effects of Tax Planning and
Earnings Quality,
Contemporary Accounting
Research, Vo 26, No 1 (Spring
2009) pp. 15-54.
Ayers, B., S, Stacie K Laplante, Oliver
Zhen Li and Casey S., 2010,
Investor Trading and Book-Tax
Differences; Working Paper.
Terry College of Business.
Bhattacharya, N. 2001. Investors' trade
size and trading responses
around earnings
announcements: An empirical
investigation. The Accounting
Review 76(2): 221 –245.
Blaylock, Shevlin, Wilson, 2012, Tax
Avoidance, Large Positive
Temporary Book-Tax
Differences, and Earnings
Persistensi; The Accounting
Review. Vol.87.No.1 pp91-120.
Chaney Paul K & Debra Jeter, 1994, The
Effect of Deffered Taxes on
Security Prices; Journal of
Accounting, Auditing &
Finance; Winter 94, Vol. 9 Issue
1, p9.
Christina Vinna, Yulianti Abbas, Christine
Tjen. 2010. Pengaruh Book-Tax
Differences Terhadap Peringkat
Obligasi Di Indonesia. Jurnal
Akuntansi dan Keuangan
Indonesia Volume 7 - No. 2,
Desember 2010
Comprix, J., R. Graham, and J. Moore.
2011. Empirical Evidence on the
Impact of Book-Tax Differences
on Divergence of Opinion
Among Investors. Journal of the
American Taxation Association
33 (1):51-78.
Dechow, P., and I. Dichev. 2002. The
quality of accruals and earnings:
The role of accrual estimation
errors. The Accounting Review
77 (4): 35–59.
Derashid, Chek, dan Hao Zhang., 2003.
Effective tax rates and the
“industrial policy hypotesis:
evidence from Malaysia. Journal
of International Accounting &
Taxation 12, 45-62.
Downs, T.W. & Ingram, R.W. 2000.
Beta, Size, Risk and Return.
Journal of Financial Research
23: 245-260.
Dyreng, S.,Hanlon,M.,Maydew,E.,2008
.Long run corporate tax
avoidance. TheAccounting
Review83,61–82.
Francis, J., R. Lafond, P. M. Olsson, And
K. Schipper. 2004. Costs of
equity and earnings attributes.
The Accounting Review 79
(October): 967-1010.
Frensidy Budi, 2013, Angka dan Rasio
Keuangan di Mata Investor
Saham; Koran-Sindo.Com 11
November 2013
Gibson Scot, Assem Safieddine, Sheridan
T.; 2000; Tax-Motived Trading
diunduh dari:
and Price Pressure: An Analysis
of Mutual Fund Holdings,
Journal of Financial and
Quatitative Analysis Vol.35
No.3 September 2000. Pp 369386
Gleason, C.A., and L.F. Mills. 2008.
Evidence of differing market
responses to meeting or beating
targets through tax expense
management. Review of
Accounting Studies 13, 295-318.
Guenther, D. 2011. What Do We Learn
from Large Book-Tax
Differences? Working paper,
University of Oregon.
Gupta, S., dan Newberry, K. 1997.
Determinants of the Variability
in Corporate Effective Tax
Rates: Evidence from
Longitudinal Data. Journal of
Accounting and Public Policy,
16 (1), 1-34.
Hanlon, M. (2005). The Persistence of
Earnings, Accruals, and Cash
Flows When Firms Have Large
Book-tax Differences. The
Accounting Review 80 (March):
137-166.
Hanlon, M., S. K. Laplante, and T.
Shevlin. 2005. Evidence for the
possible information loss of
conforming book income and
taxable income. Journal of Law
and Economics 48 (2): 407–42.
Harmana I Made D. dan Ketut Alit
Suardana. 2014. Pengaruh Pajak
Tangguhan Dan Tax To Book
Ratio Terhadap Kinerja
Perusahaan. E-Jurnal Akuntansi
Universitas Udayana 6.3
(2014):468-480.
Jackson, Mark. (2009). Book Tax
Differences and Earnings
Growth. Working Paper.
University of Oregon.
Jensen Michael C., 1986, Agency Costs of
Free Cash Flow Corporate
Finance, and Takeovers,
American Economic Review,
May 1986, Vol. 76, No. 2, pp.
323-329.
Jonas, G., and J. Blanchet. (2000).
Assessing Quality of Financial
Reporting. Accounting Horizons
14 (3):353-363
K. Laplante, and S. McGuire. 2010.
Credit ratings and taxes: The
effect of book/tax differences on
ratings changes. Contemporary
Accounting Research, 27
(2):359.
Lev, B dan D, Nissim. (2004). Taxable
Income, Future Earnings, and
Equity Value. The Accounting
Review (October): 1039-1074
Manzon, G., Jr., & Plesko, G. (2002). The
relation between financial and
tax reporting measures of
income. TaxLaw Review,
Mills, L dan K. Newberry. (2001). The
Influence of Tax and Nontax
Costs on Book-tax Reporting
Differences. The Journal of the
American Taxation Association,
23 (1). pp 1-19.
Phillips, J., M. Pincus, and S. Rego. 2003.
Earnings management: New
evidence based on deferred tax
expense. The Accounting
Review 78 (2): 491-521
Pincus Morton, Sabrina Chi, Siew Hong
Teoh. 2014. Mispricing of BookTax Differences and the Trading
Behavior of Short Sellers and
Insiders. The Accounting Review
Volume 89, Issue 2 (March
2014).
Pourali M. Reza, Zeynab Roze, 2013, The
Relationship between Market
diunduh dari:
Value Added with Refined
Economic Value Added and
Performance Accounting
Criteria in the Firms listed in the
Tehran Stock Exchange,
International Research Journal of
Applied and Basic Sciences,
Vol, 4 (6): 1636-1645.
Raedy, J., J. Seidman, and D. Shackelford.
2010. Is There Information
Content in the Tax
Footnote?Working paper,
University of North Carolina.
Seyhun, Douglas J.S,1994, How Do Taxes
Affect Investor’Stock Market
Realization? Evidence From
Tax-Return Panel Data, The
Journal of Business, Vol 67.No.2
1994. pp. 231-362.
Shevlin, T. 2002. Commentary on
corporate tax shelters and booktax differences. Tax Law Review
55 (3): 427–43.
Subrahmanyam, Avindar. 2006. The
Anatomy of Fluctuations in
Book/Market Ratio, Working
Paper. The Anderson School,
University of California at Los
Angeles.
Tanya Tang, Michael Firth, 2011, Can
book–tax differences capture
earnings management and tax
Management? Empirical
evidence from China, The
International Journal of
Accounting 46 (2011) 175–204.
Tryfino. 2009. Cara Cerdas Berinvestasi
Saham. Jakarta: Transmedia
Pustaka
Wang, Tianyi, Zhuo Huan,2012, The
Relationship between Volatility
and Trading Volume in the
Chinese Stock Market: A
Volatility Decomposition
Perspective, Annalisis Of
Economics And Finance 13-1,
211–236 (2012).
Watts, R. and J. Zimmerman. 1983.
Taxes and firm size. Journal
of Accounting and Economics
5: 119-149.
Weber, D. 2009. Do analysts and
investors fully appreciate the
implications of book-tax
differences for future earnings.
Contemporary Accounting
Research.
www.idx.co.id
Lampiran:
Tabel 4.1
Statisktik Deskriptif
Variabel
TVA
BTD
PBV
SIZE
ROA
LEV
N Minimum Maximum Rata-rata Median Std. Deviasi
273
0
88.36
2.76
0.636
9.178
273
(0.25)
0.27
0.01
0.00
0.05
273
0.19
45.30
2.72
1.40
4.93
273
69 152,113
6,896
1,169
6,896
273
0.13
58.71
10.98
8.56
9.51
273
0.00
123.44
14.17
5.73
18.28
Sumber: data olahan Eviews
Tabel 4.2
Hasil Regresi
Uji Pengaruh Book tax differences (BTD)
Terhadap Trading Volume Activiy
diunduh dari:
(TVA).
Variabel
Predicted sign
TVA
C
?
0.0000
BTD
"-
-0.0193*
PBV
"+
0.0009*
SIZE
"-
-0.0003*
ROA
"-
-0.0028*
LEV
"+
0.0045*
2
Adjusted-R
0.0496
Notes:
***= signifikan dalam 15%
**= signifikan dalam 10%
* = signifikan dalam 5%
TVA : Trading Volume Activity yang di
hitung berdasarkan rata-rata
saham yang beredar selama waktu
t di bagi dengan jumlah saham
yang beredar dalam waktu t
PBV : Price to Book Value di hitung
hargar pasar saham dibagi dengan
book value per share.
BTD : Books-Tax Differences yang
dihitung dari perbedaan antara
laba akuntansi dan laba fiscal di
bagi dengan total asset
SIZE : Ukuran perusahaan yang di
hitung dengan total aset
ROA : Return on Asset merpakan
profitabilitas yang di ukur dengan
laba bersih di bandingkan dengan
total aset
LEV : Rasio utang (leverage)
perusahaan yang di hitung dengan
perbandingan hutang jangka
panjand dengan total ekuitas.
diunduh dari:
PENGARUH PERSEPSI KUALITAS,
PERSEPSI NILAI TERHADAP
KEPUASAN DAN NIAT UNTUK
BERKUNJUNG
Mokh Adib Sultan
Program Studi Manajemen
Fakultas Pendidikan Ekonomi dan Bisnis
Universitas Pendidikan Indonesia
([email protected])
PENDAHULUAN
Fenomena kunjungan untuk
beberapa event spesial menarik untuk
diteliti, hal ini didasari oleh adanya proses
pembentukan perilaku wisatawan dalam
hal ini pengunjung yang berkunjung ke
event tersebut, sehingga perlu dikaji lebih
lanjut proses-proses pembentukan
perilaku tersebut.
Teori tentang keperilakuan telah
dilakukan oleh beberapa peneliti terdahulu
dan terus menjadi perdebatan, hal tersebut
muncul karena terdapatnya keragaman
metode, model dan penggunaan faktor
atau variabel pembentuk perilaku
wisatawan (Sultan dkk., 2012; Chen &
Chen, 2010; Chen, 2008; De Rojas &
Camarero, 2008; Chen & Tsai 2007).
Kondisi tersebut berdampak pada
keterbatasan setiap model yang mampu
diaplikasikan pada setiap fenomena.
Berdasarkan dari keterbatasan
model tersebut, memberikan peluang pada
penelitian ini untuk merancang model
alternatif yang mampu menjelaskan
fenomena yang terjadi, sehingga
diharapkan dari hasil penelitian ini dapat
diperoleh model yang robust.
Proses mendapatkan model yang
robust diperlukan setting amatan yang
baik, dengan pemilihan subyek penelitian
yang jelas. Penelitian ini menggunakan
Kawasan Wisata Floating Market
Lembang sebagai unit analisis. Pemilihan
setting amatan ini dikarenakan kegiatan
tersebut mampu meningkatkan jumlah
pengunjung yang signifikan, dan tentunya
menarik untuk dilakukan penelitian terkait
perilaku pengunjung tersebut.
Proses pembentukan perilaku
wisatawan perlu dikaji menggunakan
pendekatan kajian literatur dari beberapa
penelitian terdahulu. Berdasarkan kajian
literatur, terungkap bahwa persepsi
kualitas pelayanan, persepsi nilai dan
kepuasan pengunjung merupakan
predictor yang baik terhadap perilaku
wisatawan untuk berkunjung (Sultan dkk.,
2012; Baker & Crompton, 2000; Oh,
2000; Woodruff, 1997).
Pola kausalitas yang terungkap
dari penelitian terdahulu diperoleh pola
yang positif, hal ini menunjukkan bahwa
persepsi kualitas pelayanan dan persepsi
nilai terhadap obyek wisata akan
berdampak pada kepuasan pengunjung,
sehingga semakin tinggi persepsi kualitas
pelayanan dan persepsi nilai, semakin
tinggi kepuasan pengunjung, sehingga
perilaku niat berkunjung menjadi
meningkat.
Terdapat beberapa ungkapan
terkait variabel-variabel tersebut. Seperti
ungkapan yang menyatakan bahwa
variabel persepsi kualitas pelayanan
berpengaruh positif terhadap kepuasan
wisatawan, dan perilaku niat untuk
berkunjung kembali, sementara nilai yang
dirasakan dalam perilaku konsumen telah
mendapat perhatian jauh lebih sedikit
daripada kualitas pelayanan dan kepuasan
pelanggan (Tam, 2000; Baker &
Crompton 2000).
Berdasarkan fenomena tersebut,
maka obyek yang digunakan pada
penelitian ini yaitu variabel persepsi
kualitas pelayanan, persepsi nilai,
kepuasan wisatawan dan niat wisatawan
berkunjung.
Variabel pertama yang
dipertimbangkan yaitu variabel persepsi
kualitas pelayanan. Berdasarkan penelitian
terdahulu terungkap bahwa variabel ini
merupakan variabel kunci yang
berkontribusi didalam pembentukan
kepuasan, dan pada tahapan selanjutnya
akan mempengaruhi niat wisatawan
diunduh dari:
berkunjung (Sultan dkk., 2012; Chen &
Chen, 2010; Chen & Tsai, 2007; Baker &
Crompton 2000). Oleh karena itu tingkat
kualitas pelayanan akan berpengaruh pada
puas dan tidak puasnya wisatawan, dan
juga berdampak pada perilaku niatnya
untuk berkunjung.
Persepsi nilai dijadikan sebagai
variabel kedua yang dipertimbangkan.
Variabel ini digunakan sebagai prediktor
kepuasan wisatawan dan perilaku niat
berkunjung (Sultan dkk., 2012; Chen &
Chen, 2010; Chen, C.F, 2008; Chen &
Tsai, 2007; Baker & Crompton 2000).
Variabel berikutnya yang
dipertimbangkan yaitu kepuasan
wisatawan. Variabel ini diposisikan
sebagai variabel yang memediasi persepsi
kualitas pelayanan dan persepsi nilai
terhadap perilaku niat. Dikarenakan
kepuasan merupakan prediktor yang
sangat baik dari niat berkunjung (Sultan
dkk., 2012; Lee et al., 2004; Petrick,
2004; Baker & Crompton, 2000).
Sehingga semakin tinggi tingkat kepuasan
wisatawan semakin tinggi pula niat
berkunjung kembali, juga sebaliknya.
Berdasarkan dari fenomena
penelitian, maka variabel niat wisatawan
berkunjung menjadi variabel tujuan, yang
digunakan untuk memprediksi perilaku
wisatawan yang sebenarnya ketika
perilaku niat secara tepat diukur. sehingga
dengan meneliti hubungan kausalitas yang
terbentuk, diharapkan model yang
dibangun mampu memprediksi perilaku
niat wisatawan di masa depan (De Rojas
& Camarero, 2008; Baker & Crompton,
2000; Oh, 2000). Oleh karena itu semakin
tinggi persepsi kualitas pelayanan,
persepsi nilai dan kepuasan wisatawan,
akan berpengaruh besar terhadap
tingginya niat wisatawan untuk
berkunjung kembali.
KAJIAN PUSTAKA DAN HIPOTESIS
Persepsi Kualitas Pelayanan.
Kualitas pelayanan merupakan variabel
kunci dalam penelitian kepuasan dan
persepsi nilai (Caruana et al., 2000; Baker
& Crompton, 2000, dan Baker et al.,
2002; Petrick, 2002) dan kualitas
pelayanan merupakan variabel prediktor
yang baik terhadap niat pembelian
kembali (Baker & Crompton 2000).
Kualitas mengacu pada evaluasi
atribut layanan yang terutama
dikendalikan oleh penyedia jasa (Baker
dan Crompton 2000). Dengan demikian,
kualitas dikonseptualisasikan sebagai
ukuran kinerja penyedia.
Kepuasan Wisatawan.
Berdasarkan dari kajian literasi terungkap
bahwa definisi kepuasan wisata
merupakan hasil dari hubungan antara
harapan wisatawan tentang tempat tujuan
wisata berdasarkan gambaran yang
diperoleh sebelumnya dan penelaahannya
atas hasil dari pengalaman di daerah
tujuan wisata tersebut (Chon, 1989).
Kajian literasi lainnya
mengungkapkan kepuasan wisata
merupakan variabel penting untuk
suksesnya pemasaran tujuan wisata,
karena sangat berpengaruh terhadap
pilihan tujuan, konsumsi produk dan
layanan, dan keputusan untuk kembali
(Kozak & Rimmington, 2000).
Ungkapan lainnya menunjukkan
bahwa terdapat hubungan kesesuaian
antara harapan tentang tujuan wisatawan,
dan kepuasan wisatawan. Kemudian,
setelah wisatawan membeli produk dan
layanan perjalanan, jika evaluasi dari
pengalaman mereka terhadap produk
perjalanan adalah lebih baik dari
ekspektasi mereka, mereka akan puas
dengan pengalaman perjalanan mereka.
Konsep kesesuaian dan ketidaksesuaian
dapat diartikan sama dengan konsep
konfirmasi dan diskonfirmasi, yang
keduanya dapat mengakibatkan baik arah
positif atau negatif (Chon & Olsen, 1991).
Persepsi kualitas pelayanan
merupakan bagian dari ekspresi dari nilai
diunduh dari:
kepuasan konsumen terhadap yang
dirasakannya, hal ini disebabkan persepsi
kualitas pelayanan dianggap sebagai
penilaian secara garis besar yang dibuat
oleh konsumen, dengan memperkirakan
keunggulan pelayanannya. Oleh karena
itu, kepuasan dan kualitas yang dirasakan
memiliki pengaruh yang positif. (Brady &
Robertson, 2001; Heung & Cheng, 2000).
Fenomena tersebut dapat terjadi
karena wisatawan yang mempersepsikan
kualitas pelayanan dengan baik, akan
berdampak pada tumbuhnya kepuasan
yang dirasakan oleh wisatawan tersebut,
sehingga semakin tinggi persepsi kualitas
pelayanan, semakin tinggi kepuasan yang
dirasakan oleh wisatawan.
Dengan demikian, hipotesis yang
dirumuskan :
H1 : Persepsi kualitas pelayanan
berpengaruh positif terhadap kepuasan
wisatawan.
Persepsi Nilai. Dalam beberapa
kajian teoretis terungkap konsep perilaku
wisatawan di masa depan, bukan hanya
dipengaruhi oleh kualitas pelayanan dan
kepuasan wisatawan saja. Persepsi nilai
yang dirasakan sering dicampur dengan
kepuasan pelanggan padahal kedua
variabel terasebut memiliki perbedaan
yang mendasar. Perbedaan utama adalah
bahwa nilai yang dirasakan dapat terjadi
pada setiap tahap pembelian, termasuk
pembelian kembali tetapi kepuasan
terwujud pada perilaku setelah melakukan
pembelian (Woodruff, 1997). Nilai yang
dirasakan adalah prediktor kepuasan
pelanggan (Eggert & Ulaga, 2002; Kuo,
Wub, & Deng, 2009; Paul & Geoffrey N.,
2009) dan kepuasan adalah predictor niat
pembelian kembali (Chen & Chen, 2010;
Chen, 2008; Petrick et al, 2001; Cronin et
al, 2000).
Hal ini dapat terjadi karena ketika
persepsi nilai itu tumbuh dengan baik
pada wisatawan, maka akan berdampak
pada meningkatnya kepuasan wisatawan
tersebut. Fenomena semacam ini
berdampak pada penggunaan variabel
nilai sebagai variabel yang
dipertimbangkan penting untuk
membentuk kepuasan wisatawan.
dirumuskan :
H2 : Persepsi nilai berpengaruh
positif terhadap kepuasan wisatawan.
Perilaku niat wisatawan. Definisi
perilaku niat yaitu penilaian pengunjung
tentang kesesuaian untuk meninjau
kembali tujuan yang sama atau kesediaan
untuk merekomendasikan tempat tujuan
kepada orang lain (Chen & Tsai, 2007).
Kajian teoretis terdahulu
mendefinisikan perilaku niat sebagai
individu yang mengantisipasi dan
merencanakan perilaku di masa yang akan
datang. Perilaku niat tersebut telah
direkomendasikan untuk menjadi faktor
sentral yang berhubungan kuat dengan
perilaku yang diamati (Swan, 1981).
Kajian teoretis lainnya
mempertimbangkan variabel kepuasan
wisatawan dijadikan sebagai variabel yang
penting yang mempengaruhi perilaku niat,
khususnya perilaku niat berkunjung
kembali. Terdapat dua variabel yang
digunakan untuk memprediksi perilaku
niat wisatawan, yaitu kepuasan wisatawan
dan kualitas pelayanan, (Baker &
Crompton, 2000).
Selain mengungkapkan pengaruh
kualitas pelayanan terhadap kepuasan dan
pesepsi nilai, kajian teoretis pun
mengindikasikan adanya hubungan antara
kualitas pelayanan dengan perilaku niat,
dalam hal ini niat wisatawan untuk
berkunjung kembali. Kualitas pelayanan
merupakan predictor yang baik pada
perilaku niat berkunjung kembali (Petrick,
2004; Tian-Cole et al, 2002; Baker &
Crompton, 2000; Cronin et al, 2000). Hal
ini terprediksi oleh persepsi kualitas
pelayanan, yang tumbuh semakin kuat,
akan berdampak pada perilaku niat
diunduh dari:
wisatawan untuk berkunjung kembali.
Semakin tinggi persepsi kualitas
pelayanan, semakin tinggi pula perilaku
niat wisatawan berkunjung kembali.
dirumuskan :
H3 : Persepsi kualitas pelayanan
berpengaruh positif terhadap perilaku
niat wisatawan.
Beberapa kajian teoretis
mengungkapkan, bahwa persepsi nilai
akan berdampak pada niat pembelian
masa depan dan perilaku pelanggan (Chen
& Chen, 2010; Chen, 2008; Petrick et al,
2001; Cronin et al, 2000). Dengan
demikian, memungkinkan bahwa
kepuasan merupakan variabel anteseden
dengan hasil nilai yang dirasakan dan nilai
yang dirasakan merupakan variabel yang
menyebabkan terjadinya pengulangan
pembelian dan loyalitas merek dari waktu
ke waktu.
Kajian teoretis yang lainnya
merekomendasikan bahwa persepsi nilai
dapat menjadi prediktor yang lebih baik
terhadap niat pembelian kembali,
dibandingkan dengan kepuasan atau
kualitas, dan persepsi nilai juga
merupakan predictor yang unggul
terhadap perilaku niat membeli kembali,
baik sebelum memiliki pengalaman
maupun sesudahnya (Cronin et al, 2000;
Oh 2000).
Hal ini dapat terjadi karena ketika
persepsi nilai itu tumbuh dengan baik,
maka akan berdampak pada perilaku niat
wisatawan untuk berkunjung kembali.
Namun minimnya kajian teoretis yang
mengungkapkan nilai sebagai prediktor
yang baik terhadap perilaku niat
wisatawan dibandingkan kualitas
pelayanan dan kepuasan pelanggan (Tam,
2000; Semon, 1998; Jayanti & Ghosh,
1996; Petrick & Backman, 2002b)
dijadikan sebagai motivasi untuk
menjadikan variabel nilai menjadi variabel
prediktor yang penting terhadap perilaku
niat wisatawan.
Dengan demikian hipotesis yang
dirumuskan adalah :
H4 : Persepsi nilai berpengaruh
positif terhadap perilaku niat
wisatawan.
Perilaku wisatawan di masa yang
akan datang dapat terwujud dalam bentuk
keputusan untuk berkunjung kembali
maupun niat merekomendasikan atau
tidak pada wisatawan lain. Beberapa
kajian literatur membuktikan hubungan
antara kepuasan dan niat pembelian
kembali (Lee et al., 2004; Petrick, 2004;
Tian-Cole et al, 2002; Petrick 2002; Tam
2000; Baker & Crompton, 2000).
Dalam teori pemasaran variabel
kepuasan juga merupakan variabel penting
untuk keberhasilan suatu bisnis. Hal ini
menunjukkan adanya kecenderungan
kajian literatur yang mempelajari
pengukuran kepuasan yang berfokus pada
konsep loyalitas, karena konsep loyalitas
merupakan kunci dalam keberhasilan
bisnis (Chi & Qu, 2008). Hal ini dapat
terjadi karena ketika wisatawan merasa
puas, maka yang akan dilakukannya yaitu
mengunjungi kembali tempat wisata
tersebut dan akan merekomendasikan
kepada orang lain.
Dan jika wisatawan merasa tidak
puas, kemungkinan tidak akan berkunjung
dan tidak akan merekomendasikan hal
tersebut pada wisatawan lain. Fenomena
ini yang akan menjadikan kepuasan
wisatawan sebagai variabel predictor yang
baik pada perilaku niat wisatawan.
Dengan demikian hipotesis yang
dirumuskan adalah :
H5 : Kepuasan wisatawan
berpengaruh positif terhadap perilaku
niat wisatawan
Kerangka Penelitian
Berdasarkan hubungan kausalitas
yang dihipotesiskan, berikut ini adalah
diunduh dari:
model yang dirancang untuk
menggambarkan fenomena yang
dihipotesiskan tersebut (Gambar 1).
Persepsi
Kualitas
Pelayanan
H1
H3
H2
Kepuasan
Wisatawan
H5
Niat Wisatawan
Berkunjung
H4
Persepsi
Nilai
Gambar 1. Model proses pembentukan Niat Wisatawan Berkunjung
Pada gambar 1 tersebut
ditunjukkan pengaruh positif suatu
variabel terhadap variabel lain, yaitu
diawali oleh variabel persepsi kualitas
(perceived quality) yang berpengaruh
positif terhadap kepuasan wisatawan
(tourist satisfaction), persepsi nilai
(perceived value) dan niat berkunjung
(intention to visit), kemudian persepsi
nilai (perceived value) yang berpengaruh
positif terhadap kepuasan wisatawan
(tourist satisfaction) dan niat berkunjung
kembali (revisit intention), dan terakhir
adanya pengaruh positif kepuasan
wisatawan (tourist satisfaction) terhadap
niat berkunjung kembali (revisit
intention).
METODE PENELITIAN
Sampel dipilih menggunakan
Convenience sampling. Jumlah kelayakan
kuesioner yang diolah berdasarkan dari
hasil penyebaran yaitu berjumlah 200
kuesioner. Penentuan jumlah ini lebih
ditekankan pada pertimbangan aspek
kecukupan data berdasarkan kriteria
kelayakan uji metode statistik yang
dipilih.
Proses pengujian kelayakan
instrumen penelitian dengan uji validitas
dan uji reliabilitas yaitu menggunakan
teknik Cronbach Alpha dan alat uji
Confirmatory Factor Analysis (CFA)
dapat dikatakan reliable / andal apabila
nilai > 0,6.
Teknik analisisnya menggunakan
Structural Equation Modelling (SEM),
dengan pengujian hipotesis dilakukan
dengan menggunakan analisis regresi
berjenjang untuk menganalisis hubungan
kausalitas dalam model structural yang
diusulkan.
HASIL PENELITIAN
Responden penelitian ini yaitu wisatawan
yang sedang berkunjung ke Kawasan
Wisata Floating Market Lembang. Sampel
yang diperoleh adalah 200 orang, dan
telah memenuhi kriteria minimal dari
kelayakan analisis data. Analisis statistik
diskriptif bertujuan untuk mengetahui
karakteristik responden yaitu identifikasi
terkait aspek jenis kelamin, usia, tingkat
pendidikan, dan pekerjaan. Dari tabel 1
menunjukan rata-rata pengunjung 1,71
yang menunjukkan mayoritas laki-laki
yang berkunjung ke Kawasan Wisata
Floating Market Lembang, dengan standar
deviasi sebesar 0,541. Dari segi aspek usia
rata-rata 1,37 dengan standar deviasi
diunduh dari:
0,844, hal ini menunjukkan usia
pengunjung berkisar antara 18-24 tahun.
Dari aspek tingkat pendidikan nilai rataratanya 3,53 dan standar deviasi sebesar
0,775 yang menunjukkan tingkat
pendidikan pengunjung rata-rata lulusan
SMA, dalam hal ini rata-rata pengunjung
berpendidikan sekolah SMA dan/ atau
N
sedang kuliah. Dari aspek pekerjaan
dengan nilai rata-rata 1,52 dan standar
deviasi sebesar 0,641, hal ini
menunjukkan pekerjaan pengunjung rata
– rata sebagai pelajar/ mahasiswa.
Tabel 1 Identifikasi responden
Std.
Minimu Maximu Mea
Deviati
m
m
n
on
Jenis_Kelamin
20
0
1
2
1.71
0.541
Usia
20
0
1
5
1.37
0.844
Tingkat_Pendidi
kan
20
0
3
7
3.53
0.775
Pekerjaan
20
0
1
5
1.52
0.641
Sumber: Data primer yang diolah, 2014
Uji Validitas dan Reliabilitas
Berdasarkan hasil pengujian
diperoleh nilai KMO (KaiserMayer_Olkin) sebesar 0,924, nilai
Barlett’s Test of Sphericity yang
signifikan, dan nilai factor loading untuk
Keterangan
1) Laki2;
2)Perempuan
1) 18 - 24; 2) 25 - 34;
3) 35 - 44; 4) 45 - 54;
5) > 55
1) Lulus SD; 2) SMP;
3) SMA; 4) Diploma;
5) Sarjana; 6) S2: 7)
S3
1) Pelajar/
Mahasiswa; 2) Peg
Swasta; 3) Peg
Negeri; 4) TNI/ Polri;
5) Lain-lain
masing-masing pernyataan menunjukkan
nilai pada kisaran di atas 0,5, sehingga
dapat dinyatakan valid. Dari hasil uji
reliabilitas menunjukkan nilai cronbach’s
alpha untuk setiap variabel menunjukkan
nilai antara 0,982 hingga 0,988, sehingga
menunjukkan nilai yang masih diatas nilai
0,6, hal ini menyatakan bahwa item-item
pertanyaan yang digunakan konsistensi.
Tabel 2. Uji Validitas dan Reliabilitas
Variabel
PK1
Persepsi PK2
Kualitas PK3
PK4
Factor Cronbach
Factor Cronbach
Variabel
Loading
Alpha
Loading
Alpha
.835
K1
.853
.846
.866
Kepuasan K2
0,986
0,982
Wisatawan K3
.859
.858
.855
K4
.720
diunduh dari:
PK5
.833
PV1
.833
PV2
.848
Persepsi
PV3
.847
0,986
Nilai
PV4
.838
PV5
.844
Sumber: Data primer yang diolah, 2014.
K5
N1
N2
Niat
N3
Wisatawan
N4
N5
.791
.813
.799
.793
.797
.780
0,988
Persepsi Kualitas
Pelayanan
*
7*
.08 .055
1
.029*
*
1.433
.43
3.4 8**
41
Kepuasan
Wisatawan
Niat Wisatawan
Berkunjung
.131**
1.341
*
.522*
1.542
Persepsi
Nilai
** p < 0,05
Goodness of Fit
Chi Square : 431.12
Prob : .096
Gambar 2. Hasil Model Penelitian
Berdasarkan hasil perhitungan
diperoleh nilai chi square sebesar 431,12,
termasuk kategori tinggi, namun tingkat
probabilitasnya masih ≥ 0.05, hal ini
menunjukkan terdapat perbedaan antara
model dengan data. Nilai CMIN/DF
terindikasi fit, hal ini didasari = 1,273
sehingga ini mengindikasikan bahwa
model fit. Hasil analisis RMSEA = 0,034
dan hal ini mengindikasikan model fit
untuk memenuhi batas minimal yaitu <
0,08. Hasil ini tidak berbeda dibanding
modification indexs yaitu nilai RMSEA
turun menjadi 0,012 dan hal ini
mengindikasikan model fit. Hasil analisis
nilai TLI = 0,966. Hal ini menunjukan
bahwa sesuai interval nilai TLI antara 0 –
1, maka dapat disebut model fit. Hasil ini
berbeda dibanding modification indexs
nilai TLI menjadi 0,981 maka dapat
disebut bahwa model fit. Hasil uji
goodness of fit model dapat disimpulkan
secara keseluruhan model penelitian ini
fit. Hasil uji hipotesis secara lengkap
terlihat pada tabel 3.
Tabel 3 Hasil Goodness-of-Fit Model
Hasil
KRITERIA
HASIL
CUT OFF
MI
Diharapkan
Chi square
671.57 431.12
kecil
Diharapkan
Probabilitas
0.024
0.096
≥ 0.05
CMIN/DF
1.273
1.013
≤ 2,00
diunduh dari:
RMSEA
0.034
TLI
0.966
Sumber: Data primer yang diolah, 2014
PEMBAHASAN
Berdasarkan jumlah variabel
amatan yang digunakan, terbentuk enam
hipotesis berdasarkan setting amatan yang
Tabel 4 Hasil Uji Hipotesis
Hipotesis
Estimate
H1 PQ  KW
.087
H2 PV  KW
.438
H3 PQ  NW
.029
H4 PV  NW
.522
H5 KW  NW
.131
Sumber: Data primer yang diolah, 2014.
0.012
0.981
≤ 0,80
≥ 0,90
mengacu pada pendekatan teoritis tentang
perilaku niat berkunjung. Hasil analisis
secara lengkap terlihat pada tabel 4.
S.E.
.034
.073
.052
.092
.195
C.R.
1.055
3.441
1.433
1.542
1.341
P
.013
***
***
.041
.036
Kesimpulan
Terbukti
Terbukti
Terbukti
Terbukti
Terbukti
diunduh dari:
Hasil Uji Hipotesis 1, Persepsi kualitas pelayanan berpengaruh positif terhadap kepuasan
wisatawan.
Dari tabel 4 diperoleh hasil nilai C.R. persepsi kualitas pelayanan pada kepuasan wisatawan
adalah sebesar 1.055 dengan tingkat signifikansi p<0,05, sehingga hipotesis 1 terbukti.
Dari hasil pengujian yang dilakukan, menunjukkan konsistensi pola kausalitas seperti yang
dikonsepkan dalam penelitian terdahulu (Caruana et al, 2000; Baker & Crompton, 2000; Baker et
al, 2002; Petrick, 2002, Ekinci, 2004).
Hasil Uji Hipotesis 2, Persepsi nilai berpengaruh positif terhadap kepuasan wisatawan
Nilai C.R. persepsi nilai pada kepuasan wisatawan adalah sebesar 3.441 dengan tingkat
signifikansi p<0,05, maka menunjukkan bahwa hipotesis 2 terbukti. Kondisi tersebut terindikasi
dikarenakan aspek persepsi nilai merupakan aspek yang memiliki pengaruh kuat terhadap
kepuasan wisatawan. Sehingga aspek ini yang menjadikan semakin tinggi persepsi nilai akan
berdampak signifikan terhadap tingginya kepuasan wisatawan.
Dari hasil pengujian yang dilakukan, menunjukkan kekonsistenan pola kausalitas yang
menunjukkan kemampuan penelitian ini untuk mendukung konsep fenomena pola kausalitas
signifikan seperti yang dikonsepkan dalam penelitian terdahulu (Sultan dkk, 2012; Chen & Chen,
2010; Chen & Tsai, 2007; Cronin et al., 2000, McDougall & Levesque, 2000; Patterson &
Spreng, 1997; Petrick & Backman, 2002).
Hasil Uji Hipotesis 3, Persepsi kualitas pelayanan berpengaruh positif terhadap perilaku
niat wisatawan
Nilai C.R. persepsi kualitas pelayanan pada perilaku niat wisatawan adalah sebesar 1.433
dengan tingkat signifikansi p<0,05, maka menunjukkan bahwa hipotesis 3 terbukti. Hal ini dapat
terjadi kemungkinan dikarenakan aspek persepsi kualitas pelayanan merupakan aspek yang
mampu memprediksi perilaku niat wisatawan. Sehingga semakin tinggi persepsi kualitas
pelayanan akan berdampak signifikan terhadap tingginya perilaku niat wisatawan.
signifikan seperti yang dikonsepkan dalam penelitian terdahulu (Sultan dkk, 2012;Baker dan
Crompton 2000; Oh 1999).
Hasil Uji Hipotesis 4, Persepsi nilai berpengaruh positif terhadap perilaku niat wisatawan
Nilai C.R. persepsi nilai pada perilaku niat wisatawan adalah sebesar 1.542 dengan tingkat
signifikansi p<0,05, maka menunjukkan bahwa hipotesis 4 terbukti. Hal ini dapat terjadi
kemungkinan dikarenakan aspek persepsi nilai merupakan aspek yang berpengaruh positif
terhadap perilaku niat wisatawan. Sehingga aspek ini yang menjadikan semakin tinggi persepsi
nilai akan berdampak signifikan terhadap tingginya perilaku niat wisatawan.
2010; Cronin et al, 2000; Oh 2000).
Hasil Uji Hipotesis 5, Kepuasan wisatawan berpengaruh positif terhadap perilaku niat
wisatawan
diunduh dari:
Nilai C.R. kepuasan wisatawan pada perilaku niat wisatawan adalah sebesar 1.341 dengan
tingkat signifikansi p<0,05, maka menunjukkan bahwa hipotesis 5 terbukti. Hal ini dapat terjadi
kemungkinan dikarenakan aspek kepuasan wisatawan mampu menjadi variabel predictor
terhadap perilaku niat wisatawan. Sehingga aspek ini yang menjadikan semakin tinggi kepuasan
wisatawan akan berdampak signifikan terhadap tingginya perilaku niat wisatawan.
2010; Cronin et al, 2000; Oh 2000).
PENUTUP
Kesimpulan
Dari hasil pengujian konstruk model, terindikasi variabel niat wisatawan berkunjung
dipengaruhi oleh pengaruh interaksi tiga variabel antara persepsi kualitas pelayanan, persepsi
nilai, dan kepuasan wisatawan.
Hasil pengujian model mengungkapkan persepsi kualitas pelayanan dan kualitas pelayanan
berpengaruh pada sikap wisatawan dan niat wisatawan untuk berkunjung.
Implikasi
Implikasi studi secara teoretis, dari hasil penelitian diharapkan studi ini dapat digunakan sebagai
referensi pada studi-studi lanjutan terkait perilaku niat, lalu dari aspek metodologis, diharapkan
penelitian ini bisa menjadi perbandingan untuk melakukan kajian yang sama atau untuk setting
amatan yang berbeda.
Keterbatasan
Pertama, variabel tujuan dalam penelitian ini yaitu perilaku niat berkunjung, sehingga penelitian
difokuskan pada variabel tersebut dengan teknis pengambilan sampel berdasarkan teknik
Convenience sampling.
Kedua, dari review penelitian sebelumnya, terdapat beberapa variabel amatan yang dapat
mempengaruhi variabel tujuan penelitian ini, sehingga perlu dilakukan kajian lanjutan.
Meskipun penelitian ini memiliki keterbatasan yang berimplikasi pada ketidakmampuan
konstruk model yang dirancang untuk dapat menjelaskan segala fenomena dan situasi, namun
prosedur pengujian yang rigid diharapkan tidak mengurangi derajad keakinan terhadap
keakuratan model prediksi yang dihasilkan.
DAFTAR PUSTAKA
Baker, D. A., & Crompton, J. L. (2000). Quality, satisfaction and behavioral intentions. Annals
of Tourism Research, 27(3), 785-804.
Baker, J., Parasuraman, A., Grewal, D. and Voss, G. B. (2002). “The Influence of Multiple Store
Environment Cues on Perceived Merchandise Value and Patronage Intentions.” Journal of
Marketing, 66(2): 120-141.
Brady, M.K., and Robertson, C.J. (2001). Searching for a consensus on the antecedent role of
service quality and satisfaction: An exploratory cross-national study. Journal of Business
Research, 51(1), 53–60.
diunduh dari:
Brady MK, Cronin JJ (2001). Some new thoughts on conceptualizing perceived service quality:
A hierarchical approach. Journal Marketing. 65(3): 34–49.
Bolton, R. N., & Drew, J. H. (1991). A multistage model of customers assessments of service
quality and value. Journal of Consumer Research, 17(3), 375–384.
Bowen, J.T. & Chen, S.L. (2001). The relationship between customer loyalty and customer
satisfaction. International Journal of Contemporary Hospitality Management, 13(5): 213–217
Caruana, A., Money, A. H., & Berthon, P. R. (2000). Service quality and satisfaction: The
moderating role of value. European Journal of Marketing, 34(11/12), 1338–1352.
Chen, C.-F. (2008). Investigating structural relationships between service quality perceived
value, satisfaction, and behavioral intentions for air passengers: evidence from Taiwan.
Transportation Research Part A, 42(4), 709–717.
Chen, C.-F., & Tsai, D. (2007). How destination image and evaluative factors affect behavioral
intentions? Tourism Management, 28, 1115–1122.
Chi, C. G.-Q., & Qu, H. (2008). Examining the structural relationships of destination image,
tourist satisfaction and destination loyalty: An integrated approach. Tourism Management, 29,
624-636.
Ching-Fu Chen & Fu-Shian Chen. (2010). Experience quality, perceived value, satisfaction and
behavioral intentions for heritage tourists. Journal of Tourism Management, 31. 29–35.
Chon, K.S. & Olsen, M.D. (1991). Funtional and Symbolic Approaches to Consumer
Satisfaction/Dissatisfaction. Journal of the International Academy of Hospitality Research,
28, 1-20.
Chon, K. (1989). “Understanding recreational travelers’ motivation, attitude and satisfaction”.
Tourist Review, 44 (1): 3-7.
Cronin, J. J., Brady, M. K., & Hult, G. T. M. (2000). Assessing the effects of quality,value and
customer satisfaction on consumer behavioral intentions in service environments. Journal of
Retailing, 76(2), 193–218.
Cronin, J. J., & Taylor, S. A. (1992). Measuring service quality: a reexaniation and extension.
Journal of Marketing, 56, 55–68.
De Rojas, C., & Camarero, C. (2008). Visitors’ experience, mood and satisfaction in a heritage
context: evidence from an interpretation center. Tourism Management, 29, 525–537.
Ekinci, Y., Riley, M., & Chen, J. (2001). A review of comparisons used in service quality and
customer satisfaction studies: Emerging issues for hospitality and tourism research. Tourism
Analysis, 5(2/4), 197–202.
Heung, V. C. S, & Cheng, E. (2000). Assessing tourists’ satisfaction with shopping in the Hong
Kong special administrative regions of China. Journal of Travel Research, 38(4): 396-404.
Jayanti, R. K., & Ghosh, A. K. (1996). Service value deterniation: An integrative perspective.
Journal of Hospitality and Leisure Marketing, 34(4), 5-25.
Kozak, M., & Rimmington, M. (2000). Tourist satisfaction with Mallorca, Spain, as an offseason holiday destination. Journal of Travel Research, 38(3), 260–269.
Kuo, Y.-F., Wub, C.-M., & Deng, W.-J. (2009). The relationships among service
quality,perceived value, customer satisfaction,and post-purchase intention in mobile valueaddedservices. Computers in Human Behavior , 25, 887-896.
Lee, J., Graefe, A. R. & Burns, R. C. (2004). Service quality, satisfaction, and behavioral
intention among forest visitors. Journal of Travel and Tourism Marketing, 17(1), 73-82.
McDougall, G. H., & Levesque, T. (2000). Customer satisfaction with services: putting
perceived value into the equation. Journal of Services Marketing, 14, 392–410.
diunduh dari:
Oh, H. (2000). The Effect of Brand Class, Brand Awareness, and Price on Customer Value and
Behavioral Intentions. Journal of Hospitality & Tourism Research, 24(2), 136-162.
Patterson, P.G., & Spreng R.W. (1997). Modelling the relationship bet ween perceived value,
satisfaction, and repurchase intentions in busi ness-t o-business, servi ces context: An
empirical exaniation. International Journal of Service Industry Management, 8(5), 414-434.
Paul, W., & Geoffrey N., S. (2009). Value, satisfaction and behavioral intentions in an adventure
tourism context. Annals of Tourism Research, 36 (3), 413-438.
Petrick, J. F. (2004). The roles of quality, value and satisfaction in predicting cruise passengers’
behavioral intentions. Journal of Travel Research, 42(4), 397–407
Petrick, J. F., & Backman. (2002). An exaniation of the construct of perceived value for the
prediction of golf travelers’ intentions to revisit. Journal of Travel Research, 41(1), 38–45.
Swan JE, Trawick IF (1981). “Disconfirmation of expectations and satisfaction with a retail
service.” Journal of Retail, 57(3): 49-67.
Sultan, M. A, Tulus H, Budhi H (2012). Proses Pembentukan Perilaku Niat Wisatawan
Berkunjung Kembali. Jurnal Siasat Bisnis, Vol.16 No.1
Tam, J. L. M. (2000). The effects of service quality, perceived value and customer satisfaction
on behavioral intentions. Journal of Hospitality and Leisure Marketing, 6(4), 31–43.
Tian-Cole, S., Crompton, J. L., & Willson, V. L. (2002). An empirical investigation of the
relationships between service quality, satisfaction and behavioral intentions among visitors to
a wildlife refuge. Journal of Leisure Research, 34(1), 1–24.
Woodruff, R. B. (1997). Customer value: The next source for competitive advantage. Journal of
the Academy of Marketing Science, 25(2), 139-153.
diunduh dari:
CONCURRENT 4
diunduh dari:
CORPORATE SOCIAL RESPONSIBILITY DISCLOSURE AND
EARNINGS MANAGEMENT: EVIDENCE FROM INDONESIA
MANUFACTURING INDUSTRY
YULIUS KURNIA SUSANTO
Trisakti School of Management
[email protected]
Abstract
The purpose of the research is to get empirical evidence about the effect of corporate
social responsibility disclosure, audit committee of women and independent commissioner on
earnings management. The research uses sample of 62 manufacturing firms which listed in
Indonesia Stock Exchange during 2010 until 2012. The sample selection is based on
purposive sampling method. The result of the research shows that corporate social
responsibility disclosure has influence to earnings management. Corporate social
responsibility disclosure makes the management to perform efficiently earnings management
to increase the firm value.
Keywords:
Earnings management, corporate social responsibility disclosure, audit
committee of women, independent commissioners.
Introduction
There have been many cases of environmental pollution caused by the company's
business activities. One case is the environmental pollution in Buyat Bay by PT Newmount
Minahasa Raya which occurred in 2004. Another case is the case of pig enzyme PT
Ajinomoto and PT Lapindo case that until now have not been completed settlement (Utami
and Prastiti, 2011). The impact of environmental pollution is serious enough for the
surrounding community, as in the case of PT Lapindo, not less than 8 villages were
submerged due to the mudflow. In 2011, PT Lestari Nagamas palmoil dispose of liquid waste
into the Dumai Sea. River pollution case in Bandung Cikijing conducted three textile
companies, namely PT KHT II, PT ISIT and PT FST. In addition to environmental issues, the
company was in conflict with the trade union. Most conflicts relate to the minimum wage and
outsourcing methods relating to the welfare of employees.
See cases of environmental pollution and industrial relation, shifting business goals
also helped emerged. A business that was originally only focused on maximizing profits, the
current required to focus also on social and environmental responsibility. Corporate
responsibility is not only on the shareholders, but also on other interested parties
(stakeholders). Companies are required to balance between financial performance, social and
environmental performance (triple bottom lines).
diunduh dari:
Regulations regarding social and environmental responsibility is reflected in the Law
No. 40 Year 2007 regarding Limited Company (Company Law). In Article 74 of the Limited
Company Law states that company conducting its business activities in the field and or
related to the natural resources required to implement the Social and Environmental
Responsibility. In addition, many regional regulations also govern the corporate social
responsibility.
The demand of shareholders and stakeholders, implementation and disclosure of
social responsibility is a must for companies (Khan et al., 2013). Corporate social
responsibility can be described as the availability of financial and non-financial information
relating to the organization of interaction with the physical environment and social
environment, which can be made in the annual report and a separate social report (Dewi and
Keni, 2013)
During this public company has made social responsibility in accordance with the
demands of the government. In fact, they did lacking social responsibility related to the
operations of the company. They perform social responsibility as a form of strategic
management in imaging companies. The annual reports still reveal little social responsibility.
Companies are more likely when performing social responsibility directly exposed in the
media such as television, newspapers and internet. To suppress this, the shareholders and
stakeholders need to supervise the management of the company through the implementation
of corporate governance. Shareholders and stakeholders demand management perform social
responsibility in the annual report. Social responsibility should the company related to the
operations of the company which is a form of corporate ethics and not a form of imaging
companies.
An issue of research is management earnings have an important role as a means of
communication between the management, shareholders and stakeholders. Ethics has a role in
the communication process. Ethics in the form of corporate social responsibility. Ethics arise
because of the demands of shareholders and stakeholders through corporate governance
which includes independent commissioners and audit committee of women. Motivation
research is at least research that examined the relationship between corporate social
responsibility disclosure and earnings management (Labelle et al., 2010). The few studies
that examine the role of ethics in the form of social responsibility disclosure to affect
earnings management.
This research is the development of Qi and Tian (2012) and Hong and Andersen
(2011). Qi and Tian (2012) using non-financial companies listed on China Stock Exchange in
2004 until 2010. Qi and Tian (2012) showed that the audit committee of women can reduce
earnings management than audit committee of men. This suggests that women are more
conservative audit committees and ethics higher than audit committee of men. Hong and
Andersen (2011) using non-financial companies listed on Compustat North America in 1995
until 2005. Hong and Andersen (2011) showed that the higher the company discloses social
responsibility higher earnings quality. This study uses manufacturing companies listed in
Indonesia Stock Exchange in 2010 until 2012. The purpose of the study was to obtain
diunduh dari:
empirical evidence of the effect of the corporate social responsibility disclosure and corporate
governance on earnings management. Corporate governance in this study includes an
independent commissioner (Khan et al., 2013) and the audit committee of women (and Tian
Qi, 2012).
Agency Theory
One that affects the extent of voluntary disclosure, where social responsibility
disclosure is one of them, is the application of corporate governance. Corporate governance is
defined as a system that directs and controls company (Garrison et al., 2011). In the structure
of corporate governance, has specified the division of rights and responsibilities of each party
of company, such as commissioners, management, shareholders and stakeholders (Hodgetts
et al. 2009). Management as agents need to communicate information relating to the
condition of the company to the principal (Untoro and Zulaikha, 2013). Social responsibility
disclosure conducted management with the objective of getting a positive assessment of the
principal related to corporate social performance (Utami and Prastiti, 2011).
Legitimation Theory
This theory explains that the firm carries out social responsibility to fulfill the
obligation only applied by the government and only as a requirement. With the
implementation of these obligations, the firm hopes to gain recognition and acceptance from
the public. Companies are in the society and are a part of them, need to interact with society
so get harmonious relationship between firm and society (Untoro and Zulaikha, 2013). The
firm's failure to adapt to the society, breaking the norms and customs of the community,
would threaten the legitimacy of the company and will threaten the company sustainability
(Utami and Prastiti, 2011).
Companies that perform social responsibility to gain legitimacy from the society.
Alignments of the society are one strategic factor for companies to sustainability (Sari, 2012).
Strategic philanthropy suggests that the business and social is not related to each other (Porter
and Kramer, 2006). Along change, management incorporates social responsibility in
competitive advantage (Cohen, 2009).
Corporate Social Responsibility Disclosure and Earnings Management
Few studies that examine the effect of the social responsibility disclosure on earnings
management. For in Indonesia, many of which examine the effect of earnings management
on social responsibility disclosure as practiced by Sari and Utama (2014). The greater the
social responsibility disclosure the greater the earnings management (Sari and Utama, 2014;
Prior et al., 2008). Social responsibility disclosure as a form of shareholder and stakeholder
demands and indicates that the financial capacity of the firm is better able to perform social
responsibility. This makes shareholders and stakeholders would not suspect the firm in
earnings management because earnings management is done to increase the firm value.
Little research has examined the relationship between corporate social responsibility
and earnings management (Labelle et al., 2010). The few studies that examine the role of
diunduh dari:
ethics in the form of social responsibility to influence earnings management. Labelle et al.
(2010), Chih et al. (2008) and Hong and Andersen (2011) showed that the higher the social
responsibility disclosure increasingly quality of financial statements. The higher the social
responsibility disclosure can improve the earnings quality. The hypothesis is:
H1 The greater corporate social responsibility disclosure, the greater earnings management.
Audit Committee of Women and Earnings Management
According Fakih (2010) gender is an inherent nature of men and women who are
socially and culturally constructed. Women have contributed to economic success. Audit
committee that was formed has the main function, which is to oversee the financial
statements (Mayangsari, 2003). The preparation of these financial statements would be free
from fraudulent practices especially earnings management. With the supervision of the audit
committee, the earnings management practices can be reduced. Qi and Tian (2012), Peni and
Vahamaa (2010) and Susanto (2014) showed that the audit committee of women negatively
affect earnings management. Companies that have audit committees women are more likely
to stringent in overseeing the management. Audit committee of women more conservative
and higher ethical than audit committee of men (Qi and Tian, 2012). The hypothesis is:
H2 Audit committee of women negatively affects earnings management.
Independent commissioner and Earnings Management
Independent commissioner in companies that do not have a business relationship with
the company's interests and acts as a protector against the minority shareholders is a factor
that is considered vital to prevent fraudulent practices in earnings management. Independency
be key in reducing fraudulent practices in the firm. Independent commissioner is also
included in the proxy corporate governance is very important (Guna and Herawaty, 2010).
Nabila and Daljono (2013), Reviani and Sudantoko (2012), Gulzar and Wang (2011) and Jao
and Pagalung (2011) found that commissioners negatively affect earnings management. The
increasing number of independent commissioners then tighter supervision and higher
demands for transparency so as to minimize the earnings management practice. The
hypothesis is:
H3 The greater independent commissioner, the smaller earnings management.
Research Methods
The sample used in the study is listed manufacturing companies in Indonesia Stock
Exchange. The sample selection in this study using purposive sampling method. The data
used in hypothesis testing as many as 186 data drawn from public manufacturing company
from 2010 to 2012. Earnings management is behavioral or management actions taken to
improve (reduce) earnings reported on a unit and responsible managers, without resulting in
an increase (decrease) in long- term economic profitability of the unit (Widyaningdyah,
2001). Earnings management is measured using discretionary accruals. Value of discretionary
accruals is the residual value of the results of the following regression
TACt = a1 + a2ΔSALt + a3PPEt + е
(1)
diunduh dari:
Where TACt total accruals on period t (operating income- operating cash flow), ΔSALt
change of revenue, PPEt gross property plant and equipment in year t. All calculation scaled
by total asset in year t-1.
The disclosure index of research Rouf (2011). The measurement of corporate social
responsibility disclosure is measured by using content analysis. Content analysis is a method
of codifying the text of the same characteristics to be written in different groups depending
on specified criteria (Hapsoro, 2012). This method can be implemented by means of a
checklist that has been classified into five categories, namely (a) environmental information
disclosure, 8 items, (b) employees information disclosure, 15 items, (c) the community and
the other of disclosure, 8 items, (d) energy disclosure, 2 items and (e) product disclosure, 6
items. The audit committee of women was measured using a dummy variable, value of 1
there are female members of audit committee and 0 otherwise (Susanto, 2014). Independent
commissioners can be measured by calculating the percentage of the commissioners who
come from outside the company to all its commissioners (Jao and Pagalung, 2011).The
measurement of variables are summarized in Table 1.
Table 1 Measurement of Variable
Variable
Measurement
ADA
Absolute discretionary accruals, calculated using Jones model as presented
in equation (1)
GENDER Dummy variable, which value of 1 there are female members in audit
committee and 0 otherwise (Susanto, 2014)
IND_
Independent commissioners, the proportion of commissioners who come
KOM
from outside the company in commissioners (Jao and Pagalung, 2011)
SIZE
Firm size, total assets
ROA
Profitability, net income divided shareholder equity (Santioso dan Chandra
2012)
LEV
Leverage, total debt divided shareholder equity (Dewi dan Keni, 2013)
Firm size is the size of a company. Widyastuti (2009) proved that the firm size a
positive effect on earnings management. This shows that the bigger the firm, the higher the
earnings management. Firm size was measured by using total assets. The measurement of
profitiability uses return on equity ratio (Santioso and Chandra, 2012), net income divided
shareholder equity. Widyastuti (2009) and Guna and Herawaty (2010) proves that the
profitability a positive effect on earnings management. This shows that the higher
profitability, the higher the earnings management. The firm that reported higher earnings
tendency to make earnings management. The firm reported a higher profit to show that the
operational performance so well that the stakeholders will assess the firm so well. The
measurement of leverage uses debt to equity ratio (Dewi and Keni, 2013), total debt divided
shareholder equity. Widyaningdyah (2001) and Widyastuti (2009) proved that leverage a
positive effect on earnings management. This shows that the higher leverage, the higher
earnings management. The firm that high leverage possibility of experiencing financial
difficulties and tend to perform earnings management.
diunduh dari:
Results and Discussions
Test results of descriptive statistics and hypothesis testing
following table 2 and 3:
Table 2 Descriptive Statistics
Variable
Minimum
Maximum
Mean
ADA
0.00047
1.09896
0.18328
CSR
0.02564
0.84615
0.34560
GENDER
0
1
0.31720
IND_ KOM 0.25
1
0.39837
SIZE
78200046265
1.822739982089e+14 7093486409283
ROA
0.00146
1.21943
0.18996
LEV
0.10412
4.31701
0.91743
can be seen in the
Std. Deviation
0.20357
0.16014
0.46664
0.12591
2.084107485039e+13
0.17191
0.77022
Table 3 Result of Hypothesis Testing
VIF
Variable
B
T
Constant
0.076
1.210
CSR
0.25997
2.54296** 1.271
GENDER
-0.025
-0.775
1.056
IND_ KOM 0.062
0.514
1.094
SIZE
1.51730e-15 2.006**
1.178
ROA
-0.118
-1.304
1.141
LEV
0.013
0.683
1.080
2
** 5%, Adjusted R 0.05871, F6,179 2.92316**
Results of hypothesis testing showed that corporate social responsibility disclosure has a
coefficient value of 0.25997 (2.54296) and significant, H1 is accepted, which means that the
corporate social responsibility disclosure has an influence on earnings management. This is
consistent with Prior et al. (2008). The greater the social responsibility disclosure, the greater
earnings management. Social responsibility disclosure as a form of shareholder and
stakeholder demands and indicates that the financial capacity of the company is better able to
perform social responsibility. This makes shareholders and stakeholders would not suspect
the firm to perform earnings management because earnings management is done to increase
the firm value.
Audit committee of women has a coefficient value of -0.025 (-0.775) and not
significant, H2 is not accepted, which means that the audit committee of women does not
have an influence on earnings management. This is not consistent with Peni and Vahama
(2010), Qi and Tian (2012) and Susanto (2014). Audit committee that was formed has the
main function, which is to oversee the financial statements (Mayangsari, 2003). Audit
committee of women and men alike has the same function that oversees the financial
statements.
diunduh dari:
Independent commissioner has coefficient 0.062 (0.514) and not significance H3 is
not accepted, which means that an independent commissioner does not have an influence on
earnings management. This is not consistent with Nabila dan Daljono (2013), Reviani dan
Sudantoko (2012), Gulzar and Wang (2011) and Jao and Pagalung (2011). Independent
commissioner in Indonesia only meets corporate governance rules. Most of the names listed
as an independent commissioner is not doing its job properly, which oversees the
management in order to act in accordance with the wishes of shareholders and stakeholders.
Firm size has a coefficient value of 1.51730e-15 (2.006) and significance, which
means that the positive affect of firm size on earnings management. This is consistent with
Widyastuti (2009). Profitability has a coefficient value of -0.118 (-1.304) and not
significance, which means that profitability does not have an influence on earnings
management. This is not consistent with Widyastuti (2009) dan Guna dan Herawaty (2010).
Leverage has a coefficient value of 0.013 (0.683) and not significance, which means that
leverage does not have an influence on earnings management. This is not consistent with
Widyaningdyah (2001) dan Widyastuti (2009).
Conclusion
The corporate social responsibility disclosure and firm size have an influence on
earnings management. The audit committee of women, independent commissioner,
profitability and leverage do not have an influence on the earnings management. This study
has several limitations of the first, used the study period is relatively short, ie from year 2010
to 2012 so that earnings management is observed less describe actual conditions. For further
research to extend the period of study, a minimum of 5 years so that the data obtained can
better describe the actual condition of earnings management. Second, the sample of
companies used in this study is only limited to the manufacturing companies listed in
Indonesia Stock Exchange, so the lack of research results can be generalized. To further
expand the study sample into non-financial companies listed on the Indonesia Stock
Exchange.
References:
Cohen, W. A. (2009). What Drucker taught us about social responsibility. Leader to Leader,
51, 29–34.
Dewi, Sofia Prima and Keni (2013). Pengaruh Umur Perusahaan, Profitabilitas, Ukuran
Perusahaan dan Leverage terhadap Pengungkapan Tanggungjawab Sosial Perusahaan.
Jurnal Bisnis dan Akuntansi, 15(1), 1410-9875.
Fakih, Mansour (2010). Analisi Gender dan Transformasi Sosial. Yogyakarta: Pustaka
Pelajar.
Garrison, Ray H., Eric W. Noreen, Peter C. Brewer, Nam Sang Cheng and Katherine C. K.
Yuen (2011). Managerial Accounting an Asian Perspective. New York: McGrawHill.
Gulzar, M.A and Wang, Z. (2011). Corporate Governance Characteristic and Earnings
diunduh dari:
Management: Empirical Evidence from Chinese Listed Firms. International Journal
of Accounting and Financial Reporting, 1(1).
Guna, Welvin I. and Arleen Herawaty (2010). Pengaruh Mekanisme Good Corporate
Governance, Indenpendensi Auditor, Kualitas Audit dan Faktor Lainnya Terhadap
Manajemen Laba. Jurnal Bisnis dan Akuntansi, 12(1), April, 53-68.
Hapsoro, Dody (2012). Pengaruh Corporate Governance dan Kualitas Audit Terhadap
Pengungkapan Corporate Social Responsibility. Jurnal Akuntansi dan Manajemen,
23(3), 199-215.
Hodgetts, Richard M., Fred Luthans and Jonathan P. Doh (2009). International Management:
Culture, Strategy, and Behavior, 6th Edition. New York: McGraw-Hill.
Hong, Yongtao and Margaret L. Andersen (2011). The Relationship between Corporate
Social Responsibility and Earnings Management: An Exploratory Study. Journal
Business Ethics, 104, 461-471.
Jones, J. J. (1991). Earnings management during import relieve investigations. Journal of
Accounting Research, 29, 193–228.
Jao, R and G. Pagalung (2011). Corporate Governance, Ukuran Perusahaan dan Leverage
Terhadap Manajemen Laba Perusahaan Manufaktur Indonesia. Jurnal Akuntansi dan
Auditing, 8(1).
Khan, Arifur, Mohammad Badrul Muttakin and Javed Siddiqui (2013). Corporate
Governance and Corporate Social Responsibility Disclosures: Evidence From an
Emerging Economy. Journal Business Ethics, 114, 207-223.
Labelle, R., Gargouri, R. M. and Francoeur, C. (2010). Ethics, diversity management and
financial reporting quality. Journal of Business Ethics, 93, 335–353.
Mayangsari, Sekar (2003). Analisis Pengaruh Independensi, Kualitas Audit, serta Mekanisme
Corporate Governance Terhadap Integritas Laporan Keuangan. Presiding Simposium
Nasional Akuntansi VI, 1255-1269.
Nabila, Afifa and Daljono (2013). Pengaruh Proporsi Dewan Komisaris Independen, Komite
Audit, dan Reputasi Auditor Terhadap Manajemen Laba. Diponegoro Journal of
Accounting, 2(1),1-10.
Peni, E. and S. Vahamaa (2010). Female Executives and Earnings Managemen. Managerial
Finance, 36, 629-645.
Peraturan Pemerintah No. 47 Tahun 2012 tentang Tanggung Jawab Sosial dan Lingkungan
Perseroan Terbatas.
Porter, M. E. and M. R. Kramer (2006). The link between competitive advantage and
corporate social responsibility. Harvard Business Review, 84(12), 78–92.
Prior, D., J. Surroca and J.A. Tribo (2008). Are socially responsible managers really ethical?
Exploring the relationship between earnings management and corporate social
responsibility. Corporate Governance: An International Review, 16(3), 443-459
Qi, Baolei and Gaoliang Tian (2012). The Impact of Audit Committees’ Personal
Characteristics on Earnings Management: Evidence from China. Journal of Applied
Business Research, 28(6), Nov/Dec, 1331-1343.
diunduh dari:
Reviani, Dinni and Djoko Sudantoko (2012). Pengaruh Struktur Kepemilikan, Ukuran
Perusahaan, dan Corporate Governance Terhadap Manajemen Laba. Jurnal Prestasi,
9(1), Juni.
Rouf, Md. Abdur (2011). The Corporate Social Responsibility Disclosure: A Study of Listed
Companies in Bangladesh. Business and Economics Research Journal, 2(3), 13092448.
Santioso, Linda and Erline Chandra (2012). Pengaruh Profitabilitas, Ukuran Perusahaan,
Leverage, Umur Perusahaan, dan Dewan Komisaris Independen dalam Pengungkapan
Corporate Social Responsibility. Jurnal Bisnis dan Akuntansi, 14(1).
Sari, Dahlia and Sidharta Utama (2014). Managemen Laba dan Pengungkapan Corporate
Social Responsibility dengan Kompleksitas Akuntansi dan Efektivitas Komite Audit
sebagai Variabel Pemoderasi. Presiding Simposium Nasional Akuntansi XVII,
Mataram, Lombok, 24-27 September.
Sari, Rizkia Anggita (2012). Pengaruh Karakteristik Perusahaan terhadap corporate Social
Responsibility Disclosure pada Perusahaan Manufaktur yang Terdaftar di Bursa Efek
Indonesia. Jurnal Nominal, 1(1).
Susanto, Yulius Kurnia (2014). Audit Committees and Earnings Management: Evidence
From Indonesia Manufacturing Industry. Presiding International Conference on
Entrepreneurship and Business Management (ICEBM 2014), Penang, Malaysia,
November 6-7.
Undang-Undang Republik Indonesia No. 40 Tahun 2007 tentang Perseroan Terbatas
Untoro, Dwi Arini and Zulaikha (2013). Pengaruh Karakteristik Good Corporate Governance
(GCG) terhadap Luas Pengungkapan Corporate Social Responsibility (CSR) di
Indonesia. Diponegoro Journal of Accounting, 2(2), 2337-3806.
Utami, Sri and Sawitri Dwi Prastiti (2011). Pengaruh Karakteristik Perusahaan terhadap
Social Disclosure. Jurnal Ekonomi Bisnis, 16(1).
Wang, Jianling., Lin Song and Shujie Yao (2013). The Determinants of Corporate Social
Responsibility Disclosure: Evidence From China. The Journal of applied Business
Research, 2(6).
Widyaningdyah, Agnes (2001). Analisis Faktor-Faktor yang Berpengaruh Terhadap Earnings
Management pada Perusahaan Go Publik di Indonesia. Jurnal Akuntansi dan
Keuangan, 3(2), November, 89-101.
Widyastuti, Tri (2009). Pengaruh Struktur Kepemilikan dan Kinerja Keuangan Terhadap
Manajemen Laba: Studi pada Perusahaan Manufaktur di BEI. Jurnal Maksi, 9(1),
Januari, 30-41.
Authors’ Bibliography
Yulius Kurnia Susanto was born in Pati, July 16, 1982 Yulius Kurnia Susanto studying
Doctoral Program in Accounting at Trisakti University, Jakarta, Indonesia. Field of research
interest is financial accounting and management accounting.
diunduh dari:
LESSONS LEARNED FROM EARLY IMPLEMENTATION STAGE OF
ACCRUAL ACCOUNTING IN INDONESIA LOCAL GOVERNMENT
A Case Study in Province XYZ
Irwan Taufiq Ritonga1
Introduction
The implementation of accrual accounting in Indonesia has been started in 2003
as mandated by Act 17 of 2003 on State Finance. The law states that the
implementation of accrual accounting began in 2008. This mandate was
reinforced by Act 1 of 2004 on State Treasury. However, until 2008, local
governments in Indonesia have not been able to implement accrual accounting.
One reason is that the absence of government regulation governing the accrualbased government accounting standards.
Government Regulation No. 71 of Accrual Based Government Accounting
Standards was published in 2010. The regulation states that local governments
must implement accrual accounting no later than fiscal year 2015. Therefore,
inevitably, all local governments in Indonesia must implement accrual accounting
start from January 1, 2015.
One of 548 local governments in Indonesia is Local Government XYZ. The local
government is one of the largest provincial governments in Indonesia. The local
government has more than 70 working units. The local government has a very
good financial management as indicated by the unqualified opinion for four
consecutive years. Therefore the government has become one of the references for
other local governments in Indonesia. As a reference in local government
financial management in Indonesia, it is interesting to know how well the Local
Government XYZ in implementing accrual accounting.
Findings of this study will contribute benefits to other local governments by
learning the key successful variables in implementing accrual accounting. Based
on findings, the central government (i.e. the Ministry of Home Affairs), local
government executives could utilize the evidence to improve the implementation
of accrual accounting for the future time. For Indonesian scholars and
practitioners in the field of public sector accounting, this study will represent the
first attempt to assess the implementation of accrual accounting in Indonesia.
Research Objective
As explained in the previous section, the objective of this research is to assess the
implementation of accrual accounting in a local government in Indonesia for the
first three month.
1
The author is a lecturer at Faculty of Economics and Business, Universitas Gadjah Mada,
Indonesia. He can be contacted through [email protected] or [email protected].
diunduh dari:
Research Methods
Researcher started observation in the local government from the fourth week of
November 2014 as a speaker in two events of dissemination of local government
accounting policy. In these two events researcher explained to the working unit
officials and accounting function staffs about how to implement the accrual
accounting. Unfortunately, researcher “come late” at this stage because it was less
than two months before the starting date to implement accrual accounting (i.e. 2
January 2015). Furthermore, researcher did intensive monitoring and evaluation
since the first day of the implementation (1 January 2015) by giving distance
consultation and face-to-face consultation to all local government working units.
Distance Consultation
Distance consultation held at any time by email, fax, phone, and social media. All
working units are given opportunity to discuss any problems of accrual accounting
that they faces, although it is trivial, by researchers at any time.
Face-to-face Consultation
Face-to-face consultation is done through direct meetings between researchers and
working units. Face-to-face consultation includes following events:
1. Collecting working unit officials and accounting function staffs who are
responsible for the implementation of accrual accounting on January 6, 2015
to coordinate the initial implementation of accrual accounting. In this event
researcher, again, explained details of technical aspects of accrual accounting
such as kinds of documents of transactions, format of journal and ledger,
accounting policy, accounting system and procedures, chart of accounts.
2. Together with the governor and secretary of the area to give direction to the
heads of working units to commit to the implementation of accrual
accounting.
3. Regular Mentoring.
"Face-to-face consultations" conducted every month at the first week for five
days. Mentoring conducted from 8:00 am until 20:00 pm. Each "Revenue
Centre Working Unit" get the allocation of time mentoring for 2 hours, while
each "Expenditure Centre Working Unit" get the allocation for 1.5 hours.
Researchers have been conducting mentoring for three times.
If the working unit has made the journal, the researchers directly reviewing
journal that has been created based on the source document. If the working unit
has not keep a journal, researchers provide an explanation of accrual accounting
journals using real transaction that has occurred. Mentoring is ended by the
researchers by providing advice that should be done by working unit to the next
stage.
diunduh dari:
Aspects Evaluated
In assessing the implementation of accrual accounting, researcher focusing on the
ability of working unit to identify and to record all accrual transactions occurs (i.e.
non-cash transactions). If the working unit is able to identify all accrual
transactions and to records the transactions correctly, the better is the degree of
accrual accounting. Based on local government’s transactions, researcher groups
the accrual transactions into five groups. Those groups are:
1. converting assets to expenses transactions, such as recognition of inventory
expenses due to the use of inventory, fixed assets depreciation expense
recognition as a result of the use of fixed assets, and so forth.
2. accruing unpaid expenses transactions, such as recognition of the expenses of
salaries of employees who have not been paid, internet subscription fee that has
not been paid, and so forth.
3. accruing uncollected revenue transactions, such as revenue recognition on
patients that already treated, but the patient has not paid yet; recognition of
vehicle tax when the government issued a tax assessment, and so forth.
4. converting liabilities to revenues transactions, such as purchase of inventory or
fixed assets on credit.
Findings and Discussion
In assessing the degree of soundness of accrual accounting, researcher groups
working units of local government into three categories: poor/pessimistic,
average, optimistic. During the implementation of accrual accounting from
January to March, researcher found that almost all of working units of the local
government have not implemented the accrual accounting properly because the
implementation is not conformed to the Government Accounting Standards.
However, the degree of quality of accrual accounting shows an increasing trend.
In January there were 9 out of 71 working units that grouped into optimistic
group, then increase to 20 working units in February and 34 working units in
March. On the other hand, number of working units in pessimistic group shows a
decreasing trend.
Researcher believes that there are many variables disturbing the successfulness of
accrual accounting implementation in the local government. However, there are
four main variables of findings that will be discussed in the following paragraph.
These variables are human resources capability, commitment and intention of
leader of working unit to implement accrual accounting, infrastructure of accrual
accounting, and organizational and internal coordination of working unit.
diunduh dari:
Human Resources Capability
As predicted by many parties, human resources capability is one key variable that
affecting the successfulness of accrual accounting implementation. Most of the
accounting staffs still uses cash accounting mindset in identifying financial
transaction, so they only record financial transactions in case of cash-in or cashout from or to the treasurer. Although they have had already trained and
disseminated about accrual accounting, they still find difficulties in identifying
accrual transactions.
Furthermore, the degree of correctness of the journal is not satisfactory because
there are many errors occur. Quite a lot of accounting staffs still do not understand
the technicalities of making accrual accounting journals. Moreover, they are often
made mistakes in filling the journal attributes such as source documents, account
code, and transaction information.
In addition, researcher also found that accounting staffs in working units grouped
as pessimistic show that their understanding of accounting process (i.e.
recognizing, measuring, recording, posting, and reporting financial transaction)
are not as good as accounting staff in working units grouped as optimistic.
Researchers speculate that this may occur because the dependence of accounting
staffs on automation journal produced by the accounting software that is applied
when the time of cash-based accounting. A direct result of using accounting
software is that the staffs of accounting function are not properly understood the
accounting process because it has been processed instantly by the application.
Commitment and Intention of Working Units Leader to Implement Accrual
Accounting
Commitment of Working Leader
Leadership commitment is evaluated from the presence of working unit leaders (at
least finance officials) in coordination meetings and mentoring that has been
scheduled. In addition, leadership commitment is also demonstrated by the
willingness of working unit leader to coordinate units in its working unit to
support the accounting function in implementing accrual accounting.
Intention of Working Leader
This variable is evaluated by looking at the initiative and responsiveness of
working unit to discuss and follow up on input from the researcher. Most of the
working units do not take advantage of the opportunity of distance consultation to
discuss with a companion about the problems they face in the implementation of
accrual accounting. Researcher has given working units email, phone number, and
diunduh dari:
social media accounts for a means of communication. However, only little
working units utilize this means of communication. Working units belong to the
"optimistic group" is working units that actively communicate with a companion
in solving the problems of implementation of accrual accounting.
Furthermore, there are still many working units that do not respond immediately
to input from the companion. Working units classified in the "pessimistic group"
usually are working units that are slow to respond to inputs from companion.
Infrastructure of Accrual Accounting
The main infrastructure of accrual accounting consists of accounting policy,
accounting systems and procedures, chart of accounts, and budget implementation
systems and procedures. All of them are released under regional head regulation.
Accounting Policy
Although the local governments have good accrual accounting policies, but the
accounting policies has not been socialized properly to local government working
units. As a result, many working unit are not well informed about the contents of
the accounting policies. This will certainly affect the quality of accrual
accounting.
Accounting Systems and Procedures
Although the local government has developed accounting systems and procedures
as a guideline for working units to implement accrual accounting, the guideline is
not yet operational. The guideline is not user friendly enough for accounting
function staffs. In turn, the accounting function staffs cannot implement the
accrual accounting process properly.
Budget Implementation Systems and Procedures
The local government has established system and procedures of budget
implementation that supports the implementation of accrual accounting. However,
it is not equipped with detailed technical guidelines to recognize accrual
transactions. Although the local government has disseminated the systems and
procedures at the beginning of January 2015, but the systems and procedures
cannot be followed by local government working units. As a result, the majority
of working units still uses the old cash basis systems and procedures. In turn, the
problem arises in the recognition of accrual transaction of expenses and revenues,
such as what the source documents, when the recognition of expenses and
revenues, and so forth.
diunduh dari:
Chart of Account
In January and February, the local government has not finished yet in developing
chart of accounts. Initially, the chart of account cannot accommodate accrual
transactions. Incomplete Chart of Accounts resulting in accounting functions
found difficulties in keeping a journal. For January and February, all working
units using chart of accounts found in Regulation 64/2013 or the old Chart of
Accounts of 2014 in making journal. Thus, the account codes or account names
that are used to make the journal until 2015 February were still tentative.
Organizational and Internal Coordination of Working Units
In the first month of implementation of accrual accounting there has been no
common understanding of who should keep a journal, if the finance official of
working unit or treasurer. This has resulted in many working unit not to record
financial transactions in January.
In addition, many working unit which have branch offices scattered throughout
the region fund difficulties to recognize all financial transactions occur. The
number of branches led to the more financial transaction frequency.
Consequently, Accounting Function of working units will have trouble journaling
because the workload is piling up at the end of the month. Journalizing that
accumulated transaction at the end of the month will reduce the accuracy of the
journal and in turn will reduce the reliability of the quality of accrual accounting.
Failure to recognize the accrual transactions are also influenced by weak
coordination between accounting function and other functions in the working unit.
For example, the asset management function does not send documents
"acceptance of assets" to the accounting function of the asset received. As a result,
the accounting function cannot recognize the acquisition of assets. Another
example is that personnel function does not send decree on the promotion of
employees, but the employee has not received payment of salary on promotion.
As a result, the accounting function cannot recognize the transaction employee
expenses.
This situation above occurs because of incomplete regulations that support the
implementation of accrual accounting. As of April 2015 there is no regulation that
instructs functions in working units must submit their documents of activities to
accounting function. For example, there is no regulation that requires the function
of asset to submit documents of receipt of goods or use of the goods to the
accounting function; absence of provisions to perform physical counts of
inventory items on a monthly basis; absence of regulations that require personnel
function to provide employment documents to accounting function, and so forth.
diunduh dari:
CONCLUSION AND RECOMMENDATION
Conclusion
Based on intensive monitoring and evaluation of accrual accounting
implementation during January to March 2015, researcher concludes that the
quality of accrual accounting for the first three months is not good. There are
many factors that caused such situation. The factors include inadequate human
resource capacity, poor commitment and poor intention of leader of working units
to implement accrual accounting, poor infrastructure of accrual accounting, and
poor organizational and internal coordination of local government working unit.
Recommendation
Learning from the factors that hinder the successful of accrual accounting
implementation as discussed above, the researchers recommend the following
things to do.
1. The local government has to improve the capacity of the accounting staff.
It is necessary to re-technical training accounting function staffs in
working units and their branches.
2. The local government has to enforce working units commitment to
implement accrual accounting by the signing of the Integrity Pact by the
leaders of working units; and to place the accounting staff who have
passion to the accrual accounting.
3. The local government has to develop a strong infrastructure of accrual
accounting.
 Provide a comprehensive chart of accounts so that working units is
able to journal properly.
 Provide working units with accounting guidelines that are detailed,
operational, and implementable for working units. These guidelines
serve as the interpretation of accounting policies.
 Establish regulations or provisions that support the implementation of
accrual.
4. The local governments should make a decree on accounting function in
working units and accounting function assistant at the branch office.
Accounting functions at the branch office in charge of the accounting
process at the branch office so that accounting functions at the central
office tasked to consolidate and control the quality of the accounting
process at the branch office.
diunduh dari:
BIBLIOGRAPHY
Governmental Accounting Standards Government Regulation 2005 (No. 24, 2005)
Governmental Accounting Standards Amendment Government Regulation 2010
(No. 71, 2010)
Regional Financial Management Government Regulation 2005 (No. 58, 2005)
State Finance Act 2003 (No. 17, 2003)
State Treasury Act 2004 (No. 1, 2004)
diunduh dari:
THE DIFFERENCE OF VALUE RELEVANCE OF ACCOUNTING
INFORMATION BETWEEN MANUFACTURING AND FINANCIAL
SERVICE
COMPANIES IN PERIOD OF IFRS CONVERGENCE OF 2008-2012
Rida Prihatni
Bambang Subroto
Erwin Saraswati
Bambang Purnomosidi
INTRODUCTION
Information avaliable in a capital market has been considered significant
or valuable if it drives investors to enter transactions, as reflected when stock
prices change (Rahmawati, 2005). Accounting information has value relevance if
it serves as basis of stock market prediction (Barth, 2001; Scott, 2009:196).
Therefore, the more the effect of stock price changes is learned, the more useful
the information received by investors will be. The changes in stock price will
affect investors' return.
Preliminary studies as to relationship between earnings and stock return
have been conducted by Ball and Brown (1968). Earnings variable has relevance
value because it influences the stock price that reflects the current value of a
company (Ball and Brown, 1968). The value relevance of earnings and book
values has not decreased over a forty-year time period, it has, indeed,
incrementally moved upwards and shifted from earnings to book values (Collins,
1997).
The relation of cross sectional model return, a relationship between
accounting earnings report and cash flow, and stock returns, has decreased over a
twenty-year time period of observation. The use of pricing model, a relationship
between accounting earnings and book values, and stock returns has decreased
over similar period of time as well. This results from less detailed financial
statement which is insufficiently portraying changes of companys' operational
owing to technological innovation and competition (Lev and Zarowin, 1995).
In general, there are two theoretical perspectives underlying the
hypotheses of value relevance. The former is information perspective on decision
usefulness that uses historical cost as a basis of accounting and relies on full
disclosure to improve the use of information about financial statement to
investors. The latter is measurement perspective on decision usefulness admitting
that accounting is responsible for uniting fair value in the main financial
statement to ensure that it uses high reliability and helps investor predict
performance and future value of a company.
Throughout the progress, International Financial Reporting Standards
diunduh dari:
(IFRS) has been adopting a number offair values that employ realizable value and
current value. Fair value is a basis of measurement considered more independent
and impartial and the use of this fair value measurement and assessment has been
increasingly on-trend of from year to year. (Purba, 2010, p.37).
The effects of implementing IFRS vary across companies depending on
types of industry, types of transaction, elements of financial statement reported by
the companies, and accounting policy options. The changes taking place might
relate to an accounting procedure. Banking companies for instance, belong to
those with significant effects of the changes which are not only made at levels of
corporate but also necessarily at Bank of Indonesia particularly in its regulation,
such asallowance on credit disbursement (Martani, 2011).
The adoption of IFRS affects measurement aspects on the items of
financial statement, i.e. net income and equity (Jermakowijcz, 2004), improves
quality of the financial statement (Daske and Gunther, 2006), reduces earnings
management, and has positive effects on shareholders equity, net income, and
liquidity (Tsalavautas and Evans, 2010).
This study aimed at examining the value relevance of accounting
information between manufacturing and financial service companies in period of
IFRS convergence of 2008-2012. It analyzed the difference of value relevance in
the two groups of companies within the period to meet its objective.
LITERATURE REVIEW AND HYPOTHESIS
DEVELOPMENT
Definition of Value Relevance
An account number is defined as value relevance if it is associated with
market valueof equity (Ohlson, 1995; Barth, 2001; Holthausen and Watts, 2001).
Accounting information is claimed to have value relevance if it can be used to
predict company's market value ( price or return of stock) (Barth,2001).
Easton (1999) and Beaver (2002) pointed out that study of value relevance
aimed at examining the association between dependent variables on security price
basis and a number of fundamental accounting variables. An accoun tnumber is
defined as "value relevant" if it is associated with dependent variables (security
price/return). This study plays an important role in providing empirical evidence
of the accountsin relation to predicted security market value.
Perspective of Information and Measurement
Information approach implies that empirical study may help an accountant
improve further use of information by allowing market response to guide
investors
towards what the information is like. The information perspective on decision
usefulness is an approach to financial statement allowing individuals'
responsibility for predicting performance and future value of a company and
diunduh dari:
concentrating on providing useful information (Scott, 2003:138). This approach
assumes that what market admits, in market efficiency on security, will react
towards information usefulness of many resouces including the financial
statement.
The measurement perspective on decision usefulness is more indirectly
using fair values in an appropriate financial statement. Scott (2003:174) stated
that definition of the measurement perspective on decision usefulness is an
approach to financial report and that an accountant should be responsible for
company's fair value presented in an appropriate financial statement.
Theoretical Clean Surplus Valuation Model
This theory claimed that company's valueis reflected from accounting
information on the financial statement (Ohlson 1995, as well as Feltham and
Ohslon, 1995). According to clean surplus theory, Ohlson pointed out that
company's market value can be presented on the income statement or balance
sheet. This theory provides a consistent framework with measurement
perspective. It is then stated that the accounting information has value relevance.
Clean surplus theory was developed by Ohlson and further enhanced by Feltham
and Ohlson.
Signalling Theory
Information which is published as an announcement will signal investors
for investment decision making. If it has a positive value, the market will be
expected to react by the time the announcement is recieved ( Hartono,2003:392).
When it is announced and received by all market agents, the information
has to be previously interpreted and analyzed as good news or bad news. If it
conveys good news to investors, a change in the volume of stock trading will
occur.
Regulation Theory
Theorists stated that regulation, hardly with exception, emerges as a
reaction towards an unidentified crisis. It is created based on several interests that
bring consequences for its user.
The new accounting standard, IFRS, has been intended to establish a
regulation to meet the user's needs. An argument proposed in response to IFRS is
portraying that any of the changes in accounting standard will, in fact, affect
meaning of financial ratio and financial number inany financial activities. Lev
(1979:485-503) noted that the change of effective accounting standards has an
obvious influence towards financial operations.
International Financial Reporting Standards (IFRS) Convergence
IFRS is international accounting standards issued by International
Accounting Standards Board (IASB). These standards are designed by the world's
diunduh dari:
four major organizations, i.e.International Accounting Standards Board (IASB),
European Community (EC), International Organizations of Capital Markets
(IOSCO), and Federation of International Accounting (IFAC). International
Accounting Standards Board (IASB) formerly known as International Accounting
Standard Committee (IASC) is an independent institution responsible for
formulating accounting standards. The aims of this organization is to developand
encourage the use of a set of high quality, understandable, comparable and
globally accepted accounting standards (Choi, 1999).
In accordance with IFRS convergence, Indonesian Financial Accounting
Standards (PSAK) demands to be principle-based and may require professional
judgment. Improvement of competence should be accompanied with
improvement of integrity. In general, the benefits of IFRS convergence are: 1)
facilitating a financial statementto be understandable by implementing
internationally
accepted
Financial Accounting
Standards
(enhance
comparability),
2)
increasing
global
investment
through
transparancy, 3) lowering cost of capital with fund raising opportunities through
capital market, 4) creating efficiency in presenting financial statement, 5)
improving quality of financial statement by decreasing opportunities for earnings
management.
According to convergence proposal issued by the Indonesian Institute of
Accountants (IAI), there are three stages performed in an adoption process.
Firstly, itwas performed in 2008-2010 that was an adoption of the entire latest
IFRS into PSAK. Secondly, it was conduced in 2011, the so-called preparation
stage, which prepared all supporting infrastructures for the implementation of
PSAK comprising previously adopted IFRS. Thirdly, the stage is called
implementation, performed in 2012, which implements the aforementioned
PSAK towards companies with public accountability.
Previous Studies
Study on value relevance of earnings based on IAS for 35 members of
IASC has been conducted by Jaggi and Li (2002)noting that IAS-based earnings
is more relevant than that of domestic GAAP when implemented to companies
located in Germany, Italy, and Switzerland.Conversely, domestic GAAP-based
earnings have comparatively more value relevance to companies located in
France. Comparative evaluation of IAS-based earningsvalue across countries
demonstrates that difference does exist in value relevance of earnings, even
between countries under code law basis.
The study conducted by Barzegari (2011) identified value relevance of
accounting information as impact of IFRS adoption in two contries i.e. Bahrain
and the United Arab Emirates (UAE). The findings show that the value relevance
of accounting information increases after a change of accounting standards has
occurred in Bahrain stock market, meanwhile, it shows a decline in the UAE for
diunduh dari:
the same reason. It might be interpreted that the value relevance of accounting
information in the UAE has not increased following the IFRS adoption.
Ashbaugh and Pincus (2001); Glaum, et al. (2010); and Beuselinck, et al.
(2009) proved that implementation of IFRS significantly improves forecasting
ability. This is in accordance with the findings of the study. IFRS adoption
improves information relevance, reduces reporting lag, and improvesquality of
forecasting analysis (Landsman, Maydew, and Thornock, 2011), as well as
increases value relevance (Gjerde, Knivsfla, and Saettern, 2008). Value relevance
of accounting information applying IFRS is higher than that of US-GAAP
(Beijerink, 2008); Ismail, Dunstan, and Zijl, 2010).
Relevance of earnings value, book values,and cash flow across groups of
industry
Good implementation of quality accounting standards will generate
quality financial statement serving as better information about a company to be
delivered to investors or prospective investors as consideration in investment
decision making.Investors expect that the implementation of IFRS will give
guidelines to generate more quality financial statement of a company.
IFRS convergence phenomenon allows value relevance of accounting
information to increase or vary in Indonesia from year to year with in period of
IFRS convergence. Barth, et. al (2008) argued that IFRS as principle-based
standards is able to improve value relevance of accounting information because
its fair value measurement is possible to describe the position and economic
performance of a company.
The effects of IFRS implementation varies towards companies depending
on types of industry, types of transaction, elements of financial statement reported
by the companies, and accounting policy options. Therefore, the researcher
necessarily divides the sample of study into two groups of industry i.e.
manufacturing and financial service due to their distinguished characteristic and
companies have particular strict regulation for instance, banking and security
companies are regulated by the law and other regulations so that hypothesis of the
study is:
H1 A difference does exists in value relevance of accounting information
between
two groups of industry namely manufacturing and financial service
companies.
METHODOLOGY
Population of Study
Population of the study covered all public manufacturing and financial
service
companies which reported their financial statements to Indonesia stock exchange
diunduh dari:
for
five consecutive years, from 2008 to 2012. Samples of study were selected by
means of purposive sampling with judgment sampling considering criteria as
follows:
1.
Go public manufacturing and financial service companies listed on
Indonesia Stock Exchange and reported their financial statements in period of 31
December 2008-31 December 2012.
2.
Manufacturing and financial service companies having listed stocks in
Indonesia Stock Exchange and actively on stock trading in period of 2008-2012.
3.
Manufacturing and financial service companies having earnings, book
value, and positive cash flow.
Variable of Study and Measurement Technique
Dependent variable of the study is abnormal stock return. Abnormal return
on stock are excess return which, indeed, occurs from normal return. Normal
return is expected return, therefore, abnormal return is a difference figured out
between actual and expected returns. Steps to calculate abnormal stock return is
explained as follows:
Calculate Company's Actual Return
Actual return is income gained from stock invesment.
(Pit - Pit - 1)
R i t
=
- — ^ "
Pit - 1
Remarks:
Rit = Actual return or realization stock return i at
period t
Pit=Stock price i at period t
Pit-1= Stock price i at period t-1
b.
Calculate Expected Return
Expected return is estimated by using market adjusted model with
equation:
a.
Rmt
IHSGt - IHSGt - 1
= —iHSGT-i -------------
Remarks:
Rmt = market return on t day
IHSGt = composite stock price index i on t day
IHSGt-1 = composite stock price index i on t-1 day
c.
Caculating Abnormal Stock Return
Abnormal stock returns is a difference of actual return from
normal returns formulated as follows:
diunduh dari:
Arit = Rit - E(Rit)
Remarks:
Arit = Abnormal Stock Return i at t-time
Rit = Actual return or realization stock return i at t-time
E(Rit) = Expected stock return at t-time
Independent variables (X) employed in this
study are:
1) Accounting earning per share (XI)
Accounting earning is net profit before extraordinary items and discounted
operations.
Accounting earning
Earning per share = — ------- : ----- — ------------------- - —
Number of shares outstanding
2) Book value per share (X2)
Book value per share shows shareholder's net asset value per share.
Total equity
Book value per share = — ------- ; ------ — ------------------- —
Number of shares outstanding
Total of cash flows (X3)
Total cash flows is net income re-added with depreciation and
amortization.
3)
Total cash flows
Total cash flowsper share = — -- : ------- — ------------------- —
Numbers of shares outstanding
Data Collection
Data of study employed was secondary data comprising financial
statements of go public companies having been audited by Independent Public
Accountant in period of 2008-2012 and collected from Indonesia Stock Exchange
database on www.idx.co.id.
Hypothesis Test
A simple linear regression and independent samples t-test were employed as
instrument of the study for data analysis purpose. The relevance of acounting
information is proxied by variable of earnings, book values, and cash flows which
having relevance so that it causes abnormal return. This is performed by using R2
as value relevance measurement because R is an explanatory power measurement
of independent variables of linear regression (Gu, 2002). Thus, R2 appears to be a
proper measurement of value relevance.
diunduh dari:
Independent samples t-test was used to compare the average of the two
groups having no relation to each otherto investigate whether or not the groups
have significanly same average. In this study, R2 value of manufacturing is
compared with that of financial service companies within five consecutive years
in IFRS convergence period.
FINDINGS AND DISCUSSION
Findings of Sample Selection and Utilization of Data
Samples of study were selected in accordance with predetermined
criteria i.e. manufacturing and financial services companies that listed in
Indonesia stock exchange from 2008 to 2012. They were 119 companies that
consisted of 70 manufacturing and 49 financial service companies.
Regression Analysis
Result of regression test oneach variable of the two samples;
manufacturing and final service industries followed with independent samples ttest of Kolmogorov-Smirnov is described as follows:
Samples of Manufacturing Company
Result of regression test shows that accounting earnings, book values,
and cash flows have a positive impact towards abnormal return inrespective
IFRS converganve period (2008-2012). R2 value for earnings regression
increasesin the implementation rather than preparation and adoption stages of
IFRS. R2 value for book value regression decreases in the implementation rather
than
preparation
stage
of
IFRS.
R2
value
for
cash flow regression increases in the implementation rather than preparation
stage of IFRS.
Samples of Financial Service Company
Result of regression test shows that accounting earnings, book values,
and cash flows have a positive impact towards abnormal return at each IFRS
converganve period (2008-2012). R2 value for earnings regression increases in
the implementation rather than preparation and adoption stages of IFRS. R2
value for book value regression increases in the implementation rather than
preparation and adoption stages of IFRS. R2 value for cash flow regression
increases in the implementation rather than preparation stage of IFRS.
Summary of R Square Results for Two Samples of Industry
Overall, the results of r square value with two samples of industry at
previous sub-chapters can be summarized into table 1.
diunduh dari:
Table 1
Summary of R Square Results for Two Samples of Industry
Period R Sample of Manufacturing R samples of
Companies
Financial Service Companies
Earnings Book
Cash
Earnings Book
Cash
values
flows
values
flows
2008
0,835
0,305
0,396
0,551
0,550
0,298
2009
0,895
0,418
0,418
0,748
0,503
0,185
2010
0,872
0,554
0,407
0,723
0,487
0,135
2011
0,920
0,632
0,265
0,739
0,452
0,110
2012
0,961
0,598
0,392
0,921
0,628
0,187
Independent samples t-testof Kolmogorov-Smirnov
As results of R value were determined, a difference test on average of the two
groups was then performed by means of hypothesis test of independent samples
of Kolmogorov-Smirnov. Table 2 shows significance value of 0.375. Since the
significance value is higher than 0.05, it can be concluded that a difference does
not exist in R value on the two samples of manufacturing and financial service
companies.
Table 2
Different test of Kolmogorov-Smirnov
R square
Most Extreme Absolute
Differences
Positive
Negative
,333
,133
-,333
Kolmogorov-Smirnov Z
,913
Asymp. Sig. (2-tailed)
,375
Analysis
Result of independent samples t-test show that there is no difference in R2
value in both groups of manufacturing and financial services companies. This
indicates that there is no difference as well in the value relevance of accounting
information during IFRS convergence taking place in both types of industry as
read from the least significant value of R2. Basically, this study supports similar
evaluation for the two groups by giving unvaried evidence that IFRS convergence
promotes positive market reaction towards accounting variables employed to
evaluate a company.
diunduh dari:
No difference of value relevance of accounting information investigated in
both manufacturing and financial service industries might occur in Indonesia. One
reason is that Indonesia has applied step-by-step adoption of IFRS that results
changes in policies possibly to comply with in a gradual manner and be accepted
by users. In addition, Indonesia has long referred to an international standard
leading to such gradual changes in accounting implementation as an attempt to
adjust with condition ofthe country. Another reason is that the difference of
characteristic existing in the companies when implementing IFRS does not
decrease user's trust upon accounting information presented in the financial
statement.
Furthermore, value relevance measurement of accounting information has
been in accordance with efficient market theory (EMH). Efficient capital market
theory predicts that security price on trade at capital market, at any time, naturally
reflects the entire information the public might figure out (Scot, 2009). This
condition is called a half-strength-form of market efficiency. If the condition
happens to be a half-strength- form of market efficiency, there will be no
investors or groups of investors who can use the published information to gain
abnormal
return
over
the
loss
of
the
other
investors
(Hartono, 2003:373). In other words, efficient security market does not differently
react towards various similar sources of information (Hendriksen, 2000:186).
These findings are found to be consistent with the study of Cahyonowati
and Ratmono (2012) revealing that net earnings have higher relevance than
equity book values for both samples of financial and non-financial industries. In
addition to studies of Bartov, Goldberg and Kim (2005), it is proven that the
earnings based on American and IFRS accounting standards have value relevance
higher than that of German-based accounting. Meanwhile, the studies of Alali
and Foote (2012) noted that net earnings have value relevance higher than that of
equity book values. Similarly, this happens in companies located in Portuguese
and Spain whose more value relevance on their earnings per share information
when implementing IFRS (Aubert And Grudnitski, 2008). Therefore, high quality
profit will be strongly associated with market variables (stock market or stock
return). In other words, the higher quality of the profit it is, the higher value
relevance it will be.
The findings also relate to Signaling Theory and Regulation Theory.
Signaling theory reveals how a company should give signals to the users of
financial statement. The use of regulation like IFRS promoting quality statement
should be a signal for the company to attract investors or other users.
CONCLUSION
Findings of the study reveal that value relevance of earnings information,
diunduh dari:
book values, and cash flow do exist in manufacturing and financial companies
within the period of IFRS convergence of 2008 - 2012. The higher earnings, book
values, and cash flow it makes, the higher abnormal return of a company it
results. Value relevance of accounting information demonstrated an increase in
the period of IFRS implementation of 2012. Principal-based financial standard
has been considered simple and effective in a global way. This can lead to
transparency of a company and promote the power of information presented in
financial statements of companies in Indonesia. The findings is found to be
consistent with the studies of Asbaugh and Pincus (2001); Glaun et.al (2010); and
Beuselinck et.al (2009).
The findings also show that there is no difference of value relevance of
accounting information between two samples of the study i.e. manufacturing and
financial service companies. It means that both industries contribute a positive
reaction towards the market in the period of IFRS convergence that is the use of
common language in their financial statement to put investors at ease while
reading and comprehending it in the attempt to promote their trust.
REFERENCES
Alali, F.A. & Foote, P.S. (2012). The Value Relevance Of International
Financial
Reporting Standards: Empirical Evidence in an Emerging Market. The
International
Journal of Accounting, 47, 85-108.
Aubert, F. dan G. Grudnitski. 2010. "The impact and importance of mandatory
adoption
of International Financial Reporting Standards in Europe".Journal of
International
Financial Management & Accounting. 22(1):1-26.
Ball, R. and Brown, P. 1968. An Empirical of Accounting Income Numbers,
Journal of
Accounting Research. 6 (2), pp. 159-178.
Barth, M.E.,D.P.Cram and K.K Nelson.1998. Acrual and the prediction of
future cash
flow. Working Paper.
Barth, M.E., Beaver,W and W. Landsman. 2001. The Relevance of Value
Relevance
Literature for Financial Accounting Standard Setting: Another Review. Journal
of
Accounting and Economics. Vol 31. 77-104
diunduh dari:
Barth, M.E.,W. Landsman, and M. H. Lang. 2008. and C. Williams. 2011. Are
International Accounting Standards-based and US GAAP-based accounting
amounts
comparable? Working paper. Electronic copy available on SSRN at:
http://ssrn.com/abstract=1585404. Diakses tanggal 20 Januari 2013
Bartov, E., Lynn, S., and Ronen, J. 2001. Return-Earnings Regression: An
Integrated
Approach. Working Paper. June. New York University.
Barzegari, K.J,2011, International Financial Reporting Standards (IFRS) and
Relevansi
nilai of Accounting Information: Evidence from Bahrain and United Arab
Emirates
Stock Markets, African Journal of Social Sciences, Vol.1,No.1,pp.101-114.
Beaver, W.H.1968. The Information Content of Annual Earning
Announcement,
Journal of AccountingReseach, Vol.6.No.2.Hlm 67-100.
Beaver, W.1998. Financial Reporting: An Accounting Revolution. Third
Edition. New
Jersey: Prentice Hall.
Beaver. 2002. Perspectives on Recent Capital Market Research.
AccountingReview(77),
453-474.
Brief, R.P., and Zarowin,P. 2002. The Valuer relevance of Dividend, Book
Value and
Earnings. Working Paper.
Brown, S., K. Lo and T. Lys. 1999. Use of R2 in Accounting Research:
Measuring
Changes in Relevansi nilai over the Last Four Decades. Journal of Accounting
and
Economics. Vol 28. 83-115
Brown,S,J., and J.B Warner. 1985 "Using Daily Stock Return: The Case of Event
Studies", Jornal of Financial Economics 14, hal.3-31
Cahyonowati, N., & Ratmono D. 2012. Adopsi IFRS dan Relevansi Nilai
Informasi
Akuntansi. Jurnal Akuntansi dan Keuangan, Vol 14 No 2; 105-115.
Choi, Frederick D.S., Carol Ann Frost, Garry K Meek. 1999. International
diunduh dari:
Accounting.
3th edition. United Stated: Prentice Hall International.
Collins, D. W., Maydew, E. L. and Weiss, I. S. 1997. Changes in the ValueRelevance
of Earnings and Book Value Over Past Forty Years, Journal of Accounting and
Economis. 24, pp. 39-67.
Covrig, V. M., M. L. DeFond, dan M. Hung. 2007. "Home bias, foreign mutual
fund
holdings, and the voluntary adoption of International Accounting Standards".
Journal of
AccountingResearch 45(1): 1 -70.
Easton, P.D. 1999. Security Returns and the Relevansi nilai of Accounting Data
(Commentary). Accounting Horizons. Vol.13. No.4. 399-412.
Feltham, G., and J.A. Ohlson. 1995. Valuation and Clean Surplus Accounting for
Operating and Financial Activities. Contemporary Accounting Research. Vol 11.
No.2.
689-731
Hendriksen, E. S. and Van Breda M. F. 1992. Accounting Theory. 5th Edition.
Boston:
Irwin, Homewood.
Holthausen, R, and R. Leftwich, 1983, The Economic Consequences of
Accounting
Choices: Implications of Costly Contracting and Monitoring, Journal of
Accounting
and
Economics, 5:2, pp, 77-117.
Hung, M. & Subramanyam, K.R. (2007). Financial Statement Effects of
Adopting
International Accounting Standards, The Case of Germany. Review of
Accounting
Standards, 12, 623-657.
Ikatan Akuntansi Indonesia, 2007,Standar Akuntansi Keuangan Per 1 September,
Penerbit Salemba.
International Financial Reporting Standards (IFRSs), Official Pronouncements as
issued
at 1 January 2009, 30 Cannon Street, London EC4M, United Kingdom.
Karampinis,N. And Hevas,D. 2009. The Efect of the Mandatory Application of
diunduh dari:
IFRS
on
the Value Relevance of Accounting Data: Some Evidence from Greece. European
Research Studies, Vol XII, Isuue (1).
Karampinis, N. & Hevas, D. (2011). Mandating IFRS in an Unfavorable
Environment:
TheGreek Experience. The International Journal of Accounting, 46, 304-332.
Lev,Baruch. "The Impact of Accounting Regulation on the Stock Market. The
Case of
Oil and Gas companies." The Accounting Review,July, 1979,pp.485-503.
Ohlson, J. 1995. Earnings, Book Values, and Dividends in Equity Valuation.
Contemporary Accounting Research Vol. 11 No 2 Spring.
Purba, Marisi P., 2010. International Financial Reporting Standards:
Konvergensi
dan
Kendala Aplikasinya di Indonesia, Edisi 1, Graha Ilmu, Yogyakarta.
Rahmawati. 2005. "Relevansi nilai Informasi Akuntansi dengan Pendekatan
Terintegrasi: Hubungan Nonlinier". Simposium Nasional Akuntansi Ke 8 di Solo
hal.
309-313.
Scott, W.R. 2009. Financial Accounting Theory. Third Edition. Toronto:
Pearson..
Tsalavoutas, I., & Andre, P. 2007. "Transition of IFRS and Value Relevance in A
Small
but Developed Market: A Look at Greek Evidence. Working Paper. ESSES
Business
School.
Van der Meulen, S., Gaeremynck, A., & Willekens, M. 2007. Attribute
Differences
Between US GAAP and IFRS Earnings: An exploratory study. The
International
Journal of Accounting, 42(2), 123-142.
diunduh dari:
The Relationship between Ownership Structure and Accounting
Conservatism in Manufacturing Sector Companies Listed on
Indonesia Stock Exchange
Yan Christianto Setiawan
Magister Akuntansi / Fakultas Bisnis dan Ekonomika Universitas Surabaya
[email protected]
Yie Ke Feliana
Magister Akuntansi / Fakultas Bisnis dan Ekonomika Universitas Surabaya
[email protected]
1. Introduction
Conservatism is one important characteristic of accounting information in
more than 500 years (Basu, 1997). Conservatism is an attempt to choose
accounting methods that will generate revenue recognition as slowly as possible,
expenses are recognized as soon as possible, a lower valuation of the assets and
higher liabilities valuation (Wolk and Tearney, 1997). By adopting this principle,
overstated income/assets or understated expenses/liabilities can be avoided.
Accounting conservatism can be used as a tool to reduce information
asymmetry between managers and owners of the company, thus it reduce agency
costs. Conservative financial information provides better protection for
shareholders and corporate value (Lafond & Rowchowdhury, 2008).
Conservatism as a facility that can improve the efficiency of the contract
between the principal - agent, highly influenced by whom and how many the
owner (principal) of the the company. Several studies have been conducted to
examine the relationship between ownership and accounting conservatism. Lafond
and Roychowdhury (2008) as well as the Cullinan, Wang, Zhang (2012) found an
relationship between ownership structure and accounting conservatism.
Most companies in Indonesia is dominated by family (Arifin, 2003).
Claessens et al. (1999) mentions in his study based on data from 1996, the
company listed in Indonesia Stock Exchange controlled by a family with a
percentage of 71.5%. Family firms also have severe agency problems so that
interesting to be researched. Arifin (2003) explains that the agency problem in the
company of family ownership is lower than the agency problem in the company
controlled by the public or company that does not have a controlling shareholder.
It supported by Ali et al. (2007) that suggested the companies controlled by non
family suffered more severe agency problem than the companies controlled by the
family. The difference of agency problems in the two types of ownership would
affect the application of accounting conservatism in the company.
Therefore, this study examines the relationship family and non-family
ownership to the level of accounting conservatism in the manufacturing industry
sector company in Indonesia. This study also examine whether shareholding
diunduh dari:
above a certain percentage threshold may influence the level of accounting
conservatism. In addition, this study also aimed to find out whether the presence
of the other majority shareholder (blockholder) may affect relationship between
the largest shareholder and accounting conservatism.
2. Literature Review and Hypothesis Development
2.1. Largest Shareholder and Accounting Conservatism
Company operation will be strongly influenced by the largest shareholder
(whether it family or non-family) and its position against the other shareholders.
The larger shareholder ownership in the firm, the greater the influence held by
such shareholder. Significant influence gives the ability to shareholders to elect
the board the directors he wants because the directors are representation of
shareholders in the firm. The shareholders will have capacity and incentive to
influence the composition of management and have a direct effect on the
promotion and dismissal of manager. Thus, the management will easily follow the
instructions of the largest shareholders (whether it family or non-family) to get
higher compensation. Higher percentage ownership of the largest shareholder will
make it easier to perform actions that only benefit themselves, thus there is high
probability that the prefereed action against the interests of minority shareholders.
This leads to the expropriation (Claessens and Djankov, 1999). To prevent
outsiders realize and find expropriation actions undertaken by the largest
shareholders together with management, the largest shareholder may encourage
managers to present a more favorable financial reports that the financial
statements are more quickly in recognizing profits than losses. Actions like-this is
what causes the level of accounting conservatism decreases as described in the the
following hypothesis:
H1: Accounting conservatism is negatively associated with ownership of the
largest shareholder.
H1a: Accounting conservatism is negatively associated with ownership of
family as the largest shareholder.
H1a: Accounting conservatism is negatively associatied with ownership of
non-family as the largest shareholder.
2.2. Controlling Shareholder and Accounting Conservatism
Some large shareholders may have sufficient shares to effectively exercise
control over the firm. Shareholders do not necessarily have a majority of company
shares to effectively exercise control. The owner of less than 50% of the voting
rights can take control if they are the single largest shareholder and other
shareholders are much smaller. Cao, Li, and Sun (2005) points out the difference
between control right and ownership; they argued that large shareholders may
diunduh dari:
have the control right over their cash flow rights when the proportion of their
ownership exceeds a certain threshold. LaPorta et al. (1999) noted that owns 10%
of the voting rights may provide the owner with "a significant threshold of votes"
(LaPorta et al., 1999, p.475), Hughes (2005) showed that the controlling
shareholders (family or non-family) can affect corporate operational objectives,
strategies and behavior management. Controlling shareholders (both family and
non-family) have the ability to influence the reporting process and potentially use
accounting information to seek personal benefit. If the firm has controlling
shareholder, it will negatively relates as described in the following hypothesis:
H2: Accounting conservatism is negatively associated with the existence of
controlling shareholders.
H2a: Accounting conservatism is negatively associated with the existence of
the family as controlling shareholders.
H2b: Accounting conservatism is negatively associated with the existence of
non-family as controlling shareholders.
2.3. Blockholder and Accounting Conservatism
Expropriation conducted by shareholders who have control rights (whether
it family or non-family) would lead to increased agency costs arising from agency
problems of type 2. Minority shareholders will spend more monitoring cost. If
there are others large shareholders, they are able to offset the single largest
shareholder control to reduce agency costs and protect the value of firm. They
have incentive and ability to monitor the behavior of management because they
have a material investment in the firm. Large shareholders have a greater
incentive that can not easily get out of the company if the company suffered
losses. When large shareholders sell their shares, the company's stock price will
fall due to the large number of shares to be sold. The presence of other
blockholders can effectively limit the ability of largest shareholders to have too
much influence, control the firm and transfer of resources from the firm to him.
This condition develops the following hypothesis:
H3: The existence of other blockholder will reduce the negative relationship
between ownership percentage of the largest shareholder and
accounting conservatism.
H3a: The existence of other blockholder in firm where family as the largest
shareholder will reduce the negative relationship between ownership
percentage of the largest shareholder and accounting conservatism.
H3b: The existence of other blockholder in firm where non family as the
largest shareholder will reduce the negative relationship between
ownership percentage of the largest shareholder and accounting
conservatism.
3. Research Design
diunduh dari:
To examine the relationship between ownership structure and accounting
conservatism, we use a sample of manufacturing sector companies listed in
Indonesia Stock Exchange. Data were gathered from the period 2011 - 2013. The
following criteria are used to select the sample. First, the company has been listed
on at least 1 year prior the study period. Second, the company has a complete set
of financial statements during the period of study. Third, its financial statement
has year ended on December 31. Fourth, its financial statements denominated in
rupiahs. The data sources are from companies’ financial statements, annual report,
Fact Book and Indonesian Corporate Market Directory (ICMD).
3.1. Measuring Accounting Conservatism
We use the following spesification of earning - return reverse regression
model as the proxy for accounting conservatism (Basu, 1997):
where NIi,t represents average earnings per share of firm i in period t-1 and period
t divided by the average price per share of firm i in period t-1 and period t. Ri,t is
the buy and hold return from the beginning of fourth month in fiscal year t to the
end of the third month in the next year and cumulated over the period t - 1 to t;
DRi,t is an indicator variable equal to one if Ri,t is negative. In the model, β2
represents the extent to which the annual earnings reflect "good news", and (β1 +
β3) the extent to which the annual earnings reflect "bad news". The coefficient of
interactive term, β3 measures the timing asymmetry associates with the
recognition of "good news"and "bad news" in the reporting earning. β3 thus
measures accounting conservatism.
3.2. Proxies for explanatory variables
Ownership concentration degree (OWNCON) is the principal variable
used to assess H1. OWNCON is the mean percentage of the shares held by the
largest single shareholder from t - 1 to t. The larger the number of shares held by
the largest shareholder, the more likely the shareholder can exercise influence
over the organization.The largest would then have the ability to induce
management to serve the largest shareholders’ interests, potentially to the
disadvantage of smaller shareholders. H1 predicts a negative relationship between
OWNCON and accounting conservatism.
CONTROL is a series of binary variables developed from the percentage
of shares owned by the largest shareholder. Based on differing perspectives in the
literature, we use various measures of what percentage ownership might constitute
control. Consistent with LaPorta et al. (1999), we consider 20%, 30%, and 50%
minimum thresholds for the percentage of ownership that would give the
shareholder control. We also test a 75% share ownership threshold to define
diunduh dari:
control. If the percentage ownership of the largest shareholder exceeds the
threshold, the CONTROL variable is coded as 1. If the percentage of share held
by the largest shareholder is below the threshold, CONTROL is coded as 0. We
use the CONTROL variable to test H2.
Ownership constraints (BLOCK) are used to test H3. It is a dummy
variable based on the total percentage of shares held by the second to the fifth
largest shareholders. If the percentage of shares held by the second to the fifth
largest shareholders exceeds the percentage of shares held by the first largest
shareholder, the BLOCK is set to 1, and otherwise is 0.
3.3. Control variables
To ensure our results are reliable and avoid the potential bias associated
with omitted variables, we measure and include in our models three control
variables: (1) financial leverage, (2) firm size and (3) market - to - book ratio.
Financial leverage (FINLEV) is defined as the mean value of total liabilities
divided by total assets. Firm size (LnSize) is defined as the mean natural
logarithm of the book value of total assets in the firm from period t-1 to t. Marketto-book ratio (MBV) is defined as the market capitalization divided by book value
of equity.
3.4. Estimation Techniques
In this study, the researchers first looked which best estimation technique
(Ordinary Least Square / Fixed Effect Model / Random Effect Model) to perform
multiple linear regression analysis. The first phase which compare models
ordinary least square (OLS) with a fixed effect model (FEM).
H0: fixed effect model is similar with the pooled OLS model
Ha: fixed effect model is better than the pooled OLS models
Ghozali (2013) stated that if the value of F is significant, the fixed effect model is
better than the pooled OLS models, or in other words the fixed effect model
provides significant value added compared to the pooled OLS.
Ghozali (2013) states that we can choose between Fixed Effect Model
(FEM) and Random Effects Model (REM) with the Hausman test (1978). The null
hypothesis of Hausman test is that the estimator FEM and REM does not differ
significantly. Hausman test statistic using distribution Chi-square. If the null
hypothesis is rejected, REM models may produce biased estimator that violate the
assumption of Gauss-Markov, therefore FEM models is more appropriate.
Based on the likelihood ratio test and Hausman test that have been done on
the regression model hypothesis 1, hypothesis 2, hypothesis 3 can be concluded
that the recommended estimation technique is the fixed effect model (FEM). Thus
the regression analysis on each hypothesis will be done using a fixed effect model
and discussion of the results in the next section will be based on the results of the
regression using a fixed effect model.
diunduh dari:
3.4. Empirical Model
This model to test the hypothesis 1:
NIi = β0 + β1DRi + β2Ri + β3(Ri × DRi) + β4OWNCONi + β5(OWNCONi × Ri) +
β6(OWNCONi × DRi) + β7(OWNCONi × Ri × DRi) + β8FINLEVi +
β9(FINLEVi × Ri) + β10(FINLEVi × DRi) + β11(FINLEVi × Ri × DRi) +
β12LnAsseti + β13(LnAsseti × Ri) + β14(LnAsseti × DRi) + β15(LnAsseti × Ri
× DRi) + β16MBVi + β17(MBVi × Ri) + β18(MBVi × DRi) + β19(MBVi × Ri ×
DRi) + Ԑi
where NIit represents average earnings per share of firm i in period t-1 and period
t divided by the average price per share of firm i in period t-1 and period t. Ri,t is
the buy and hold return from the beginning of fourth month in fiscal year t to the
end of the third month in the next year and cumulated over the period t-1 to t;
DRi,t is an indicator variable equal to one if Ri,t is negative. OWNCONi is the
mean percentage of the shares held by the largest single shareholder from t-1 to t
(when we test hypothesis 1a, we used OWNCONFAMi variable and
OWNCONNONFAMi when we test hypothesis 1b). FINLEVi represents the
average debt-to-asset ratio from period t-1 to t; LnAsseti is the natural logarithm
of the average total assets as the proxy for firm size from period t-1 to t; and
MBVi is the average Market to Book Value of Equity from period t-1 to t.
NIi = β0 + β1DRi + β2Ri + β3(Ri × DRi) + β4CONTROLi + β5 (CONTROLi × Ri) +
β6 (CONTROLi × DRi) + β7 (CONTROLi × Ri × DRi) + β8FINLEVi +
β9(FINLEVi × Ri) + β10(FINLEVi × DRi) + β11(FINLEVi × Ri × DRi) +
β12LnAsseti + β13(LnAsseti × Ri) + β14(LnAsseti × DRi) + β15(LnAsseti × Ri
× DRi) + β16MBVi + β17(MBVi × Ri) + β18(MBVi × DRi) + β19(MBVi × Ri ×
DRi) + Ԑi
where CONTROLi is a series of binary variables developed from the percentage
of shares owned by the largest shareholder. If the percentage ownership of the
largest shareholder exceeds the threshold (20%, 30%, 50%, 75%), CONTROLi is
coded as 1. If the percentage of share held by the largest shareholder is below the
threshold, CONTROLi is coded as 0. When we test hypothesis 1a, we used
CONTROLFAMi variable and CONTROLNONFAMi when we test hypothesis
1b.
NIi = β0 + β1DRi + β2Ri + β3(Ri × DRi) + β4OWNCONi + β5(OWNCONi × Ri) +
β6(OWNCONi × DRi) + β7(OWNCONi × Ri × DRi) + β8BLOCKi +
β9(BLOCKi × Ri) + β10(BLOCKi × DRi) + β11(BLOCKi × Ri × DRi) +
β12(OWNCONi × BLOCKi) + β13(OWNCONi × BLOCKi × Ri) +
β14(OWNCONi × BLOCKi × DRi) + β15(OWNCONi × BLOCKi × Ri × DRi)
+β16FINLEVi + β17(FINLEVi × Ri) + β18(FINLEVi × DRi) + β19(FINLEVi ×
diunduh dari:
Ri × DRi) + β20LnAsseti + β21(LnAsseti × Ri) + β22(LnAsseti × DRi) +
β23(LnAsseti × Ri × DRi) + β24MBVi + β25(MBVi × Ri) + β26(MBVi × DRi)
+ β27(MBVi × Ri × DRi) + Ԑi
Where BLOCKi is a dummy variable, if the percentage of shares held by the
second to the fifth largest shareholders exceeds the percentage of shares held by
the first largest shareholder, the BLOCKi is set to 1, otherwise BLOCKi is coded
as 0.
4. Empirical Analysis
4.1. Largest Shareholders and Accounting Conservatism
The result of hypothesis 1 regression test is presented on table 1.
Table 1. Results of Hypothesis 1, 1a, and 1b
H1
H1a
H1b
Sub Sample
Sub Sample Non
Variable
All Sample
Family
Family
C
1.782261**
2.038236*
0.190845
DRi
0.144738
-2.601901*
-1.088855
Ri
-0.243916
-0.345945
-0.22871
Ri x DRi
6.663038*
-5.621458
-5.597588
OWNCONi
-0.078751
0.226326
0.415808
OWNCONi x Ri
0.113836
0.1037
0.343313
OWNCONi x DRi
0.901792**
2.517153**
0.653702
OWNCONi x Ri x DRi
4.809833**
13.01928***
FINLEVi
-0.809129***
-1.048643***
0.062883
FINLEVi x Ri
0.784339***
0.932396**
0.304811
FINLEVi x DRi
0.83645***
1.105277***
1.018368
FINLEVi x Ri x DRi
10.07848***
11.54755***
9.750148
LNASSETi
-0.385184
-0.475263
-0.166724
LNASSETi x Ri
-0.094802
-0.103493
-0.022258
LNASSETi x DRi
-0.257919
0.04952
0.041764
LNASSETi x Ri x DRi
-4.114143***
-3.283377**
MBVi
0.000501
-0.00271
0.018575
MBVi x Ri
0.000844
0.005
-0.03721
MBVi x DRi
-0.130388
-0.017789
-0.160999
MBVi x Ri x DRi
-0.578466
0.433237
-0.512051
***sig at level 1%
**sig at level 5%
*sig at level 10%
diunduh dari:
Source : EViews 8, diolah
The first hypothesis testing conducted by analyzing the sign and
significance of the coefficients OWNCONi * Ri * DRi. This variable is a variable
that shows the relationship of ownership concentration and the level of
conservatism. Hypotheses 1 predicted that the coefficient of OWNCONi * Ri *
DRi is negative. This means that the larger concentration of ownership of the
largest shareholder, the level of accounting conservatism applied by the company
will be smaller. However, the table 1 shows that this variable has a positive
significant coefficient. In other words, the higher concentration of ownership, the
higher level of accounting conservatism applied. Thus, the first hypothesis which
states that accounting conservatism negatively related to the largest shareholder
rejected because the results of hypothesis testing 1 shows that accounting
conservatism is positively related to largest shareholder.
Hypothesis testing of 1a is conducted by analyzing the sign and
significance of the coefficients OWNCONFAMi * Ri * DRi. This variable is a
variable that shows association of family as the largest shareholder of a company
and the level of accounting conservatism. According to H1a, the coefficient
OWNCONFAMi * Ri * DRi is expected a negative coefficient. This means that
the larger ownership percentage of the family as largest shareholder, the level of
accounting conservatism applied by the company will be smaller. However, the
table 1 shows that this variable has a positive significant coefficient, which is the
opposite of expectations. In other words, the higher ownership percentage of the
family as the largest shareholder, the higher level of accounting conservatism
applied. Thus, hypothesis 1a is rejected.
Hypothesis testing 1b is conducted by analyzing the sign and significance
of the coefficients OWNCONNONFAMi * Ri * DRi. This coefficient shows
relationship of non-family as largest shareholder of the company and the level of
conservatism. The expectation of H1b is negative coeeficient of
OWNCONNONFAMi * Ri * DRi. However, this variable is excluded by software
data processing program because variable OWNCONNONFAMi * Ri * DRi has
many value 0, i.e. 84.21% of total sub-sample non-family. Thus, majority
companies that have non-family as the largest shareholder show positive return, so
that the value of DRi variable is 0. When the excluded variables are analyzed
further, the coefficient of OWNCONNONFAMi * Ri * DRi is not significant with
p-value 0.678. Therefore, hypothesis 1b which states that accounting conservatism
negatively related to non-family as the largest shareholder rejected.
4.2. Controlling Shareholders and Accounting Conservatism
The hypothesis 2 is examined under 3 level of ownership of controlling,
i.e. 20%, 30%, 50%.
Table 2. Results of Hypothesis 2 with threshold 20%, 30%, and 50%
diunduh dari:
H2
Variable
20%
30%
50%
C
1.42873*
1.651075**
1.602956**
DRi
0.788538
0.571817
0.422315
Ri
-0.10309
0.073031
-0.121994
Ri x DRi
11.25176
6.674867
8.647543***
CONTROLi
0.215214
0.321058**
0.014711
CONTROLi x Ri
-0.053092
-0.185128
0.119715
CONTROLi x DRi
-0.054213
0.05919
0.67562***
-0.942818
2.117887*
3.41518***
CONTROLi x Ri x DRi
FiNLEVi
-0.756334***
-0.710586*** -0.758668***
FiNLEVi x Ri
0.749745**
0.85708***
0.768766***
FiNLEVi x DRi
0.642494***
0.637337***
1.001583***
FiNLEVi x Ri x DRi
8.754643***
8.553195***
11.42813***
LNASSETi
-0.355252
-0.450039*
-0.356503
LNASSETi x Ri
-0.103763
-0.147651*
-0.124226
LNASSETi x DRi
-0.303609
-0.259143
-0.313575*
LNASSETi x Ri x DRi
-4.531638***
-3.809403*** -4.642032***
MBVi
-0.004021
-0.004534
0.004579
MBVi x Ri
0.00672
0.007793
-0.003962
MBVi x DRi
-0.052255
-0.082702
-0.127097
MBVi x Ri x DRi
0.12626
-0.166497
-0.579575
***sig at level 1%
**sig at level 5%
*sig at level 10%
Source : EViews 8, diolah
After doing regression separately for each threshold, it was found that a
significant relationship between accounting conservatism and the existence of a
controlling shareholder occur at the level of 50%. Level of control 20% and 30%
showed no significant results, because the p-value is greater than 0.05. Additional
test is done on control level of 75%, but the results showed no significant
relationship at level 5%. The table 2 shows that the coefficients of variable
CONTROL50i * Ri * DRi is positive, which is the opposite of the expected sign
on the hypothesis 2. Thus, hypothesis 2 is rejected.
The results of hypothesis 2a under 3 level of ownership, i.e 20%, 30%, and
50% are illustrated on Table 3.
Table 3. Results of Hypothesis 2a with threshold 20%, 30%, and 50%
H2a
Variable
20%
30%
50%
C
1.669959**
1.774562**
1.942277**
DRi
0.634206
0.536609
0.623336
Ri
0.064144
-0.019062
-0.057816
diunduh dari:
Ri x DRi
CONTROLFAMi
CONTROLFAMi x Ri
CONTROLFAMi x DRi
CONTROLFAMi x Ri x DRi
FINLEVi
FINLEVi x Ri
FINLEVi x DRi
FINLEVi x Ri x DRi
LNASSETi
LNASSETi x Ri
LNASSETi x DRi
LNASSETi x Ri x DRi
MBVi
MBVi x Ri
MBVi x DRi
MBVi x Ri x DRi
***sig at level 1%
**sig at level 5%
*sig at level 10%
6.897485*
-0.252365
0.089048
3.786086**
-0.94111***
0.846224***
0.661211***
8.8359***
-0.337545
-0.113596
-0.308852*
-4.74951***
-0.00513
0.008234
-0.018725
0.575057
7.10536*
0.026995
-0.190429
0.095231
3.977765**
-0.990988***
0.863775***
0.695894***
8.973751***
-0.371133
-0.109757
-0.288823
-4.933148***
-0.004615
0.007502
-0.006763
0.725534
8.057485**
-0.135682
0.046734
3.053582**
-0.971368***
0.851586***
0.7***
8.983501***
-0.420606*
-0.113252
-0.300871
-4.877685***
-0.004275
0.007095
-0.022097
0.5397
The significant positive relationship between accounting conservatism and
the existence of the family as the controlling shareholder only occurs at the level
of control 30%. While for level of control 20% and 50%, it will display an error
message box with the inscription near singular matrix. Additional test was done
by ordinal regression, the regression still can be performed with one variable must
be removed from the model, i.e. CONTROLFAM, as shown on the table 3. After
this variable is removed (as recommended by the software SPSS), then we find
that the level ownership of 20% and 50% showed a significant positive
correlation. Additional test is done at the level of control 75%, but the results
showed no significant relationship at level significancy 5%. The table 3 shows
that the coefficients generated by variable CONTROLFAM30i * Ri * DRi is
positive sign which is means the opposite of the expected sign on the hypothesis
2a. Thus, the hypothesis 2a which states that accounting conservatism negatively
related to the the existence of the family as the controlling shareholder rejected.
The results of hypothesis 2b regression, which is non-family become
controlling shareholders, at 3 level of ownership (20%, 30%, 50%) are shown on
table 4 below.
Table 4. Results of Hypothesis 2b with threshold 20%, 30%, and 50%
H2b
Variable
20%
30%
50%
diunduh dari:
C
DRi
Ri
Ri x DRi
CONTROLNONFAMi
CONTROLNONFAMi x Ri
CONTROLNONFAMi x DRi
CONTROLNONFAMi x Ri x
DRi
FINLEVi
FINLEVi x Ri
FINLEVi x DRi
FINLEVi x Ri x DRi
LNASSETi
LNASSETi x Ri
LNASSETi x DRi
LNASSETi x Ri x DRi
MBVi
MBVi x Ri
MBVi x DRi
MBVi x Ri x DRi
***sig at level 1%
**sig at level 5%
*sig at level 10%
1.705441**
0.50557
-0.065175
8.961569***
0.04981
-0.078296
-0.418555**
1.62514**
0.845781
0.065843
10.46182**
0.001311
-0.125324
-0.092028
1.942277**
0.67007
-0.193498
11.11107***
0.135682
-0.046734
-3.734145***
-0.874302***
0.79642***
1.19113***
12.86154***
-0.370498
-0.121813
-0.231861
-4.019075***
-0.001019
0.002852
-0.099262
-0.290685
-0.772126
-0.86196***
0.798705***
0.653425***
8.935012***
-0.336928
-0.157222*
-0.325963
-4.545961***
-0.001852
0.00385
-0.074349
0.009292
-3.053582**
-0.971368***
0.851586***
0.7***
8.983501***
-0.420606*
-0.113252
-0.300871
-4.877685***
-0.004275
0.007095
-0.022097
0.5397
After doing regression separately for each threshold, it is found a
significant positive relationship between accounting conservatism and the
existence of the non family as the controlling shareholder at the level of 20%.
While for control level of 30% showed no significant results. Further regression at
the level control 50%, it will display an error message box with the inscription
near singular matrix. Then, additional test was done by performing ordinary least
square, the result shows regression with one variable must be removed from the
mode, i.e. CONTROLNONFAM, as shown on the table 4. After this variable is
removed (as recommended by the software SPSS), then it was found that control
at the level of 50% showed a significant negative relationship to conservatism.
Further, additional test is done for the level of control 75%, and the result showed
a significant negative association. The table 4 shows that the coefficients
generated by variable CONTROLNONFAM20i * Ri * DRi is a negative sign,
which supports the hypothesis 2b. Thus, hypothesis 2b which states that
accounting conservatism negatively related to the the existence of non-family as
the controlling shareholder is accepted.
diunduh dari:
4.3. Blockholders and Accounting Conservatism
Regression results to test hypothesis 3, 3a, and 3b are shown on table 5.
Table 5. Results of Hypothesis 3, 3a, and 3b
H3
H3a
Sub Sample
Variable
All Sample
Family
C
2.305796***
3.689513**
DRi
1.357574*
-0.943166
Ri
-0.219979
-0.260359
Ri x DRi
13.77987***
-0.991625
OWNCONi
-0.438136
-1.455886
OWNCONi x Ri
0.227235
0.230873
OWNCONi x DRi
0.271055
2.470069*
OWNCONi x Ri x DRi
1.306823
18.70644**
BLOCKi
-0.619646
-2.192817*
BLOCKi x Ri
0.675283
0.40384
BLOCKi x DRi
0.214782
2.255222
BLOCKi x Ri x DRi
-0.443482
18.49903*
OWNCONi x BLOCKi
1.033304
2.643695
OWNCONi x BLOCKi x Ri
-1.798418
-0.597927
OWNCONi x BLOCKi x DRi
-2.04598
-3.392203**
OWNCONi x BLOCKi x Ri x
-7.159938
25.55578***
DRi
FINLEVi
-0.735087*** -0.812994**
FINLEVi x Ri
0.825396***
0.787521**
FINLEVi x DRi
1.006799***
1.359294***
FINLEVi x Ri x DRi
11.41324***
13.73036***
LNASSETi
-0.475987**
-0.608135**
LNASSETi x Ri
-0.130137
-0.12827
LNASSETi x DRi
-0.500172***
-0.489298
LNASSETi x Ri x DRi
-5.605832*** 6.633884***
MBVi
0.002616
0.001772
MBVi x Ri
-0.001961
-0.000542
MBVi x DRi
-0.127094
-0.037996
MBVi x Ri x DRi
-0.593432
0.306375
***sig at level 1%
**sig at level 5%
*sig at level 10%
Source: EViews 8, diolah
H3b
Sub Sample
Non Family
0.813567
-0.733833
-1.669583
-0.098088
0.968546
0.43428
-0.001889
-0.174525
0.504155
0.011507
-0.022651
0.372279
-0.06972
-0.195279
0.206186
0.155428
-0.013289
-0.029065
-0.115895
-0.28076
diunduh dari:
For pool sample, the test result showed that the coefficient OWNCONi *
BLOCKi * Ri * DRi is not significant at the level significance 5%. Therefore,
hypothesis 3 which states that the the existence of a large number of shareholders
other than the the largest shareholder (other blockholder) will reduce the negative
relationship largest shareholder and accounting conservatism is rejected.
For sample family control firms, the coefficient OWNCONFAMi *
BLOCKi * Ri * DRi is significant positive. Therefore, hypothesis 3a which states
that the the existence of a large number of shareholders other than largest
shareholder (blockholder) will reduce the negative relationship between largest
shareholder and accounting conservatism rejected because result of the hypothesis
3a testing shows that the existence of blockholder in the family control companies
will reduce the positive relationship between the largest shareholder and
accounting conservatism.
The variable OWNCONNONFAMi * BLOCKi * Ri * DRi in sample nonfamily control company is excluded from the regression test by software, so that
the significance and the coefficients of these variables can not be known. The
reason is 96.49% of variable OWNCONNONFAMi * BLOCKi * Ri * DRi has
value 0. There are 84.21% of the total non-family control firms have a positive
return (so that DRi variable has 0 value) and also due to the second until the fifth
largest shareholder in 77% companies in this sub-sample can not exceed the
ownership of the largest shareholder, thus BLOCK variable has 0 value.
Therefore, hypothesis 3b is rejected.
5. Conclusion and Implication
In sum, the results of this study found that family firms applying higher
accounting conservatism than non-family companies. This result is consistent to
the allignment hypothesis for the adavantages of family control firms. As revealed
by Burkart et al. (2003) that there are three benefits of family ownership; which is
theory of potential guests, reputation theory, and the theory of expropriation. The
teory of potential guests stated that family company can provide non-economical
advantages without causing economic losses for the company. While the theory of
reputation suggests that family firms also have the determination to maintain the
quality of the company, because they want to keep goodwill in any situation.
Finally, the theory of expropriation predicts that the family shareholders will
monitor closely the company in order to prevent fraud by other shareholders. de
Vries (1993) adds that one of family company advantages is long-term
orientation. Sense of belonging which is due to a long-term orientation and
maintaining the reputation becomes a reason for family to apply higher level
accounting conservatism. Businesses that are being developed now is an
investment for the next generation, they manage their company to increase
investor confidence, create goodwill with good corporate governance. Therefore,
a family control company manages existing business relaviley more prudently
diunduh dari:
(conservatively) that reflect in the financial information on financial statement,
comparing to non-family control company. Further, Demsetz and Lehn (1985)
revealed that the family has ability to do direct monitoring to managers thus
numbers reported in the financial reporting tend not to be manipulated by the
managerial opportunism. It is also confirmed by Ali et al. (2007).
A different phenomenon occurs in non-family companies. The results of
this study generally found that when the non-family become the controlling
shareholder there is tendency financial information less conservative than family
control company. Sense of belonging can be a factor which is fundamental in this
regard. Nonfamily parties tend have short-term oriented to maximize its prosperity
while controlling a company. They can exit at any time without thinking of firm'
going concern (Nordberg, 2010). So that the entrenchment motive, as stated by
Ali et al. (2007), on non-family companies led to financial reporting which applies
a low level accounting conservatism.
The result of this study suggests that the concentration of ownership, as
found in many Indonesia companies, increase the monitoring of company
operation, so it makes company more prudent. This occurs in all Indonesian
manufacturing companies and also in family control firms, but not in non-family
control firms. To realize the positive effects on company operation, major
shareholders should have level of control at between 50%-75%. However, lower
level of control for family shareholders need to influence the information in
financial statement more conservative. On the other hand, higher control by non family shareholder company has, less conservative financial reporting company
disclose. The existence other block holder in a company counter the positive
impact family control to conservatism. It does not affect in non-family control
firms. In sum, this result provides evidence that family control firms tends to have
higher quality of financial reporting in term of conservatism. This results counter
the general knowledge that family control firm relates to low quality firms.
This sample of this study include manufacturing sector companies only, thus
future research should add other sector companies in order to increase
generalization of this result. Quality of financial reporting is multi dimension. In
this study the financial reporting quality is measured by one proxy, i.e.
conservatism. Therefore future study may use other proxies to measure it.
References
Ahmed, A. S., & Duellman, S. (2007). Accounting conservatism and board of
director characteristics: An empirical analysis. Journal of Accounting and
Economics, 411-437.
Ali, A., T. Y. Chen, and S. Radhakrishnan, 2007. Corporate disclosures by family
firms. Journal of Accounting and Economics, 44(1-2), pp. 238-286.
diunduh dari:
Alijoyo, A., & Zaini, S. (2004). Corporate governance suatu pengantar:
peranan dewan komisaris dan komite audit dalam pelaksanaan corporate
governance.
Arifin, Z. (2003). Masalah Agensi dan Mekanisme Kontrol pada Perusahaan
dengan Struktur Kepemilikan Terkonsentrasi yang Dikontrol Keluarga:
Bukti dari Perusahaan Publik di Indonesia. Disertasi Fakultas Ekonomi
Universitas Indonesia.
Anderson, R., Reeb, D., 2004. Board composition: balancing family influence in
S&P 500 firms. AdministrativeSciences Quarterly 49, 209–237.
Ball, R., & Shivakumar, L. (2005). Earnings quality in UK private firms:
comparative loss recognition timeliness. Journal of Accounting and
Economics, 39(1), 83-128.
Barth, E., Gulbrandsen, T., & Schønea, P. (2005). Family ownership and
productivity: the role of owner-management. Journal of Corporate Finance,
107-127.
Basu, S. (1997). The Conservatism Principle and the Asymmetric Timeliness of
Earnings. Journal of Accounting and Economics 24, 3-37.
Beaver, W. H., & Ryan, S. G. (2000). Biases and Lags in Book Value and Their
Effects on the Ability of the Book-to-Market Ratio to Predict Book Return on
Equity. Journal Of Accounting Research, 127-148.
Burkart, M., Panunzi, F., & Shleifer, A. (2003). Family Firms. The Journal of
Finance, 2167-2201.
Cao, Y., Lin, L., & Sun, Z. (2005). The Link Between Earnings Conservatism
and The Control Power of Corporation. Economic Management (14), 34-42.
Chen, J. J. (2005). China's Institutional Environment and Corporate
Governance. Corporate Governance: A Global Perspective Advances in
Financial Economics 11 , 75-93.
Claessens, S., Djankov, S., Fan, J. P., & Lang, L. H. (2002). Disentangling the
Incentive and Entrenchment Effects of Large Shareholdings. Journal of
Finance 57 , 2741-2771.
Claessens, S., & Djankov, S. (1999). The Separation of Ownership and Control
in East Asians Corporations. Journal of Financial Economics, 81-112.
Cullinan, C. P., Wang, F., Wang, P., & Zhang, J. (2012). Ownership Structure
and Accounting Conservatism in China. Journal of International Accounting,
Auditing, and Taxation, 21, 1-14.
Demsetz and Lehn, 1985. The structure of corporate ownership: causes and
consequences. Journal of Political Economy, 93(6), pp. 1155-1177.
Efferin, et al. 2008. Metode Penelitian Akuntansi : Mengungkap Fenomena
dengan Pendekatan Kuantitatif dan Kualitatif. Yogyakarta: Graha Ilmu.
Forum for Corporate Governance in Indonesia (FCGI). 2001. Peranan Dewan
Komisaris dan Komite Audit dalam Pelaksanaan Corporate Governance
diunduh dari:
(Tata kelola Perusahaan). Seri tata Kelola Perusahaan (Corporate
Governance), Jilid II.
Feliana (2007). Pengaruh Struktur Kepemilikan Perusahaan dan Transaksi
dengan Pihak - Pihak yang Memiliki Hubungan Istimewa terhadap Daya
Informasi Akuntansi. Simposium Nasional Akuntansi, 1 - 43.
Ghozali, Imam. 2013. Analisis Multivariat dan Ekonometrika, Teori, Konsep,
dan Aplikasi dengan EViews 8. Semarang: Badan Penerbit Universitas
Diponegoro.
Gujarati, Damodar N. 2009. Basic Econometrics. fifth edition. McGraw-Hill,.
New York
Ho, S. S. M. dan Kar. S. W. 2001. A study of the relationship between corporate
governance structures and the extent of voluntary disclosure. Journal of
International Accounting, Auditing & Taxation, Vol 10 (2001), 139-156.
Hermawan, A. A. (2009). Pengaruh Efektivitas Dewan Komisaris dan Komite
Audit, Kepemilikan Keluarga, dan Peran Monitoring Bank terhadap
Kandung Informasi Laba. Disertasi FEUI.
Issarawornrawanich, P dan Aim-orn J. 2011. The Association between Corporate
Governance Mechanisms and Accruals Quality: Empirical Evidence from
Thailand. Journal of Business and Behavioral Sciences 23, 2011.
Jensen M. C. dan William. H. M. 1976. Theory of the Firm: Managerial
Behavior, Agency Costs and Ownership Structure. Journal of Financial
Economics, Vol. 3, No. 4, pp. 305-360.
Kam, Vernon. 1990. Accounting Theory. New York: John Willey and Sons.
Kim, K. A., John. R. N. dan Derek J. M. 2010. Corporate Governance 3rd
Edition. Upper Saddle River: Prentice Hall.
Komite Nasional Kebijakan Governance (KNKG). 2006. Pedoman Umum Good
Corporate Governance Indonesia.
Koo, C. M. dan Hoo. S.S. 1999. On the role conflict of auditors in Korea.
Accounting, Auditing & Accountability Journal. Vol. 12 Iss: 2 pp. 206 –
219.
La Porta, R., Lopez-de-Silanes, F., & Schleifer, A. (1999). Corporate Ownership
around the World. The Journal of Finance , 471-517.
Liu, Q. dan Zhou L. 2007. Corporate governance and earnings management in
the Chinese listed companies: A tunneling perspective. Journal of
Corporate Finance, 13, 881-906.
Murhadi, W. R. 2009. Good Corporate Governance And Earnings Management
Practices: An Indonesian Cases. Munich Personal RePEc Archive No.
24756.
OECD. 2004. Principles of Corporate Governance. Paris, France: Publications
Services.
diunduh dari:
Richardson, V. J. 2000. Information Asymmetry and Earning Management:
Some Evidence. Review of Quantitative Finance and Accounting, 15 (2000),
325-347.
Sanda, Ahmadu, Aminu S. M., dan Tukur G. 2005. Corporate Governance
Mechanism and Firm Financial Performance in Nigeria. African
Economic Research Consortium Research Paper 149.
Sawyer, B.L., Dittenhofer, M.A., James H. Scheriner, 2003. Sawyer’s Internal
Auditing – The Practice of Modern Internal Auditing, 5th Edition. United
States of America : Institute of Internal Auditors.
Shleifer, A. dan Robert. W. V. A Survey of Corporate Governance. The Journal
of Finance, Vol LII, No. 2, 737-783.
Siregar, S. V. dan Sidharta U. 2008. Type of earnings management and the effect
of ownership structure, firm size, and corporate-governance practices:
Evidence from Indonesia. The International Journal of Accounting, Vol. 43
(2008), 1-27.
Ujiyantho, M. A., dan Bambang A. P. 2007. Mekanisme Corporate
Governance, Manajemen Laba dan Kinerja Keuangan (Studi Pada
Perusahaan go publik Sektor Manufaktur). Simposium Nasional
Akuntansi X.
Villalonga, B., Amit, R., 2006. How do family ownership, control, and
management affect firm value? Journal of Financial Economics
(forthcoming).
Wang, D., 2006. Founding family ownership and earnings quality. Journal of
Accounting Research forthcoming.
Warfield, T.D., Wild, J.J., Wild, K.L., 1995. Managerial ownership, accounting
choices, and informativeness of earnings. Journal of Accounting and
Economics 20, 61–91.
Zhang, Y., J. Zhou, and N. Zhou. 2007. Audit committee quality, auditor
independence, and internal control weakness. Journal of Accounting and
Public Policy, forthcoming.
Zu, Xingxing., Kaynak Hale. (2012), “An agency theory perspective on
supply chain quality management”. International Journal of Operation &
Production Management – Emerald, Vol. 32. Pp 423 – 446.
diunduh dari:
THE EFFECT OF ACQUIRING FIRM’S GROWTH OPPORTUNITY ON
THE VALUE RELEVANCE OF GOODWILL
Yuji Shirabe. Doctoral student, Graduate School of Commerce and
Management, Hitotsubashi University.
DOES ACQUIRING FIRM’S GROWTH OPPORTUNITY AFFECT
MARKET VALUATION OF GOODWILL?
Yuji Shirabe. Doctoral student, Graduate School of Commerce and
Management, Hitotsubashi University, Japan.
1. Introduction
In recent years, merger and acquisition (M&A) has become an increasingly
important tool for achieving growth in Japan. Japanese enterprises, faced with a
shrinking domestic market and expansion in emerging markets, must acquire
firms more aggressively for growth. Historically, M&A deals in Japan have not
been common. Miyajima [2007] stated that the causes of this lack of M&A
activity include (1) the existence of the main-bank system, (2) restrictions of
horizontal mergers under the Antimonopoly Act, and (3) firms’ strong preference
for internal growth. This situation changed in the late 1980s. The yen appreciated
rapidly in the wake of the Plaza Accord and the real purchase price of foreign
companies substantially decreased. In this period, the acquisition of foreign
companies by Japanese companies occurred with great frequency (Miyajima,
2007). Figure 1 shows that the number and value of M&A deals in Japan.2 There
were only 260 deals, collectively worth 207.2 billion yen, in 1985, which
increased to 645 deals, collectively worth 6.174 trillion yen, in 1989. In the late
1990s, a second M&A boom occurred. Many of the M&A deals during this period
were caused by temporary factors such as the restructuring of heavy industry in
the face of intensified international competition and the restructuring of the
financial industry following the collapse of the bubble economy and deregulation.
Therefore, many of the traditional M&A deals in Japan occurred in response to
temporary events and were not pursued as a part of a growth strategy of
companies on an ongoing basis. In the 2000s and later, however, many M&A
2
MARR is the M&A journal published by Recof Data Corporation, which is a standard provider of
the M&A database in Japan.
diunduh dari:
deals have regularly occurred to achieve growth in many industries, including the
information and communication industry and the pharmaceutical industry (e.g.,
the 2006 acquisition of Vodafone Japan corporation by Softbank and the 2011
acquisition of Nycomed, a Norwegian pharmaceutical company, by Takeda
Pharmaceutical Company Limited). Despite negative economic events such as the
global financial crisis of 2008 and the Great East Japan Earthquake of 2011, many
M&A deals have been carried out in recent years. This indicates that M&A has
become more common for Japanese companies as a growth strategy, rather than as
a response to temporary events.
Given this situation, how does the stock market recognize and evaluate the
goodwill generated as a consequence of M&A? Japanese companies have
increasingly used M&A as a tool for growth, and so we can say that growth
opportunity is an important factor that affects the valuation of goodwill in the
stock market. As is well known, previous studies have found a strong relation
between acquisition and growth opportunity (e.g. Andrade et al., 2001; Miyajima,
2007). These studies show that firms having more growth opportunity are more
likely to acquire other firms. Additionally, other previous studies have
consistently found a positive relation between goodwill and firm value, that is,
goodwill is value-relevant (e.g., Jennings et al., 1996; McCarthy and Schneider,
1995; Henning et al., 2000). However, few studies have examined whether the
growth opportunities of acquiring firms affect the market valuation of its
purchased goodwill. Given the fact that Japanese companies have increasingly
used M&A as a tool for growth, it is necessary to answer this question. This study
investigates the link between growth opportunity and the value of goodwill in the
stock market.
diunduh dari:
3000
2500
20,000
Amount
18,000
Number
16,000
14,000
2000
12,000
1500
10,000
8,000
1000
6,000
4,000
500
2,000
0
0
1985 1987 1989 1991 1993 1995 1997 1999 2001 2003 2005 2007 2009 2011 2013
Fig. 1. Number of M&A deals (left) and total value of M&A deals (billion yen, right)
Source: MARR, Feb, 2014.
We find that the stock market attaches higher value to the newly purchased
goodwill for firms with larger growth opportunity than for firms with smaller
growth opportunity. This research has two main implications. First, we introduce
growth opportunity as a new perspective in the literature on goodwill valuerelevance and investigate the relation between growth opportunity and the
valuation of goodwill in the stock market. Previous studies have been limited in
their examination of the factors that affect goodwill valuation, and further, these
studies focus on only the components of goodwill. Thus, this research may be the
first to focus on the characteristics of goodwill as an asset that arises from M&A
conducted as part of a growth strategy. Second, this study provides a
recommendation for companies considering M&A as a part of growth strategy. In
recent years, M&A deals by mature companies have become common in Japan.
However, according to the findings of this paper, the goodwill of companies with
less growth opportunity tends to be less valued on the stock market than that of
firms with more growth opportunity. Therefore, the present study shows that
M&A works better with respect to goodwill when it is done to utilize internal
growth opportunity rather than to incorporate external growth opportunity into the
firm.
The remainder of this paper is organized as follows. Section 2 reviews the
literature and develops the hypotheses. The research design is presented in Section
3. Section 4 describes our sampling method and sample data. Results of the
diunduh dari:
analysis and robustness checks are presented in Section 5, followed by a
conclusion in Section 6.
2. Prior Literature and Hypothesis Development
A number of prior studies investigate the relation between goodwill and firm
value (e.g., Jennings et al., 1996; McCarthy and Schneider, 1995; Henning et al.,
2000, Nagata, 2002; Bugeja and Gallery, 2006; Yamaji, 2008; Al-Jifri and Citron,
2009; Oliveira et al., 2010). In the past, there have been differences in the
accounting standards on whether to capitalize purchased goodwill, but now, firms
must capitalize the purchased goodwill in all of the major accounting standards.
After the capitalization of goodwill became mandatory, many studies have
examined empirically whether goodwill is valued or not.
Jennings et al. (1996) examine the value relevance of goodwill by performing
multiple regression analyses with an estimation equation in which the dependent
variable is market capitalization and the independent variables are book value of
goodwill, tangible assets, other assets, and debt. They find that there is a positive
correlation between the book value of goodwill and market capitalization, and
conclude that the stock market sees goodwill as a valuable asset. Similarly,
McCarthy and Schneider (1995) investigate the relation between goodwill and
firm value by using an estimation equation in which the dependent variable is
market capitalization and the independent variables are book value of goodwill,
total assets excluding goodwill, debt, and net profit. They show that the
coefficient of goodwill is significantly positive, which implies that the stock
market values goodwill on average.
Nagata (2002) analyzes the value relevance of goodwill in Japan from 1997 to
1999 by using an estimation equation similar to that of Jennings et al. (1996). The
result of multiple regression shows that stock price is significantly correlated with
the carrying value of goodwill. Yamaji (2008) also examines the value relevance
of goodwill in Japan from 2002 to 2005 by using an estimation equation in which
the dependent variable is stock price and the independent variables are book value
of goodwill, net assets excluding goodwill, and net profit. This study also finds
that the coefficient of goodwill is significantly positive. These results show that
the Japanese stock market also places the value on goodwill.
Al Jifri and Citron (2009) and Oliveira et al. (2010) examine the impacts of the
adoption of new accounting requirements on the value relevance of purchased
goodwill. Both of these studies find that the adoption of new accounting policies
affected the market valuation of goodwill.
diunduh dari:
Every study described above examines whether total goodwill is valued in the
stock market. However, Henning et al. (2000) and Bugeja and Gallery (2006)
focus on the components of goodwill, which distinguishes these studies from
other previous studies. Henning et al. (2000) adopt the framework of Johnson and
Petrone (1998) and divide goodwill into various components to examine whether
the stock market distinguishes among or attaches different value to each
component. The analysis targets companies included in Compustat from 1990 to
1994, and the results show that stock price is positively correlated with the goingconcern component and the synergy component and negatively correlated with the
overestimation component and the overpayment component. The results imply
that investors attach different values to each component of goodwill. Bugeja and
Gallery (2006) examine whether goodwill evaluation is affected by the “age” of
goodwill. They find that recently acquired goodwill is valued but goodwill
acquired more than two years previously is not valued as such in the Australian
stock market.
As stated above, many of the previous studies, such as Jennings et al. (1996)
and Yamaji (2008), show that goodwill, in total, is valued in various stock
markets. However, it is possible to suppose that goodwill acquired in any given
year has a different value relevance, that is, stock markets do not see goodwill
equally in terms of value. Stock markets can get information about goodwill
acquired in the past years and cannot get information about goodwill acquired in
the current year. This is because a relatively long time has passed since the older
goodwill was acquired, whereas just a little time has passed since the new
goodwill was acquired. As a result, the stock market can value older goodwill
appropriately and discount the value of new goodwill. However, at the same time,
it is possible to hypothesize that markets value new goodwill, since investors
know from past experience that goodwill typically has a value to the firm, and
thus, they value new goodwill before any accounting tests are applied.
Considering that market valuation precedes accounting valuation (Ball and
Brown, 1968; Beaver, 1968), we take the latter view and develop Hypothesis 1
(H1).
H1: Goodwill acquired in the current year is valued in the stock market.
M&A is often used as part of a growth strategy (Morck et al., 1988; Miyajima,
2007). Miyajima (2007) classifies M&A with synergy as having integration
effects and growth effects. In Miyajima (2007), for the latter, acquiring firms can
increase their competitiveness and firm value by gaining the managerial resources
that enable them to utilize their growth opportunity. Jovanovic and Rousseau
diunduh dari:
(2002) show that firms with a high Tobin’s Q, an indicator of future growth
opportunity, tend to acquire other businesses. Additionally, Andrade et al. (2001)
examine 4,258 M&A deals from 1973 to 1998 in the United States. They find that
the Tobin’s Q of the acquiring firm is higher than that of the acquired firm in
about two-thirds of these M&A deals. Miyajima (2007) investigates M&A deals
from 1995 to 2004 in Japan and also finds that Tobin’s Q of the acquiring firm is
significantly higher than that of the acquired firm.
Given the strong link between M&A and growth opportunity, it is expected
that there is a relation between growth opportunity and the goodwill accumulated
through M&A. If firms have abundant growth opportunity, such firms can use
their goodwill in their growth opportunity and achieve high levels of earnings.
Therefore, we develop Hypothesis 2a (H2a) and Hypothesis 2b (H2b).
H2a: The goodwill of firms with higher rates of sales growth is highly valued
in the stock market.
H2b: The goodwill of firms considered by investors as having larger growth
opportunity is highly valued in the stock market.
Both H2a and H2b mean that investors value the goodwill of firms with larger
growth opportunity than that of firms with smaller growth opportunity.
3. Research Design
To examine the value relevance of goodwill, we modify a regression model so
that market capitalization is written as a function of the book value of equity and
earnings. Many prior studies in the value relevance literature use similar models
(see Holthausen and Watts, 2001; Barth et al, 2001). As stated in Section 2, many
of the previous studies about the market valuation of goodwill employ similar
regression models. Following previous studies, we estimate regression equation
(1) to test H1. Definitions of each variable are as follows.
MVt   0   1 NI t   2 BVEXGWt   3GWXGWAQt   4 GWAQ   (1)
Next, we describe GWAQt, a proxy variable for book value of new goodwill
acquired in the current year at closing date of year t. First, we calculate goodwill
diunduh dari:
for year t before amortization by adding goodwill amortization for year t to the
book value of goodwill at the closing date of
Variable
Definition
MVt
Market capitalization three months after closing date of year t
NIt
Net income for year t
BVEXGWt
Book value of equity excluding book value of total goodwill at closing date of
year t
GWXGWAQt
Book value of total goodwill at closing date of year t excluding new goodwill
acquired in year t
Book value of new goodwill acquired in the current year at closing date of year
t
GWAQt
((book value of total goodwill at closing date of year t + goodwill amortization
for year t - book value of total goodwill at closing date of year t-1) * residual
rate of goodwill)
year t. When goodwill for year t before amortization is larger than book value of
goodwill at the closing date of year t, the excess can be considered as new
goodwill acquired in the current year. Second, we calculate a residual rate of
goodwill for each observation as (1 – (goodwill amortization for year t / (book
value of total goodwill at closing date of year t + goodwill amortization for year
t))).
Then, we estimate GWAQt by multiplying new goodwill acquired in the current
year by the average residual rate. The reason that we do not use residual rates of
each observation directly is that that there are indications that firms amortize their
goodwill over a longer period than the maximum amortization period allowed by
accounting standards, and so it is inappropriate to adopt these rates. The estimated
average residual rate of goodwill is 84.5%. This means that the estimated average
amortization period is 6.45 years (1 / (1 - 0.845)), which seems reasonable. We
are interested in the coefficient of GWAQt,,  4 , and expect that it is positive.
In order to test H2a, we estimate regression equation (2). We introduce two
new independent variables to examine how growth opportunity affects market
valuation of goodwill. One variable is the rate of sales growth (CAGRt), and the
other is the interaction term with GWAQt (GWAQt * CAGRt). Definitions of new
variables are as follows.
diunduh dari:
MVt   0   1 NI t   2 BVEXGWt   3GWXGWAQt   4 GWAQt
  5 GWAQt * CAGRt   6 CAGRt  　(2)
Variable
Definition
CAGRt
Compound annual growth rate of sales during (t - 3)–(t - 1)
GWAQt*CAGRt
Interaction term of GWAQt and CAGRt
CAGRt is a proxy variable of an acquiring firm’s growth opportunity. By
introducing the interaction term of GWAQt and CAGRt, we can examine how
growth opportunity affects the market valuation of goodwill. The variable of
interest is GWAQt * CAGRt, and its coefficient,  5 , is expected to be positive.
To test H2b, we divide all firms in the sample into four groups on the basis of
the Tobin’s Q ((market capitalization + book value of debt) / book value of total
asset). Then, we estimate regression equation (1) for each group. The reason that
we do not use a similar method to those used in the test of H2a is that Tobin’s Q is
highly correlated with MVt and so it would be inappropriate to use the same
method. If the growth opportunity of the acquiring firm has a positive effect on
the value relevance of goodwill, the coefficient of GWAQt,  4 , for the higher
Tobin’s Q’s group will be larger than that of the lower Tobin’s Q group. In order
of increasing of Tobin’s Q, the coefficients  4 of each group are named as  4,q1 ,
 4,q 2 ,  4,q 3 ,  4,q 4 . We expect that  4,q1 <  4,q 2 <  4,q 3 <  4,q 4 .
In this study, all variables that indicate an amount of money (MVt, NIt,
BVEXGWt, GWXGWAQt, GWAQt) are scaled by the book value of total asset at
closing date of year t - 1. To control for year effects and industry effects, year
dummy variables and industry dummy variables are included in both regression
equations (1) and (2). To handle heteroscedasticity, standard errors are corrected
by the method of White [1980].
4. Sampling Procedure and Data
4.1. Sampling procedure
diunduh dari:
The data used in this study are collected from Nikkei’s “NEEDSFinancialQUEST” database, which is widely used in the analysis of Japanese
companies. Our sample period is 2000–2013. Firm-year observations that meet
the following criteria are included in our sample:
(a)
(b)
(c)
(d)
the firm should be a nonfinancial company;
the firms’ fiscal year ends on March 31;
all variables must have data available;
the value of GWAQt before scaling should be above the median in the
first sample; and
(e) observations in the top and bottom 1% for each variable in the first
sample are excluded.
Criterion (d) is needed to limit the observations to those with an economically
significant GWAQt. In all, 1,917 firm-year observations fulfill these criteria.
4.2. Data
Table 1 shows descriptive statistics and Table 2 presents the correlation matrix.
Table 3 shows the distribution of observations by industry and fiscal year.
Although Table 2 indicates that CAGRt and GWAQt*CAGRt are highly correlated,
these VIFs are lower than 10. Thus, we do not change equation (2).
Table 1. Descriptive Statistics
Mean
s. d.
MV t
0.661
0.559
NI t
0.024
0.036
BVEXGW t
0.416
0.200
Min
0.046
-0.175
0.007
25%
0.299
0.009
0.261
Median
0.504
0.022
0.408
75%
0.806
0.042
0.553
Max
5.021
0.172
1.647
N
1917
1917
1917
GWXGWAQ t
GWAQ t
0.015
0.014
0.028
0.026
0.000
0.000
0.001
0.002
0.004
0.005
0.015
0.014
0.191
0.242
1917
1917
CAGR t
0.048
0.102
-0.233
-0.010
0.035
0.093
0.635
1917
diunduh dari:
Table 2. Correlation Matrix
①
① MV t
0.5458
② NI t
0.5183
③ BVEXGW t
0.083
④ GWXGWAQ t
⑤ GWAQ t
⑥ CAGR t
⑦ GWAQ*CAGR
0.1748
0.2472
0.2527
②
0.6696
③
0.5967
0.4977
0.4332
0.0926
-0.1258
0.0831
0.1758
0.113
0.058
0.0167
0.0322
④
0.1402
0.127
-0.0473
0.2064
0.1172
0.1262
⑤
0.156
0.1386
0.1592
0.3378
0.0696
0.4503
⑥
0.2418
0.2313
0.0219
0.1556
⑦
0.2658
0.2424
0.064
0.2215
0.0861
0.3608
0.8628
0.4864
Pearson (Spearman) correlations are reported below (above) the diagonal.
MVt
Market capitalization three months after closing date of year t
NIt
Net income for year t
BVEXGWt
Book value of equity excluding book value of total goodwill at closing
date of year t
GWXGWAQt
Book value of total goodwill at closing date of year t excluding new
goodwill acquired in year t
GWAQt
Book value of new goodwill acquired in the current year at closing date
of year t
((book value of total goodwill at closing date of year t + goodwill
amortization for year t - book value of total goodwill at closing date of
year t-1) * residual rate of goodwill)
CAGRt
Compound annual growth rate of sales during the period t-3 to t-1
GWAQt*CAGRt
Interaction term of GWAQt and CAGRt
5. Results
5.1. Main results
diunduh dari:
Table 4. Regression results for the tests of Hypothesis 1 and Hypothesis 2a
Dependent variable
H1
H2a
MV t
Standard model
Equation (1)
Equation (2)
Expected sign
NI t
+
BVEXGW t
+
GW t
+
GWXGWAQ t
+
GWAQ t
+
CAGR t
+
GWAQ*CAGR
+
_cons
?
Year Dummy
Industry Dummy
Adj. R-squared
N
* p<0.1, ** p<0.05, *** p<0.01
5.893
[10.99]***
0.9275
[10.14]***
1.8326
[5.81]***
5.9323
[11.18]***
0.9094
[10.46]***
5.4831
[10.75]***
0.9395
[12.74]***
1.4157
[3.93]***
2.2724
[4.24]***
0.0126
[0.17]
0.0206
[0.28]
1.2315
[3.41]***
1.3579
[2.38]**
0.5865
[4.18]***
14.6416
[2.25]**
0.0022
[0.03]
Included
Included
0.5271
1,917
Included
Included
0.5276
1,917
Included
Included
0.5526
1,917
*** (**,*) Significant at the 1% (5%, 10%) level, two-tailed. Definitions of variables
are as follows. MVt is Market capitalization three months after closing date of year
t.NIt is Net income for year t. BVEXGWt is Book value of equity excluding book
value of total goodwill at closing date of year t. GWXGWAQt is Book value of total
goodwill at closing date of year t excluding new goodwill acquired in year t. GWAQt
is Book value of new goodwill acquired in the current year at closing date of year t
((book value of total goodwill at closing date of year t + goodwill amortization for
year t - book value of total goodwill at closing date of year t-1) * residual rate of
goodwill). CAGRt is Compound annual growth rate of sales during the period t-3 to
t-1. GWAQt*CAGRt is Interaction term of GWAQt and CAGRt.
diunduh dari:
Table 4 shows the regression results for H1 and H2a. In column 1 of Table 4,
we report the regression results of the standard regression model with market
capitalization as a dependent variable and net income, book value of equity
excluding goodwill, and goodwill as independent variables, a model widely used
in the previous studies. The results indicate that coefficients of each variable are
significantly positive, and these results are consistent with previous studies. The
significantly positive value of the coefficient of GWt implies that the stock market
values goodwill in our sample.
In column 2 of Table 4, we present the regression results of equation (1) for
H1. The results indicate that the coefficient of GWAQt is positive (2.2724) and
statistically significant (p < 0.01). These results imply that not only total goodwill
but also new goodwill acquired in the current year is valued by investors in Japan;
this is consistent with the hypothesis that since investors know goodwill to be
valuable on average, they value goodwill even when the goodwill was acquired
recently. From these results, H1 is supported.
Column 3 reports the estimation results of equation (2) for the test of H2a. We
are interested in the coefficient of GWAQt*CAGRt. The coefficient is positive and
statistically significant. This result indicates that firms achieving higher growth in
the past receive higher market valuation for their own goodwill in the stock
market. Based on these results, it is plausible to say that investors attach higher
value to the goodwill of firms with abundant growth opportunity and encourage
such firms to acquire goodwill.
Table 5 presents the regression results for the test of H2b. We test H2b by
regressing equation (1) for each subgroup classified by Tobin’s Q. Column 1
shows the regression results of the group with the least growth opportunity, with
each subsequent column showing firms with more growth opportunity than the
previous column. The results for the group with the greatest growth opportunity
are shown in column 4. These results indicate that the coefficients of GWAQt are
positive for each group, though there are differences in the level of statistical
significance. Moreover, these results show that the groups with more growth
opportunity have a larger positive value for the coefficient of GWAQt. This
suggests that the stock market tends to highly value the goodwill of firms that are
considered by investors to have larger growth opportunity, which is consistent
with the results of the test for H2a.
We test these differences among the coefficients of GWAQt (α4,q1 < α4,q2 < α4,q3
< α4,q4) statistically. Taking the comparison of α4,q1 with α4,q2 for example, we first
make the second quartile dummy variable, Dummy2nd quartile and its interaction
term with GWAQt, GWAQt * Dummy2nd quartile. We then regress MVt on NIt,
BVEXGWt, GWXGWAQt, GWAQt, Dummy2nd quartile, and GWAQt * Dummy2nd quartile
for the joint sample of the first and second quartile groups. The coefficient of the
diunduh dari:
interaction term indicates the excess value of the coefficient of GWAQt. We adopt
the same method for each joint sample. The results show that all of the
coefficients of the interaction term for each joint sample are positive and
statistically significant. This means that the differences among the coefficients of
GWAQt (α4,q1 < α4,q 2< α4,q3 <α4,q4) are statistically significant.
In summary, our regression results for the sample of the Japanese firms present
evidence to support our hypotheses, H1, H2a, and H2b. This suggests that new
goodwill is valued and that the acquiring companies’ growth opportunity has a
positive effect on the value relevance of goodwill in Japan.
*** (**,*) Significant at the 1% (5%, 10%) level, two-tailed. Definitions of variables
are as follows. MVt is Market capitalization three months after closing date of year
t.NIt is Net income for year t. BVEXGWt is Book value of equity excluding book
value of total goodwill at closing date of year t. GWXGWAQt is Book value of total
goodwill at closing date of year t excluding new goodwill acquired in year t. GWAQt
is Book value of new goodwill acquired in the current year at closing date of year t
((book value of total goodwill at closing date of year t + goodwill amortization for
year t - book value of total goodwill at closing date of year t-1) * residual rate of
goodwill). CAGRt is Compound annual growth rate of sales during the period t-3 to
t-1. GWAQt*CAGRt is Interaction term of GWAQt and CAGRt.
diunduh dari:
[Table 5 Regression results for the test of hypothesis 2b]
Dependent variable MV t
H2b
Equation (1)
Expected sign 1st Quartile 2nd Quatrtile3rd Quartile4th Quartile
NI t
+
0.5775
0.1004
0.7605
4.7842
[4.16]***
[1.21]
[5.22]*** [3.48]***
BVEXGW t
+
0.6938
0.9818
0.9973
1.701
[22.04]*** [65.88]*** [49.00]*** [7.75]***
GWXGWAQ t
+
1.1696
1.0021
0.9721
2.3409
[8.64]*** [9.59]*** [6.95]*** [3.20]***
GWAQ t
+
0.3425
1.043
1.5741
3.4339
[1.27]
[10.61]*** [9.79]*** [4.90]***
_cons
?
0.0264
0.0275
0.1107
-0.2046
[0.81]
[1.67]*
[4.67]***
[-1.10]
Year Dummy
Industry Dummy
Adj. R-squared
N
* p<0.1, ** p<0.05, *** p<0.01
Included
Included
0.781
480
Included
Included
0.9461
479
Included
Included
0.914
479
Included
Included
0.4636
479
5.2. Robustness check
In the preceding section, we test H2a by estimating equation (2) and H2b by
estimating equation (1) for each subgroup. These results generally support the
hypotheses and suggest that the acquiring company’s growth opportunity has a
positive effect on the value relevance of new goodwill in Japan. In this section, we
conduct tests to check the robustness of our findings. Specifically, we change the
proxy variable for growth opportunity in the retest for H2a and use an alternative
measurement for classifying our sample in the retest for H2b. Descriptive
statistics and the correlation matrices for these tests are omitted.
5.2.1. Robustness check for H2a
In the main test for H2a, we use CAGRt, the compound annual growth rate of
sales during the period from t - 3 to t - 1 as a proxy variable for growth
opportunity. To check the robustness of the results, we retest H2a by using GRt,
the growth rate of sales in the year t - 1. Table 6 shows the regression results of
the retest.
diunduh dari:
The results show that the estimated coefficient of GWAQt * GRt is significantly
positive at the 1% level and does not differ much from that of GWAQt * CAGRt in
the main results. Additionally, there are not any significant differences for other
coefficients from the main results. These results of the retest also support H2a.
Hence, the results of the primary test for H2a are robust.
Table 6. Regression results of the retest for H2a
Dependent variable
MV t
H2a
Equation (2)
Expected sign
NI t
+
5.6393
[10.78]***
BVEXGW t
+
0.9291
[11.63]***
GWXGWAQ t
+
1.2493
[3.39]***
GWAQ t
+
1.5609
[3.21]***
GR t
+
0.2515
[2.38]**
GWAQ t *GR t
+
12.9546
[2.46]**
_cons
?
0.0213
[0.30]
Year Dummy
Industry Dummy
Adj. R-squared
N
* p<0.1, ** p<0.05, *** p<0.01
Included
Included
0.541
1917
5.2.2. Robustness check for H2b
In the main test for H2b, we use Tobin’s Q to partition the main sample into
four groups. To check the robustness of the results, we retest H2b by using PBRt,
the price–book-value ratio, as the value for grouping firms into quartiles. The
regression results of the retest are shown in Table 7.
The regression results of the retest indicate that the coefficient of GWAQt
increases as PBRt becomes higher and that they are generally consistent with that
diunduh dari:
of the main analysis using Tobin’s Q.3 Therefore, the results of the main test for
H2b are robust even when an alternative measure for growth opportunity is used.
Table 7. Regression results of the retest for H2b with firms grouped by PBR t
Dependent variable
H2b
MV t
Equation (1)
Expected sign 1st Quartile
NI t
+
BVEXGW t
+
GWXGWAQ t
+
GWAQ t
+
_cons
?
Year Dummy
Industry Dummy
Adj. R-squared
N
* p<0.1, ** p<0.05, *** p<0.01
2nd Quatrtile
3rd Quartile
4th Quartile
0.581
[4.95]***
0.5781
[23.79]***
0.8723
[7.22]***
0.4167
[1.80]*
0.095
[2.95]***
0.4124
[3.99]***
0.9443
[43.60]***
0.8517
[6.90]***
0.9881
[7.61]***
0.0018
[0.10]
0.8939
[3.62]***
1.3636
[38.33]***
1.3461
[9.03]***
1.5578
[7.00]***
0.0483
[1.26]
2.9644
[2.70]***
2.401
[13.72]***
2.9526
[4.19]***
2.7707
[4.82]***
-0.2936
[-1.30]
Included
Included
0.7623
480
Included
Included
0.9236
479
Included
Included
0.9196
479
Included
Included
0.677
479
6. Conclusion
Does an acquiring firm’s growth opportunity affect the market valuation of
goodwill? We performed a number of tests to answer the question and concluded
that the market valuation of goodwill is positively influenced by the growth
opportunities of acquiring firms in Japan. In other words, investors attach higher
value to the goodwill of firms with larger growth opportunity than that of firms
with smaller growth opportunity. The findings of this study are reasonably robust
since the results of the robustness check are consistent with the results of the
primary tests.
As discussed above, previous studies have been limited in their examination of
the value relevance of goodwill and the factors that affect the evaluation. Further,
these studies only focus on the components of goodwill. Therefore, this research
may be the first to focus on the characteristics of the goodwill, that is, an asset that
arise as a result of M&A as a growth strategy. In this study, we introduce growth
opportunity into the goodwill value-relevance literature and investigate the
relation between growth opportunity and the valuation of goodwill in the stock
3
We perform the same test as in the primary analysis. The results show that the differences
between the coefficients of GWAQt (α4,q1 < α4,q2 < α4,q3 < α4,q4) are statistically significant.
diunduh dari:
market. In addition, this study has implications for Japanese companies planning
M&A as a part of growth strategy. In recent years, M&A deals by mature
companies have become common in Japan. According to the findings of this
paper, however, the goodwill of companies with less growth opportunity tend to
be less valued by investors than that of firms with more growth opportunity.
Therefore, this study implies that M&A works better when it is done in order to
utilize internal growth opportunity rather than to incorporate external growth
opportunity into the firm.
We cannot say whether our findings and implications can be generalized to
different conditions such as other countries or other types of markets such as bond
markets. These are remaining issues for future research.
REFERENCE
Aboody, D., and B. Lev. 1998. The Value Relevance of Intangibles: The Case of
Software Capitalization. Journal of Accounting Research 36 (supplement)
161-191.
Al Jifri, K. and D. Citron. 2009. The Value-Relevance of Financial Statement
Recognition versus Note Disclosure: Evidence from Goodwill Accounting.
European Accounting Review 18 (1) : 123-140.
Andrade, G., M. Mitchell, and E. Stafford. 2001. New Evidence and Perspectives on
Mergers. Harvard Business School Working Paper No. 01-070; HBS
Finance Working Paper No. 01-070. Available at SSRN:
http://ssrn.com/abstract=269313 or http://dx.doi.org/10.2139/ssrn.269313
Ball, R. and P. Brown. 1968. An Empirical Evaluation of Accounting Income
Numbers. Journal of Accounting Research 6 (2) : 159-178.
Barth, M. E., W. H. Beaver, and W. R. Landsman. 2001. The relevance of the value
relevance literature for financial accounting standard setting: another view.
Journal of Accounting and Economics 31 : 77–104.
Beaver, W. H. 1968. The Information Content of Annual Earnings Announcements.
Journal of Accounting Research 6, Empirical Research in Accounting:
Selected Studies 67-92.
Bugeja, M. and N. Gallery. 2006. Is older goodwill value relevant? Accounting and
Finance 46 : 519–535.
Henning, Steven L. and Lewis, Barry L. and Shaw, Wayne H. 2000. Valuation of the
Components of Purchased Goodwill. Journal of Accounting Research 38
diunduh dari:
(2) : 375-386.
Holthausen, R. W. and R. L. Watts. 2001. The relevance of the value-relevance
literature for financial accounting standard setting. Journal of Accounting
and Economics 31 : 77–104.
Jennings, R., J. Robinson, R. B. Thompson II, L. Duvall. 1996. The Relation Between
Accounting Goodwill Numbers And Equity Values. Journal of Business
Finance and Accounting 23 (4) : 513-533.
Johnson, L. T., and K. R. Petrone. 1998. Is Goodwill an Asset? Accounting Horizons
12 (3) : 293-303.
Jovanovic, B., and P. L. Rousseau. 2002. The Q-Theory of Mergers. Working Paper,
NBER. Available at http://www.nber.org/papers/w8740
Kagaya, Tetsuyuki. 2006. Management of Intellectual Property right and Stock Value
(in Japanese). Ito, Kunio (Eds.). Accounting for Intangible Assets.
Chuokeizai-Sha, Inc (in Japanese).
Miyajima, Hideaki. 2007. M&A in Japan: The Impacts on Corporate Governance,
Organizational Efficiency, and Firm Value. Toyo Keizai Inc (in Japanese).
McCarthy, M. G., and D. K. Schneider. 1995. Market Perception of Goodwill: Some
Empirical Evidence. Accounting and Business Research 26 (1) : 69-81.
Morck, R., A. Shleifer, and R. W. Vishny. 1988. Characteristics of Targets of Hostile
and Friendly Takeovers. Alan J. Auerbach. Corporate Takeovers: Causes
and Consequences : 101-136. University of Chicago Press.
Nagata, Kyoko. 2002. Valuation of Goodwill recognized in Consolidated Financial
Statement in Japanese Stock Market (in Japanese). Accounting 54 (2) : 290297 (in Japanese).
Oliveira, L., L. Rodrigues, and R. Craig. 2010. Intangible assets and value relevance:
Evidence from the Portuguese stock exchange. The British Accounting
Review 42 241–252.
White, H. 1980. A Heteroskedasticity-Consistent Covariance Matrix Estimator and a
Direct Test for Heteroskedasticity. Econometrica 48 (4) : 817-838.
Yamaji, Noriaki. 2008. An Empirical Study on Value Relevance of Goodwill and
Goodwill Amortization (in Japanese). Business and Accounting Review 3:
39-50 (in Japanese).
diunduh dari:
ANALYSIS OF GOOD CORPORATE GOVERNANCE (GCG)
PRINCIPLES
IN PERSPECTIVE OF ISLAM IN SHARIAH BANKING
Hadiah Fitriyah and Syarifatun Ni’mah
Faculty of Economy - Muhammadiyah University of Sidoarjo
Jalan Raya Gelam No.250 Candi Sidoarjo
[email protected]
1. Introduction
One of business activities whose existence has an important role in current
economic world is financial institutional business of banking. Bank is a business
entity collecting fund from people in form of savings then distributing them to
people in form of credit or other forms to improve the level of people’s life
(Anshari 2009, h.4). Therefore, banking becomes one of important sectors with
significant effect towards economic activities of people. It can be seen from the
large number of people’s interest to choose to save their fund in bank.
However, banking we know well is conventional banking that, in its operation,
uses interest system. Whereas, as a country with majority of Moslem people,
interest system or usury is forbidden in Islam. The prohibition toward usury
activity is contained expressly in Al-Qur’an letter Al-Baqarah (2:227-278) that
generally explains that usury is forbidden. Therefore, the existence of sharia
financial institution or know as sharia banking becomes an alternative solution for
the conflict against usury (Muhammad 2005, h.14).
Due to the rapid development of shariah banking, management function
only will not be enough to ensure that the process of management runs efficiently
and well. It requires new instrument, i.e. Good Corporate Governance (GCG), to
ensure that management runs well (Kaihatu 2006, h.1).
The law of shariah banking has specified Good Corporate Governance
(GCG) as an obligation for all sharia banks and sharia business units. The
obligation of GCG implementation is regulated in the Law No. 21 Year 2008
regarding Sharia Banking and Regulation of Bank Indonesia Number
11/33/PBI/2009.
Tapanjeh (2009) tries to explore the principles of shariah Good Corporate
Governance from the period of Rasulullah SAW and Khulafa ar-rasyiddun,
because Islam was born far earlier than GCG that becomes a reference for good
corporate governance in the world. Some principles considered important in
implementing sharia Good Corporate Governance and the implementation in
sharia banking are as the following: shiddiq (honesty), amanah (trust fulfillment),
diunduh dari:
tabligh (transparency and openness), fathonah (intelligence), tawazun (balance),
mas’uliyah (accountability), hurriyah (responsible independence and freedom),
and some other principles.
From some principles above, referring to Regulation of Bank Indonesia No.
11/33/PBI/2009 article 10 generally explaining the principles of Good Corporate
Governance, the principles implemented in shariah banking reviewed from
perspective of Islam are tabligh (transparency and openness), mas’uliyah
(accountability), ihsan (professionalism), hurriyah (responsible independence and
freedom), and wasathan (fairness).
High level of people’s interest in utilizing sharia financial service supports
rapid development of shariah banking. So that, many conventional banks
implementing Strategic Business Unit (SBU), from banks with initial activities as
conventional banks, become banks operating based on sharia principles. One of
them is Shariah Bank “X”. Shariah Bank “X” is one of sharia banks implementing
GCG in their operational activities. Although Sharia Bank “X” is based on Islam,
are the principles of Good Corporate Governance implemented in accordance with
perspective of Islam?
Previous research conducted by Soraya (2012) aimed to investigate the
principles of GCG implemented in sharia businesses in Indonesia in review of
Islam in which the research objects were not only shariah banking, but also
shariah insurances. And a research conducted by Wahananto (2009) aimed to
investigate the principles of GCG in shariah banking. Based on the thinking, the
researchers are interested in conducting a research with formulation of problem
“How are the principles of Good Corporate Governance in review of perspective
of Islam in Shariah Bank “X”?” This study aims to investigate and analysis the
principles of Good Corporate Governance in review of perspective of Islam in
Shariah Bank “X”.
2. Literature
2.1. Good Corporate Governance (GCG)
Good Corporate Governance (GCG) definitively is a system regulating and
controlling a company that creates added-value and maintains the trust from all
stakeholders. The mechanism of governance according to Syakhroza (2003, h.19)
can be defined as a rule, procedure, and clear relationship between the party
taking decision and the party performing monitoring towards the decision. The
Organization for Economic and Development (OECD) states that corporate
governance is a system used to direct and control a company. Corporate
governance regulates the distribution of tasks, rights, and obligations of those who
are concerned in a company’s life, including shareholders, board of directors,
managers, and other stakeholders (non-shareholders).
From some definition regarding Good Corporate Governance, according to
Maksum (2005, h.5), it can be concluded that corporate governance is a system
diunduh dari:
developed to direct and control a company so as to create good, fair, and
transparent relationship management among related and concerned parties
(stakeholders) in a company. The related parties consist of internal parties in
charge of company management and external parties including shareholders,
creditors, and others.
2.2. Advantages Of Good Corporate Governance (GCG)
By implementing corporate governance in a company, there are some advantages
that can be obtained, i.e.:
a. Reducing agency cost, i.e.: a cost to be borne by shareholders due to delegation
of power to management party. The cost can be in form of loss suffered by the
company as a result of power abuse (wrong-doing), or in form of supervision
cost incurred to avoid the occurrence of that.
b. Reducing capital cost, i.e.: as a consequence of good company management
that causes the interest rate of fund or resource borrowed by the company
become smaller along with the decrease of company risk level.
c. Increasing the company share value and improving the company image to
public in long term.
d. Creating support from stakeholders in the company to the existence and some
strategies and policies taken by the company, because generally they obtain
warranty that they will also obtain optimal advantages from all company
actions and operations in creating welfare and prosperity.
(www.fcgi.or.id)
2.3. Principles Of Good Corporate Governance (GCG) In Perspective Of
Islam In Shariah Banking
The principles of Good Corporate Governance referring to Regulation of Bank
Indonesia No. 11/33/PBI/2009 article 1 implemented in sharia banking according
to perspective of Islam are:
a. Tabligh (transparency)
In sharia principles, tabligh (transparency) has been stated in letter AlBaqarah (2:282) “...and take witnesses when you conclude a contract...”, and
based on hadith stating “...whoever implementing ghisy (hiding information
required in transaction) are not a part of our people” (HR Muslim). Therefore,
in transacting, all matters shall be conducted transparently.
b. Mas’uliyah (accountability)
Islam has a separate point of view related to accountability (mas’uliyah),
because in Islam, the things deposited are mandate. The concept of Islam
comes to provide improvement for a thinking framework of mas’uliyah that
can be stimulant for individuals and organizations to increase awareness
toward religion, belief, and responsibility to God, humans, and nature (Kholmi
diunduh dari:
2012, h.1-4). It conforms to the words of Allah in Al Qur’an letter Al
Muddatsir verse 38 stating:
“Every soul, for what it has earned, will be retained.”
So, every human will be held accountable, what has been done and what
has not been done as khalifatullah fil Ardh. Mas’uliyah is not only limited to
honest and fair financial reporting, but also emphasizes the essence of human
life constituting a form of responsibility to Allah as the essence owning the
whole universe.
Mandate is a humanist transcendent principle. Humanist is defined as a
relationship between humans and transcendent is defined as a relationship
between human and God. This principle mostly animates each transaction in
sharia financial institution especially sharia banking (Triyuwono 2006, h.189).
c. Ihsan (professionalism)
Ihsan (professionalism) according to Muchtar (2013) is defined as the
life activities considering the quality of process and result. Islam highly
supports the people not only to show the quantity of their work, but, more than
that, also to maintain the quality of each profession they pursue. It is even
stated in Al Qur’an that the essence of people’s life until death is no other than
the assessment of deeds and charities with the highest quality. Allah Ta’ala
says, “[He] who created death and life to test you [as to] which of you is best
in deed,” (QS al-Mulk: 2).
In his hadith, Rasulullah SAW also says, “Indeed Allah likes a Moslem
who works and he is professional in his work” (Muttafaq’alaih).
Allah has specified that all matters shall have foundation of good deeds:
َّ ‫َّن‬
‫ش ْىء‬
َ ‫سانَ َعلَى ُك ِل‬
َ ‫اَّللَ َكت‬
َ ْ‫اإلح‬
ِ ‫َب‬
“Indeed Allah has specified good deeds on all matters” (HR Muslim).
d. Hurriyah (responsible independence and freedom)
Independence according to Widiyanti (2009, h.104-111) related to
consistence or istiqomah is keeping holding on truth although facing risks, in
accordance with QS Fushshilat (41:30).
Islam gives freedom for each individual to have, produce, and consume.
Each individual is free to transact as long as not contradicting public interest.
Similarly, each individual is free to transfer his/her property to a person as
he/she wishes by bequest or present in accordance with the law of Islam
(Mardani 2011, h.13).
Freedom means that human, as individual and collectivity, has full
freedom to perform business activities. In economy, human is free to
diunduh dari:
implement the principles of Islam. Because the economic issues are included in
transactional aspect, not worship, then general principles apply to them, “all
things are allowed, except the prohibited ones”. The prohibited ones in Islam
are unfairness and usury. In this level, human freedom is not absolute, but it
constitutes responsible and equitable freedom (Nawatmi 2010, h.54).
e.
Wasathan (fairness)
Fairness is one of fair manifestation in the business world. Every business
decision, either in individuals or institutions scale, let it be done according
fairness and equality in accordance with what is usually applicable. In the
study of fiqh muamalah, this is known as akad terms whose meaning
agreements, contracts or engagements. An akad in Islam must not conflict
with the provisions of sharia. Conformity with Islamic principles is absolutes
that should underlying akad. For example, the akad in Islam should not
contain elements of magrib (maisyir, gharar, riba and batil). Islam
recommends to the parties concerned to undertake an engagement not only bil
lisan (orally), but also with bil kitabah (in writing) (Pradja 2012, h.80.84).
The principle of fairness in Islam is similar to the concept of justice. No
less than a hundred different expressions in the Qur'an contains the meaning
of justice, either directly as an expression of 'adl, qisth, mizan, or variations
of expression indirectly. Even the Qur'an put justice as closest to piety
because of the importance of justice in the structure of the Islamic faith.
From the explanation above, it can be seen that the principles of GCG in
Islamic perspective contains four characteristics owned by Rasulullah,
namely shiddiq, tabligh, amanah, fathanah. Where all of the four are the
principal characteristics that reflect Rasulullah SAW personalities.
2.4. Fatwa MUI Associated With Shariah Banking
With the regulations associated with the Sharia banking, it is expected that the
development of Shariah banking could be better. This is also reinforced by the
decision of the Commission C Ijtima’ Ulama Fatwa MUI Commission of
Indonesia III on Masail Qanuniyyah (Legal Issues and Regulations) which follow
up Law No.21 of 2008 concerning Shariah Banking.
With the enactment of Law No.21 of 2008 on Shariah banking, so the
status and legitimacy of the economic system especially Sharia banking as an
alternative economic system legal-formal getting stronger. The existence of the
law must be followed up with concrete action. Ijtima 'Ulama Fatwa Commission
III proposes the following:
diunduh dari:
1. Encourage the government to accelerate stipulation of implementing
regulation of Shariah banking Act, either in the form of Bank Indonesia
Regulation (PBI) or other regulations.
2. The need for the government to accelerate the Shariah banking Act with
various laws and / or other relevant regulations, such as the regulation of tax
issues for a number of products LKS/LBS.
3. Compliance with the provisions of sharia is an absolute thing that must be
done by each LKS/LBS. Therefore, the existence, role and function of the
Sharia Supervisory Board (DPS) are very important. DPS oversight role and
function to this day it is still very weak and ineffective. Things like this can
injure the credibility and image of LKS/LBS. For that things, the government
and the MUI also need to create a system or supervision arrangement and all
DPS's more effective and functional.
4. Ask the government to be more pro-sharia economic development through
the provision of various infrastructure and supporting regulations (Amin and
Ichwan Sam et al 2011, h.921).
3. Research Methodology
This research is a qualitative study conducted using interpretative
approach. This type of research and this approach is particularly appropriate for
this study to interpret the results of in depth interviews with key informants
(Herman 2013, h.3). The location of this research is the Sharia Bank "X" which
has been applying the principles of Good Corporate Governance (GCG). The type
of data used in this study is qualitative data. The data used in this research is the
primary data source that directly provides the data to the data collector (Sugiyono
2007, h.193). Technical analysis used in this research is data reduction, a data
display and data conclusion drawing or verification (Miles and Huberman 1984,
h.15-21). Data collection techniques performed by researchers in collecting data is
as follows:
a. Interview
Interview is a way to obtain information through debriefing with key
informants. Which became a key informant in this study is the manager of
Sharia Bank "X": Mr. AR as Human Capital Support Staff of Sharia Bank
"X" and Mr. BDH as the Head Office Cash who knows about good corporate
governance principles. And also Prof. Dr. H. RR and Dr. HM M, M Ed. as the
Shariah experts in this study. This study was conducted by in-depth
interviews and semi-structured using verbal research tools (notes and camera)
to obtain the data needed when doing research.
b. Observation
diunduh dari:
Observations conducted with the research sites and meet directly with key
informants for research purposes. This observation is done by observing the
employees activity in running the bank's operations. In this study, the authors
used observations frankly, that is where researchers in data collection
expressed frankly to the key informant that researchers are conducting
research. So the key informant knew from the beginning to the end of the
activities of researchers.
c.
Documentation
Documentation required in this study obtained from the search for
references on the research object that is important documentations which is
closely connected with the object of research.
4.
Data Analysis And Results
Based on the data analysis conducted by researchers of the GCG at Sharia
Bank "X" when viewed from the perspective of Islam, it is showed that the GCG
principles have been executed properly and in accordance with applicable
regulations. The products produced by the Shariah Bank "X" is in conformity with
the provisions of Islam. Both of the principle of akad is used and the benefits is
received by the users of the product does not conflict with Islamic law. This is
consistent with the theory of Pradja (2012, h.80.84), which explains that an akad
in Islam must not conflict with the provisions of shariah. Conformity with Islamic
principles is absolutes that should underlying akad.
Moreover, in the Shariah Bank "X" also contained complemence disk or
compliance audit. Shariah Bank "X" also has DPS (Shariah Supervisory Board) to
oversee the operations of Shariah Banks. This is in accordance with the decision
of the Commission C Ijtima’ Ulama Fatwa MUI Commission of Indonesia III on
Masail Qanuniyyah (Legal Issues and Regulations) which follow up Law No.21
of 2008 concerning Shariah Banking, the third point that "Compliance with the
provisions of the sharia is the absolute thing that must be done by each LKS/LBS.
Therefore, the existence, role and function of the Shariah Supervisory Board
(DPS) are very important”.
From the results of the analysis can also be known that GCG principles
that run Shariah Bank "X" in accordance with the basic application of GCG which
become the reference of the researchers namely Bank Indonesia Regulation
No.11/33/PBI/2009 on the Implementation of GCG for Shariah Banks and Shariah
Business Unit which apply the principles of transparency, accountability,
responsibility, professional, and fairness. This is consistent with the theory of
Tapanjeh (2009) which refers to the principles of good corporate governance from
the leadership period of Rasulullah SAW and Khulafa ar-rasyiddun those are
diunduh dari:
Tabligh (transparent), Mas'uliyah (accountability), Ihsan (professional), Hurriyah
(independence and responsible freedom), as well as Wasathan (fairness).
a.
Tabligh
Based on the analysis of tabligh principle at Shariah Bank "X", it can be
known that Shariah, Bank "X" is already open in conveying the necessary
information both to stakeholders and the general public. It is described on
examples of activities at the time of offering products and recruitment. In
recruiting employees, the bank is not only to announce the information to the
general public through the website, but also in newspapers. Banks also hold a
General Meeting of Shareholders (GMS) once a year to report on the results
of the bank's development during running operations.
To be able to run the tabligh principle are also needed honesty, and is
contained in the cultural program of work adopted by the Shariah Bank "X" at
the point of integrity that is honest and dedicated.
From the example of these activities can be seen that Shariah Bank "X" is
already open in conveying information. This is in accordance with the word
of God in the Al Baqarah verse 282 that requires being open in the conduct of
activities especially when doing transaction "... and take witnesses when you
conclude a contract...", and based on the hadith which states "...whoever did
ghisy (hides the information required in the transaction) is not including in
our people", (HR. Muslim ).
b. Mas'uliyah
From the results of data analysis conducted by researchers can be seen that
the principle mas'uliyah at Shariah Bank “X” still not running optimally in
accordance with the Islamic perspective. Although the Shariah Bank "X" in
the management of banks funds has been amanah and the results achieved
from the financial statements unqualified and whether assets, earnings and
dividend increases, it does not explain the true definition of mas'uliyah.
Because according to the theory and also from Islamic experts, mas'uliyah is
more of a responsibility not only to stakeholders but also to God the Main
Owner.
Islam is present to provide improvements to a mas'uliyah framework
which can be a stimulant for individuals and organizations to raise awareness
of religion, belief and responsible for God, man, and nature (Kholmi 2012,
h.1-4). Because every human being will be held accountable, for what is done
and what is not done as khalifatullah fil Ardh. This is in accordance with
surah Al Muddatsir verse 38, which reads:
diunduh dari:
"Every soul, for what it has earned, will be retained"
From the research, it is not obtained data describing the form of bank
accountability to God. In addition, key informants also do not understand that
GCG between conventional banks with Sharia Banks that have differences,
especially in terms of accountability.
Conventional banks accountable only limited to the boss and the company
for work done, but in Sharia Banks accountable is not only that, but directly
to God as the One owner of everything.
Mas'uliyah not confined to financial reporting which honest and fair, but
more prioritizing the essence of human life that is in a form of human
responsibility to God as the One owner of the entire universe. Islamic
fundamental concept believes that nature and all its contents are fully belongs
to God and man entrusted to manage as well as possible for the benefit of the
people (Widiyanti 2009, h.104-111).
So the need for the Bank Shariah "X" to pay more attention on mas'uliyah
principle because it is the most animating principle of every transaction in
Islamic financial institutions particularly the Shariah banking (Triyuwono
2006, h.189).
c.
Hurriyah
Based on data analysis performed by the researchers showed that Shariah
Bank "X" in the conduct of both the free social activities and other activities
where such activities do not violate the rules and be accountable to both the
employer and society. Customers and prospective customers are also free to
express criticism and suggestions that could develop image of the Shariah
Bank "X" to be better.
Requirements to be able to enjoy the freedom that is responsible, who has
performed Shariah Bank "X" among other banks in running operations
regard the halal and haram, committed to obligations that have been
determined by Islamic law, such as a commitment to the obligation of zakat,
the obligation with infaq fisabilillah responsibility, it is not justified to
manage personal assets against the interests of the people. At Takaful alijtima'i (togetherness in a bear goodness), for example zakat, sadaqah, infaq,
endowments, sacrificial, and others, it is appropriate that delivered by
diunduh dari:
Mardani (2011). It is also consistent with the theory that explains that truly
the human freedom is not absolute, but it is a responsible and justified
freedom (Nawatmi 2010, h.54). Allah says in surah Al Baqarah verse 256,
which reads:
“There shall be no compulsion in [acceptance of] the religion
[Islam]. The right course has become clear from the wrong. So
whoever disbelieves in Taghut and believes in Allah has grasped the
most trustworthy handhold with no break in it. And Allah is Hearing
and Knowing.”
That way it can be concluded that the principle of Hurriyah in Shariah bank
has followed the rules of Islamic law, and not breaking from what has been
specified in the texts of the Qur'an.
d. Ihsan
According to analysis conducted by researchers can be seen that the
principle of ihsan in Shariah Bank already well underway. This can be
explained by the existence of policies and programs created by the Shariah
Bank "X" to improve the Human Resources (HR) through the recruitment of
competent employees, their training or education that cater to employees and
studies that may add to the knowledge of employees. In addition, warnings
and sanctions for employees who have violated the rules set by the Bank and
the legislation in force.
That means doing all the activities of life by continuing to pay attention to
the quality of the process and results. Of these activities can be known that
Shariah Bank "X" not only pay attention to the results achieved, but also the
quality of the process in achieving these results which in this case is the
human factor. Moreover, Shariah Bank "X" is a sharia-based institution, so
that the necessary expertise and knowledge, in terms of the provisions of
muamalah according to Islam in order not to violate what is already
established in the Qur'an and hadith.
diunduh dari:
In the Qur'an, explained that the essence of life until the death of someone is
only to judge who is the most qualified deeds. Allah the Exalted says, “[He]
who created death and life to test you [as to] which of you is best in deed”
(surah Al-Mulk: 2).
Rasulullah SAW also once said, "Allah loves a Muslim who works and he
mutqin (professional) in his work" (Muttafaq 'alaih). Mentioned in the hadith
that Allah has also determined that all things must have an ihsan foundation.
َّ ‫َّن‬
‫ش ْىء‬
َ ‫سانَ َعلَى ُك ِل‬
َ ‫اَّللَ َكت‬
َ ْ‫اإلح‬
ِ ‫َب‬
"Allah establishes ihsan on everything" (HR.Muslim).
From the explanation above, it can be concluded that the principle of Ihsan
in Shariah Bank is in conformity with Islamic law and contains characteristic
owned by Rasulullah that is fathanah.
e.
Wasathan
Based on the analysis performed by the researchers it was able to note that
the wasathan principle in Shariah Bank “X” is reasonable. This is evident
from the financial statements are reasonable for each year, in the recruitment
of employees also may not have any family relationship, and fulfillment of
the employee's monthly salary is in accordance with the specified date. In
addition, the results of the GCG report, there are no internal fraud that
occurred in the Shariah Bank "X".
Of these activities can be seen that the wasathan principle is in accordance
with the concept of justice in Islam. The first, the Shariah Bank "X" does not
differentiate between one employee with another. Second, in the recruitment
should not be any family relationship, the third, the Shariah Bank "X”
financial statements get a reasonable result for each year.
With so wasathan principle at Shariah Bank "X" is in conformity with
what is recommended in the Qur'an that Allah sent to act fairly in all respects.
Even God put justice is closest to piety because of the importance of justice in
the structure of the Islamic faith. It is contained in the Word of God surah Al
Maidah verse 8 (Chapra 2000, h.212), which reads:
diunduh dari:
“O you who have believed, be persistently standing firm for Allah,
witnesses in justice, and do not let the hatred of a people prevent you
from being just. Be just; that is nearer to righteousness. And fear
Allah; indeed, Allah is Acquainted with what you do.”
Shariah Bank "X" would be required to provide information that is fair to
the parties concerned. In addition, the Shariah Bank "X" is a financial
institution that is based Islamic law in its operations. A company that all of its
activities shows both the reasonableness of the financial statements or of
anything else, it will be a plus for the company to be able to develop the
company even greater.
4.1. Results from the GCG Principal Discussion at Shariah Bank "X" in the
Perspective of Islam
From the results of the discussion of the principles of good corporate
governance in Shariah banking "X" in the Islamic perspective, it can be concluded
that the principle of good corporate governance in Shariah banking "X" has been
going well, and contains four characteristics owned by Rasulullah. Namely
shiddiq is also listed in the cultural program of work to be done by all employees.
Tabligh, which is already contained in the GCG principles of Islam, then amanah
and fathanah is an important factor to be owned by every employee in the
management of bank operations.
However, in terms of the perspective of Islam it still can not say that it is
the maximum. This is because of the result of the information obtained in the
study did not mention at all accountable to God. The conclusion is reinforced also
by the statement of Shariah expert Prof. Dr. H. RR, MA. as a whole, and also
according to Dr. H. M. M, M Ed. The main and most important points in the
sharia it is all done by human beings will be accountable to God. That is the main
difference between GCG conventional banks with Sharia Banks or sharia
institutions. Due not only to his fellow, human, form of accountability that will be
given later, but also to God the true owner.
diunduh dari:
By orienting to the Lord in every activity, employees are expected to be
more careful, honest and trustworthy in carrying out their duties. In addition, key
informants were not understood that the GCG of conventional banks and the GCG
of Shariah Banks have differences. From interviews, key informant said that GCG
conventional banks with Shariah Banks are the same. Of course this is an
important thing that must be understood and reviewed by companies, especially
those engaged in the field of sharia to pay more attention to it. Of course it also
supported by the ability of employees to understand the principles of GCG in
Islam and also the values of the shariah.
5. Conclusion
Based on the results of research and discussion, it can be concluded that
the principles of Good Corporate Governance (GCG) at the Shariah Bank "X"
already well underway in accordance with existing regulations. Besides the
principles already applied GCG contains four characteristics owned by
Rasulullah, namely shiddiq, amanah, tabligh, and fathanah. Furthermore, the
results of the analysis prior consultation with the Sharia experts associated with
the principles of good corporate governance in the review of an Islamic
perspective, shows that the principle of good corporate governance in Shariah
banking "X" still can not be said to be the maximum in accordance with the
Islamic perspective. Because of the results obtained during the study there is no
data to support that Shariah Bank "X", as Islamic-based financial institutions
prioritize accountability to God (mas'uliyah). Because in the Islamic point of
view, the difference between conventional banks GCG and GCG of Shariah
Banks is in the terms of accountability. This largest possibility due to the Shariah
Bank "X" is the Shariah Business Unit is still a part of the conventional banks.
Moreover, according to its own key informant GCG at Bank Shariah "X" has not
fully maximized in accordance with the Islamic perspective. Key informants also
do not understand that GCG between conventional banks with sharia-based bank
was not the same.
References
Abu-Tapanjeh, A.M. 2009. Corporate governance from the Islamic perspective: A
comparative analysis with OECD principles. Journal Critical Perspectives on
Accounting.
Al Qur’an dan terjemahannya.
Amin dan Ichwan Sam. 2011.
Erlangga.Jakarta.
Himpunan
Fatwa
MUI Sejak
1975.
diunduh dari:
Anonim. 2010. Konsep Kebebasan dalam Islam. file:///F://muth’s el-ashby konsep
kebebasan dalam Islam.htm
Anonim. 2014. Ihsan dan Itqan dalam Bekerj.
http://www.lingkaran.org/ihsan-dan-itqan-dalam-bekerja.html, .
Anshori, Abdul Ghofur. 2007. Perbankan Syariah di Indonesia. Gadjah Mada
University Press. Yogyakarta.
Anshari. 2009. Hukum Perbankan Syariah (UU No. 21 Tahun 2008). Refika
Aditama. Bandung.
Antonio, M. Syafi’i. 2000. Bank Syariah : Suatu Pengenalan Umum. Tazkia
Institute. Jakarta.
Arifin. 2005. Pidato Pengukuhan Guru Besar : Peran Akuntan dalam Menegakkan
Prinsip Good Corporate Governance pada Perusahaan di Indonesia (Tinjauan
Perspektif Teori Keagenan). Fakultas Ekonomi Universitas Diponegoro.
Semarang.
Chapra, M. Umer. 2000. Islam dan Tantangan Ekonomi. Gema Insani Press.
Jakarta
Dirgantoro, Crown. 2001. Manajemen
Implementasi. PT Grasindo. Jakarta
Stratejik:
Dzakirin, Ahmad. 2014. Konsep Negara dalam Islam.
(file:///F://BlogAhmadDzakirin BABII. KONSEP
ISLAM.htm).
Konsep,
Kasus,
NEGARA
dan
DALAM
Emirzon, J. 2006. Prinsip-prinsip Good Corporate Governance: Paradigma Baru
dalam Praltik Bisnis Indonesia. Genta Press. Yogyakarta.
Fajri, Mohamad M.P. 2008. Momentum Kurban dalam Implementasi GCG
Rasulullah. Policy, Law, & Governance.
(file:///F:/POLIGG-Policy,Law,&Governance.htm).
Hermawan, S dan Herlina S. 2013. Studi Interpretif Identifikasi dan Interaksi
Intelectual Capital terhadap Kinerja Perusahaan. Jurnal Review Akuntansi
Keuangan, Vol 3 No.1 April. Pp335-347.
diunduh dari:
Kaihatu, Thomas, S. 2006. Good Corporate Governance dan Penerapannya di
Indonesia. Jurnal Manajemen dan Kewirausahaan.
(http://www.petra.ac.id/puslit/journals/dir.php?DepartmentID=MAN).
Kholmi, Masiyah. 2012. Akuntabilitas dan Perilaku Amanah dalam Masyarakat
Islam. (http://www.daneprairie.com)
Maksum, Azhar. 2005. Pidato Pengukuhan Guru Besar : Tinjauan atas Good
Corporate Governance di Indonesia, Fakultas Ekonomi Universitas Sumatra
Utara. Medan.
Mansur, Ilham. 2013. Perwujudan Nilai-nilai Profetik pada Laporan Keuangan
Perusahaan.
(file:///F://EssaytentangTransparansidan
Akuntabilitas_SAMUDRA
INSPIRASI.htm).
Mardani. 2011. Hukum Ekonomi Syariah. Refika Aditama. Bandung
Mardian, Sepky. 2013. [God] corporate Governance: CG Perspektif Islam.
(file:///F:/Penting/GodCorporateGovernanceCGPerspektifIslam_Akuntansi
Syariah.htm).
Milles, M.B. dan Huberman, M.A. 1984. Qualitative Data Analysis. Sage
Publication. London.
Moleong, Lexy J. 2004. Metodologi Penelitian Kualitatif. PT. Remaja
Rosdakarya. Bandung.
Muchtar, Muhammad Ilham. 2013. Menjadi Muslim Profesional.
(http://penulis165.esq-news.com/2013/artikel/11/07/menjadi-muslim
profesional.html).
Muhammad, M.Ag. 2005. Manajemen Bank Syariah. UPP AMP YKPN.
Yogyakarta.
Muqorobin, Masyudi. 2011. Fikih Tata Kelola Organisasi Laba: Sebuah
Pengantar Universitas Muhammadiyah. Purwokerto.
Nawatmi, Sri. 2010. Etika Bisnis Dalam Perspektif Islam. Fokus Ekonomi, Vol 9,
No.1, (www.unisbank.ac.id/ojs/index.php/fe2/article/571).
Nofianti Leny, 2014. Tata Kelola Bank dalam Islam.
diunduh dari:
(file:///F:/Penting/Tata Kelola Bank dalam Islam_Opini_Riaupos.co.htm).
Nuruddin, Rivai, dkk. 2012. Islamic Business and economic Ethic: Mengacu pada
al-Qur’an dan Mengikuti Jejak Rasulullah SAW dalam Bisnis, Keuangan, dan
Ekonomi. Bumi Aksara. Jakarta.
Peraturan Bank Indonesia Nomor 11/33/PBI/2009.
Piliang, Yasraf Amir. 2003. Hipersemiotika (Tafsir Cultural Studies Atas Matinya
Makna). Jalasutra. Bandung.
Pradja, Juhaya S. 2012. Ekonomi Syariah. Pustaka Setia. Bandung.
Soraya, Rezki Astuti. 2012. Good Corporate Governance Dalam Perspektif Islam
Dan Penerapannya Pada Bisnis Syariah Di Indonesia. Skripsi tidak diterbitkan.
Fakultas Ekonomi dan Bisnis. Universitas Hasanuddin. Makassar.
Sugiyono. 2007. Metode Penelitian Bisnis. Alfabeta. Bandung.
Susanto. 2014. GCG Menurut Perspektif Islam.
(file:///E://GCGMenurutPerspektifIslam_Mas_Santo.htm).
Sutedi, Adrian S.H., M.H. 2011. Good Corporate Governance. Sinar Grafika.
Jakarta.
Syakhroza, Akhmad. 2003. Theory of Good Corporate Governance. Majalah
Usahawan Indonesia, No. 08, Vol 32, hal 19-25.
Triyuwono, Iwan. 2006. Perspektif, Metodologi, dan Teori Akuntansi Syariah.
Raja Grafindo Persada, Jakarta.
UU Nomor 21 tahun 2008 tentang Perbankan Syariah.
Widiyanti, Novi Wulandari. 2009. Corporate Governance dalam Pandangan
Islam: Sebuah Konsep Altertantif dalam Penerapan Good Corporate Governance.
Universitas Jember.
Wulandari, Anis. 2010. Menyingkap Nilai Keadilan (Dalam Perspektif Syari’ah
Islam) Yang Terkandung di dalam Good Corporate Governance. Jurnal
Investasi,Vol 6,No.2).
www.fcgi.or.id
diunduh dari:
GOOD CORPORATE GOVERNANCE AND PERFORMANCE
Ni Luh Putu Andriyani Pratiwi1
I Gusti Ayu Made Asri Dwija Putri2
Eka Ardhani Sisdyani3
I Gusti Ketut Agung Ulupui4
1
Faculty of Economics and Business ,Udayana University, Bali, Indonesia
email: [email protected]
2,3,4
Faculty of Economics and Business, Udayana Universiy, Bali, Indonesia
INTRODUCTION
Agency problem emerges due to conflicting interest between the
shareholders as the principal and management as the agent. Shareholders expect
management to hold the company’s interest of the as top priority, however,
managers tend to prioritize own interests, that could decrease company
performance and growth. This opportunistic nature of this management can be
minimized by applying the mechanisms of good corporate governance (GCG), as
stated by Ariyoto (2000), Chotourou (2001), Kaen (2003), Liu and Lu (2007), Xie
and Dadalt (2003), Yu (2006), Mediastuty and Machfoedz (2003), and Ahn and
Choi (2009).
GCG is a set of regulation that rules relationship among all parties in the
company regarding their right and responsibilities. In the last decade, the term
GCG has become more popular for two reasons, namely: 1) GCG is one key
success for the company’s growth and profitability in the long run to win global
competition, 2) it is believed that economic crisis in Asia and South America
occurred due to the failure of GCG implementation. GCG is expected to create
efficiency in directing and controlling the company.
GCG was first introduced in Indonesia in 1988 when Indonesia signed a
letter of intent (LOI) with International Monetary Fund (IMF). One of the content
is a schedule of improvement of corporate governance in Indonesia (Sri, 2008).
The implementation of GCG is expected to enhance decision making process,
operational efficiency, and services to stakeholders, thus, the company would be
able to increase its performance (Sawitri, 2011).
Organization for Economic Cooperation and Development (OECD) has
developed a set of GCG principles that could be implemented based on condition,
culture, and tradition of each country. In Indonesia, National Committee of
Governance Policy (KNKG) in 2006 also issued a general guideline of Indonesia
good corporate governance, which states five principles, including transparency,
accountability, independence, and fairness.
diunduh dari:
The GCG principles are applicable to all business, including banking
industry. It could increase stakeholders confident to management capability to
improve performance (Belkhir, 2005; Bhagat and Bolton, 2008.). A survey by the
World Bank in 2004 about GCG implementation in Indonesia reported that there
is a need to strengthen law and regulation enforcement in banking industry
(Miranti and Sisnuhadi, 2011). This condition would cause operational activities
become inefficient and ineffective which in turn would decrease performance.
Effective implementation of GCG would be expected to bring back the high level
of performance of the company (Cahyani Nuswandari, 2009). GCG
implementation in banking industry is mandatory in Indonesia, as directed by
Indonesia Bank, the central bank of Indonesia, by a circulating letter No.
9/12/DPNP dated 30 May 2007.
Beside general bank, in Indonesia there is also a small-medium bank
enterprise, called BPR. According to the central bank, in 2013 there are 172
BPRs in Bali; whereas 20 are located in Denpasar City and 61 in Badung
Regency. BPR grows rapidly in the two regions. Denpasar as a capital of Bali is
the center of governmental and economic activities of Bali. On the other hand,
Badung Regency is the central of tourism destination so its economic activities
are also developed very well. Thus, BPR has grown as an alternative to the
general bank and other financial institution to supply credit and manage public
fund. As such, BPRs also face tight competition with themselves and other microsmall-medium financial services providers. Thus it is imperative for BPRs to also
improve performances. One way to do this is by implementing GCG principles,
consisting of transparency, accountability, responsibility, independence, and
fairness.
Based on the aforementioned, the following hypotheses are proposed.
H1
Transparency positively affects performance of BPR located in Denpasar
and Badung.
H2
Accountability positively affects performance of BPR located in Denpasar
and Badung.
H3
Responsibility positively affects performance of BPR located in Denpasar
and Badung.
H4
Independence positively affects performance of BPR located in Denpasar
and Badung
H5
Fairness positively affects performance of BPR located in Denpasar and
Badung
RESEARCH METHOD
This research employs quantitative method to examine associative
relationship between independent and dependent variable. Independent variables
are principles of GCG, namely transparency, accountability, responsibility,
diunduh dari:
independence, and fairness; while performance would serve as the dependent
variable.
All variables are measured by using data collected through questionnaire which
was adopted from those of Asri (2013). Items that are asked to respondents
include GCG implementation and performance of BPR, including financial and
non financial performances. The questionnaire was designed to have six point of
rating scale to be chosen by respondent according to their respective condition.
Respondents consist of 65 directors of all BPRs in Denpasar and Badung
Regency who are sampled purposively, according to the following criteria. 1)
BPR must be listed on Bank of Indonesia; and 2) BPR is the headquarter office.
The research is modeled using multiple linear regressions with the
significance level of 5%, as follows.
Y = a + b1X1 + b2X2 + b3X3 + b4X4 + b5X5……………………………(1)
Whereas,
Y
= Dependent variable (performance)
a
= Constant
b1 , b 2 , b3 , b4 , b 5
= Coefficient regression for X1, X2, X3, X4, X5
X1
= Independent variable (transparency)
X2
= Independent variable (accountability)
X3
= Independent variable (responsibility)
X4
= Independent variable (independency)
X5
= Independent variable (fairness)
Commented [A1]: Grouping to the above equation
RESULTS AND DISCUSSION
A hundred percent response rate is gained from the sixty-five
questionnaires distributed. Table 1 shows the descriptive statistics of test data.
Table 1.
Descriptive Statistics of Data
N
Minimum Maximum
Mean Std. Deviation
Transparency
65
4,00
15,20
12,3638
3,19639
Accountability
65
5,08
16,15
12,5408
3,23297
Responsibility
65
4,00
16,47
12,9760
3,31117
Independence
65
4,88
16,03
12,4058
3,17178
Fairness
65
4,00
14,91
12,1155
3,34115
Performance
65
14,85
45,54
37,3198
9,22445
Source: data processed, 2014
Based on Table 1, the score of BPR performance is 37,3198 with the
deviation standard of 9,22445, minimum score of 14,85 and maximum of 45,54.
diunduh dari:
Classical Assumption Test
The first test would be normality data using the method of KolmogorovSmirnov. The result shows a coefficient of 0,481 which is larger than the
significance level of 0.05. It means that variables in this research are distributed
normally. The second test called multicollinearity test. Table 2 shows the results.
Table 2.
Multicollinearity Test
Collinearity Statistics
Model
Tolerance
VIF
Transparency
0,565
1,770
Accountability
0,471
2,121
Responsibility
0,610
1,639
Independence
0,542
1,845
Fairness
0,535
1,868
Table 2 shows that all value of tolerance of independent variables are
larger than 0,1 and variance inflation factor (VIF) for all variables are smaller
than 10, thus it could be said that multicollinearity does not exsist. The last test of
classical assumption would be heteroscedasticity. Based on the result, which gain
significance value larger than 0,05 for all independent variables, it can be said that
the regression model does not contain the symptom of heteroscedasticity. Table 3
shows the details.
Table 3.
Heteroscedasticity Test
Unstandardized
Coefficients
Model
(Constant)
B
Std. Error
Standardized
Coefficients
Beta
T
Sig.
2,259
1,221
10,850
0,069
-0,028
0,102
-0,047 -0,275
0,784
Accountability
0,049
0,110
0,083 0,440
0,662
Responsibility
-0,017
0,095
-0,029 -0,174
0,862
Independence
0,049
0,105
0,082 0,467
0,642
-0,052
0,100
-0,091 -0,516
0,608
Transparency
Fairness
diunduh dari:
Unstandardized
Coefficients
Model
B
(Constant)
2,259
1,221
10,850
0,069
-0,028
0,102
-0,047 -0,275
0,784
Accountability
0,049
0,110
0,083 0,440
0,662
Responsibility
-0,017
0,095
-0,029 -0,174
0,862
0,049
0,105
0,082 0,467
0,642
-0,052
0,100
-0,091 -0,516
0,608
Transparency
Independence
Fairness
Std. Error
Standardized
Coefficients
Beta
T
Sig.
Determination Coefficient Test
The result of Adjusted R square (R2) of 0,895 means that GCG principles
contribute to affect performance for 89,5 percent, and the rest of 10,5 percent is
influenced by other factors. With F significance value of 0,000 that is smaller than
α = 0,05, it can be said that the model of multiple linear regression fits to be used
to test the impact of independent variables on the dependent variables.
Table 4
Result of Multiple Regression Test
Standardiz
ed
Unstandardized Coefficient
Coefficients
s
Model
(Constant)
B
Std. Error
Beta
T
Sig.
-4,832
1,935
-2,498
0,015
Transparency
0,690
0,162
0,239 4,271
0,000
Accountability
0,592
0,175
0,207 3,384
0,001
Responsibility
0,583
0,150
0,209 3,887
0,000
Independence
0,720
0,166
0,248 4,332
0,000
Fairness
0,800
0,159
0,290 5,035
0,000
Based on the regression test mentioned above, a regression equaition has
been formulated, as follows.
Y = -4,832 + 0,690 X1 + 0,592 X2 + 0,583 X3 + 0,720 X4 + 0,800 X5………….(2)
diunduh dari:
The equation shows a constant value of -4.832, meaning that when GCG
principles are constant, then performance would be -4.832 or could be considered
as zero.
The coefficient of transparency (X1) is 0,690 meaning that when
transparency variable increase by 1 unit, then the performance would increase by
0,690 unit. With p-value of 0,000 which is smaller than α = 0,05, thus H1 is
accepted. This indicates that the more transparent the company in disclosing
information, the more confident the stakeholders and eventually performance of
the company would be better.
The second variable, accountability (X2) gains a coefficient of 0,592. It
means that if the variable increase by 1 unit, performance is expected to be
increase by 0,592 unit. The p-value for the variable is 0,001 which is smaller than
α of 0,05, thus H2 is also accepted. This indicates that the clearer the function and
structure of accountability in the company, the more effective the company is
being managed. This in turn would increase the performance.
Responsibility as the third independent variable (X3) has a coefficient of
0.583, meaning that when the value increase by 1 unit then performance is
expected to increase by 0.583 unit. The p-value of 0.000 that is below α of 0.05
concludes that H3 is accepted. This indicates that company’s level of compliance
and responsibility to stakeholders are expected to increase the performance.
The next variable is independency (X4), which has regression coefficient
of 0.720. The increase of independence value by 1 unit would increase
performance by 0.720 unit. The p-value is 0.000 which is again lower than α of
0.05, thus H4 is also accepted. Independency would free companies from
intervention of various parties so managers would be able to serve the companies
better and thus performance could be increased.
The last variable is fairness (X5) with the coefficient of 0.800. This means
that if the variable increase by 1 unit then performance would increase by 0.800
unit. The p-value of this varable is 0.000, so it would be directed to accept H5.
When companies are managed based on fairness and equality then performance
could be expected to increase.
CONCLUDING REMARKS
This study concludes that the implementation of GCG principles, namely
transparency, accountability, responsibility, independence, and fairness, all
positively affect performance of BPRs in Denpasar City and Badung Regency.
Therefore it is suggested to other BPRs outside these two areas to also implement
GCG principles properly to increase performance. Future researches are expected
to add variables such as capital structure, ownership structure, dividend payout
policy, and earnings management. Furthermore, BPRs in other regions could be
studied as well in order to broaden research areas to cover all areas in Bali.
diunduh dari:
Respondent could also be added to include employees as well as customers to
ensure more accurate data.
REFERENCES
Ahn and Choi, S.A. W. 2009. The Role of Bank Monitoring in Corporate
Governance: Evidence from Borrowers’ Earnings Management Behavior,
Journal of Banking & Finance. 33, 425-434.
Commented [A2]: Family name followed by the sure name(s) of
author(s). Please be consistently applied to this reference list
section. Please also check if all in-text references above are listed in
this reference list section.
Ariyoto K. 2000. Good Corporate dan Konsep Penegakannya di BUMN dan
Lingkungan Usahanya. Usahawan No. 10 tahun XXIX, Oktober.
Asri Dwija Putri, I G.A.M. 2013. Pengaruh Good Corporate Governance dan
Kearifan Lokal Terhadap Kinerja Lembaga Perkreditan Desa (LPD) di
Kabupaten Badung. Laporan tidak dipublikasikan. Fakultas Ekonomi dan
Bisnis Universitas Udayana Denpasar.
Belkhir, Mohamed. 2005. Board of Director’s Size and Performance in The
Banking Industry. International Journal of Managerial Finance Vol.5
Iss.2 p.201-221.
Bhagat, Sanjai dan Brian Bolton. 2008. Corporate Governance and Firm
Performance. Journal of Corporate Finance, United States.
Cahyani Nuswandari. 2009. Pengaruh Corporate Governance Perception Index
Terhadap Kinerja Perusahaan pada perusahaan yang terdaftar di bursa efek
Jakarta. Jurnal Bisnis dan Ekonomi (JBE), September. Hal. 70-84 Vol. 16,
No.2
Chotourou, S. M., J. Bedard, and L. C. Teau. 2001. Corporate Governance and
Earnings Management, Social Science Research Network. Http//:ssrn.com.
23 August 2014.
Kaen, Fread R. 2003. A Blue Print For Corporate Governance: Strategy,
Accountability, and Preservation of Shareholders Value, Amacom New
York.
Khomsiyah Darmawati dan Rika Gelar R. 2005. Hubungan Corporate Governance
dan Kinerja Perusahaan. Jurnal Riset Akuntansi Indonesia Vol.8, No.1.
Khozein, Ali. 2012. Balanced Scorecard Should be Attention More in
Organization. International Journal of Research in Management Vol.1,
Iss.2, ISSN 2249-5908.
diunduh dari:
Komite Nasional Kebijakan Governance (KNKG). 2006. Pedoman Umum Good
Corporate Governance Indonesia. Jakarta.
Komite Nasional Kebijakan Governance (KNKG). 2012. Prinsip Dasar Pedoman
Good Corporate Governance Perbankan Indonesia. Jakarta.
Leo J. Susilo dan Karlen Simarmata. 2007. Good Corporate Governance Pada
Bank: Tanggung Jawab Direksi dan Komisaris dalam Melaksanakannya.
Bandung: PT. Hikayat Dunia.
Like Monisa Wati. 2012. Pengaruh Praktek Good Corporate Governance
Terhadap Kinerja Keuangan Perusahaan di Bursa Efek Indonesia. Dalam
Jurnal Manajemen Fakultas Ekonomi Universitas Negeri Padang Vol.1,
No.1.
Liu, Qiao and Z. (Joe) Lu. 2007. Corporate Governance and Earnings
Management in the Chinese Listed Companies: A Tunneling Perspective,
Journal of Corporate Finance, 13.p. 881-906.
Midiastuty, P. P. and M. Machfoedz, 2003. Analisis Hubungan Mekanisme
Corporate Governance dan Indikasi Manajemen Laba, Prosiding
Simposium Nasional Akuntansi 6 Surabaya.
Miranty Herly dan Sisnuhadi. 2011. Corporate Governance and Firm Performance
in Indonesia. International Journal of Governance Vol.1, No.2.
Mohammad Wahyudin Zarkasyi. 2008. Good Corporate Governance Pada Badan
Usaha Manufaktur, Perbankan, dan Jasa Keuangan Lainnya. Bandung:
Alfabeta.
Muhamad Arief Effendi. 2009. The Power of Good Corporate Governance Teori
dan Implementasinya. Jakarta: Salemba Empat.
Muhamad Arief Ujiyantho dan Bambang Agus Pramuka. 2007. Mekanisme
Corporate Governance, Manajemen Laba dan Kinerja Keuangan.
Makalah Simposium Nasional Akuntansi X.
Sugiyono. 2012. Metode Penelitian Bisnis. Bandung: Alfabeta.
Peraturan Bank Indonesia Nomor 8/4/PBI/2006 Tanggal 30 Januari 2006 Tentang
Pelaksanaan GCG bagi Bank Umum.
diunduh dari:
Sri Sulistyanto. 2008. Manajemen Laba: Teori dan Model Empiris. Jakarta:
Grasindo.
Sugiyono. 2008. Metode Penelitian Bisnis R&D. Bandung: Alfabeta.
Surat Edaran No. 9/12/DPNP Kepada Semua Bank Umum Di Indonesia. Jakarta,
30 Mei 2007. Perihal : Pelaksanaan Good Corporate Governance Bagi
Bank Umum.
Undang-Undang Nomor 10 Tahun 1998 Tentang Perubahan atas Undang-Undang
Nomor 7 Tahun 1992 Tentang Perbankan.
Xie, B., W. N. Davidson, and P. J. Dadalt. 2003. Earning Management and
Corporate Governance: the Role of the Board and the Audit Committee,
Journal of Corporate Finance 9 (3): 295-316.
Yu, Fank. 2006. Corporate Governance and Earnings Management, Working
Paper, http//:www.google. August 2014.
diunduh dari:
Preliminary Research: Assessing Strategic Management Readiness of
Micro and Small Enterprises to Cope with Asean Economic Community
(AEC) 2015
In South Kalimantan.
Ni nyoman Suarniki1, Budi Rofelawaty2, and Muhammad Maladi3
1,2
STIE Nasional Banjarmasin, Indonesia
3
STIE Indonesia Banjarmasin, Indonesia
Introductory
What kind of world would we face today and in the future, everyone is
aware that globalization is unstoppable. All nations and countries experience it. Of
course, with different reactions, there are welcomed because so many advantages
to be gained,while others there are preparing seriously and some are still not ready
to face the incoming free trade.
The phenomenon of slowing growth of economic in Europe, yet the economic
recovery of American States and the world population is aging, especially in
developed countries, making Asia has a very high appeal for world economic
activity. A decade that has passed the economic growth in Asia is very fast. To
welcome the economic globalization many countries forming regional, subregional, and globaleconomic integration.
Many economic cooperation in the region has been carried out for certain
commodities or all commodities, such as:
• Association of Southeast Asian Nations (ASEAN) is a geo-political organization
and economy of the countries in Southeast Asia, which was established in
Bangkok, August 8, 1967 by the Bangkok Declaration by Indonesia, Malaysia,
Philippines, Singapore, and Thailand. The organization aims to boost economic
growth, social progress and cultural development of its member countries, to
promote peace and stability at regional level, as well as increasing the
opportunity to discuss the differences between its members with peace.
ASEAN covers a land area measuring 4:46 million km², equivalent to 3% of
the total land area on Earth, and has a population approaching 600 million
people, equivalent to 8.8% of the total world population. ASEAN sea area three
times the land area. In 2010, the combined nominal GDP of ASEAN has grown
to 1.8 trillion US dollars. If ASEAN were a single entity, ASEAN will sit as the
ninth largest economy after the United States, China, Japan, Germany, France,
Brazil, England, and Italy.
• ASEAN-4 (ASEAN - Malaysia, Indonesia, Thailand, the Philippines)
• ASEAN-5 (ASEAN - Singapore, Malaysia, Indonesia, Thailand, Philippine)
diunduh dari:
• ASEAN-6 (ASEAN - Singapore, Brunei, Malaysia, Indonesia, Thailand,
Philippine)
ASEAN-X (read as ASEAN minus X) Sub-group of ASEAN being allowed to
proceed with an economic policy, without waiting for the participation by the
other member states, if all the member states are in agreement.
• ASEAN + 1 (any non-ASEAN nation)
• ASEAN + 3 (ASEAN plus China, Japan, South Korea)
• ASEAN + 6 (ASEAN + China, Japan, South Korea, India, Australia, New
Zeland
• CLMV (Cambodia, Laos, Myanmar, Vietnam)
AEC (ASEAN Economic Community 2015) is a realization of desires that
are listed in the Vision 2020 to integrate the economies of ASEAN to establish a
single market and collected production based. 2015 ASEAN Economic
Community (AEC), is a uniting of 10 ASEAN countries, Thailand, Myanmar,
Laos, Vietnam, Malaysia, Singapore, Indonesia, Philippines, Cambodia, and
Brunei. Vision 2020 states, in the implementation of the AEC, member states
must uphold the principle of an open market, outward looking, and a marketdriven economy in accordance with the provisions of the multilateral. If AEC
enacted the end of 2015, ASEAN will be open for trade in goods, services,
investment, capital, and labor (free flow of goods, free flow of services, free flow
of investment, free flow of capital, and the free flow of skilled labor).
Purpose of establishing the field of economic integration based on the
principles of the great benefits to be gained all members, including:
Benefits of the ASEAN Economic Community (AEC)
 It will open more regional cooperation and will improve the scale
efficiencies, dynamism and competitiveness of ASEAN members. AEC
will enable easier movement of goods, services, investment, capital and
people. Ultimately, it will offer new ways of coordinating supply chains,
or access to new markets for established products.
 All ASEAN countries are more important to foreign investors if they are
considered as one node in a larger regional market of nearly 600 million
people - a single market. The ASEAN Free Trade Agreement will be
expanded to zero tariffs on almost all goods by 2015. ASEAN plans to
remain engaged with the global economy through regional-level free trade
agreements - today, ASEAN has such agreements with China, Japan,
Korea, India, Australia and New Zealand.
 The USITC's ASEAN: Regional Trends in Economic Integration, Export
Competitiveness, and Inbound Investment for Selected Industries Report
noted that the AEC is coming at a time when it is recognized that
investment in emerging markets is more desirable than in the US and
Europe. "There will be no shortage of funding coming from within
diunduh dari:



ASEAN, the Asia Pacific or even the US and Europe. These investments
can bring about badly needed capital for some countries, allowing them to
leapfrog from the 20th century into the 21st in terms of competition in
mature countries such as Thailand and Malaysia", said the report.
SMEs accounted for 96% of enterprises and between 50-85% of domestic
employment across ASEAN. Integrating these SMEs and supporting them
in the initial period will be a challenge throughout ASEAN but particularly
in the lesser developed ASEAN countries. Recently I was in Singapore
and it is obvious that the Singapore government fully realizes the
challenge and the opportunity that the AEC will represent to SMEs and is
putting both the planning talent and the resources to better support their
SMEs. I was also in Vietnam and Thailand and although both countries
are starting to verbalize and meet to develop more effective plans for SME
integration and support, it is obvious that these plans are probably behind
where they need to be. In countries, such as Cambodia, Laos and
Myanmar (Burma), plans are even further behind and more in need of
support and resources.
Tourism opportunity. Asians travels more in the region and there are
more travelers from other countries that have begun to reach out to Asia as
new visitors. The trends were evident at the recent Hub City Forum, held
by the Pacific Asia Tourism Association (PATA), where more than 100
travel industry executives discussed the tourism potential, government's
spending to upgrade facilities both for leisure attractions like museums;
and also MICE facilities such as convention centers, reported the
newspaper. MICE tourism opportunities are particularly large and
hopefully countries that have the most experience in this area such as
Thailand and Singapore will render their assistance to those with weak
MICE experience - recent examples of this are Thailand with Vietnam and
also some talk in Thailand about rendering assistance in Laos and possibly
Cambodia.
Internationalization of health care under the AEC. Health care is one
of the sectors to be internationalized. This is definitely a big challenge as
it is more complicated than just the popularity of Singapore and Thailand's
"medical tourism" that patients travel from one country to another seeking
better care at lower cost. The legal and licensing frameworks are still
needed to be worked out. However, it offers potentials for the free-flow
of health services, etc. in the region. Recent examples here were noted in
the Bangkok Post in mid-March which noted programs by Thailand's
largest medical service BGH and other Thai hospital groups to step-up the
pace of mergers and acquisitions and joint ventures in other AEC countries
to help give them a better platform to better take care of developing AEC
opportunities.
diunduh dari:
The great advantage as a result of economic integration will be obtained
on the condition that each country already has a readiness to implement the
agreements set forth in the AEC’s Blueprint signed by representatives of the 10
member countries.
How about Indonesia? How ready is Indonesia to welcome AEC 2015? Some
observers are still pessimistic about the readiness of Indonesia to face the AEC in
2015 if it wants to as actors, not only as a spectator and object because Indonesia
is a very large market with the territory and natural resources is much more
compared to other AEC countries.
Chairman of the Chamber of Commerce and Industry (Kadin) Indonesia Suryo
Bambang Sulisto is dubious on readiness of Indonesia for the ASEAN Economic
at the end of 2015. Until now, the government and the business community have
not been seen attempting to integrate programs for preparation towards the AEC.
To deal with the AEC, the Chamber of Commerce hopes the integrative
involvement in policy-making by the Indonesian government as preparedby
government of other Asean countries, including Singapore, Malaysia, and
Thailand. "In this regard, Indonesia still have to fix many things because the
private sector is still far beyond the circle of decision-making by the state," as
they are released by Investor Daily. Indonesia needs to seriously prepare for the
AEC end of 2015. Moreover, based on data from the World Economic Forum
(WEF), the competitiveness of Indonesia ranks 55 world in 2008 and later became
a world ranking of 50 in 2012. Indonesia is still far behind from Singapore ranked
third in the world, Malaysia 25th, and Thailand sequence 38th. If the review of the
implementation of goals, he added, the AEC is the realization of a desire that is
listed in the 2020 Vision to integrate ASEAN economies by establishing a single
market and collected production based.
Meanwhile, economists from the University of GadjahMada, Sri
Adiningsih when engaging in dialogue with RRI World Service on Saturday
(09.08.14) in Jakarta explained that Indonesia is basically not ready to face the
ASEAN Economic Community by 2015. INSERT: ".. .Indonesia in general is
simply not ready for the ASEAN Economic Community. Why? At least we look
at our track record in the opening of the economy in ASEAN which is already
opened today, and how is our performance in ASEN market, once a surplus
now increasing deficit and, greaterdeficit. "According to Sri Adiningsih,
stakeholders in Indonesia from all walks of life have not prepared themselves
seriously facing the AEC in 2015, particularly among academic people in various
leading universities in Indonesia, except for the University of GadjahMada. Sri
Adiningsih compared with the Chinese state very prepared when he became a
member of the World Trade Organization, even the government of this bamboo
curtain country was willing to change the regulations. The Indonesian government
should be supported by business, formal and informal educational institutions, as
diunduh dari:
well as the whole society to prepare for the ASEAN Economic Community in
2015.
The impact of economic integration on economic actors, especially among
micro and small businesses. If in general Indonesia is not yet ready in economic
integration (free market) ASEAN level, so is South Kalimantan.
This research is still in initial phase on micro and small businesses in South
Kalimantan, whether they know their AEC? How many have known about it?
What was their reaction?
South Kalimantan government has made some effort to help drive economic
players in all sectors. Government agencies such as Bank Indonesia, Chamber of
Commerce, DISPERIDAG, DINKOP have program to assist micro, small and
medium enterprises for a long time and the more intense the closer the realization
of the ASEAN free trade although the result is still far from expectation.
THEORY AND CONCEPTUAL FRAMEWORK
STRATEGIC MANAGEMENT OF SMALL BUSINESS
Despite being developed primarily for the large corporation strategic
management theory appears to be applicable to small firms experiencing growth
and change. Many case studies suggest that emergent strategies are likely to
dominate over planned as an entrepreneurial owner-managers seeking to secure
follow opportunities that niche positions where they can best take advantage of
Reviews their core competencies.
However, the owner managers of small firms will need to Consider Reviews their
capacity to follow a particular market or product diversification opportunities as
too much may find they outstrip Reviews their resources. Due to Reviews their
lack of scale and scope, small firms can adapt quickly intervening Reviews their
organizational structure to pursue new strategic opportunities, but Reviews their
limited resources are Likely to impose limits on how far they can stretch and
leverage.
The strategic intent of the owner-manager is a key factor in determining
the strategic direction of the small firm with enhanced performance apparently
associated with higher levels of strategic orientation by the owner-manager. Due
to the relative immaturity of most small firms Reviews their 'natural' state is one
of learning by doing and inventing Reviews their futures on almost a daily basis.
Such firms, led by the visionary owner-managers with a clear strategic intent and
the desire for enhanced growth, can succeed if they adopt a strong focus on
learning, innovation and market responsiveness (Tim Mazzarol; 2003).
Willingness of Indonesia with other ASEAN members to establish the ASEAN
Economic Community in 2015 as a form of economic integration of the region in
general would resemble the system that has been implemented by the European
Union (EU), of course it is based on the belief in the benefits that are conceptually
diunduh dari:
would increase the country's growth - ASEAN member countries. Economic
integration in the AEC in 2015 through the opening and the formation of larger
markets, drive increased efficiency and competitiveness, as well as the opening of
employment opportunities in the ASEAN region is expected to improve the
welfare of all countries in the region.
In Indonesia AEC stages of achievement has been running achieve the
development of free trade rules and started moving toward the development of the
customs system and the release of the constraints in the factors of production in
order to face the implementation of the Custom Union and the Common Market
stage is next.
Concept of Post Agreement
AEC (ASEAN Economic Community) as one of the pillars of the ASEAN
Community is the result of post-agreement negotiation ASEAN member
countries. Where the purpose of the post-agreement negotiation is continuing
dialogue to promote the progress and development of the implementation of the
agreement that has been agreed upon, then the negotiation process is also a
mechanism to resolve the problems and differences of interest in will be adhered
to by all parties get involved.the implementation of the agreement in order to
create solutions and reach an agreement that
In the post-agreement negotiation phase, the activity taking place
including the following (in Johnson Crister&JonnasTalberg, 2008):
a) Participate actively in the ongoing forum in which the negotiator of the
agreement that has been formed can continue to dialogue and negotiation stage
more detailed and wider.
b) Monitor and evaluate the application of each country based on existing
provisions.
c) Finding solutions to problems in the implementation of the agreement as well
as develop and improve existing agreements.
d) In cooperation with a coalition of existing and developing new coalition to
implement the agreement reached.
In addition, at the domestic level also occurred several phases associated
with the process.
Post Agreement Negotiation, among others as follow:
a) Acceptance / Ratification Negotiation
Negotiations at the domestic level which concentrates on formal acceptance
approval at the national level. Negotiations at this level involves diverse
stakeholders include relevant government ministers, political parties,
businesses, NGOs and the media.
b) Rule-Making Negotiations
diunduh dari:
Concentrate on the development or changes related to the laws, rules, criteria,
applicable standards and targets to be achieved in the treaty country.
Participant’s negotiations at this stage typically include legislators, government
bureaucrats and party authorities in changing the rules.
c) Enforcement, Monitoring and Reporting Negotiations
At this stage of the negotiation process concentrates on methods and
approaches for the implementation of laws and new regulations. At this stage
usually produced new laws or regulations.
Before the formation of the agreement AEC (ASEAN Economic
Community) itself, we can see from the trail early economic integration
agreements in ASEAN. Starting from the deal PTA (Preferential Trading
Arrangement) in 1977 with its main instrument MOP (Margins of Preferences)
which at the time was less than satisfactory results for the development of intraASEAN trade. Furthermore, ASEAN member countries agreed to establish the
ASEAN Free Trade Area (AFTA) in 1992 with the aim of improving the existing
system, ie PTA. then at the ASEAN Summit in Phnom Penh November 2002
ASEAN leaders agreed on the initiative of Prime Minister Goh Chok Tong to
mention part of the realization of AFTA is a process of economic integration of
ASEAN as the establishment of the ASEAN Economic Community (AEC).
CHARACTERISTICS AND ELEMENTS OF AEC
The AEC is the realization of the end goal of economic integration, as
espoused in the Vision 2020, which is based on a convergence of interests of
ASEAN Member Countries to deepen and broaden economic integration through
existing and new initiatives with clear timelines. In establishing the AEC, ASEAN
shall act in accordance to the principles of an open, outward-looking, inclusive,
and market-driven economy consistent with multilateral rules as well as adherence
to rules-based systems for effective compliance and implementation of economic
commitments.
The AEC will establish ASEAN as a single market and production base making
ASEAN more dynamic and competitive with new mechanisms and measures to
Strengthen the implementation of its existing economic initiatives; accelerating
regional integration in the priority sectors; facilitating movement of business
persons, skilled labor and talents; and strengthening the institutional mechanisms
of ASEAN. As a first step towards realizing the ASEAN Economic Community,
ASEAN has been implementing the Recommendations of the High Level Task
Force (HLTF) on ASEAN Economic Integration contained in the Bali Concord II.
At the same time, the AEC will address the development divide and
Accelerate integration of Cambodia, Lao PDR, Myanmar and Viet Nam (CLMV)
through the Initiative for ASEAN Integration and other regional initiatives. Other
areas of cooperation are Also to be incorporated Reviews such as human
diunduh dari:
resources development and capacity building; recognition of professional
qualifications; closer consultation on macroeconomic and financial policies; trade
financing measures; enhanced infrastructure and communications connectivity;
development of electronic transactions through e-ASEAN; integrating industries
across the region to promote regional sourcing; and enhancing private sector
involvement for the building of the AEC.
Based on the above and taking into consideration the importance of
external trade to ASEAN and the need for the ASEAN Community as a whole to
REMAIN outward looking, the AEC envisages the following key characteristics:
(A) a single market and production base,
(B) a highly competitive economic region,
(C) a region of equitable economic development, and
(D) a region fully integrated into the global economy.
Reviews these characteristics are inter-related and mutually reinforcing.
Incorporating the required elements of call now characteristic in one Blueprint
shall ensure the consistency and coherence of Reviews These elements as well as
their implementation and proper coordination Among the relevant stakeholders.
METHODS
This study is a qualitative research, trying to assess the readiness of SMEs
in South Kalimantan to face the upcoming 2015 AEC. The study population was
all MSEs in South Kalimantan, with a sample of 100 SMEs.
SME characteristics selected as the sample that is already in business for
more than 2 years, 10% of respondents are Patronage CSR, Hipmikindo members
(group of small micro entrepreneurs of Indonesia) Banjarmasin city, and who
often receive training / socialization, assistance from the related institution. 90%
of respondents outside the intended character. The sample is determined only in
two (2) cities of.
Banjarmasin and Banjarbaru which in both cities can be indicators to
represent the characteristics of micro and small entrepreneurs of other districts in
South Kalimantan. 50% of respondents came from the city of Banjarmasin and
another 50% from fromBanjarbaru. Respondents were determined by purposive
random sampling. Data collection techniques by distributing questionnaires and
in-depth interviews with competent resources. The collected data were analyzed
descriptively, this method is intended to explain in depth and objective of the
research object. Exposure results of the questionnaire associated with in-depth
interviews and observations based on the state of research.
diunduh dari:
The Government through the Bank Indonesia, the Chamber of Commerce,
Industry and Trade, and Dinkop has long to assist, encourage and empower SMEs
in Indonesia. There are many outreach programs, coaching, mentoring, training
and development provided to SMEs as well as Government is also promoting the
requirements to private companies or state-owned companies through its CSR
program to assist the government in empowering SMEs, but the result is not
optimal or still far from expectations.
AEC like 2 blades for Indonesia, could be an opportunity to bring the
benefits and blessings (land of opportunities) can also be a disaster (loss of
opportunities). At a time when Indonesia became widely exporting producers or
entrepreneurs, the benefits can be felt from the AEC, but if it becomes an easy
target importers or product users, then the loss of perceived opportunities. The
answer is in Indonesia's readiness to face the AEC. How prepared Indonesia faces
the AEC? Entrepreneurship a keyword and show independence of the nation. That
is able to respond to all kinds of shocks and improve competitiveness. If the
entrepreneur is not growing, then the big market will be filled entrepreneurs from
outside. A study conducted by United Nations Conference on Trade and
Development or UCTAD in 2009, summed up the role of entrepreneurship as one
of the best solutions to overcome terrorism, radicalism, political instability and
other diverse social development challenges. Entrepreneurship containing
productive economic activities and interactions that facilitate equal and mutual
benefit transaction, to support the flourishing of tolerance, stimulate learning and
educational activities as well as expanding the communication network between
civilizations.
Entrepreneurs in South Kalimantan mostly a small scale with the
marketing of the local level only. Most products are marketed by SMEs outside
the island and limited export are handicraft products.
The respondents were 100 respondents, only 10% is taken from SME of
CSR partner institutions or which already have a community (group). This is done
that not all SMEs can be fostered and free training from the relevant
authorities,and the number of SMEs that have not had any support are more than
those already fostered by Disperidag, Dinkop, Chamber of Commerce, etc. SME
chosen in the city of Banjarmasin and Banjarmabaru due to the city's two largest
in South Kalimantan, became a trading center and port, so that the two cities can
be used as a barometer of SME for other cities in South Kalimantan.
95% of respondents are business owners with long effort 2-15 years, 80% had
high school education, 10% of elementary and junior high school and diploma
rest. 35% of respondents trade efforts, 40% of the processing industry (snacks,
crafts), 25% are business services (laundry, workshop). The legality of business,
95% already had SKTU (certificate of business place), 5% of respondents did not
diunduh dari:
have any business legality. Only 27% of SMEs that have SKTU, TDU. As for the
Business License we find no respondents have it.
Local marketing area 68%, between districts in the province of 32% and 18% of
SME market its products between districts and between provinces. Sales turnover
of around Rp 4.000.000, - up to Rp. 35,000,000 per month.
Only 60% of respondents who answered the increase and decrease in sales, 42%
of respondents experienced an increase in average sales said the increase in sales
due to expanding the range / market area. While 18% of respondents who
experienced a decline in sales due to increased tight competition.
The results of respondents' answers to the question regarding the proposed
business strategy, as follows:
Business Management 72% said that it had no business management, they
are small business so no management is needed. 28% replied that they already
have the management, although still modest, such as business and personal
finances are already separated. Preparation of Financial Statements, 100% does
not make financial statements.Having NPWP (Registered Tax Payer), 43% have a
NPWP, but personal not for business. Pay Taxes, 100% business tax has not been
paid, the reason is because they are small business so no tax should be paid.The
answers reflect that small enterprises are neither aware the importance of
recording transaction to evaluate profit or loss, nor conscious to necessity of
paying tax.
Knowledge of the AEC, 20% know about AEC, 10% got the information
from promotion of partners and related institutions, the rest of fellow
entrepreneurs, orfrom the media. This reveals that small enterprise has limited
knowledge to the threat of outsiders who will compete with the local business.
Are there measures to MEA / free market, all of them (100%) said they
always tried to keep business forward, but we often mistaken in perceiving the
state of the consumer, so that our efforts are not accompanied by an increase in
sales.
What improvements have they made, Small enterprises are trying to
expand the market, add items of goods /services, improve the look of the store.
Having “Halal”or an ISO certificate or what future plans, 2% who had a Halal
certificate and is still under supervision. 6% are in the process of halal certificate
request, the remaining 92% still do not realize the importance of halal certificate.
10% as the partners of AngkasaPura, Prog, Hipmikindo South Kalimantan
Province but 90% they run by they own or having no partners. The training that
they participated  10% had attended training in business management, superior
product promotion, and other government programs.
Respondents who are Updating the development of business in South
Kalimantan, Indonesia  40% felt almost always follow and read the economic
and business news, 45% often follow the development of products, competitors
and trends of society. 15% said only occasionally. Always follow the progress of
diunduh dari:
technology 90% answered not use modern technology to help sales, 10%
answered already sells its products in addition to at the store also sells online
(web-based).
Monitor competitor  95% said they always keep an eye on competitors,
if possible they try to imitate a successful competitor strategies. New idea is to
modify the way the competitors according to ability and weaknesses of
competitors. Monitor the consumer, satisfaction  43% responded that they
almost always ask customers about their satisfaction, 38% rarely asked, and the
rest never.
Analysis of the strength of the business itself  27% do not know the
strength of the business which, 52% are not sure have a business advantage. The
remaining 21% said they knew the strength of the business, but most say they lack
the capital, limited production techniques are still manual, and for craftsmen they
say weak in production engineering and design.
The low quality of human resources of small enterprises is the major
obstacles for progress since innovation and creativity are important to attract more
customers. The improvement which has been done has yet show expected result,
the training conducted by government has not given much progress to small
enterprises, so only few can produce standardized products such as based halal
certificate, ISO and others.
Only few small enterprises know their business strength and most of them
prefer to imitate and modify their competitors. Product capacity and the use of
technology are still very inadequate, so when there is a big scale order they
usually can’t provide them.
The impact of the free market,  the existence of a modern market as
Alfamart, Hypermartetc is enough to make small traders inconvenience, especially
the influx of outside goods without tariffs our products less competitive in terms
of price, quality of products, packaging, product standardization Other (halal
certificate or ISO).
Objections to AEC / free market  only 16% who fills the answers, they
are all worried about only to be the object and make it harder as they still have
many weaknesses.
Related with AEC free investment our SME is still weak in capital,
other countries to invest in Indonesia  where the will be labor from?Free labor
 our labor are less educated workforce. Free flow of goods and services  how
about our goods?Market economy  we have low standards  government
cannot give protection. SME has Low competitiveness, What is next?
Hope for the government to provide protection  government protect and
help the local products to be exported, because according to them many products
SME is not inferior to foreign products, there is a case in Banjarmasin chili paste
with a variety of flavors typical of the region and is derived from the original fruit.
diunduh dari:
The handicrafts of SME is disorganized / collected, so it is difficult for them to
export in small-scale production.
SME empowerment has been conducted by government by utilizing all the
relevant agencies, if possible integrated form SME empowerment, so that the
activities carried out are not overlapping, and can be more intensive coaching to
SMEs that have great potential to be developed.
CONCLUSION
1. Management: most SMEs in South Kalimantan have no management, legal or
business permit and no awareness of paying tax
2. Strategy is limited by short-term: SMEs only focus on survival only few think
of long term strategy.
3. Lack of monitoringthe external environment: they only watch on competitor
strategy and technology advancement, still limited action on learning customer
satisfaction, business growth, life style, law, politics etc.
4. The production capacity is limited: this is due to lack of capital and access to
outside markets.
5. Limited market: Most SMEs serve on local market
6. Limited Innovation: the ability to innovate also still inadequate due to their lack
of technical knowledge and no information of market trend.
7. Not ready to face market economy In general SMEs in South Kalimantan are
not ready to face market economy which will be applied in AEC levels such as
free flow of goods, free flow of services, free flow of investment, free flow of
capital, and the free flow of skilled labor
8. The problems of SMEs in South Kalimantan is still classic such as capital,
human resource, technology adoption, management, innovation and creativity.
RECOMMENDATION
SMEs should be aware of the threats of free market competition. Trying to
improve management capabilities, improve product quality, building partnerships
and other strategic measures to increase competitiveness in welcoming the
ASEAN free trade.
The government, which is already very much efforts in empowering SMEs,
although at SME levels not so Visible results, SME development efforts should be
integrated.
diunduh dari:
RESEARCH WEAKNESSES
This study has weaknesses in methods such as the number of samples that
only 100 small businesses in the city of Banjarmasin and Banjarbaru, Sampling,
sample characteristics and the time of the study (cross-sectional data). Variable
study is less profound, just describe the readiness of micro and small
entrepreneurs of management strategies undertaken facing the AEC. While the
factors causing their unpreparedness is not deeply explored.
DISCUSSION
Many efforts have been done to help the government readiness of
entrepreneurs in South Kalimantan, but up to now have not shown the expected
results.
Small businesses in South Kalimantan in general are still not ready to face the free
market of Asean Economic Community / AEC. The logical consequence would be
faced by entrepreneurs of South Kalimantan, if indeed this free trade purely
enforced. So who is responsible for the bad consequences that would befall the
southern Kalimantan entrepreneurs? Whatis the role of government in this regard?
What are our responsibilities? And what are the next steps?
LIST OF REFERENCES
Economic Bulletin Vol. 8, No. 2, August 2010 it 70-170 70 attempts for
Alternative Way ", Papers, Economic Justice Forum, Institute for Global
Justice. Accessed from http://www.kadin-indonesia.or.id
Centre for Entrepreneurial Management and Innovation | www.cemi.com.au The
Strategic Management of Small Firms: Does the Theory Fit the Practice?
Copyright Tim Mazzarol 2003.
National Research Council. 2010. Partnership in the Development of the National
Innovation System. Report of the Head of BSN in Rakornas 2013.
Towards the ASEAN Economic Community in 2015. the Ministry of Commerce
of the Republic of Indonesia. http: //ditjenkpi.kemendag.go.id/ website_kpi
/ General / Setditjen / Book Towards ASEAN ECONOMIC
COMMUNITY 2015.pdf
http: //ejournal.hi.fisip-unmul.ac.id/ site / wp content / uploads / 2013/08 / (PDF)
JOURNAL pious (08-01-13-02-34-14) .pdf
diunduh dari:
http://tsabitabee.blogspot.com/2013/06/kesiapan-indonesia-dalam-pusaran.html
http://id.wikipedia.org/wiki/Perhimpunan_Bangsa-Bangsa_Asia_Tenggara
http://ekbis.sindonews.com/read/2013/07/29/34/766727/wamendag-83-indonesiasiap- face-AEC-2015
http://www.asean.org/communities/asean-economic-community
http://www.asean.org/archive/5187-10.pdf
http://www.business-in-asia.com/asia/asean_economic_community.html
http://www.kemenperin.go.id/artikel/6317/Kadin-Ragukan-Kesiapan-RI-SambutAEC-2015,
APPENDIX
IDENTITY OF RESPONDENTS
Number
The Name
Gender
Age
Status
Last Education
: ........................... (filledby researcher)
: ................................. ..
: Male / Female *)
: ....................................
: Married / Unmarried / widow / widower *)
: elementary / junior high / high school / Diploma / S1 / S2 /
S3 / Other *) ..................
Position in Business : Owner / Manager / Others *) ........................ ..
BUSINESS IDENTITY
Business Name
: ..............................................
The Address
: ..............................................
Type of Business
: ..............................................
Period of Business : ..............................................
Legality owned Enterprises: SKTU / TDU / P / HO / License / Others
.....................(may be more than one)
Total Labor
: ..............................................
Marketing areas
: local / cross-town one provincial / inter-provincial
/...............
Average Sales Turnover: USD .................................... / day / month
diunduh dari:
Does your business have increased sales last year? Yes No *)
If "Yes" how much increase is your sales?
1% - 3% 4% - 6% 7% - 9% 10% more than 10% **) ..............%
Causes of sales increase......................................................................
If "No" how did your sales decline?
1% - 3% 4% - 6% 7% - 9% 10% more than 10% **) ...............%
Because a decrease in turnover.........................................................................
Specification:
*) Cross the unnecessary ones
**) Circle the appropriate answer
QUESTIONNAIRE
INSTRUCTIONS FOR FILLING
1. Tick √, circle or X to answer accordingly.
2. Please answer without any influence, confidentiality guaranteed by the
researchers answer.
3. Write your answer in the blank (space available)
Answer the questions below HONESTLY!
1. Do you have a business management?
a. Yes
b. No
c. Yes, but not one
2. Do you make financial statements or calculate profit / loss?
a. Yes
b. No
c. not necessary
3. Do you have a tax ID?
a. Yes
b. No
c. not necessary
4. Do you pay taxes?
a. Yes
b. No
c. not necessary
5. Do you know about the AEC (ASEAN Economic Community)?
a. Yes
b. No
c. ever heard about it.
6. How do you know AEC?
a. The print media
b. electronic media
d. promoting agency e. during training
c. friends
diunduh dari:
7. Are you doing something to deal with AEC?
a. Not
b. Yes
c. not much
8. If "Yes", Do you have any action in mind?
a. Yes
b. No
c. still working on it.
9. What do you do in relation to the AEC?
a. improve product b. expand market
c. promotion
10. Do you have a Halal or ISO certificate or any other quality standards?
a. Yes
b. no
c. still working on it
11. If not, do you have a plan to obtain a certificate for your product?
A. Yes
b. No.
c. do not know how
12. Are you as a Partner of any agency?
a. Yes, Name the agency..........................
b. do not
13. Training that have already attended by Government Agencies:
a.Kadin
b.Bank Indonesia
c.Disperindag
d. Dinkop
e. never
f. Others ..............................
14. Have you ever attended / invited to AEC Introduction?
a. Yes
b. Yes, but absent
c. never
15. Do you always follow the development of the existing businesses in South
Kalimantan and Indonesia?
a. Almost always
b. Often
c. Sometimes
d.
Rarely
16. Are you always trying to follow the technological advances that relate to your
business?
a. Almost always
b. Often
c. Sometimes
d.
Rarely
17. Do you use technological advances to help your sales? For example, in
addition to existing stores, do you sell on line as well?
a. Yes
b. No
c. store only
d.
online only
18. Do you monitor your competitors' strategies?
diunduh dari:
a. Almost always
Rarely
b. Often
c. Sometimes
d.
19. In competition do you tend to imitate your competitors?
a. Almost always
b. Often
c. Sometimes
Rarely
d.
20. Do you always come up with new ideas to deal with competitors?
a. Almost always
b. Often
c. Sometimes
Rarely
d.
21. Doyou always try to find out what your customers want?
a. Almost always
b. Often
c. Sometimes
Rarely
d.
22. Do you always try to satisfyyour consumers / customers?
a. Almost always
b. Often
c. Sometimes
d.
Rarely
23. Do you know your business strength?
a. Yes
b. Not sure
c. no idea
24. Do you always strive to maintain and improve the quality of your business?
a. Almost always
b. Often
c. Sometimes
d.
Rarely
25. What are the strengths of your business?
a. Product
b. Price
c. Service
Location
e. Others .................
d.
26. what is your weakness?
Write ............................................................... ..
27. Last year's sales target is reached as:
Under 50%
50-60%
above 100%
60-79%
80-100%
28. Do you understand the meaning of December 31, 2015 for business actors in
Indonesia......................?
diunduh dari:
29. What are your expectations or advice to government to face theAEC in
2015.............?
30. Do you mind if outsiders / Other countries doing business here in South
Kalimantan....................................................
31. What do you think about the impact of worldfree market...........................
diunduh dari:
Eco-preneurism:
The Role of Awareness, Emotions and
Pro – Environmental Behavior towards
Indonesia Entrepreneurs Willingness
to Purchase Green Material
with Gender as Control Variable
By:
Oliandes Sondakh
Universitas Pelita Harapan Surabaya
[email protected]; [email protected]
1. Introduction
Over the last decade environmentalism has emerged to be a vital aspect
due to increasing issues related to acid rains, depletion of the ozone layer, and
degradation of the land and many more pressing environmental issues. This
resulted in increase in people concern with regards to restoration of ecological
balance by presenting demands for eco – friendly products in countries around the
world (Doyle 1992; Vandermerwe & Oliff 1990). People have started to realize
that their purchasing behavior actually can cause a huge impact to the
environment. The concept of sustainability is almost ubiquitous by showing
application in corporate strategy, consumer choice, student education and
academic research. The need for sustainable business practices by corporations
around the world is identified to be a result of overall increase in the people
awareness of lack of environmental protection and social inequities. Therefore,
being socially responsible by offering environmentally friendly products and
services should be a practice of any companies who wish to sustain a competitive
advantage in the business world.
Thus increasing evidence of substantive environmental degradation and
recent market developments in eco – innovation suggest an increasing importance
for environmental entrepreneurship (Dean & McMullen 2007). A growing body of
research has begun to explore this intersection between the entrepreneurship and
ecological modernization / sustainable development agendas and the creation of
“sustainable entrepreneurship” (Tilley 2007). Sustainable entrepreneurship draws
diunduh dari:
on the long-standing concept of creative destruction in entrepreneurship research
so that it becomes the driving force for the establishment of a holistic and
sustainable economic – environmental – social system.
Previously, many researchers (Akram, 2008; Rahbar, 2008; Farah, 2008,
Fong, 2006) have tried to studies about environmental behavior. Furthermore,
Follows and Jobber (2000) claim that numerous researches in developed countries
have found that their people are increasingly paying attention to green purchases
and are continuingly conscious of the effect of their consumptions on the
environment. This result was also supported by Curlo (1999), who found that
people from the developed countries including USA and Western Europe were
found to be more conscious about the environment. Research by Vandermerwe
and Oliff (1990) also indicated that 92% of MNCs from Europe changed their
products to address growing concerns of environmental pollution. However, there
is limited research which has examined the green behavior from emerging
countries (Bhattacharya, 2011; Prakash, 2002) like Indonesia. Specially, since
Indonesian people are not particularly concerned with environment – friendly
propositions or health and wellness-related benefits. Companies’ strategies that
focus on product features – essentially no frills benefits – over less tangible
product qualities such as environmental friendliness and sustainability are just
resonate (Mc McKinsey & Company, 2013). Therefore, it is important to found
factors that will influence Indonesia entrepreneurs green behavior.
Hence, this study aims to examine factors influencing Indonesia
entrepreneurs to go green. This research will focus on entrepreneurs’ willingness
to purchase green material. Green material refers to material that is typically
nontoxic, originally grown, recycle/reusable, not tested on animals, not polluting
the environment and minimally packaged; and contains natural ingredients,
recycled content and approved chemicals (Mishra & Sharma, 2010). In simple
way, green material can be defined as material that are nontoxic,
recycled/reusable, and that contains approved chemicals.
2. Literature Review
2.1 Previous Studies
Many research in the last decade (Lee, 2009; Rahbar & Wahid, 2011; D
Souza 2004) has indicated that people who are aware, are willing to pay more to
"go green". Many idealists also have advocated adoption of new environmental
paradigms comprising a core set of values that respect the earth’s natural limits
(Dunlap, 1994). However, the relationship between emotions and pro –
environmental behavior has been under – researched (Hartmann et al., 2005),
partly due to the complexity of measuring emotions (Izard, 2010; Strongman,
1978), and the dominance of the cognitive research agenda. Consequently there
diunduh dari:
remain gaps in the understanding of emotions and their effects on pro –
environmental behavior. Hence many authors have called for further research into
the effects of emotions on pro – environmental buying behaviour (Hartmann &
Apaolaza-Ibáñez, 2012; Smith et al., 1994). Furthermore, explanations of the
linkages between attitude to environmentally friendly products and actual
purchase behavior remain incomplete; with the observation that many people hold
a favorable attitude towards environmentally responsible products remain
reluctant to change their behavior (Alwitt & Pitts, 1996).
In the other hand, some researchers found interesting result, when they
include “gender” as one of the variable. Zelezny et al. (2000) have evidenced in
their study that compared to males, females had higher levels of perceived
personal responsibility towards environmental protection. Supported also by
Gough (1994), who found that females also have the tendency to have a better
ability to take control and take the responsibility for alleviating problems in the
world and also they are the ones who have a stronger sense of ethics. A study on
perception of environmental risks by Bord and O’Connor (1997) also revealed
that female were more perceptible to the risks involved in global warming and
other related hazardous wastes when compared to the males.
Hence, this study aims to examine the influence of Awareness, Emotions
and Pro – Environmental Behavior on Entrepreneur Green Purchase Willingness
with Gender as control variable. This research is endowed with additional
information in narrowing the research gap with regards to understanding
Indonesia entrepreneurs' green purchase willingness. Findings could provide
fruitful insights for environmental sustainability that enable related parties to prop
up greener behavior among entrepreneurs.
2.2 Eco-preneurs
Eco-preneur can be defined as an entrepreneur who is trying to combine
environmental awareness with business success and conventional entrepreneurial
activity (Anderson, 1998). Eco-preneurs are social activists, who aspire to
restructure the corporate culture and social relations of their business sectors
through proactive, ecologically oriented business strategies (Isaak, 1998). Ecopreneurship has developed as a new field of research, mainly within management
and business studies, and places emphasis on the key role of individuals and
organizations in engendering a shift towards more sustainable practice.
2.3 Green Products
A green product refers to a product that is typically nontoxic, originally
grown, recycle/reusable, not tested on animals, not polluting the environment and
diunduh dari:
minimally packaged; and contains natural ingredients, recycled content and
approved chemicals (Mishra & Sharma, 2010). In simple way, green products can
be defined as a product that are nontoxic, recycled/reusable, and that contains
approved chemicals.
2.4 Environmental Consumerism
Even though, the concept of “consumerism” usually refer to customers,
but since in this studies, the object is entrepreneurs, then the term of
“consumerism” that were using will be referring to entrepreneurs purchasing
behavior not consumers.
The research on environmental consumerism is a well researched topic
with the first research dating back to the 1970s (Henion & Kinnear, 1976). There
is a great deal of depletion of non renewable energy resources which accompanied
by generation of non bio degradable pollutants has lead to an increase in consumer
and corporate awareness of green behavior issues. The growth of green behavior
research dates back to 1980s when there was emergence of concept of green
marketing. Early literature indicates green marketing to be an approach which
indicated signs of shift in consumer attention to green product. At that time green
behavior research concentrated on the shift in consumer consumption of green
products. There was a great deal of empirical research carried out to identify
interest among consumers in using and purchasing green products (Mintel 1991).
Green behavior approach was researched from a corporate interest point of view
in the early 90s.
Consumerism can perhaps be identified as a movement which initially
begun as a process which was presented to protect consumers against practices of
unethical marketing. Over time this has extended and become broader in nature.
When today's agenda with regards to consumer activism is taken into
consideration it can be observed that protection of the environment is the most
vital aspect (Dono et al., 2010), leading to "environmental consumerism"
(Eriksson, 2002). Environmental consumerism itself can be defined as an action
which focuses on purchasing products that have a positive impact on the
environment (Roberts & Bacon 1997), i.e. purchasing of green products over non
green ones. The green consumer is generally defined as one who adopts
environmentally friendly behaviors and/or who purchases green products over the
standard alternatives. Green consumers are more internally – controlled as they
believe that an individual consumer can be effective in environmental protection.
Thus, they feel that the job of environmental protection should not be left to the
government, business, environmentalists and scientists only; they as consumers
can also play a part. They are also less dogmatic and more open – minded or
tolerant towards new products and ideas (Boztepe, 2012).
diunduh dari:
2.5 Willingness to Purchase
In this study, willingness to purchase consists of the patron’s likelihood to
purchase, buy products and recommend the store to others. These measures are
similar to those used throughout the other literature (Baker et al., 1992). It is the
reliance on self reported answers to measure the entrepreneurs’ willingness to
purchase green materials or their willingness to pay higher prices for green
materials, resulting in a socially desirable response bias. Entrepreneurs professing
their willingness to buy green materials might respond differently in case of other
products (Lampe & Gazda, 1995). Willingness to purchase can be defined as the
maximum price an entrepreneur accepts to purchase for a given quantity of
materials. Willingness to purchase is assimilated to the reservation price or the
“floor reservation price” when the latter is conceptualized in terms of margin. The
“floor reservation price” therefore corresponds to the maximum price at which,
and under which, the entrepreneurs are 100% certain to purchase the product.
2.6 Awareness
An entrepreneur with environmental awareness can be defined as “an
ecologist who had grasped his/her self – efficacy against environmental pollution
and how has a sense of responsibility with respect to future generations and the
whole humanity in his/her use of resources. Conscious entrepreneurs with
environmental awareness can assess the presence of environmental resources,
their cost of use as well as the impact of this use to the environment and to
themselves. Environmental awareness can be defined as knowing the impact of
human behavior on the environment. Environmental awareness has both a
cognitive, knowledge – based component and an affective, perception based
component (Kollmuss & Agyeman, 2002). Panni (2006) found, that the more the
entrepreneurs are aware regarding the societal and environmental issues the more
they are involved in pro – social and pro – environmental behavior.
Entrepreneurs’ environmental awareness is related to the interest towards
the biophysical environment and its problems related to the entrepreneur and the
surroundings. It has also been stated that entrepreneurs s express environmental
awareness based on product characteristics, accuracy of green product claims,
information provided on the products and its benefits (Forkink 2010; Luchs et al.
2010). Barr and Gilg (2006) found that committed entrepreneurs or mainstream
environmentalists skewed and put forward a higher importance on environmental
issues where they develop a high level of awareness and express a personal
responsibility and moral obligation to play their role to help the environment.
2.7 Emotions
diunduh dari:
Emotions are complex and difficult to classify and define. They are
essentially physiological responses, involving specific action tendencies that
influence individuals’ thoughts and reasons, and, in turn, are influenced by them.
An understanding of emotions can help to explain why some entrepreneurs behave
environmentally responsibly, while others do not, even when aware of the
problems; and why pro – environmental behavior is not always consistently
applied to all choice situations. Building on studies of emotion as appraisal, there
is substantial evidence indicating that emotions influence cognition (Forgas, 1995;
Nerb & Spada, 2001) and that emotion can act as a mediator between cognitive
appraisal and behavior (Nyer, 1997).
The emotional factors are associated with the product attributes that are
not rational that lead to increased prestige or self – esteem of the entrepreneur.
Thus the emotional benefit is defined as a benefit of a brand or a product – related
attributes supporting functional attributes, including packaging, scent, color, or
other attributes additions that can increase the feeling of prestige to the
entrepreneur. In the context of green products, consideration of the emotional
benefits of a product has the potential to influence the purchasing decisions for
prospective entrepreneurs (Hartmann et al. 2005; Cheah & Pau, 2011). This
consideration may occur due to the possibility of a green product, for prospective
entrepreneurs, perceived as a health product, which has a price that is relatively
more expensive than non – green products. Thus, the prestige value attached to the
product or a value that gives an emotional feeling can provide a sense of
satisfaction for the producing public.
2.8 Pro – environmental Behavior
It is notable that pro – environmental behaviors differ from general
purchase – related entrepreneur behaviors. General purchase behavior is driven by
an assessment of its benefits and costs that are of immediate relevance solely to
the individual entrepreneur performing the behavior. By contrast, environmentally
conscious behavior is unlikely to deliver instant personal gain or gratification, but
rather a future – oriented outcome (e.g. cleaner environment) that often benefits
society as a whole (Mc Carty & Shrum, 2001; Kim & Choi, 2005). However,
during the very recent periods, it can be observed that the current environmental
dreadful conditions are ever more menacing entrepreneur health and wellbeing
globally. Therefore, entrepreneurs are becoming more sensitive in their
environmental attitudes, preferences and purchases (Sarigollu, 2009).
Over the past few decades, environmental problems and issues have been
extensively recognized and discussed. A large number of respondents all over the
world state that they are concerned or very concerned with environmental
problems (Dunlap & Mertig, 1995; Diekmann & Franzen, 1999). Entrepreneurs
are ever more aware of the seriousness of the environmental degradation, resulting
diunduh dari:
more ecologically consciousness and desire to purchase eco – friendly products
and services, favoring businesses that prefer environmental practice (Roberts,
1996; Kalafatis et al., 1999; Laroche et al., 2001).
3. Research Methods
This research utilized the quantitative method. The survey yielded 300
responses and after data screening, 204 – represent by 97 males and 106 females –
usable and completed responses were used in the analysis with a valid response
rate of 68 percent. This sample size is reasonable as Roscoe (1975) stated that a
sample size of 30 – 500 is considered satisfactory. Data collection was conducted
for a one – month period utilizing convenient sampling technique. Responses
were randomly drawn from young entrepreneurs in Surabaya. Their participation
was purely voluntary. They were required to complete the survey, designed in the
form of structured close – ended questions, which comprises of four sections.
Section A was related on the demographics of the respondents. Section B gathered
the experience of the respondent on green behavior. Section C asked the
respondent their perception on awareness, emotions, and pro – environmental
behavior. Finally, section D was related to willingness to purchase green
materials. In this study, Section C and D were measured on a six – point Likert
scale (1 = strongly disagree to 6 = strongly agree). Partial Least Square (PLS)
computer program was used to perform data.
3.1 Conceptual Framework
It is proposed that awareness, emotions, pro – environmental behavior are
important in the context of their relationships with Indonesia entrepreneurs’
willingness to purchase green materials.
Awareness
Pro – Environmental
Behavior
Willingness to
Purchase
Emotions
Figure1. Research Framework
diunduh dari:
3.2 Hypothesis
Based on the preceding literature review, the conceptual framework
depicts the measured variables and their relationships in the presents study. In line
with the conceptual links proposed between awareness, emotions, pro –
environmental behavior and Indonesia entrepreneurs’ willingness to purchase
green materials, the following hypotheses are proposed for this study:
H1: There is a significant effect of awareness towards Indonesia
entrepreneurs pro – environmental behavior.
H1a: There is a significant effect of awareness towards Female
Indonesia entrepreneurs pro – environmental behavior.
H1b: There is a significant effect of awareness towards Male
H2: There is a significant effect of emotions towards Indonesia
entrepreneurs pro – environmental behavior.
H2a: There is a significant effect of emotions towards Female
H2b: There is a significant effect of emotions towards Male
H3: There is a significant effect of pro – environmental behavior towards
Indonesian entrepreneurs’ willingness to purchase green materials.
H3a: There is a significant effect of pro – environmental behavior
towards Female Indonesia entrepreneurs’ willingness to purchase
green materials.
H3b: There is a significant effect of pro – environmental behavior
towards Male Indonesia entrepreneurs’ willingness to purchase
green materials.
H4a: Female entrepreneur had higher levels of significant effect of
awareness towards pro – environmental behavior.
H4b: Female entrepreneur had higher levels of significant effect of
emotions towards pro – environmental behavior.
H4c: Female entrepreneur had higher levels of significant effect of pro –
environmental behavior towards willingness to purchase green materials.
4. Findings and Discussion
Analyses of data were performed in two steps. First, all Likert-scale type
statements were computed to obtain validity and reliable measures of the
constructs in the model. Second, path analysis was run to test the system of
structural relationships among the variables, and examine the determinants of
entrepreneur willingness to purchase green materials.
diunduh dari:
Variable
Awareness
Emotions
Pro-ecological
Female
Behavior
Willingness to
Purchase
Awareness
Emotions
Pro-ecological
Male
Behavior
Willingness to
Purchase
Table1. Reliability Test Result
No. of
Items
5
3
Composite
Reliability
0.914
0.848
4
0.731
3
5
3
0.918
0.890
0.860
4
0.787
3
0.894
Reliability analysis is measured by Composite Reliability to check for
internal consistency of the constructs. All constructs had no problems in
reliabilities if the Composite Reliability values exceeded the criterion of 0.700.
Table 1 illustrates that the lowest value of Composite Reliability was 0.731.
Thus, the survey instrument is reliable to measure all constructs consistently and
free from random error.
Variable
Awareness
Emotions
Pro-ecological
Female
Behavior
Willingness to
Purchase
Awareness
Emotions
Male
Pro-ecological
Behavior
Willingness to
No. of
Items
5
3
Average Variance
Extracted (AVE)
0.682
0.652
4
0.414
3
5
3
0.790
0.623
0.673
4
3
0.496
0.739
diunduh dari:
Purchase
Table2. Validity Test Result
Validity analysis is measured by Average Variance Extracted (AVE) to
check the extent to which a test accurately measures what it purports to measure.
All constructs had no problems in validities if the Average Variance Extracted
(AVE) values exceeded the criterion of 0.400. Table 2 illustrates that the lowest
value of Average Variance Extracted (AVE) was 0.414. Thus, the survey
instrument is valid to measure all constructs accuracy.
Variable
Awareness --> Pro-ecological Behavior
Emotions --> Pro-ecological Behavior
Female
Pro-ecological Behavior --> Willingness to
Purchase
Awareness --> Pro-ecological Behavior
Emotions --> Pro-ecological Behavior
Male
Pro-ecological Behavior --> Willingness to
Purchase
Table3. Structural Equation Modeling Sig.
No. of
Response
106
98
tstatistic
2.674
2.136
ttable
1.984
1.984
4.446
3.135
3.207
1.984
1.984
1.984
2.643
1.984
Figure2. Structural Equation Modeling for Female Respondents
diunduh dari:
Figure3. Structural Equation Modeling for Male Respondents
Structural Equation Modeling conducted in order to test exposure level of
awareness, emotions, and pro – environmental behavior towards willingness to
purchase green materials. Based on table 3, figure 2, and figure 3, it can be
conclude that for:
1. Awareness and emotions have significant effect towards pro –
environmental behavior, and pro – environmental behavior have
significant effect towards willingness to purchase green materials for
both Female and Male Indonesia Entrepreneurs (t-statistic > t table). In
this respect, awareness and emotions affect pro – environmental
behavior, and pro – environmental behavior affect willingness to
purchase green materials for both female and male entrepreneurs. H1H3 are accepted.
2. Female entrepreneurs had lower levels of significant effect of
awareness (0.377 > 0.379) towards pro – environmental behavior. In
this respect, awareness affects pro – environmental behavior more for
male than for female entrepreneurs. H4a is rejected.
3. Female entrepreneurs had higher levels of significant effect of
emotions (0.338 > 0.301) towards pro – environmental behavior. In
this respect, emotions affect pro – environmental behavior more for
female than for male entrepreneurs. H4b is accepted.
4. Female entrepreneurs had higher levels of significant effect of pro –
environmental behavior (0.436 > 0.408) towards willingness to
purchase green materials. In this respect, pro – environmental behavior
affects willingness to purchase green materials more for female than
for male entrepreneurs. H4c is accepted.
diunduh dari:
With industrialization and development and progress of technology,
natural sources, environmental devastation and pollution have affected human life
negatively. Humans have been in the search for ensuring their futures and
sustaining their life in appropriate conditions. Entrepreneurs, with the insensitive
to environmental problems such as environment pollution and global warming,
have started to consider whether the materials they purchase are environment –
friendly or not apart from price and quality features of the products. With
environment and environmental problems gaining importance for people,
companies have started to change their production, goods or service generation,
and hence operations strategies accordingly.
They have started to use
environment – friendly products and have tried to reach `Green Product` concept
to the consumers.
The objectives of this study are to determine whether there is a significant
effect of awareness and emotions towards pro – environmental behavior, and a
significant effect of pro – environmental behavior towards Indonesia entrepreneur
willingness to purchase green materials; and hence to give advices to related
parties how to enhance Indonesia entrepreneurs willingness to purchase green
materials. As result of the study, the entire hypotheses tested in this study are
accepted, except for H4a.
The result of the research shows that pro – environmental behavior are a
good predictor for Indonesia entrepreneur willingness to purchase green materials.
The planned behavior theory mentions that willingness is the function of several
basic determinants. Attitude toward behavior consists of two main aspects, which
are the aspect of an individual’s knowledge concerned either with attitude object
or with individual opinion that has certainly not fit yet to reality (awareness) and
an individual’s belief that either performing or not performing certain behavior
will create certain effects or results (emotions). The more positive individual
awareness and emotions caused by an object attitude, the more positive individual
attitude toward the object, and vice versa (Fishbein & Ajzen, 1975). An evaluation
will have an effect on judging attitude given by an individual awareness and
emotions toward every effect or toward the result obtained by an individual. When
either performing or not performing a certain behavior, this evaluation or this
judging can be either beneficial or harmful. Entrepreneurs who has positive
attitude toward green materials on emotions and on awareness will purchase green
materials because it is considered beneficial for them.
5. Conclusion and Implications
Conclusions that can be taken from the findings of this research are first,
the model that shows the effect of awareness and emotions towards pro –
environmental behavior, and a significant effect of pro – environmental behavior
towards Indonesia entrepreneur willingness to purchase green materials are fit to
diunduh dari:
empirical data in the field. Second, pro – environmental behavior has significant
effect toward Indonesia entrepreneur willingness to purchase green materials. This
means that the better pro – environmental behavior, the higher Indonesia
entrepreneur willingness to purchase green materials. Third, awareness and
emotions has significant effect toward pro – environmental behavior. This means
that the higher entrepreneur’s awareness and emotions will result on better pro –
environmental behavior. These findings give an implication that awareness and
emotions will be able to pro – environmental behavior.
It is expected to related parties to be able to improved elucidation and
socialization about green materials to increase pro – environmental behavior and
by the end result in higher willingness to purchase green materials. An effort is
needed to plant value (awareness and emotions) that orientates to environmental.
6. References
Alwitt, L. F., & Pitts, R. E. (1996). “Predicting Purchase Intentions for an
Environmentally Sensitive Product”. Journal of Consumer Psychology,
Vol. 5, No. 1, pp. 49-64.
Anderson, A. R. (1998). “Cultivating the Garden of Eden: Environmental
Entrepreneuring”. Journal of Organizational Change Management, Vol.
11, No. 2, pp. 135-44.
Baker, J., Levy, M., & Grewal, D. (1992). “An Experimental Approach to Making
Retail Store Environmental Decisions”. Journal of Retailing, Vol. 68, pp.
445-460.
Barr, S., & Gilg, A. (2006). “Sustainable Lifestyles: Framing Environmental
Action in and Around the Home”. Geoforum, Vol. 37, pp. 906-920.
Bhattacharya, S. (2011). “Consumer Attitude towards Green Marketing in India”.
The IUP Journal of Marketing Management, pp. 62-70.
Bord, R. I., & O’Connor, R. E. (1997). “The Gender Gap in Environmental
Attitudes: The Case of Perceived Vulnerability to Risk”. Social Science
Quarterly, Vol. 78, No. 4, pp. 830-840.
Boztepe, A. (2012). “Green Marketing and Its Impact on Consumer Buying
Behavior”. European Journal of Economic and Political Studies, Vol. 5,
No. 1, pp. 5-21.
Cheah, I., & Pau, I. (2011). “Attitude toward Environmentally Friendly Product:
The Influence of Ecoliteracy, Interpersonal Influence, and Value
Orientation”. Marketing Intelligence and Planning, Vol. 29, No. 5, pp. 3946.
Curlo, E. (1999). “Marketing Strategy, Product Safety, and Ethical Factors in
Consumer Choice”. Journal of Business Ethics, Vol. 21, No. 1, pp. 37-48.
Dean, T. J., & McMullen, J. S. (2007). “Toward a Theory of Sustainable
Entrepreneurship: Reducing Environmental Degradation Through
diunduh dari:
Entrepreneurial Action”. Journal of Business Venturing, Vol. 22, pp. 50 –
76.
Dono, J., Janine, W., & Ben, R. (2010). “The Relationship between
Environmental Activism, Pro-Environmental Behaviour and Social
Identity”. Journal of Environmental Psychology, Vol. 30, No. 2, pp178186.
Doyle, J. (1992). “Hold the Applause: A Case Study of Corporate
Environmentalism”. The Ecologist, Vol. 22, No. 3, pp. 84-90.
D'Souza, C. (2004). “Eco-label Programmes: a Stakeholder (Consumer)
Perspective”. Corporate Communications: An International Journal, Vol.
9, No. 3, pp. 179-188.
Dunlap, R. E. (1994). “International Attitudes towards Environment and
Development”. In Helge Ole Bergesen, & Georg Parmann (Eds.), Green
Globe Yearbook of International Co -operation on Environment and
Development. Oxford: Oxford University Press.
Dunlap, R. E., & Mertig, A. G. (1995). “Global Concern for the Environment: Is
Affluence a Prerequisite?”. Journal of Social Issues, Vol. 51, pp. 121-137.
Eriksson, C. (2004). “Can Green Consumerism Replace Environmental
Regulation? — A Differentiated-Products Example”. Resource and
Energy Economics, Vol. 26, No. 3, pp. 281-293.
Fishbein, M., & Ajzen, I. (1975). Belief, Attitude, Intention and Behavior: An
Introduction to Theory and Research. Menlo Park, California: AddisonWesley Publishing Company Inc.
Follows, S.B., & Jobber, D. (2000). “Environmentally Responsible Purchase
Behaviour: A Test of a Consumer Model”. European Journal of
Marketing, Vol. 34, No. 5/6, pp. 723-746.
Forgas, J. P. (1995). “Mood and Judgment: The Affect Infusion Model (AIM)”.
Psychological Bulletin, Vol. 117, pp. 39-66.
Forkink, A. (2010). “Perception, Awareness, and Acceptance of Green
Kitchen Cleaners: Go Green Market Research”.
Gough, H. G. (1994). “Theory, Development, and Interpretation of the CPI
Socialization Scale”. Psychological Reports, Vol. 75, No. 2, pp. 651-700.
Hartmann, P., & Apaolaza-Ibáñez, V. (2012). “Consumer Attitude and Purchase
Intention toward Green Energy Brands: The Roles of Psychological
Benefits and Environmental Concern”. Journal of Business Research, Vol.
65, No. 9, pp. 1254-1263.
Hartmann, P., Ibanez, V. A., & Sainz, F. J. (2005). “Green Branding Effects on
Attitude: Funtional Versus Emotional Positioning Strategies”. Marketing
Intelligence & Planning, Vol. 23, No. 1, pp. 9-29.
Henion, K. E., & Kinnear, T. C. (1976). Ecological Marketing. Chicago:
American Marketing Association.
diunduh dari:
Isaak, R. (1998). Green Logic: Ecopreneurship, Theory and Ethics. Sheffield,
UK: Greenleaf Publishing.
Izard, C. E. (2010). “The Many Meanings/Aspects of Emotion: Definitions,
Functions, Activation, and Regulation”. Emotion Review, Vol. 2, pp. 363370.
Kalafatis, S. P., Pollard, M., East, R., & Tsogas, M. H. (1999). “Green Marketing
and Ajzen’s Theory of Planned Behaviour: A Cross-Market Examination”.
Journal of Consumer Marketing, Vol. 16, No. 5, pp. 441-460.
Kollmuss, A. and Agyeman, J. (2002). “Mind the Gap: Why Do People Act
Environmentally and What are the Barriers to Pro-Environmental
Behavior?”. Environmental Education Research, Vol. 8, No. 3, pp. 239260.
Lampe, M., & Gazda, G. M. (1995). “Green Marketing in Europe and the United
States: an Evolving Business and Society Interface”. International
Business Review, Vol. 4, No. 3, pp. 295-312.
Laroche, M., Bergeron, J., & Barbaro-Forleo, G. (2001). “Targeting Consumers
Who Are Willing To Pay More For Environmentally Friendly Products”.
Journal of Consumer Marketing, Vol. 18, No. 6, pp. 503–520.
Lee, K. (2009). “Gender Differences in Hong Kong Adolescent Consumers Green
Purchasing Behavior”. Journal of Consumer Marketing, Vol. 26, No. 2,
pp. 87-96.
McCarty, J. A., & Shrum, L. J. (2001). “The Influence of Individualism,
Collectivism, and Locus of Control on Environmental Beliefs and
Behavior”. Journal of Public Policy & Marketing, Vol. 20 (Spring), pp.
93-104.
Mintel, R., & Stamatiou, E. (2006). “Green Roofs– A 21st Century Solution to the
Urban Challenges of Green Space, Air Pollution, Flooding & Energy
Conservation, WSEAS International Conference Vouliagmeni, Greece”.
Journal WSEAS Transactions on Energy, Environment, Ecosystems and
Sustainable Development, Vol. 2, No. 6, pp. 909-918.
Mishra, B., & Sharma, P. (2010). “Green Marketing in India: Emerging
Opportunities and Challenges”. Journal of Engineering, Science and
Management Education, Vol. 3.
Nerb, J., & Spada, H. (2001). “Evaluation of Environmental Problems: A
Coherence Model of Cognition and Emotion”. Cognition and Emotion,
Vol. 15, No. 4, pp. 521-551.
Nyer, P. U. (1997). “A Study of Relationships between Cognitive Appraisals and
Consumption Emotions”. Journal of the Academy of Marketing Science,
Vol. 25 (Fall), pp. 296-304.
Panni, M. F.A. K. (2006). “The Effect of Consumerism towards Customer
Attitudinal Behavior in Food Industry in Malaysia”. M. Phil. Multimedia
University.
diunduh dari:
Prakash, A. (2002). Green Marketing, Public policy and Managerial strategy.
Business Strategy and the Environment, Vol. 11, pp. 285-297.
Rahbar, E., & Wahid, N. A. (2011). “Investigation of Green Marketing Tools'
Effect on Consumers' Purchase Behavior”. Business Strategy Series, Vol.
12, No. 2, pp. 73–83.
Roberts, J. A. (1996). “Green Consumers in the 1990s: Profile and Implications
for Advertising”. Journal of Business Research, Vol. 36, pp. 217–231.
Roberts, J. A., & Bacon, D. R. (1997). “Exploring the Subtle Relationships
between Environmental Concern and Ecologically Conscious Consumer
Behavior”. Journal of Business Research, Vol. 40, No. 1, pp. 79-89.
Sarigollu, E. (2009). “A Cross – Country Exploration of Environmental
Attitudes”. Environment and Behavior, Vol. 41, No. 3, pp. 365-386.
Smith, S. M., Haugtvedt, C. P., & Petty, R. E. (1994). “Attitudes and Recycling:
Does the Measurement of Affect Enhance Behavioral Predictions?”.
Psychology & Marketing, Vol. 11, pp. 359-374.
Strongman, K. T. (1978). The Psychology of Emotions (2nd ed.). Chichester, UK:
Wiley.
Tilley, F. (2007). “Conceptualising Sustainability Entrepreneurship”. Paper
presented to the First World Symposium on Sustainable Entrepreneurship,
University of Leeds, UK, 15–17 July 2007.
Vandermerwe, S., & Oliff, M. D. (1990). “Customers Drive Corporations Green”.
Long Range Planning, Vol. 23, No. 6, pp. 10-16.
Zelezny, L., Chua, P., & Alrich, C. (2000). “Elaborating on Gender Differences in
Environmentalism”. Journal of Social Issues, Vol. 56, No. 3, pp. 443-457.
diunduh dari:
TIMELINESS SUBMISSION FINANCIAL STATEMENTS AND
FACTORS - FACTORS AFFECTING THE COOPERATIVE SHARIA IN
INDONESIA INCORPORATED IN INKOPSYAH
Oyong Lisa
STIE Widyagama Lumajang
Email : [email protected]
INTROCDUCTION
Financial reporting is a vehicle for companies to communicate information
about the economic and measurement owned resources and the performance of the
various parties who have an interest in such information. Financial reporting has a
wider meaning than the financial statements. In the financial reporting not only
financial statements but all the information associated directly or indirectly with
the information provided by the accounting system that is information about the
company's resources, debt, earnings, and so on. The financial statements also as a
means to publicize the various parties who have an interest in such information.
To be useful the information submitted must meet the characteristics for the user
information that is understandable, relevant, reliability, and can be compared.
Financial statement information is not relevant if it is not delivered in a
timely manner so as to reduce or eliminate the ability of the financial statements
as a prediction tool for users or decision makers. This reflects the importance of
the timeliness of the presentation of the financial statements to the public. The
company is expected not to postpone the presentation of its financial statements.
Age companies can be measured by how long a Sharia Cooperative
incorporated in Inkopsyah in Indonesia, compared with Sharia newly registered
cooperatives, cooperative long sharia registered in Inkopsyah likely to be able to
complete the financial reporting on time because it has the skills and experience
better. This is consistent with the results of research Kurniawati (2013) and
Iriansyah (2013) which states that the life of the company and significant positive
effect on punctuality, but the results Maharani (2012) claimed the life of the
company does not affect the timeliness.
Besides the size of the company is also due to the availability of published
information. The amount of information published on the company will increase
with firm size. Large companies will tend to be more highlighted by the
community as compared to small companies. Therefore, large companies will be
more likely to maintain their corporate image in the eyes of the public than small
companies. Large companies is more consistent for timely than smaller companies
in delivering its financial statements, because large companies more highlighted
by the community. Large companies have more knowledge about the existing
rules, therefore, more large companies comply with regulations regarding the
diunduh dari:
timeliness than smaller companies. This result is consistent research results
Permana (2012) which states that the size of the company significantly influence
the timeliness of financial reporting.
Companies with a high level of profitability indicates that the company is
able to generate high profits in the future and profitability is also an indicator of
the success of the company's operations. Companies with high profitability level
typically will issue financial reports to show the success of the company's
operations. This is consistent with the results of research Dwiyanti (2010),
Permana (2012) and Alfie (2013) which states profitability affect the timeliness of
financial reporting, but the results of the study Melia (2012) states profitability
does not affect the timeliness.
Proxied financial leverage debt to equity ratio (DER) has a significant
influence on the timeliness of financial reports. This indicates that companies that
have a high debt to announce financial reports immediately, especially aimed at
the creditors in order for the lender to know the performance of the company and
know the company's ability to repay a loan from the lender. In addition, the
presence of debt can magnify the cash inflows and can be used to generate more
profit corporation. This is consistent with the results of the study Melia (2012)
which stated debt to equity ratio affects the timeliness of financial reporting.
Companies that have a high level of liquidity tend to have good financial
condition because it can immediately disburse assets (assets) available to pay off
the debt (liabilities) when it matures, so that companies that have a high level of
liquidity tends to be more timely in its financial reporting. This is consistent with
the results of the study Melia (2012) which states the liquidity effect on the
timeliness of financial reporting.
Based on the above background, the purpose of this research is:
1.
To analyze the effect of firm age to timeliness of financial reporting at the
Cooperative Sharia in Indonesia
2.
To analyze the effect of firm size on the timeliness of financial reporting at
the Cooperative Sharia in Indonesia
3.
To analyze the effect of profitability on the timeliness of financial reporting
at the Cooperative Sharia in Indonesia
4.
To analyze the effect of leverage on the timeliness of financial reporting at
the Cooperative Sharia in Indonesia
5.
To analyze the effect of liquidity on the timely submission of financial
statements in the Cooperative Sharia in Indonesia.
6.
Analyze the timely submission of financial reports on Cooperative Islamic
finance in Indonesia in terms of the age factor of the company, size of
company, profitabilits, leverage and liquidity.
LITERATURE REVIEW
A. Timeliness
diunduh dari:
Under the Framework for the Preparation and Presentation of Financial
Statements of Financial Accounting Standards, the financial statements must meet
four qualitative characteristics that are the hallmark that makes information useful
to financial statement users. The fourth characteristic is understandable, relevant,
reliable, and comparable. To get the relevant information, there are several
obstacles, one of which is a constraint timeliness.
Gregory and Van Horn (1993) argues in Owusu-Ansah (2000), the
conceptual basis is the right time is the quality of information available at the time
required or the quality of information both in terms of time. While Chambers and
Penman (1984: 21) defines timeliness in two ways, namely: (1) the timeliness of
reporting is defined as the delay time from the date of the financial statements
until the date of report, and (2) the timeliness of the reporting period is determined
by the relative accuracy over date reporting is expected.
Dyer and Mc Hugh (1975) used three criteria the delay to see the timeliness
of the research: (1) preliminary lag: interval the number of days between the date
of the financial statements until receipt of the final report preleminary by
exchanges (2) auditor's report lag: interval the number of days between the date
financial statements until the date of the auditor's report was signed, (3) total lag:
interval the number of days between the date of the financial statements until the
date of receipt of the report published by the exchange.
In accordance with the regulations issued XK2 Bapepam and supported by
the latest regulations Bapepam, XK6 dated December 7, 2006, the submission of
annual financial statements which have been audited to say timely if submitted
prior to or at the latest at the end of the third month after the date of the annual
financial statements of public companies.
B. Age Company
The company's long-standing, most likely already have a lot of experience
gained. The longer the life of the company, the more public information obtained
about the company. Basically the company is established for an unlimited term /
long, not established for a few years. Company with an increasingly older age,
tend to be more skilled in the collection, processing and produce information
when needed, because the company has gained considerable experience.
Financial goals may be very different for each of the business life cycle (the
company). Business strategic theory offers several different strategies that can be
followed by a business unit, from aggressive market share growth to the
consolidation of business, get out, and liquidity. Research Owusu and Ansah
(2000) in the context of research states that a reduction in reporting time will
occur when the number of annual reports produced improved. Furthermore,
Owusu and Ansah (2000) states that when a company develops and accountants
(workers) to learn more teething problems, caused tremendous delays can be
minimized. Consequently, established companies that have a lifespan of more
diunduh dari:
tend to be more skilled in gathering, processing and output of information when it
is needed because of the learning experience.
C. Company Size
The size of the company can be assessed from several aspects. The size of
the size of the company can be based on the total value of assets, total sales,
market capitalization, number of workers, and so on. The greater the value of the
items, the greater the size of the company. The greater the assets the more capital
invested, the more sales, the more the velocity of money and the greater the
market capitalization of the greater he is known in the community.
Dyer and Mc Hugh (1975), Carslaw and Kaplan (1991) and Owusu-Ansah
(2000) in their study found that the size of the company significantly related to the
timeliness of financial reports. Size (proxy) that they use for this firm size variable
is the total assets. Empirical evidence indicates that companies that have assets
greater reporting faster than companies that have smaller assets. They argued that
companies that have the resources (assets) are great to have more resources, more
staff accounting and information systems more sophisticated, has a strong internal
control system, supervision of investors, regulators and the public spotlight, then
this allowing companies to report financial statements auditannya faster to the
public.
D. Profitability
Profitability is one indicator of the success of the company to be able to
make a profit so that the higher profitability, the higher the company's ability to
generate profits for the company.
Research Dyer and Mc Hugh (1975) showed that the company makes a
profit tends to timely submit its financial statements and vice versa if you have a
loss. Carslaw and Kaplan (1991) found that companies experiencing losses asking
auditors to schedule pengauditannya slower than it should, consequently late
submission of financial statements. Both this study stated that the company would
be likely to delay the submission of financial statements when companies believe
there is bad news in the financial statements, because it affects the quality of
earnings.
Companies that have high profitability can be said that the company's
financial report contains good news and companies experiencing good news is
likely to submit its financial statements on time. This also applies if the low
profitability of the company where it does contain bad news, so companies tend
not timely submit its financial statements.
E. Leverage
Leverage refers to how much a company relies on creditors in asset finance
companies. Weston and Copeland (1995) stated that the leverage ratio measures
diunduh dari:
the level of the company's assets that have been financed by the use of debt.
Financial leverage can be interpreted as the use of assets and sources of funding
(source of funds) by a company that has a fixed cost with the intention of
increasing the potential profits of shareholders.
A company that has a high financial leverage means having a lot of debt on
outsiders. This means the company has a high financial risk for experiencing
financial difficulties (financial distress) as a result of high debt. Research
Schwartz and Soo (1996) in Syafrudin (2004) show that companies are
experiencing financial difficulties tend to be punctual in submitting their financial
statements than companies who do not experience financial difficulties. Financial
difficulties also the bad news (bad news) so that companies with these conditions
tend to be timely in its financial reporting.
F. Liquidity
Liquidity refers to the availability of resources (ability) company to meet its
short-term liabilities maturing in a timely manner. Liquidity of a company is often
indicated by comparing the current ratio is current assets by current liabilities.
This ratio can provide a measure of liquidity that is fast, easy to use and able to be
the best indicator of the extent to which the claims of creditors have been covered
by short-term assets expected to be converted into cash quickly enough (Brigham
& Houston, 2006).
Suharli research and Rachpiliani (2006) provides empirical evidence that
liquidity affects the timeliness of financial reporting and having unidirectional
relationship. If the ratio of current assets to current liabilities greater, this means
that the higher the company's ability to cover short-term liabilities. Companies
that have a high level of liquidity indicate that the company has a high ability to
pay off short-term liabilities. This is good news (good news) so that a company
with this condition tend to be punctual in the delivery of financial statements.
G. Hypothesis
H1 : Age companies significantly influence the timeliness in the delivery of
financial statements
H2 : Size company significantly influence the timeliness in the delivery of
H3 : Profitability significantly influence the timeliness in the delivery of financial
statements
H4 : Leverage significant effect on the timeliness in the delivery of financial
statements
H5 : Liquidity significantly influence the timeliness in the delivery of financial
statements
H6 : There are differences in the timeliness of financial reporting in terms of the
age companies, company size, profitability, leverage and liquidity.
diunduh dari:
RESEARCH METHODS
A. Variable Operational Definition
1. Dependent Variables. The dependent variable in this study is the timeliness in
the delivery of financial statements. The dependent variable is measured based
on the date of submission of annual audited financial statements to Inkopsyah.
This variable was measured by using a dummy variable with the category is
for Sharia Cooperative who do not have the precision of the time (late) in the
category 1 and Cooperative Sharia on time in the category 0.
2. Independent Variables. The independent variables in this study are:
a. Age of the company. Age companies in this study using the company's age
from the date of incorpora- in Inkopsyah.
b. Company size. The size of the company can be judged from the total value
of assets, total sales, number of workers, and so on. In this study, the size
of the company measured by using a proxy ln total assets.
c. Profitability. Profitability is an indicator of the success of the company
(management effectiveness) in generating profits. Profitability is proxied
by Return On Assets (ROA).
d. Financial Leverage. Financial leverage is a reflection of the company's
capital structure. This variable is proxied by debt-to-equity ratio (DER)
which is the ratio of total debt to equity capital.
e. Liquidity. This variable is proxied by the Current Ratio (CR) which is a
ratio to measure the company's ability to repay short-term obligations at
maturity.
B. Population and Sample
The population used in this study are all incorporated in the Islamic
Cooperative Inkopsyah for the time period 2012 - 2014. The use of the three
periods is to be able to see the consistency of the effect of each independent
variable on the dependent variable. The sampling method used is purposive
sampling method, where the population is to be sampled study is a population that
meets the criteria of a particular sample. These criteria are as follows:
1. Cooperative Sharia incorporated in Inkopsyah respectively for the period
2012-2014.
2. The company has published annual financial statements (annual report) for the
period 2012-2014.
3. Displaying data submission date of the annual financial statements to
Inkopsyah for the period 2012-2014.
4. Displaying the data and information used to analyze the factors that affect the
timeliness of financial reports for the period 2012-2014.
diunduh dari:
Based on these criteria, the number of samples in this study were 68 Islamic
Cooperation.
C. Data Analysis Methods
This research uses descriptive analysis and inferential statistical analysis
using the statistical method of discriminant analysis is to examine the factors that
affect the timeliness of financial reports with the software program SPSS version
19.
Figure 1
The influence of variable X to variable Y with Discriminant Analysis
Age Company (X1)
Size Company (X2)
Timeliness (Y)
Profitability (X3)
Late = 1
Leverage (X4)
On time = 0
Liquidity (X5)
Data Analysis
Results of discriminant analysis are as follows:
1. Test similarity matrix of variance-covarians (homoskedastisitas)
Table 1
Test Results
Box's M
F
Approx.
df1
df2
Sig.
127,466
2,851
6
129393,1
,418
Tests null hypothesis of equal population covariance matrices.
Based Box's M on the results above show that the F significance value greater
than  = 5% (0.418> 0.05), which means that the covariance in each group is
homogenous, so that meet the assumptions of covariance in discriminant
analysis.
2. Test Similarity Average Group
Table 2
diunduh dari:
Tests of Equality of Group Means
Age company
Size company
Profitability
Leverage
Liquidity
Wilks'
Lambda
,952
,970
,972
,998
1,000
F
10,206
6,229
5,895
,391
,001
df1
1
1
1
1
1
df2
202
202
202
202
202
Sig.
,002
,013
,016
,533
,970
The above table are the test results for each independent variable that exists.
A decision may be taken in two ways:
a. With numbers Wilk's Lambda
Figures Wilk's Lambda range of 0 to 1. If the figure close to 0, the data tend
to be different for each group, while if the figure closer to 1, the data tend
to be the same for each group. From the table looks Wilk's Lambda figures
ranged from 0.952 to 1.000, from Sig column can be seen that the variable
leverage and liquidity tend to be different. This means that the leverage and
liquidity cooperatives were not significantly different. Only here the criteria
of close to 1 is difficult to determine with certainty, because almost all of
the above variables have a number of Wilk's Lambda great. To that end, the
ANOVA test, which is discussed below, is more easily done.
b. With F Test
Analysis by using F:
1) Variable life of the company, numbers sig is below 0.05 (0.002 <0.05).
This means that there are differences between groups, or companies on
time or late in delivering the financial statements affected by the age of
the company.
2) Variable company size, number sig is below 0.05 (0.013 <0.05). This
means that there are differences between groups, or companies on time
or late in delivering the financial statements are affected by the size of
the company.
3) Variable profitability, sig figure is below 0.05 (0.016 <0.05). This
means that there are differences between groups, or companies on time
or late in delivering the financial statements affected by profitability.
4) Variable leverage, Sig figure is above 0.05 (0.533> 0.05). This means
there is no differences between groups or companies or on time or late
in submitting financial reports are not affected by leverage.
5) Variable liquidity, Sig figure is above 0.05 (0.970> 0.05). This means
there is no differences between groups or companies or on time or late
in submitting financial reports are not affected by leverage.
Of the five variables, there are three variables that differ significantly for
the two groups discriminant, ie the age of the company, company size and
diunduh dari:
profitability. Thus timeliness in the delivery of financial statements is
influenced by firm age, size and profitability of the company concerned.
3. Making Model Discriminant
There are two approaches used are: direct method and Stepwise
discriminant analysis. Direct methods include the estimated coefficients of the
discriminant function where all independent variables involved. The second
method is Stepwise discriminant analysis is independent variable included in a
sequence, based on its ability to discriminate between groups.
Table 3
Variables Entered/Removeda,b,c,d
Min. D Squared
Step
1
2
3
Entered
Age
company
Between
Groups
on time
and late
on time
and late
on time
and late
Statistic
,222
Profitability
,368
Size
company
,490
Statistic
Exact F
df1
df2
Sig.
10,206
1
202
,002
8,410
2
201
,000
7,441
3
200
,000
At each step, the variable that maximizes the Mahalanobis distance between the two closest
groups is entered.
a. Maximum number of steps is 10.
b. Minimum partial F to enter is 3.84.
c. Maximum partial F to remove is 2.71.
d. F level, tolerance, or VIN insufficient for further computation.
Based on the table above where the variable of five variables that can be
included in discriminant equation. At this stage the variable age is the first
company was chosen because of the number of F count variable reaches the
age of 10.206 companies and selected second variable is the profitability of the
F count variable profitability figures reached 8.410, the third-elect is the size of
the company with a number of variables F calculate the size of the company
reached 7.441.
Table 4
Wilks' Lambda
Step
1
2
3
Number of
Variables
1
2
3
Lambda
,952
,923
,900
df1
1
2
3
df2
1
1
1
df3
202
202
202
Statistic
10,206
8,410
7,441
df1
Exact F
df2
1
202,000
2
201,000
3
200,000
Sig.
,002
,000
,000
Wilk's lambda in principle is the total variance in the discriminant scores
that can not be explained by differences among existing groups. Note the above
diunduh dari:
table which consists of three stages, which are associated with one variable that
sequentially included in the analysis stage before. In step one the number of
variables included one (firm age) with numbers Wilk's Lambda is 0.952. This
means that 95.2% variance can not be explained by differences between
groups. Then in step 2, with additional variables (profitability) Wilk's Lambda
figure dropped to 0.923, at step 3 that figure dropped again to 0,900. The
decline in Wilk's Lambda necessarily good for discriminant model for the
variance that can not be explained also smaller (from 95.2% to 90%).
From column F and significance, look good on the variable input 1, 2 and
3, all of them are statistically significant. This means that these three variables
(age company, profitability and the size of the company) are different for the
two cooperative sharia timely and overdue.
Table 5
Wilks' Lambda
Test of Function(s)
1
Wilks'
Lambda
,900
Chi-square
21,215
df
3
Sig.
,000
Table above stated figures Wilk's Lambda end, which is the same with
the last digit of step 3 discriminant model creation. Chi Square figure
amounted to 21.215 with a high significance level shows a clear difference
between the two groups of cooperatives timely and overdue.
Table 6
Structure Matrix
Age company
Size company
Profitability
Leveragea
Liquidity a
Function
1
,673
,526
-,511
-,040
-,009
Pooled within-groups correlations between discriminating
variables and standardized canonical discriminant functions
Variables ordered by absolute size of correlation within function.
a. This variable not used in the analysis.
Table Structure Matrix describes the correlation between independent
variables with discriminant function formed. Visible firm age variable most
closely associated with the discriminant function, followed by the variable firm
size, profitability, leverage and liquidity. Only here the variable leverage and
liquidity are not included in the discriminant model.
Table 7
Canonical Discriminant Function Coefficients
diunduh dari:
Standardized Canonical Discriminant Function Coefficients
Age company
Size company
Profitability
Function
1
,669
,501
-,560
Table above has a function that is almost similar to the multiple
regression equation, which is the so-called discriminant analysis Discriminant
Function.
zScore = 0,669 age company + 0,501 size company - 0,560 profitability
Table 8
Functions at Group Centroids
Ketepatan Waktu
on time
late
Function
1
,240
-,460
Unstandardized canonical discriminant
functions evaluated at group means
Therefore there are two categories of cooperatives, it is called TwoGroup Discriminant, where the group has a centroid (Group Means) negative
and the other group has Centroid (Group Means) positive. Figures in the table
indicate the amount of Z that separates the two groups.
Centroids function on the group in the table above are used to determine
the value of the cut-score sharia cooperative grouping timely and overdue. The
value of the cut-score is calculated using the formula:
134 (0,240)  70 (-0,460)
Cut-score =
=0
204
So it means that if the Z-scroe <0 then classified as cooperative sharia
timely submission of financial statements and if the Z-score> 0 then
dikelompokkam as cooperatives late in the submission of financial statements.
Table 9
Classification Function Coefficients
Age company
Size company
Profitability
(Constant)
Ketepatan Waktu
on time
late
8,234
7,725
18,181
17,867
-,002
-,001
-244,610
-233,565
Fisher's linear discriminant functions
Discriminant function of Fisher, in principle, make a kind of regression
equation, with the division based on the group code:
diunduh dari:
Cooperative Sharia timely category
zScore = -244,610 + 8,234 age company + 18,181 size company - 0,002
profitability
Sharia Cooperative overdue categorized
zScore = -233,565 + 7,725 age company + 17,867 size company - 0,001
profitability
4. Process of Calculation Accuracy of Prediction Models that have been made
After the discriminant function is made, then the classification is done,
then the next will be seen how far the classification is appropriate or what
percentage of misclassification occurs in the classification process.
Table 10
Classification Resultsb,c
Original
Count
%
Cross-validated a
Count
%
Ketepatan Waktu
on time
late
on time
late
on time
late
on time
late
Predicted Group
Membership
on time
late
85
49
28
42
63,4
36,6
40,0
60,0
85
49
29
41
63,4
36,6
41,4
58,6
Total
134
70
100,0
100,0
134
70
100,0
100,0
a. Cross validation is done only for those cases in the analysis. In cross
validation, each case is classified by the functions derived from all cases
other than that case.
b. 62,3% of original grouped cases correctly classified.
c. 61,8% of cross-validated grouped cases correctly classified.
Based on the table above the prediction accuracy of the model are:
(85 + 42)/204 = 0,623 or 62,3%.
Therefore accuracy rate is quite high (62.3%), then the above discriminant
model can actually be used for discriminant analysis. Or interpretation of the
various existing table valid for use.
Discussion
Effect of Age Company against Timeliness in submission of Financial
Statements
Age companies significantly influence the timeliness in the delivery of
financial statements. This shows that the company longer in operation will
provide more extensive information, because it has more experience in the
publication of the financial statements, which means that the company's age
affects the timeliness of financial reports. Results of this study support research
diunduh dari:
and Owusu Ansah (2000), Kurniawati (2013) and Iriansyah (2013), but is not
consistent with the research Maharani.
Company Size influence on Timeliness in submission of Financial Statements
Company size significantly influence the timeliness in the delivery of
financial statements. This suggests that cooperatives have the resources (assets)
are great to have more resources, more staff accounting and information systems
more sophisticated, it has a strong internal control system, supervision of
investors, regulators and the public spotlight, it will be possible cooperatives to
submit financial reports in a timely manner. In addition, large companies will also
be more timely in the delivery of financial statements to keep the image or the
image of the company in the public eye, which means that the size of the company
affects the timeliness of financial reports. Results of this study are consistent with
studies and Mc Hugh Dyer (1975), Carslaw and Kaplan (1991) and Owusu-Ansah
(2000), but is not consistent with the research Maharani (2012).
Profitability influence on Timeliness in submission of Financial Statements
Profitability significantly influence the timeliness in the delivery of financial
statements. It is due to earnings announcements containing which is good news
tends to be accelerated and bad news tends to be delayed. This is because the
managers as agents wanted to show the performance of the company in
accordance with what is desired by the principal that will be trusted to manage the
company for long-term periods. Profitability shows the company's success in
generating profits. With the greater the profitability ratio the better the
performance of the company so that the company would be inclined to give such
information to the other interested parties. So it can be said that the profit is good
news (good news) for the company. Companies that have a good word will not
delay the delivery of information. The size of the level of profitability as
management performance measurement affects the desire of management to
report on performance. When a company is experiencing a low level of
profitability, the management will tend not timely in its financial reporting, while
companies experience a high level of profitability, the management will tend to be
more timely in its financial reporting. This is supported by research and Mc Hugh
Dyer (1975), Dwiyanti (2010), Permana (2012) and Alfie (2013) which showed
that profitability can influence the behavior of the timeliness of financial
reporting. Therefore, the company is able to generate profits tend to be more
timely in its financial reporting compared to companies that suffered losses.
Research is inconsistent with research Melia (2012) which states that profitability
does not affect the timeliness.
Leverage influence on Timeliness in submission of Financial Statements
diunduh dari:
Leverage does not significantly influence the timeliness in the delivery of
financial statements. This indicates that the level of liquidity of a company does
not affect the timeliness of financial reports. Companies experiencing financial
difficulties tend to be punctual in submitting their financial statements than
companies who do not experience financial difficulties. In addition, assets and
income owned cooperatives can offset the amount of debt incurred by the
cooperative. Results of this study are not consistent with the results of the study
Melia (2012) which stated debt to equity ratio affects the timeliness of financial
reporting.
Liquidity influence on Timeliness in submission of Financial Statements
Liquidity does not significantly influence the timeliness in the delivery of
financial statements. This indicates that the high and low levels of liquidity of a
firms do not affect the timeliness of financial reports. This is not in accordance
with the logic of the existing theory, thus the company timely or not timely
dalammenyampaikan financial statements do not take into consideration the level
of liquidity held by the company. Sharia cooperatives that have a high level of
liquidity, not necessarily submitted their financial statements in a timely manner.
In contrast, Islamic Cooperative which has a low level of liquidity would also like
to convey its financial statements in a timely manner, which aims to make the
creditors can determine the performance of the cooperative and determine the
ability of the cooperative to pay the loan from creditors. If Sharia Cooperative
financial reporting delay will reduce the level of confidence of creditors against
Sharia Cooperative in the ability to pay short-term obligations. Results of the
study are consistent with a study Melia (2012), but is not consistent with Suharli
and Rachpiliani (2006).
Differences Timeliness in submission of reports Judging from the Age
Company, Company Size, Profitability, Leverage and Liquidity
Based on the results of the analysis show that there are differences in the
timeliness of submission of reports in terms of the age of the firm, company size
and profitability. This shows that timely as the availability of information to
decision makers before the information is losing its capacity to influence
decisions. If the information does not exist in the time it takes to make a decision,
then the information is no longer relevant and has no benefit for decision making.
Financial reporting delay can be bad for the company either directly or indirectly.
Indirectly, the investor may respond as a sign (signal) which is bad for the
company. Sharia cooperatives with assets greater reported faster than the
companies that have smaller assets. Thus, it can be stated that if a company with
high profitability which is a good signal, then this is good news and companies
tend to submit their financial statements in a timely manner to the parties
concerned.
diunduh dari:
No difference timeliness in the delivery of financial statements in terms of
leverage and liquidity. This indicates that both companies is timely and companies
who do not timely ignore information about debt to equity ratio (DER). In the
current economic conditions the problem of debt is considered normal and not a
tremendous problem for a company as long as there is still the possibility of
settlement, so that information about debt were ignored by the company. Sharia
cooperatives that have a high or low level of liquidity both want to submit
financial statements on time.
CONCLUSIONS AND RECOMMENDATIONS
Conclusion
1. Age company significantly influence the timeliness in the delivery of financial
statements.
2. Size company significantly influence the timeliness in the delivery of financial
statements. The larger the company, the more resources, more staff accounting
and advanced information systems as well as having a strong internal control
system that will be more rapid in the completion of the financial statements. In
addition, large companies will also be more timely in the delivery
laporankeuangan to keep the image or the image of the company in the public
eye.
3. Profitability significantly influence the timeliness in the delivery of financial
statements. Cooperatives that have high profitability can be said that the
company's financial statements contain good news and cooperatives that have
good news will tend to deliver timely financial reports. This also applies if the
low profitability of the cooperative where it does contain bad news, so that
cooperatives tend not timely submit its financial statements.
4. Leverage does not significantly influence the timeliness in the delivery of
financial statements. High and low levels of financial leverage a cooperative
does not affect the company to submit its financial statements in a timely
manner or not timely.
5. Liquidity no significant effect on the timeliness in the delivery of financial
statements. The level of liquidity of a cooperative does not affect the
cooperative to submit financial reports in a timely manner or not timely.
6. There is a real difference timeliness in the delivery of financial statements in
terms of the age of the company, size of company and pofitabilitas. While the
timeliness in the delivery of financial statements in terms of leverage and
liquidity were not significantly different. This indicates that Sharia
Cooperative which has a high or low debt and that has a high or low level of
liquidity both want to submit financial statements on time.
Implication
diunduh dari:
The study provides a number of implications, namely: (1) the theoretical;
increase knowledge and reference for subsequent research on the timely
submission of financial statements and the factors that influence (2) for
practitioners; to the management company as consideration in an attempt
timeliness of financial reporting; for investors can give an idea of the importance
of timely financial reporting.
Recommendations
1. Extend the period of study so that they can see trends in the long term so that
it will describe the conditions actually happened.
2. Proxy is used for the independent variable is not just one proxy only. So that
the results can be better and more widely than in this study.
REFERENCE
Alfie, Khiyanda. 2013. Effect of Liquidity, Company Size, And Profitability
terhdap Timeliness (Empirical Study On Manufacturing Companies Listed
on the Stock Exchange Period 2009-2011). Thesis. Faculty of Economics,
University of Padang.
Brigham, Eugene F. and Houston, Joel F. 2006. Fundamentals of Financial
Management. 10th Edition. South-Western.
Carslaw, C.A.P.N., and Kaplan, S.E. 1991. “An Examination of Audit Delay:
Further Evidnece from New Zealand”. Accounting and Business Research.
Vol.22 (82), (Winter): pp:21-32.
Chambers, Anne E, and Stephen H. Pennman, 1984. “The Timeliness of
Reporting and The Stock Price Reaction to Earnings Announcements”.
Journal of Accounting Research. Vol. 22 No. 1 Spring.
Dwiyanti, Rini. 2010. Analysis of Factors Affecting Financial Reporting
Timeliness In Manufacturing Companies Listed in Indonesia Stock
Exchange. Diponegoro University. Semarang.
Dyers, J. C, and A.J. Mc Hugh, 1975. “The Timeliness of the Australian Annual
Report”. Journal of Accounting Research. Autumn: 204-219.
Gregory, R.H. and Van Horn, R.L, 1993. Automatic Data- Processing Systems:
Principles and Procedures, 2nd Ed. Belmont, California: Wadsworth
Publishing Company, Inc.
Indonesian Institute of Accountants. 2009. Financial Accounting Standards.
Salemba Four. Jakarta.
Iriansyah, Dawn Mahardika. 2013. Analysis of Factors Affecting Financial Report
Submission Timeliness Manufacturing Companies Listed in Indonesia Stock
Exchange Period 2009 - 2011. University of Jember.
diunduh dari:
Kurniawati, Astrid. 2013. Factors Timeliness in submission of Financial
Statements Manufacturing Companies Go Public in Indonesia (Empirical
Study in Indonesia Stock Exchange Period 2010-2012).
Maharani, I. Gusti Ayu. 2012. Timeliness Submission of Financial Reporting and
Factors Affecting On Banking Company. Udayana universities. Bali.
Melia, Riris. 2012. Factors Affecting the Accuracy of Financial Report
Submission Time Manufacturing Company Log In List of Islamic Securities
(DES) The period 2008 - 2010. The Sunan Kalijaga Islamic University.
Owusu-Ansah, Stephen. 2000. “Timeliness of Corporate Financial Reporting in
Emerging Capital Market: Empirical Evidence from The Zimbabwe Stock
Exchange”. Journal Accounting and Business Research. Vol.30. No.3.
pp.241-254.
Permana, Alexius Edwin Verdi. 2012. Analysis of Factors Affecting Timeliness of
submission of Financial Statements (Study on Manufacturing Companies
Listed on the Stock Exchange). Faculty of Economics and Business,
University of Lampung.
Suharli, M., dan Rachpriliani, A. 2006. "An Empirical Study of Factors that
Influence the Timeliness of Financial Reporting". Journal of Business and
Accounting. Vol.8 No.1 (April): 34-55.
Syafrudin, M. 2004. " The Effect The lack of timely submission of Financial
Statements on Earnings Response Coefficient: Stufi in Jakarta Stock
Exchange". National Symposium VII Accounting Indonesian Institute of
Accountants. Page: 754-776.
Weston F.J., and Copeland, T.E. 1995. Financial Management (Translation). Issue
9. Jakarta: Binarupa Aksara.
diunduh dari:
MISPRICING IN STOCK OPTION
Putu Agus Ardiana
Faculty of Economics and Business, Udayana University, Indonesia
Ni Putu Sri Harta Mimba
Faculty of Economics and Business, Udayana University, Indonesia
JEL Classification: G1, G13.
In addition to binomial and Black-Sholes-Merton models, Put-Call Parity
can
also
be
used to determine option value. Put-Call Parity is a theoretical equation which
relates
the
value of call option, put option, share price, risk-free rate, time to expiration, and
exercise
or
strike price (Chance and Brooks, 2007). Based on this equation, the value of a
call
or
put
option can be determined if the value of other variables is known. If the intrinsic
value
of
the
option is different with the market price than there is mispricing potential leading
to
arbitrage
profit potential. Stock option trading in Indonesia is not as developed as in
Australia.
This
paper investigates whether or not (large step) binomial model result in the same
option
value
as Black-Scholes-Merton model and also investigates the mispricing potential
leading
to
arbitrage profit potential in stock option trading in Australia.
II. LITERATURE REVIEW
2.1. Variables affecting the value of Call and Put Options
The value of call and put options comprises of intrinsic value and time
(speculative)
value. Variables affecting intrinsic value of stock call and put options are share
price
(S),
exercise atau strike price (X), time to expiration (T), interest rate (r), stock price
diunduh dari:
volatility
(a),
dividend payment (D) (Chance and Brooks 2007). Meanwhile, time (speculative)
value
is
affected by the difference between share price and exercise price as well as time
to
expiration
(Nawalkha and Chambers 1995). The longer the time to expiration, the greater
the
time
(speculative) value. Time (speculative) value declines when options approach the
expiration
date. In addition, time (speculative) value is very high when an option is at-themoneyx,
whereas time value is very low when an option is deep-in-the-money and deepout-ofmoney4.
Share Price
Option price is derived from the price of the underlying asset. Therefore the
price
of
stock option is derived from the price of the underlying stock. For call options,
share
price
is
positively correlated to the price of call option. (Nawalkha and Chambers 1995).
In
other
words, the higher the stock price, the higher the call option price. This is why call
option
will
be in-the-money when share price is higher than exercise price. If the reverse is
true
than
the
call option is out-of-money. Unlike call option, share price is negatively
correlated
to
the
price of put option (Nawalkha and Chambers 1995). If the stock price is lower
than
exercise
price, put option will be in-the-money and if the reverse is true the put option will
be
out-ofmoney.
Exercise or Strike Price
In option contract, exercise or strike price is determined in advanced (so
called
predetermined exercise price or strike price) to execute decision to buy (or not to
buy)
and
sell
4
deep-out-of-money for stock call options is when share price is extremely below exercise price
while deepout-of-money for stock put options is when exercise price is extremely below share price
diunduh dari:
(or not to sell) the underlying asset of an option. Exercise or strike price is
negatively
correlated to call options whereas it is positively correlated to put option (Chance
and
Brooks
2007, Nawalkha and Chambers 1995). The higher the exercise or strike price
relative
to
the
share price, the more out-of-money the call options and the more in-the-money
the
put
options.
Time to Expiration
Time to expiration is a period (the number of days) left for an option to
expire.
For
example, a call option which expires on 20 August 2009 would have time to
expiration
of
0.027 (= 10 days / 365 days) if today were 10 August 2009. Time to expiration
has
positive
correlation with call and put options (Nawalkha and Chambers 1995). The longer
the
time
to
expiration, the greater the probability of an option to be in-the-money (Chance
and
Brooks
2007).
Interest Rate
Interest rate in option pricing refers to risk-free rate. There are several
proxies
to
riskfree rate for example LIBOR, T-Bills, but in Australia the proxy for risk-free rate
is
the
policy interest rate or target cash rate of 3% per annum. For call options, interest
rate
is
positively correlated to call option value because call option save money to buy
an
underlying
asset of the option. In contrast, interest rate is negatively correlated to put option
value
because put option delays the selling of the underlying asset of the option
(Nawalkha
and
Chambers 1995).
diunduh dari:
Stock Price Volatility
Stock price fluctuations are positively correlated to call and put options because
the
higher the stock price volatility, the greater the probability of the options to
become
in-thedividend payment declines the willingness to execute the rights to sell the
underlying
stocks
(Chance and Brooks, 2007).
2.2. Option Valuation Using Binomial Model
Binomial model is an option valuation model using discrete timing approach. The
time
to expiration can be viewed as one period of time or longer, which is called
"step(s)"
(Nawalkha and Chambers, 1995). For example, a call option will expire in seven
days.
The
seven-day period can be viewed as one step when the underlying stock is assumed
to
change
only once in that 7-day period. In contrast, the 7-day period can also be viewed as
100
steps
or larger when the underlying stock is assumed to change 100 times or more in
seven
days,
which makes it more realistic. Two figures below illustrate how single-step
binomial
model
can be used for call and put option valuation.
diunduh dari:
diunduh dari:
The following figures show binomial model with larger steps (n steps).
The larger the
steps, the more realistic the model because stock prices change dynamically.
diunduh dari:
Figure 3
Binomial Model with Larger Steps for Call and Put Option Pricing (3 Steps)
Time 0 Time 1 Time 2 Time 3
Source: Chance and Brooks, 2007
2.3. Option Valuation Using Black-Scholes-Merton Model
Black-Scholes-Merton model requires the use of natural logarithm and exponential
function (Chris, 1997; Black 1989). Generally used logarithm basis is either 10 or e
(=2.71828). The logarithm with basis of e refers to natural logarithm (Baxter, Martin, and
Rennie 1996). A compounding process, as normally used in time value of money, can use
discrete timing or continuous timing. Compounding with larger steps of discrete timing is
effectively equivalent to continuous timing. In other words binomial model with larger steps
would result in the same value as determined by Black-Scholes-Merton model.
diunduh dari:
diunduh dari:
Theoretically speaking, someone is able to create synthetic options form put-call parity
(Chris 1997). A call option can be synthesized by purchasing stock, buy put option, short sell
risk-free bond (C = S + P - PV[X]) while put option can be synthesized by purchasing call
option, short sell stock, and purchase risk-free bond (P = C - S + PV[X]).
Put-call parity can also explain how someone may gain arbitrage profit. For example,
based on the equation of C = S + P - PV(X), call option value is expected to be $100 while
the market price of the call option is currently $70. Arbitrage profit can be realized by
purchasing call option at market price and sell synthetic call option by short sell stock, short
sell put option, and purchase risk-free bond. Therefore, theoretically speaking, purchasing
call option at the market price of $70 and selling synthetic call option at its theoretical price
of $100 would result in arbitrage profit of $30. Arbitrage profit may not exist due to bid-ask
spread, transaction costs, dividend payment, and other factors.
III. HYPOTHESES DEVELOPMENT
Binomial model applies the concept of discrete timing while Black-Scholes-Merton
model applies continuous timing concept. The following illustration shows the difference and
the consequence of the two underlying concepts. Figure 6 suggests that the more frequent the
discrete interest rate is paid, the more convergence the future value to that of continuous
interest payment. In other words, multiple steps-binomial model may have the same option
value as Black-Scholes-Merton model.
Figure 6
Illustration about Discrete Timing and Continuous Timing Concept
Formula and Result
Discrete Timing
1(1+0.1)1 = 1.1
Note
Future value of $1 in one year if
10%
1(1+(0.1/2))1x2 = 1.1025
Future
value
of $1 in one year if
paid once
a year
10%
1(1+(0.1/4))1x4 = 1.103813
Future
value
of $1
in one year if
paid twice
a year
(semiannually)
10%
1(1+(0.1/365))1x365 = 1.105156
paid four times a year (quarterly)
10%
1x1000
1(1+(0.1/1,000))
= 1.105165 Future
$1 in
one year if
paid 365value
days of
a year
(daily)
10%
1(1+(0.1/1,0000))1x10,000 =
Future
value
of a$1year
in one year if
paid 1,000
times
1.1051703
10%
paid 10,000 times a year
Continuous Timing
01
01
e = 2.71828 = 1.1051708
10%
Source: Chance and Brooks, 2007 continuously paid during one year
the interest rate of
is
is
is
is
is
is
is
diunduh dari:
From the above illustration, two hypotheses regarding option value from single step
and multiple step-binomial model as well as Black-Scholes-Merton model are formulated as
follows:
H1 a : Single step binomial model and Black-Scholes-Merton model result in different option
value
H1b: Binomial model with larger steps and Black-Scholes-Merton model result in different
option value
As stated above, option value resulted from multiple steps-binomial model and BlackScholes-Merton model may be identical. If market price of option is different with the
theoretical value resulted from one of the model, it is suspected that visually there is
mispricing in stock option trading. Whether or not there is arbitrage profit potential due to
mispricing, statistical test should be undertaken. Arbitrage profit potential exists if only
statistically there is mispricing in stock option trading. Therefore, hypothesis regarding
arbitrage profit potential can be formulated as follows:
H2: Arbitrage profit potential exists in stock option trading in Australia
IV. RESEARCH METHOD
This research investigates 8,064 observations of stock options listed on the Australian
Stock Exchange in 2013. Both call and put options traded are assumed to be European call
and put options instead of American options5 and companies issuing options are assumed not
to have paid any dividend. A Microsoft Excel-based software (copyright of Chance and
Brooks, 2007) is used to determine option value. The software can automatically determine
the value of call and put options based on binomial model and Black-Scholes-Merton model.
The first two hypotheses (H1a and H1b) are tested by filling in all required inputs in the
software to calculate call and put option value based on two models (binomial model and
Black-Scholes-Merton model). For multiple steps of binomial model, the process is started
from 100 steps to certain steps so that option value of the binomial model is the same as that
of Black-Scholes-Merton Model. Meanwhile, the last hypothesis (H2) is tested by paired
sample t-test by using SPSS.
Inputs to calculate call and put options are current stock price, exercise price of call
and put options, expiration date of call and put options, standard deviation of stock, and riskfree rate. Data of stock price (So), exercise price (X), and expiration date to calculate time to
expiration (T) are available on the Australian Stock Exchange and Australian Financial
Review.
5 European options are those which can only be exercised at the expiration date while American options are
those which can be exercised at any time (Barone-Adesi and Whaley, 1987).
diunduh dari:
Risk-free rate is measured by the target interest rate of 3.0 per cent per annum which
was announced by the Reserve Bank of Australia per 5 February 2013 and it is assumed to be
constant up to the end of the year. Meanwhile, standard deviation of stock is measured by
calculating the standard deviation of a series of historical (daily) stock price of the stock
underlying call and put options. The value of di, d2, N(di), N(d2), and the option value will be
determined automatically right after all required inputs are completed for Black-ScholesMerton model while the value of option in binomial model is determined after clicking the
'Run Binomial Model' button.
V. RESULTS AND DISCUSSION
Table i below shows mean, median, and standard deviation of all inputs required to
determine option value by binomial model and Black-Scholes-Merton model. Note that riskfree rate has the most unique figure in the table because the rate of 3.00 per cent per annum is
applied for the whole observations. Risk-free rate is measured by the target interest rate of 3.0
per cent per annum which was announced by the Reserve Bank of Australia per 5 February
2013 and it is assumed to be constant up to the end of the year. Meanwhile, standard
deviation of stock is measured by calculating the standard deviation of a series of historical
(daily) stock price of the stock underlying call and put options.
Table 1
Descriptive Exercise
Statistics
Price
Mean
26.03
Median
25.75
Std Dev
14.62
No. Obs
8,064
Source: Output of SPSS
Stock
Price
26.00
25.43
14.56
8,064
Standard
Deviation
36.65
32.75
12.46
8,064
Time to
Expiration
0.12
0.14
0.07
8,064
Risk-Free
Rate
3.00
3.00
0.00
8,064
Theoretically speaking, single step binomial model results in different option value
with Black-Scholes-Merton (BSM). Larger steps of discrete timing model (binomial model)
normally result in (roughly) the same option value as the continuous timing model (BSM) 6.
Therefore, Hi a is expected to be accepted while Hib is expected to be rejected7.
6 In discrete timing, compounding $1 with 10 per cent of interest rate paid once a year will result in $1.1
[1 (1+.1)1 = 1.1]. In contrast, continuous timing will result in $1.11 [e01 =1.105171, rounded to 1.11].
Meanwhile, larger steps of discrete timing would result in the same value as the continuous timing model.
For example compounding $1 with 10 per cent of interest rate paid 100 times a year would result in $1.11
[1 (1+(. 1/100)100) = 1.105116 rounded to 1.11]. By trial and error, larger step is started from 100 steps and
the steps may be more than 100 until the option value resulted from discrete model is the same as produced
by continuous model.
7 First Hypothesis:
H0a: ^single-step binomial = ^bsm
Second Hypothesis:
H
0b:
^multiple-steps binomial = ^bsm
diunduh dari:
Table 2
Option Value Using Binomial Model and Black-Scholes-Merton Model
Call Option
Put Option
Statistics
Binomial
BSM
Binomial
BSM
Single Step
Mean
Standard Deviation
Correlation
P-Value
N
Multiple Steps
Mean
Standard Deviation
Correlation
P-Value
N
Source: Output SPSS
1.0728
0.69287
0.724
0.000
8,064
0.9565
0.67966
1.1386
0.9565
0.752
0.000
8,064
0.8819
0.57966
0.9819
0.68742
0.997
0.513
8,064
0.9565
0.67966
0.8922
0.59021
0.996
0.355
8,064
0.8819
0.57966
Table 2 above summarizes important findings regarding the first two hypotheses
testing. Paired-samples t-test of two competing models (single step binomial model and
Black-Scholes-Merton model) has p-value of 0.000 suggesting that Hp a is rejected for call
option and put option. This implies that the value of call and put option is statistically
different between single step binomial model and Black-Scholes-Merton model. In contrast,
the other paired-samples t-test of two competing models has p-value of 0.513 and 0.355
suggesting that H0b is accepted for call option and put option. This implies that the value of
call and put option is statistically not different between binomial model with multiple steps
and Black-Scholes-Merton model. In addition, correlation between two competing models is
higher for multiple steps and consistent for call and put options.
Meanwhile, Table 3 below summarizes other important finding regarding the last
hypothesis testing. Paired-samples t-test of two competing models (multiple steps-binomial
model and Black-Scholes-Merton model) has p-value of 0.000 suggesting that H0 is rejected
for call option and put option .
H1a: ^single-step binomial ^ ^bsm
H
1b:
^multiple-steps binomial ^ ^bsm
diunduh dari:
7 Third Hypothesis:
H :
0 ^theoretical value of option = ^market
price of option
H :
1 % theoretical value of option ^ ^market
price of option
Table 3
Arbitrage Profit Potential
Call Option
Statistics
Theoretical
Market
Value
Price
Binomial Model (Multiple Steps)
Mean
0.9819
Standard Deviation
0.68742
Correlation
0.794
P-Value
0.000
N
8,064
Black-Scholes-Merton Model
Mean
0.9565
Standard Deviation
0.67966
Correlation
0.796
P-Value
0.000
N
8,064
Source: Output SPSS
Put Option
Theoretical
Market Price
Value
0.9447
0.67467
0.8922
0.59021
0.788
0.000
8,064
0.8751
0.57712
0.9447
0.67467
0.8819
0.57966
0.786
0.000
8,064
0.8751
0.57712
This finding implies that the value of call and put options is statistically different with
their market prices meaning that both visual and statistical difference between option value
and option market price indicates mispricing that may lead to arbitrage profit potential in
option trading.
Research Implications
The first finding points out that single-step binomial model and Black-ScholesMerton model result in different theoretical value of call and put option. Consequently, there
are two possibilities of mispricing. Further investigation with multiple steps suggests that
larger steps are able to converge the theoretical value resulted from these two models.
Theoretical value of call and put options resulted from multiple steps-binomial model is
statistically indifferent with that of Black-Scholes-Merton model (average of 325.46 steps).
Consequently, there is now only one possibility of mispricing. Another implication from this
finding is that option traders are indifferent in using either multiple-steps-binomial model or
Black-Scholes-Merton model to determine theoretical value of options.
If it is true that there is mispricing potential from the use of either multiple stepsbinomial model or Black-Scholes-Merton model, then traders may obtain arbitrage profit
diunduh dari:
from this mispricing (Beder, 1992). The last hypothesis testing shows that option market
price and option theoretical value resulted from multiple-steps-binomial model and BlackScholes-Merton model are different both visually and statistically. This once again implies
that traders may gain arbitrage profit from the mispricing, which is the difference between
market price and theoretical value of options (Billingsley, 2006).
It is important to note that even though statistically speaking there is arbitrage profit
potential from mispricing, desirable level of arbitrage profit may not come true. Even in
many cases traders suffer from arbitrage loss. In practice, bid-ask spread, transaction costs,
and weaknesses from theoretical model assumptions contribute to the arbitrage profit
barriers.
VI. CONCLUDING REMARKS
Binomial model and Black-Scholes-Merton model use different approach in valuing
options. Binomial model uses discrete timing while Black-Scholes-Merton model uses
continuous timing. Binomial model and Black-Scholes-Merton model result in different value
of a stock option however they will result in the same value when larger steps (average of
325.46 steps) are applied in binomial model. In addition, paired sample t-test shows that
arbitrage profit exists by using both larger step of binomial model and Black-Scholes-Merton
model. These findings indicate that mispricing in stock options leads to arbitrage profit
potential. Further research may assume that call and put options in Australia are American
options that can be exercised at any time and the underlying stocks are paying dividend.
Consistency of the result can be seen if further research applies those two assumptions.
REFERENCES
Arditti, F.D. (1996), Derivatives: A Comprehensive Resource for Options, Futures, Interest
Rate Swaps, and Mortgage Securities, Boston: Harvard Business School Press.
Barone-Adesi, G., and Whaley, R.E. (1987), "Efficient Analytic Approximation of American
Option Values", The Journal of Finance, 42, June: 301-320.
Baxter, Martin, and Rennie. (1996), Financial Calculus, Cambridge University Press,
Cambridge, UK.
Beder, T.S. (1992), "Equity Derivatives for Investors", The Journal of Financial
Engineering, 1, September: 174-195.
Billingsley, R.S. (2006), Understanding Arbitrage., Upper Saddler River, NJ: Wharton
School Publishing.
Black, F. (1975), "Fact and Fantasy in the Use of Options"., Financial Analysts Journal, 31,
July-August: 36-41, 61-72.
Black, F. (1989), "How We Come Up with the Option Formula"., Journal of Portfolio
Management, 15, Winter, 4-8.
Boyle, P and Boyle, F. (2001), Derivatives: The Tools That Changed Finance, Risk Books,
London.
Chance, DM and Brooks, R. (2007), An Introduction to Derivatives and Risk Management,
diunduh dari:
Thomson South-Western, Canada.
Chris, N. (1997), Black-Scholes and Beyond: Option Pricing Model, Irwin Professional
Publishing, Chicago, USA.
Nawalkha, SK and Chambers, DR. (1995), "The Binomial Model and Risk Neutrality: Some
Important Details", The Financial Review, 605-618
diunduh dari:
I. INTRODUCTION
Likewise other derivative products, option is an agreement between a buyer and a seller
that a buyer has rights to buy or sell an underlying asset at the pre-determined specified time
and price in the future. The buyer of call options will have rights to buy while the buyer of
put options will have rights to sell an underlying asset. Option is a derivative product because
its price is derived from the underlying asset.
Derivative market has become very popular because the products can be used to
manage investment risk (Arditti, 1996). Risk management does not necessarily mean to lower
risk level but it can also be used to increase the risk up to certain level at which expected
return indicates the willingness and ability to take the higher risk (Chance and Brooks, 2007).
Risk management by using call and put options makes it possible for investment to receive
downside protection and enjoy unlimited upside potential. In addition, purchasing call option
of BHP Billiton, for example, enables investors to save more by executing their rights to
purchase BHP Billiton stocks when the call option is in-the-money (the stock price of BHP
Billiton at the call option's expiration date is higher than the call option's strike price).
Therefore, options can be considered as an interesting investment product as well as risk
management product. (Boyle and Boyle 2001).
Call and put option valuation can be done by binomial model and Black-ScholesMerton model. Binomial model uses discrete timing while Black-Scholes-Merton model uses
continuous timing (Chance and Brooks, 2007; Black, 1975). Discrete and continuous timing
models may result in different option value, however large step discrete model may result in
the same value as the continuous model.
1 at-the-money for stock call and put options is when share price equals to exercise price
2
deep-in-the-money for stock call options is when share price extremely exceeds
exercise
price
while
deepin-the money for stock put options is when exercise price extremely exceeds share price
diunduh dari:
INCREASING COMPETITIVENESS THROUGH HUMAN RESOURCES COMPETENCY
IMPROVING COMPETENCY AT CREATIVE INDUSTRY BASED ON LOCAL
MATERIALS (Case Study at the Handicraft Industry in Bandung)
By Suryana, Rofi Rofaida, and Ayu Krishna*)
[email protected], [email protected] and [email protected]
Management Program Study, Faculty of Economics Education and Business
Indonesian Education University, Bandung –Java Indonesia
INTRODUCTION
The national statistic agency (BPS) stated that Indonesia in 2013, have received contribution
to its GDP from the creative economic sector amounted to 641,815.4 billion Rupiah of total
9,109,129.4 billion Rupiah. This puts the contribution of the creative economy sector ranked
seventh of 10 economic sectors with the percentage reaching 7.05%. Creative economy sector
increased 10.9% in 2012, it contribute 578,760.6 billion Rupiah. Figure 1 below shows rising
numbers of national income from creative economy sector from 2011 to 2013 (Figure 1).
Source: National StatisticAgency (BPS) 2013
Figure 1. National Income From Creative Economy Sector
The creative economy is viewed per sub sector, the handicraft industry has an
important role in employment proven by Labour Participation Rate as the main indicator.
Labour Participation Rate highest contributors are from the Fashion industry at 51.98%,
followed by the handicraft industry in ranked second, namely 33.43%. (Ministry of Industry,
2011) Handicraft industry development policy and priority is using local raw materials.
Creative Economy Development Plan 2009 - 2015 prepared by the Ministry of Industry and
Trade (2008), has five development goals, including the importance of availability and
diunduh dari:
distribution of raw materials as well as industry’s capability to have local identity. Creative
industry based on local raw materials is a priority in national industry development.
The past research showed that most large economic activity in the region comes from
an industry that has raw materials originating from within the region itself. Industries that do
not depend on imported raw materials have high levels of production stability and high
business continuity. This industry is considered to be able to provide significant economic
impact for businesses, communities and also other relevant stakeholders. Viewing and
considering the strategic role of the handicraft industry, the study will focus on that type of
industry.
One of the handicraft industry centres is located in West Java, at the Bandung Regency.
Results of research conducted by Suryana, et al (2009) identified several obstacles that the
industry faces as follow:
1. No clear road map of potential business in the region. Data mapping business potential and
economic value of the creative industries is scarce, so that the regional policy have not
touched the sector. Regional development strategy appears to run independently and do
not take priority to the aspects of development that must be done to increase handicraft
industry potential.
2. The handicraft industry is consisted of many SMEs with limited access, both technological
and financial, resulting in poor quality of product. Weak in product design, less creative,
work ethic and low productivity, lack of understanding of production management and
business impact on several unsuccessful increase business capacity. Judging from the
marketing capability, only a few companies has a business networking strategy.
Based on the background statements, the formulation of research problem statements are:
1. what human resources competency does the industry have (mapping of competency) and
what is the overview of entrepreneurial behaviour in the handicraft industry based on local
raw materials; 2. what is the strategy to increase the competency of human resources in the
industry. Therefore the research objective are to: obtain a mapping competence human
resources and an overview of entrepreneurial behaviour in the craft industry based on local
raw materials in Bandung, and describe what is the strategy to increase the competency of
human resources in the industry.
LITERATURE REVIEW
The presidential decree Number 28/2008 defines the creative industry is an industry
that combines creativity to generate wealth and employment. Product called commercial
product, namely creative goods and services. Characteristic of the creative industries is the
strategic role of human beings through the creativity, skill, and talent. To explore the
economic potential through creative industries as above needed a place, person, group creative
work, business and organization, and creative cluster. Richard Barringer (2004) in his book
"The Creative Economy in Maine", describing it in the form of "Creative Communities" as
follows:
diunduh dari:
Creative
Creative
Workforce
Cluster
Businesses
and
Organization
People
Places
Source: Richard Barringer, et al (2004)
Figure 2 Creative Community
Figure 2 is known that from the beginning the creative community organizations /
companies. Included in the aspects within the organization are: (1) the structure of the
business, including: the type of product, the scale of business, and organizational structure,
(2). Business performance, such as: performance, production, marketing, and finance. The
next factor is the community people/human resources. Human resource factors related to
organizational behaviour of leaders in conducting business activities, such as product design
planning, determination of product variety, and quality control. The place in this model is the
business environment. Creative Workforce is an employee/labourer. Creative labour is the
basic ingredient /principal of a creative industry.
According to Kotler (2012) competitive advantage is an advantage over competitors
gained by offering consumer the greatest value than what the competitors offer. Competitive
advantage is obtained when companies produce products that have value for customers higher
than the value of being offered by competitors' products. Increased capacity allows enterprise
organizations to implement a variety of functions and optimal manner providing products
with higher value than the competitors. Implementation of appropriate strategies competitive
advantage will result in superior customer value in the form of lower relative or unique cost
benefits (Porter, 2002). Furthermore, superior customer value will increase the satisfaction of
target markets that are likely to give a positive response in the form of more and more
customers are using the product as well as loyal to the company, because the higher the value
(value) of the product compared with the value obtained from competitors' products, so that
the results end for the company is a competitive advantage. In order to achieve competitive
advantage in the handicraft industry, priority must be given to the human resources in the
organization.
Competence encompasses an individual's technical and interpersonal knowledge and
skills (Robbins,2012). Competence is the knowledge and skills of individuals in technical and
interpersonal. A competency is an underlying individual characteristics on that are causally
related to criterion referenced effective and / or superior performance in a job or situation
(Spencer and Spencer, 2003). Competence relates to the basic characteristics of depressed
diunduh dari:
individuals associated with effective performance standards and or superior. The IRS
Handbook on Competencies: Law and Practice (2001), divides competences into two, namely:
technical competencies, often referred to as a hard competencies or job related competencies,
in example: knowledge (knowledge) and skills (skills) and behavioural competencies, often
called soft competencies, is competence determined by the behaviour or mental attitude.
From the three definitions above, it can be concluded that competence is the
characteristic form of knowledge, skills, and personality affect performance. One model of
competency accepted by both academic and practitioner sectors are competency model
proposed by Spencer and Spencer (2003). The model contained in Figure 3 below.
trait,
motive
Self concept
Attitudes
value
Knowledge
skill
Source: Spencer and Spencer, 2003, Competence at Work: Models for Superior Performance
Figure 3. Model of Competence
Spencer and Spencer (2003) states there are five characteristics of competence: motive
(motive)., Consistently is what drives (motivates people to do something), trait, and physical
characteristics that are consistent reaction to what is happening in the environment, selfconcept is how value yourself, how the individual perceives himself, knowledge, information
owned by someone about something; and the last is skills, which are the ability to carry out
the lever-physical and mental tasks.
Knowledge and skills tend to be more visible and relatively easy to develop through
training programs. Motives and traits are on the circle in the middle is a factor that is hidden
so difficult to be assessed and developed. The latter is the concept of self, being in the midst of
the circle, it means attitudes, values and self worth and can be changed through psychotherapy
training or experience a positive development, although it requires a long period of time.
The success of the strategy of increasing the competence of human resources
determined by the role of government, universities /academia, industry-and the community.
They play their respective roles and work together. This concept is known as the Quadruple
Helix. Quadruple Helix concept appears to incorporate aspects that do not exist in a triple
helix concept that aspects is community. Quadruple Helix considers it important aspect of the
community (community) to develop a model of creativity and innovation. Han Woo Park
(2014) describes the concept of Quadruple Helix as follows: Triple Helix focuses on top-
diunduh dari:
down government, university and industry policies and practices whereas the Quadruple Helix
both focuses on top-down government, university and industry policies and practices as well
as bottom-up and mid-level out grass-roots civil society initiatives and other actions that help
better shape, fine-tune and the make more effective and efficient the government, university
and industry policies and practices (Han Woo Park, 2014)
RESEARCH METHODS
The method used is survey and explanatory method. Observations using time coverage
"one shoot" /cross sectional. The data were analyse descriptively. Sampling was done by
purposive sampling method. The respondents selected with several characteristics: (1). craft
industry businesses based local raw materials, (2). know clearly about the variables studied.
Qualitative research typically uses non-probability sampling (including purposive sampling)
(Arikunto 2010: Riduwan, 2010). In this study, the sample size was 30 Handicraft Companies.
The research variables and sub variables are as follows:
1. Competence of human resources: technical competencies, often referred to as a hard
competencies or job related competencies, in example knowledge and skills. Behavioural
competencies, often called soft competencies, is competence determined by the behaviour or
mental attitude: motivation.
2. Design/product design business practices: Operational standards-setting production
processes, Human Resources management strategy, sustainable business development
strategies, Innovation, Creativity and Marketing strategy
3. Factors driving and inhibiting development of business capacity: Identify factors driving
and inhibition for entrepreneurial capacity.
In line with the objectives of this study used descriptive analysis techniques, with the
following stages:
1. Develop Data, carried out to check the completeness of the respondent's identity and
the completeness of filling out the questionnaire
2. Data Tabulation, performed to classify data based on indicators
3. Mapping the current competencies (existing condition) craft industry based on local
raw materials: competence of human resources: technical and behavioural competency,
Entrepreneurial behaviour, Interpretation and descriptive analysis
4. Perform the identification and analysis of factors driving and inhibiting development
of competence as well as critical success factors. The data is processed and presented
in the form of a frequency distribution, cross tabulation, presented by the similarity of
characteristics or compared to understand the phenomenon, or treated to be easily used
for descriptive analysis processing
RESEARCH OUTPUT
Figure 4 shows that the competence of entrepreneurs in the handicraft industry
Bandung District mostly included in the medium category, namely with a percentage of
48.71%. Amounting to 35.04% rated and undervalued by 16:23%. Based on the above
statement, it can be concluded that the potential of human resources in the handicraft industry
diunduh dari:
of the indicators of competency rated moderate, there are competencies that are not owned
craft industry entrepreneurs in business. Competency of entrepreneurs craft industry is
competency in understanding the desire and meet customer satisfaction by producing the
goods according to consumer demand, meaning that consumers can provide or apply models,
shapes, images and colors to taste. Competence in maintaining and building relationships with
customers and business partners by providing good service, special rates on the sale of
products and conduct on going communication in the product offering. Confidence in
completing the work, done to keep providing the best service to complete the
production/orders on time with good quality products. The description of Human Resources
competencies in the handicraft industry in Bandung can be seen in Figure 4.
Pe
rc
en
ta
ge
of
Re
sp
on
de
nt
s
High
Medium
Low
Competence Rate
Source: primary data, in 2013, processed
Figure 4 Competence Human Resources at the Handicraft Industry
While there are still many core competencies that are not possessed by the
entrepreneur and should be improved is the standard of competence in determining the work,
the competence to make changes to the system and method of determining the standard of
work, competence in following the development of information, competence in promoting
products, competence in giving instructions about the work to employees, competence in
managing the working groups, competence in controlling stress at work. Technical
competences in the field of work, and competence in identifying and formulating solutions to
problems.
Human Relations motivation description on the handicraft industry in Bandung can be
seen in Figure 5
Pe
rce
nt
ag
e
of
Re
sp
on
de
nts
High
Medium
Low
Motivation Level
diunduh dari:
Figure 5. Motivation of Human Resources at the Handicraft Industry
From Figure 5 it can be seen that the motivation of entrepreneurs in the handicraft
industry Bandung Regency is rated high about 64.19%, and about 35.80% has medium
motivation. Based on the survey, the motivation of human resources in the handicraft industry
is considered high. Motivation is viewed from the level of desire for passion in the work,
develop products with competitive advantage, finishing production targets on schedule, direct
employees to work well, be a good example for employees, communicate and collaborate
effectively with the employees. However there are still some things that need to be improved
in relations to motivation of entrepreneurs, which are motivation to produce a quality product
and establish cooperation with other companies to increase business success.
After viewing the motivation of entrepreneurs, the study also examined their behaviour
in designing products at handicraft industry in Bandung can be seen in Figure 6.
A
ns
w
er
No
Sometimes
Yes
Percentage of Respondents
Figure 6. Behaviour of Entrepreneurs at Handicraft Industry in Product Design
Based on Figure 6 above it can be concluded that the majority of respondents (51.02%)
have the intellectual behaviour in designing the product. But in a large enough percentage is
32.65% only occasionally do the designing product. Indicator is positive is the idea of search
technology product design (in example through the Internet, mass media, etc.), product design
refers to the local culture, imitate design of products that are already on the market, and design
shape of the product in the form of images. However, entrepreneurs scored lower on products
appearance with unique characteristics, develop new product design never been offered by
competitors, and the product has the characteristic (packaging, variations) compared to its
competitors. No entrepreneurs from the survey are able to design a unique product that is
different from their competitors. The distinctive feature can be in the shape of the product or
diunduh dari:
in the packaging. They tend to imitate existing products by using an image pattern or imitate
the product’s shape directly.
Description of entrepreneurs’ behaviour in the process of production on handicraft
industry in Bandung can be seen in Figure 7.
Res
pon
den
ts
Ans
wer
No
Sometimes
Yes
Figure 7. Behaviour Production Process
Based on the above statement it can be concluded that most respondents answered
"YES" on the behaviour indicators of human intellectual production process. This can be
viewed from the respondents’ ability to manage the raw materials range from how to obtain
the raw materials to processing raw materials. Weakness in the aspect of the production
process is not all handicrafts industry that has a clear stage of production and quality standards
of raw, resulting in the absence of quality standards to be met and quality control are weak. If
the handicraft industry will expand market coverage to the national level and export
orientation, of course aspects of quality control should get priority. Optimizing the use of
appropriate machinery needs to be improved so that an advanced production process
optimized and quality standards are met.
Human resources management of behavioural indicators that gives value is the
availability of an experienced workforce and wages were relatively competitive standards
diunduh dari:
among companies engaged in handicraft industry. Experienced workforce would be very
important but other indicators is the availability of technical training still considered to be
inadequate. Competencies are extremely dependent on work experience are often correlated
with trial and error. Certainly their competence must be supported by clear technical ability,
which can be obtained through training. Wage is relatively competitive. The wage structure is
in the form of variable wage that the employee will be rewarded according to the number of
units produced. Field survey shows there are still many industries that do not use the
principles of human resource management.
The description of business development at handicraft industry in Bandung can be seen
in Figure 8.
Res
pon
No
den
ts
Ans Sometimes
wer
Yes
Figure 8. Entrepreneurs behaviour on Business Development
Most respondents have intellectual behaviour as part of sustainable business
development indicator. This can be seen from the products developed sufficiently and have
been long favored by consumers. This means there handicraft industry products are produced
continuously and taken into account the market demand for such products. However, business
development of entrepreneurs that need to be improved are awareness and optimizing design
of products, also registration. This is because there is no handicraft SME in Bandung which
has the characteristic that meet the registration requirement. There is high potential for
business growth and further development, because entrepreneurs have high motivation to
develop products. This opportunity is also possible to include the cooperation/collaboration
between companies, universities, communities and research institutions to improve business.
diunduh dari:
The survey result on marketing strategy in the handicraft industry in Bandung can be
seen in Figure 9.
Re
sp
on
de
nt
s
An
sw
er
No
Sometime
s
Yes
Source: Primary Data, in 2013, processed
Figure 9. Marketing Strategy
Based on Figure 9 above it can be concluded that the majority of respondents have an
intellectual behaviour related to marketing strategy. This can be seen from the marketing of
products made directly or through an intermediary to make the products can survive in the
market, conduct an extensive network in the business, as well as the marketing of products
carried out districts. But the products have not been marketed outside the province let alone
distributed nationally. This is with the exception of the doll industry, which has been able to
be marketed nationally. When examining the industry, there are push factors in the
development of Handicraft Industry. Driving factor in the handicraft industry can be identified
as follows:
1. Human factors, is the driving factor is the high motivation and competence in running
the business.
2. Production factors, the driving factor is the ability to manage raw materials, ease and
availability of raw materials, and actively search product design in the form of pictures
and few entrepreneurs utilize the internet as a source of design. Another factor is the
relatively stable level of production and the ability to meet consumer demand.
3. Marketing factors, are marketing of products made directly or through an
intermediary so the products can be absorbed by the market, conduct an extensive
network in the business, as well as product marketing carried out districts. Distribution
channels are owned directly and indirectly (via intermediaries). Channel direct
marketing is done by trading directly with consumers while indirect marketing
channels, product marketing is done through intermediaries.
4. Financial factors: handicraft industry largely use their own capital without any help
from the government or private parties. The capital is issued in private capital and the
capital of the family, this is done in the craft industry entrepreneurs Bandung Regency
to simplify the process of financial management is not too much involved many
diunduh dari:
people. Aspects of profit is also considered to have good performance because they are
able to meet the needs of family life.
Based on the above statement can be concluded that the human factor constraints to be
a problem in the handicraft business. Experienced workforce would be very important but
other indicators that the availability of technical training is still considered inadequate.
Competencies are extremely dependent on work experience are often correlated with trial and
error. Certainly their competence must be supported by clear technical ability, which can be
obtained through training. Wage is relatively competitive but 100% wage structures are
variable. This means that the employee will be rewarded according to the number of units
produced. Employee loyalty is still considered low because their status is not permanent
employees, employed only if there is production only. Observing from the handicraft
enterprise Human Resources management, there are still many industries that do not use the
principles of human resource management.
The survey results identify the marketing aspect, the problem is that the lack of
promotion carried out as an online promotion does not, this happens because of the limited
knowledge of businesses in following the progress of technology. Lack of information about
the market is also an obstacle. Obstacles in marketing the product are due to the difficulty of
obtaining information on production technology and market information. Most of the product
have not been sold outside the province, except for the doll industry.
Obstacles in the aspect of the production process is not all handicraft industry has a clear
stages of production and raw quality standards, resulting in the absence of quality standards to
be met and quality control are weak. If the craft industry will expand market coverage to the
national level and export orientation, of course aspects of quality control should get priority.
Optimizing the use of appropriate machinery needs to be improved in order to be optimal
production processes and quality standards are met. The next obstacle is the ease of access to
information on the production technology.
Due to the high potential of the industry’s growth based on raw materials, the need to
increase and improve of the quality of SMEs, entrepreneurs, labour, competence, business
structure, modernization, behavioural intellectual capital, and relatively less optimum
performance of the company. To overcome the various obstacles strategic steps that can be
done is increasing in financial resources, intellectual training, and facilitate training to increase
the added value.
The handicraft industry based local raw materials key success factors are Human
Resources (entrepreneurs), the indispensable development of sustainable and continuous
production process from the start of business inputs, process, and marketing from the point of
sale.
Some action plan that can be done to overcome the obstacles are:
a. Improve the competence of personnel in facilitating the development of cooperatives, small
and medium businesses, industry and trade.
b. Improve the quality of institutions, organizations and cooperative management in
accordance with his identity.
c. Improve the ability of capital accumulation itself and strengthen the capital structure of
cooperatives and SMEs.
diunduh dari:
d. Create a business climate that is conducive to the empowerment of cooperatives and small
and medium businesses.
e. Increase marketing capacity of SME products for industrial and commercial sector.
f. GDP increase through the growth of industry and trade.
g. Increase trade in goods and services that are supported by a business climate conducive to
accelerate the pace of sustainable regional economic growth.
h. Develop infrastructure for traditional market places as the retailer for handicraft product.
CONCLUSIONS
Based on the results of studies conducted at the handicraft industry in Bandung regency, it can
be concluded:
1. Study result of Human Resources competencies showed high growth potential for
example the number of SMEs, entrepreneurs, labourer and business volume continued
to increase since 2006-2008, the high motivation of industrial human resources,
business structure is still simple, the behaviour of intellectual capital is evenly
distributed, the quality and performance of human resources can still be improved.
2. There are several factors inhibiting and driving an increase capacity of entrepreneurs
and business success handicraft industry based on local raw materials: mechanisms of
credit loans, the help of technology, technical knowledge and management training,
and marketing assistance products. Incentives include motivation, availability of raw
materials, their attitude is open to innovation.
3. There are several strategies that proclaimed improvement craft industry: a) increase the
competence of personnel, b) facilitate the development of cooperatives, small and
medium businesses, industry and trade, c) improve the quality of institutions,
organizations and cooperative management, d) increase the ability of its own capital
accumulation and strengthen the capital structure of cooperatives and SMEs, e) create
a business climate that is conducive to the empowerment of cooperatives and small and
medium enterprises, f) increase the capacity SME product marketing and trade and
industry sector, g) develop infrastructure in a sustainable traditional markets.
4. Due to the potential for industrial development of local craft-based raw materials are
very high, the need for attention to the promotion and improvement of the quality of
SMEs, entrepreneurs, labour, competence, business structure, modernization of the
business process, the behaviour of intellectual capital, and relatively less optimum
performance of the company.
REFERENCES
Arikunto, Suharsimi, 2010, Research Procedure Practical Approach, Publisher Rineka Cipta
Han Woo Park, 2014, Transition from the Triple Helix to N-Tuple Helices?An interview with
Elias G. Carayannis and David F. J. Campbell, Journal Scientometrics, 2014, Vol 99.(ss 1,
April 2014 pages 203-207
Industry and Trade Department,(2008) Creative Economy Development Plan 2009 – 2015
diunduh dari:
Industry Ministry report 2011, Jakarta
Kotler, Philip, 2012, Marketing Management, Salemba Empat, Jakarta
National Statistic Agency, 2013, Data of Economy ,Jakarta
Porter, Michael E, 2002, Competive Advantage, Erlangga Publisher, Jakarta
Presidential Decree No. 28/2008
Richard Barringer, 2004 , The Creative Economy in Maine.
Riduwan, 2010, Method and Writing Thesis, Alfabeta Publisher, Bandung
Robbin, Stephen P, 2010, Organizational Behavior. Jakarta: PT INDEKS Kelompok
Gramedia
Spencer and Spencer, 2003, p.24, Competence at Work: Model for Superior Performance,
John Wiley and Sons, Inc, New York
Suryana, 2009, Value Chain Analysis on Creative Industry at Rural Areas Stranas Research
Report- Universitas Pendidikan Indonesia
The IRS Handbook on Competencies ,2001: Law and Practice.
diunduh dari:
THE IMPORTANCE OF UNDERSTANDING MACROECONOMIC VARIABLES IN
THE ANALYSIS OF IHSG IN INCONESIA
(IHGS CASE STUDY OF 2003-2014 PERIOD)
AMELIA*
RONALD
Management Department
Universitas Pelita Harapan Surabaya
Jl. Jend. A. Yani 288, Surabaya 60234 Indonesia
Telp. +62 31 5825 5409. Fax. +62 31 5825 1020
[email protected]
INTRODUCTION
Capital markets have an important role in the economy of a country because capital
markets performed one function. That function is as a means of funding for business or as a
means for companies to obtain funds from investors or investor (Witjaksono, 2010).
According to Novianto (2010), the capital market is one means of driving the economy
of a country. The stock market is a means of capital formation and accumulation of long-term
funds which were directed to increase community participation in the mobilization of funds in
order to support national development financing. Thus, the capital markets is also a
representation to assess the condition of the company in a country, because almost every
industry in a country represented by the capital markets. If the stock market experienced an
increase (bullish) or decreasing (bearish), it can be seen from the rise and the fall of stock
prices is recorded and reflected through a movement of the index or Composite Stock Price
Index (CSPI)/ Indeks Harga Saham Gabungan (IHSG). IHSG is the value used to measure the
combined performance of all shares (companies / issuers) and it is listed on the Indonesia
Stock Exchange or Bursa Efek Indonesia (BEI).
Before making an investment, each investor require relevant information to make
profitable investment decisions, including information on macro-economic factors that can
affect the performance of the stock. Therefore, prospective investors should know the
condition and prospects of companies which sell their securities to avoid losses as well as any
investment. Investors and prospective investors can estimate how the level of expected return
(expected return) and how far the possibility of future actual results will deviate from the
expected results. If the investment opportunity has a higher level of risk, then the investor will
also imply a higher level of benefits as well. This means, the higher the risk the higher the rate
of profit (return) that can be hinted by the investor (Jogiyanto, 2008)
diunduh dari:
According to Khan (2012), it stated share prices are influenced by many external and
internal factors. Thus, there are two things that are interesting to observe in stock trading on
the stock exchange. Firstly, the stock prices or stock returns and stock liquidity (trading
volume and trading frequency) (Copeland and Conroy et al, 1990). Secondly it is a measure
for the performance of a stock. Many things can affect the rise and fall of stock performance,
one of them is the macro-economic factors such as inflation, exchange rates and interest rates
(Tirapat and Nitayagasetwat, 1999).
Khan (2012) stated that share prices act as an important economic indicator in
economic activities. One index that is considered by investors when they want to invest in the
Indonesia Stock Exchange is the Composite Stock Price Index (CSPI). This is due to the
movement or change in IHSG may reflect the development of the company or the industry of
a country. Even it is considered as a fundamental change of a country. Amin (2012) says that
the price of stocks is not always fixed and the stock price fluctuations depends on the strength
of demand and supply. In the capital market, stock price fluctuations makes it an interesting
fenomana among investors. In the other hand, increases and decreases in share prices could
occur because of fundamental factors, psychological factors, and external factors. However,
the macro variables are variables that can give a major influence on the stock market. Thhis is
because the movement of the macro variables shows the movement of a country's economy.
LITERATURE REVIEW
A.
Capital Markets
Tandelilin (2001) suggested that the capital market is a meeting place between those who
have surplus funds and those in need of funds by trading in securities. In a different definition,
Anoraga (1995) said that the capital market is a market (in a form of the buildings) are
prepared to trade stocks, bonds, and other types of securities, using the services of the
brokerage.
B. Macroeconomics
Reksoprayitno (1979) outlines that the macro economy is a part of economic science that
specifically study the mechanism of the process of the economy as a whole. Case and Fair
(1999) explains that macroeconomics is not focusing on the factors that influence the
production of certain products and the behavior of each industry. But the science of microeconomics studies the functions of each industry and the behavior of each unit decisionmaking. In other words, microeconomics discuss individual decision of each industry, while
the science of economics are discussed in the aggregate of individual decisions, such as the
consumption of all households in the economy, the amount of labor supplied and demanded by
all individuals and companies, as well as the sum of all goods and services produced is the
science of macroeconomics.
diunduh dari:
C.
Stock Price
Stock is one investment instrument that has been chosen by many investors. According to
Tandelilin (2010), stock is a certificate that shows proof of ownership of the company.
According to Zubir (2011), the stock is a certificate of proof of ownership of a company in
which shareholders are entitled to a profit from the corporation, called the dividend, and also
bear the risk when the company suffered losses. Moreover, stock is also defined as a sign of
ownership of an individual or party (entity) within a company or limited liability company. By
including the capital, then, a party has a claim on the company's earnings, claims on assets of
the company, and is entitled to attend the General Meeting of Shareholders/ Rapat Umum
Pemegang Saham (RUPS).
D. IHSG
Stock price index is a record of the changes as well as the movement of the stock price
since it was first circulated until a certain time period. Changes in stock prices every trading
day will form the stock price index. The index number will be made so that it can be used to
measure the performanc of stcok listed on the stock exchange, where the market return and
risk is calculated. Return portfolio is expected to increase if the stock price index tends to rise,
and vice versa, the return decrease if the stock price index tends to decrease (Sunariyah,
2000).
E.
Interest Rate of Bank Indonesia
The interest rate is the ratio of return on investment as a form of compensation granted to
the investor (Suad Husnan, 1999). The determination of the interest rate is influenced by two
factors (Sunariyah, 2000), namely: (1) offers savings, and (2) capital investment demand,
especially the business sector. Where high interest rates would encourage people to save and
invest excess funds in deposits than in general consumption. In this study, the interest rate
used is the interest rate on the rupiah period deposits owned banks, since this study started
from 2003. Thus, the new rate has just applied officially as the benchmark interest rate in
Indonesia starting from July 5, 2005. The interest rate on the government bank deposits
indirectly becomes the provisions and the policy of Bank Indonesia policy.
Suyanto (2007) conducted a study on the influence of interest rates to the stock returns
property sector listed on the Jakarta Stock Exchange from 2001-2005 period. It was found a
significant negative effect on stock return rate. Low interest rates cause lowered the cost of
debt. If interest expense decreased, profit will increase and EPS will increase which caused the
stock price to rise. The hypotheses:
H1: Bank Indonesia interest rate negatively affect the IHSG.
diunduh dari:
F. Exchange Rates
Dornbusch et al (2008) describes the exchange rate is the price of foreign currency.
The increase in the exchange rate of the domestic currency on the foreign currency is called
appreciation. Conversely, decrease in the exchange rate of the domestic currency on the
foreign currency is called depreciation. In this study, the exchange rate used is the value of the
rupiah against the US dollar from 2003 until 2014.
Kewal (2012) also conducted research on the effect of the exchange rate against IHSG.
The research proves the exchange rate significant negative effect on the IHSG. The
hypotheses:
H2: The exchange rate negatively affects IHSG.
G. Export
According to the Case and Fair (2004, p. 31) explains that export is the sale of goods and
services produced in the country abroad. Exports are important part of international trade.
Export is the process of moving goods and commodities from one country to another country
legally, generally in the trade process. In the export process, generally, it is an effort to
transport goods and commodities from the country to be placed into another country. This
study used the data of Indonesian exports both oil and non-oil commondities obtained from
Central Statistical Agencies from 2003 to 2014.
Soydemir (2000) stated if there are two countries that export to other countries, then, the
market shares of both countries have interdependent price patterns and it will affect the market
shares of both countries. Tus, the following hypothesis is proposed:
H3: Exports has a positive effect on IHSG.
H. Import
According to the Case and Fair (2004), it explained that a country's imports are purchasing
goods and services from abroad. Import an important part in international trade. Imports are
the process of moving goods and commodities from outside the country to a country legally,
generally occurs in the trading process. This study used data from Indonesian imports, both oil
and non-oil commondities obtained from Indonesian Central Statistical Agency from 2003
through 2014.
Karolyi and Stulz (1996) found that there is a positive effect of imports on stock prices in
countries that conduct international cooperations with a focus on American and Japanese
markets. Thus, the following hypothesis is proposed:
H4: Import has a positive effect on IHSG.
I. World Gold Price
Gold is one form of risk-free investments tend to be risk free (Sunariyah, 2006). Gold was
chosen as one form of investment because its value tend to be stable and rising. Very rarely
diunduh dari:
gold prices fell. And again, gold is a tool that can be used to ward off inflation that often
occurs annually. In investings, investors would choose investments that have a high degree of
returns with certain risks, or certain degree of returns with certain risks, or certain degree of
returns with low risk. Investing in the stock market is certainly more risky than investing in
gold, because the returns are generally relatively higher than gold.
Twite (2002) in his research on the price of gold discovered that the price of gold has positive
influence on the Australian stock market. Thus, the following hypothesis is proposed:
H5: Gold Price has a positive effect on IHSG.
J. World Oil Prices
According Witjaksono (2010) world oil prices is the market spot price of oil and it is
formed from the accumulation of demand and supply. Besides Kotler and Armstrong (2001) in
Sutanto (2012) tells us that price is the amount of money charged for a product or service over
the sum of all values exchanged by the consumer or the benefits for having or using the
product or service.
Results of research conducted by Kusuma (2012) showed that world oil prices have a
positive influence on IHSG. Thus, the following hypothesis is proposed:
H6: World oil prices positive effect on IHSG.
RESEARCH ISSUE AND METHODOLOGY
A.
Research Issue
This study uses secondary data, IHSG (independent variables) using data from the IDX
(Indonesia Stock Exchange) as well as for the independent variable, which is the macroeconomic variables, that Bank Indonesia interest rate from the Bank Indonesia data report,
Exchange of data published by the Observation and Research of Taxation, Export and Import
of BPS Indonesia or Indonesian Central Statistics, world gold price is based on the standard
price of the London gold market, and world oil prices with price dollars per barrel which is an
oil WTI (West Texas Intermediate). The data processing period used is 2003-2012 year with
monthly data.
diunduh dari:
Interest Rate
(SBBI)
Exchange
Rate (NT)
Stock Price
Ekspor
(IHSG)
(EK)
Impor
(IM)
Oil Price
(HE)
Gold Price
(HM)
Figure 1. Research Model
Source: Analysis, 2015
FINDING AND DISCUSSION
A. Findings
This study used Multiple Regression in testing between the variables. Statistical analysis
tool used to answer the problem formulation of this research is SPSS 16.0. First step in data
analysis is normality test.
diunduh dari:
Normality Test
The results from SPSS output is used to see the normality of the IHSG data with
macroeconomic variables using a graph as seen in Figure 2.
Figure 2. P-Plot
Source: SPSS, 2015
Table 1
One-Sample Kolmogorov-Smirnov Test
Unstandardiz
ed Residual
N
Normal Parametersa
144
Mean
Std. Deviation
Most Extreme
Differences
.0000000
4.45813299E
2
Absolute
.057
Positive
.034
Negative
-.057
.679
.746
a. Test distribution is Normal.
diunduh dari:
One-Sample Kolmogorov-Smirnov Test
Unstandardiz
ed Residual
N
144
Normal Parametersa
Mean
.0000000
Std. Deviation
Most Extreme
Differences
4.45813299E
2
Absolute
.057
Positive
.034
Negative
-.057
.679
.746
Source: SPSS, 2015
Based on Figure 2, it can be seen that the variable has a normal distribution and this is
indicated by the data is not far away from the diagonal line. From the below output, it can be
seen in the column of Kolmogorov-Smirnov Z that the value of all variables of significance is
greater than 0.05. It can be concluded that the overall data samples of the variables are
normally distributed.
Results of Coefficient Determination
Table 2
Model Summary
Model R
1
.954a
Adjusted R
R Square Square
Std. Error of
the Estimate
.910
453.8177674
.907
a. Predictors: (Constant), IM, NT, SBBI, HM, EK, HE
diunduh dari:
From table 2, determinant coefficient/R-square (R2) generated is as much as 0.907 which
means that the variations of variables of interest rate, exchange rate, export, import, gold
prices and oil prices together can explain the variation of variable of behavioral intention by
90.7%, while the rest 9.3% explained for other variables beyond the model which is not yet
observed.
Results of Multiple Regression
The results of multiple regression are as follows:
Table 3
Coefficientsa
Model
1
(Constant)
Unstandardized
Coefficients
Standardized
Coefficients
B
Beta
Std. Error
-2423.031
458.913
-81.048
27.474
NT
.270
EK
t
Sig.
-5.280
.000
-.099
-2.950
.004
.048
.188
5.663
.000
.170
.041
.462
4.158
.000
IM
.115
.037
.377
3.096
.002
HE
46.715
3.087
.786
15.134
.000
HM
-.023
2.926
.000
-.008
.994
SBBI
a. Dependent Variable: IHSG
Source: data, compiled by researcher
From table 3, the regression equation can be written as follows:
IHSG = b1SBBI+b2NT+ b3EK + b4IM+b5HE+b6HM
BI = -0.099SBBI+0.188NT+0.462EK+0.377IM+0.786HE +0.000HM
diunduh dari:
Based on table 3, exchange rate, export, import, gold prices and oil prices have positively
influence towards IHSG. Interest rate has negatively influence towards IHSG. Furthermore,
gold price has the greatest regression coefficient compare to other variables, that is 0.786. In
the other side, oil prices has the smallest influence on IHSG, it is because oil price has the
lowest regression coefficient compared to other variables, which is equal to 0.000.
F-test
Based on the calculation of SPSS, the significance of F test value in the model is 0.000,
this mean H0 is rejected, so it can be concluded interest rate, exchange rate, export, import,
gold prices and oil prices together influencing IHSG significantly. This mean, the hypothesis
which declared that interest rate, exchange rate, export, import, gold prices and oil prices are
jointly influence IHSG is accepted.
Table 4
Result of F-test
ANOVAb
Sum of
Squares
Model
1
df
Mean Square F
Regression
2.866E8
5
Residual
2.842E7
138
Total
3.150E8
143
5.731E7 278.290
Sig.
.000a
205950.566
a. Predictors: (Constant), IM, NT, SBBI, HM, EK, HE
b. Dependent Variable: IHSG
t-test
The t test used to determine whether the independent variables of interest rate, exchange
rate, export, import, gold prices and oil prices partially (independently) have significance
influence on IHSG. If the value of t test is below 0.05, than it can be stated that the variable is
significantly influenced by partially.
From Table 5 it can be explained that the variables of interest rate, exchange rate, export,
import, and gold prices have significantly influence towards IHSG because it has a
significance value below 0.05. Furthermore, from table 5, it can be explained that oil price
has insignificantly effect towards IHSG because the significance values upper 0.05.
diunduh dari:
Table 5
Result of t-test
Coefficientsa
Model
1
(Constant)
Unstandardized
Coefficients
Standardized
Coefficients
B
Beta
Std. Error
-2423.031
458.913
-81.048
27.474
NT
.270
EK
t
Sig.
-5.280
.000
-.099
-2.950
.004
.048
.188
5.663
.000
.170
.041
.462
4.158
.000
IM
.115
.037
.377
3.096
.002
HE
46.715
3.087
.786
15.134
.000
HM
-.023
2.926
.000
-.008
.994
SBBI
a. Dependent Variable: IHSG
B.
Discussion
The results of previous studies showed that the variables which exchange rate, export,
import, and gold prices have significant and positive influence towards IHSG. Interest rate has
significant and negative influence towards IHSG. And oil prices no influence towards IHSG.
The first hypothesis stating that interest rate has a significant and negative effect on IHSG
is supported because the coefficient regression is -0.099 and t test value is 0.04, below 0.05.
This shows the consistency results of this study with the research from Suyanto (2007) who
explained that interest rate has a significant and negative effect on IHSG.
The second hypothesis stating that exchange rate has a significant and negative effect on
IHSG is not supported for negative effect but supported the significant effect because the
coefficient regression is 0.188 and t test value is 0.00, below 0.05. This shows the
inconsistency results of this study with the research from Kemal (2012) but shows consistency
with the research from Suardani (2009) who explained that interest rate has a significant and
positive effect on IHSG.
The third hypothesis stating that export has a significant and positive effect on IHSG is
supported because the coefficient regression is 0.462 and t test value is 0.00, below 0.05. This
diunduh dari:
shows the consistency results of this study with the research from Soydemir (2000) who
explained that export has a significant and positive effect on IHSG. The second biggest effect
on IHSG was export.
The fourth hypothesis stating that import has a significant and positive effect on IHSG is
supported because the coefficient regression is 0.377 and t test value is 0.00, below 0.05. This
shows the consistency results of this study with the research from Karolyi and Stulz (1996)
who explained that import has a significant and positive effect on IHSG. The third biggest
effect on IHSG was import.
The fifth hypothesis stating that gold prices has a significant and positive effect on IHSG
is supported because the coefficient regression is 0.786 and t test value is 0.00, below 0.05.
This shows the consistency results of this study with the research from Twite (2002) who
explained that gold price has a significant and positive effect on IHSG. Gold prices also has
the biggest effect toward IHSG.
The sixth hypothesis stating that oil prices has a significant and positive effect on IHSG is
supported because the coefficient regression is 0.000 but not supported because t test value is
0.994 is upper 0.05. This shows the inconsistency results of this study with the research from
Kesuma (2012) who explained that interest rate has a significant and positive effect on IHSG.
CONCLUSION, LIMITATION, AND RESEARCH EXTENTION
Conclusion
From the previous research, this research succeeded to extend the range of the macro
economy in conjunction with IHSG. The results of this study can prove that the exchange rate,
export, import, and gold prices have significant and positive influence towards IHSG. Interest
rate has significant and negative influence towards IHSG. And oil prices has no influence
towards IHSG.
The macro-economic variables which has the most influential and a positive influence on
the IHSG is gold price. This can be explained that Gold was chosen as one form of investment
because its value tends to be stable and rising. Very rarely the price of gold fell. And again,
gold is a tool that can be used to ward off inflation that often occurs annually. In investing,
investors would choose investments that have a high degree of returns with certain risks, or
certain degree of returns with certain risks, or certain degree of returns with low risk. Investing
in the stock market is certainly more risky than investing in gold, because the returns are
generally relatively higher than gold. The increase in the price of gold would indirectly
encourage investors to choose to invest in gold rather than in the capital market. This is due to
the relatively lower risk, gold can provide better returns during the price hikes. When many
investors shifted their investment portfolio into gold bullion, then, this will lead to decline in
the stock price index in the involved country as the investors are selling their shares
diunduh dari:
(www.investopedia.com). So, the results of this study can be concluded that the rise in gold
prices will encourage the increase of the stock price index.
Macroeconomic variables which has the second highest influence and has a positive
influence on the IHSG is export. As for the export of Indonesian products, primarily is on
agricultural products, forest products, fisheries, mining, industry and also also services sector.
Examples of Indonesian agricultural products are rubber, coffee, palm oil, clove, tea, tobacco,
and chocolate. Exports of Indonesian forest products such as wood and rattan. Exports of
wood and rattan must be in the form of semi-finished or furniture and it should not be in the
form of raw materials or logs. Examples of Indonesian exported fishery products such as tuna,
skipjack, udan and milkfish (www.bps.go.id). There are also export mining products such as
tin, aluminum, coal, copper and gold. Results of exported industry such as cement, fertilizer,
apparel and textiles. And exports of services which Indonesia sending workers abroad, among
others, to Malaysia, Hong Kong and Middle East countries (www.bps.go.id). The reason for
the high influence of exports is the export movement and it affect the movement of the
economic growth within a country and would affect the stock price movement, especially for
the export products.
Import is one of the macro economy variables that affect as the third highest and has a
positive influence on IHSG. In the process of importing goods then Indonesia to import
consumer goods, raw materials and auxiliary materials and capital goods. Consumer goods are
goods that are used to meet daily needs. Raw materials and auxiliary materials are goods that
are required for industrial activities either as raw material or supporting materials such as
motor vehicles, chemicals and pharmaceuticals (www.bps.go.id). Besides capital goods are
goods that are used for working capital such as machinery, spare parts, and heavy equipment.
Not only that, the products of agricultural and livestock are also a product of Indonesian
imports such as rice, wheat, meat and milk. From the results of mining, Indonesia also imports
for petroleum and gas. In the services sector, Indonesia bring in experts from abroad
(www.bps.go.id). The reason for the effect of imports on the IHSG namely import movement
certainly affect the movement of the economic growth within a country and would affect the
movement of the stock price, especially for the export products.
The fourth highest influence on IHSG to macroeconomic variables, namely the exchange
rate is a positive effect. In various transactions or buying and selling foreign currency, known
there are four types of rate, namely: (1) Selling rate, the exchange rate is determined by a bank
for the sale of certain foreign currency at a given time; (2) Middle rate, is the middle rate
between the buying and selling rates of foreign currencies against the national currency, set by
the Central Bank; (3) Buying rate, the exchange rate is determined by a bank for the purchase
of certain foreign currency at a given time; (4) Flat rate is the exchange rate prevailing in the
buying and selling bank notes and traveler checks, where the exchange rate has taken into
account the promotion and other costs. As for the reason of the effect that is selected when the
rupiah appreciation against the US dollar production costs will decline, especially the cost of
imported raw materials and foreign debts that have a positive impact on corporate profits.
Conversely, the depreciation of the currency is a major threat to the country dominated
diunduh dari:
imports because prices of imported products will increase, resulting in a decrease in cash flow,
profit, and the company's stock price.
The fifth highest influence on IHSG macro-economic variables, namely interest rate
negative effect. The reason of such influence has been put forward by Sukirno (2002) which
states that there are many factors that influence investment decisions, including interest rates.
Interest rates determine the kinds of investment that will provide benefits to investors. The
investment will be carried out when the level of profits greater than the interest rate that must
be paid. According Tandelilin (2001) the interest rate that is too high will affect the company's
cash flow, so that the existing investment opportunities are not attractive to investors. In
addition, the capital cost to be borne by the company also increased as well as the expected
return of investors from an investment also increased. It affects the stock price tends to decline
because many investors withdraw their investment in stocks and move it to the investment in
the form of savings or deposits that provide relatively higher interest.
Macroeconomic variables, which is oil prices, do not affect the IHSG with the value of
coefficient 0.000. This is because the oil price is often times not related to the stock market
because the trading of oil is in a physical form, not in a form of Stock Exchange shares.
Moreover, given the world's oil is one of the main commodities that exist in the world market
so it depends on the supply and demand available in the market. Moreover, world oil
consumption tend to be stable with an relatively normal increase or decrease in the level of
consumption, so that there is no significant or major effect on the stock market directly.
Limitation and Research Extension
There are several limitations within this research. First, this research only use limited sample
in Indonesia. It also can be concluded that researchers and strategists need to consider other
issues relating other macroeconomic variables. In further research, it is expected to increase
the period of sample used in order for the data to be more generalized. Secondly, it is to
consider other issues such as socio – psychological factors related to IHSG.
Limitation and Research Extention
REFERENCES
Amin, M.Z., 2012, Pengaruh Tingkat Inflasi, Suku Bunga SBI, Nilai Kurs Dollar (USD/IDR),
dan Indeks Dow Jones (DJIA) Terhadap Pergerakan Indeks Harga Saham Gabungan
Di Bursa Efek Indonesia (BEI) (Periode 2008-2011.), Jurnal Skripsi.
Anoraga, Panji. 1995, Pasar Modal Keberadaan dan Manfaatnya Bagi Pembangunan. Cetakan
Kedua. PT. Rineka Cipta: Jakarta.
Case, Karl E. dan Fair, Ray C. 1999. Principles of Economics. Fifth Edition. Prentice Hall,
Inc. New Jersey.
diunduh dari:
Case, Fair, Oster, 2004, Principles of Macroeconomic, Eight Edition. Prentice Hall.
Jogiyanto, HM, 1998, Teori Portofolio dan Analisis Investasi, Edisi Pertama, BPFE UGM,
Yogyakarta.
Jogiyanto, 2008, Teori Portofolio dan Analisis Investasi, Edisi 2008, BPFE Yogyakarta.
Kesuma, P.N., 2012, Analisis Pengaruh Kurs Rupiah, Harga Emas Dunia dan Harga Minyak
Dunia Terhadap IHSG Sektor Pertambangan di BEI.
Kewal, S.S., 2012, Pengaruh Inflasi, Suku Bunga, Kurs, Pertumbuhan PDB terhadap Indeks
Harga Saham Gabungan, Jurnal.
Novianto, A., 2010, Analisis Pengaruh Nilai Tukar (Kurs) Dolar Amerika/Rupiah (US$/Rp),
Tingkat Suku Bunga SBI, Inflasi, dan Jumlah Uang Beredar (M2) Terhadap Indeks
Harga Saham Gabungan (IHSG) di Bursa Efek Indonesia (BEI) Periode 1999.1 –
2010.6.
Suardani, A.A. Putri, 2009, Pengaruh Beberapa Variabel Ekonomi Makro terhadap Kinerja
Keuangan dan Return Saham Perusahaan pada Industri Manufaktur di Pasar Modal
Indonesia, Sarathi, Vol. 16:2.
Sunariyah, 2000, Pengantar Pengetahuan Pasar Modal, UPP STIM YKPN, Yogyakarta.
Sutanto, B., ,2013, Analisis Pengaruh Ekonomi Makro, Indeks Dow Jones, dan Indeks
Nikkei 225 terhadap Indeks Harga Saham Gabungan (IHSG) di BEI Periode 20072011., Jurnal Skripsi.
Suyanto, 2007, Analisis Pengaruh Nilai Tukar Uang, Suku Bunga, dan Inflasi terhadap Return
Saham Sektor Properti yang Tercatat di Bursa Efek Jakarta 2001-2005. Tesis,
Tandelilin, Eduardus. 2001. Analisis Investasi dan Manajemen Portofolio. Yogyakarta: BPFE
UGM.
Tandelilin, Eduardus. 2010. Teori dan Aplikasi Portofolio dan Investasi, Edisi Pertama,
Kanisius Yogyakarta.
Tirapat, Sunti., dan Aekkachai Nittayagasetwat., 1999, “An Investigation of Thai Listed
Firms’s Financial Distress Using Macro and Micro Variables”, Multi National Finance
Journal. Jun 1999; 3,2, Hal.103-118
Witjaksono Ardian. Agung., (2010), Analisis Pengaruh Tingkat Suku Bunga SBI, Harga
Minyak Dunia, Harga Emas Dunia, Kurs Rupiah, Indeks Nikkei 225, dan Indeks Dow
Jones terhadap IHSG. Tesis, Universitas Diponegoro.
www.bi.go.id/web/id/Statistik/Metadata/SEKI/
www.bps.go.id/aboutus.php?inflasi=1
www.finance.yahoo.com/q/hp?s=%5EJKSE&a=00&b=1&c=2002&d=11&e=31&f=2011&g=
m
diunduh dari:
http://www.ortax.org/ortax/?mod=kursbi&page=neg&id=USD&jenis=_&search=2003-130&search_2=2012-12-30
http://www.idx.co.id/id-id/beranda/informasi/bagiinvestor/indeks.aspx
(http://www.bps.go.id/brs_file/eksim_03des12.pdf)
http://www.indonesiafinancetoday.com/read/44460/Saham-Berkapitalisasi-TerbesarMayoritas-Likuid)
http://www.eia.gov/dnav/pet/hist/LeafHandler.ashx?n=pet&s=rwtc&f=m
diunduh dari:
The Rationalization of Transparency Effect Tax Disclosure Toward to Compliance of
Individual Tax Payers
ASL Lindawati
Lydia Melissa Hadinata
INTRODUCTION
Indonesia is a country in which tax is the biggest source of income for the State as
mentioned by the Directorate General of Taxation. Generally, tax is the contributions of the
people to the government under the law that can be forced on tax payer with no reciprocal
merit or direct outcome and used to pay for the country’s general expenses (Basri, 2012). Tax
in Indonesia itself consists of State tax, local tax, regional retributions, customs and non-tax
state revenue. According to Indonesia General Taxation Provision Article 1 act no.28 year
2007, tax payer is an individual or an entity, including taxpayers, tax cutter, and tax collector,
who has the right and obligation of tax with the provision of the tax legislation. The collection
of local tax by both provincial and local is controlled under Law No.28 year 2009. In fact, the
result of the money collected cannot be seen directly. This make taxpayer feels reluctant to be
compliant in paying their taxes which is a disadvantage for the Government’s income.
Unfortunately, in 2010, breaking news about corruption by a tax authority (Kompas, 2010)
arise, which cause taxpayer to be more insecure about where their tax money went. The
human nature is known to always seek benefit. Therefore, when they do not know the benefit
of paying tax, tax payer will be reluctant to pay and will look for ways to evade paying tax.
Basically, there are three systems for tax collection, those are Official Assessment
System, Self-Assessment System, and With Holding System. The Official Assessment System
is the system which gives the government control in calculating the amount of tax that needs
to be paid by the taxpayers. In With Holding System, the calculation of the tax will be done by
a third party. The tax evasion itself is possible because of the system in Indonesia that allows
people to report and pay their own tax. This system is called self-assessment system. This
system relies on the honesty and compliance of the taxpayers and therefore is susceptible to
fraud. When the taxpayers are not willing to pay, then they can deduct the amount of tax
payable by lying about their income.
In order to avoid such a thing from happening, the transparency is an action of the
government to opens up about their budgets. The State’s budgets are in report form called
APBN, while the one for the local areas is called APBD. These reports can be accessed by all
people who want to know the plan and budgeting of the government. This action also called as
an act of tax disclosure attempted by the government for the people.
Even through APBN and APBD, some people are still facing difficulties in understanding
these reports. Increasing the transparency might solve this problem, such as including as much
diunduh dari:
detail as possible in the reports. However a newspaper article opposed this idea with an article
headline of “Transparansi Pajak Sebaiknya Dibatasi” (Kompas, 2011). In this article is
written how the tax disclosure must be kept as not to threat the State’s income. The article
talked about how the basis of tax computation does not have limits on what is legal and illegal
and therefore even criminals are obliged to pay tax. So if there is transparency, it threatened
the legal protection of taxpayers and therefore will cause the taxpayers not to pay tax.
An argument can be made from a previous research that stated that if the taxpayers knew
that the tax is use by the government for developments, then they will be more compliant in
paying the tax (Utami et al., 2012). This argument is supported by a study that stated that trust
on the government’s system in managing tax affects the tax compliance of taxpayers
(Handayani et al., 2012). All of these studies are directed towards transparency where
government is trying to obtain people’s trust which will lead compliance of the taxpayers in
paying their tax payable.
This research will assist the government and tax authorities to understand more about the
factors that might affect the compliance of taxpayers. If the previous researches are using tax
complexity, tax fairness, and tax knowledge as a variable against tax compliance (Brainyyah,
2012), this research used tax disclosure as a variable to bring new addition to the factors
affecting tax compliance. With this new discovery, the government can improve for the better
and hopefully those improvements will lead to a higher rate of tax compliance.
Tax compliance itself comes from the willingness and conscience of each individual.
Even though income taxes are paid by both individual and entity, this research only focused in
individuals. This is because entities are consisted of individuals and each individual will have
their own way of thinking as each person is different from each other. Therefore it is only
right to focus on the individuals rather than the entity to get a more thorough result. The
research itself will be held in Malang city. Malang is chosen because it has the highest
economic growth in the province od East Java (Aktual.co, 2013). As said by the Soekarwo, the
Governor of East Java, in 2013, the citizen of Malang city is no longer concern about their
daily bread, but on lifestyle. In the year 2010, Malang was said to have the highest amount of
contribution to the Local Tax in East Java. With these achievements, Malang is a good city to
take samples for this research.
LITERATURE REVIEW AND HYPOTHESES DEVELOPMENT
Tax compliance is defined by Nurmarntu and quoted by Rahayu (2010) as
follows;“Kepatuhan perpajakan dapat didefinisikan sebagai suatu keadaan dimana Wajib
Pajak
memenuhi
semua
kewajiban
perpajakan
dan
melaksanakan
hak
perpajakannya”.Another definition of tax compliance is quoted by Rahayu from Nasucha
(2004), stated that tax compliance can be defined from:
1. The obligation of the taxpayer to register themselves.
2. The compliance to return the letter of notification.
3. The compliance in calculation and payment of tax payable.
diunduh dari:
4. The compliance in payment of arrears.
According to the Decree of the Minister of Finance No. 544/KMK.04/2000 as quoted by
Devano & Rahayu (2006), states that;“Kepatuhan perpajakan adalah tindakan Wajib Pajak
dalam pemenuhan kewajiban perpajakannya sesuai dengan ketentuan peraturan perundangundangan dan peraturan pelaksanaan perpajakan yang berlaku dalam suatu negara”.
Therefore, tax compliance can be defined as the degree to which a taxpayer complies or
fails to comply with the tax rules of their country. It is accepted that the goal of an efficient
tax administration is to foster voluntary tax compliance using all possible methods (Sarker,
2003). The fulfillment of tax duty is able to be seen thought several aspects such as reporting
process accuracy and payment accuracy (Carolina and Simanjuntak, 2011). Besides, the
compliance of the taxpayer in the fulfillment of tax obligations plays an active part in the tax
collection under the self-assessment system. Self-assessment system is a tax system applied in
Indonesia where the taxpayers are fully responsible for determining, reporting, and the
payment of their own tax payable. This method allows the taxpayers to avoid tax and to
submit false amount of tax. To decrease the possibility of this happening, the government
relies on the tax compliance of the taxpayer with the hope that they will be honest.
Theoretically, the tax compliance itself is under the Theory of Reasoned Action (Ajzen
& Fishbein, 1980) and Theory of Planned Behavior (Ajzen, 1988). Both of the theories stated
that a person will do an action based on the result. If they know the result of their action, then
they will decide whether or not they will do the action. If the result is as they expect and they
like it, then they will do the action. If applied in taxation, tax itself is defined as a contribution
to the state with no direct merit. This means that the taxpayer cannot know the result of their
action. According to both of the theories, this will cause the person to hesitate in doing the
action, in this case, is to be compliant to the tax regulations. Therefore, according to both
theories, tax compliance is said to be the action expected by the government to be done by the
taxpayer, while the result expected by the taxpayers are given by the government in form of
the budget reports. So if the budget reports are provided, then the taxpayers are hoped to be
compliant in paying their tax payable.
In spite of, one of the important factor in tax system is transparency concept.
Transparency is defined as a form of disclosure by the government to the public to access the
information based on the consideration that the public has the right to know openly and
thoroughly on the government accountability. As explained in the previous part, Theories of
Reasoned Action and Theories of Planned Behavior stated that a taxpayer requires knowing
the result of them paying tax in order for them to be more compliant. But because tax has no
direct merit, then the government cannot show the direct result the taxpayers expected. To
compensate for this, the government reveals their budget reports called Anggaran Pendapatan
dan Belanja Negara (APBN) and Anggaran Pendapatan dan Belanja Daerah (APBD). Based
on these reports, the governments hope that the taxpayers can know that their money was put
into good use and that this can be used as a substitute for the result the taxpayers are
expecting. If this reports shown enough of the results the taxpayers are looking for, then they
will more likely to be compliant in paying their taxes.
Tax Disclosure
diunduh dari:
Tax disclosure needs transparency, it is a form of disclosure by the government to the
public to access the information based on the consideration that the public has the right to
know openly and thoroughly on the government accountability. This applies as well for
taxations. The government will show their transparency as a form of accountability for the
taxpayers. Transparency was defined by Andrianto (2007) as follows;“Keterbukaan secara
sungguh-sungguh, menyeluruh, dan memberi tempat bagi partisipasi aktif dari seluruh
lapisan masyarakat dalam proses pengelolaan sumber daya public”. While according to
Hafiz (2000), transparency was said as:
”Keterbukaan dan kejujuran kepada masyarakat berdasarkan pertimbangan bahwa
masyarakat memiliki hak untuk mengetahui secara terbuka dan menyeluruh atas
pertanggung jawaban pemerintahan dalam sumber daya yang dipercayakan
kepadanya dan ketaatannya pada peraturan perundang-undangan.”
Moreover, Mardiasmo (2003, p 23) mention in the conceptual framework in building
transparency and accountability of public sector organization needed 4 (four) components
consisting of:…” the existence of a system for financial reporting; the existence of a
performance measurement system; the conduct of public sector auditing; functioning of public
accountability channels”. Therefore, the budget which is arranged by the executives are said to
be transparent if it meets the following criteria: there is announcement regarding the budget
policy; the budget documents can be accessed easily; there are on time accountability reports;
the accommodation of vote/ proposals of the people; and there is a system to provide
information to the public.
As a result, the transparency of APBD is a form of accountability of the local governments
to keep the budget to suit the intended use. Several forms of transparency of APBD can be
done such as:
1. In terms of APBD income source, tax authorities must conduct transparency by including
the source of income, types, and the rate in detail. Revenue transparency is said to be
transparent when they include detailed information on the income. For example, in the
context of the provincial revenue sources derived from motor vehicle taxes, the
transparency of motor vehicle tax should mention the number of vehicles specified in the
types (sedan, trucks, etc.) and the rate per motor vehicle.
2. From the usage side, all this time it is hard to do further analysis because of the limited
global figure. The demand of the society is that the budget users must present a detailed
report. Means the information is more detail and therefore ensure more transparency and
expected deviations will optimally reduce.
3. Allocation of funds from higher level of government provided to governments who are
below must be notified to the government who receive it since the APBD is set. This
notification can be extended through the media/government websites so the people can be
involved in monitoring its use.
Tax Payment
diunduh dari:
Paying taxes is one of the stages in the cycle of rights and obligation of taxpayers. In a
self-assessment system, the taxpayer must conduct its own calculation, payment, and reporting
of tax payable. Tax payment mechanism can be classified into 4 (four) types, which are: (1)
Self-pay of tax payable, (2) Pay income tax through withholding and collection by the other
party, (3) Pay VAT to the seller or the service provider appointed by the Government, and (4)
payment of the other taxes.
The first, Self-pay of Tax Payable includes Repayment of Income Tax per month
(Income Tax Article 25), payment of income tax deficiencies for a year (Income Tax Article
29).What is meant by the monthly installment of income tax (Income Tax Article 25) is to
ease the burden of paying off the tax payable for a year. The taxpayers are obligated to pay the
tax payable at the end of the year by paying the installments monthly.
For the payment of income tax deficiencies for a year (Income Tax Article 29), will be
carried out by the taxpayer at the end of the tax year if the tax payable for a tax year is greate r
than the installments (Income Tax Article 25) and the taxes are deducted or withheld by the
other party as a tax credit.
The second mechanism of tax payment is paid through the income tax deduction and
collection by the other party (Income Tax Article 4 (2), Article 15, Article21, 22, and 23, as
well as the Income Tax Article 26). Other parties mentioned here are the employers or any
other person who is appointed or assigned by the government. The third mechanism of tax
payment is to pay VAT to the seller or the service provider assigned by the government. The
VAT rate is 10% of the sales price or the replacement or export values or other values.
The last is the mechanism of payment of other taxes. This includes settlement payment
of the Property Tax based on the Tax Payable Notification Letter and the payment of Bea
Meterai (Directorate General of Taxation, 2012).
Tax Revenue
Tax income or known as well as tax revenue, is defined by Suryadi (2006) as a
dominant source of the State’s funding for routine expenses and development. This income
consists of domestic revenues and grants. Government’s domestic revenues itself consists of
tax revenues and non-tax revenues (Dumairy,1997).
Currently, taxes are the foundation of government in running their errands, tax
revenues are currently the largest source of state revenue, reaching the value of 80% of the
total State revenue. The Directorate General of Taxation as a part of the Ministry of Finance in
Indonesia has the responsibility to collect taxes from the people. Lately, the people are
becoming more critical and courageous in voicing their desire for a good service, especially
public services provided by the government. Along with the increasing burden on the people,
their demand on the availability of a high quality public service increases as well. The
Directorate General of Taxation that has the task to secure the admissions are required to
always be able to meet the tax revenues target which are constantly increasing from year to
year in the midst of changes happening in both social and economic life in the community.
Hypothesis Development
diunduh dari:
According to Sugiyono (2009), hypothesis is said to be the temporary answer for the problems
of the research in which the problems are in the form of questions. It is said to be temporary
because the answer given only based on theories. Hypothesis is formulated based on the
theoretical framework which is a temporary answer on the problems in the research.
A lot of previous researches were done regarding the topic of tax compliance. Some
focused on the taxpayers like the researches done by Somang (2006), Basri et al. (2011),
Handayani et al (2012), and Brainyyah (2012), while some focus on the tax system like the
researches done by Agusti & herawati (2009) and Utami et al. (2012). In this research, the
focus is on the transparency of the reports published by the governments and if it does or does
not affect the tax compliance and therefore the tax payment.
Based on foregoing discussion, it is therefore hypothesized that;
H1: Tax disclosure affects tax compliance positively.
The first hypothesis is derived from the assumption that if tax disclosure (independent
variable, X) is improved, then the tax compliance (mediating variable, M) will also improve.
Using implementation of Theory of Reasoned Action, it can be described that people will do
something based on the result. If the result is according to what they expect, they will tend to
be more willing to do the action. Ajzen & Fishbein (1980) stated that intention determines
how an individual will behave. This intention is affected by two factors, which are:
“Attitude, which is an individual’s belief on a result which based on the behavior and
evaluation of the result itself. Subjective norm, the belief about the normative
expectations that arise due to the influence of others and motivation to approve to
these expectations”. (p.146)
The relevance of this theory to the study is that in determining someone’s compliance in
meeting their tax obligations is affected by rationality in considering the benefits of the tax as
well as the influence of other people which affects the decision in compliancy, and therefore
will result in payment from the taxpayers without the intention to avoid or submit the wrong
amount of tax payable.
Before an individual will do something, the individual will have a hope on the result of
the action. Then the individual will decide whether or not the action will be done. This action
is called attitude. This can be said as relevant to the perception of the transparency and
accountability on the use of tax funds. A good perception on the use of tax for the taxpayers
have the effect to make the taxpayers to have confidence about the result that will be felt after
paying taxes, which is a real contribution to the development of the region. For the taxpayers
to be willing to pay, the government must explain or show the benefits obtained by paying
taxes. This will be the result anticipated by the taxpayers that will be the trigger for their
action regarding the payment. By then will the taxpayers understands the real objective of
paying taxes and will be more compliant in paying their tax payable.
There are many cases where people lied about their income and properties just to pay
diunduh dari:
less tax while some are totally avoiding paying tax. If this is seen with the Theory of Reasoned
Action, then the reluctance of the people in paying tax might be because the result of the
government’s work with the tax fund is different from what they expected. There is also news
regarding corruptions (Kompas, 2010) which adds insecurities to the people as where their
taxes went. This kind of news will bring negative impact for the government’s income as
people will be more and more reluctant in paying because they do not believe in the result of
paying tax.
In tax definition explains that the result of tax cannot be seen directly. But there is other
way for the government to prove to the people that the tax collected is in good hands. It is to
show the people on where the tax was used. This can be seen though the reports such as APBN
and APBD. The more the government reveals in detail on these reports means the higher the
tax disclosure. The higher the tax disclosure, the more people will understand that their tax
money is in good use. When the people know the result of paying tax, they will be more
willing and therefore more compliant in paying their taxes payable.
Based on the foregoing discussion, it is therefore hypothesized that;
H2: Tax compliance affects tax payment positively.
The second hypothesis is derived from the assumption that if the tax compliance
(mediating variable, M) is improved, then the amount of tax paid by the taxpayers will also
increase (dependent variable, Y). Based on implementation of The Planned Behavior showed
that this theory is intended to explain behaviors over which people have the ability to exert
self-control. The key component to this theory is behavioral intentions which are influenced
by attitude about the likelihood that the behavior will have the expected outcome and benefits
of that outcome.
The Theory of Planned Behavior is a development from Theory of Reasoned Action
(Ajzen & Fishbein, 1980) had been used to predict and explain a wide range of behavior and
intentions in various topics. If the Theory of Reasoned Action has two factors affecting the
intention, this theory has three which are:
“Attitudes - This refers to the degree to which a person has a favorable or unfavorable
evaluation of the behavior of interest. It entails a consideration of the outcomes of
performing the behavior. Subjective norms - This refers to the belief about whether
most people approve or disapprove of the behavior. It relates to a person's beliefs
about whether peers and people of importance to the person think he or she should
engage in the behavior. Perceived behavioral control - This refers to a person's
perception of the ease or difficulty of performing the behavior of interest. Perceived
behavioral control varies across situations and actions, which results in a person
having varying perceptions of behavioral control depending on the situation. This
construct of the theory was added later, and created the shift from the Theory of
Reasoned Action to the Theory of Planned Behavior”. (Ajzen, 1988: p.189)
diunduh dari:
Thus, both of theories be able to explain the reason why sometimes people tend to be difficult
to pay their taxes, particularly when the people know the contribution of paying their tax,
peoples should be more willing and therefore more compliant in paying their taxes payable.
METHODOLOGY
This study is a quantitative research using hypothesis testing. According to Donmoyer (2008),
quantitative research is said to be the approaches to empirical study to analyze, and display
data in numeric form rather than in narrative form. Cooper & Schindler (2006) stated that
quantitative research is trying to perform accurate measurements against something. This
research will have hypotheses that will be tested with several tests before the result can be
presented. In this research, the case is to see the relationship among tax disclosure, tax
compliance, and tax payment and how do they affect each other.
Population and Sample
The population used in this research is the personal taxpayers within the scope of
Malang. Malang itself is a developing city and is habituated by 857.891 people (Malang City
Government, 2014). Malang is chosen because it has the highest economic growth in the
province od East Java (Aktual.co, 2013). As said by the Soekarwo, the Governor of East Java,
in 2013, the citizen of Malang city is no longer concern about their daily bread, but on
lifestyle. In the year 2010, Malang was said to have the highest amount of contribution to the
Local Tax in East Java. With these achievements, Malang is a good city to take samples for
this research.
In selecting the sample, the author required that the respondent has the Taxpayer Identification
Number. When the respondents have the identification number, it means that they are
registered as taxpayers and therefore is obliged to pay tax. Other than that, the people are
selected based on convenience only. The respondents itself will be categorized into three,
which are the government employees, private employees and entrepreneurs. This is done as to
make this research represents the major population in Malang. A person is taken as a sample
randomly because that person is there by chance or the author knows the person by chance,
and because of that reasons the author has chosen to use convenience sampling. Convenience
sampling itself is defined by Marshall (1996) as the least rigorous technique, involving the
selection of the most accessible subjects. The number of questionnaires to be distributed is
estimated to be 100 questionnaires. These questionnaires will then sorted into three divisions,
the government employees, private employees, and entrepreneurs. This is done so the
questionnaire can be qualified to represent majority of the taxpayer population.
Data Collection Method
This research uses quantitative data which obtained directly from the primary source
(primary data). In this case the primary data is obtained by distributing questionnaires filled
and completed by the taxpayers and then processed into data acceptable to be processed. The
method of data collection used in this research will use questionnaires as the media of getting
information from the sample. Questionnaires can be handed out or sent by mail and e-mail and
collected later on or directly after it is filled by the respondents. This method can be adopted
for the entire population of sample.
diunduh dari:
A questionnaire required respondents to fill out the form themselves, and therefore
requires a high level of literacy. The questionnaires will be prepared using Bahasa Indonesia
as it is the major language of the people. A questionnaire can contain either structures
questions or multiple choice questions, but in this research the questionnaire will consist of
questions and statements that the respondent will rate according to how they think is suitable
with the range from Sangat Tidak Setuju (STS) or strongly disagree, to Sangat Setuju (SS) or
strongly agree. This scale is known as the Likert scale. There is no right or wrong in this kind
of questionnaire, just the supposed answer. In order to maximize the return rates, the
questionnaire needs to be as simple and clear as possible, with targeted sections and questions.
It is important for the questionnaire to be as short as possible so we will not take too much of
the respondents’ time.
Definition of Operational Variable and Measurement
There are two variables considered in this study. These variables include the dependent
variable and independent variable. The dependent variable is known as the variable which is
affected by various factors. The independent variable is the variable that is not affected by
anything and can stand alone.
The dependent variable (Y) in this study is the payment made by the taxpayers. Tax
payment will be measured using questionnaires with questions surrounding the tax payment
made by the respondent. Another one is the tax compliance of taxpayers. Jatmiko (2006)
stated that tax compliance is defined as the time to input and report the required information,
fill in the amount of tax due, and pay taxes on time without any force. The tax compliance in
this study will be measured using indicators that are introduced by Novak (1989) and Kiryanto
(2000) that the taxpayer understands and seeks to understand the law of taxation, fills the tax
forms correctly, calculate the correct amount of tax and pay the tax on time. These variables
are studied for its relationship towards the independent variable.
The independent variable (X) in this research is the transparency of tax funds by the
governments. It is undeniable that tax is the biggest source of income for the state to finance
its expenses (Basri, 2012). Essentially, tax was meant to be used mostly for public interest,
therefore, with the existence of tax, it is expected of the public facilities to be better. When
people find that the availability of public facilities is inadequate to the taxes they are paying,
they will become dissatisfied because the indirect returns that they expected are inadequate to
the reality. Hence, how the public’s view of the government’s expenses becomes an important
thing to be studied because of how it will affect the tax compliance of the society. When the
utilization of tax is judged as appropriate by the public, then they will tend to be compliant to
the tax regulations.
This variable is defined as the perception of respondents on how well the utilization of
tax in Indonesia, which can be seen from the government’s expenditures in the
implementation of public infrastructures. To see the expenditures, the author will use the
financial statement from the Directorate General of Taxation. The one observed in this
research is how far this variable affects the dependent variable.
Mediating Variable
diunduh dari:
According to Jogiyanto (2010), a mediating variable (M) is a variable which
theoretically affects the phenomenon observed (dependent variable), whose effects must be
inference through the relationship between the independent variables and the phenomenon
(dependent variable) itself. The process of mediation is defined as the complete intervention
caused by the mediating variable. This results in the initial variable no longer affecting the
outcome variable. This process if partial mediation is said as partial intervention.
The mediation caused by the mediating variable is developed as mediation model. This
model can be said as causal model because it has been assumed to cause effect in the outcome
variable and not vice versa.
The equations used in mediating variable are as follows:
The mediating
variable in this research is the tax compliance in which the tax compliance acts as a mediator
between the tax disclosure and the tax payment to see if they are both related in some way.
Analysis Method
Validity and Reliability Test
Questionnaire reliability test is conducted in order to determine the consistency of degree
of dependence and stability of the measuring instrument. The questionnaire will be considered
reliable if the value of Cronbach Alpha is above 0.60 (Sekaran, 1992). Validity test is used to
measure whether a questionnaire is valid or invalid. The questionnaire will be considered valid
if the questionnaire is able to express things that should be measured by the questionnaire
(Ghozali, 2009). The validity test will use Pearson Correlation approach. If the correlation
between the scores of each questions and the total score has a significance level below 0.05,
then the question is said to be valid and vice versa.
Classic Assumption
Normality Test
According to Ghozali (2011), normality test aims to test whether there is any confronting
variable in the regression model and if the residual has a normal distribution. A good
regression model is the one that has a normal data distribution. This test is done using
Kolmogorov Smirnov test and PP plotted standardized residual. One of the easiest way to see
the normality of the residuals is to look at the histogram graph that compares the observation
data with the distribution that is nearest to normal.
Heteroscedasticity Test
A good regression model is where there is no heteroscedasticity or said as
homoscedasticity. Heteroscedasticity occurs when there is an absence of a common value of
standard deviation between dependent and independent variable. When there is signs that
diunduh dari:
heteroscedasticitywill occur, this will cause the variant regresion coefficient at minimum and
the confidence interval to widen and the significance test will not be valid anymore.
Heteroscedasticity can be detected by several different ways such as glejser test and
scatterplot test. In glejser test, linear regression models used in this research regressed to
obtain residual value. This residual value will then absoluted and regression will be performed
with all the independent variables. Is there is a variable with a significant effect of 5%
towards the absolute rasiduals, then there is heteroscedasticity (Gunawan, 1996).
Scatterplot test is defined by Ghozali (2011) as seeing graph plots of the predicted value
of the dependent variable and the residual. Detection of the presence or absence of
heteroscedasticity can be done by looking at whether there is a certain pattern in the scatterplot
graph between the predicted value of the dependent variable and the residual where Y is the Y
axis that has been predicted, and X axis is the residual that has been studentized. If there is no
clear pattern, and the pionts are spread above and below the number 0 on the Y axis, then
there is no heteroscedasticity.
Multicollinearity test aims to test whether the regression model found a correlation
among the independent variables. Good regression model should not have any correlation
among the independent variables. When there are signs of high multicollinearity, the error
standard of regression coefficient will increase and will lead to confidence interval for
parameter estimation to widen, thus opens the possibility of mistakes and accept the wrong
hypothesis.
Simple Linear Regression
According to Sugiyono (2008), this analysis regression is used to know the relation
between independent variable (X) and dependent variable (Y). From the equation can be
known how big the contribution of the independent variable towards the dependent variable is.
The equation is as follow:
The value of the constant a can be obtained by using the equation:
Where X is the independent variable (tax disclosure, tax compliance) Y is the dependent
variable (tax payment), a is the constant, b is the value of addition or subtraction of Y, and n
is the number of sample.
Hypothesis Test
diunduh dari:
Hypothesis testing is used to measure the strength of the relationship between two or
more variables and to indicate the direction of the relationship between the dependent and
independent variables. Hypothesis testing is a procedure that based on sample evidence and
probability theory that are used to determine whether the hypothesis in question is a
reasonable statement and therefore accepted, or the hypothesis is unreasonable and therefore
should be rejected (Mason & Lind, 1996).
F Test
According to Ghozali (2011), the F test basically indicates whether all the independent
variables that are included in the model have a simultaneous effect on the dependent variable.
The null hypothesis (H○) states that all the independent variables included in the model do not
have simultaneous effect on the dependent variable while the Hi states that all the independent
variables have significant influence on the dependent variable.
The formula for F test according to Sugiyono (2008) is:
H○ is accepted if the Fhitung ≤ Ftabel
H○ is rejected if the Fhitung ≥ Ftabel
Conditions for acceptance or rejection of the hypothesis are as follows:
1. If the value of significance < 0.05 then the regression can be used to test the hypothesis.
2. If the significance value > 0.05 then the regression cannot be used to test the hypothesis.
T Test
T test basically shows how far the independent variables influenced the dependent
variable (Ghozali, 2011). Hypothesis is formulated as follows:
H○: Xi = 0, means that there is no significant influence from the independent variable towards
the dependent variable.
H○: Xi ≠ 0, means that there is significant influence from the independent variable towards the
dependent variable. Acceptance or rejection of the hypothesis is made by the criteria as
follows:
1. If the significance value of statistic t > 0.05 or -Ttabel <Thitung < Ttabel, the H○
is accepted. This means that an independent variable individually has no effect on
the dependent variable.
diunduh dari:
2. If the significance value of statistic t > 0.05 or Thitung > Ttabel or Thitung < Ttabel, the H○ is rejected. This means that an independent variable individually
affects the dependent variable.
R² Test
The determining coefficient R² basically measures how far the ability of the model in
explaining the variance in the dependent variable. The value of determining coefficient is
between zero and one. A small value of R² means that the ability of the independent variables
in explaining the dependent variable is very limited. The value nearer to one means that the
independent variables give almost all information needed to predict the dependent variable
variant. Generally, determining coefficient for cross section data is relatively low because
there is a big variance between each observation, while time series data has a great
determining coefficient (Ghozali, 2011).
Validity and Reliability Test
A total of 62 questions related to tax disclosure, tax compliance and tax payment were
tested using the validity and reliability test. Out of the 8 questions regarding tax disclosure, 2
of them are invalid because the value of the R-count are smaller than the R-table which is
0,1966 with the degree of freedom of 98. For the tax compliance variable, there are a total of
36 questions in which 3 of them are invalid. While for the tax payment, 2 out of 18 questions
are invalid. Those invalid questions will then be removed while the valid ones undergo the
reliability test. The Cronbach’s Alpha value is above 0.60 and therefore the questionnaires
passed the reliability test. With the data successfully pass both validity and reliability tests,
then the data is acceptable for further analysis.
Classic Assumption Test
The data obtained were then tested using the classic assumption which consists of the
normality test, heteroscedasticity test, and multicollinearity test. All of those tests shows that
the data is appropriate to be processed using the simple linear regression.
Result and Analysis
Variable
B
Significance
Result
Tax Disclosure (X1)
0,84
0,407
Not Significant
diunduh dari:
Regression model
Y= 124,070+6,192X
The regression used in this research is the simple linear regression. Using the tax
disclosure as the independent variable and tax payment as the dependent variable, and tax
compliance as the mediating variable, the value of the sig. is above 0,05 and therefore means
that the correlation between tax payment and tax disclosure is not real.
Tax Disclosure (X1). According to the result processed using the software SPSS, the
variable tax disclosure is said to have only a little effect toward the mediating variable which
is tax compliance and the dependent variable tax payment. This proves that the tax disclosure
which is also an act of transparency sought by the government does not give the expected
result. If this is connected to the Theory of Reasoned Action, then the transparency in form of
the annual budget reports are not the result seek by the taxpayers and therefore does not show
significant effect to the compliance and payment. This is the opposite of the research result by
Sukesti & Alfasadun (2010) which stated that the people can refer to the budget reports if they
want to get an explanation regarding the use of the government’s money. If applied to
taxation, then the people will be the taxpayers, but in real life, the taxpayers are not seeking
the explanation they need from the budget reports.
Tax Compliance (M). Tax compliance is the taxpayers’ willingness to obey to the tax
regulations. As the mediating variable, tax compliance connects the tax disclosure as the
independent variable and tax payment as the dependent variable. But because the relation
between tax disclosure and tax compliance itself are rejected, then there is no need to continue
further to the relation between tax compliance and tax payment. Therefore there is no real
connection between the tax disclosure and the tax payment.
Tax Payment (Y). Tax payment is the real action of paying tax by the taxpayers. This
variable is related to the mediating variable because paying tax according to the regulations is
included in the category of compliance. However, the dependent variable is proved not to be
dependent enough to the independent variable, which is tax disclosure because the relation
between tax disclosure and tax compliance is not significant.
Below is the result of F-test of this research to show the simultaneous effect of the
independent variable and the mediating variable.
ANOVAa
Model
1
Sum of
Squares
Regression
224,517
Df
Mean
Square
1
224,517
F
Sig.
,693
,407b
diunduh dari:
Residual
31769,483
98
Total
31994,000
99
324,178
a. Dependent Variable: Tax Compliance Valid
b. Predictors: (Constant), Tax Disclosure Valid
From the table above, it can be said that hypothesis is rejected because the value of the
F is over α=0.05, which means that there is no simultaneous effect between tax disclosure and
tax compliance. The result of the F-test only shows the processed data for the independent
variable and the mediating variable. The result for the mediating variable and the dependent
variable is not needed as the F-test result shows that the independent variable has no
simultaneous effect towards the mediating variable.
CONCLUSION AND SUGGESTIONS
Conclusion
1. The independent variables in this research, which are tax disclosure and tax
compliance, have no effect towards the tax payment. This is proved by using the
simple linear regression and the F test that rejects the hypotheses suggested by the
author. So, the tax disclosure does not affect the tax compliance and the tax
compliance does not affect the tax payment.
2. Because the questionnaire is valid and reliable, even though the hypotheses are
rejected, but it can be concluded from the questionnaires that the taxpayers are not
satisfied over the transparency of the government and neither do they use the budget
reports as a reference in seeking the use of tax by the government. So, the transparency
act of the government as a substitute for the result expected by the taxpayers as state in
the Theory of Reasoned Action is concluded as a failure.
Suggestions
For further research, the author can provide several suggestions that might help in
developing better research for similar studies. The suggestions are as follows:
1. The scope of the research revolves around Malang city only. For further researches are
suggested to cover a larger area to obtain more reliable results.
2. It is advisable to increase the number of respondents to get a more accurate result.
3. There might be biases in the questionnaires’ distribution due to the method chosen by
the author which is convenience sampling. For further research are suggested to
distribute the questionnaire evenly among the different types of occupations.
For the Government
1. It is expected from the government to find another way to substitute the result expected
by the taxpayers as to decrease the tax evasion due to dissatisfaction over the result of
no direct merit.
diunduh dari:
2. If the governments still want to try using the budget reports, then they need to
encourage people to access the budget reports. But both the State government and local
government are expected to make the budget reports easier to understand and to
access.
RERERENCE
Agusti, A. F., & Herawati, V. (2009). Pengaruh Tingkat Kepatuhan Wajib Pajak Badan
terhadap Peningkatan Penerimaan Pajak yang Dimoderisasi oleh Pemeriksaan Pajak pada
KPP Pratama. Simposium Nasional Akuntasni 12. Palembang.
Ajzen, I. (1988). Attitudes, Personality, and Behavior. Milton-Keynes, England: Open
University Press & Chicago, IL: Dorsey Press.
Ajzen, I., & Fishbein, M. (1980). Understanding Attitude and Predicting Social Behavior.
New York: Prentice Hall.
Andrianto, N. (2007). Akuntabilitas Publik Melalui Government. Malang. Bayumedia
Publishing.
Basri, F. (2012). Membantu Negara Melalui Sensus Pajak Nasional. Artikel.
Basri, Y. M., Surya, R. A.S., Fitriasari, R., Novriyan, R., & Tania, T. S. (2012). Studi
Ketidakpatuhan Pajak: Faktor yang Mempengaruhi (Kasus pada Wajib Pajak Orang
Pribadi yang Terdaftar di KPP Pratama Tampan Pekanbaru). Jurnal dan Prosiding
Simposium Nasional Akuntansi.
Brainyyah, M. Q. (2012). The Effect of Tax Fairness, Tax Knowledge, and Tax Complexity
on Tax Compliance: The Case of SME Entrepreneurs’ Taxpayers in Malang. Journal.
Cooper, D. R., & Schindler, P. S. (2006). Metode Riset Bisnis. Jakarta: PT Media Global.
Devano, S., & Rahayu, K. (2006). Perpajakan Konsep, Teori, dan Isu. Jakarta: PT Kencana.
Donmoyer, R. (2008). The SAGE Encyclopedia of Qualitative Research Methods. Quantitave
Research, 714-719.
Dumairy, 1997. Perekonomian Indonesia. Jakarta : Penerbit Erlangga.
Ghozali, I. (2011). Analisis Multivariate dengan Program SPSS. Edisi Kelima. Semarang:
Penerbit Universitas Diponegoro.
Gunawan, S. (1996). Ekonometika Pengantar. Yogyakarta: BPFE UGM.
Hadi, W. (2012). Ke Mana Uang Pajak Kita?. Artikel.
Hafiz, A. (2011). Akuntansi, Transparansi, dan Akuntabilitas Keuangan Publik (Sebuah
Tantangan).
diunduh dari:
Handayani, S. W., Faturokhman, A., & Pratiwi, U. (2012). Faktor-faktor yang Mempengaruhi
Kemauan Membayar Pajak Wajib Pajak Orang Pribadi yang Melakukan Pekerjaan Bebas.
Jurnal. Universitas Jenderal Soedirman.
Jatmiko, A. N. (2006). Pengaruh SIkap Wajib Pajak pada Pelaksanaan Sanksi Denda,
Pelayanan Fiskus, dan Kesadaran Perpajakan terhadap Kepatuhan Wajib Pajak (Studi
Empiris terhadap Wajib Pajak Orang Pribadi di Kota Semarang). Skripsi. Universitas
Diponegoro.
Jogiyanto, H. (2010). Metodologi Penelitian Bisnis. Yogyakarta: BPFE.
Kiryanto. (2000). Analisis Pengaruh Penerapan Struktur Pengendalian Intern terhadap
Kepatuham Wajib Pajak Badan dalam Memenuhi Kewajiban Pajak Penghasilannya.
Ekobis, 1(1), 41-52.
Kuncoro, A. E., & Riduwan. (2012). Cara Menggunakan dan Memakai Path Analysis
(Analisis Jalur). Bandung: Alfabeta.
Mardiasmo. (2003). Perwujudan Transparansi dan Akuntabilitas Publik Melalui Akuntansi
Sektor Publik Sarana Good Governance, Pidato Pengukuhan Sebagai Guru Besar pada
Fakultas Ekonomi Universitas Gajah Mada, Yogyakarta. Jurnal.
Mardiasmo. (2011). Perpajakan. Edisi Revisi. Yogyakarta: Andi.
Mardiasmo. (2013). Perpajakan. Edisi Revisi. Yogyakarta: Andi Offset.
Marshall, M. N. (1996). Sampling for Quantitative Research. Journal. Oxford University.
Mason, R. D., Lind, D. A. (1996). Teknik Statistika untuk Bisnis & Ekonomi. Jakarta:
Erlangga.
Novak, N. D. (1989). Tax Administration in Theory and Practice. London: Preager Publisher.
Nugroho, M. A. S., & Teguh, B. (2008). Hak dan Kewajiban dalam Ketentuan Umum dan
Tata Cara Perpajakn (KUP). Jakarta: Salemba Empat.
Somang, M. R. (2006). Analisis Faktor-Faktor yang Mempengaruhi Tingkat Kepatuhan Wajib
Pajak Badan di Kabupaten Serang. Jurnal.
Sugiyono. (2008). Metoda Penelitian Bisnis. Bandung: Alfabeta.
Sugiyono. (2009). Metoda Penelitian Kuantitatif dan Kualitatif. Bandung: Alfabeta.
Sukesti, F., & Alfasadun. (2010). Transparansi APBD Sebagai Sarana Akuntabilitas Publik
dan Good Governance. Jurnal.
Suryadi. (2006). Model Hubungan Kausal Kesadaran, Playanan, Kepatuhan Wajib Pajak Dan
Pengaruhnya Terhadap Kinerja Penerimaan Pajak. Jurnal Keuangan Publik.
Utami, S. R., Andi., & Soerono, A. N. (2012). Pengaruh Faktor-Faktor Eksternal Terhadap
Tingkat Kepatuhan Wajib Pajak di Lingkungan Kantor Pelayanan Pajak Pratama Serang.
Jurnal. Universitas Sultan Ageng Tirtayasa.
diunduh dari:
Waluyo. (2009). Akuntansi Pajak. Edisi 2. Jakarta: Salemba Empat.
Agency costs and risk-taking: Are they two missing links in the codeterministic relationship between ownership structure and firm performance?
diunduh dari:
Hoang N. Pham
DBA candidate
Victoria Institute for Strategic Economic Studies
(Victoria University, Melbourne Vic 8001 Australia)
Email: [email protected]
Tel: +61-399191356
1. Introduction
Performance of a firm can be influenced by its ownership structure due to several reasons:
i) owners have different power, incentives and ability to monitor managers due to the
difference in their identities, concentration and resource endowments; and ii) owners have
varying goals for their involvement in firms, resulting in different effects on firm
performance (Douma, George & Kabir 2006). However, it can be argued that ownershipperformance relationship is not only involved with such a question of why ownership
structure affects firm performance but also how, or via which channels, the former affects the
latter.
Since most prior literature on this issue have adopted the direct approach (i.e. ownership
structure directly affect firm performance), the mediation mechanisms underlying this
relationship is not adequately understood. This approach may lead to spurious results because
the indirect links may exist in reality and they can divert the effect of ownership structure.
Consequently, the estimated coefficients obtained from this approach merely indicate the
total effect of the former on the latter, while the other types of effects such as indirect and
direct effect are not identified.
Consistent with Le and Buck (2011), this research firstly argues that ownership structure
does not itself 'cause' firm performance, and agency cost is a 'missing link' in this
relationship. Agency theory suggests that the relation between firm performance and
ownership structure is closely associated with agency costs because different forms of
ownership may have different levels of agency costs. In turn, agency costs can adversely
affect firm performance (Brown, Beekes & Verhoeven 2011). The out-of-equilibrium model
of relation between corporate governance and firm performance also suggests that corporate
governance has a causal effect on firm performance indirectly through its impacts on the
agency conflict of the firm, which is embodied with the incentives and monitoring of the
management (Tan 2009).
Besides, it is argued in this paper that corporate risk-taking is another 'missing link'
between ownership structure and firm performance. Agency theory also suggests the
association between equity owners and risk-taking. Accordingly, shareholders have different
risk preferences; for example, managers are commonly regarded as risk-averse shareholders
since their human capital invested in the firm is not diversified (Himmelberg, Hubbard &
Palia 1999). It can be argued that these differences can influence risk-taking behaviours of
the firm. In addition, it is well documented in corporate risk management theory that risks are
diunduh dari:
closely related to firm performance. 'High risk-high return' is a well-known hypothesis in
this connection. As a result, another issue of concern is whether corporate risk-taking
transmits the impact of ownership structure to firm performance. However, the understanding
of a mediation mechanism among these three variables is quite limited in the literature.
Furthermore, an endogenously-determined relationship is potential in ownership structurefirm performance relation. Much empirical evidence has shown that ownership structure and
firm performance have a co-deterministic relationship and they are interrelated (Bhagat &
Jefferis 2002; Farooque et al. 2010; Firth & Rui 2012). Ownership structure can affect firm
performance and simultaneously firm performance can have feedback effects on ownership
structure. Controlling for this endogeneity problem is therefore necessary in corporate finance
and governance research (Brown, Beekes & Verhoeven 2011). However, prior studies have
dealt with this issue in the framework of the direct bi-directional relations, such as Bhagat
and Bolton (2008), Firth and Rui (2012), and Tian and Estrin (2008). Even with a mediation
approach, Le and Buck (2011) do not consider the feedback effects of firm performance.
Hence, there is still a significant gap in the literature that studies the endogeneity problem
between ownership structure and firm performance in a mediation context.
Taken together, this paper is aimed to answer the following research questions:
Do agency costs and risk-taking mediate the relationship between ownership
structure and firm performance?
2)
Which mediation channel is more important in determining the performance of
the Vietnamese listed firms?
3)
Is there any simultaneous causality between ownership structure and firm
performance in the mediation context?
The focus of this study is on the relationship between three ownership identities
(government ownership, insider ownership and foreign ownership), two mediator variables
(agency costs and corporate risk-taking), and financial firm performance (return on assets or
Tobin's Q). The main concern of this paper is the significance of the paths connecting the
above-mentioned variables. A two-mediator model is developed with ownership variables
lagged by one year to formulate potential causal effects between ownership structure and firm
performance.
1)
This study examines the issue from the context of the stock markets in the developing and
transitional economy of Vietnam for several reasons: 1) no prior research has been
undertaken on the mediated relationship between ownership structure and performance of the
Vietnamese listed firms; 2) this country has unique characteristics in terms of new stock
markets, risk-seeking attitudes of shareholders and transitional economy.
Using maximum likelihood estimation method, I find evidence of the mediating role of
agency costs for government ownership-firm performance relationship, but it is not clear
whether this is positive or negative mediation effect. Risk-taking is found to positively
(negatively) mediate the effects of past government ownership and insider ownership on
current accounting firm performance (current market firm performance).
This study contributes to the literature in several aspects. First, this research extends Le
diunduh dari:
and Buck (2011) in terms of developing two-mediator model to explain the relationship.
Second, this is the first study that adopts mediation approach to examine the bi-directional
causal relationship between multiple forms of ownership structure and firm performance.
Third, this study contributes to the application of agency theory and corporate risk
management theory in a mediation context. Last, this study is the first that explore the issue
from the Vietnamese stock market.
Nevertheless, this paper has some limitations. First, the findings may be generalized to
listed firms only because the sample does not contain unlisted firms. Second, specific indirect
effects and their standard errors are not figured out due to the purpose of this paper. Third,
this paper does not take into account the feedback effects of dependent variable (firm
performance) on two mediators (agency costs and risk-taking). If further research can justify
that they are contemporaneously related, then new insights about the mediated ownershipperformance relationship can be obtained.
Section 2 of this paper presents a review of related literature on the issue. Section 3
describes data sample. Section 4 introduces empirical mediation models, estimation methods
and variable measurement. Section 5 reports the main results of the study. Section 6 discusses
empirical results and concludes the paper.
2. Review of related literature
Theoretical aspects
Agency theory defines agency relationship as a contract between the principles and the
agent, under which the latter is delegated with authority to perform service on the former's
behalf (Jensen & Meckling 1976). Two agency problems are concerned in the agency
relationship: 1) the conflict in the goals of the principle and the agent, and 2) the risk sharing
between the principle and the agent when there is difference in their risk preferences (Dias &
Mroczkowski 2012). Therefore, it can be argued that the conflict of interests and risk
preference are the two core factors that can explain the relationship between equity
ownership and firm performance.
In terms of the conflict of interests, it is widely known from the agency theory that 'the
agent will not always act in the best interest of the principal', and 'it is impossible for the
principal or the agent at zero cost to ensure that the agent will make optimal decisions from
the principal's viewpoint'(Jensen & Meckling 1976, p. 5). Hence, it is documented in agency
models that the misalignment of interests between managers and shareholders causes costly
actions undertaken by managers (Bhagat & Jefferis 2002). Intuitively, agency costs are
incurred by firm due to the divergence in the interests of managers and shareholders.
Regardless of the existence of agency costs, shareholders are still willing to provide a
considerable amount of their capital to corporations run by managers; it is thus popular that
equity ownership structure is widely held (Jensen & Meckling 1976). As a result, each type
of ownership structure may be related to a certain level of agency costs.
Additionally, ownership structure can influence agency problems in the sense that it can
be used as a mechanism to control such problems (Agrawal & Knoeber 1996). For instance,
diunduh dari:
an increase in the level of insider ownership is regarded as one of effective corporate
governance mechanisms to mitigate the agency conflicts in such a way that they are
consistent with shareholders' interest and if a contract between the firm and managers cannot
make it possible (Bhagat, Bolton & Romano 2010). The formation of a board of directors is
also a solution to the agency problems (Hermalin & Weisbach 2003).
Ownership structure may have effect on agency costs and consequently firm performance
and investment opportunities (Thomsen & Pedersen 2000). In this connection, the out-ofequilibrium model, which is based on "inefficient hypothesis", holds that since corporate
governance structure is not optimal, any adjustment on corporate governance will result in
direct effect on agency conflict, which in turn affects firm performance (Hermalin &
Weisbach 2003; Tan 2009). Thus, it is assumed in this model that there is an indirect link
between corporate governance mechanisms and firm performance through agency costs. With
regards to risk preference aspect, agency theory also suggests that the degree of
corporate risk-taking is influenced by the risk preference of equity owners. Individual
shareholders may have different risk attitudes, which indicate the link between ownership
structure and risk-taking. Specifically, the risk preference of a shareholder may be
categorized into one of the following three types: risk aversion, risk neutrality and risk
seeking (McGuigan, Moyer & Harris 2005; Merna & Al-Thani 2008).
Most prior literature on corporate risk-taking in agency context focuses on the behaviour
of inside managers (Kim 2011) and often regards managers as risk-averse shareholders.
Unlike outside shareholders who tend to take higher risks to the extent that they can diversify,
insiders may ignore risky projects because the human capital of managers invested in the firm
is not diversifiable. The greater corporate resources the insiders expect to divert, the more the
insiders will avoid taking risky investments to protect their private benefits (Himmelberg,
Hubbard & Palia 1999).
While agency theory can explain the indirect link between ownership structure- agency
costs - firm performance, as well as the direct link between ownership structure and risktaking, it does not suggest the direct link between risk-taking and firm performance.
Corporate risk management theory can complement this limitation of agency theory. The
focus of corporate risk management is on the risk-return trade-off (Gordon, Loeb & Tseng
2009); and a conventional assumption in finance theories is that 'higher risk' implies 'higher
potential return' (Drever, Stanton & McGowan 2007). Therefore, risk-taking can be viewed
as another intervening factor that transmits the effect of ownership structure on firm
performance.
Empirical evidence
To my knowledge, no prior literature has considered two channels of mediation effects via
agency costs and risk-taking in ownership structure-firm performance relationship. Almost all
empirical studies on the issue take a direct approach; hence the estimated paths only indicate
the total effect of ownership structure on firm performance. This section reviews related
literature on the total effects between three types of equity ownership (government
ownership, insider ownership and foreign ownership) and firm performance, and agency
diunduh dari:
costs and risk-taking where they are relevant.
Government ownership-firm performance
An overwhelming viewpoint is that government ownership is normally associated with
inefficiency and bureaucracy, i.e. negative relationship between government ownership and
firm performance (Djankov & Murrell 2002; Netter & Megginson 2001; Thomsen &
Pedersen 2000). However, there is a considerable amount of empirical evidence that runs
counter to such position. As such, government ownership can contribute to improving firm
performance, conditionally among a certain group of listed companies or subject to countryspecific contexts. For example, in China's stock market, Tian and Estrin (2008) report that
government ownership is positively related to firm performance when the government
ownership reaches a certain high level or more than 25%; LI, Sun and Zou (2009) find that
the negative effect of government ownership on firm performance is 'only among the more
profitable firms'. Vaaler and Schrage (2009) state that government ownership is also able to
positively contribute to firm performance if government holds no more than 50% ownership
in a low policy stability country, and no more than 25% of ownership in a low-to-mid policy
stability country.
Insider ownership-firm performance
There are basically three main streams of literature regarding the relationship between
managerial/insider ownership and firm performance. The first is termed 'alignment of interest
effect' (Jensen & Meckling 1976). Berle et al. (1932) argue that the separation of ownership
from control will reduce manager's incentives to pursuit the goal of corporate profit
maximization. As a result of the conflict of interest between managers and shareholders, or
between majority and minority shareholders (Clacher, Hillier & McColgan 2010), if the
interests are aligned between managers and shareholder, the higher proportion of managerial
ownership can support an improved firm performance level. This proposition is supported by
empirical evidence such as Bhagat, Bolton and Romano (2010) and Mehran (1995) who also
claim that managerial equity ownership and firm performance is positively associated.
In contrast, the second stream postulates 'entrenchment effect' so that as the proportion of
equity owned by managers increases, they will have less incentives to pursuit the target of
corporate profit maximization. In other words, managerial ownership and firm performance is
negatively related. According to Shleifer and Vishny (2008), managers will get involved in
non-maximizing behaviours when they hold up to a certain level of a firm's ownership.
The third stream of literature in this regard argues a non-linear relationship between
managerial ownership and firm performance. The overall effect of managerial ownership on
firm performance may depend on the relative strengths of two above-mentioned forces:
alignment of interest effect and entrenchment effect; accordingly, managerial ownership at a
certain range of managerial ownership is positive for firm performance if the alignment effect
is dominant and vice versa over some other ranges if the entrenchment effect dominates
(Morck, Shleifer & Vishny 1988; Thomsen & Pedersen 2000).
Foreign ownership-firm performance
diunduh dari:
Studies on the effect of foreign ownership also provide mixed results. On the one hand, a
large body of literature find a significant positive effect of foreign ownership on firm
performance, whereby it can bring about an increase in firm value (Dwivedi & Jain 2005;
Sabur, Omar Al & Wares 2012; Sarkar & Sarkar 2000). On the other hand, foreign ownership
is found to be significantly negatively associated with firm performance (Sulong & Nor
2008).
Ownership structure-agency costs-firm performance
In terms of a potential mediation role of agency costs in ownership-performance relation,
some authors such as Thomsen and Pedersen (2000) show that ownership structure may
affect agency costs and consequently a firm's financial performance and investment
opportunities. Denis (2010) and Jensen and Meckling (1976) indicate that concentrated
ownership may reduce agency costs because large shareholders have more incentive and
ability to influence managers, thus increasing firm value when there is the concentration of
cash flow rights.
Many studies have been undertaken to examine the impact of agency costs in a range of
finance-related choices such as 'capital structure, maturity structure, dividend policy, and
executive compensation' (Ang, Cole & Lin 2000, p. 81). However, few studies have sought
the intervening role of agency costs in equity ownership-performance relationship; while
most others merely investigate separately the association either between ownership structure
and agency costs, or between agency costs and firm performance. For example, Ang, Cole
and Lin (2000) argue that agency costs are closely associated with the agency conflict
between shareholders and managers within a firm. They eventually find that agency costs are
inversely related to managerial ownership in the U.S. market.
The most relevant literature on the mediated effect of ownership structure on firm
performance is Le and Buck (2011). Using causal-steps approach, Le and Buck (2011) find
that agency costs mediate the positive impact of government ownership on firm performance
measured by return on assets and return on equity, and there is no direct effect of government
ownership on firm performance in the Chinese stock market. However, the investigation of
the authors is merely confined to government ownership; and all variables are measured
contemporaneously, leading to weak inference for potential causal effects of government
ownership on firm performance.
In general, it can be argued that the literature on the mediated relationship is between
ownership structure and firm performance is rather limited. Apart from Le and Buck (2011),
mediation analysis approach has not been applied to identify the mediating effect of agency
costs associated with other forms of ownership such as insider ownership and foreign
ownership.
Ownership structure-risk-taking-firm performance
Like the case of agency costs, most previous studies do not treat risk-taking as a mediating
variable in the association between equity ownership and firm performance. It is quite
common in the literature that only individual directions of effects are tested, either between
diunduh dari:
ownership and risk-taking or between risk-taking and firm performance.
Using a panel data sample of the Turkish market, Guner and Kursat (2002) investigate the
effect of ownership structure on firm performance and risk-taking, respectively. Applying
ordinary least squares (OLS) regression for panel data, the authors report significant links
between ownership structure and firm performance, and between ownership structure and
risk-taking. Firms with highly concentrated ownership and government-owned firms are
found more easily to take risk. However, a continual link from ownership structure-risk
taking-firm performance is not examined in this study.
John, Litov and Yeung (2008) investigate the association between investor protection and
risk-taking, and then between risk-taking and country-wide performance (productivity and
GDP growth). The authors argue that insider or manager ownership is among a number of
factors that influence risk-taking. In particular, in countries with low investor protection,
managers are often dominant insiders and they may prefer to avoid risk-taking to protect their
expected private benefits. This is a useful implication for follow-up studies that use data from
developing countries where investor protection is poor. However, due to the objectives of
research, John, Litov and Yeung (2008) do not attempt to examine the intervening role of
risk-taking in the association between insider ownership and performance.
In the context of Korean market, Kim (2011) to examines the association between foreign
ownership and risk-taking in investment of firm, and the relation between risk-taking and
firm growth. Controlling for endogeneity by 2SLS regressions, Kim (2012) reports that
foreign ownership is found to be positively related to risk-taking in firms with greater
opportunities for investment, and risk-taking in turn improves firm growth. However, since
this study uses cross-sectional data, a limitation of Kim (2012) is the lack of discussion about
the changes of foreign ownership and risk-taking over time, which is important when the time
effect is available. Besides, risk-taking as a connecting point between foreign ownership and
firm growth is not considered in this study.
3. Data Sample
Data sources
Financial data of listed firms are obtained from audited annual financial statements, which
are sourced from DataStream. Stock price data are retrieved from the database of stock
exchanges which are available on the websites of Hanoi Stock Exchange and Hochiminh
Stock Exchange8. Ownership data are hand-collected from company annual reports, which
are also downloadable from the websites mentioned above. Since all such data are publicly
disclosed as required by the Securities Law, every single item in the data sample can be
cross-checked for accuracy from different sources on the markets, including database of
securities companies and listed companies themselves.
Sample collection and data cleansing procedures
Data in this thesis started with a population of 288 firms, which is the number of all listed
8
www.hse.vn;www.hnx.vn
diunduh dari:
companies on Vietnam's stock markets in 2008, including both Hanoi Stock Exchange and
Ho Chi Minh Stock Exchange. The period from 2008 to 2012 is selected due to three
following reasons: (i) the year of 2008 was one year after the Securities Law of 2007 in
Vietnam came into effect, which is believed to enhance the quality of mandatory information
disclosure due to strict legal enforcement; (ii) data from 2008 of Vietnam's listed companies
and stock market were provided in international data terminals such a DataStream; and (iii)
almost all financial reporting standards applicable on Vietnam's stock markets, which are
based on the International Financial Reporting Standards (IFRS), were completed and
adopted since 2008.
The listed companies must have full 5 years of continuous listing in the period from 2008
to 2012 to enable the efficient use of lagged values of variables. Following previous studies,
financial companies were excluded due to the incompatibility or differences in financial
statements as compared to non-financial companies. To maintain the quality of data,
companies with incomplete data, i.e. lacking annual reports or financial statements of one or
more fiscal years, were removed. Finally, a balanced panel data sample is obtained with 475
observations in total (95 firms and 5 years).
In order to mitigate the effect of potential outliers, the most common procedure is to
winsorize variables (Leone, Minutti-Meza & Wasley 2014). In comparison with other
procedures of data accommodation such as trimming or piecewise linear regression,
winsorizing is unaffected by sample size and it helps a regression model fit the data well
while having a low level of prediction error (Kennedy, Lakonishok & Shaw 1992). Although
there is no generally-accepted guideline for an appropriate fraction of observations to be
winsored, a low percent winsorization may miss out many outliers. This paper first identifies
potential outliers by constructing ranges of quartile values. Observations at the distance of 1.5
interquartile ranges adjacent to the lower and upper quartiles are identified as outliers. Then
each variable is winsorized at the percentage and tail of outliers found from the above step.
4. Mediation model and variables
Empirical model and estimation method
The literature on mediation mechanism suggests that it is unlikely for the effect of a
variable to be mediated by only a single mediator variable in most situations (Preacher &
Hayes 2008). Meanwhile, it is suggested in agency theory and risk management theory that
agency costs and risk-taking can be considered as two main mediators of the effect of
ownership structure on firm performance as aforementioned. It is plausible to specify
ownership structure at past period and firm performance at current period to formulate
potential causal effects in ownership-performance relationship. If variables are measured at
the same time, there may be not enough time for independent variable to affect mediator
variable or mediator variable to affect outcome variable (Gollob and Reichardt 1991, cited in
MacKinnon 2012); and more accurate conclusions about mediation can be obtained by
considering the temporal order of change over time (MacKinnon 2012). Therefore, the
empirical model in this research is a two-mediator model where the direction of mediated
effects is from past equity ownership via current agency costs and current risk-taking to
current firm performance; and the reverse causality effect is from past firm performance to
diunduh dari:
current ownership structure. On that basis, the empirical model of this paper is specified as
follows:
Agency Cost = ij + aj Ownership Structure(-1) + Zj + Sj
(1)
Risk-Taking = i2 + a2Ownership Structure(-1) + Z2 + s2
(2
Firm Performance = i3 + Âgency Costs + 62Risk-Taking+ c'Ownership Structure(-1)
+Z3 + S3
Ownership Structure = i4 + a3Firm Performance(-1) + Z4 + s4
(3)
(4)
diunduh dari:
where ai and a2 are the parameter relating one-year lagged ownership structure to the first
mediator (Agency Costs) and to the second mediator (Risk-Taking), respectively. bi represents
the effect of the agency costs on firm performance adjusted for ownership structure and risktaking. b2 represents the effect of risk-taking on firm performance adjusted for ownership
structure and agency costs. c' is the direct effect of one-year lagged ownership structure on
firm performance. Ownership Structure consists of government ownership, insider ownership
and foreign ownership. Firm Performance consists of ROA and Tobin's Q. Zi, Z2 Z3 and Z4
are vectors of control variables that influence dependent variables. e1, e2, e3 and e4 are error
terms that contain random disturbance and unobserved heterogeneity. ii, i2, i3 and i4 are
intercepts.
Since agency costs and risk-taking are endogenous (i.e. having values determined within
the system, the maximum likelihood (ML) estimation method for structural equation model is
employed9. Under the ML estimation, all equations in the above system will be estimated
simultaneously and the error terms across equations are allowed to be correlated. It should be
noted that there are two firm performance equations (3a and 3b) corresponding to ROA and
Tobin's Q, and three ownership structure equations (4a, 4b and 4c) corresponding to
government ownership, insider ownership and foreign ownership. Hence, one-year lagged
values of firm performance (Firm Performance(-1)) will include both lagged ROA and lagged
Tobin's Q.
Predictor variables
Lagged government ownership (GOV(-i))
This proxy is measured as the one-year lagged of the ratio of shares owned by government
agencies or SOEs over the total common shares of a firm. In fact, the ratios of government
ownership can be obtained straightforwardly without any calculation because they are clearly
stated in the annual reports of the Vietnamese listed firms.
Lagged insider ownership (INS(-i))
In the seminal work of Jensen and Meckling (1976), inside equity is defined as the equity
ownership by the manager. Following Davidson and Singh (2003) and Tan (2009), INS(-1) in
this thesis is defined as the one-year lagged ratio of common equity owned by the members
of the board of directors, including managers, over the total common equity. Since this proxy
consists of shares held by both managers and directors, it is assumed that the interests of both
directors and managers are homogeneous, which is suitable to reflect the problem of little
separation of ownership and control in the context of a developing country like Vietnam.
Lagged foreign ownership (FOR(-i))
FOR(-1) is measured by the one-year lagged ratio of common equity held by foreign
investors over the total common equity of a listed firm. It should be noted that the maximum
value of foreign ownership is 49% in this research because this is the highest level of foreign
ownership in the Vietnamese listed firms according to applicable laws in Vietnam.
9
Cmp command in Stata
diunduh dari:
Mediator variables
Agency costs (AC)
Following Davidson and Singh (2003), this research employs asset utilization ratio as the
primary measure of agency costs. The higher value of utilization ratio, the lower level of
agency costs is implied since it measures the ability of managers to deploy asset efficiently,
and hence an improvement in firm performance is expected.
Risk-taking (RT)
This reseach adopts the common measure of risk that is based on historical stock prices
(market-based measure of risk). Following Minton, Taillard and Williamson (2014) and
Huang and Wang (2014), RT is defined as the standard deviation of the marked-adjusted
diunduh dari:
daily stock returns. Specifically, the natural logarithm of variance of daily stock returns is
applied to calculate returns; these values are then adjusted to eliminate market-driven risk
factor by taking the difference between daily stock returns and the daily returns on stock
market index. By subtracting the market-related risk component, this measure can better
reflect firm-specific risk-taking behaviours. The higher value of standard deviation indicates
higher risk-taking level and vice versa.
Outcome variables
ROA
ROA is defined as the ratio of earnings before tax (EBT) over total assets of the firm. It
should be noted that net profit is not used because it was the preferential policy during the
initial stage of stock market development in Vietnam that newly-listed companies will be
offered 100% exemption from corporate income tax for the first year of listing, plus 50%
exemption over the next two years. As the year of listing is different among the listed
companies in data sample, EBT is employed to facilitate cross-sectional comparisons.
0
Q is defined as the simplified Tobin's Q (Hu & Izumida 2008; Tian & Estrin 2008), which
is calculated as which is calculated as ratio of the market value of common equity and
preferred stock plus the book value of liabilities to the book value of total assets. The
numerator of Q can be regarded as the value of the firm, and the dominator represents the
replacement value of assets (Himmelberg, Hubbard & Palia 1999). As preferred stocks are
rarely issued in Vietnam during the period of study, the value of preferred stocks in
numerator are not present in the calculation of Q.
Control variables
The literature on the issue suggests that the following control variables can be employed
for the empirical model of this paper.
1. Financial leverage (LEV): This ratio is calculated as total liabilities divided by total
assets of a firm. As part of a firm's capital structure, LEV is used to grasp the influence of
financial leverage on government ownership, foreign ownership, agency costs, risk-taking
and firm performance.
2. Firm size (SIZE): This variable is defined as the natural logarithm of total assets.
There may be significant differences between large firms and small ones. SIZE is used to
capture the influence of firm size on agency costs and firm performance.
3. Firm age (AGE): This variable is defined as the difference between the observed year
and the initial year of listing on national stock exchanges. Hence, it shows how long a firm
has been traded on stock exchanges. AGE is employed to account for the influence it may
have on agency costs.
4. Firm growth (GRO): This proxy is calculated as the percentage of change in annual
sales divided by one-year lagged sales (Hu & Izumida 2008). GRO is employed to account
for the influence of firm growth on risk-taking, insider ownership and foreign ownership.
5. Financial investment (FIN): This variable is defined as the sum of short-term and
diunduh dari:
long-term financial investment scaled by total assets. Short-term financial investment include
marketable securities, and other financial assets which are available for sale within one fiscal
year; while long-term financial investment consists of capital investments in long-term
projects such as equity holdings in unconsolidated companies. FIN is used to control for risktaking.
6. One-year lagged firm performance (FP(-1)): This variable is defined as the one-year
lagged value firm performance (ROA and Q). FP(-1) is used as control variable in firm
performance equations and ownership structure equations.
7. Big-4 audit company (BIG4): This is a dummy variable to control for the influence of
audit quality offered by Big-4 international audit companies on risk-taking and firm
diunduh dari:
performance. BIG4 takes a value of 1 if the firm's financial statements are audited by one of
Big-4 international audit companies, and zero otherwise.
8. Formerly state-owned enterprise (SOE): This is a dummy variable to account for the
influence of company profile on government ownership. SOE takes a value of 1 if the firm
was wholly-owned by government before listing, and zero otherwise.
9. Industry classification (IND): This is a dummy variable to control for the influence of
industry difference on government ownership. It is assigned a value of 1 if a company is
classified into a relevant industry, and zero otherwise. This variable is based on the first two
digits of ICB-based industry classification which is sourced from a securities data provider in
•3
Vietnam (StoxPlus Corporation ).
10. Listing market (MARKET): Since the main board of stock exchanges in Vietnam is at
the Hochiminh Stock Exchange (HSX), this dummy variable is used to seize the influence of
listing market on foreign ownership. MARKET is assigned the value of 1 if a firm is listed on
HSX and 0 if a firm is listed on the Hanoi Stock Exchange (HNX).
Description of variables
Table 4-1 shows the summary of statistics of all main variables except dummy ones. Both
current-year and one-year lagged ownership variables are presented. GOV(-1) ranges from
zero to 75% with the standard deviation of 22.29% around the mean 29.38%. It can be seen
that the standard deviation and average value of GOV(-1) are the largest in comparison with
those of insider ownership and foreign ownership. The high values of government ownership
suggest that the distribution of government variable is quite dispersed and that government is
major shareholder in many firms.
Similarly, there is a large difference between the minimum and maximum level of INS(1), nearly zero and 42.7% respectively. The very small proportion of insider ownership at the
lower end is applicable to some listed SOEs where the proportion of government ownership
is large. Since only the private shareholding of these members are calculated as insider
ownership, as defined earlier, the above-mentioned low ratio is reasonable.
The range of FOR(-1) is from zero to 33.74%. This is because foreign investors do not
own any shares in a number of Vietnam's listed companies, while they do not hold more than
the restricted threshold of 49% of common equity in the others. The mean and standard
deviation of foreign ownership are the smallest in comparison with two other types of
ownership, which are 8.8% and 10.66%, respectively.
diunduh dari:
Table 4-1: Summary statistics
Variable
GOV
GOV(-1)
INS
INS(-1)
FOR
FOR(-1)
AC
RT
ROA
ROA(-1)
Q
Q(-1)
LEV
SIZE
3
Obs
475
380
475
380
475
380
475
475
475
380
475
380
475
475
Mean
29.18
29.38
12.25
11.41
9.374
8.799
1.178
2.992
8.564
9.097
1.004
1.032
49.77
20.05
Std.Dev.
22.30
22.29
15.43
12.83
12.13
10.66
0.794
0.841
7.657
7.442
0.260
0.261
22.45
1.314
Min
0
0
0.002
0.003
0
0
0.022
1.180
-3.577
-3.577
0.688
0.688
3.901
17.38
Max
75
75
83.02
42.70
49
33.74
3.219
5.412
26.49
26.49
1.546
1.546
92.44
23.19
www.stoxplus.com
diunduh dari:
AGE
GRO
FIN
475
475
475
3.411
15.95
10.86
1.924
29.78
12.30
0
-30.13
0
10
78.85
40.42
There is a large difference in extreme values of AC, which varies between 0.023 and
3.219. The standar deviation of AC is 0.794 around the mean of 1.178. The values of risktaking (RISK) are also largely dispersed, from 1.180 to 5.412. The mean value and the
standard deviation of risk-taking are higher than those of agency costs.
In terms of firm performance variables, the minimum, maxium value and the standard
deviation of ROA are minus 3.577%, 26.49% and 7.657%, respectively. The negative value
of ROA shows that some listed companies suffered from loss during the period of study.
However, ROA is averaged at 8.564%, indicating that most of the listed companies in this
sample are profitable. As for Q, the lowest value of Q (0.688) shows that the market value of
some firms is smaller than their assets. On average, however, the mean value of Q is more
than 1 times, at 1.040, and the standard deviation of Q of 0.26. Statistics for ROA(-1) and Q(1) are not much different from those of ROA and Q.
5. Results
In finance application, time series dependence (firm effect) and cross-sectional
dependence (time effect) are the most common forms of dependence where the former refers
to the residuals of a given firms correlated across years for a given firm, and the latter is for
the residuals of a given year correlated across different firms (Petersen 2009). Since this
thesis uses panel data, it is highly likely that two dimensions of dependence mentioned above
will also be present. F-test for fixed-effects and Pesaran's test of cross-sectional
independence confirm this. Furthermore, it is assumed that the time effect is not fixed across
years. Thus year clustering is used together with firm dummies to absorb varied time effects
and unobserved firm fixed-effects. As already mentioned, in addition, the error terms across
equations are allowed to be correlated. The empirical results are presented in the table below:
Table 5-1. Maximum likelihood estimation of the mediated relationship between
ownership structure and firm performance
diunduh dari:
AC
(1)
AC
RT
GOV(- 0.003
(0.001)***
1)
0.002
INS((0.003)
1)
FOR(- -0.001
(0.002)
1)
LEV
-0.003
(0.001)***
SIZE
-0.360
(0.052)***
AGE
0.049
(0.009)***
BIG4
GRO
FIN
ROA(1)
RT
(2)
ROA
(3a)
-22.235
(3.783)***
10.589
(4.959)**
0.017
-0.094
(0.009)* (0.128)
0.012
0.022
(0.007)* (0.109)
0.003
-0.101
(0.002)
(0.105)
-0.003
-0.155
(0.003) (0.027)***
-9.131
(1.959)***
0.055
-2.647
(0.076) (0.445)***
0.001
(0.000)***
0.001
(0.002)
-0.002
Q
(3b)
-2.319
(0.297)***
-0.431
(0.126)***
0.015
(0.007)**
0.015
(0.007)**
-0.006
(0.006)
-0.007
(0.004)*
-0.847
(0.098)***
GOV
(4a)
-0.013
(0.017)
-0.404
(0.153)***
INS
(4b)
-1.122
(1.651)
-0.010
(0.227)
FOR
(4c)
-0.074
(0.036)**
3.377
(1.017)***
0.045
(0.039)
0.001
(0.039)
-0.082
0.014
0.004
(0.005)*** (0.006)
-0.034
0.185
diunduh dari:
diunduh dari:
(0.066)
Q(-1)
-0.056
(0.105)
(0.049)*
3.189
(0.504)*
21.004
(2.388)***
52.782
(0.738)***
5.386
(2.854)*
MARET
SOE
cons
N
8.184
(1.183)***
380
1.251
(0.385)***
380
209.448
(43.260)***
380
380
380
(0.071)
-1.342
(1.070)
(0.057)*
-3.210
(2.205)
-1.725
(2.040)
26.225
(34.732)
-61.290
(18.576)***
380
380
*
p<0.1;
**
p<0.05;
***p<0.01
Notes: This table reports the results of the empirical model of this research using ML
estimation. It examines whether past ownership structure has mediated effects on current
firm performance via agency costs and risk-taking, and simultaneously whether past firm
performance has any feedback effects on current ownership structure. Robust standard errors
are presented in parentheses. Covariance structures of errors are specified as unstructured.
Industry dummies in Equation 4a and firm dummies in all equations are excluded for brevity.
The mediation effect of agency costs
Agency costs are found to negatively mediate the effect of lagged government ownership
on both measures of firm performance. Specifically, in Equation 1, it is estimated that the
effect of lagged government ownership on utilization ratio measure of agency costs is
significantly positive at the 1% level. In Equation 3a, the coefficient of agency costs is
negative and significant at the 1% level; 1% increase in utilization ratio (decrease in agency
costs) this year is found to be followed by a drop of more than 0.2% in ROA next year. As
for
Equation 3b, the direct link between agency costs and Q is negative and significant at the 1
percent level. An increase of 1% in utilization ratio is followed by a reduction of about 2.3%
in Q.
The mediation effect of risk-taking
Risk-taking is found to positively mediate the effect of lagged government ownership and
lagged insider ownership on ROA, and negatively mediate the effect of these two forms of
ownership on Q. Specifically, in Equation 2, both lagged government ownership and lagged
insider ownership are found to have significantly positive relations with risk-taking at the
10% level. Whereas, lagged foreign ownership is not associated with risk-taking. In Equation
3a, risk-taking is found to have a significantly positive relation with accounting firm
performance at the 5 level: 1% increase in risk-taking this year is followed by more than
0.1% increase in ROA. The effect of risk-taking on Q in Equation 3b is negative and
significant at the 1% level; precisely, an increase of 1% in risk-taking level is correlated with
a decrease of over 0.4% in value of Q.
Reverse causal effects of firm performance on ownership structure
As mentioned in section 1, an objective of this research is to examine whether the
simultaneous causality exist in firm performance-ownership structure relationship. The
diunduh dari:
results of Equation 4a show that current-year government ownership is affected by both
previous-year accounting and market firm performance in opposite directions: the impact of
the former is significantly negative at the 10% level, whereas that of the latter is positive and
significant at the 1% level. Firm size has a significantly negative relation with government
ownership at the 1% level. As indicated by the coefficient of SOE, government ownership
tends to be higher in former SOEs.
Unlike government ownership, it is found in Equation 4b that changes in insider
ownership are independent of changes in prior firm performance (both ROA and Q). The
only explanatory variable that has significant influence on insider ownership is firm growth,
of which the effect is positive and significant at the 1% level.
diunduh dari:
In terms of foreign ownership, the results of Equation 4c show that current-year foreign
ownership is influenced by previous-year accounting firm performance. Financial leverage
has a significantly negative association with foreign ownership at the 5% level. The impact of
firm size on foreign ownership is positive and significant at the 1% level.
In short, while past government ownership and past insider ownership have significant
effects on current firm performance via intervening roles of agency costs and/or risk-taking
as found above, past firm performance also has effects on current government ownership and
foreign ownership.
Robustness checks
Using another measure of agency costs. Operating expense ratio (AC2) is used to check
for robustness of agency costs. Following Davidson and Singh (2003), AC2 in this thesis is
calculated as selling, general and administration expenses (SG&A) scaled by total assets.
This is the direct measure of agency costs in the sense that the higher value of AC2 implies
the higher level of agency costs and vice versa. Hence, it is expected that the coefficients of
explanatory variables of AC2, as well as the coefficient of AC2 in firm performance
equations, have opposite signs to those obtained with AC1.
When this model is re-estimated with AC2 in place of AC1, the estimated links between
variables of interests are almost consistent. The only exception is a sharp difference in
Equation 3 a: the association between AC2 and firm performance is significantly negative,
which is not opposite to the sign of AC1 on firm performance as expected. Since the signs on
the coefficients of both AC1 and AC2 on firm performance are the same, it is not certain
whether lowering agency costs leads to improved firm performance and vice versa.
Using another measure of firm performance. Return on equity (ROE) is used as an
alternative proxy of accounting firm performance. Like ROA, ROE is also based on net profit
before tax (EBT). While the former is scaled by total assets, the latter is scaled by common
equity. Both of them have the same expected signs of impacts.
When ROE is employed instead of ROA in ML estimation, almost all the results are
consistent with those found with ROA. The exceptions are that the impact of risk-taking on
firm performance in Equation 7a and that of lagged ROE on government ownership in
Equation 8b becomes statistically insignificant. However, the economic inference remains the
same since the signs of these impacts do not change.
6. Discussion and Conclusion
As for the potential mediating role of agency costs, it is well established that agency costs
emerge as a consequence of the agency conflicts within firms, and a certain structure of
ownership can be utilized to reduce the agency problems (Agrawal & Knoeber 1996; Jensen
& Meckling 1976). Hence, prior studies on the issues suggests that there are robust links
between equity ownership and agency costs, and in turn, agency costs is related to firm
performance (Ang, Cole & Lin 2000; Davidson & Singh 2003). The results in this study
diunduh dari:
suggest that agency costs mediate the effect of lagged government ownership on firm
performance. There is evidence that past government ownership helps mitigate current
agency costs, but it is not clear whether past government ownership has positive effect on
ROA because lower agency costs may not be associated with higher firm performance.
In terms of the second channel, this research also confirms the mediating role of risktaking in ownership-performance relationship. There are robust links between lagged
government ownership and lagged insider ownership and risk-taking. Government ownership
and insider shareholders in Vietnamese stock markets tend to be risk-seeking. In particular,
the positive link between insider ownership and risk-taking is opposite to the assumption of
'risk-averse preference' of insider ownership (Himmelberg, Hubbard & Palia 1999). The
'higher risk-higher return' assumption (Drever, Stanton & McGowan 2007; Gordon, Loeb &
Tseng 2009) is supported for the relation between risk-taking and ROA only. For the link
diunduh dari:
between risk-taking and Q, the 'higher risk-lower return' assumption is implied. Foreign
shareholders are found to be risk-neutral; at least, they are not risk-seeking investors in
Vietnam's stock markets. The tendency not to take risks of foreign investors may be due to
their short-term view of investment in frontier stock markets, particularly when they do not
have controlling stakes in the firm. This is consistent with the evidence found in Phung and
Le (2013), suggesting that foreign investors do not contribute to improving firm performance
of Vietnam's listed firms due to ownership restriction.
While the mediating roles of agency costs and risk-taking are confirmed, there is
simultaneous causality between government ownership, foreign ownership and firm
performance in the sense that the past values of ownership affects the current values of
performance and vice versa. The exception is that a change in insider ownership is not
influenced by changes in past firm performance. It suggests that the decision for insiders to
change their shareholdings depends on other factors other than firm performance.
To conclude, while prior literature almost ignores the indirect channels in ownership
structure-firm performance relationship, this paper finds evidence that agency cost and risktaking are two 'missing links' in this association, and the mediation effect of risk-taking is
more important than that of agency costs in determining firm performance because the former
has more links with ownership structure. By adopting mediation approach, this paper
provides new insights into how ownership structure and firm performance influence each
other. Hence, it is recommended that the intervening role of agency costs and risk-taking, in
addition to simultaneous causality in ownership structure-firm performance relationship, be
accounted for in further research on the issue. Research on Vietnam's stock markets can also
benefit from the estimated influence of control variables employed in this paper.
diunduh dari:
Reference
Agrawal, A & Knoeber, CR 1996, 'Firm Performance and Mechanism s to Control
Agency
Problems
between Managers and Shareholders', Journal of Financial & Quantitative Analysis, vol. 31,
no.
3,
pp.
377-97.
Ang, JS, Cole, RA & Lin, JW 2000, 'Agency costs and ownership structure', The Journal
of
Finance,
vol.
55, no. 1, pp. 81-106.
Berle, AA, Means, GC, William, SH, amp & Company 1932, The modern corporation and
private
property, Macmillan Co, New York
Bhagat, S & Bolton, B 2008, 'Corporate governance and firm performance', Journal of
Corporate
Finance, vol. 14, no. 3, pp. 257-73.
Bhagat, S, Bolton, B & Romano, R 2010, 'The effect of corporate governance on
performance',
in
BH
Kent & A Ronald (eds), Corporate Governance: A Synthesis of Theory, Research, and
Practice,
Wiley,
Chichester, pp. 97-122.
Bhagat, S & Jefferis, RH 2002, The econometrics of corporate governance studies, MIT,
Cambridge,
Mass.
Brown, P, Beekes, W & Verhoeven, P 2011, 'Corporate governance, accounting and
finance:
A
review', Accounting and Finance, vol. 51, no. 1, pp. 96-172.
Clacher, I, Hillier, D & McColgan, P 2010, 'Agency theory: incomplete contracting and
ownership
structure', in BH Kent & A Ronald (eds), Corporate Governance: A Synthesis of Theory,
Research,
and
Practice, Wiley, Chichester, pp. 141-56.
Davidson, WN & Singh, M 2003, 'Agency costs, owne rship structure and corporate
governance
mechanisms', Journal of banking & finance, vol. 27, no. 5, pp. 793-816.
Denis, DK 2010, 'International corporate governance research', in BH Kent & A Ronald
(eds),
Corporate Governance: A Synthesis of Theory, Research, and Practice, Wiley, Chichester, pp.
diunduh dari:
123-39.
Dias, R & Mroczkowski, NA 2012, 'Do banks use credit default swaps to hedge or
speculate?
An
agency theoretic perspective', International Journal of Critical Accounting, vol. 4, no. 3, p.
283.
Djankov, S & Murrell, P 2002, 'Enterprise restructuring in transition: A quantitative
survey',
Journal
of
economic literature, vol. 40, no. 3, pp. 739-92.
Douma, S, George, R & Kabir, R 2006, 'Foreign and Domestic Ownership, Business
Groups,
and
Firm
Performance: Evidence from a Large Emerging Market', Strategic Management Journal,
vol.
27,
no.
7, pp. 637-57.
Drever, M, Stanton, PA & McGowan, S 2007, Contemporary issues in accounting, John
Wiley
&
Sons
Australia, Milton, Qld.
Dwivedi, N & Jain, AK 2005, 'Corporate govern ance and performance of Indian firms:
the
effect
of
board size and ownership', Employee Responsibilities and Rights Journal, vol. 17, no. 3, pp.
161-72.
Farooque, OA, Zijl, Tv, Dunstan, K & Karim, AW 2010, 'Co -deterministic relationship
between
ownership concentration and corporate performance: Evidence from an emerging
economy',
Accounting Research Journal, vol. 23, no. 2, pp. 172-89.
Firth, MA & Rui, OM 2012, 'Does one size fit all? A study of the simultaneous relations
among
ownership, corporate governance mechanisms, and the financial performance of firms in
China',
in
S
diunduh dari:
Boubaker, BD Nguyen & DK Nguyen (eds), Corporate Governance: Recent Developments
and
New
Trends, Springer-Verlag, Berlin Heidelberg, pp. 29 -57.
Gordon, LA, Loeb, MP & Tseng, C-Y 2009, 'Enterprise risk management and firm
performance:
A
contingency perspective', Journal of Accounting and Public Policy, vol. 28, no. 4, pp.
301-27.
Guner, G & Kursat, A 2002, 'Equity ownership structure, risk taking, and
performance',
Emerging
Markets, Finance & Trade, vol. 38, no. 6, p. 6.
Hermalin, BE & Weisbach, MS 2003, 'Boards of directors as an endogenously
determined
institution:
a survey of the economic literature', Economic policy review, vol. 9, no. 1, pp. 7-26.
Himmelberg, CP, Hubbard, RG & Palia, D 1999, 'Understanding the determinants of
managerial
ownership and the link between ownership and performance', Journal of Financial
Economics,
vol.
53, no. 3, pp. 353-84.
Hu, Y & Izumida, S 2008, 'Ownership concentration and corporate performance: a
causal
analysis
with Japanese panel data', Corporate Governance: An International Review, vol. 16, no. 4,
pp.
34258.
Huang, YS & Wang, C-J 2014, 'Corporate governance and risk-taking of Chinese firms:
The
role
of
board size', International Review of Economics and Finance.
Jensen, MC & Meckling, WH 1976, 'Theory of the firm: managerial behavior, agency
costs
and
ownership structure', Journal of Financial Economics, vol. 3, no. 4, pp. 305-60.
John, K, Litov, L & Yeung, B 2008, 'Corporate governance and risk -taking', The Journal
of
Finance,
vol.
LXIII, no. 4.
Kennedy, D, Lakonishok, J & Shaw, WH 1992, 'Accommodating Outliers and
Nonlinearity
in
Decision
Models', Journal of Accounting, Auditing & Finance, vol. 7, no. 2, pp. 161-90.
diunduh dari:
Kim, B 2011, 'Do foreign investors encourage value-enhancing corporate risk taking?',
Emerging
markets finance & trade, vol. 47, no. 3, pp. 88-110.
Le, TV & Buck, T 2011, 'State ownership and listed firm performance: a universally
negative
governance relationship?', Journal of Management and Governance, vol. 15, no. 2, pp. 22748.
Leone, AJ, Minutti-Meza, M & Wasley, CE 2014, 'Influential observations and inference
in
accounting
research', SSRN Working Paper available at: http://ssrn.com/abstract=2407967.
LI, T, Sun, L & Zou, L 2009, 'State ownership and corporate performance: A quantile
regression
analysis of Chinese listed companies', China Economic Review, vol. 20, pp. 703-16.
MacKinnon, D 2012, Introduction to Statistical Mediation Analysis, Hoboken : Taylor and
Francis.
McGuigan, JR, Moyer, RC & Harris, FHd 2005, Managerial economics : applications,
strategy,
and
tactics, Mason, Ohio : Thomson / South-Western 10th ed.
Mehran, H 1995, 'Executive compensation structure, ownership, and firm performance',
Journal
of
Financial Economics, vol. 38, no. 2, pp. 163-84.
Merna, T & Al-Thani, FF 2008, Corporate Risk Management, Wiley, Chichester, England.
diunduh dari:
Minton, BA, Taillard, JP & Williamson, R 2014, 'Financial Expertise of the Board, Risk
Taking,
and
Performance: Evidence from Bank Holding Companies', Journal of Financial & Quantitative
Analysis,
vol. 49, no. 2, pp. 351-80.
Morck, R, Shleifer, A & Vishny, RW 1988, 'Management Ownership and Market
Valuation:
An
Empirical Analysis', Journal of Financial Economics, vol. 20, no. 1/2, pp. 293-315.
Netter, J & Megginson, W 2001, 'From state to market: a survey of empirical
studies
on
privatization', Journal of economic literature, vol. 39, no. 2.
Petersen, MA 2009, 'Estimating Standard Errors in Finance P anel Data Sets: Comparing
Approaches',
Review of Financial Studies, vol. 22, no. 1, pp. 435-80.
Phung, DN & Le, TPV 2013, 'Foreign ownership, capital structure and firm value:
empirical
evidence
from Vietnamese listed firms', The IUP Journal of Corporate Governance, vol. XII, no. 2.
Preacher, KJ & Hayes, AF 2008, 'Asymptotic and resampling strategies for assessing
and
comparing
indirect effects in multiple mediator models', Behavior research methods, vol. 40, no. 3,
pp. 879-91.
Sabur, M, Omar Al, F & Wares, K 2012, 'Ownership structure, corporate
governance
and
firm
performance', Studies in Economics and Finance, vol. 29, no. 4, pp. 301-19.
Sarkar, J & Sarkar, S 2000, 'Large shareholder activism in corporate governance
in
developing
countries: evidence from India', International Review of Finance, vol. 1, no. 3, pp.
161-94.
Shleifer, A & Vishny, RW 2008, 'Large Shareholders and Corporate Control', in M
Ricketts
(ed.),
The
Economics of Modern Business Enterprise. Volume 1. Transaction Costs, Property Rights and the
Entrepreneur. Volume 2. Ownership and Scope. Volume 3. Incentives and Control. Volume 3.,
Elgar
Reference Collection. International Library of Critical Writings in Economics, vol. 214.
Cheltenham,
U.K. and Northampton, Mass.: Elgar, pp. 493-520, via ecn (EBSCOhost).
diunduh dari:
Sulong, Z & Nor, FM 2008, 'Dividends, ownership structure and board governance on
firm
value:
Empirical evidence from Malaysian listed firms', Malaysian Accounting Review, vol. 7, no.
2,
pp.
5594.
Tan, DT 2009, 'Corporate governance and firm outcomes: causation or spurious
correlations?',
PhD
thesis, Universtity of New South Wales.
Thomsen, S & Pedersen, T 2000, 'Ownership structure and economic performance in
the
largest
European companies', Strategic Management Journal, vol. 21, no. 6, pp. 689-705.
Tian, L & Estrin, S 2008, 'Retained state shareholding in Chinese PLCs: Does
government
ownership
always reduce corporate value?', Journal of Comparative Economics, vol. 36, no. 1, pp. 7489.
Vaaler, PM & Schrage, BN 2009, 'Residual state owne rship, policy stability and
financial
performance
following strategic decisions by privatizing telecoms', Journal of International Business
Studies,
vol.
40, no. 4, pp. 621-41.
diunduh dari:
The Influence of Budgeting Participation on Job Satisfaction in the Manufacturing and Service
Companies in Surabaya
Sany *)
Business Accounting Program, Faculty of Economics
Petra Christian University
*) Email [email protected]
Devie
Josua Tarigan
INTRODUCTION
One of the essential elements and indicators of the management control system is the budget
(Schift & Lewin, 1970). Hansen and Mowen (2007) state that no company has unlimited budget,
therefore budgeting becomes an essential issue in the planning process which involves
communication and interaction between managers and employees, which also acts as management
control over company’s operationals.
Today, many industries have utilized budgeting for planning and control (Blocher, Stout, &
Cokins, 2010), including the manufacturing industry. The fastly developing manufacturing industry
in Indonesia has caused increasing competitions within the manufacturing industry. The
manufacturing industry in East Java in 2012 grew by 6.54% compared to the growth in year 2011
(Badan Pusat Statistik, 2013). Companies are required to possess competitive advantages in order to
win the competitions (Bateman & Snell, 2009). In order to achieve competitive advantages, a
company needs human resources, in this case, employees. Each employee in a company has his own
role or job, and the company needs to maintain employee job satisfaction, among others by
practicing budgeting participation.
Milani (1975) proposes that employee participation in company budgeting will motivate
employees to respect their job and the company. It will cause employees to give the relevant
diunduh dari:
information they possess, which will help the company to make a more accurate budget (Baiman,
1982). When an employee possesses relevant information, the information will improve the
employee’s work quality and effectiveness (Lau & Tan, 2003). Lau and Tan (2003) also propose
that an employee who can do his job well will feel that he has achieved success in his job, which
enhances the employee’s job satisfaction.
The research on budgeting participation has become a trending topic in the field of accounting
management since budgeting participation is considered capable to exert functional or disfunctional
influence on the attitude and behavior of the members of the organization (Milani, 1975). This is
apparent from the great number of researches which study the influence of budgeting participation
on job satisfaction.
Several researches found that budgeting participation positively influences job satisfaction
(French, Israel & As, 1960; Brownell, 1982a; Brownell, 1983; Chenhall, 1986; Chenhall &
Brownell, 1988; Frucot & Shearon, 1991; Shields & Shields, 1998). In contrary, Dakhli (2010)
found negative influence of budgetary participation on job satisfaction of Tunisian managers. Other
researches (Brownell, 1982b; Chong & Bateman, 2000) found that there is no relationship between
budgeting participation and job satisfaction. This data indicates inconsistent findings that urges the
researcher to perform a research on the influence of budgeting participation on job satisfaction.
Chenhall and Brownell (1988) found that budgeting participation does not directly influence
job satisfaction but through an intervening variable which connects both variables. Chong (2002)
study results also confirmed the findings of Chenhall and Brownell (1988). In Indonesia,
Subaruddinsah (2009) performs a research on the influence of budgeting participation on job
satisfaction with job relevant information (JRI) as an intervening variable. The research result
shows that budgeting participation variable has an indirect and positive influence on job satisfaction
variable through JRI as an intervening variable.
Nouri and Parker (1998) add that by involving employees, who are the budget executors, in the
budgeting process will encourage employees to give the private information they possess. This will
help the company to make a more accurate and realistic budget, and to improve employee
performance in achieving the company’s targets which in turn will increase employee job
satisfaction (Lau & Tan, 2003).
In this research, JRI variable was used as the intervening variable based on the research of
Chong (2002) which states that JRI can act as an intervening variable which connects budgeting
participation and job satisfaction. Kren (1992) states that a JRI is an information which is useful and
can facilitate managers and employees to make decisions concerning their job. Besides, JRI
provides better knowledge for managers and employees which can help them to make the better
decisions to achieve the company’s goals.
The aim of this research was to examine whether budgeting participation influence job
satisfaction, budgeting participation influence JRI, JRI influence job satisfaction, and budgeting
participation influence job satisfaction through JRI as an intervening variable in the manufacturing
and service sector in Surabaya.
diunduh dari:
Budgeting Participation
One of the effective methods of harmonizing the goal of the center of responsibility and the
goal of the whole company is through participation (Siegel & Marconi, 1989). Robbins (2003)
proposes that participation is a concept where employees are involved in decision making with
managers to a certain extent. Kren defines budgetary participation as degree if managerial influence
on the budget (Kren, 1992).
Milani (1975) defines budgeting participation as the level of influence and involvement
possessed by an individual in the budgeting process, which is apparent from:
1. The extent of employee involvement in the section of budgeting process which relates to the
employee’s responsibility.
2. The extent of the logical reason given by manager in revising the budget proposed or made
by employee.
3. How often the employee discusses with the manager the budget that he has proposed.
4. The level of employee influence in the final budget section which relates to the employee’s
responsibility.
5. The level of employee contribution towards the budget section
responsibility.
which relates to his
6. How often the manager accepts the employee’s suggestions or opinions concerning the
budget which relates to the employee’s responsibility.
Based on those six points, Kren (1992), Magner, Welker, and Campbell (1996), Chong,
Eggleton, and Leong (2005) state that budgeting participation in a company includes the processes
of involvement, influence, and contribution, as follows:
1. Involvement
Here budgeting participation is viewed from the portion of employee involvement in the
budgeting process which relates to the employee’s responsibility.
2. Influence
This relates to employee influence in the final budget.
3. Contribution
This relates to the significance of employee contribution in the budgeting process.
Budgeting participation gives employees opportunity to interact, communicate, and influence
company’s goals or targets (Lau & Tan, 2003). And it will raise employees’ respect towards their
job and towards the company. This assumption is based on the thought that when a goal or standard
which has been made by involving employee participation, employees will internalize the goal or
standard, and they will also feel a personal responsibility to achieve the goal or standard because
they have participated in the budgeting process (Milani, 1975).
diunduh dari:
Job Relevant Information
JRI is an information which facilitates the decision making related with a job (Kren, 1992).
This assumption is also supported by Locke, Schweiger, and Latham (1986), who propose that JRI
gives a better understanding for making decisions. Baiman (1982) adds that JRI helps the executor
of the budget (employees) to increase their choice of actions through information of beneficial
efforts. This condition gives a better understanding to employees about alternative decisions and
actions which are needed to achieve the company’s goals.
Nouri and Parker (1998) also propose that when the employees or the budget executors
participate in the budgeting process, it will result in the flow of private information possessed by the
employees, so that the budget that is being set can be more accurate and realistic. The managers
who obtain new information can consider and evaluate the alternatives in order to achieve the goals
of the budget being set. This proposition is confirmed by Shields and Shields (1998) who state that
managers utilize the budgeting participation approach to understand the JRI they possess in order to
make better decisions concerning the company’s budget.
Kren (1992) states that JRI can improve job performance because it provides more accurate
predictions about the condition of the company’s environment so that the company members can
have a choice of more effective actions. It is defined as follows:
1. JRI helps employees to understand important issues more clearly so that they can do their
job better.
2. With JRI employees have sufficient information to make optimal decisions to achieve the
best performance.
3. Employees have greater access into the information needed to evaluate various alternatives
of important decisions.
Job Satisfaction
An employee who has a high job satisfaction will show a positive attitude towards his job,
while a dissatisfied employee will show a negative attitude towards his job (Robbins, 2003). Church
(1995) assumes that job satisfaction is the result of the various attitudes possessed by an employee.
The various attitudes relate to job, such as supervision, wage and fringe benefits, promotion
opportunity, working condition, social relationship within the company, quick response to employee
complaint, good treatment of employee by manager.
Smith, Kendall, and Hullin (1969) state that Job Descriptive Index (JDI) is a method of making
a standardized measurement of employee job satisfaction. JDI includes five dimensions of job
representing the main elements of a person’s job, namely the job itself, supervision, pay, promotion,
and co-workers. The five dimensions can be detailed as follows:
diunduh dari:
1. The job itself
If an employee has a high autonomy in his job, the freedom to make decisions concerning
his duties and to solve problems in his job, this will greatly enhance the employee’s job
satisfaction (Locke, Schweiger & Latham, 1986). Frank and Hackman (1975) add that job
satisfaction will be achieved when there is a harmony between employee’s wishes and the
five core job dimensions which include variety of skills, job identity, job significance,
autonomy, and feedback.
2. Supervision
Tsai (2008) finds that employee job satisfaction directly relates to competent supervision.
The relationship between supervisor and employee can be called functional attraction which
shows the extent to which employees feel that their managers help them to achieve better
results (Luthans, 1995).
3. Pay
Pay is the whole amount of compensation for the service given by employees which includes
basic salary and fringe benefits. Employee job satisfaction relates to the wage given to
employee (Tsai, 2008).
4. Promotion
In general, employees expect promotions in their career. One way of improving career for
employees is through career promotion within the company. Luthans (1995) also assumes
that when an employee obtains a promotion, his position and compensation will
automatically improve, which will bring a larger job satisfaction.
5. Co-workers
Employees will have good job satisfaction if they feel appreciated by their managers
(American Psychological Association, 2014), involved in problem solving, and are given the
opportunity to express their opinions. Ivancevich, Konopaske, and Matteson (2011) state
that co-workers have influence on employee job satisfaction, through their friendly and
supportive attitude and through their competencies.
The Influence of Budgeting Participation on Job Satisfaction
Job satisfaction can be seen in the way an employee regards his job. An employee who
participates in the budgeting process will have a personal satisfaction in his job which will enhance
his performance in achieving the budget targets (Brownell & Mclnnes, 1986). Magner, Welker, and
Johnson (1993) state that budgeting participation gives solution to employees to express their
values. The expression of values in the participation process enables employees to give their
opinions about the budget being set. Shields and Shields (1998) proposed that budgeting
diunduh dari:
participation helps improve employee self esteem and moral, which influence employee job
satisfaction. Budgeting participation causes employees to feel that they are appreciated by their
managers, and also provides opportunity for employees to express their opinions and values.
Preivious studies shows that budgeting participation has a positive influence on job
satisfaction (French, Israel & As, 1960; Brownell, 1982a, 1983; Chenhall, 1986; Chenhall &
Brownell, 1988; Frucot & Shearon, 1991; Leach-López, Stammerjohan & McNair, 2007).
Frucot and Shearon (1991) found a positive influence between budgeting participation and job
satisfaction of Mexican employees who work in companies partly owned by foreigners, where
budgeting participation is effective for measuring whole job satisfaction, both intrinsically and
extrinsically. French, Israel, and As (1960) proved that budgeting participation has a positive
influence on job satisfaction in a Norwegian factory, where participation can directly satisfy
employee’s need to be appreciated
Brownell (1982a) found that budgeting participation has a positive influence on job
satisfaction, which is strengthened by locus of control (Brownel, 1982a) and strengthened by
leadership style (Brownell, 1983). Research by Shields and Shields (1998) concludes that there is a
positive influence between budgeting participation and job satisfaction, where job satisfaction is
stated as the reason to implement budgeting participation.
Chenhall (1986) proved that budgeting participation has a positive influence on job satisfaction
in the manufacturing company where manager and employee have homogenous authoritarianism.
While Chenhall and Brownell (1988) concluded that there is a significantly direct influence between
budgeting participation and job satisfaction, and indirect influence between budgeting participation
and job satisfaction through role ambiguity. Leach-López, Stammerjohan and McNair (2007) found
that budgeting participation has positive influence on job satisfaction for Mexican managers
working in U.S. controlled companies in Mexico.
H1 : Budgeting participation has a positive influence on job satisfaction in the manufacturing and
service sector in Surabaya.
The Influence of Budgeting Participation on Job Relevant Information
In budgeting participation employees are given the opportunity to contribute the information
they possess to managers so that all may have a better understanding of the information which is
relevant with the job they are doing (Kren, 1992). JRI is used in the budgeting participation process
to make a better budget and to help employees perform their job better (Shields and Shields, 1998).
Chong and Johnson (2007) also state that budgeting participation provides opportunity to employees
to acquire and utilize JRI to facilitate decision making which are related to their job.
Magner, Welker, and Campbell (1996) find that there is a positive and direct influence between
budgeting participation and JRI, where budgeting participation provides employees the opportunity
to obtain information from managers about work environment, work strategies, and other factors
diunduh dari:
which are closely related to their job. Leach-López, Stammerjohan and Lee (2009) researches have
proved that budget participation has positive influence over job relevant information acquisition.
H2 : Budgeting participation has a positive influence on job relevant information in the
manufacturing and service sector in Surabaya.
The Influence of Job Relevant Information on Job Satisfaction
When an employee has a relevant information, it will improve the employee’s quality and
effectiveness in performing his job (Lau & Tan, 2003). Lau and Tan (2003) also state that an
employee with JRI has more advantages than an employee without JRI. An employee who can
perform his job well will feel that he has succeeded in completing the job assigned to him, and this
relates to the satisfaction or dissatisfaction felt by the employee. Beside that, O’Reilly (1980)
proposes that an employee with more information will show greater job satisfaction than an
employee with less information.
H3 : Job relevant information has a positive influence on job satisfaction in the manufacturing and
service sector in Surabaya.
The Influence of Budgeting Participation on Job Satisfaction through Job Relevant
Information as an Intervening Variable
There are previous researches on the influence of budgeting participation on job satisfaction
which present an intervening variable which relates budgeting participation and job satisfaction.
The intervening variable used in this research is JRI.
As has been mentioned earlier, budgeting participation can influence employee job satisfaction
through JRI possessed by employees (Lau & Tan, 2003). This is because budgeting participation
can create a work environment which support the acquisition and utilization of JRI (Kren, 1992).
The JRI can facilitate employees in making decisions relating to their job (Kren, 1992) and also
help to achieve the budgeting targets by directing employees to develop strategies to perform their
job effectively and efficiently, which in turn will increase employee job satisfaction (Lau & Tan,
2003).
H4 : Budgeting participation positively influences job satisfaction through JRI as an intervening
variable in the manufacturing and service sector in Surabaya.
RESEARCH METHOD
This research studied the influence of budgeting participation on job satisfaction in the manufacturing
sector in Surabaya with the analytical model presented in Figure 1.
Figure 1. The Model of the Hypothetical Analysis
diunduh dari:
The object of this research was manufacturing and service companies in Surabaya. The
sampling technique used in this research purposive sampling, with the criterion employees of
manufacturing and service companies is Surabaya who involved in the budgeting process, and had
worked in the company for at least 1 year. Given the work experience in the company, the
employees had sufficient knowledge about the condition of the company so that they could be
involved in the budgeting process.
The measurement scale used in this research was interval measurement scale, where the respondents
were asked to choose an answer from the ranking given by the researcher, according to the perception of the
respondent. The research scale used the Likert scale with five ratings (1 = Strongly Disagree; 2 = Disagree; 3
= Neutral; 4 = Agree and 5 = Strongly Agree).
To test the hyphotheses instruments used for this study are:
1. Budgeting participation instrument adopted from Kren (1992)
2. Job relevant information adopted from Kren (1992)
3. Job Descriptive Index (JDI) from Smith, Kendall, and Hullin (1969)
In data analysis, the researcher used the Partial Least Square (PLS) analysis with the Smart PLS
application program. The PLS analysis was used because it could analyse the influences between
the variables of the research completely. The PLS analysis consisted of two models, namely the
inner model and the outer model.
The outer model was used to measure the validity and reliability of the research instrument
through:
a. Convergent Validity
Convergent validity was used to determine whether each indicator which measured the concept
dimension was valid. Individual reflexive measurement was considered high if its correlation
with the measured construct was larger than 0.70.
b. Discriminant Validity
diunduh dari:
Discriminant validity measures indicator with its latent variable and was estimated by the
measurement of cross loading with construct. Besides, discriminant validity could also be
measured by comparing the square root average variance extracted (AVE root) value of each
construct with the correlation between the construct and other construct in the model. If the
AVE root value of a construct was larger than the correlation value of the construct to other
construct in the model, the construct had a good discriminant validity. The AVE root value
should be larger than 0.50 (Ghozali, 2011).
c. Composite Reliability
Composite reliability showed the degree which indicated common latent (unobserved), which
could show block indicator which measured internal consistence and the indicator which formed
construct. The accepted limit value for composite reliability was 0.60 (Ghozali, 2011).
The inner model or structural model was evaluated through explained variance percentage, by
observing the R2 for dependent latent construct, the Stone-Geisser Q-square test (Ghozali, 2011)
and the structural path coefficient. The stability of this estimation was evaluated by statistical t test,
and the positive and negative influence was observed from the original sample (O) which was
obtained through bootstrapping procedure.
The goodness of fit of the inner model was evaluated by using R-square for dependent
latent variable with an interpretation similar to regression. R-square explained the various endogen
constructs which could be explained simultaneously by exogen constructs (Vinzi, Chin, Henseler &
Wang, 2010). Q-square predictive relevance is used to measure the construct model. If Q-square >
0, it meant that the model had predictive relevance, (Ghozali, 2011). The Q-square value could be
calculated using the following formula:
where R12, R22 ... Rp2 were R-square endogen variable in the model.
RESEARCH RESULT AND DISCUSSION
In this research, data were collected from 200 employees of manufacturing and service companies in
Surabaya. The description of the respondents’ profile included position and education, and could be seen in
Table 1.
Table 1. Respondent Profile
Category
Name
Number of
Percentage
diunduh dari:
Respondent
Accounting Staff
57
29%
Sales Staff
35
18%
Marketing Staff
32
16%
Finance Staff
32
16%
Operasional staff
17
9%
Administrasi Staff
15
8%
HRD Staff
11
6%
Supply Planning
1
1%
High School
3
2%
Diploma
29
15%
Undergraduate
168
84%
Position
N = 200
Education
N = 200
Table 2 shows that the correlations between each variable construct and its own indicator were
larger than the correlations between budgeting participation indicator and other constructs.
Correlation between budgeting participation construct and its indicators (P1, P2, P3) were larger
than the correlations between budgeting participation indicator and other constructs (JRI and job
satisfaction). Thus the latent constructs (BP, JRI, and JS) could predict the indicators in their own
block better than the indicators in other blocks.
Table 2. Cross Loading
Cross Loading
Indicators
BP
JRI
JS
BP1
Involvement
0.966
0.201
0.267
BP2
Influence
0.779
0.068
0.056
BP3
Contribution
0.952
0.200
0.212
JRI1
Objectiveness 0.149
0.803
0.617
JRI2
Decision
0.864
0.580
0.246
diunduh dari:
JRI3
Evaluation
0.110
0.881
0.661
JS1
Job Itself
0.236
0.680
0.904
JS2
Pay
0.201
0.509
0.811
JS3
Supervision
0.114
0.445
0.785
JS4
Co-workers
0.226
0.727
0.898
JS5
Promotion
0.178
0.641
0.804
On the other way, Table 3 suggests that the model has good discriminant validity. The AVE
root value of budgeting participation 0.909 was higher than the correlation between BP and JRI
(0.237) and of JRI 0.850 was higher than the correlation between JRI and JS (0.728).
Table 3. The Correlation Between Construct and Average Variance Extracted (AVE)
Budgeting
Participation
JRI
BP
1.000
JRI
0.237
1.000
JS
0.309
0.728
Job
Satisfaction
1.000
AVE
AVE
ROOT
VALUE
0.826
0.909
0.723
0.850
0.710
0.843
Figure 2 shows that all indicators of budgeting participation variable, JRI and job satisfaction
had outer loading values larger than 0.5, indicating that each indicator of budgeting participation
had fulfilled convergent validity requirement. With the R square of influence of BP on JRI 0.056
and of BP on JS 0.550 then Q square 0.575, shows that the model could explain 57.5% of the
information in the data.
Figure 2. The Result Model
diunduh dari:
From Table 4 the path coefficient BP  JS was 0.145 and the statistical T value 3.454 which
was higher than 1.96. The path coefficient from BP to JRI was 0.237 and the statistical T value
3.392 was higher than 1.96. The path coefficient from JRI to JS was positive value 0.694, and the
statistical T value 15.482 is higher than 1.96. Thus, H1, H2, H3 were accepted.
Table 4. The Path Coefficient Result
Path
Path
coefficient
T Statistics
Result
H1
BP -> JS
0.145
3.454
Accept
H2
BP -> JRI
0.237
3.392
Accept
H3
JRI -> JS
0.694
15.482
Accept
Table 5 shows the ability of JRI as intervening variable in explaining the influence of
budgeting participation on job satisfaction. The influence power of BP to JS trough JRI was 0,164,
which was higher than the direct influence of budgeting participation on job satisfaction 0.145. It
meant H4 was accepted. In addition, the total influences of budget participation and JRI
simultaneously are 30.9%
Table 5. Direct and Indirect Influence
diunduh dari:
The intervening power
The Influence Power
BP  JRIJS
0.237 x 0.694
0.164
The direct model
BP  JS
0.145
Total influence power
0.309
Study result shows there was a positive influence between budgeting participation and job
satisfaction in the manufacturing and service companies in Surabaya. The higher the involvement in
budgeting participation, the higher is the employee satisfaction towards his job. This was because
employees involved in budgeting participation felt that they were appreciated by their managers
(French, Israel, and As, 1960). Shields and Shields (1998), also Magner, Welker, and Johnson
(1993) add that budgeting participation gives employees opportunities to express their
values/opinions, in this case employees’ values/opinions concerning the budget being set. This
confirmed the findings of perious research (French, Israel & As, 1960; Brownell, 1982a, 1983;
Chenhall, 1986; Chenhall & Brownell, 1988; Frucot & Shearon, 1991; Leach-López, Stammerjohan
& McNair, 2007).
There was a positive significant influence between budgeting participation and JRI in the
manufacturing and service companies in Surabaya. The greater involvement in budgeting
participation will lead to greater JRI of the employee. This was because budgeting participation
could create a work environment which enhanced the facilities to obtain and utilize JRI (Kren,
1992). Magner, Welker, and Campbell (1996) propose that budgeting participation opens for
employees access to information from managers concerning work environment, work strategies, and
other issues related to their jobs. Chong and Johnson (2007) add that budgeting participation gives
opportunities to employees to obtain and utilize JRI which can facilitate decision making
concerning their jobs. This supported previous study Magner, Welker, and Campbell (1996) and
Leach-López, Stammerjohan and Lee (2009).
The results indicated that there was a positive and significant influence between JRI and job
satisfaction in the manufacturing and service sector in Surabaya. This could be explained by the fact
that when employees had relevant information concerning their jobs, they would be able to perform
their jobs well, which caused them to feel that they had succeeded in completing the job assigned to
them. This caused satisfaction they felt towards their jobs (Lau &Tan, 2003).
This study proved that job revelant information was an intervening variable in explaining the
influence of budgeting participation on job satisfaction. The result confirmed Kren’s assumption
(1992) that budgeting participation could create a work environment which enhanced the acquisition
and utilization of JRI. JRI could help employees to achieve budget targets by directing employees to
develop strategies to perform their jobs effectively and efficiently. This would in turn influence
their job satisfaction (Lau & Tan, 2003).
diunduh dari:
CONCLUSION
From the data acquisition and data processing, the researcher found that each hypothesis of the research
could be accepted, which were as follows:
1. Budgeting participation had a positive influence on job satisfaction in the manufacturing and
service companies in Surabaya.
2. Budgeting participation had a positive influence on job relevant information in the
manufacturing and service sector in Surabaya. Budgeting participation in a company could
enhance the job relevant information possessed by the company.
3. Job relevant information had a positive influence on job satisfaction in the manufacturing
and service sector in Surabaya. Job relevant information would increase job satisfaction.
4. Budgeting participation positively influenced job satisfaction through job relevant
information as an intervening variable in the manufacturing and service sector in Surabaya.
The research result showed that budgeting participation had an indirect influence on job
satisfaction through job relevant information as an intervening variable.
Managerial Implication
This research proved that budgeting participation had a positive influence on job satisfaction in
the researched manufacturing and service companies in Surabaya, therefore other manufacturing
service companies can practice budgeting participation in order to increase job satisfaction. Job
satisfaction is essential to stimulate good job performance. The result of this research showed that
the smallest outer loading value of empirical indicator in budgeting participation variable was BP2
indicator, which was Influence. Thus, the manufacturing and service companies researched should
consider to increase the employee influence in the budgeting participation process, in which
employees can give suggestions or opinions before the budget is finalized, especially oh the area
related with the employees’ responsibility.
In this research we found that the smallest empirical indicator in JRI variable was JRI1
indicator, which was objective. We suggest that the manufacturing and service companies
researched pay more attention to provide clear objective, because through the clear and directive
objective employees could understand more clearly the things needed to be done concerning their
jobs, so that employees could achieve their goal, namely performing their jobs well.
The research result also showed that the smallest outer loading value of empirical indicator in
job satisfaction variable was JS3 indicator, which was supervision. In this case the manufacturing
and service companies researched should provide more competent and helpful supervision for
employees to help them achieving their performance.
diunduh dari:
Recommendation for Future Research
Future researches can be applied to different industries such as trading companies, banks, etc.
This will enhance the generalization of research topic result. This study did not address the culture
variable, which can be different among organization. Leach-López, Stammerjohan & McNair
(2007) has proposed Hofstede national culture found that high uncertainty avoidance group had
stronger significant relationship between budget participation to JRI.
Acknowledgement
This study is a lecturer-students joint research in Business Accounting Program at Petra
Christian University, Indonesia.
REFERENCES
American Psychological Association. (2014). 2014 Work and Well-Being Survey. Retrieved April
30, 2015 from http://www.apaexcellence.org/assets/general/2014-work-and-wellbeing-surveyresults.pdf
Baiman, S. (1982). Agency research in managerial accounting: A survey. Journal of Accounting
Literature, 1, 154-213.
Bateman, T.S. & Snell, S.A. (2009). Management: Leading and collaborating in the competitive
world (8th ed.). New York: McGraw Hill.
Blocher, E.J., Stout, D.E., & Cokins, G. (2010). Cost management. New York: McGraw Hill.
Brownell, P. & McInnes, M. (1986). Budgetary participation, motivation, and managerial
performance. The Accounting Review, 61, 587-600.
Brownell, P. (1982a). A field study examination of budgetary participation and locus of control. The
Accounting Review, 57, 766-777.
Brownell, P. (1982b). The role of accounting data in performance evaluation, budgetary
participation and organizational effectiveness. Journal of Accounting Research, 20, 12-27.
Brownell, P. (1983). Leadership style, budgetary participation, and managerial behavior.
Accounting, Organizations and Society, 8, 307-322.
Chenhall, R. H. (1986). Authoritarianism and participative budgeting: A dyadic analysis. The
Accounting Review, 61, 263-272.
Chenhall, R.H. & Brownell, P. (1988). The effect of participative budgeting on job satisfaction and
performance: Role ambiguity as an intervening variable. Accounting, Organisations and
Society, 13, 225-233.
Chong, V.K. & Johnson, D.M. (2007). Testing a model of the antecedents and consequences of
budgetary participation on job performance. Accounting and Business Research, 37(1), 3-19.
Chong, V.K. (2002). A note on testing a model of cognitive budgetary participation processes using
a Structural Equation Modeling approach. Advances in Accounting, 19, 27-51.
diunduh dari:
Chong, V.K., & Bateman, D. (2000). The effects of role stress on budgetary participation and job
satisfaction-performance linkages: A test of two different models. Advances in Accounting
Behavioral Research, 3, 91-118.
Chong, V.K., Eggleton, I.R.C., & Leong, M.K.C. (2005). The effects of value attainment and
cognitive roles of budgetary participation on job performance. Advances in Accounting
Behavioral Research, 8, 213-233.
Church, A.H. (1995). Managerial behavior and work group climmate as predictor of employee
outcomes. Human Business Development Quarterly, 6, 173-205.
Dakhli, A. (2010). Budgetary participation, locus of control, and job satisfaction in Tunisia.
Unpublished Doctorate Disseration, Universite Paris X Nanterre.
Frank, L. L., & Hackman, J.R. (1975). A failure of job enrichment: The case of the change that
wasn’t. Journal of Applied Behavioral Science, 11, 413-436.
French, J.R.P., Israel, J., & As, D. (1960). An experiment on participation on norwegian factory:
Interpersonal dimensions of decision-making. Human Relations, 13(1), 3-19.
Frucot, V., & Shearon, W.T. (1991). Budgetary participation, locus of control, and mexican
managerial performance and job satisfaction. The Accounting Review, 66(1), 80-99.
Ghozali, I. (2011). Structural equation modelling metode alternatif dengan Partial Least Square.
Semarang: Badan Penerbit Universitas Diponegoro.
Hansen, D.R. & Mowen, M.M. (2007). Management Accounting (8th Ed). Thomson South-Western.
Indonesia, Badan Pusat Statistik. (2013). Berita resmi statistisk Provinsi Jawa Timur, No.
12/02/35/Th
XI.
(2013,
February
1).
Retrieved
April
30,
2015
from
http://jatim.bps.go.id/Brs/view/id/165
Ivancevich J. M., Konopaske, R., & Matteson, M. T. (2011). Organizational Behavior and
Management. (9th Ed.). New York: McGraw-Hill Higher Education.
Kren, L. (1992). Budgetary participation and managerial performance: The impact of information
and enviromental volatility. The Accounting Review, 67(3), 511-526.
Lau, C. M. & Tan, S.L.C. (2003). The effects of participation and job-relevant information on the
relationship between revaluative style and job satisfaction. Review of Quantitative Finance and
Accounting, 21, 17-34.
Leach-López, M.A. Stammerjohan, W.W. & Lee, K.S. (2009). Budget participation and job
performance of South Korean managers mediated by job satisfaction and job relevant
information. Management Research News, 32(3), 220-238.
Leach-López, M.A. Stammerjohan, W.W. & McNair, F.M. (2007). Differences in the Role of JobRelevant Informatiaon in the Budget Participation-Performance Relationship among U.S. and
Mexican Managers: A Question of Culture or Communication. Journal of Management
Accounting Research, 19, 105-136.
Locke, E.A., Schweiger, D.M., & Latham, G.P. (1986). Participation in decision making: When
should be used? Organizational Dynamics, 16, 65-79.
Luthans, F. (1995). Organizational behavior (7th ed.). Singapore: McGraw Hill.inc.
Magner, N., Welker, R.B. & Johnson, G.G. (2011). Evidence of value expressive participation
effects in budgeting. Journal of Applied Business Research, 9(2), 104-112.
diunduh dari:
Magner, N., Welker, R.B., & Campbell, T.L. (1996). Testing a model of cognitive budgetary
participation processes in a latent variable structural equation framework. Accounting and
Business Research, 27(1), 41-50.
Malholtra, N. K. & Birks, D. F. (2009). Marketing research: An applied approach, 6th Ed. Harlow:
Prentice Hall.
Milani, K. (1975). The relationship in budget setting to industrial supervisor performance and
attitudes: A field study. The Accounting Review, 50(2), 274-284.
Nouri, H. & Parker, R.J. (1998). The relationship between budget participation and job
performance: The roles of budget adequacy and organizational commitment. Accounting,
Organizations and Society, 23, 467-483.
O’Reilly, C.A. (1980). Individuals and information overload in organizations: Is more necessarily
better? Academy of Management Journal, 23, 684-696
Robbins, S. P. (2003). Organizational behavior (10th ed.). New Jersey: Upper Saddle River.
Schift, M. & Lewin, A. (1970). The impact of people on budgets. The Accounting Review, 45, 259268.
Shields, J.F. & Shields, M.D. (1998). Antecedents of participative budgeting. Accounting,
Organizations and Society, 23(1), 49-76.
Siegel, G. & Marconi, H. R. (1989). Behavioral accounting. Ohio: South Western Publishing Co.
Smith, P.C., Kendall, L.M. & Hullin, C.L. (1969). Measurement of satisfaction in work and
retirement. Columbus, OH: Bureau of Business Research.
Subaruddinsah. (2009). Pengaruh partisipasi penyusunan anggaran terhadap prestasi kerja dan
kepuasan kerja dengan job relevant information sebagai variabel intervening. Jurnal Optimal,
3(1), 49-74.
Tsai, C.W. (2008). Leadership style and employee’s job satisfaction in International Tourist Hotels.
Advances in Culture, Tourism, and Hospitality Research, 2, 293-332.
Vinzi, V.E., Chin, W.W., Henseler, J., & Wang, H. (2010). Handbook of Partial Least Square:
Concepts, methods and applications. Germany: Springer.
diunduh dari:
DO THE FAMILY VALUES STILL HELP THEIR FINANCE DECISION MAKING?
(Lessons Learned From SMEs of Pekalongan-Indonesia Batik Industry)
Susminingsih (1) and Imam Kanafi (2)
(1)
The Lecturer of Islamic Economy Faculty
[email protected]
(2) Vice Director, Post Graduate
[email protected]
State Institute for Islamic Studies
Kusuma Bangsa Street, No. 9, Pekalongan City
Central Java, Indonesia Tel (62) 285 412575
Research Background
Family firms have been the focus of numerous studies during the last few years due to their
capacity to generate employment as well as their essential role in the wealth creation process. In
order to improve management competitiveness, family businesses must adapt their strategies and
organizational structures to a dynamic environment in open market economics (de Lema and
Durendez, 2007, p.151). The family should be positioned as the primary system. This important to
study because as a given the major challenge like Birdthistle and Fleming (2005) they argue that the
problem of family businesses throughout the world is maintaining their growth and survival in the
competitive environment (Moores, 2009, p.176). The firm values constructed by the family values.
Barney (1986) argues that in family firm, the family’s value become the company’s cultural values.
An inimitable culture can be a resource which leads to sustained competitive advantage. If cultural
values that are valuable to success are embedded in a family organization then this may lead to a
competitive advantage (Brice & Jones, 2008, p. 4). Poza (2007) mentioned that family values
represent an idiosyncratic familiness resource that can act as a motive for intrapreneurship in family
firm (Moores, 2009, p. 177).
Table 1.
The Amount of Effort and Labor Unit Batik Business Pekalongan City Until 2013
No
2011
2012
Business Labor
Business
2013
Sub-distric
Labor
Business
Labor
diunduh dari:
Units
Units
Units
1.
West
Pekalongan
262
4.261
264
4.335
346
5033
2.
South
Pekalongan
188
2.074
188
2.074
263
2575
3.
East
Pekalongan
110
2.536
111
2.510
114
2483
4
North
Pekalongan
71
1.073
71
1.073
80
1030
632
9.944
634
9.992
803
11.121
Total Amount
Source: Industrial Offices, Cooperatives and SMEs of Pekalongan City.
From the Table 1 it can be seen that the number of Pekalongan batik industry is a prevalent
for each district, with many labor. The spread of these efforts indicate that the batik industry is
really the main livelihood for the people of Pekalongan. The data might not include the actual
number. It caused the batik industry is a home industry and using subcontracting business model.
The batik production can be said is not always settle, both in the number of orders or motives. So
that changes in the batik industry is a regular matter. The highly dynamic affect the amount of effort
and manpower. It was difficult for the government to calculate the exact amount of the batik
industry. This paper draws attention to the role of family values in finance decision making. As to
know SMEs include in Pekalongan batik business has an important role in economy country
developing. The aim of this paper is to establish the interplay between the family value and finance
decision making.
Literature Review
There are many researchers have recognized that behavioral finance should be an important
discussion in managerial decision making. Howard (2012) stated that behavioral finance is an
evident of the contributions of cognitive psychology and neuroscience to decision making. Similar
with Muradoglu and Harvey (2012) argued that behavioral finance showed the role of psychological
factors in financial decisions. Jureviciene and Ivanova (2013) analyzed that behavioral finance
diunduh dari:
theories investigate emotional characteristics to explain subjective factors and irrational anomalies
in financial markets. Park and Sohn (2013) argued that behavioral finance examines the impact of
psychology on market participants’ behavior and the resulting outcomes in markets, focusing on
how individual investors make decision: in particular, how they interpret and act on specific
information. Investors do not always have rational and predictable reactions when examined
through the lens of quantitative models, which means that investors’ decision making processes also
include cognitive biases and affective (emotional) aspects. Kahneman , 1973: Tversky and
Kahneman, 1974: Arthur, 1994, as quated in Bondt, et.al. (2013) mentioned that individuals'
restricted information processing capabilities and limited attention lead them to rely on mental
heuristic that are useful but that may generate predictable errors in judgment and choice.
Observation in the past few years of the outcomes of financial decision making by accumulated
knowledge that support sound financial decision making (Howard, 2012: 52). The incorporation of
the findings of cognitive psychology into the body of financial knowledge has given rise to a branch
of finance known as behavioral finance. Although the contributions to financial decision making by
cognitive psychology responded to a number of the criticisms leveled at the normative behavior
prescribed by financial theory, “behavioral finance” has also proven to be a continuous concept
within the academic community (Howard, 2012: 58).
Jovanovic (2008) as quoted in Howard
mentioned that before the 1950s, finance was considered a proto-science, a discipline without robust
theoretical framework. As a proto science, financial decision making was driven by experience,
available data and simple analytical procedures developed to organize and process data for the
decision maker to consider. In situations where there is good quality data and a validated analytical
process, basic statistics and business condition indicators can be used effectively to judge the
condition of a firm or an investment candidate (Howard, 2012: 54: see also Park and Sohn, 2013:
30).
The positive influence of the involvement of family members in management offers more
benefits than harm. With the stewardship perspective propose that involving family members in
firm management allows family members to gain a better understanding of where the organization
is headed, appreciate the challenges facing the firm, and make decision that they believe will
maximize firm performance
(Kellermen, Eddleston, Sarathy & Murhpy, 2010, p. 3). The
normative pillar allows us to justify why the transmission of values and other element occurs. This
is so since the institutionalizing mechanism of this pillar is composed of norms and values, such that
in the specific case of family firms the owning families-in their guise as institution- will carry out a
normative institutionalizing process, transmitting their norms and values to the firms over which
they exert a notable influence. On the other hand, the cognitive pillar allows us to justify why this
transmission of values and other cultural element is perceived, processed and analyzed by the
member of the firm who do not belong to the family. These employees can never remain immune
from the pressures, in institutional terms, coming from the owning families, who manage the firm
according to their own culture (Vallejo, 2011, p. 50).
diunduh dari:
Habbershon and Williams (1999) as cited in Krauss et. al (2011) define that family firm as
unique bundles of resources and capabilities which result from interactions between the family and
the company (Krauss et.al., 2011, p. 3). By this definition, family business more broadly and
inclusively: Burkart, Panunzi & Shleifer (2003) defined a firm as a family firm if it controlled by
the founders, or by the founders’ families and heirs (Liu, 2010, p. 3). De Lema and Durendez (2007)
found that family businesses give less importance to activities related to planning and monitoring
business management. Family businesses do not give enough importance to personnel training and
management qualifications.
The relationship between behavioral finance with other sciences can be learned from figure
1.
Figure 1.
The Underpinning of Behavioral Finance
Psychology
Sociology
In the scientific investigation of
In the systematic study of
behavioral and cognitive
societal behavior of humans and
processes, including how these
groups. This discipline focuses
methods are influenced by an
primarily on the affect social
individual’s physical, mental state
relationships have on people’s
and external surroundings.
attitudes and behavior.
Economics
Is the science that focuses on the
production, allocation and
expenditure of wealth, and with
the various related problems of
labor, finance, capital and
taxation.
Behavioral Economics
Investing
Is a discipline that integrates
psychology and economics to
To allocate money or capital into
account for how and why
business, real estate, stocks,
individuals sometimes make
bonds, etc. for the purpose of
irrational or unscientific decision
obtaining an income or profit.
Sregarding their spending habits,
investment practices and
borrowing
rituals. and Simon (2000)
Source:
Ricciardi
Behavioral
Finance
Social Psychology
In the study of the behavior of
people in social groups. This
field researches how persons
influence and relate to one
another.
Finance
Is a discipline concerned with
determining value and making
decisions. The finance function
allocates capital, including the
acquiring, investing dan
managing of resources.
Behavioral Accounting
Is a field that studies the
behavior (psychology) of non
accountants and accountants
concerning how they process
accounting information and are
influenced by the accounting
function.
In addition to know the importance of behavioral finance linkages with branches of science as in
figure 1. note the presence of two major topics are discussed in behavioral finance: the behavioral
finance macro, which represents the limits of arbitrage, and the behavioral finance micro, which
represents cognitive biases. Like Byrne and Brooks (2008) as cited in Park and Sohn (2013) they
note that behavioral finance is founded in the assumption that cognitive biases influence individual
diunduh dari:
investors, which means that their financial decisions are not completely rational. This suggests that
financial behavior in the family-based industries are also often experience the cognitive and
psychological bias, and then needs to be analyzed in theory.
Analysis
The behavioral finance approach is important because the traditional finance has remained
silent on the first issue, and the Agency Theory (financial contracting), which is effectively the only
theory that is applicable to issues in entrepreneurial finance, has produced mixed empirical result
(Yazdipour, 2009, p. 57). Specifically in SMEs which have a high uncertainty and traditional
finance, the role of individual perceive risk become a required actions in human decision. Slovic
(1987, p. 283) as cited in Yazdipour (2009, p. 61) mentioned that human have an additional
capability that allows them to alter their environment as well as respond to it. This capacity both
creates and reduced risk.
Close to Ricciardi and Simon in figure 1. There were several types of studies related to
behavioral finance, this paper is related to behavioral economics, particularly in understanding the
financial behavior of habit or tradition in the family business, associated with a growing value they
have to interact each other. Related to uncertainty condition, so this paper focus on individual
decision making under highly uncertain entrepreneurial environments (see also Yazdipour, 2009).
Almost all of the models of small and medium enterprises of batik constructed by family firm. We
assumed that the values which develop as long as experience of management could be an important
factor that influence the behavioral finance. According to Yazdipour (2009: 26), as entrepreneurial
mechanism, ideally the management of finance refers to the three functions make up the whole
entrepreneurial process.
1. Entry/ Seed Funding Decisions.
2. Financing/ Investment Decisions.
3. Growth/ Exit Decisions.
From the field, this research found that in batik industry, the founders not met unserious
problem to collect the modal or funding decision. For them, the family should be a source of this
necessity. It could be a custom for them to manage the business modal and family ownership as the
same thing. A family-owned business capital also. The problem will be a rise in second and third
step. When the founder want to wider the finance capacity. The family wealth is not enough
anymore, this forced them to make a decision and to seek from a source outside the family. Another
factors such condition of the market, uncertainty the raw material prices likes cloth, yarn, wax, and
uncertainty the weather such rainy season also at risk the batik production. It will be difficult for
employers to convince potential investors. The batik entrepreneurs in managing the business of
batik into consideration for new investor.
diunduh dari:
According to Berthrand and Schoar (2003) they find out that investment decisions are influenced by
the previous professional environment of managers. Therefore, the assumption that managerial
experience and character affect corporate decisions can be regarded as realistic (Nguyen and
Schubler, 2013: 188). Of course this condition is not favorable for the sustainability of batik
industry. They make the batik industry is not growing and many bankruptcies. Many problems do
not happen by itself. In paper view it’s closely related with the values of family. According to
Martin, Vaughn & Lumpkin (2006), they argued that the family characters like interdependence,
stability, loyality, tradition influence to enterpreneurship orientation namely autonomy, risk
aversion and innovation (Lorraine, Kellermans, Eddleston & Hoy, 2010, p. 1), conservative, long
term orientation, slowly to develop, less-ractive to market change and to make the decision making
(Krauss, Pohjola & Koponen, 2011, p.2).
The Values of Family Batik Industry.
1.
Conservative Personality.
In batik family business, a growing culture in their business organizations describes how
the interaction between family members. This paper found that most of business family trusted
to their parent as a founder business. In Javanese it can be said as the paternalistic pattern,
because the father or man still viewed has the power to control and regulate the family. In
SMEs discussion, the paternalistic leadership still going into the interest topics. Paternalistic
leadership can be described as a hierarchical relationship in which a leader guides professional
and personal lives of subordinates in a manner resembling a parent (Otken & Cenkci, 2011, p.
1). Personality of the founder of the business greatly affected the role of the control on
management. A leader who has a good mental psychology has an impact on the pattern of
decision making: more responsive and not emotional. According to De Bondt et. al. (2013) said
that psychological aspects related to decision making. Similar to them, Holden (2010) argued
that some factors shape decisions are situational: others are related to personality. Emotion-or,
more generally, affect- influences economic behavior. Affect is not a heuristic in the classic
sense of, say, availability or anchoring-and-adjustment. The notion of affect describes how
intuition retrieves sentiments from memory that are related to decision stimuli (De Bondt et. al.
2013: 102-103).
Haris et.al (1994) as quoted in de Lema and Durendez (2007) mentioned that in family
business, the process of formulating and implementing business strategy is influenced by family
considerations. Donckels and Frohlich (1991), in their study of 1,132 European SMEs, suggest
that family companies are risk adverse, less growth oriented and generally more conservative in
their strategic behavior than non family companies (de Lema and Durendez, 2007:153). This
family spirit can be a kind of confidence. But also can cause overconfidence, that make them
less careful in taking decisions. Lichtenstein et.al. (1982) stated that overconfidence is a
cognitive bias and also personality trait is of special interest since it helps to explain several
irregularities seen in financial markets. Another researcher like Forbes and Kara (2010) they
diunduh dari:
analyze how confidence interacts with knowledge to shape the ability of investors to achieve
their goals (De Bondt, et.al, 2013: 101).
2.
Autonomy
Autonomy which became a main of the talent in family business since its develop,
including the problem of capital in turn affect the level of authority to regulate themselves.
Marketing issues, product quality, the type of goods, wage until the financial management, all of
them set on by their own willingness. Taking together, behavioral finance is used to make
recommendations to finance professionals about how to change their behavior or how to
communicate with their clients (Muradoglu & Harvey, 2012, p. 74). From the field, it found that
the entrepreneur has a low autonomy since they develop their business. It’s clear from the model
of business. The amount of dependent of home based worker in batik industry is larger than
independent home based worker. The lack of modal: money, material and market make them
mentally “less autonomy” to make a plan and decision.
3.
Private ownership.
The personal as the owner manager in SMEs is the important consideration to
formulating the strategy management. Private ownership and also owner-management in batik
industry make the governance of their family firms practically different from other ownership
firms. Most of them put family assets as initial capital in building a business. This habit is very
risky on the company's budget, because almost no separation of capital for business and family
needs, for consumption, education, health and so on. Another fact, most of them not have an
adequate financial bookkeeping. They don’t separate their own money and for corporate
budgeting. This is exacerbating the financial condition as a result of management is still
overlapping between the interests of individuals and businesses. This situation looks at the
moment there are fluctuations in the price of materials such as fabric, wax, and for the wages,
while no other reserve funds as most have been used also for their own personal or family
interests. From strategy views, it is very dangerous for the company's financial resilience.
Business continuity can be ensured not longer if their financial management is still wrong.
4.
High
dependency
of
member.
The involvement of family members is also a mainstay, fine in producing, monitoring
and marketing. Bhattacharya and Ravikumar (2004) and Barth et.al. (2005) confirm that family
firm are less productive when they are managed by family members than when they are
managed by external professionals: since professionalism avoids agency costs derived from
diunduh dari:
altruism and self-control. Thus the strong commitment towards family well-being may cause
inefficiency in the decision making process (de Lema and Durendez, 2007:163). When family
member assist the other member, share responsibilities and help each other accomplish
organizational tasks, they can be seen as stewards of the firm. Specifically, we see family
member reciprocity as a mechanism which facilitates stewardhip behavior, as family members
put aside their personal interests for the sake of the firm (Kellermanns, Eddleston, Saraty &
Murphy, 2010, p. 4).
They not only talk frequently, but they also know how to listen, thereby demonstrating
mutual respect for all family members (Vallejo, 2008, p. 263), especially when one of them has
a problem, personality or socially. Likewise, they are always ready to face conflict and they
commit themselves to seek the most suitable solutions. They are prepared to confront problems
in a creative way. Bush et.al (1999) mentioned that the family is one of the most important
agents of socialization that transmit norms, values and attitudes during the socialization process.
Loyalty tends to be important value transmitted by families because it strengthens the ties
between members and hence contributes to family survival (Vallejo, 2011, p. 51 & 52).
5. Altruism
In many cases, the interdependency among the member of family and among the batik
entrepreneur often raised the altruism behavior. Altruism poses a threat, especially in the case
of family firms, in relation with the lack of professionalism in management, since the decision
making process does not depend on rationality argument but in the aim of owner-managers to
transmit welfare to their descendents (de Lema and Durendez, 2007:153). This attitude often
seem being an unprofessional for their performance as well as company strategy to get a winner
the competition. They feel good in their old principle, all are brother. They don’t afraid about
their position. It’s clear to know when owner-manager gave the chance to other rivals to joint
and to make together the production. The old business was not fear to share the market with
their brother, their neighbor as new competitors. In paper views, this decision shows that the
altruism not only becomes the strenghteness but also the weakness for firm organization. To the
organization of business, altruism can make a manager to avoid a strategic planning. This
analysis relates to the emotional issues which bounding the member of family business itself.
The owner-manager in SMEs is more prefer to emotional decision rather than rational decision
when they get in a conflict. Again, this is happen as a result of value influencing to
professionalism in management.
6.
Informal Finance Method.
Finance has always borrowed methodologies from other disciplines. Methods developed
in mathematics, physics and economics are now standard in finance (Muradoglu and Harvey,
2012, p. 68). Financial management in batik SMEs has been more done by informal methods.
diunduh dari:
They often do not have adequate financial accounting. Most of them are not separate
expenditures for household consumption, vehicles, furniture and other consumer needs. As a
result, the company's financial condition is often stayed on a deficit level to the cost of
production. According to Trostel and Nichols (1982), argued that financial controls are used in
family firms with the main purpose of tax minimization instead of for strategic and performance
decisions. In general, management practices tend to be informal in small family firms, with a
relatively low percentage of small firms undertaking management processes. The majority of
small family firms prepare regular income and expenditure reports. They use budget forecasting
less than non family firm (de Lema and Durendez, 2007:157).
If we go back to the historical of the five financial decision making paradigms by
Howard (2012): Rules of Thumb/heuristics, Rational Being, Cognitive Psychology/Behavioral
Finance, Neuroscience and the Unconscious. This research found that most of the batik
business family using the heuristic paradigm to respond their financial problem, and find the
solution for it. The rules of thumb/heuristic is a simply mental shortcuts. Gigerenzer and
Wolfgang (2011, p. 454) as cited in Howard (2012) mentioned that “A heuristic is a strategy that
ignores part of the information, with the goal of making decisions more quickly, frugally and/or
accurately than more complex methods. Thus heuristic do not attempt to find the optimal
solution but one that is best given the context and constraint faced by the decision maker. The
case against heuristics is that because heuristics are using mental shortcuts, they are inferior to
more comprehensive approaches (Howard (2012, p.54).
Perren et.al. (1999) as cited in de Lema and Durendez (2007) mentioned that owner
manager in small firms move from informal methods of financial management and decision
making to more formal methods, depending on the development of the business (de Lema and
Durendez, 2007, p. 157). Unfortunately, the batik SMEs stayed at low access to bank or to other
investors. The relationship between employers and suppliers of raw materials is not an
investment relationship, but rather on the relationship accounts payable. This condition is very
incriminating for informal businesses. Not only from less market, the financial freedoms also
become a new problem for small business.
7. Risk aversion
Early literature examining perceived risk suggested that risk is multi dimensional
(Yazdipour & Neace, 2013, p. 2). In order to maintain the harmony and stability, often family
businesses prefer to avoid risk. Reliability and stability is more important to them. If a decision
is considered to contain the risk for family ties, they prefer to move over for the family. Many
scholar have treated risk as a perception rather than as an objective statistical property, and have
defined it in terms of peoples reports about the “riskiness” associated with given choice
alternatives or their evaluation of “riskiness” for a given set of behaviors. The people perception
of risk relates with psychological property associated with three common but not mutually
exclusive elements of s decision situation. The first element is uncertainty over outcomes, which
diunduh dari:
may be represented by notions of “chance”, or objective or subjective probability estimates. The
second element is importance of the consequences, and is closely related to the third element,
which is the potential for loss or perception of unpleasant consequences associated with a set of
choice alternatives.
Theoretically, risk perception has been found to differ from individual to individual, for
the same individual across different situations, across different contexts and domains, in
different problem, and across cultures. For example, Weber et. al (2002) found that the degree
of risk taking was domain specific, and that people’s behavior were not consistently risk-seeking
or risk-averse across financial, health and safety, recreational, ethical and social decisions. They
suggested that risk perception is a state rather than a trait characteristic and that it is moderated
by one’s risk attitude (i.e. individual difference characteristic in risk tolerance). Behavioral
responses to risky prospects also follow from assessments that are derived from evaluations of
“riskiness” in terms of the potential controllability and management of risk (whether real or
imagined) geared toward risk reduction, and from more global affective evaluation (dread,
catastrophic potential, level of discomfort with uncertainty, etc) that transcend traditional tenets
of “rationality”. Moreover, risk perception is not stable construct but one that varies across
individuals, contexts, and cultures. Risk perception has been found to differ from individual to
individual, for the same individual across different situations, across different contexts and
domains, in different problem frames and across cultures (see Yazdipour, 2013: p. 2 & p. 4).
In batik industry, this research found the varied of risk attitude. The uncertainty weather,
the scarcity of materials, partner attitude, market competition, all represent the kind of risk that
employer faced. The found the solution by themselves, individually. Actually this effort is not
helpful for them. This act will not only increase the risk of losses, but often actually increase the
unfair competition. The material source constraint and market access still make the batik
producer trapped in dependency of bigger capitals. Not much can be done by employer except to
make innovation in order to create the new market, new consumer. The unique qualities of
family firm complicate their ability to assess the trade-offs of the risks associated with the
innovation and the expected return. Without exploring or exploiting innovative ideas, family
firms can become stagnant and experience a loss in market share (Kellermans, Eddleston,
Sarathy & Murphy, 2010, p. 3).
8.
Less-reactive
to
market
change
Technological evolution and market globalizations are factors that critically affect the
framework of family business (de Lema & Durendez, 2007, p. 151). Sustainable competitive
advantage could be a prior objection in business. But in fact is not easily to be found.
Conservative personality, autonomy, high dependency of member, private ownership, altruism,
informal method, risk aversion simultaneously make the batik SMEs slowly to develop. Beside
the uncertainty condition, another factor that the entrepreneur must be aware is the market
diunduh dari:
change. Business changes become common problem, but it would be very dangerous if small
industries cannot anticipate them.
This research analyze there are many factors
that encourage inaction to address
business change. For example the level of education. Many employer and employee have the
low education. Beside the economy factor, the culture also caused low motivation to learn or
school. They were quickly felt satisfied with the wages they earned and reluctant to improve
their education. It is associated with mental coastal residents who tend to be more pragmatic in
life. As a result, in general, the mindset of workers and employers are also not very good. Such
as the lack of exploration and creation of the motif. The majority of them are simply rely on
market demand. This is very inadequate for sustainability of batik industry. Innovation to
control the market is even more necessary, and it is only owned by people who have a creative
thinking.
Figure 2. The Value of Family Batik Industry
Conservative
Personality
The Value of Family
Batik Industry
Altruism
Pers
Informal Method
Autonomy
Cognitive affection
Private ownership
High Dependency of
Member
Risk Aversion
Finance Decision
Making
Less Reaction to
Market Change
Figure 2. shows that the values of family affected the cognitive effort when they make
decision. In institutional limitation with high dependency to market and capital, raised many
unrealistic analysis, that can be dangerous to make a decision. Relates the behavioral approach, this
analysis of finance decision has a close relation with psychology contribution. According to Bohnt,
et.al. (2013) stated that behavior that is individually rational may turn into dysfunction from the
perspective of the bank and even the financial system as a whole (Bohnt, et.al. 2013, p. 105). The
figure 2 also draws the corporate culture of batik business family. Next, it can be a result that
corporate culture has the important role in decision making. The dependency of each family
diunduh dari:
member shows that social interaction affected the finance behavior especially when they need of
money too.
Conclusion
The result form this paper are: first,
until now, the value of family: conservative
personality, autonomy, private ownership, high dependency of member, altruism, risk aversion,
less reaction to market change, still influence their finance decision making. Their capital constraint
and their tradition in old-informal method to manage the money often make them in bad condition
for develop. In analysis views, the anticipation to risk by employer shows that they are quite
confidence. The one reason which pushed them is batik as a culture, batik as an endless of inspire,
batik as an intangible heritage, then their experience is tacit knowledge. The employer capabilities
to solve the level of risk affected by their perception about risk itself. In local context, the
confidence and the powerlessness go together. They affected the sustainability of batik industry.
This result is that not all of the family values still help the finance decision making. This family
spirit can be a kind of confidence. But also can cause overconfidence that makes them less careful
in taking decisions.
References
Brice, W.D and Jones, W.D. (2008), The Cultural Foundation of Family Business
Management: Evidence from Ukraine, Eurasian Journal of Business and Economics, Vol. 1, pp.323.
De Bondt, W., Mayoral, R. M., Vallelado (2013), “Behavioral decision-making in finance:
An Overview and Assessment of selected research”, Revista Espanola De Financiacion Y
Contabilidad, Vol. XLII, n 157, pp. 99-118
Gigerenzer, G. . Wolfgang, G. (2011), “Heuristic Decision Making.” The Annual Review of
Psychology. 62, pp. 451-482.
Howard, J.A. (2012), “Behavioral Finance: Contributions of Cognitive Psychology and
Neuroscience to Decision Making”, Journal of Organizational Psychology, Vol. 12 (2), pp. 52-70.
Jurevuciene, D., Ivanova, O. (2013), “Behavioral Finance: Theory and Survey”, MoklasLietuvos Ateitis, Science-Future of Luthuania, Vol. 5 (1), pp. 53-58, doi: 10.384/mla.2013.08.
diunduh dari:
Kellermanns, F.W., Eddleston, K.A., Sarathy, R. and Murphy, F. (2010), ”Innovativeness in
Family Firms: a Family Influence Perspective, Small Business Economy, DOI 10.1007/s11187-0109268-5.
Kraus, S., Pohjola, M. and Koponen, A. (2011), “Innovation in Family Firms: an Empirical
Analysis Linking Organizational and Managerial Innovation to Corporate Success”, Review
Management Science, DOI 10.1007/s11846-011-0065-6.
De Lema, D.G., Durendez, A. (2007), “Managerial Behaviour of Small and Medium-Sized
Family Businesses: an Empirical Study”, International Journal of Entrepreneurial Behaviour &
Research, Vol. 13, No. 3, pp. 151-172.
Liu, W., Yang, H. and Zhang, G. (2010), “Does Family Business Excel in Firm
Performance?”, Asia Pac Journal Management, 2010, DOI 10.1007/s10490-010-9216-6.
Moores, K. (2009), “Paradigms and Theory Building in the Domain of Business Families”,
Family Business Review, Vol. 22, pp.167-180.
Muradoglu and Harvey (2012), “Behavioral Finance: The Role of Psychological Factors in
Financial Decisions”, Review of Behavioral Finance, Vol. 4 no. 2, pp. 68-80.
Nguyen, T., Schubler, A. (2013), “How to Make Better Decisions? Lessons Learned from
Behavioral Corporate Finance”, International Business Research, Vol. 6 No. 1, pp. 187- 198.
Otken, A.B. and Cencki, T. (2011), “The Impact of Paternalistic Leadership on Ethical
Climate: The Moderating Role of Trust in Leader”, Journal Business Ethics, DOI 10.1007/s10551011-1108-2, pp.1-12.
Park, H., Sohn, W. (2013), “Behavioral Finance: A Survey of the Literature and Recent
Development”, Seoul Journal of Business, Vol. 19, No. 1, pp. 4-42.
Ricciardi, V. and Simon, H.K. (2000), “What is Behavioral Finance?”, The Business,
Education and Technology Journal, 2, 26-34.
Slovic, P. 1987. “The Perception of Risk”, Science, Vol. 23, No. 4, pp. 280-285.
Uhlaner, L.M., Kellermans, F.W., Eddleston, K.A. and Hoy, F. (2010), “ The
Entrepreneuring Family: a New Paradigm fo Family Business Research”, Small Business Economy,
DOI 10.1007/s 11187-010-9263.
Vallejo, M.C. (2011), “A Model to Study The Organizational Culture of The Family Firm”,
Small Business Economy, Vol. 36, pp. 47-64.
Yazdipour, R., Neace, W.P. (2013), “Operationalizing a Behavioral Finance Risk Model: A
Theorietical and Empirical Framework”, The Journal of Entrepreneurial Finance, Vol. 16, No.2,
pp.1-32.
diunduh dari:
diunduh dari:
MEDIATING ROLE OF QUALITY EFFECT IN EFFECT OF CORPORATE GOVERNANCE
MECHANISM ON THE COST OF EQUITY CAPITAL
Eva Ernawati1, Bambang Purnomosidhi2, Yeney Widya P3
Postgraduate Program Faculty of Economic and Business, University of Brawijaya, MalangIndonesia
2
Faculty of Economic and Business, University of Brawijaya, Malang-Indonesia
3
Faculty of Economic and Business, University of Brawijaya, Malang-Indonesia
1
Introduction
The cost of equity capital represents the rate of return expected by investors and will be
a
reference in determining their long-term investment decisions (Heraldo and Ekaputra,
2013).
Furthermore, the cost of equity capital is able to determine the value of company's stock
at
recent time. The cost of equity capital occurred from funding decisions is a
consequence made
by managers. If funding decisions are not done thoroughly, it may cause fixed costs in
the form
of high capital costs. This may result in a lower profitability and influence t he
company's
financial risk (Muhayatsyah, 2013). Therefore, management is responsible for the rate
of return
and risk faced by investors.
This study is going to analyze corporate governance mechanism on the company's cost of
equity capital using earnings quality as a mediating variable. The proxy of corporate
governance
mechanisms in this study is independent commissioner and audit committee.Therefore, the
1 Introduction
The cost of equity capital represents the rate of return expected by investors and will be a
reference in their long-term investment decisions (Heraldo and Ekaputra, 2013).
Furthermore, the cost of equity capital is able to determine the value of company's stock at
recent time. The cost of equity capital occurred from funding decisions is a consequence made
by managers. If funding decisions are not done tho roughly, it may cause fixed costs in the form
of high capital costs. This may result in a lower profitability and influence the company's
financial risk (Muhayatsyah, 2013). Therefore, management is responsible for the rate of return
and risk faced by investors.
diunduh dari:
management is obliged to present information needed to improve earnings quality and
reduce the
cost of equity capital. According Chtourou et al. (2001) and Xie et al. (2001), the one of the roles
of commisioners board and audit committee in the company's financial report is to limit fraud
through profit management.
This study tries to prove that independent commisioners and audit committee roles in profit
management and control management's in handling expedient attitude may improves company's
earnings quality. This quality is one of the essential factors in investment decisions making
which demonstrate the rate of stock return and the cost of equity capital (Utami, 2006).
Therefore, according to Susanto and Siregar (2010), company should utilize corporate
governance mechanism to improve earnings quality and to decrease the company's cost of
capital.
Ashbaugh et al. (2004) research finding supports the argument that corporate governance
mechanism that is proxied by independent commissioner and audit committee contributes in
reducing the cost of equity capital. Moreover, Chen et al. (2005) state that corporate governance
mechanism negatively affects the cost of equity capital. In particular, the active role of audit
committee is highly essential to level up management financial reliability (Tarjo, 2010). In other
word, audit committee is an indicator of corporate governance mechanisms which may minimize
the cost of equity capital (Ashbaugh et al, 2004).
Most compelling evidence is from Francis et al. (2004) on the effect of earnings quality on
the cost of equity capital committed of the companies in the United States. This study concludes
that companies with unmanageable earnings quality have higher cost of equity than firms with
better earnings quality. In conclusion, from the studies, it can be formulated that earnings quality
has lowered the cost of equity capital which represents the value of future cash flows and the
stock values (Sutopo, 2009).
Although information disclosures in financial statements on the cost of equity capital is vital,
it may result in asymmetrical information between the information providers (agents) and the
users of financial statements (principals) which is due to the conflict of interest. Consequently,
controlling mechanism over the management actions is required in order to get them performed
in accordance with stakeholders' interests and the supervision mechanism or corporate
governance. Therefore, this mechanism should aim to bridge the conflict of interests and
improve investors' trust (Babatunde and Olaniran, 2009).
This study has three contributions, first, it provides theoretical contributions to the agency
cost theory through the cost of equity capital. Second, it produces practical inputs for the
investors in investment decision making. Lastly, the study provides analytical-based input for the
policy-setting of capital markets, namely Otoritas Jasa Keuangan (the Authority Board which
monitors and controls entire financial institutions in Indonesia) to evaluate the role of corporate
governance mechanism on the rules of its implementation associated with the practice of
information delivery in the financial statements.
diunduh dari:
II. Literature Review and Hypothesis Development
The Effect of Independent Commissioner Composition on Earnings Quality
Independent commissioner is one of the board's characteristics related to the content of profit
information. Therefore, its role has the capability to affect the management in arranging financial
statements with high earnings quality (Indrawati and Yulianti, 2010). Independent commissioner
is the part of corporate governance mechanism that is used to bridge the conflict of interest
between agents and principals. The conflict may lead to opportunistic traits of management
resulting lower earnings quality. Low earnings quality may affect the decision makers to the
users, such as investors and creditors. These problems can be overcome with excellent corporate
governance (Rupilu, 2011).
Based on the description of the theories and empirical evidences above, the hypothesis can be
formulated as follows:
H1: The independent commissioner composition has a positive effect on earnings quality
The Effect of Audit Committee Size on Earnings quality
According to Bradbury et al. (2004), audit committee has the obligation to monitor the
financial reporting process by management to improve the credibility of financial statements.
This explains deeper that audit committee has a significantly important role because it affects the
earnings quality of the company which is one of important information included in financial
statements published to the public that can be used by investors to assess the company
performance (Suaryana, 2007). In addition, a research by Klien (2002) believes that a company
structuring audit committee tends to report profit containing slighter accrual discretionary
content compared to the companies that do not construct audit committee so that they have better
earnings quality. Therefore, the importance of audit committee's roles is expected to improve
earnings quality through monitoring on financial reporting process and the implementation of
external audit (Widjaja and Maghviroh, 2011).
Based on the description of the theories and empirical evidences above, the hypothesis
formulated by the researchers is as follows:
H2: Audit committee size has a positive effect on earnings quality
The Effect of Independent Commissioner Composition on the Cost of Equity Capital
The effect of independent commisioner compsition on the cost of equity capital has been
explaind by Tarjo (2010) who believes that through the active role of independent commisioner
may reduce the risks for investors and future investors by ensuring the information published is
in accordance with the needs of stakeholders and reflects the condition of the company. This is
because the independent commisioner has a role in improving the quality of company's financial
statements, hence the existence of an independent commissioner is capable in controlling
management performance sufficiently, which is also supported by a statement of Muntoro (2011)
which reveals that independent commissioner is required to increase the independence of
commissionerboard on shareholders' interests and strongly positions company's interests over
the others. By the same token, a research by Ashbaugh et al. (2004) shows that corporate
governance mechanism through the proxy of ownership structure and commissioner board
diunduh dari:
structure contributes a negative influence on the cost of equity capital.
H3: Independent commissioner composition has a negative effect on the cost of equity capital
The Effect of Audit Committee Size on the Cost of Equity Capital
Tarjo (2010) states that good corporate governance mechanism particularly effective audit
committee can decline the cost of equity capital at the point of 1.26%. This is consistent with the
study of Chen et al. (2005) conveying that corporate governance mechanism has a negative
effect on the cost of equity capital. Reverte (2009) also believes that corporate governance
mechanism that is proxied by audit committee negatively affects the cost of equity capital. The
stronger the quality of corporate governance mechanism may decrease the cost of capital than the
company with weak corporate governance since the lower governance mechanisms will face the
risk
of
future
cash
flows.
diunduh dari:
H4: Audit committee size has a negative effect on the cost of equity capital
The Effect of Earnings quality on the Cost of Equity Capital
Profit information is vital information for the users of financial statements because it is used
to assess the company performance and show how quick and accurate the company reports the
profit to reveal fundamental profit for investment decisions (Susanti et al. 2010). However, in
fact, there are many researches results show that a profit is not always high-quality (Sutopo,
2009). Low earnings quality can lead to errors in investment decisions making and increase the
risk of stock returns so that the investors will increase the cost of equity capital (Utami, 2006).
On the other hand, the research by Francis et al. (2004) proves that earnings quality negatively
affects the cost of equity capital. The higher earnings quality results the lower cost of equity
capital. The lower cost of equity capital shows the higher stock values. Susanto and Siregar
(2012) also show that earnings quality has a negative influence on the cost of equity capital. This
indicates that investors prioritize to measure earnings quality as information risks in determining
the required rate of return.
H5: Earnings quality has a negative effect on the cost of equity capital.
III. Research Methods
3.1 Population and Sample
The population used in this study are manufacturing companies listed in Indonesia Stock
Exchange (IDX) in 2012 that is 134 companies. The sample is 91 companies, which is selected
using non-probability of purposive sampling method.
3.2 Operational Definition and Measurement of Variables
3.2.1 Dependent Variables
The dependent variable in this study is the cost of equity capital, which is formulated by
using the approach of Capital Asset Pricing Model (CAPM). CAPM formula can be written as
follows:
COEC
=
Rft
+
Pi
(Rm t
Rft)
diunduh dari:
Details: COEC: Cost of Equity Capital; Rft: Risk free-rate: Rmt: Expected market return; p;: Beta
3.2.2 Independent Variables
a. The composition of the Independent Commissioner
Independent commissioner is the commissioner which is structured from unaffiliated parties
(Jao and Pagalung, 2011). The proxy of independent commisioner in this study is based on the
research of Jao and Pagalung (2011) and Veres et al. (2013). Systematically, commissioner
board can be written as follows:
The Numbers of Independent Commisioner
INBOD = --------------------- ---------------------The Numbers of Commisioner Board
b. The Audit Committee
Audit committee is a committee arranged by the commissioner board to carry out monitoring
function on company performance. Audit committee in this study is measured by the numbers of
audit committee members of the company. The numbers of audit committee members are
basically adapted to company's conditions related to the company size as well as the functions
and responsibilities assigned to the audit committee.
3.2.3 Mediating Variable
Mediating variable in this study is earnings quality. Earnings quality in this study is proxied
by the quality of income using Penman (2001) model which was developed by Widjaja and
Maghviroh (2011) and Abdelghany (2006). The method can be written as the following formula:
Operational Cash Flow
Quality of Income =
Net Income
3.2.4
Control
Variable
1. Intellectual Capital Disclosure
Intellectual capital indicators used in this study refers to the research by Guthrie et al. (2004),
Lee and Whiting (2011), and Purnomosidhi (2005). Intellectual capital indicators include three
categories, that are internal structures (9 item); external structure (10 items); and human capital
(6 items). The provision of code numbers in intellectual capital disclosure is based on the
dichotomy method namely by providing a value of 0 if it does not show any information about
diunduh dari:
intellectual capital disclosure or giving a value of 1 if in the annual report there are qualitative
information about intellectual capital, while a value of 2 is given when in the annual report
contained quantitative information about intellectual capital. Further disclosure of intellectual
capital index is described using the calculation with this following formula:
P, c = ^
1
y
dy
d
i=i i
Details: PIC: The company's index of intellectual capital disclosure; Nj: the number of indicators of
company's
intellectual capital < 25; Xij: 2 if an item is reported quantitatively; 1 if an item is reported
qualitatively,
0
if
an
indicator is not reported in the annual report; in = the expected value for each item of intellectual
capital.
2. Information Asymmetry
Information symmetry in this study is proxied on bid ask spread. The bid-ask spread in this
study is formulated based on research of Komalasari and Baridwan (2001) and Indayani and
Mutia (2013), the bid-ask spread can be formulated as follows:
SPREAD=(ask price-bid price)/(ask price+bid price/2)x100
3.3 Data Analysis Methods
Data analysis method used for testing the hypothesis in this study is by applying path
analysis. Furthermore, in hypothesis testing on the relationship between independent variable,
dependent variable, and mediating variable can be defined by the following equation:
KL = P0 + P1 KKI + P2 UKA + 81 ...................................................... (1)
COEC = P 0 + P3KKI + p 4UKA + P5KL + P6PIC + P7SPREAD + 82 (2)
Details:
P0: Constanta; P1 7: Path Coefficient ; COEC: The Cost of Equity Capital; KKI: Independent
Commissioner
Composition; UKA: Audit Committee Size; KL:Earnings quality; PIC :Intellectual Capital
Disclosure;
SPREAD:
Information asymmetry; 8: Error
IV. Results
4.1 Descriptive Statistics
The results of descriptive analysis of variables in this study are presented in the following
table:
diunduh dari:
N Minimu
m
COEC
91 -5.9391
Earnings quality (KL)
91 -3.0046
Independent Commissioner 91 0.2500
Audit
91 2.0000
(KKI) Committee (UKA)
PIC
91 0.1379
SPREAD
91 0.0029
Source: secondary data processed, 2014
Maximum
15.8360
3.7855
1.0000
5.0000
0.8276
5.0397
Mean Standard
Deviation
5.791 5.1833
0.521
1.2971
3
0.391
0.1107
9
3.109
0.5044
1
0.386
0.1836
8
2.616
1.3272
5
9
4.2 Hypothesis Testing
The hypothesis developed in this study using one-tailed hypothesis test (one-tailed).
Therefore, the hypothesis is supported if the value of t statistics of more than 1.64. The results of
testing the hypothesis with the following explanation:
Table 4.2 Output hypothesis testing
Estimate
KKI *KL
1.998
UKA * KL
2.167
KKI * COEC
-1.132
UKA * COEC
3.821
KL * COEC
-1.603
PIC * COEC
2.792
SPREAD * COEC
.956
S.E
.678
1.011
2.791
4.082
.432
1.130
.367
C.R
2,946
2,144
-0,406
0,936
-3,710
2,470
2,606
P-Value
0,003
0,032
0,685
0,349
***
0,014
0,009
Label
Par 1
Par 2
Par 3
Par 4
Par 5
Par 6
Par 7
Regression Weights
Table 4.3 Standardized
KKI *KL
UKA * KL
KKI * COEC
UKA * COEC
KL * COEC
PIC * COEC
SPREAD * COEC
Estimate
.298
.217
-.040
.090
-.378
.236
.243
Details: KKI: Independent Commissioner, UKA: Audit Committee, KL: Earnings quality,
COEC:
The
Cost of Equity Capital, PIC: Intellectual Capital Disclosures, SPREAD: Information
Asymmetry
Based on th e tab le,4.2 and 4.3 the r esu lts of each h ypo thesis testin g is as
follows:
1. The result of first hypothesis testing states that independent commisioner composition has a
positive effect on earnings quality possessing the value of standardized direct effect of 0.298
diunduh dari:
while the t value obtained is 2.946 and the probability value is 0.003. Based on these results,
it can be stated that H1 is accepted.
diunduh dari:
2. The result of second hypothesis testing states that audit committee size (has a positive
3.
4.
5.
6.
7.
effect
on earnings quality possessing the value of standardized direct effect of 0.217 while the t
value obtained is 2.144 and the probability value is 0.032. Based on these results, it can
be
stated that H2 is accepted.
The result of third hypothesis testing states that independent commisioner composition
has
a
negative effect on the cost of equity capital possessing the value of standardized direct
effect
of 0.040 while the t value obtained is 0.040 and the probability value is 0.685. Based on
these
results, it can be stated that H3 is rejected.
The result of fourth hypothesis testing states that audit committee size has a negative
effect
on the cost of equity capital possessing the value of standardized direct effect of 0.090
while
the t value obtained is -0.936 and the probability value is 0.349. Based on these results, it
can
be stated that H4 is rejected.
The result of fifthly hypothesis testing states that earnings quality has a negative effect on
the
cost of equity capital possessing the value of standardized direct effect of -0.378, while
the
t
value obtained is -3.710 and the probability value is 0.000. Based on these results, it can
be
stated that H5 is accepted.
The testing results of control variable on the effect of intellectual capital disclosure on the
cost of equity capital has a standardized direct effect value of 0.236, while the t value
shows
2,470 and probability value is equal to 0.014. This means the control variables,
intellectual
capital disclosure, has a positive effect on the cost of equity capital. Therefore, H0 is
rejected
and Hi is accepted.
The results of control variable testing about the effect of information asymmetry on the
cost
of equity capital has a standardized direct effect value of 0.243, while the t value gained
is
2,606 and the probability value or p-value, reaches 0,009. This means the control
variables,
that is information asymmetry has a positive effect on the cost of equity capital. Hence,
H0
is
rejected and Hi is accepted.
diunduh dari:
Besides that, the output of total testing of tool AMOS 18.0 can be evaluated based on the
table below:
Table 4.3 Tota
Output Effect
Variable
Direct Effect
Indirect Effect
Total Effect
KKI *KL*COEC
-0,040
0,298 x (-0,378)
-0,153
UKA * KL*COEC
0,090
0,217 x (-0,378)
0.008
diunduh dari:
Details: KKI: Independent Commissioner, UKA: Audit Committee Size, KL: Earnings quality,
COEC:
The
Cost
of
Equity Capital, PIC: Intellectual Capital Disclosure, SPREAD: Information asymmetry
The table above shows that the path is more dominant in influencing mediating variable,
which is earnings quality. The dominant track seen on the path of independent commissioner
composition effect over the cost of equity capital through earnings quality shows a total effect
of
-0.153 higher than the others. It is because independent commissioner composition value is
greater than the path of audit committee size effect on the cost of equity capital through
earnings
quality.
4.3 Discussions
4.3.1 The Effect of Independent Commissioner on Earnings quality
The first hypothesis testing states independent commissioner affects positively on the
company's earnings quality. The results of this study are consistent with earlier studies
conducted by Anderson et al. (2003), Xie et al. (2003), Niu (2006), and Klien (2001) that
independent commissioner is one of the essential factors that could affect the integrity level of
financial statements in which independent commisioner has the responsibility for monitoring
management performance to provide information suitable with the requirements of external
parties. Similarly, In Indonesia, the results of this study are consistent with research by Khafid
(2012) that commisioner board composition is proven to sharply affect earnings quality and are
proven that independence commisioner board is strongly effective in monitoring function on
management performance, especially in terms of reporting the company profit.
Thus, it can be concluded that companies with commissioner board members who come
from
the external part of the company or outside director can affect the quality level of company
profit. This study has indicated that independent commissioners take their best position in
monitoring the management actions, may generate high-quality profit, and successfully builds
excellent corporate governance.
4.3.2 Influence of the Audit Committee on the Earnings Quality
The second hypothesis testing states audit committee has positively influenced on earnings
quality. This finding is supported by a research of Xie et al. (2001) that audit committee has a
supervisory role in the management and control the occurrences of opportunistic traits in
management in profit management actions so that company can increase earnings quality.
These
results are in line with a research by Lin et al. (2006) that audit committee size has a positive
diunduh dari:
influence on earnings quality. Therefore, it can be concluded that the more the numbers of
audit
committee, the more probability the company conducts profit management and rises the quality
of profit reporting. Therefore, the audit committee size has an influence on the content of
company's profit information (Anderson et al. 2001). For that reason, it can be concluded that
this study has pose some implications in bridging conflict of interests between owners/
principals
and agents through the control of audit committee and providing independent and credible
financial statements .
4.3.3 The Effect of Independent Commissioner on the Cost of Equity Capital
The result of third hypothesis testing states independent commissioner has no effect on the
cost of equity capital level of spending by the company in finance investment activities. The
results of this study shows inconsistecy with a research of Reverte (2009) and Asbaugh et al.
(2004) which illustrates that independent commissioner as a party is able to strengthen
company's corporate governance since it is capable of improving the quality of financial
reporting by controlling the management performance and, consequently, reduces the cost of
equity capital. In contrast, this finding is consistent with the results of a research by Susanto
and
Siregar (2010) that independent commissioner has no effect on the cost of equity capital. It is in
line with Klien (1997) and Brickley et al. (1997), in Juniarti and Sentosa (2009) that there are
no
guarantees whether the number of independent commisioner composition has the ability to
improve the company's performance. The commissioner has not completely been independent
which is indicated in the recruitment system board of commissioner board members'. The
commissioners sometimes are selected based on the family ties or close acquaintances.
Therefore, the integrity, independence, and ability of the commissioner board often become
strongly doubtful and weak (Herwidayatmo, 2000: pp. 6-7 in FCGI, 2007).
4.3.4 The Effect of Audit Committee on the Cost of Equity Capital
The fourth hypothesis testing conveys that corporate governance mechanism with the proxy
of audit committee does not affect the cost of equity capital. This result is in contrast with Tarjo
(2010) and Reverte (2009) that the occurrence of an active role of audit committee will result in
a reliable financial statement, thus it raises the demand for securities and stock market prices,
and, which in turn, can influence the cost of equity capital. When the performance of the audit
committee shows high-quality, statistically, it can reduce the cost of equity capital because it
represents that the company has a strong corporate governance mechanism and avoid the risk of
diunduh dari:
future cash flows. Nevertheless, this study reveals that the performance of audit committee
surprisingly has no power in reducing the cost of equity capital.
This finding, however, is in line with Susanto and Siregar (2010) that audit committee does
influence the cost of equity capital. The investor may consider that the establishment of audit
committee is only limited to meet the capital market regulations so that it only deepens the cost
for the company. Furthermore, the company tends to share information disclosure which is
merely related to good performance of the audit committee. Whilst, the investors has their own
perception related to the actual performance of audit committee. Therefore, the existence of
audit
committee is considered merely to meet the a company requirements and a "lipstick" or means
to
deceive shareholders or stakeholders (Tarjo, 2010).
4.3.5 The Effect of Earnings quality on the Cost of Equity Capital
The fifth hypothesis testing presents the fact that earnings quality negatively affects the cost
of equity capital. This finding is consistent with the result of Francis et al. (2004), and Susanto
and Siregar (2010) studies which prove that earnings quality has a negative influence on the
cost
of equity capital. The quality may illustrate the companies that with poor earnings quality can
possess higher the cost of equity capital compared to the companies with better earnings quality.
In the same vein, Utami (2006) provides evidences that higher profit management actions result
in lower earnings quality and can increase the cost of equity capital. In brief, profit management
and the declining earnings quality will increase stock returns that influence the investor in
increasing the cost of equity capital rate (Murwaningsari, 2012).
In general, the importance of earnings quality is used to evaluate whether the management
has acted in accordance with the stakeholders' interests. If the management act opportunistically
and maximize its interests, this situation may direct the company to generate worse earnings
quality (Rupilu, 2011). In addition, investors prioritize more on profit measurement as the main
source of information in determining the rate of return and the cost of equity capital which
influence the stock value.
4.3.6 Control Variables
The first testing result on control variable shows that intellectual capital disclosure has a
positive influence on the cost of equity capital. These result is in line with the Berton theory
(1994) in Tarjo (2010) that with a rise in voluntary will only increase the risk, which surges the
cost of equity capital. In Indonesia corporate environment, this study finding is consistent with
diunduh dari:
Murni (2004) that the level of information disclosure in Indonesia companies is still inadequate
so that it lacks of power in reducing the cost of equity capital. The result of the second control
variable test indicates that information asymmetry negatively affects the cost of equity capital.
Therefore, it effectively decreases the cost of equity capital.
V. Conclusions, Limitations, and Suggestions for Future Research
Based on the research results, it can be concluded that the cost of equity capital level of
manufacturing companies in Indonesia has not been proven to be affected by corporate
governance mechanism. However, the cost of equity capital is proven to be affected by
earnings
quality and control variables: intellectual capital disclosure and information asymmetry.
Furthermore, this study has also successfully proven the importance of the cost of equity
capital
for companies and investors in decision-making and determining the rate of return of
investment
activities. Therefore, this study significantly contributes to evaluate the factors that affect the
company's cost of equity capital level in investment activities.
The first limitations of this study is the calculation of earnings quality using quality income
formula that only involves company's operating cash flow and net profit. Secondly, there are
surprisingly lots of companies that do not provide information about corporate governance
mechanism, especially information related to the commisioner board composition and audit
committee, so that some samples must be eliminated.
Based on these limitations, there are several suggestions proposed for further research.
First,
further research should apply the earnings quality formula as the research conducted by Givoly
et
al. (2010), in order to enhance the validity of earnings quality and may reflect the real profit
and
expected to be able to predict the incoming profit. Second, it is advised to use sample of
companies from different sectors to expand the scope of research results related to corporate
governance mechanism on the cost of equity capital, and commissioner board and audit
committee. Therefore, the findings will be richer and capture wider phenomena of this topic.
REFERENCES
Abdelghany, K. E. 2005. Measuring The Quality Of Earnings. Managerial Auditing
Journal,
20
(9):
1001-1015.
Anderson, K. L., Daniel N. D. and Stuart L. G. 2003. Boards of Directors, Audit
Committees,
and
the
Information Content of Earnings. http://papers.ssrn.com. Retrieved 30 Januari 2014.
diunduh dari:
Ashbaugh, H., Collins, D.W. dan LaFond, R. 2004. Corporate Governance and the Cost of
Equity
Capital.
Working Paper. http://www.ssrn.com. Retrieved 9 Oktober 2013.
Babatunde, M.A. dan Olaniran, O. 2009. The Effect of Zinternal and External Mechanism on
Governance
and Performance of Corporate Firms in Nigeria. Corporate Ownership & Control, 7 (2).
Bradbury, M. E., Mak, Y. T. and Tan, S. M. 2004. Board Characteristics, Audit Committee
Characteristics and Abnormal Accruals. Working Paper. United New Zealand and National
University of Singapore.
Chen, H.M. dan Ku, J.L. 2005. The Role Of Human Capital Cost in Accounting. Journal of
Intellectual
Capital, 5 (1): 116-130.
Chtourou, S.M., Jean. B., and Lucie C., 2001, "Corporate Governance and Earnings
Management".
Working Paper. Universite Laval, Quebec City, Canada.
Forum for Corporate Governance in Indonesia. 2007 . Peranan Dewan Komisaris dan Komite
Audit
dalam Pelaksanaan Corporate Governance. Seri Tata Kelola Perusahaan, Jilid II.
Francis, J., R. LaFond, P. M. Olsson, dan Schipper, K. 2004. Costs of equity and earnings
attributes.
The
Accounting Review, 79 (4): 967-1010.
Givoly, D. dan Hayn, C. 2000. The changing time-series properties of earnings, cash flows and
accruals:
Has financial reporting become more conservative? Journal of Accounting & Economics,
29
(3):
287-320.
Guthrie. J., Petty. R., dan Yongvanich, K. 2004. Using Content Analsis as a research method to
inquire
into intellectual capital reporting. Journal of Intellectual Capital, 5 (2): 282-293.
Herlado, D dan Ekaputra, I. A. 2013. Analisis Pengaruh Corporate Social Responsibility
Terhadap
Cost
Of Equity Capital Perusahaan (Studi Empiris pada Perusahaan Non Keuangan dan
Keuangan
yang
Terdaftar di Bursa Efek Indonesia Periode 2006-2010/ http://www.management.fe.ui.ac.id.
Retrieved 4 Desember 2013.
Indayani dan Mutia, D. 2013. Pengaruh Informasi Asimetri dan Voluntary Disclosure terhadap
Cost
of
Capital pada Perusahaan Manufaktur yang Terdaftar di Bursa Efek Infonesia. Jurnal Reviu
Akuntansi
dan Keuangan, 3 (1): 373-382.
Indrawati, N., dan Yulianti, L. 2010. Mekanisme Corporate Governance Dan Kualitas Laba.
Jurnal
Pendidikan Ekonomi dan Bisnis, 2 (2): 283-291.
Jao, R., dan Pagalung, G. 2011. Corporate Governance, Ukuran Perusahaan, Dan Leverage
Terhadap
Manajemen Laba Perusahaan Manufaktur Indonesia. Jurnal Akuntansi & Auditing, 8 (1):
1-94.
diunduh dari:
Juniarti dan Sentosa, A. A. 2009. Pengaruh Good Corporate Governance, Voluntary Disclosure
Terhadap
Biaya Hutang (Costs of Debt). Jurnal Akuntansi dan Keuangan. 11 (2): 88-100.
Khafid, M. 2012. Pengaruh Tata Kelola Perusahaan (Corporate Governance) Dan Struktur
Kepemilikan
Terhadap Persistensi Laba. Jurnal Dinamika Akuntansi. 4(2): 139-148.
Klien, A. 2001. Audit Committee, Board of Director Characteristics and Earnings
Management.
Journal
Accounting and Economics, 33 (3): 375-400.
Komalasari, P. T., dan Baridwan, Z. 2001. Asimetri dan Cost of Equity Capital. Jurnal Riset
Akuntansi
Indonesia, 4 (1): 64-81.
Lee, Y. M., dan Whiting, R. H. 2011. Technology, Intellectual Capital Disclosure and Cost of
Capital.
www.pnri.go.id. Retrieved 23 Oktober 2013
Lin, Jerry W., June F. Li, and Joon S. Yang. (2006). The effect of audit committee performance
on
earnings quality. Managerial Auditing Journal. 21 (9). 921-933.
Muhayatsyah, A. 2013. Cost of Equity dan Cost of Debt dalam Keuangan Islam.
https://www.academia.edu/1260255/Cost_of_Equity_and_Cost_of_Debt_in_Islamic_Fina
nce_Indon
esian_. Retrieved 01 Desember 2013.
Muntoro, R.K. 2011. Membangun Dewan Komisaris yang Efektif. Majalah Usahawan
Indonesia,
11:
118
Murni, S. A. 2004. Pengruh Luas Ungkapan Sukarela dan Asimetri Informasi Terhadap Cost of
Equity
Capital Pada Perusahaan Publik di Indonesia. Jurnal Riset Akuntansi Indonesia, 7 (2): 192206.
diunduh dari:
Murwaningsari, E. 2012. Faktor-Faktor yang Mempengaruhi Cost Of Capital. Majalah
Ekonomi,
2:
157172.
Niu, F.F. 2006. "Corporate Governance and The Quality of Accounting Earnings: a Canadian
Perpective". International Journal of Managerial Finance. 2 (4). 302 - 327.
Penman, S.H. dan Zhang, X. 2002. Accounting Conservatism the Quality of Earnings and
Stock
Returns.
The Accounting Review, 77 (2): 1-29.
Purnomosidhi, B. 2005, Praktik Pengungkapan Modal Intelektual pada Perusahaan Publik di
BEJ.
Desertasi tidak dipublikasikan. Program Pascasarjana Fakultas Ekonomi. Universitas
Brawijaya
Malang.
Reverte, Carmelo. 2009. Do better governed firms enjoy a lower cost of equity capital?:
Evidence
from
Spanish firms. Emerald Group Publishing Limited, 9 (2).133-145.
Rupilu, W. 2011. Pengaruh Mekanisme Corporate Governance Terhadap Kualitas Laba dan
Nilai
Perusahaan Pada Perusahaan Manufaktur yang Terdaftar di Bursa Efek Indonesia. Jurnal
Akuntansi,
Manajemen Bisnis dan Sektor Publik, 8 (1): 110-127.
Suaryana,
A.
2007.
Pengaruh
Komite
Audit
Terhadap
Kualitas
Laba.
http://ojs.unud.ac.id/index.php/jiab/article/download/2554/1769. Retrieved 14 Juli 2014.
Susanti, A.N., Rahmawati, dan Aryani, Y.A. 2010. Analisis Pengaruh Mekanisme Corporate
Governance
Terhadap Nilai Perusahaan Dengan Kualitas Laba Sebagai Variabel Intervening Pada
Perusahaan
Manufaktur Yang Terdaftar Di Bursa Efek Indonesia Periode 2004-2007. Jurnal Ekonomi
Dan
Bisnis, 4 (3): 173-183.
Susanto, S., dan Siregar, S.V. 2011. Corporate Governance, Kualitas Laba, dan Biaya Ekuitas:
Studi
Empiris Perusahaan Manufaktur yang Terdaftar Di Bursa Efek Indonesia Tahun 2009.
http://www.lontar.ui.ac.id. Diakases 4 Desember 2013
Sutopo, B. 2009. Manajemen Laba dan Manfaat Kualitas Laba Dalam Keputusan Investasi.
Pidato
Pengukuhan Guru Besar. Sidang Senat Terbuka Universitas Sebelas Maret. 21 Agustus
2007.
Surakarta.
Tarjo. 2010.Mekanisme Tata Kelola Korporat: Mampukah Menurunkan Cost of Equity
Capital?
Jurnal
Investasi, 6 (1): 47-69.
Utami, W. 2006. Pengaruh Manajemen Laba Terhadap Biaya Modal Ekuitas (Studi pada
Perusahaan
Publik Sektor Manufaktur). Jurnal Riset Akuntansi Indonesia, 9 (2): 178-199.
Veres, M., Darmadji, S.H. dan Sutanto, A.C. 2013. Hubungan Mekanisme Good Corporate
Governance
diunduh dari:
dan Kualitas Kantor Akuntan Publik Terhadap Konservatisme Akuntansi di Industri
Perbankan
Indonesia Peiode 2009-2011. Jurnal Ilmiah Mahasiswa Universitas Surabaya, 2 (1): 1-17.
Widjaja, F.P., dan Maghviroh. R.E. 2011. Analisis Perbedaan Kualitas Laba dan Nilai
Perusahaan
Sebelum dan Sesudah Adanya Komite Pada Bank-Bank Go Public di Indonesia. The
Indonesian
Accounting Review, 1 (2): 117-134
Xie, B., Davidson III, W.N., dan DaDalt, P.J. 2003. Earnings Management and Corporate
Governance:
The Role of the Board and the Audit Committee. Journal of Corporate Finance, 9: 295-316.
diunduh dari:
The Impact of Firm Performance and Firm Size to the Environmental Performance of the
Firm
Case study: Manufactures Firms in Indonesia
Lulu Setiawati
Accounting Department
Economic Faculty
Pelita Harapan University Surabaya
[email protected]
Introduction
Firms are holding an important role in the economic such as creating new jobs,
providing goods to be consumed, giving donation and paying tax to the government. Those
activities can only be achieved if the firms can maximize their profit. In order to maximize their
profits, many times firms only focus on the profit-miximizing activities and neglect the damage
to the environment caused by the firm’s activities.
Recently there are many discussion about environment pollution issue done by the firms
because of their activities. The pollution happened because firms didn’t follow standard
regulation stated by the government. The existence of firms as part of the environment itself,
will require the firms not only focus on how to gain their profits but also control, solve and even
being responsible to the environment as part of their daily activities.The awareness of the
society to the firm’s role in a environment sustainability brings some critics against the firms for
creating social problem, pollution, waste, product quality, product safety and the rights of its
employess (Gray et al., 1987 in Sembiring, 2005). Therefore, firms are asked to be responsible
for their activities not just to their shareholders and creditors, they also have to be responsible to
the society surroundings their firms. Because they are the people who will get direct impact
from the firms’ activities.
Environmetal Accounting started their development since 1970 in Europe. This topic
occurred because of the pressure from the non-profit organization who has their increased
awareness toward the environment. The organization has pushed the firms to have a good
environment controlling part of their daily activities and not just focused on the business itselg
(Toni Djogo, 2006 in Almilia&Wijayanto, 2007)
In Indonesia environmental control has been regulated in UU RI No. 23 tahun 1997
pasal 5, it said that 1) everyone has the same right toward a healthy and clean einvireonment, 2)
everyone has the same right for environment information that is related to the environment
control. 3) everyone has the right to take part in the environment control according to the laws.
In order to support that regulation since 2002, Environemtal minister (KLH) has conducted
PROPER (assessment rank for the company performance towards the environmental control).
The purpose of PROPER is to improve the role of the companies to take part in the
environmental control (www.proper.menlh.go.id).
Research done by Hadjoh and Sukartha (2013) showed that firm size measured by
logaritma natural total asset and firm financial performance have a positive impact to ke
environmental performance in the firm financial report.
diunduh dari:
The research is trying to analyze further the effect of financial performance and firm
size to the environmental performance.
Theoretical Framework
Enviromental Accounting
Enviromental accounting has been developed since 1970 in Europe. This issue raised
because of the pressures that the non-government organizations placed to the companies toward
the environmental issues. They wanted companies to focus on the environmental control when
they do their business activities. Since the mid-1990, when the environmental accounting was
not well known like nowadays, only few companies adopt the concept of environmental
disclosure. This was because not many companies were willing to be opened with their business
activities that relate to the environmental issues (Almilia and Wijayanto, 2007).
Ikhsan (2008) tried to define environmental accounting as a preventive action, reducing
and avoiding the impact of the firm’s activity toward the environment. This preventive action
started by the corrective action done by the firm to solve the damage. Environmental impact
adding another cost for the business of the firm. Environmental accounting defined as an
activity for the environment study in order to undersand how to value natural resources and its
effect toward conventional accounting. Enviromnetal accounting covers the study of different
functions of the firms such as accounting and finance, law and its relation with the environment
Environmental Performance
Environmental performance is the performance of the firm to create a good or green
environment (Suratno et al., 2006). Berry and Rondinelli (1998) in Ja’far and Arifah (2006)
identified several forces that pushed the company to do an environmental management, which
are:
1.
Regulatory Demand
The impact of world pollution since 30 years ago, make the society aware and push the
companies to have their responsibility toward the environment. They feel that it is the
time for the company to focus on the impact of the business activities to the
environment. One of the ways to do it by having the environmental control.
Environmental control system is the foundation to have the environmental scoring, like
health and environment safety programs. Companies are trying to adopt TQEM (Total
Quality Environmental Management) principles in order to get the reward in
environment field effectively such as using technology to control pollution through their
clean technology.
2.
Cost Factors
Complaints against the company’s products will bring consequences for high cost for
the product quality control, because all the activities in the production process need to be
prepared well. This will bring a direct impact to the inccurance of high productivity
costs such as raw material sorting cost, production process controlling and testing cost.
The commitment of the firm to reduce pollution will also incur another cost like
providing waste control and clean technology.
3.
Stakeholder forces
diunduh dari:
4.
Proactive approach strategy of environmental management built up under the
management principles, which are reduce waste and production cost, and also with the
response for consumer demand and stakeholders. Firm always tries to satisfy the need of
stakeholders by finding difference needs for proactive environmental management.
Competitive Requirements
The growth of global market and trade agreements bring a big impact to the movement
of environmental quality management standarization.national and international
competition require firms to have assurance for their quality by obataining ISO 9000.
While ISO 14000 is acquired for the international standar in environmental management
system.
Financial Performance
Financial performance is an analysis to see the performance of the company and it is
usually used to see as the measurement of financial health (Fahmi, 2012). Financial
performance can also be used as the measurement tool toward its asset during firm’s daily
operation and knowing how the firm will maximize their profit. Financial performance can be
measured from the financial report that the company will published periodically, especially for
public firms. The financial report gives us a picture what is the financial position of a firm. The
information contained in the financial report can be used by investor to predict the profit and
dividend in the future and the risk that entitled to is (Sudaryanto and Raharja, 2011).
Investors can gained informations either quantitative or qualitative from internal and
external sources. Internal financial informations could be in the form of accounting data of the
the firms, such as sales, profit margin, operational revenue, assets and etc. External financial
information usually will come from the analysts dan financial consultant that have been
published. Besides financial information, information non financial can also be used as the
measurement for the firm’s performance, like customer satisfaction for the firm’s services
(Chariri and Ghozali, 2007).
Firm performance is very important to be measured because it will motivate employees
to reach the goal of the company and to match with the behavior standard stated by the
company to achieve the output that the company has planned (Sudaryanto and Raharja, 2011).
This research will use return on investment (ROI) as the measurement for the financial
performance. This ratio is useful as a tool to measure the firm’s profitability in the process of
decision making and aas a control tool for the firm to plan an expansion.
Firm Size
Sudarmadji and Sularto (2007) in Fitriani (2013) stated that firm size is measured from
total asset or total sales, the bigger total assest and sales the bigger the firm size. Bigger firm
size will increase market power of the firm so the profitability of the firm will stable and
increase. Besides that, firm size is also one of the criteria that can be considered by investor as
part of their investment strategic.
Cowen et al., (1987) in Suhardjanto and Miranti (2009) mention that bigger company will be
pressured to disclose their activities in the process to legitimate their business because the
bigger the firm the more activities they will do so they will also bring bigger impact to the
society, shareholders who might concern with the environmental programs done by the
company. Moreover, its financial report will be more efficient in communicating information to
the stakeholder. This research focuses on the firm size measurement by using log of total assets
diunduh dari:
Research Model
Financial
Performance
Environmental
Performance
Firm Size
Environmental performance is the firm performance to create a better and green
environment (Suratno et al., 2006). Environmental performance in this research measured by
the frim’s participation in PROPER. It is a form of assessment for the environment developed
by the environment minister (KLH) with the purpose to enforce companies to obey the
environmental regulation stated. The size of the firm that is bigger will increase the market
power of the company so that the firm’s profitability will be increase. Firm size in this research
will use this formula(Fitriani, 2013):
Firm Size = log Total Asset
Financial performance is the analysis used to measure how good the company performs.
Financial performance in this research will be measured by using the Return on Investment
(ROI). ROI will be measured (Fahmi, 2012) :
ROI = Earning after tax (EAT) / Total Asset
Research by Choi (1998), Hackston and Milne (1996), and Hadjoh and Sukartha (2013) showed
that financial performance and firm size has a positive impact to the level of environmental
disclosure in the annual report of the firm. Build upon the previous research, therefore the
hyphotheses are:
H1 : Financial performance has an influence on environmental performance
H2 : Firm Size has an influence on environmental performance
Research Method
This research is a quantitative research with the purpose to test the hyphotheses.
Population in this research is the companies who have followed PROPER. Sample used in this
diunduh dari:
research is the manufacture companies. The manufacture companies are used because their
operational activities will bring direct impact to the society surrounding the companies. Method
used to analyze the data is multiple linear regression. In order to test the hyphotheses, t-statistic
test will be used. If the t-test > t-tabel, the H0 will be rejected and Ha will be accepted,
otherwise if t-test < t-table ; H0 will be accepted (Ghozali, 2009).
Data Analysis
Goodness of fit model is tested by looking at the value of coeficient determination (R2)
and F value. Coeficient determination (R2) to measure the ability of the independent variable to
explain the variance of independent variable. The value used for this research is the adjusted
R2. F-value shows if all variable independent will have a simultaneous impact to the dependent
variable. Value for the adjusted R2 for this model showed in the table below:
Tabel 1. Adjusted R2
Model Summary
Model
R
R Square
Adjusted R
Square
Std. Error of
the Estimate
1
.819a
.671
.598
.4927
a. Predictors: (Constant), KK, UP
Sumber: data diolah (2015)
From the table 1, it could be seen that adjsuted R2 has a value of 0.671. This means that
67.1% changes in the variable environmental performance of the company can be explained by
financial performance and firm size, the rest of 32.9% influenced by other factors which didn’t
measure in this research
Tabel 2. Uji F
ANOVAb
Sum of
Squares
df
Mean Square
F
Sig.
Regression
4.464
2
2.232
9.193
.007a
Residual
2.185
9
.243
Total
6.649
11
Model
1
a. Predictors: (Constant), KK, UP
b. Dependent Variable: KL
The statistical result in table 2, it was measured the F-value is 9.193 with significant
value of 0.007. sig-value < 0.05 concluded that financial performance and firm size together and
diunduh dari:
simultaneously impacting the environmental performance. After the testing of goodness of fit
model. The next step will be hyphotheses test. Hyphotheses test was done by measuring the
value of beta coeficient and sig-value for each variable. Sig-value will show the influence of
independent variable to dependent variable and beta coeficient will show the positive or
negative direction. If the sig-value >0.05, means that the independent variable does not have
any influence towards the dependent variable. On the other hand, if the sig-value <0.05, shows
that the independent influence the dependent variable.
Tabel 3. Hasil Uji Hipotesis
Coefficientsa
Unstandardized
Coefficients
Model
1
Standardized
Coefficients
B
Std. Error
(Constant)
-12.393
5.870
UP
1.234
.475
KK
.868
1.459
Beta
t
Sig.
-2.111
.064
.699
2.595
.029
.160
.595
.566
a. Dependent Variable: KL
Based on the result on table 3 showed that sig-value for firm size is 0.029. that value
showed that firm size has a significant impact to the environmental performance of the firm.
Sig-value for financial performance is 0.566. This is showed that financial performance did not
have any influence to the environmental performance of the firm.
Discussion
Based on the data analysis, the result showed that firm size has an significant influence
to environmental performance of the firm. The result is consistent with the other research
conducted by Hadjoh and Sukartha (2013) explained that big firms has the awareness they will
become the focus of attention by the stakeholders. Therefore, they have to do something to
build up trust for their social responsibility. Disclosing information about company activities
that related to environment will be part of their social responsibility. This research is also
consistent with the research by Ince (1998) which also found that firm size was an effective
factor for the practice of firm’s social responsibility and environment activities.
Different result showed for the relations between financial performance and
environmental performance. There is no significant influence for financial performance to
environmental performance. The result is not the same with the previous research done by
Hadjoh and Sukartha (2013) that showed a positive relationship between financial performance
and environmental disclosure at the annual report of the firm. Previous research showed that the
higher financial performance value the more company will disclose its environmental disclosure
in the annual report. Furthermore, it said that big firms will tend to disclose more information
because they have more resources to finance the information provided compare to the smaller
firms ,while this cannot be found in this research. The result of this research is also contradict
with the result from Teoh et. Al., (1997) that concluded firms which have good financial
diunduh dari:
performance will have more environmental disclosure compare to firms with bad financial
performance.
References
Anggraini, Fr. R. Retno. (2006). Pengungkapan Informasi Sosial dan Faktor-faktor yang
Mempengaruhi Pengungkapan Informasi Sosial dalam Laporan Keuangan Tahunan
(Studi Empiris pada Perusahaan-Perusahaan yang terdaftar Bursa Efek Jakarta).
Simposium Nasional Akuntansi IX. Padang.
Belkaoui, Ahmed & Philip G. Karpik. (1989). Determinants of the Corporate Decision to
Disclose Sosial Information. Accounting, Auditing and Accountability Journal. Volume
2 Number 1. 36-51.
Bringham, Eugene & Joel Houston. (2001). Fundamental of Financial Management/Dasar-dasar
Manajemen Keuangan (A.A. Yulianto Trans.) Edisi 10. Jakarta: Salemba Empat.
Chariri, Ahmad & Ghozali Imam. (2007). Teori Akuntansi (Accounting Theory, Trans.).
Semarang: Badan Penerbit UNDIP. ISBN 979.704.014.3.
Choi, F., and G. Mueller, International Accounting, Englewood Cliffs, N. J.: Prentice-Hall,
1998.
Deegan, C. & Rankin, M. (1996). Do a Australian Companies Report Environmental News
Objectively? An analysis of Environmental Disclosure by Firms Prosecuted
Successfully by the Environmental Protection Authority. Accounting, Auditing and
Accountability Journal. Volume 9 Number 2. pp. 52-69.
Fahmi, Irham. (2012). Analisis Kinerja Keuangan. Bandung: CV. ALFABETA.
Febriana & I G N Agung Suaryana. (2011). Faktor-faktor yang Mempengaruhi Kebijakan
Pengungkapan Tangungjawab Sosial dan Lingkungan Pada Perusahaan Manufaktur di
Bursa Efek Indonesia. Simposium Nasional Akuntansi XIV. Aceh.
Ghozali, Imam. (2009). Aplikasi Analisis Multivariate dengan Program SPSS. Semarang:
Badan Penerbit Universitas Diponegoro.
Gray, R. Owen & Maunders, K. (1987). Corporate Social Reporting: Accounting and
Accountability. London: Prentice –Hall.
Hackston, David and Markus J. Milne, 1998.Some Determinants of Social andEnvironmental
Disclosure in New Zealand Companies. Accounting. Auditing and Accountability
Journal, Vol. 9 No. 1, p. 77-100.
Ikhsan, Arfan. (2008). Akuntansi Lingkungan dan Pengungkapannya. Yogyakarta: Graha Ilmu.
Januarti, Indira & Dini Apriyanti. (2005). Pengaruh Tanggung Jawab Sosial Perusahaan
terhadap Kinerja Keuangan. Jurnal MAKSI. Volume 5 Nomor 2. Agustus: 227-243.
Munawir, S. (2004). Analisa Laporan Keuangan. Yogyakarta: Liberty.
Sembiring, E. Rismada. (2005). Karakteristikn Perusahaan dan Pengungkapan Tanggung Jawab
Sosial: Studi Empiris pada Perusahaan yang Tercatat di Bursa Efek Jakarta. Simposium
Nasional Akuntansi VIII. Solo.
Suhardjanto, Djoko & Laras Miranti. (2009). Indonesian Environemental Reporting Index dan
Karakteristik Perusahaan.
diunduh dari:
Sekretariat PROPER Kementerian Negara Lingkungan Hidup. (2010). Laporan Hasil Penilaian
Peringkat Kinerja Perusahaan dalam Pengelolaan Lingkungan Hidup (PROPER).
http://proper.menlh.go.id.
Teoh, S., I. Welch, and T. Wong. 1998. Earnings management and the long-run market
performance of initial public offerings. The Journal of Finance LIII (December): 19351974.
Tsoutsora, Margarita. (2004). Corporate Social Responsibility and Financial Perfomance.
Working Paper Series University of California. http://repositories.cdlib.org.
Undang-Undang Republik Indonesia Nomor 23 Tahun 1997 tentang Pengelolaan Lingkungan
Hidup. Jakarta.
Peraturan Menteri Negara Lingkungan Hidup Nomor 5 tahun 2011 tentang Pedoman Penilaian
Peringkat Kinerja Perusahaan dalam Pengelolaan Lingkungan Hidup. Jakarta.
diunduh dari:
EFFECTS OF ACCOUNTING INFORMATION QUALITY,
ACCOUNTABILITY AND TRANSPARENCY OF FINANCIAL REPORTING ON THE
LEVEL OF ZAKAT REVENUE
IN ZAKAT FOUNDATION (BAZDA ) IN WEST JAVA PROVINCE
NunungNurhayati, MagnazLestira, Sri Fadilah, Nurhayati
A Lecturer in Accounting Study Program Faculty of Economics and Business
Universitas Islam Bandung. Jl. Taman Sari No. 1 Bandung - Indonesia
[email protected]
1.
INTRODUCTION
Another impact of Act No. 23 year 2011 on zakat management ,is the high numbers of
zakat institution established by society as a form of civil society movement.The growing
numbers of LAZ/UPZ ,which is part of the BAZNAS, can be used as an alternative for people
to distribute their zakat fund other than BAZNAS (that belongs to government). LAZ/UPZ
becomes a medium to help the attempt in achieving zakat potency in Indonesia especially in
West Java province.
The phenomenon that occurs at this time is that zakat revenues potency is not in
accordance with the realization of zakat revenue received by Badan Amil Zakat (BAZNAS).
While the actual revenues earned by BAZNASis still far from its potential. The potency data
and actual zakatrevenuesin Indonesia from 2009 to 2013 are as follows
Table 1.1
Potential and Actual Revenue Zakat Fund
From the year 2009 until2013
Zakat revenues (trillion
No.
Period
Potential Zakat (trillion)
rupiah)
1.
2009
20
1.2
2.
2010
100
1.5
3.
2011
217
1.8
4.
2012
217
2.2
5.
2013
300
2.5
Source: Baznaz.go.id, Data Islamic Development Bank (IDB) PIRAC
The table shows a comparison between thepotential and the realization of zakat revenue
according to various sources, the revenue realization of zakat in Indonesia is very far from the
number of zakat potency The same thing happened in West Java, the zakat potency of West
Java reached approximately IDR 900 billion and the realization of which can be achieved in
2010 only 3% of itwhich is about IDR 27 billion in three regions (Bandung, Cirebon, Cimahi ).
With a total population of 40 millions, zakat revenues in west java is expected to increase (R.
Herrera Hermawan- Chief Funding Officer (CFO) Rumah Zakat).
diunduh dari:
The low realization of zakat potency might be caused by several things, shown from a
survey conducted by UIN ( Islamic University ) Syarif Hidayatullah Jakarta, the Ford
Foundation in 2004, found
that 97% respondents expect LAZ to work Accountably.
Demands that public can have access to monitor the managed funds (90%).Financial
Statements on the media (92%). The need to record the donors (88%) and people's reluctance to
distribute zakat to a zakat foundation which is not well-known.
In fact, they want to make sure that zakat fund is distributed to the right people (63%).
This describe a big public demand for the quality of accountable and transparent accounting
information that can cause public’s trust to distribute zakat and it will lead to the increase of
Zakat revenues.This also occurs in Badan Amil Zakat in cities and regencies in West Java
which are parts of BAZNAS, which has received funding from muzakis ( muslims who pay
zakat) amongst government employees , individuals or communities, the management system
must be accountable, transparent and it also give quality information to increase zakat
revenues. Management of zakat funds that are considered not to have accountability and
transparency in government agencies and public can give negative effects to the development
of BAZ because agencies/ institutions and public will not rust /have a doubt that zakat fund is
distributed correctly or they suspect that Bazis used the funds for the benefit of BAZIS not
people. Although basically BAZ is an institution that is based on religious concepts and they
have to be responsible toGod, BAZIS transparency cannot be ignored.
Because people still need this information as a performance assessment benchmark on
BAZ that puts the community as the partywho have important role in the activities of collecting
and distributing zakat fund.
Based on the above phenomenon, the authors are interested in conducting a research that
focused in West Java on the Quality of Accounting Information, Accountability and
Transparency of Financial Reporting on Zakat revenues At Badan Amil Zakat (Bazda) in
WestJava
ProblemFormulation
Based on the research background, Problem formulation of this research is: How the
quality of accounting information, accountability and transparency of financial reporting
influence the number of zakat revenues in Badan Amil Zakat Regions (Bazda) in the Province
of West Java both partially and simultaneously.
2. Fraamework of Theory and Hypothesis
2.1 Quality of Accounting Information
Stair and Reynolds (2012: 7) stated: "The value of information is directly linked to how
it helps decision makers Achieve Reviews their organization's goals.Valuable information can
help people and their Organizations perform tasks more efficiently and Effectively. "While O
Brien (2004:) states that:" "Information of hight quality, that is, information Whose product
characteristics, attributes or qualities help make it valuable to them ,It is useful to think
information as having the three dimensions of time, content, and form.
Based on the above statements , the quality of accounting information is accounting
information which has quality characteristics required by its users make valuable decisions in
achieving organizational goals.
2.2. Accountability
According to the Government Accounting Standards Conceptual Framework (KK, SAP,
2005) Accountability is being accountable for resource management and policy implementation
diunduh dari:
that is entrusted to reporting entities in achieving the goals that are set periodically. Financial
accountability criteria (1) Accountability of public funds (2) timelyfinancial report and (3)
audit examination and government's response.
Meanwhile, according to Mardiasmo (2002: 20): "Public accountability is the obligation
of the fiduciary (agents) to provide accountability, present, and disclose all its activities that are
under their responsibility to people who give trusts (principal) who has the right and authority
to accept the financial reports and performance.
2.3 Transparency
According to KNKG ( 2006: 5) term of “ transparency” is a condition in which a
company is able to provide a relevant and material information that is related to the company
that are accessed understood by stakeholders.
Transparency of financial reporting is an effort to provide an open and true financial
information to the public based on the consideration that public has the right to know
comprehensively on the accountability of resources management that are entrusted to it and its
compliance to laws and regulations (KK, SAP: 2005)
2.4 Zakat Revenue
Zakat revenue means the addition of organization's resources that come from donations
and or temporary fund allocation which can be either cash or non-cash.
Meanwhile donation revenue can be in the forms of zakat, infaq, sadaqah, grants, wills,
inheritance, expiation, or other donations that do not against Islamic laws.. In accepting
donations, organizations must consider muthlaq contract (not bound) and or muqoyyad (bound)
that is required by donors. (PA OPZ: 2009)
2.5. Research Hypothesis
There are effects ofaccounting information quality , accountability and transparency of
financial reporting on the amount of zakat revenue in local Amil Zakat Foundations in West
Java both partially and simultaneously, described as follows:
H1. : There is a significant effect between the quality of accounting information on the amount
of zakat revenue
H2: There is a significant effect of tacceptance of accountability on the success of the amount
of zakat revenue.
H3: There is a significant effect of between the transparency of financial reporting on the amount
of zakat revenue
H4: There is a significant effect of the quality of accounting information, accountability and
transparency of financial reporting on the amount of zakat revenue
3. Methodology
3.1 Research Method
The method used is explanatory research.Explanatory research is a research that explains
the causal relationship between variables (Cooper & Schindler, 2006: 154).
Explanatory research method refers to a theory or hypothesis to be tested as the cause of the
phenomenon. According to Singarimbun and Sofian Effendi (2011: 5) , explanatory research is
a research that describes causal relationships between variables through hypothesis testing.
3.2. Data Collection TechniquesAnd Types
diunduh dari:
Data used in this research are primary data and secondary data .Data Collection
technique to obtain primary data is conducted through field research by compiling
questionnaire.
The respondents in this study are managers andaccounting department at Bazda located in cities
and regencies in West Java province. The Reasons of choosing BAZDA managers and
accountingas respondents in this study is the assumption that leadership and accounting
department in Bazda understand and know the process of accepting, distributing and reporting
very well.
3.3 Population andResearchSample
Kerlinger (1992) stated that population is a set, while the set referred to the study can be
in the forms of objects, people, symptoms, events, or other things that have certain
characteristics to clarify research problem. Meanwhile, according to Cooper and Schindler
(2006: 717) , population is the entire collection of elements that can be used to make some
conclusions.A set of elements is basically the object to be observed by researcher. As for the
population target in this study is the 26 Regional Zakat foundations (Bazda) in cities and
regencies in West Java province. While the meaning of sample ,according to (Sugiono, 2012:
124), is a part of the number and characteristics of this population. Slovin formulation is used
as determination of sample formulations with the error rate (d) is 0.1 as follows :
3.4 Method of Analysis Research
This study will analyze the pattern of causal relationship between variables. Before
analyzing the patter, research instrument testing is conducted through validity and reliability
test.Descriptive Analysis provides a descriptive overview of primary data that are obtained
from respondents, and verificative analysis use statistical analysis measurement which is called
path analysis (hypothesis ting used are t test and F test ). Data processing is also used SPSS
software.
4. Study Result and Discussion
4.1 Validity and Reliability Test Results
Before data of questionnaire result are processed , validity and reliability tests are
conducted on the researchmeasurement to prove whether the measuring instruments used have
validity and reliability .The result of data processingusing product moment correlation and
Cronback Alphagive the validity and reliability test results as follows:
Table 4.1
Results of validity and reliability
Variables
Validity
reliability (Cronbach Alpha
Quality of Accounting Information
0.857
0,940
Accountability
0.745
0.912
Transparency
0.718
0.886
Source: results of data processing
diunduh dari:
Table above shows that the results of the calculation of validity and reliability test for
each variable ,in average they are above 0.3 for validity test , and above 0.7 for reliability test
As described in research methodology , to test the validity of measuring instrument ,statistical
approach is used through Spearman rank correlation. If the correlation coefficient of statement
item statement with a total score of other items ≥ 0.30 then the statementis invalid. If the
reliability coefficient is higher than 0.70, all statements used are reliable so that it can be
concluded that the questionnaire used has already provided consistent results
4.2 Descriptive Analysis
Descriptive analysis can give a description on how respondents behave to the variables
indicator that are being studied. Descriptive analysis is conducted by preparing a frequency
distribution table to determine whether the rate ofscoreof research variable is in the category “
VERY GOOD”.”GOOD”, FAIR” BAD and VERY BAD then perform the determination of
categories based on the scoreintervals criteria.
Table 4.2
Score Criteria
SCORES
Average
FACTS
21-48
1 -1.79
Very Low
38-54
1.8 - 2.59
Low
55-71
2.6 - 3.39
Moderate
72-88
3.4 - 4.19
High
89-105
4.2 - 5.00
Very High
`Source: Data processing in 2014
The results of the responds from the respondents in BAZNAS West Java Province on the
quality of accounting information is that the the average score is 3.37 and is in the interval of
2.60 to 3.39. It can be concluded that the quality of accounting information in Bazda West Java
province is still moderate.While the average score of accountability is 3.41, or is in the interval
of 3.4 to 4.19 , thus it can be concluded that the accountability of financial report in BAZNAS
is quite high.
Meanwhile, the average score of transparency of ffinancial reporting is 3.56 or -4.19 and
is in the interval of 3.4,so it can be concluded that the transparency of financial reporting in
Bazda in West Java province is quite high. The revenue rate of zakat in BAZDA in West Java ,
the average revenue is 1% to 5%.
4.3 Discussion
The Effects of Accounting Information Quality, Accountability and Transparency of
Financial Reporting on BAZDA’s zakat revenue inthe Districts and Cities in West
JavaProvince
Based on the hypothesis test, it turns out that there is a significant effect of the quality
of accounting information, accountability and transparency of financial reporting on the level
of zakat revenue with the rate of effects is 70.2% and the remaining 29.8% is influenced by
other factors that are not examined.in partial, the quality of accounting information on Zakat
revenue has a direct effect as much as 31.25%, while the accountability affects the amount of
diunduh dari:
zakat revenue by 30%, and the transparency give an effect around 74.99%. Among these
three variables , variable of transparency of financial report gives the highest contribution on
the number of zakat revenue .This is consistent with the fact that is seen in the field that
studied- BAZ (Badan Amil Zakat) realize that public demands on transparency of financial
reporting is the most important part in building public trust , especially the government
departments, on the management of zakat revenue .This means that most Bazda (in regencies
or /and cities in West Java) haveimplemented the transparency of financial reporting which
can be accessed by public, both ,local and regional mass media, newsletters, and others as
evidence of their liability to the public, although it has not been optimal, yet.
Furthermore, accountability variable becomes a fundamental principle that is used by
West java- Bazda to provide services and build trust from the muzaki and mustahik ( The
donors and the receivers) ,and also to build a good relationship with all the stakeholders such
as local communities, government, charity and Zakat forums and other stakeholders.
Furthermore, in managing zakat fund the quality of accounting information is important
to provide an accurate, right and reliable information to stakeholders about how Bazda manages
the zakat fund. Itinvolves financial statements, activitiesand programs that are offered by
Bazda, so that all major activities of Bazda are known by the stakeholders through banners or
other kind of information forms.It is similar to Wahyudin Zarkasyi (2008) who stated that BAZ
/ LAZ should be able to build a good information system. However, most of BAZ ,we studied,
do not have a good information system. especially accounting information system. Many of
BAZ information systems are not as good as what BAZNAS has expected whichrequire all
BAZ use an integrated information system called SIMBA.
Only 20 % BAZ in Indonesia use SIMBA , most BAZ are still using manual system.
BAZ in regencies and cities in West java face some problems in improving the quality of
accounting system such as lack of human resources.It happened due to a number of BAZNAS
staff are also civil servants and it makes them think that managing zakat is only a side job.
They do not manage it professionally ,only wait for each UPZ send zakat to BAZNAS and
never make any innovations or strategies in increase zakat revenue. In contrast , LAZ ( which is
established by society) runs the business professionally, they make strategy and innovation and
have good relationship and cooperation with public and government, so there will be
significant differences in the number of zakat revenue.
Significant differences in the number of zakat revenue in each region are carefully
analyzed and it is caused by various internal and external factors . In an interview to some local
and regional BAZ in West Java, the internal problems that are faced by each BAZ, and give
effects on the number of zakat revenue are:
1.
The Human Resource’ s diversity and limited capacity and capability that are not has fully
synergic , meaning that many employees of BAZ have irrelevant education background
with their works and duties.
2.
Problem of Muzaki and Mustahik ( donors and receivers of zakat) data base, it is caused
because UPZ are not discipline in mentioning names of donors when they deliver the zakat
fund to BAZ. It causes BAZ do not have any information about donors’ names.
3.
Limited facilities and infrastructure in BAZ arrangement. There are still some BAZ that do
not have operational office , inappropriate computers that cannot be used for a big-capacity
system.
diunduh dari:
4.
They do not have an integrated information system, which enables managersto make rapid
and precise financial statements.. These constraints basically have already been
accommodated by central BAZNAS , to facilitate the supervision on the zakat management
. In 2013a system that can accommodate all systems in BAZDA was created , ie Zakat
Management Information System (SIMBAZ).BAZ/ LAZ received a system training for 3
days and ongoing training every 3 months. However, in West Java there are only 20% that
use SIMBA, 80% do not use SIMBA because human resources have lack of knowledge
about the system operation, so most of them make a report manually and send it to the
head office through email or post office.In contrast, BAZ DA that use SIMBA, cansend
financial reporting faster . so BAZNAS have the information about the number of zakat
revenue and distribution as soon as possible.
They do not have secretarial administration system and standardized ZIS (zakat)
management guidance .
The External Problems that we encountered during the research are as following:
1. The various understanding about zakat fiqh
2. Lack of top management’s support, such as supports from regents and mayors and
directors of government institutions. BAZ which has the supports from top management
have high zakat revenue. on the other hand, BAZ who are not supported by those top
management have low zakat revenue.
3. Stability and continuity of government support is still volatile on poverty reduction
efforts based on potential zakat and charity.
Based on the wide range of existing problems in West BAZ in West Java, in which the
number of zakat revenue is still around 1-3 per cent of the existed potential , so each BAZNAS
in the cities and regencies are suggested to improve human resource management that is related
to information system as a medium to provide accurate, up to date ,timely and relevant
information to concerned parties and the information must be able to accessed by stakeholders
as a form of responsibility and is published in mass media.either in local or regional
newspapers and each of each Bazda is suggested to have a web to provide information related
to the programs or activities and policies that will be implemented in the following year. The
quality of accounting information, accountability and transparency of financial reporting will
increase the revenue fromzakat , so for the following years , the number of zakat revenuewill be
higher, at least reaches 30% of the existing potential.
5. CONCLUSIONS AND RECOMMENDATIONS
5.1 Conclusion
Based on the analysis of the quality of accounting information, accountability and
transparency of financial reporting and the zakat revenue received by in Regional Zakat
Foundation (Bazda) in the regencies and cities in West Java province, we can conclude that;
The quality of accounting information, accountability and transparency of financial
reporting has a significant and close correlation with positive direction. Quality of accounting
information and accountability and transparency are closely related to each other..This is
supported by the condition that the quality of good information will increase accountability
and transparency of financial report, and give a positive effect to the number of zakat revenue .
Meanwhile quality of accounting information, accountability and transparency of financial
reporting have a significant positive effect both simultaneously and partially on the level of
zakat revenue.
diunduh dari:
. Simultaneously, the influence of the quality of accounting information, accountability
and transparency of financial reporting of the level of zakat revenue reach 70.2%, while
29.8% is influenced by other factors, including low capabilities of human resources ,
inadequate infrastructure , un-integrated information system , low support from regional
leaders and only few BAZ that use a website as transparency media provided to public.
Partially, thequality of accounting information affects the level of zakat revenue . The quality
of accounting information directly influence31.25% of the level of zakat revenue. Meanwhile,
accountability influences 30% of zakat revenue and transparency influences 74.99% of the
revenue.
5.2Suggestion
Based on the discussion and conclusion, there are some suggestions ;
1. In order to meet the demand for good quality of accounting information , the
development of accounting information system in BAZDA should involve users to
identify users’ needs and build an integrated information system (SIMBA)that has been
provided by central BAZNAS . To optimalize the use of SIMBA ,personnel placement
in information systeminstallationthat has the qualifications and knowledge about
information systems,especially accounting information system.
2. To optimize the use of accounting information system( SIMBA ) , human resource must
be prepared by giving them trainings held by BAZDA ,who joined the committee that do
does not hold the system, so there is no knowledge transfer amongst them.
3. Financial reporting system should be have the standard of SFAS 109 because most of
West java BZD have not used reporting using PSAK 109.
4. BAZ in districts and cities in West Java should have a web-site as a form of
transparency and accountability to the public, in which web can be used as a platform to
inform public about programs or revenue reports and zakat distribution as a form of
accountability and transparency to stakeholders / donors so they can access the
information at any time.
5. BAZ in districts and cities in West Java haveZakat file number of muzaki ( NPWZ) to
use the web as a form of transparency and accountability to the public, where the web c
and decrease annual tax.
6. For researchers who are interested in conducting the study of zakat revenue, it is
advisable to expand the involvement of information system development, organizational
culture and information technology.
Referensi
Arikunto, Suharsimi, 1998. Prosedur Penelitian. Edisi 4.RinekaCipta, Jakarta
Azhar
Susanto, 2013: Sistem Informasi Akuntansi: Struktur
Pengembangan: Edisi Perdana, Lingga jaya, Bandung.
Pengendalian
Risiko
Almisar Hamid 2009. Nasib Lembaga Amil Zakat di Indnesia. Artikel ini dimuat pada Harian
Republik, Jumat 05 Juni 2009
Atef, Afia (2009). Pelaksanaan Good Governance. Jakarta: Bumi Aksara
.Cooperr,D.R & Schindler,P S (2006) Business Research Methods (9 th ed) International
edition. Mc Graw Hill
diunduh dari:
Eri Sadewo, 2004. Manajemen Zakat . Institutr Manajemen Zakat (IMZ), Media jurnal dan
Empowerment Vol 1 Agustus 2008, Indonesia Magnificence of Zakat (IMZ) Jakarta: 27
Feroz, Ehsan H, Sanjay Goel and Raymond L Raab. (2008). Performance Measurement
for Accountability in Corporate Governance.Review of Accounting and Finance.Vol 7.
No.2.2008: p. 128.
Ikatan Akuntan Indonesia (IAI) 2012 Standar Akuntansi Keuangan Penerbit Salemba Jakarta
Jamil Azzaini 2008. Berdayakan Lembaga Amil Zakat Artikel ini dimuat dalam tabloid
Republika Jumat 19 September 2008
KNKG, 2006 Pedoman
Governance
Kebijakan Governance: Jakarta Komite Nasional Kebijakan
Ismail Syauqi. (2007). Penerapan Zakat dalam Bisnis Modern. Bandung: PT.Pustaka Setia.
Muhamad Teungku Ash Shiddieqy.(1999). Pedoman Zakat. Semarang: PT Pustaka Rizki Putra.
Muhamad Nazir (1983). Metode Penelitian. Jakarta: Ghalia Indonesia.
Mardiasmo.(2002). Akuntansi Sektor Publik. Edisi Pertama. Yogyakarta: BPFE.
Masri Singarimbun dan Sofian Effensi, 1995 Metode Penelitian Survei, LP3ES
Mc Leod, Raymond Jr & George P Schell,2007, Management Information System,Person
Education Inc, New Jersey
Schiavo, Campo and Tomasi.“Managing Government Expenditure. Manila: The
Asian Development Bark”
Sugiyono. (2012). Metode Penelitian Pendidikan : Pendekatan Kuantitatif, Kualitatif, dan
R&D. Bandung: Alfabeta.
Suharsimin Arikunto. (2006). Prosedur Penelitian Suatu Pendekatan Praktis. Jakarta: Rineka
Cipta.
Sugiama, A Gima 2008, Metode Riset Bisnis dan manajemen, Edisi pertama Guardaya
Intimarta, Bandung
Sri Fadilah, (2011). Analisis Pengaruh Implementasi Pengendalian Intern dan Total Quality
Management Terhadap Penerapan Good Governance. Hasil riset disajikan dalam
Simposium Nasional Akuntansi (SNA) ke-14 di Universitas Syiah Kuala Nangroe Aceh
Darussalam Juli 2011, merupakan riset yang didanai LPPM Unisba. Ikatan Akuntan
Indonesia (IAI), Jakarta
Suwarjono, 2008. Teori Akuntansi perekayasaan pelaporan keuangan Edisi Ketiga, Yogjakarta.
Balai Penerbit Fakultas Ekonomi UGM
diunduh dari:
Undang-undang no 38 tahun 1999 tentang Pengelolaan Zakat
Undang-undang no 23 tahun 2011 tentang Pengelolaan Zakat
Wahyudin Zarkasyi, 2007. The Role of The Audit Committe and Internal Audit in The
Implementation of Good Corporate Governance and Its Impact on State Owned
Enterprise Performance in Indonesia. Economic Journal: Journal of Faculty of
Economics Padjadjaran University Vol 22 No.1 March 2007.25
DOKUMEN
FOZ.(2005). Pedoman Akuntansi Organisasi Pengelola Zakat. Jakarta: Forum
Zakat.
KNKG.(2004). Pedoman Umum Good Coorporate Governance. Jak: Komite
Nasional Kebijakan Governance.
PA-OPZ (2005).Pedoman Akuntansi Organisasi Pengelola Zakat. Jakarta: Forum
Zakat.
diunduh dari:
DETERMINANTS OF CORPORATE GOVERNANCE
IMPLEMENTATION QUALITY IN INDONESIA
(Study of Firms Rated by the Indonesian Institute for Corporate Governance)
Rhenca Alvananda Pristara
Yeney Widya Prihatiningtias
Universitas Brawijaya, Jl. MT. Haryono 165, Malang
Email: [email protected] / [email protected]
Introduction
The limitations of agency theory in solving the agency problem arise the concept of
corporate governance which can be seen as the continuation of the agency theory (Ariyoto,
2000 in Darmawati, 2006). Corporate governance is a way to provide confidence in the
supplier firm funds for obtaining return on their investment (Shleifer & Vishny, 1997).
According to Cadbury (1992), corporate governance is a system for directing and controlling
a firm. The Implementation of good corporate governance is further called as Good Corporate
Governance.
It is difficult to be denied that over the last ten years, the term Good Corporate
Governance (GCG) has gained popularity. It is not only popular but also placed in the top
rank due the following reasosn. First, good corporate governance is one of the keys for
developing a successful and profitable firm in the long term, as well as for gaining success in
the global business competition. Second, the economic crisis in Asia and Latin America are
believed to arise due to the failure of the implementation of good corporate governance
(Daniri, 2005 in Kaihatu, 2006). Research on Asian financial crisis of 1997-1998 found that
weal legal institutions for corporate governance can exacerbate the decline in the stock
market in the financial crisis of 1997 (Mitton, 2002). Mitton (2002) found that companies
with good corporate governance have better market performance during the Asian financial
crisis.
Research on corporate governance suggest that investors have a preference for
avoiding companies with poor corporate governance (McKinsey and Co., 2002). Corporate
governance has an influence on the operating performance of the firm (Darmawati, 2005) and
diunduh dari:
stock returns (Suranta and Machfoedz, 2003 ) and is related to the value of the firm (Klapper
and Love, 2004). In addition, due to the delegation of authority to management, good
corporate governance implementation is favorable to reduce agency cost, i.e. the cost to the
shareholders; lower the cost of capital as a result of the healthy and responsible management
of the firm, and increase share value, and support for the firm's stakeholders (license to
operate) (CGPI, 2008).
Corporate governance issues in Indonesia rose with some recent scandal. One of latest
issues is happened in 2012 toward BUMI Plc which owned 25% BUMI resources and 75%
Berau Coal Energy. BUMI Plc founded by financier Nat Rothschild and Bakrie company
which is the shares is listed in the London Stock Exchange. In 2012, BUMI Plc get reports of
serious financial irregularities in the Indonesian operations on the basis of claims made by a
whistleblower, major Bumi shareholders were alleged to have siphoned off more than $1bn
of assets into other Bakrie family-controlled companies by means of related party
transactions. This is cause Bumi’s share falling 60% below the IPO price and were suspended
from trading in April 2013, following problems in finalising the 2012 accounts. Bumi
subsequently reported a pre-tax loss for the year of $2.4bn. (Christopher Thompson and Ben
Bland, “Bumi reveals tally for missing payments stands at $201m”, Financial Times, 31 May
2013). Bumi resources is convicted bankruptly because debt that have to paid and lack of
corporate governance implementation.
Meanwhile Corporate Governance Perception Index (CGPI) refers to a ranking of
research and implementation of Good Corporate Governance (GCG) to companies in
Indonesia through research design that encourages companies improve the quality of the
application of the concept of Corporate Governance (CG) through continuous improvement
to carry out the evaluation and comparative studies (benchmarking). Research programs and
ranking CGPI held since 2001 is an attempt The Indonesian Institute for Corporate
Governance (IICG) participation and contribution in promoting good corporate governance
practices in Indonesia in order to create ethical, healthy, dignified and sustainable business
world.
The companies included in the Corporate Governance Perception Index (CGPI) are
companies that have the best quality of corporate governance in Indonesia. The existence of
such companies would be an appealing attraction for investors and creditors since the quality
of the implementation of GCG has shown to increase the firm's progress through an everincreasing performance and reliability of the firm. Moreover, implementation of GCG is
getting better to remove any suspicion from others as stated in agency theory. In addition,
GCG is able to guarantee the company in a sustainabled (preserved) state from an unhealthy
business climate (Swa Sembada, 2009:89-104). On the other hand, the companies included in
the top ten ranks of the Corporate Governance Perception Index (CGPI) are companies that
have the best quality of corporate governance disclosure in Indonesia consisted of 11 CGPI
aspects comprising, commitment, transparency. accountability, responsibility, independence,
fairness, competence, leadership, strategy, ethics and knowledge management. Results CGPI
describes the quality of the implementation of good corporate governance in CGPI
participating companies based on the utilization of knowledge and classification of ranked
categories wich are very reliable, trustworthy, and fairly reliable.
There are several studies related to the implementation of quality good corporate
governance, firm size, leverage, investment opportunities and concentration ownership by
using some of the variables of measurement for assessing a firm, among others: Hormati
(2009) reveals that firm size affects the quality of corporate governance. Darmawati (2006)
diunduh dari:
discovers the similar findings the same thing that variable firm size has an influence on the
quality of corporate governance. This is supported by the research findings of Ulum (2007)
which reveals that the firm size positively had significantly influences the quality on the
diunduh dari:
quality of implementation of good corporate governance. Otherwise, Klapper and Love
(2004) reveals that the firm size is ambiguous as large firms may have greater agency
problems.
A study conducted by Durnev and Kim (2003) shows that leverage has positive
influence on the quality of the implementation of good corporate governance. Black, et al.
(2006) and Gillian, et al. (2003) found the results of different studies that leverage variable
negatively affect the quality of corporate governance. Amar and Boujenoui (2007, in
Sulyanti, 2011) states similar findings that variable leverage effect negatively towards
qualities of good corporate governance. Different finding found by Darmawati (2006)
showing that the leverage variable does not affect the quality of corporate governance. Ulum
(2009) and Hormati (2009) reveals the similar findings the leverage has no influence on the
quality of corporate governance.
Durnev and Kim (2003 in Hormati 2009) state that the investment opportunity has a
positive effect on the quality of corporate governance. In contrast, Darmawati (2006) states
that the investment opportunity statistics does not affect the quality of corporate governance.
This is reinforced by the findings of the study conducted by Ulum (2007) and Hormati (2009)
revealing that that investment opportunities do not affect the implementation of good
corporate governance.
Darmawati (2009) states that the concentration of ownership variable statistically
affect the quality of corporate governance. Amar and Boujenoui (2007) state that ownership
concentration negatively affects the quality of corporate governance disclosure. Results of
these studies differ from the research findings of Hormati (2009) which reveal that
concentration of ownership variable does not affect the quality of corporate governance. It is
strengthened by the results carried out by Ulum (2007), and according to the analysis
conducted by Barruci and Fallini (2005) that firms having large controlling shareholders,
financial holdings, a firm owned by the pyramid group (coalition shareholders) has a low
quality of corporate governance.
From above description, it can be seen that some of the previous studies have not yet
obtained accurate and consistent evidence dealing with the effect of variable comprimising
profitability, leverage, firm size, and the concentration of ownership to implementation
corporate governance. The purpose of this study is to identify the most influencing variable
over all of the variable mentioned towards the quality of corporate governance
implementation. Another purpose of this study is to give investor prediction about the quality
of corporate governace reflected in financial information. Investor also can have
consideration about how these influenced factors can predict how good is the implementation
of corporate governance based on influenced ranked factors.Then, this study use multiple
regression with stepwise method to find out the most influencing variable. On the other hand,
there are several other variables that have not been tested further. The formulated research
problem of this study is whether firm size, leverage, ownership concentration, profitability,
investment opportunities, regulation, quality of external auditor, and the proportion of
independent commissioners affect the quality of corporate governance implementation.
Literature Review
Agency Theory
The principles of agency theory particularly related to the perspective of agency
relationship which serve as the basis for understanding corporate governance. An agency
relationship is a contract between the manager (agent) with the investor (principal) (Jensen
diunduh dari:
and Meckling, 1976). Conflicts of interest between the owner and the agent happen because
agents do not always act in accordance with the interests of the principal, thus triggering the
agency cost (agency cost). Assumptions: (1) human being, in general, self-serving (self-
diunduh dari:
interest), (2) humans have limited thinking about the future perception (bounded rationality),
and (3) humans always avoid risk (risk averse) (Eisenhardt, 1989).
Manager has more knowledge on the internal information and prospects of the firm in
the future than the owners (shareholders). Manager has a duty to give signal about the state of
the firm to the owner. The signal concerning with the condition of the firm is given through
the disclosure of accounting information such as financial statements. The financial
statements are important for the users of external information primarily because these groups
are in the greatest state of uncertainty. Imbalance information will lead to the emergence of a
condition known as asymmetric information. Hence, this situation will provide an
opportunity for the manager to manage the earnings (earnings management) in order to
mislead shareholders about the firm's economic performance (Haris in Isnanta, 2008).
Another type of agency problem is called agency problem II which major shareholder
may act in several ways that he/she will obtain substantial benefits exploiting his advantage
position (brought by owning the majority of the shares) (Madasch, 2010). This agency
problem is arised when there is a concentrated owner who try to control the firm to act as
behalf on it as the others shareholders/ In addition, the right of majority shareholder can be
used to take over the rights of minority shareholders in terms of redistribution assets.
Furthermore, Fama & Jensen (1983) also state that higher decisional power given by majority
shareholders may lead to an entrechment situation, ending in undertaking actions aiming to
expropriate wealth from the rest of the minority shareholders
Corporate governance is a concept that is based on agency theory expected to serve as
a tool to provide confidence to investors that they would receive a return on the funds they
have invested. Corporate governance is closely related to how investors are confident that the
manager will useful. Then investors will feel that the manager will not steal or embezzle or
invest in projects related to unfavorable capital funds that have been invested. In addition
there is a concern on how to control the managers (Ujiyantho and Nugroho, 2007). In other
words, corporate governance is expected to have a role for suppressing or lowering the cost
of agency (agency cost).
Corporate Governance
Sutedi (2011) defined that corporate governance is a process and structured used
inside firms (shareholders, stakeholders, directors, board of commissioners) to improve
bussiness goal and firm accountability. Corporate governance also provice value to long
term-shareholders wihout ignore other stakeholders interest. (Indra Surya and Ivan
Yustiavandana in Mintara, 2008:12) defined corporate governance as a set pattern of
corporate behavior measured through the performance, growth, financial structures, treatment
of shareholders and stakeholders. Corporate governance also likely to be normative
framework, ie all legal provisions which are derived from the legal system, the judicial
system, financial markets, and so forth that affects the behavior of the firm.
According to the Indonesian Institute of Corporate Governance (IICG), GCG is
defined as the structure, systems, and processes used by the organs of the firm in an effort to
add value to the firm's sustainable in the long term by taking into account the interests of
other stakeholders based on laws and norms (IICG, 2009). Corporate governance in addition
requires the device structure to achieve the above objectives and monitoring performance.
Cadbury (1992) in his report stated that good corporate governance is aimed to
directing and controlling firm in balancing the power and authority of the company.
According to the National Committee on Governance (NCG), good corporate governance is
one of the pillars of the market economic system. Corporate governance is closely related to
diunduh dari:
the confidence of both the companies that implement them and on the business climate in a
country. Implementation of GCG encourages healthy competition and a conducive business
diunduh dari:
climate (NCG in Wardani, 2008). Therefore, the implementation of GCG for companies in
Indonesia is very important to support the growth and sustainable economic stability.
Quality of Corporate Governance Implementation
Quality of corporate governance is an assessment of corporate governance which in
turn stregthen to the company’s predicate (consisting of the predicate "very reliable",
"reliable", and "fairly reliable") related to how good corporate governance is implemented by
a firm. Rating Corporate Governance Perception Index (CGPI) includes four different weight
based on value, including the self-assessment the document completeness, paper , and
observation. CGPI value is calculated by adding together the end of the compliance
regulations, policies, guidelines, and best practices in the implementation of GCG in
Indonesia and other countries. Overall, at least 40 documents are required for public
companies and 36 documents for SOEs (IICG, 2006). While the paper is assessed based on
the design phase of papers that reflect on the program and the results of the implementation
of GCG as a unitary system in CGPI participating companies, themes and principles in the
manufacture of paper are determined by IICG. The preparation of papers intended to help the
firm to describe its efforts in implementing GCG at the time of observation (IICG, 2006).
Assessment phase observation is direct observation of activities across the firm to
ensure whether participants of CGPI implement GCG as a business management system in
the firm. Implementation of observations in each firm participant is at most performed once
for one working day, which is divided into two sessions, discussion forums, which is a forum
for discussion session with the commissioners and directors, and another session of
discussion forums with a functional management. Stages of observation has the greatest value
by considering the direct review process to ensure that the data, information, and business
processes that drive corporate enforcement of GCG (IICG, 2006). The rating level of
assessment is as follows:
Table 1
The CGPI rating
Implementation Quality
Rating Level
Corporate Governance Criteria
CGPI Assessment
Very Reliable
85.00 – 100
Reliable
70.00 – 84.99
Fairly Reliable
55.00 – 69.99
(Source: Laporan hasil riset dan pemeringkatan corporate governance perception
index 2010)
The Influence of Firm Size on the Quality of Corporate Governance Implementation
Firm size is a scale or value at which the firm can be classified based on the size of
total assets, the log size, the value of stocks and so forth. Large (size) can be expressed in the
firm's total assets, sales and market capitalization. The greater the total assets, sales and
market capitalization, the greater the size of the firm. These three variables are used to
determine the size of the firm because it can represent how big the firm is. The greater the
assets, the more capital invested, the more sales, the more the velocity of money the greater
the market capitalization, and the greater the firm is known by the public (Virawati, 2009 in
Sulyanti, 2011).
Firm size can be expressed in total assets, sales, and market capitalization. The third
variable is used because it can represent how big the firm is. The greater the assets, the more
capital invested. The greater the sales, the more turnover and market capitalization. Of these
diunduh dari:
three variables, the value of the asset is relatively more stable than the market capitalization
and sales in measuring the size of the firm (Sudarmadji and Sularto, 2007).
Based on theory and previous studies, the first hypothesis of this study is as follows:
diunduh dari:
H1 : Size affects the quality of the firm's corporate governance implementation.
The Influence of Leverage on the Quality of Corporate Governance Implementation
According to Black et al. (2006), the influence of financial leverage on a firm’s
comprimising quality of corporate governance implementation can be viewed from two views
on a substitution story and an investor pressure story. The first view (a substitution story) is a
firm that has a high level of debt in the capital structure will tend to be subject to scrutiny by
creditors who are subject to more stringent and generally expressed in the debt contract made
by the parties concerned. Thus, companies are less concerned with the quality of corporate
governance implementation, because there has been scrutiny of external parties.
The second view (an investor pressure story) is that creditors are very concerned with
the corporate governance practices of debtors and have more power than the shareholders to
force the firm to improve the quality of corporate governance implementation (if the firm
funds its business with a high proportion of debt in the capital structure). Gillan et al. (2003)
conducted a study to find out a negative relationship between leverage and the corporate
governance implementation. However, on the other hand research conducted by Barucci and
Falini failed to find an association between leverage and the quality of corporate governance
implementation (Barucci and Falini in Deni Darmawati, 2006).
Based on literature and previous studies, the second hypothesis of this study is as
follows:
H2 : Leverage affecting the quality of the firm's corporate governance implementation.
The Influence of Ownership Concentration on the Quality of Corporate Governance
Implementation
Takalamingan (2013) describes that the shareholding structure reflects the
distribution of power and influence among its shareholders for the firm's operations. One of
the characteristics is the ownership structure or ownership concentration. Ownership
concentration of ownership to see the majority ownership of a firm. Majority ownership can
be calculated from the percentage of a firm's largest holdings. Companies with a large
percentage of ownership indicate that the control over the firm is under the control of
shareholder. Durnev and Kim (2003) states that the amount of ownership held by the
controlling shareholder will enhance the implementation of quality corporate governance.
Durnev and Kim states that the amount of ownership held by the controlling
shareholder will result in the policies and principles of the profitable business which in turn
can improve the quality of corporate governance implementation. In addition, the weakness
of the legal system or the protection of investors can be overcome with the concentration of
ownership which is turn becomes a more important tool to resolve agency problems (Durnev
and Kim, 2003). Thus, the concentration of ownership can sometimes raise even degrade the
quality of the implementation of corporate governance in a firm. While Barucci and Falini
find that ownership of shares by controlling shareholders is negatively related to the quality
of corporate governance (Barucci and Falini, 2005). Based on theory and previous studies,
the third hypothesis of this study as follows:
H3 :
Ownership concentration affects the quality of the firm's corporate
governance implementation.
The Influence of Profitability on the Quality of Corporate Governance Implemenation
Husnan & Pudji (2007 in Setyaningrum, 2013) state that profitability a ratio to
measure how many earned profits are the rights of capital owner. The profitability ratios will
give an idea of the effectiveness of the management of the firm. The bigger profitability ratio
diunduh dari:
means better profitability, because the prosperity of the owners of the firm increased by the
growing profitability.
In practice, GCG is measured by profitability ratios, namely profit margin (profit
margin on sales), Return on Assets (ROA), Return on Equity (ROE), and earnings per share.
diunduh dari:
In this study, profitability is analyzed by using ROE (Return on Equity), which is the ratio of
profit after tax to total equity. Setyaningrum (2013) state that profitability is used by investors
to see how firms can provide probability income in the future. Based on theory and previous
research, the fourth hypothesis of this study can be formulated as follows:
H4 : Profitability affects the quality of the firm's corporate governance
implementation.
The Influence of Investment Opportunities on the Quality of Corporate Governance
Implementation
According to Hormati (2009) Companies that have a high investment opportunity,
will require substantial funds, and if the needs of internal funds are not sufficient then the
firm will attempt to seek external sources of funding. The third party in this case debt holder
would evaluate whether the firm eligible to obtain a loan or not. One of the efforts in which
the firm is implementing GCG in to gain the trust of the debtholder. In other hand, pecking
order theory popularized by Myers & Majluf (1984) argues that firm prefers internal
financing when available, and debt is preferred over equity if external financing is required
due to avoid the increasing asymmetric information when the cost of financing is increased.
According Gilian et al. (2003), managers in companies that have high investment
opportunities, will have the opportunity to perform discretionary larger project selection,
compared to managers in Companies having less investment opportunities. Thus, the firm has
an investment opportunity that requires high quality corporate Governace. Klapper and Love
(2003 in Hormati 2009) find that companies with high investment opportunities will be
sought to expand so it will increasingly require external funding. For that purpose, the firm
will strive to improve the quality of implementation of GCG for more ease in obtaining
external funding sources and lower the cost of capital. Based on theory and previous
research, the fifth hypothesis of this study can be formulated as follows:
H5 :
Investment opportunities affect the quality of the firm's corporate governance
implementation.
The Influence of Regulation on the Quality of Corporate Governance Implementation
Government regulation is any regulation issued by the government to regulate
companies. This aspect is very important to be taken by companies, governments and both
foreign companies. Some of the literature reveals that regulatory factors have a role on the
implementation of GCG. Regulation can have an impact on the structure of corporate
governance due to closer scrutiny. Black et al. (2006) states that the banking industry is
subject to strict regulation in relation to the application of corporate governance. Regulation
in the banking sector contained in the Circular Letter of Bank Indonesia 8/4/PBI/2006
regarding of corporate governance. Firms owned by the government (State Owned
Enterprises or SOEs) also get a major concern in the enforcement of corporate governance in
Indonesia as stipulated in the regulations KEP-117/M-MBU/2002 on Implementation of GCG
of State Owned Enterprises In. So, it is expected that the realization of the above legislation
can improve the implementation of corporate governance in Indonesia
But on the other hand, Darmawati (2006) found that state-owned enterprises and the
banking regulatory factors have no influence on the quality of corporate governance
implementation is tested on a sample of 15 Big CGPI years 2003-2004. Based on theory and
previous research, the sixth hypothesis of this study can be formulated as follows:
H6 : Regulation factors affect the quality of the firm's corporate governance
implementation.
diunduh dari:
The Influence of the Quality of External Auditor on the Quality of Corporate
Governance Implementation
diunduh dari:
Hormati (2009) argues that the stigma of society as represented by the stakeholders
consider that the Big 4 public accounting firms (PWC, Ernst & Young, Deloitte, and KPMG)
have more credibility on performing audit tasks compared to non-big 4 public accounting
firms. Thus based this credibility, the Office will consider public accountant in accordance
with the opinion that the existing state of the firm's management. Furthermore, companies
that want to establish engagement with Big 4 public accounting firms should take into
account of the governance of the firm in order to support an unqualified opinion.
Mayangsari (2003 in Hormati 2009) states that the auditor industry specialization has
a positive effect on the integrity of the financial statements. The financial statements are
informative and meet the principles of disclosure is one component of the implementation of
GCG. Ulum (2007) also found that the quality of the external auditors have an influence on
the quality of the implementation of corporate governance is supported by the findings of
Hormati (2009)
Based on theory and previous research, the seventh hypothesis of this study can be
H7 :
External auditor affects the quality of the firm's corporate governance
implementation.
The Influence of the Proportion of Independent Board Commissioners on the Quality of
Corporate Governance Implementation
Dunn (1987 in Cornett et al. 2006) states that commissioners dominated by outsiders
are better in monitoring and controlling managers. Board of commissioners consisting of
members from outside the firm (independent commissioner) contributes effectively to the
trend of earnings management practices. In addition, according to Fama and Jensen (1983), a
non-executive director (commissioner independent) can act as a mediator in disputes between
internal managers, as a supervisor and manager policy advisers for the manager.
hypothesis of this study can be formulated as follows:
H8 :
The proportion of Independent board of commissioners affects the Quality of
corporate governance implementation.
Research Method
Research Type
This research tests several hypotheses to get empirical evidence for factors affecting
the quality of corporate governance implementation. Sekaran (2006:162) explained that such
kind of research tries to find some relations and effects from variables, and understands
difference among groups as well as independency among variables in certain situation.
Population and Sample
Population is a generalization area consisting of the object or subject that has certain
qualities and characteristics determined to be studied (Sugiyono, 2008:80). The population of
this research is firms rated in CGPI rating in 2001 – 2012.
Meanwhile, Sugiyono (2008:81) stated that sample is a part of amount and
characteristic from population. Sampling method used in this research is nonprobability
sampling with purposive sampling method. Jogiyanto (2004:79) stated that purposive
sampling is used to choose samples based on certain criteria. Sampling criteria in this
research are:
1. Firms are listed in Bursa Efek Indonesia (BEI) which have financial data in Indonesian
Capital Market Directory or have published financial statements in BEI website
(www.idx.co.id) or in firm personal website in 2001-2012.
diunduh dari:
2. Firms are rated in Corporate Governance Perception Index (CGPI) published by The
Indonesian Institute for Corporate Governance (IICG) in SWA magazine in 2001-2012.
3. Firms used Indonesian currency (Rupiah) in financial statements.
diunduh dari:
4. Financial statements do not have deficiency of equity. Anggara (2006) stated that
financial statement that have negative equity or profit as denominator is meaningless in
financial ratio calculation.
5. Firms have complete data related to variables used in this research, namely total asset,
total liability, total equity, number of highest ownership, number of total shares, net profit
after tax, market capital information, number of independent board of commissioners, and
external auditor information.
Research Data
Based on the samples required, type of data of this research is secondary data.
Sekaran (2006:65) stated that data collected in secondary data is collected and processed by
other people, thus the researcher may get the data through some media. Secondary data used
in this research are:
1. Corporate Governance Perception Index used by The Indonesian Institute fo Corporate
Governance in 2001-2012 and published through SWA magazine.
2. Financial ratio and non financial information from firm financial statement in 2001-2012
which are published in The Indonesian Capital Market Directory (ICMD) or Bursa Efek
Indonesia (BEI) website (www.idx.co.id).
Data Collection Method
Data collection method in this research is documentation study. Sugiyono (2008:422)
stated that documentation study is a technique of data collection by taking the data from
written media such as books, magazines, documents, regulations, etc. Documents used as
data source in this research are firm financial data published on www.idx.co.id which also
published on ICMD and also CGPI report published by IICG in 2001-2012.
Definition of Variables and Variable Measurement
The purpose of this research is to analyze factors proxied by indicators that affecting
the quality of corporate governance implementation proxied by CGPI. Sekaran (2006:115)
explained that variable is anything to distinguish or bring any variation in the value.
Variables used in this research are dependent variables and independent variables. The
dependent variable is Corporate Governance Perception Index Score as the proxy of the
quality of corporate governance implementation. Independent variables are firm size,
leverage, ownership concentration, profitability, investment opportunities, regulation factors,
external auditor, and proportion of independent board of commissioners.
Dependent Variable
Sekaran (2006:116) explained that dependent variable is the main focus of the
researchers and it is affected by another variables (independent variables). Dependent
variable in this research is quality of corporate governance implementation. The quality of
corporate governance implementation is measured by the rating of corporate governance
implementation published by The Indonesian Institute Corporate Governance namely
Corporate Governance Perception Index (CGPI). This index is produced by developing
methodology and database, publication, program, CGPI candidate confirmation, and self
assessment through questionaire conducted by some researchers in corporate governance
area.
The index is then called as Corporate Governance Perception Index which entitled
very trusted, trusted, and fair trusted according with score range. Thus, the result of CGPI is a
measurement used to know how good is the corporate governance implementation of the
firms. The formula to calculate CGPI developed throughout 4 assessments namely, Self
Assessment, Document Completeness, Paper, and Observation, namely,
diunduh dari:
CGPI =
17% Self Assessment + 25% Document Completeness + 13%
Paper + 35% Observation
diunduh dari:
The formula above was developed in CGPI 2012 which each year is changed due to
consideration from judges in IICG. Besides that, there are some score that already counted in
final score (2001, 2002, 2003, 2004, 2005, 2006, 2007, 2008, 2011) and also there are some
years that had to be scored manually (2009, 2010, 2012).
There are 8 independent variables used in this research, namely firm size, leverage,
ownership concentration, profitability, investment opportunities, regulation factors, external
auditor, and proportion of independent board of commissioners.
1. Firm size
Firm size is a scale of firm related to how large the corporation is. According to
Black, et al. (2003 in Hormati, 2009), firm size can be measured by Log Natural (Ln) firm
total assets. This research uses this measure to avoid extreme value due to the difference of
total assets of each firm (Takalamingan, 2013):
Firm Size = Ln Total Assets
2. Leverage
Leverage is a proportion of assets which are not financed by shareholder
equity or liabilities. Leverage is measured by using Debt to Equity Ratio (DER). Paranita
(2007, in Sulyanti, 2011) explained that DER can describe the structure of business capital.
Moreover, DER is capable to describe whether firm capital structure use more liability or
capital financing.
3. Ownership concentration
Ownership concentration is a percentage of the highest capital ownership to total
capital ownership. Takalamingan (2013) described that ownership concentration reflects the
power of distribution and the effect of shareholder capital over the operational activities.
Then, ownership concentration can explain how the highest capital ownership can control the
firm. Black et al. (2003: Barucci & Falini, 2004; Drobetz et al., 2004 in Hormati, 2009)
measure the highest ownership conentration in the following formula:
4. Profitability
Profitability is an index to describe firm capability to earn profit in certain period.
Profitability is also used as a measurement of how effective the management operating
activity is. Setyaningrum (2013) stated that profitability is very important for investor as an
indicator to measure management effort to earn maximum profit for shareholders.
Profitability is measured in the following formula:
5. Investment opportunities
Takalamingan (2013) states that investment opportunities is a chance for firm to gain
any additional funding. Firm growth will create many investment option in the future which
is called as Investment Opportunity Set (IOS). IOS is the proportion of assets currently used
and the selection of investment in the future with positive Net Present Value (NPV) (Myers,
diunduh dari:
1977 in Rokhayati, 2005). This research uses Market to Book Value of Equity (MVE) ratio
which describes the firm capital. Systematically, IOS ratio is calculated in following formula
(Sulyanti, 2011):
(
)
diunduh dari:
6. Regulation factor
Regulation factor is a strict regulation made by government bodies for Indonesian
corporations. In this research, regulation refers to KEP-117/M-MBU/2002 in Indonesia
related to particular rule about corporate governance to State-Owned Entreprises (SOE) in
Indonesia. The regulation for State-Owned Enterprises is mainly to improve accountability
and disclosure. The regulation itself provide guidance about general concept, indicators,
supporting bodies, etc.
This regulation also refers to Bank of Indonesia regulation number 8/4/PBI/2006
related to corporate governance implementation for commercial banks which are also used as
samples in this research. Darmawati (2006) in her research used dummy variable to measure
regulation factor, which is 1 refers to State-Owned Enterprise firm or bank and 0 refer to non
State-Owned Enterprise firm or bank. This is due to the fact that State-Owned Enterprise and
bank firm already have strict requirement to implement good corporate governance.
7. External auditor
The effect of external auditors on the implementation of corporate governance can be
reflected on financial statements. In this case, firms try to implement good corporate
governance by having maximum disclosures in financial statements. Thus, when external
auditors audit the firms, they try to disclose good corporate governance implementation as
much as possible in financial statement during audit session. There is also a belief that firm
audited by Big 4 Public Accounting Firms namely Deloitte, Ernst & Young, KMPG, and
PWC are more trustable than others (Hormati, 2009). Then, by refering to Hormati (2009),
the variable of external auditor in this research is measured using dummy variable, i.e. 1
refers to Big 4 Public Accounting Firm and 0 refers to non Big 4.
8. Proportion of independent board of commissioners
Proportion of independent board of commissioners is a ratio between total number of
independent comissioners and total number of comissioners board member. Takalamingan
(2013) states that the higher the proportion of independent boards of commissioners, the
better the oversight function towards management. Thus, the higher the proportion of
independent boards can avoid the earnings management practice and it is an indicator of good
corporate governance implementation. The proportion of independent board of commisioners
is also based on the requirement of Bapepam regulation KEP-305/BEJ/07-2004 regarding the
minimum proportion of independent board which is 30% of total number of board members.
Proportion of independent board is calculated in the following formula (Surya and
Yustiavananda, 2006:133 in Takalamingan, 2013):
Descriptive Statistic
Descriptive statistic is intended to give description of any characteristic
samples used in this research. Descriptive statistic consists of maximum score, minimum
score, mean, and standard deviation from processed data. Ghozali (2006:19) stated that
results from descriptive statistic can be used to support data intepretation.
Classic assumption test is conducted to determine whether the result of multiple
regression deviates or not from classical asssumption. The classic assumption test is
conducted in following test.
Normality Test
diunduh dari:
Ghozali (2006:110) stated that normality test aims in testing whether in regression
model there are confounding variables that are normally distributed. Furthermore, good
regresion has normally distributed data or nearly normal in P-Plot graphic. There are two
diunduh dari:
ways to detect the normally distributed data with graphic analysis and statistic test (Ghozali,
2006:112). This study used both ways to show the normality test
Multicollinearity test aims to find any correlation in independent variables from
regression model. Ghozali (2006:91) states that the good regression model does not have any
correlation in independent variables. Multicollinearity test in this study is conducted with
tolerance score and Variance Inflation Factor (VIF). If tolerance score ≤ 0,10 or VIF score ≥
10, there is an indication of multicollinearity.
Heteroskedasticity Test
Heteroskidasity test aims to find any inequality variance from residual one of
observation to others observation in regression model. Ghozali (2006:105) mentions that
good regression model does not have heteroskedasticity. Heteroskedasticity is a condition
when residual variance from observation to observation is different. Otherwise,
heteroskedasticity happens when residual variance from observation to observation is similar
which indicates good regression model. Glejser test is conducted in this research to determine
there is heteroskedasticity or not.
Autocorrelation Test
Autocorrelation test aims to determine whether there is correlation among
confounding error in t period with confounding error in t-1 period in regression model
(Ghozalli, 2006:95). Autocorrelation happens due to sequential observation over related time
which also means when time series data is used. Autocorrelation here is detected with
Durbin-Watson (DW) test.
Hypothesis Testing
Data analysis method in this research is multiple regression analysis with stepwise
method using Statistical Package for Social Science (SPSS) program version 19.00. Ghozali
(2006:7) explains that multiple regression is used when there is one dependent variable and
more than one independent variables. The multiple regression equation in this reseach
ishowed s as follows:
Y = α + β1X1 + β2X2 + β3X3 + β4X4 + β5X5 + β6X6 + β7X7 +
β8X8 + e
Where :
Y
: CGPI
α
: Constanta
X1
: Firm
size X2
:
Leverage
X3
: Ownership
concentration
X4
:
Profitability
X5
: Investment
opportunities
X6
: Regulation
factors
X7
: External
auditor
diunduh dari:
X8
: Proportion of independent board of
commissioners
e
: Error
β1 – β8
: Regression
coefficient.
Hypothesis is a expected relationship between two or more variables which is
expressed in the form of statement. The relationship is based on the theoretical framework
formulated in the research study (Sekaran, 2006: 123). In testing process, will be found an
element of probability or the error that is reflected by the level of significanct level.
Therefore, researchers used statistical methods to the level of significance level α = 0.05,
which means the degree of error is 5%.
diunduh dari:
Determination Coefficient (R2)
Determination Coefficient (R2) essentially measures how the regression model
explains the variation of dependent variable. The value of determination coefficient is
ranged from zero to one. Minimum value of (R2) shows that the capability of independent
variables to describe the dependent variable is limited. Otherwise, maximum value of (R2)
means that the independent variables provide almost all the information needed to predict the
variation of the independent variables (Ghozali, 2006: 127).
RESULTS AND DISCUSSIONS
Sampling Procedure
Population in this research is firms listed in CGPI research started from 2001 until
2012. Sample used in this research is resulted from purposive sampling procedure described
in as follow:
Table 2
Purposive Sampling Procedure
No.
Explanation
Amount
1.
Firms rated in CGPI 2001-2012
329
2.
Firms unlisted in BEI 2001-2012
(75)
3.
Firms using dollar currency
(1)
4.
Firms with insufficient data
(3)
5.
Firms with outlier data*
(31)
Total Sampel
189
*Deviated data that far from other data in data set
Descriptive statistics aims to collect, process, present, and analyze the quantitative
data descriptively (Ghozali, 2009). In particular, descriptive statistics is used to present the
amount of data and to show the maximum, minimum, average, and standard deviation values
of each variable used in this study. The results of descriptive statistics are shown in Table 3.
Table 3
Descriptive Statistic
N Minimum Maximum
Mean
Std. Deviation
Firm Size (X1)
189 319917,00 25211480,00 5365612,0053 5289131,23283
Leverage (X2)
189
,10
,94
,5951
,24351
Ownership
189
,24
1,00
,6307
,15588
Concentration (X3)
Profitability (X4)
189
,00
,59
,1913
,11377
IOS (X5)
189
,10
6,90
,6745
,64163
Regulation Factor (X6) 189
,00
1,00
,4233
,49539
External Auditor (X7) 189
,00
1,00
,6984
,46017
Proportion (X8)
189
,00
1,00
,3742
,18267
CGPI (Y)
189
48,94
91,91
78,7599
8,66674
Valid N (listwise)
189
Based on desrciptive statistics results, there are minimum, maximum, average, and
standard deviation values of each variables used in this study.
diunduh dari:
1. The corporate governance implementation development in Indonesia need to be
improved since there is a gap between the highest and lowest score in CGPI.
2. Most firms in this research is financed by debt financing.
diunduh dari:
3. Most of Indonesian firms are concentrated owned. Therfore, there is a propability the
concentrated ownership will control the firms (Hormati, 2009).
4. Firms in average, with available equity funding is good enough to generate revenue
by 19,13 per cent.
5. Firms in Indonesia have big opportunity to get additional funding from external funds.
In other hand, investors have 67.45 per cent chance to invest their money at firms
listed in BEI
6. Regulation related corporate governance in Indonesia only affecting 80 firms (42.33
per cent from 189 firms). In other hand, there is still need of regulation to 109 firms
(57.67 per cent from 189 firms) to perform better corporate governance.
7. In average, 69.84 per cent firms in Indonesia using Big Four public accountant
services to audit the financial statement. In addition, this result describe that 69.84 per
cent firms audited by Big 4 have have better revenue quality of than firms audited non
Big 4 (Herusetya, 2009)
8. Firms listed in BEI already fulfill the regulation of BEI, KEP-305/BEJ/07-2004,
which is minimum portion of independent commissioners is 30 per cent.
The result of classis assumption test, which are normality, multicolinearity,
heterokeasdicity, and autocorelation tests, are described as under.
Normality Test
PP Plot Graphs and One-Sample Kolmogorov-Smirnov test are used to test the
normality.
From the result, the VIF value of each variable is less than 10 and close to 1.
Therefore, it can be concluded that there is no multicollinearity of the data.
Heteroskedasticity Test
Respectively each variable has a significance level greater than α = 0.05. Then, the
decision was taken to accept H0, which means that the residual variance is
homogeneous.
Autocorrelation Test
Based on Durbin Watson test above, the critical value for n = 189 and k = 8 is du =
1.851 and 4-du = 2.149. Because the value of Durbin Watson lies between du and 4-du, then
it can be said that the assumption of non autocorrelation is fulfilled.
Regression Analysis
Model
The
linear regressionVariables
analysis uses stepwise method Variable
to obtainadded
the model of the
Model variables
1
Firm
Sizehave
(X1) a significant effect only on the dependent
Firm Size variable. Five
independent
which
Size (X1)by inputing the variable based on the degree of correlation
independent variables Firm
are obtained
Model 2
External Auditor (X7)
and significance on theExternal
dependent
variable
Auditor
(X7)sequencely.
Firm Size (X1)
Table 4
External AuditorVariable
(X7)
Model 3
Regulation Factor (X6)
Added
Regulation
Factor (X6)
Firm
Size (X1)
Model 4
Proportion of
Independent
Proportion of
Independent
commissioners board (X8)
diunduh dari:
Firm Size (X1)
Proportion of Independent
Model 5
Profitability (X4)
Profitability
Meanwhile, variables
X2, (X4)
X3, X5 are not included because only up to five models
that give significant effect partially. Detailed discussion are as follows.
Dominant Test
Variable with dominant influence on Y is the variable that has the greatest regression
coefficient. To compare the regression coefficients of each independent variable, ranking
tables are presented as follows:
Table 11
Summary of Regression Analysis Model 5
Ranking
Variable
BETA
Significant Influence
0.000
1
X7 (External Auditor) 0.291
Significant
0.000
2
X6 (Reg Factor)
0.280
Significant
0.000
3
X1 (Firm Size)
0.258
Significant
0.002
4
X8 (Proportion)
0.174
Significant
0.041
5
X4 (Profitability)
0.117
Significant
Based on the above table, it can be seen that the variable X7 (external auditor) is a
variable that has the most standardized Beta coefficient valued 0.291. This indicates that the
variable Y (CGPI) is most influenced by variables X7 (external auditor) in the fifth model.
Discussions
This section explains the results of data analysis as described previously. Discussion
of research results are arranged sequentially based on the formulation of hypotheses that have
been proposed.
Firm Size Influences the Quality of Corporate Governance Implementation
Durnev & Kim (2003) state that corporate governance implementation is better when
the firm has a larger size. This is due to the fact that public may pay attention to the operation
and financial condition of large firms. The pressure from public motivates the firms to
implement better corporate governance. In the other hand, Hormati (2009) states that good
corporate governance implementation is an effective way to the complicated systems and
problems faced by big firm.
In addition, larger firms have more shareholders. Therefore, agency problems will
arise in the same time due to difficulty to monitor them or because of free cash flow
argument (Jensen, 1986 in Klapper & Love, 2004). Specifically, Jensen (1986) in his agency
theory states that when the organization generates substantial free cash flow, the conflicts of
interest between shareholders and managers over payout policies will be severe. As the
consequence, large firms try to implement good corporate governance to reduce agency
problem in order to make shareholders believe that management is operating on behalf of
shareholders.
Leverage Does Not Influence the Quality of Corporate Governance
Implementation
diunduh dari:
Dechow et al. (1996) in Kurniawati (2012) states that firms with high leverage level
are motivated to do earnings manipulation. Therefore, creditor uses debt contract to engage
monitoring toward firms that have high leverage level. Referring to Table 3, firms tend not to
diunduh dari:
care about corporate governance since there is direct monitoring from creditor due to high
level of leverage.
This findings also support Li et al. (2013) who argues that private lenders do more
efficient monitors due to their superior access to private information than relying on firms
corporate governance. Private lenders, such as banks, are likely to face low monitoring costs
and enjoy high monitoring efficiency, due to long term relations they develop with
borrowers. Banks, by virtue of their exclusive relationship with borrowers, through prior
lending, cash management or advisory activities, have access to private information, and
therefore are less exposed to adverse selection and moral hazard problems. This evidence
supports that bank lender rely less on the borrower’s board governance and shareholder
governance. Therefore, leverage does not influence the quality of corporate governance
implementation.
Ownership Concentration Does Not Influence the Quality of Corporate Governance
Implementation
Barucci & Falini (2005) in their research, The Determinant of Corporate Governance
in Italy, show that ownerhsip structure is an important determinant. They also mention the
main problem in a system with concentrated ownership is the exploitation of minority
shareholders with private benefits for the controlling shareholder. Therefore, a firm with the
largest shareholder retaining a large stake is characterized by poor governance. This
interpretation is corroborated by the negative effect on the governance quality associated with
executive entrenchment and by the negative effect (when it is statistically significant) of
variables indicating a wedge between voting rights and cash flow rights (company controlled
by a shareholders’ coalition, pyramidal group affiliation).
The findings above support the agency theory type II, which is major shareholders act
behalf on themselves and try to maximize their benefits as exploiting his advantage position.
Shleifer and Vishny (1997) explain that large investor represent their own interest which not
need coincide with the interest of other investor. Furthermore, in case of countries with
poorer shareholder protection, Porta et al. (1999) explain the controlling shareholder face the
strong incentives to monitor manager and maximize profits when they retain substantial cash
flow rights in addition of control.
Profitability Influences the Quality of Corporate Governance Implementation
In this research, profitability is defined as a capability of business entity to generate
earnings measured by ROE. Higher profitability means that the capability of the firms to get
more funding is increasing. The more funding sources from shareholders will increase the
number of stakeholders, since high profitability reflects that firms are capable to generate
earnings from equity funding. Singhvi & Desai (1971) in Pramono (2011) state that greater
income will motivate management to provide extensive information disclosure to provide
assurance to investors.
Moreover, Barucci & Falini (2005) show that firm with fund for equity-debt market is
more likely to adopt a high-quality governance and a better minority shareholder protection
to attract outside investors with a lower cost of capital. Since the higher profitability will
attract attention of the investor in equity market, then firms are likely to adopt high-quality
governance. Therefore, more profitability will motivate firms to perform better corporate
governance due to increasing number of stakeholders (shareholders).
Investment Opportunities Does Not Influence the Quality of Corporate Governance
Implementation
The fact that in the Indonesian context the investment opportunities does not influence
diunduh dari:
the quality of corporate governance implementation is supported by pecking order theory
popularized by Myers & Majluf (1984). Eventhough firms have high investment oportunities,
firms will choose the available funding wisely. Pecking order theory states that a firm in
diunduh dari:
fulfilling the financing need considers the three sources, which are, internal funds, debt, and
new equity. Pecking oder theory also argues that firm prefers internal financing when
available, and debt is preferred over equity if external financing is required due to avoid the
increasing asymmetric information when the cost of financing is increased. The consideration
of asymmetric information affects the firm decision whether internal or external funding is
used. The asymmetric information is raised due to managers know more about their
companies prospects, risks and value than outside investors . Since firms is preferable to
internal financing, then there is no need to look after the external funding. Hence, firms tends
to ignore corporate governance implementation.
Wah (2009) finds another finding that firms with high investment opportunities are
more likely to have more discretionary accruals. However, this relationship is weaker when
they have Big 5 auditors. This result suggests that the likelihood of earnings manipulation is
higher for firms with high investment opportunities. Furthermore, Taman (2011) explains that
there is a possibility that investment opportunity set can be used by managers to manipulate
accruals management. The manipulation activities shows that firms ignore governance
implementation. Therefore, corporate governance is tend to be ingored eventhough firms
have high investment opportunities.
Regulation Factor Influences the Quality of Corporate Governance
Implementation
Alexander (2004) states that regulation plays important role to represent the public
interest in seeing that firms are regulated efficiently. The regulation enhances firms (banks
and financial firms) to the safety and soundness of the banking system and thereby increase
economic growth. Alexander (2004) also finds that regulations (FSMA & FSA) in UK
addresses the principal-agent problem through enhanced monitoring; improved disclosure
and accounting practices; better enforcement of corporate governance rules and the corporate
governance framework; and strengthening the institution. Regulations also require banks to
establish internal compliance programs to monitor other types of risk arising from the
growing problem of financial crime.
Moreover, the Sarbanes-Oxley Act of 2002 (SOX) gives another understanding of
how regulations affect the quality of coporate governance implementation. SOX is applied on
both private and public companies in the US as an act of major corporate and accounting
scandals like Enron and WorldCom. Study conducted by Arping & Sautner (2010) find that
cross-listed firms became significantly more transparent following SOX. Therefore,
regulations influence the quality of corporate governance implementation.
The Quality of External Auditor Influences the Quality of Corporate
Governance Implementation
Dobija (2013) states that external auditor plays a crucial role in helping to promote
financial reporting quality by curtailing excessive earnings management practices and serves
as an effective monitor to the management. In giving this fairness quality, external auditor
gives some rank related to the fairness which are unqualified, qualified, disclaimer and
adverse selection. Then, to give this opinion, external auditor has to assess due care since the
opinion will affect any decision towards the firm.
Cohen et al. (2009) mentions that auditors place greater reliance on corporate
governance in all phases of the audit process. Big four public accounting firms have been
trusted to give an opinion based on the real fact and regulation. Public also has an opinion
that the big four are trustable to give an opinion. Therefore, when the big four give
diunduh dari:
unqualified opinion then public will trust and rely on it by all means that audited firms have
good financial performance and good governance implementation.
diunduh dari:
Proportion of Independent Board Commissioners Influences the Quality of
Corporate Governance Implementation
Gordon (2007) prevails the history of the rise of the independent board which is
associated with an increasing orientation of the corporate purpose toward shareholder wealth
maximization and with a growing role for the board in mediating between the firm and the
stock market. In addition, the growing focus on director independence is stimulated by the
desire to enhance the credibility of such decision making to the relevant audiences,
particularly increasingly active institutional investors.The board of commissioners is
responsible to look after the firm on behalf of the shareholder interest. Then, the independent
board of commissioners will act on behalf of shareholder interest and mediating the interest
among majority shareholder, minority shareholders, and the management.
Furthermore, the independent board of commissioners will lead to better governance
by reducing agency problem type II. As majority shareholders have higher access to
information, this will create agency problem type II called as horizontal agency problem
where controlling shareholders may seek private benefits at the expense of noncontrolling
shareholders (Ali et al., 2007 in Clemente & Labat, 2009). Therefore, to minimize the agency
problem type II, independent board of commissioners played important role to act in behalf
of any shareholder.
Conclusion
This study provides an empirical evidence of how some factors could inluence the
quality of corporate governanece implemention. The top five ranked variables which affects
the quality of corporate governance implementation are the quality of external auditor, the
regulation factor, firm size, proportion of independent commissioners, and profitability.
These variables have been proofed statiscally affecting the quality of corporate governance
and supporting the agency theory. This study is able to provide the evidence of how these
five factor may indicate whether a firm has a good corporate governance or not. Variable
leverage, investment opportunity, and ownership concentration statisticaly do not affect the
quality of corporate governance implementation. These three variables streghten the agency
theory type II and pecking order theory.
Limitations in this study are the weaknesses recognized during the research. This
limitation will provide suggestion to the subsequent research in corporate governance area. 1)
The research conducted by IICG is a voluntary participation of any firms. 2) From the
sampling procedure, it can be seen that many firms rated by IICG cannot be used as sample
because they are not listed in the IDX. 3) The firm size variable in this study is supposed to
be transformed to log natural form. But, in order to fulfill the normality assumption, the
variable is transformed to inverse form. Because of this, the standar of deviation is large.
Based some weaknesess in this study, below are some suggestion for future research related
corporate governance. 1) Future research can consider the valuation used by Annual Report
Award (ARA). 2) Future research can consider to collect financial data manually and directly
from the firms. 3) Another proxy can used to measure firm size, for example using sales
record.
Reference List
Aguilera, R. V., Goyer, M., & Castro, L. R. (2012). Regulation on comparative corporate
governance. Handbook of Corporate Governance.
Alexander, K. (2004). Corporate governance and banking regulation. CERF Research
diunduh dari:
Programme.
Anggara, Maulana Setya. (2006). Hubungan biaya keagenan, resiko pasar dan
kesempatan investasi dengan kebijakan dividen pada perusahaan manufaktur
diunduh dari:
yang terdaftar di bursa efek jakarta. Minor thesis. Yogyakarta: Universitas Islam
Indonesia.
Arping, S., & Sautner, Z. (2010). Did the sarbanes-oxley act of 2002 make firm less opaque?
evidence from analyst earnings forecasts. No. 10-129/2/DSF 5. Tinbergen Institute
Discussion Paper.
Barucci, E., & Falini, J. (2005). Determinants of corporate governance in the italian financial
market. Economic Notes, 34(3), 371-405.
Black, B. S., Jang, H., & Kim, W. (2006). Predicting firms' corporate governance choices:
evidence from korea. Journal of Corporate Finance, 660-691.
Cadbury, S. A. (1992). The financial aspects of corporate governance. London: Gee and
Company.
Clemente, A. G., & Labat, B. N. (2009). Corporate governance mechanisms and voluntary
disclosure. The role of independent directors in the board of listed Spanish firms.
International Journal of Accounting Information Systems, 5, 5-24.
Cohen, J. R., Krishnamoorthy, G., & Wright, A. (2009). Corporate governance in the post
sarbanes-oxley era: auditor experiences. Contemporary Accounting Research,
Forthcoming.
Cornett, M. M., Marcus, A. J., Saunders, A., & Tehranian, H. (2006). Earnings management,
corporate governance, and true financial performance. Available at SSRN:
http://ssrn.com/abstract=886142.
Darmawati, D. (2006). Pengaruh karakteristik perusahaan dan faktor regulasi terhadap
kualitas implementasi corporate governance. Simposium Nasional Akuntansi IX.
Padang.
Dobija, D. (2013). Auditors and corporate governance: a qualitative study in polish public
companies.
Durnev, A., & Kim, E. H. (2003). To steal or not to steal: firm attributes, legal environment,
and valuation. Working Paper.
Eisenhardt, K. M. (1989, January). Agency theory: an assessment and review. The Academy
of Management Review, 14(1), 57-74.
Fama, E. F., & Jensen, M. C. (1983, June). Separation of ownership and control. Journal of
Law and Economics, XXVI, 1-31.
Ghozali, I. 2006. Aplikasi Analisis Multivariate dengan Program SPSS. Semarang: Balai
Pustaka Universitas Diponegoro.
Gilian, S. L., Hartzell, J. C., & Starks, L. T. (2003). Explaining corporate governance: boards,
bylaws, and charter provisions. Working Paper.
Gordon, J. N. (2007). The rise of independent directors in the united states, 1950-2005: of
shareholder value and stock market prices. Stanford Law Review, 59, 1465-1568.
Hastuti, T. D. (2005). Hubungan antara good corporate governance dan struktur kepemilikan
dengan kinerja keuangan. Simposium Nasional Akuntansi 8, (pp. 238-247). Solo.
Herusetya, A. (2009). Pengaruh ukuran auditor dan spesialisasi auditor terhadap kualitas laba.
Jurnal Akuntansi dan Keuangan Indonesia, 46-70.
Hikmah, N., Chairina, & Rahmayanti, D. (2011). Faktor-faktor yang mempengaruhi luas
pengungkapan corporate governance dalam laporan tahunan perusahaan perbankan
yang terdaftar di bursa efek indonesia. Simposium Nasional Akuntansi 14. Aceh.
Hormati, A. (2009). Karakteristik perusahaan terhadap kualitas implementasi corporate
governance. Jurnal Keuangan dan Perbankan, 288-298.
IICG. (2006). Laporan hasil riset dan pemeringkatan corporate governance perception index
diunduh dari:
2005. The Indonesian Institute for Corporate Governance.
IICG. (2008). Laporan hasil riset dan pemeringkatan corporate governance perception index
2007. The Indonesian Institute for Corporate Governance.
diunduh dari:
Isnanta, R. (2008). Pengaruh corporate governance dan struktur kepemilikan terhadap
manajemen laba dan kinerja keuangan. Minor thesis. Yogyakarta: Universitas Islam
Indonesia.
Jensen, M. C. (1986, May). Agency costs of free cash flow, corporate finance, and takeovers.
American Economic Review, 76(2), 323-329.
Jensen, M. C., & Meckling, W. H. (1976, October). Theory of the firm: managerial
behaviour, agency costs and ownership structure. Journal of Financial Economics,
3(4), 305-360.
Jogiyanto. (2004).
Metodologi Penelitian dan Bisnis: Salah Kapra dan Pengalamanpengalaman, Edisi 2004/2005. Yogyakarta: BPFE.
Kaihatu, T. S. (2006). Good corporate governance dan penerapannya di indonesia. Jurnal
Manajemen dan Kewirausahaan, 8(1), 1-9.
KKNG. (2006). Pedoman umum good corporate governance indonesia. Komite Nasional
Kebijakan Governance.
Klapper, L. F., & Love, I. (2002). Corporate governance, investor protection, and
performance in emerging markets. Working Paper-The World Bank.
Kurniawati, E. (2012). Analisis faktor-faktor yang mempengaruhi financial statement fraud
dalam perspektif fraud triangle. Minor thesis. Semarang: Universitas Diponegoro.
Lai, K.-W. (2009). Does audit quality matter more for firms with high investment
opportunities? Journal of Accounting and Public Policy, 28(1), 33-50.
Lawrence, J., & Stapledon, G. (1999). Do independent directors add value? Melbourne:
Centre for Corporate Law and Securities Regulation.
Leora F. Klapper, I. L. (2002). Corporate governance, investor protection, and performance
in emerging markets. The World Bank , 1-32.
Li, X., Tuna, İ., & Vasvari, F. P. (2013). Corporate governance and restrictions in debt
contracts.
Lintner, J. (1956, May). Distribution of incomes of corporations among dividens, retained
earnings, and taxes. The American Economic Review, 46(2), 97-113.
Madaschi, A. (2010). Finance and strategic management master thesis on corporate
governance: ownership concentration and performance in italy. Copenhagen:
Copenhagen Business School.
McKinsey. (2002). Governance is increasingly at the heart of investment decisions, new
mckinsey survey shows. London: McKinsey & Company.
Mintara, Yunita Heryani. (2008). Pengaruh implementasi corporate governance terhadap
pengungkapan informasi. Minor thesis. Yogyakarta: Universitas Islam Indonesia
Mitton, T. (2002). A cross-firm analysis of the impact of corporate governance on the East
Asian financial crisis. Journal of Financial Economics, 215-241.
Myers, S. C., & Majluf, N. S. (1984). Corporate financing and investment decisions when
firms have information that investors do not have. Journal of Financial Economics,
13(2), 187-221.
Nurdiana. (2012). Pengaruh leverage, profitabilitas, dan firm size terhadap good corporate
governance. Minor thesis. Depok: Universitas Gunadarma.
OECD. (2004). OECD principles of corporate governance. France: Organisation for
Economic Co-Operation and Development.
Porta, R. L., Lopez-De-Silanes, F., & Shleifer, A. (1999). Corporate ownership around the
world. The Journal of Finance, LIV(2), 471-517.
diunduh dari:
Pramono, F. A. (2011). Analisis pengaruh karakteristik perusahaan terhadap kualitas
pengungkapan corporate governance pada laporan tahunan (studi empiris pada
perusahaan yang terdaftar dalam LQ-45. Minor thesis. Semarang: Universitas
Diponegoro.
diunduh dari:
Purwanti, T. (2013). The impact of corporate governance mechanism on the
asymmetric information. Kiat BISNIS, 5(2), 129-147.
Rafael La Porta, F. L.-D.-S. (1999). Corporate ownership around the world. The
Journal of
Finance, LIV(2), 471-517.
Rifai, B. (2009). Peran komisaris independen dalam mewujudkan good coporate
governance di perusahaan publik. Jurnal Hukum, 16(3), 396-412.
Rokhayati, I. (2005, January). Analisis hubungan investment opportunity set (IOS)
dengan realisasi pertumbuhan serta perbedaan perusahaan yang tumbuh dan
tidak tumbuh terhadap kebijakan pendanaan dan dividen di bursa efek
jakarta. SMART, 1(2), 41-60.
Sekaran, U. (2006). Metode Penelitian Untuk Bisnis 1. (4th Ed). Jakarta: Salemba
Empat. Setyaningrum, A. N. (2013). Pengaruh employee stock ownership program
(ESOP) terhadap
kualitas implementasi corporate governance dan kinerja perusahaan.
Minor thesis. Malang: Universitas Brawijaya.
Shleifer, A., & Vishny, R. W. (1997). A survey of corporate governance. The
Journal of
Finance, 737 - 783.
Singhvi, S. S., & Desai, H. B. (1971). An empirical analysis of the quality of
corporate financial disclosure. The Accounting Review, 129-138.
Sudarmadji, A. M., & Sularto, L. (2007). Pengaruh ukuran perusahaan,
profitabilitas, leverage, dan tipe kepemilikan perusahaan terhadap luas
voluntary disclosure laporan keuangan tahunan. Proceeding PESAT
(Psikologi, Ekonomi, Sastra, Arsitek & Sipil), A53-A61.
Sugiyono. (2008). Metode Penelitian Kunatitatif Kualitatif dan R&D. Bandung
Alfabeta. Sulyanti, N. H. (2011). Pengaruh ukuran perusahaan, tingkat leverage,
kesempatan investasi
dan kosentrasi kepemilikan terhadap kualitas implementasi good
corporate governance. Minor thesis. Semarang: Universitas Diponegoro.
Suranta, E., & Machfoedz, M. (2003). Analisis struktur kepemilikan, nilai
perusahaan, investasi, dan ukuran dewan direksi. Surabaya.
Suranti, D. (2009). Pengaruh karakteristik dan profil perusahaan terhadap kualitas
implementasi good corporate governance (studi empiris pada
perusahaan publik yang terdaftar di bei dan perusahaan bumn di
indonesia). Minor thesis. Malang: Universitas Brawijaya .
Sutedi, A. (2011). Good corporate governance. Sinar Grafika.
Takalamingan, F. S. (2013). Pengaruh ukuran perusahaan, leverage, kesempatan
investasi, konsentrasi kepemilikan, dan proporsi komisaris independen
diunduh dari:
terhadap kualitas implementasi corporate governance pada kelompok
perusahaan emiten yang terdaftar di IICG tahun 2008-2010. Riau: Minor
Thesis.
Taman, A., & Nugroho, B. A. (2011). Determinan kualitas implementasi
corporate governance pada perusahaan yang terdaftar di bursa efek
indonesia (BEI) periode
2004-2008. Jurnal Pendidikan Akuntansi Indonesia, IX(1), 1-23.
Ujiyantho, M. A., & Pramuka, B. A. (2007). Mekanisme corporate governance,
manajemen laba dan kinerja keuangan. Simposium Nasional Akuntansi, X,
1-26.
Ulum, B. (2008). Pengaruh karakteristik perusahaan terhadap kualitas corporate
governance.
Minor thesis. Malang: Universitas Brawijaya
Wardani, Diah Kusuma. (2008). Pengaruh corporate governance terhadap kinerja
perusahaan di indonesia. Minor thesis. Yogyakarta: Universitas Islam
Indonesia
Young, E. &. (2013). Governance trends and practices at US companies: a review of
small- and-mid sized companies. The Society of Corporate Secretaries and
Governance Professional (the Society); The Ernst & Young Corporate Governance
Center (EY GCG).
diunduh dari:
Detection of Tax Inspection Results
Through Tax Planning and Book Tax Gap
By Wiwiek Prihandini
PERBANAS Institute
1. Background
Tax can be explained from two perspectives. First, it serves as a source of state
revenue which is used to fund state spending both routine and physical development.
Second, the tax also means charges withdrawn by the state through the government to
its people. High tax rates will increase state revenue, but on the other hand it could be
burden some for people. In a clean government, tax revenue used for the provision of
public facilities and infrastructure, security, health care, education, environmental
preservation, and improve the welfare and prosperity of the people.
In the State Budget (Anggaran Pendapatan dan Belanja Negara – APBN), Tax
Revenue including most major components, while one of the sources of tax revenue
derived from corporate taxpayers. Compliance of corporate taxpayers in counting,
disburse, and reporting their tax expense will affect the amount of corporate income
tax in the state budget revenues. Counting tax, disbursement tax and reporting tax is a
consequence of the self-assessment system which has been implemented in Indonesia
since 1984. In order to corporate taxpayers behave in accordance with the provisions
of the legislation in force, the Director General of Taxation (Direktorat Jenderal
Pajak – DJP) has the function of surveillance and control to the corporate taxpayer
(Hidayat, 2013: 9). As mentioned by Priantara (2011; 66), that self-assessment
system to be effective, it is necessary to do law enforcement and strict controls on
taxpayers compliance. It was also stated that the tax audit is a tool to determine
taxpayer compliance. The results of tax audits which issued by the Directorate
General of Taxation (DJP) is a Tax Overpayment Letters (Surat Ketetapan Pajak
Lebih Bayar - SKPLB), Tax Less PaymentLetters (Surat Ketetapan Pajak Kurang
Bayar - SKPKB), and Tax Nil Letters (Surat Ketetapan Pajak Nihil - SKPN).
The difference of basic profit determination between accounting profit and the
profit according to the tax, may be indicated as a factor that causes the difference
between the earnings which have been paid and reported by corporate taxpayers, with
the tax audit conducted by the DJP. Corporate income tax is based on the Financial
Accounting Standards (Standar Akuntansi Keuangan - SAK) unless the regulations
specify otherwise (Gunadi, 2013; 137). This means that book keeping system is not
required dual recording system. Tax stipulation will follow the recording system in
accordance Financial Accounting Standards (SAK) as long as no differences.
Adjustments will be made if there is a difference in the determination of profit
according to accounting and tax. As indicated by Mills and Plesko (2003; 870-873)
and Gunadi (2013; 139) the difference between profit in accounting and tax can be
categorized into two groups, namely temporary and permanent differences. The
temporary differences can be caused by the use of different depreciation methods
between accounting and taxation. While permanent differences due to the differences
diunduh dari:
in assumptions used in determining and measuring revenues and expenses.
Exemplified by Gunadi (2013; 140), in tax stipulation there are set restrictions on
spending for natural disasters, no more than 5 year. These stipulated are not
determined in accounting. Revenue and expense recognition differences as the basis
for determining the tax payable or tax to be paid between accounting profit and tax
stipulation, as described above in many studies of taxation called the book tax gap
(BTG).
Permatasari and Laksito (2013; 1) mentions that tax planning needs to be done by the
corporate taxpayer that if the DJP conduct tax audit then the result is appropriate or
not much different from the tax has been calculated, reported, and paid by corporate
taxpayers. Tax planning can be described as an attempt to take benefit of the various
loopholes that are not subject to taxation stipulation but do not violate the existing
stipulation, so that the tax paid can be minimal (Pohan, 2013; 13). While Syakura and
Baridwan (2014; 187) said, one of the variables that affect the implementation of tax
planning is financial condition. Companies that have a good tax planning has a
tendency to report smaller profits with the aim to minimize tax expense paid (Wijaya
and Martani, 2011; 7). Tax planning can also be used as a tool for detecting earnings
management practices (Sumomba and Hutomo, 2012: 113).
Identification Of Problems
Based on 2013 financial statements published by banks operating in Indonesia, there
are 76 banks were revealed to have been examined by the DJP during 2008-2012.
Whereas in 2014, there were 173 non-financial companies that go public, which
reveals been inspected by the DJP during 2008-2013. Almost 90% of companies that
audited by DJP received SKPKB. Furthermor Income Statements is an important
because taxable income is one of the determination of the amount of tax payable
taxable income is one of the determination of the amount of tax payable. There are
differences in income based on acounting and income based on tax. The differences
can divide by temporary and permanent differences. As business in general, corporate
taxpayers want a minimum amount of tax paid and pay by the time the last payment
deadline. So corporate taxpayer need to implement tax planning and earning
management. The problem are what tax planning earning management can make the
result of tax audit in accordance with tax payment that corporate taxpayers done.
The purpose and benefits of research
This study has two objectives. First, to detect factors that can predict the magnitude
of the tax audit through several alternative models described by path analysis.
Second, indicating the implementation of tax planning and earnings management in
non-financial companies listed on the Stock Exchange. Results of this study are
expected to provide information to corporate taxpayer of the factors that can predict
the result of tax audits and information to the DJP regarding the implementation of
tax planning and earnings management.
diunduh dari:
2. Theoretical Studies
2.1. Self Assessment and Tax Audit
Self-assessment is one of the early milestones tax reform in Indonesia that began in
1984. In this system, the taxpayer is given the authority to calculate, pay, and report
the amount of tax due to the State. The Directorate General of Taxation (DJP) has a
function to provide service and supervision of Taxation (Hutagaol, 2007; 3). One of
the supervisory functions that executed by the DJP is a function of audit. The legal
basis for the tax audit for compliance testing company’s tax compliance is SE85/PJ/2011, instead of the Director General of Tax Circular no. SE-10/PJ.04/2008
dated December 31, 2008 on Policy tax audit for test compliance tax obligation.
Tax audits according to Hidayat (2013) can be described as an activity to collect and
process data, and or evidence objectively and professionally in accordance with
applicable auditing standards aimed to test compliance and tax obligations or for
other purposes relating to the implementation of taxation legislation. Thus the tax
audit is different from the audit of financial statements. In tax audits the aim is not to
produce an opinion on the financial statements, but to test compliance fulfillment of
tax obligations and for other purposes in order to implement stipulate of the tax
legislation as mentioned in Article 29 paragraph (1) of the CTP.
According Hutagaol (2013; 69), the technical constraints is one of the obstacles in the
tax audit. This constraint concerns the size of the company, use of information
technology, capital ownership, and the scope of the transaction. The broader aspects
of this problem as the size of a large company, the high use of information
technology, an open capital ownership or owned by the public, and transactions
involving the parent company, as well as transactions with other countries, the more
impact on the level of complexity of the implementation of a tax audit.
Continuation of tax audits is if there are a dispute between corporate taxpayer with
the auditor (DJP). They need inquiry and investigation into the realm of law.
Therefore Priantara (2011; 67) explains, the tax auditor requires absolute confidence
that corporate taxpayer does not perform its obligations in accordance with the
requirements prescribed by the applicable tax regulations. Priantara (2011; 67) also
mentions the results of tax audit is the determination of the tax that would have been
payable. Thus the results of the tax audit can be shaped issuance of tax assessment
(SKP) by the Directorate General of Tax underpayment (underpayment) or
overpayments (SKPLB).
2.2. Tax Planning
Tax planning can be interpreted as an attempt that was made by corporate taxpayers
in order to pay the tax in accordance with the wishes of corporate taxpayer, in
accordance with the applicable tax regulations. To avoid the violationof taxation
stipulate, Hidayat (2013; 310) says there are five requirements. Those are understand
tax laws, determine goals to be achieved, without violating tax laws, understand the
nature of corporate taxpayer business, understand the extent of the fairness of the
transactions contemplated in the planning tax and apply accounting policies that are
supported by sufficient documentary evidence. According to Darmayasa and Hardika
(2011; 164), tax planning will be meaningfully positive as planning done by
diunduh dari:
corporate taxpayers so that taxes paid will comply with taxation certainty which
affects the efficiency of resource used. Furthermore they said that the tax planning
will be begun with whether a transaction is subject to tax or not. If it is subject to tax,
tax expense can be reduced. Furthermore Darmayasa and Hardika (2011) states the
first step to implementation tax planning is to make tax savings, by applying the
strategy of choosing depreciation method and depreciation and amortization of
intangible assets, inventory valuation methods, selection of alternative basic
bookkeeping, and bonuses to buyers.
Based on the goal, Harnanto (2013: 3) states that the purpose of tax planning is to
minimize the tax payable for the current year and the next year. In general, tax
planning can be viewed from two aspects, namely formal and material aspects. The
formal aspect emphasizes the administrative matters as comply with tax regulations,
the clarity of the account records, timeliness of payments and reporting, and complete
of documentation. While the material aspect aims to get the tax savings in a way that
does not violate tax laws, so that the tax expense owing become minimum.
Furthermore the accounting profit and cash surplus after tax become maximum.
According to Pohan (2013; 21) there are at least four tax planning purposes, ie
minimizing tax payable, the maximization of profit after taxes, minimization of tax
shocks in case of a tax audit, and fulfill tax obligations properly, efficiently, and
effectively. Whereas,a good tax planning must meet the requirements to not violate
the taxation stipulation, make sense in term of business, and is supported by sufficient
evidence.
2.3. Earning Management
In general, earnings management related to the planning and implementation
undertaken by a manager to obtain benefits in the form of incentives or personal
interest manager. Moreira and Pope (2007) provide examples of earnings
management as the efforts of managers to maximize bonuses and hide poor
performance, which should be disclosed in the financial statements. Another example
given by Moreira and Pope (2007), The benefits to do earnings management for the
benefit of the institution is a violation of debt covenants, changing credit rating, and
avoid penalties market due to losses reported. Earnings management is done if the
benefits higher than the costs. There are very thin limits between earnings
management and accrual accounting, if they are both are linked (Chandrasegaram,
Rahimansa, Rahman, Abdullah, and Nik Mat, 2013). The difference is only depend
on the choice of accounting policies and procedures were taken by a manager.
However, earnings management is done with due regard to the stipulate accounting.
Furthermore, as mentioned in the accounting practice, managers can choose policies
that fit to their interests. According to Sensi (2007), earnings management can be
done in several ways. First, Income Minimization, ie choose accounting method that
can minimize profit with the goal to improve profit in the years following, or the tax
paid become minimum. Secondly, Income Maximization, ie selecting accounting
method to obtain the maximum profit, to get a big bonus or done during breaks or
regulators impose tax exemption (tax holiday). Third, Income Smoothing ie leveling
diunduh dari:
income, generally carried out by managers who do not like risk, so the bonus
obtained constant. Fourth, the reserve "Cookie Jar" is made up by the time the
company was booming then the backup will be utilized at the time the company
experienced difficult conditions. Fifth, Revenue Recognition that future revenues are
recognized as income or expense for the current period, and sales in the current
period is recognized as an expense in the period to come. This can also be done on
the contrary, the goal is to lower or raise the profits to be reported (Sensi, 2007).
2.4. Previous research
Harinurdin (2009) in his research explain the importance of compliance
corporate taxpayers in countries that embrace self-assessment in the field of taxation.
His research shows that the behavior of taxpayers, financial condition, company
facilities, climate, and the intention of the company has a significant and positive
effect on tax compliance. While Mandagi, Sabijono, Tirayoh (2014) mentions that tax
audit affected the taxpayer compliance. Syakura and Baridwan (2014) research
mentioned that the fairness of the tax system could increase taxpayer compliance
through tax planning through utilizing the complexity of the tax system and maintain
the company's financial condition remained stable.
Research related to Book Tax Gap has been conducted by Persada and
Martani (2010). Their research results mention that growth in revenue, fixed assets,
Loss Compensation, and Firm Size is a factor that affects Book Tax Gap.
Furthermore Persada and Martani (2010) developed the Book Tax Gap became
permanent and temporary differences.They found that the Book Tax Gap caused by
permanent differences negatively affect the changes in pre-tax income, but a positive
influence on changes in Net Income. Secondly, temporary differences negatively
affect changes in income before taxes, and positively influence on the change in net
income. Rosanti and Zulaikha (2013) examine the effect of permanent and temporary
differences to changes in accounting profit on the period ahead. The results show that
either permanent or temporary differences not significantly affected on changes in
accounting profit one period ahead. Comprix, Graham, Roger C., Moore, (2011)
states that the permanent and temporary differences positively related to the changes
of stock ownership, stock returns variance, and the forecast of analysts differences
and permanent differences generally have a stronger relationship and consistent than
temporary differences ,
Suwandika and Astika (2013) conducted a study on the influence of book-tax
differences, and debt toward earnings persistence. The result shows that the large
positive book-tax differences positivelyaffected on earnings persistence. Means that
the greater the fiscal correction of accounting profit, the lower the earnings
persistence. Secondly, companies with large positive book-tax differences hasa low
earning persistence compared with companies that have a small book-tax differences.
Thirdly, the interaction of large positive difference to the tax book profit before tax
for the year a positive effect on earnings persistence, it shows that management
interventions in accounting policies affect the determination of the profits of the
company's accounting.
diunduh dari:
Research on tax planning and earnings management has been done by Sumomba and
Hutomo (2012). The result shows that earnings management can be detected through
a tax-deferred and tax planning.
2.5. Hypothesis Development
Temporary differences and permanent differences occur due to the differences
between accounting income and tax income. Corporate taxpayers will make a positive
fiscal correction if the accounting income less than income based on tax. This
difference is explained by permanent differences and temporary differences.
Permanent difference is difference in the recognition of revenue or expense for
accounting with tax stipulation that can not be removed by over the time.Where as
temporary difference is the difference in recognition revenue or expense can be
removed by over the time. An understanding of the temporary differences and
permanent differences are used to develop the hypotheses below.
Temporary differences, Profitability, and Tax Planning
According to Sari (2014; 315), temporary differences is the difference between the
recognition of revenues and expenses based on the stipulation of Accounting with
Taxation. However, these differences are temporary. Adjustments to the accounting
income is a strategy to be able to determine the amount of tax expense to be paid
without violating tax regulations. These adjustments can include the period before
and after of the current accounting period. Comprix, Graham, and Moore (2011; 51)
gives an illustration of a company that suffered a loss in a year but can not be covered
by profits next year. In accordance with regulations, for losses during the current year
are allowed to deduct against the profits earned in subsequent years. Temporary
differences may be reflected from deferred tax, whose value presented in the financial
statements. Deferred tax is a differences in between current tax and tax expense.
Adjustments are made through fiscal correction conducted by corporate taxpayers
(Persada and Martani 2010; Sumomba and Hutomo, 2012; Rosanti and Zulaikha,
2013, Suwandika and Astika, 2013).
Harinurdin (2009; 103) mentioned financial condition give positif effect to
compliance corporate taxpayers. This statement is the same with research conducted
by Syakura and Baridwan (2014; 187) that say financial condition as factor that
influence compliance corporate taxpayer through tax planning. This opinion is
reinforced by the assumption that the tax is an expense for the company (Suarningrat
and Astika, 2013; 293), g. Thus tax expense become efficient.
H1: Temporary differences and Financial Condition effect on Tax Planning.
Permanent differences and Tax Audit Results
Permanent differences occur because of revenue and expenses which are not subject
to tax but are included in the category of revenues and expenses. For example, giving
pleasure in kind which could be used for accounting purposes as a reduction of
revenue. Meanwhile, according to taxation, expenditure for this purpose is not
categorized as a deduction from revenue. Persada and Martani (2010; 207) states this
difference does not result in a tax that will be paid in the future to be larger or
diunduh dari:
smaller. Rosanti and Zulaikha (2013; 1) mentioned that Permanent differences as a
difference due to transactions revenue and expense recognized for accounting
purposes but not recognized according to the rules of fiscal or taxation. Differences in
the recognition of revenues and expenses described in Article 4 paragraph (3), Article
9 paragraph (1), and Article 18 of Law no. 36 in 2008. Sari (2014; 315) argue that
Permanent differences do not require the allocation of income tax, due to permanent
differences is the absolute difference. By using agency theory, in which the manager
(corporate taxpayers) does not always meet the wishes of the principal (tax
authorities), the stipulate of Article 4.9, and 18 of Law No. 36 of 2008 is likely
ignored by corporate taxpayers. Finally there are some difference between tax
expense and tax audit result.
H2: Permanent differences affect the Tax Audit Results
Tax Planning and Tax Audit
According Darmayasa and Hardika (2011; 164), Hidayat (2013; 310), and Harnanto
(2013; 3) tax planning significantly positive, is a plan that does not violate the rulet,
with the accounting policies that supported by adequate documents, disbursement
taxes expense and reported correctly and on time, which affects the efficiency of
resource use, with the aim is tax saving, so cash income and income after tax
maximum. Meanwhile, tax audit according Priantara (2011; 67) and Hidayat (2013)
is the activity of collecting and processing data objectively and professionally to test
compliance corporate taxpayers, with focus evaluating compliance all obligation
corporate taxpayers based on applicable rules. Finally tax planning impact on tax
audit results which not much different from tax expense which calculated, paid, and
reported by the corporate tax payers.
H3: Tax Planning effect on the Tax Audit Results
H4: Temporary differences and Financial Condition affected Tax Audit Result
through Tax Planning
Permanent differences and Earning Management
Permanent differences occur because of differences in the based determine income
between Accounting and Taxation. Accounting embrace conservative principles,
meaning that everything indicated will appear losses, it must be immediately
recognized. Despite revenues that will soon be realized, but if it is not realize is not
be recognized as income. Finally, profit according accounting tends to be understated.
While the tax, according to its authority to generate public funds that used for the
benefit of public welfare and prosperity, tendency in determining profit overstated.
These differences cause corporate taxpayer have motivation for manage earnings
(Sensi, 2007, Sumomba and Hutomo, 2012, Philips, Pincus, Rego, 2002,
Chandarasegaram, Rahimansa, Rahman, Nik Mat, 2013 )
H5: Permanent differences affect the Profit Management
Earning Management and Tax Audit
Earnings management is not only done by a company that makes a profit but also by
the company that suffered losses (Wijaya and Martani, 2011; 29). Tax regulations
diunduh dari:
allow the company to compensate the losses in the period of 5 years. They also say
the company that have big profit doing earnings management practices larger.
Motivation to perform earnings management is to get tax savings and big bonuses or
incentives (Sensi, 2007). Earnings management can also be used with the aim of
avoiding reports profit decline, to avoid reporting the loss, and to avoid difficulties in
predicting future earnings. Therefore, it is necessary to detect the earnings
management to assess the quality of reported earnings (Philips, Pincus, & Rego,
2002). Earnings management purposes tend to gain personal manager
(Chandrasegaram, Rahimansa, Rahman, Abdullah, and Nik Mat, 2013). The
Motivation of earnings management strengthen DJP function to conduct tax audits,
which aim to assess tax compliance all corporate taxpayer obligations in accordance
with the applicable rules (Priantara, 2011; 67 ).
H6: Profit Management influence Tax Inspection Results
H7: PermanentDifferencesaffect theresults oftax inspectionthroughProfit
Management
Research Model
Glossary:
BT : Beda Tetap (Temporary Differences)
BP : Beda Permanen (Permanent Differences)
KK : Kondisi Keuangan (Financial Condition)
EM : Earning Management
PP : Perencanaan Pajak (Tax Planning)
HPP : Hasil Perencanaan Pajak (Result of Tax Planning).
3. Research Methods
This research is a quantitative research that examine the factors that affect tax audits
result. These factors are Book Tax Gap which described by Temporary Differences
and Permanent Differences, Financial Conditions as independent variables, and Tax
diunduh dari:
Planning and Management Profit as intervening variable. The unit of analysis of this
study are publicly traded companies examined by the DJP during the years of 20082013.
Variable Operationalization
Operationalization of the variableia part of effort to define and measure the variables
used in the research model. Table3.1. The followingis an explanation of the six
variables in this study.Special proxy for earnings management by discretionary
accruals using modified formulations Jones Models follows:
Table 3.1. Variable Operationalization
No.
Variable
1.Results of Tax Assessment:
The amount of the tax burden payable based on the
results of the examination conducted by the DJP.
(Hidayat, 2013: 1), (Priantara, 2011: 67), (Mandagi,
Sabijono, Tirayoh, 2014; 1667).
2.Tax Planning:
Efforts made by the taxpayer so that the tax paid in
accordance with the wishes of the taxpayer, but in ways
that are still in accordance with the applicable tax
regulations. (Hardika, 2011; 164), (Hidayat 2013; 310),
(Harnanto 2013; 3), (Wijaya and Martani 2011; 15),
(Sumomba and Hutomo 2012; 108)
3.Profit Management: Selecting accounting policies and
methods to produce the desire profit, with the aim to
meet the interests of management. (Chandrasegaram,
Rahimansa, Rahman, Abdullah, and Nik Mat, 2013)
(Philips, Pincus, & Rego, 2002) (Sensi, 2007)
4.Permanent Differences:
Permanent as a difference due to earning transactions
and expense recognize by commercial accounting but
not for fiscal. (ersada and Martani, 2010; 207), (Rosanti
and Zulaikha,2013; 1), (Sari, 2014; 315).
Measurement
Tax Assessment Letter (SKP):
overpayment, underpayment,
nil.
5.Temporary Differences:
Constitute as the difference between revenue and
expense recognition provisions based on Accounting
with Taxation. However, this difference is temporary.
(Sari, 2014; 315), (Persada and Martani 2010);
(Sumomba and Hutomo, 2012); (Rosanti and Zulaikha,
2013), (Suwandika and Astika, 2013).
6.Financial Condition:
The value of temporary
differences are presented in
the financial statements or
notes of financial statements
Tetention Tax Rate =
Net Income it
Pretax Incone it
Discretionary Accruals =
Total Accraul - Non
Discretionary Accruals
Permanent differences value
presented in the financial
statements or notes of
Return on Assets (ROA) and
diunduh dari:
No.
Variable
Measurement
The company's ability to resolve financial obligations
operating cash flow changes
and generate income from the main activity. (Harinurdin
2009; 103), (Syakura and Baridwan, 2014; 187)
Source: Data processing.
Samples and Data Sources
The population inthis study areallcompanies listedon the Stock Exchangein addition
tofinancial companieswith asampleof companiesexaminedby the DJP. Disclosure
ofthe results oftax auditsbythe companyin 2014is usedas the basis fordata collectionof
Financial Statements published by www.idx.co.id is the source ofthe data used in this
study.
4. Research Result
Path analysis is used in hypothesis testing. Path analysisis used to obtain relationship
among one variable with other variables, in order to explain the result of the direct
and indirect among the independent variables, intervening variable, and the
dependent variable. Here we present the analysis of the data processing path of170
companies inspected by the DJP during the year of 2008-2013.
Descriptive statistic
N
Range
Statistic Statistic
Minimum Maximum
Statistic
Statistic
Mean
Std.
Deviation
Variance
Statistic
Statistic
Statistic
Temporer
170
,91081
-,12972
,78110 ,0120866
,06594533
,004
Permanen
170
,36541
-,12456
,24085 ,0026039
,03113633
,001
Likuiditas
170
4,72876
-,38823
4,34053 ,1211377
,37467685
,140
ROA
170
1,17316
-,28831
,88486 ,0676321
,11767827
,014
TRR
170 13,76654
-3,75739
10,00915 ,8307822
,98107974
,963
,05130441
,003
,13477743
,018
EM
170
,60688
-,38917
,21770
,0071388
AuditPajak
170
1,67733
-,15129
1,52604 ,0244989
Valid N
(listwise)
170
The above table describes variable temporary differences, permanent differences, tax
planning, tax management, tax audit. and financial condition. First, a positive
Temporary Differences indicate that the fiscal correction taxpayer is positive, that
means earnings reported to be smaller, so the tax due to be smaller. Second,
Permanent Differences that have negative average equal to the Temporary
Differences. Third, the tax retention rate (TRR), is a proxy of tax management. TRR
diunduh dari:
demonstrate the effectiveness of tax planning, getting closer to one the more effective
tax planning. With an average value of 83.08% TRR shows the tax management of
corporate taxpayers in this study is quite effective. Meanwhile, earnings management,
which is proxied by discretionary accruals, the average value is negative, meaning
that corporate taxpayers tend to decrease in profit.
Fourth variables described above are Permanent Differences, Temporary Differences,
tax planning and earnings management are mutually reinforcing values, which
reported a lower taxable income, which affects the tax payable to be small. This value
indicates the tendency of the attitude of the taxpayer to reduce the amount of tax
payable through earnings management and tax planning.
Two other variable is the tax assessment and the level of profitability. DJP tax audit
by the average value of positive 2.4% indicates that most of the taxpayer being
examined by the DGT result underpayment. This means that corporate taxpayers still
have to pay to the DGT for the amount stated in SKPKB.
Diagram line
Source: Data processing
Glossary:
BT : Beda Tetap(Temporary Differences)
BP : Beda Permanen(Permanent Differences)
KK : Kondisi Keuangan(Financial Condition)
EM : Earning Management
PP : Perencanaan Pajak(Tax Planning)
HPP : Hasil Perencanaan Pajak(Result of Tax Planning).
Based on the pathway diagram above, it shows that the direct effect of the Tax
Planning Financial Condition have t-count by 2:47> 1.96. It can be concluded that the
diunduh dari:
level of profitability has a significant direct effect on Tax Planning. Furthermore, the
direct effect of Temporary Difference Against Tax Results also has value t count
2:34> 1.96, so it can be concluded Temporary Difference have a significant direct
effect on the Results of Tax Planning. So it is with the Permanent Differences has a
significant effect on results of tax inspection on the real test level of 10%, while
against Earning Management Permanent Differences have a significant effect in the
real test level of 5% (t-table = 1.96). Temporary Difference also have a significant
effect in the real test level of 10% of the tax planning. Other parameters each have a
t-count smaller than the t-table.
Discussion
Temporary Difference and Permanent Difference have positively affect to the results
of tax audits of fiscal correction made by the taxpayer. But it is not significantly
minimize the differencesof income and expenses between the taxpayer with tax
provisions. The interesting one of these results is that the effect is more significant on
Temporary Difference compared to Permanent Differenc. This means that the
Temporary Difference are less likely to harm than Permanent Difference to the
prediction results of tax audits. This resarch results shows that the Temporary
Difference and Permanent Difference can be used as an indicator to predict the
magnitude of the tax audit conducted by the DJP.
A significant positive effect on the level of profitability of the tax planning shows that
the higher profitability of corporate taxpayers, the better tax planning practices. This
research
results
support
theresearch
conductedbyHarinurdin(2009)
andSyakuraandBaridwan(2014). Thedependent variableof these twostudiesistaxpayer
compliance.
However, Tax Planning and Earnings Management as intervening variable in this
research did not affect the outcome of tax audits conducted DJP. These results
indicate that Tax Planning and Earnings Management conducted by corporate
taxpayers are not always in accordance with tax regulations. It means that tax
planning and earnings management practiced by corporate taxpayers are not entirely
within the limits in accordance with tax regulations.
5. Conclusion
Temporary difference and permanent difference can be used as an indicator to predict
the outcome of tax audits conducted by the DJP, tax planning and earning
management practices made by corporate tax payers did not affect the outcome of tax
audits conducted by the DJP. Thus the practice of tax planning and earnings
management do not corporate taxpayers in accordance with tax regulations. The level
of profitability affected tax planning while permanent differences affected earnings
management.
LIST OF REFERENCE
diunduh dari:
Chandraseragam, R., Rahimansa, M.R., Rahman, S., Abdullah, S., & Nik Mat, N.K.
(2013). Impact of Audit Committee Characteristics on Earning Management in
Malaysia Public Listed Companies. International Journal of Finance and Auditing,
114-119
Chen, Grace T; Chung, Kwang-Hyun; El Gazzar, Samir (2005), Factors Determining
Commercial Banks’ Allowance for Loan Losses, Commercial Lending Review,
Mar/Apr 2005; 20,2
Comprix, Joseph; Graham, Roger C; Moore, Jare d A (2011), Empirical Evidence on
the Impact of Book-Tax Difference on Divergence of Opinion among Investors,
Journal of the American Taxation Association (JATA), American Accounting
Association, Vol. 33, No. 1, Spring 2011, pp. 51-78
Darmayasa, Nyoman; Hardika, Nyoman, Sentosa, (2011), Perencanaan Pajak Dari
Aspek Ratio Total Benchmarking, Kebijakan Akuntansi, Dan Administrasi Sebagai
Strategi Penghematan Pajak, Jurnal Bisnis dan Kewirausahaan. Vol. 7 No. 3
Nopember, 162-169
Gunadi (2013), Panduan Komprehensif Pajak Penghasilan Undang-Undang Nomor
36 Tahun 2008, Penerbit Bee Media Indonesia, Edisi 2013
Harinurdin, Erwin, 2009, Perilaku Kepatuhan Wajib Pajak Badan, Jurnal
Administrasi dan Organisasi, Vol. 16, No. 2, Mei-Agustus, 2009, hal 96-104, ISSN
0854-3844
Harnanto (2013), Tujuan Perencanaan Pajak, Perencanaan Pajak, Badan Penerbit
Fakultas Ekonomi dan Bisnis (BPFE), Edisi Pertama, Cetakan Kedua, Jogjakarta,
Indonesia www.bpfe.feb.ugm.ac.id
Hidayat, Nur (2013), Kewenangan Dan Kebijakan Melakukan Pemeriksaan Pajak,
Pemeriksaan Pajak: Menghidari&Menghadapi, Penerbit PT Elex Media Komputindo
Kompas Gramedia, Cetakan Pertama, 2013. ISBN: 978-602-02-0801-5
Hutagaol, John, 2007, Pemeriksaan Pajak, Perpajakan: Isu-Isu Kontemporer,
Cetakan Pertama, Penerbit Graha Ilmu, Jogjakarta, ISBN: 978-979-756-260-1
Mandagi, Chorras; Sabijono, Harijanto; Tirayoh, Victorina, 2014, Pengaruh
Pemeriksaan Pajak Terhadap Tingkat Kepatuhan Wajib Pajak Badan Dalam
Memenuhi Manajemen Bisnis Dan Akuntansi, Vol. 2, no 3, September 2014, Hal.
1665-1674, ISSN 2303-1174.
Milla, Lilian F; Plesko, George A (2003), Bridging the Reporting Gap: A Proposal
for More Informative Reconcilling of Book and Tax Income, National Tax Journal;
Vol. LVI, No.4, December 2003. Departemen of Accounting, University of Arizona,
Tuscon, Sloan School of Management, Massachusetts Institute of Technology,
Cambridge, MA 02142-1347
Moreira, Jose A.C.; Pope, Peter F (2007), Earning Management to Avoid Losses: a
cost of debt explanation, Centro de Estudos de Economica Industrial, do Trabalho e
da Empresa Res earch Center on Industrial, Labour and Managerial Economics,
Faculda de Economia, Universitas do Porto, http://www.fep.up.pt/investigaca
Peraturan Bank Indonesia No. 14/15/PBI/2012 Tentang Penilain Kualitas Aset Bank
Umum
diunduh dari:
Permatasari, Inggrid; Laskito, Herry (2013), Minimalisasi Tax Evasion Melalui Tarif
Pajak, Teknologi dan Informasi Perpajakan, Keadilan Sistem Perpajakan, Dan
Ketepatan Pengalokasian Pengeluaran Pemerintah, Diponegoro Journal of
Accounting, Volume 2, Nomor 2, Tahun 2013, Hal. 1-10, issn (Online): 2337-3806
Persada, Aulia Eka, dan Martani (2010), Analisis Faktor yang Mempengaruhi Book
Tax Gap dan Pengaruhnya Terhadap Persistensi Laba, Jurnal Akuntansi dan
Keuangan Indonesia, Volume 7, no.2 , Desember 2010, Jakarta, Indonesia
Philips, J., Pincus, M., & Rego, S. O (2002). Earning Management: New Evidence
Based on Deffered Tax Expense. Tippie College of Business, The University of Iowa,
Iowa City 1-42
Pohan, Chairil A, 2013, Perpajakan: Strategi Perencanaan Pajak dan Bisnis, DasarDasar Manajemen Perpajakan, Edisi Revisi, Penerbit PT Gramedia Pustaka Umum, ,
Jakarta, ISBN: 978-602-03-1101-2
Priantara, Diaz (2011), Pengertian dan Jenis-Jenis Pemeriksaan Pajak, Kupas
Tuntas: Pengawasan, Pemeriksaan, Dan Penyidikan Pajak, Penerbit Imdeks,
Cetakan kedua, 2011
Rosanti, Zulaikha (2013), Pengaruh Book Tax Differences Terhadap Perubahan Laba,
Diponegoro Journal of Accounting, Volume 2, Nomor 2, ISSN (online): 2337-3806
Sari, Diana (2014), Perpajakan: Konsep, Teori dan Aplikasi Pajak Penghasilan,
Penerbit Mitra Wacana Media, ISBN: 978-602-1353-14-1, Bekasi, Indonesia.
Sensi, L. (2007). Memahami Lebih Jauh Aspek Earning Management, Financial
Shenanigans, dan Rekayasa Keuangan. Economic Business & Accounting Review,
Volume II, No. 1, 72 - 85
Sodan Slavko (2012), Book-Tax Differences and Companies’ Financial
Characteristics:The Case of Croatia, The Business Review, Cambridge, Vol. 19, Num.
2, Summer 2012
Sumomba, CR; Hutomo, YBS, 2012, Pengaruh Beban Pajak Tangguhan Dan
Perencanaan Pajak Terhadap Manajemen Laba, Jurnal Kinerja, Volume 16, No. 2,
103-115
Suwardhika, Astika (2013), Pengaruh Perbedaan Laba Akuntansi, Laba Fiskal,
Tingkat Hutang Pada Persistensi Laba, E-Jurnal Akuntnasi Universitas Udayana 5-1196-214, ISSN:2302-8556
Syakura, Muhammad , Abadan; Baridwan, Zaki (2014), Determinan Perencanaan
Pajak dan Perilaku Kepatuhan Wajib Pajak Badan, Jurnal Akuntansi
Multiparadigma, Vol. 5, No. 2, Hal 170-346, ISSN 2086-7603
Undang-Undang Republik Indonesia Nomor 36 tahun 2008 Tentang Perubahan
Keempat Undang-Undang Nomor 7 Tahun 1983 Tentang Pajak Penghasilan.
Whitaker, Celia (2005), Bridging the Book-Tax Accounting Gap, The Yale Law
Journal Company. Inc., Vol 115, No. 3, pp 680-726
Wijaya, Maxson; Martani, Dwi, 2011, Praktik Manajemen Laba Perusahaan Dalam
Menanggapi Penurunan Tarif Pajak Sesuai UU No. 36 Tahun 2008, Simposium
Nasional Akuntnasi XIV Aceh 2011, Universitas Syiah Kuala Banda Aceh, 1-38
diunduh dari:
THE EFFECT OF FAMILY OWNERSHIP ON PROFIT AND
PERFORMANCE COMPANY MANAGEMENT: BASED ON THE THEORY
OF STEWARDSHIP
Wuryan Andayani
Brawijaya University Malang
Jogiyanto Hartono
Gadjah Mada University Yogyakarta
Supriyadi
Setiyono Miharjo
Introduction
Berle and Means (1932) states that the characteristics of public companies in the US
(United States) is that they are scatteredly owned, there is no involvement of the
owner, and his power is in the hands of the manager (Attig and Gadhoum, 2003).
While the ownership of companies in various countries outside the US tend to be
concentrated and controlled by the ultimate owner through the chain of ownership of
the pyramid, cross, or a combination of both (La Porta et al., 1999, Claessens et al.,
2000; Bukart, 2003). Research Claessens et al. (2000) showed the form of ownership
of public companies in Hong Kong, Korea, Malaysia, the Philippines, Singapore,
Taiwan and Thailand are mostly concentrated, owned by the family.
In Indonesia, the majority concentrated ownership is owned by the family. Claessens
et al., (2000) found in 1996, as many as 68.6% of public companies in Indonesia are
controlled by the family. In 2009, the amount reached 79.20% (Sugiharto, 2009).
The company is a company which is run by the family and is controlled by the
founding family; the family members are involved in the management of the
company as the chief executives (CEO) and involved on the board of the company
Ali et al (2007).
diunduh dari:
This study uses the definition of family enterprise if the founding family has at least
50% ownership and family members as CEO and Board of Commissioners. The
phenomenon of the family company in Indonesia is that they do not abdicate
assurance, therefore control is not necessary. In Indonesia, the family is more
concerned to maintain the reputation of the company in the long term; this is in line
with the theory of stewardship.
Family company can affect the quality of accounting earnings and performance of the
company in two ways entrenchment and alignment (Wang, 2004). In entrenchment,
profit is managed in an opportunistic manner and the earnings have low quality. In
contrast; in the alignment, profit is not managed opportunistically and profit have
high quality.
So far, research on family firms and corporate performance has been carried out by
using two views of the theory i.e. the theory of agency and stewardship theory.
Research on family firms using agency theory has been carried out by Demsetz
(1983), Shleifer and Vishny (1997), Anderson and Reeb (2003), Fan and Wong
(2002), Wang (2004), and Ali et al. (2007). In other hand, research has been
conducted using stewardship theory by Davis et al. (1997), Fox and Hamilton (1994),
O'Neil and Lee (2003), and Chu (2009).
Stewardship theory is in line with the alignment argument in a way that profit is not
managed opportunistically and no act of expropriation takes place. Based on the
stewardship theory, family members which are seen as stewards, has the first
advantages where the family is willing to put personal interests for the interests of the
company (Corbetta and Salvato, 2004, Eddleston and Kellermanns, 2007, Eddleston
et al., 2007). Secondly, the family put common interest, pro organization and
confidence at the first place (Davis et al., 1997).
This study separates innate accruals into discretionary for identifying the one that is
dominating the earnings management due to opportunistic actions or economic
conditions. Based on national culture in Hofstede (1980, 1991) that is individualism /
collectivism and power distance in research Lee and O'Neil (2003), it is possible to
dominate the stewardship theory of agency theory, thus supporting the alignment
diunduh dari:
compared with entrenchment. This research is expected to fill the gap that has not
been a consistent research on the influence of family on profits and firm performance.
2. Literature review and hypothesis
2.1. Efficient Profit Management (Accrual innate) and Opportunistic Earnings
Management (Discretionary)
Profit can be manipulated by managers in making misleading financial statements for
interested parties (stakeholders). Earnings manipulation is also committed to
influence the outcome of the contract based on the number of accounting reports
(Healy and Wahlen, 1999; Ducharme et al., 2000).
Teoh and Wong (2002) stated that the earnings reported by the company in its
financial statements include the actual cash flows and accruals. Accrual accounting
make reported earnings reflect the company's economic performance more
accurately, because the accrual has important information for the company's profit in
the future. Previous studies showed that accrual accounting is affected by agency
problems, information asymmetry and is a subject to manipulation.
Components of innate and discretionary accruals use models Francis et al. (2005)
which states that the quality of accruals which is triggered by economic fundamentals
are accrual innate (innate accruals quality) and those which are managed by the
management are called discretionary (discretionary accrual quality).
2.2. The company concentrated on Family and Quality of Earnings
Families can affect the quality of accounting earnings in two ways (Wang, 2006),
first, through the entrenchment, in which profit is managed opportunistically and has
low quality. Secondly, through the alignment, i.e. earnings are not managed
opportunistically and profits have high quality. The effect of entrenchment is
consistent with the traditional view which believes that family ownership is less
efficient because the concentration of ownership creates incentives for managers or
majority shareholders to take action against wealth expropriation of minority
shareholders (Fama and Jensen, 1983, Morck et al., 1988, Shleifer and Vishny, 1997 ,
Claessens et al., 2002).
diunduh dari:
Alignment argument states that the owner of controller creates higher monitoring
(Demsetz and Lehn, 1985, Shleifer and Vishny, 1997, Wang, 2004). It shows that the
controlling family can effectively monitor the company and can make decisions more
quickly and create employee loyalty in a long term (Weber et al., 2003, Wang, 2004).
This influence of alignment is consistent with the theory of stewardship.
In other hand, the results of the study on the influence of family companies over the
quality of earnings are still being debated. First, the results showed a negative
correlation between the control and the ultimate owner earnings informativeness (Fan
and Wong, 2002). The evidence is consistent with the entrenchment argument.
Research Francis et al. (2005) showed that the asymmetry of information lowers
transparency of accounting disclosure. It shows that family members have the
opportunity to manipulate the accounting profit for the private benefit and have low
earnings quality.
Second, there is a positive relationship between family ownership and quality of
earnings made by (Wang, 2006, Ali et al., 2007, Sanchez et al., 2008). Wang (2006)
found the research results are consistent with the influence of alignment that family
ownership is positively related to the quality of earnings, associated with low
abnormally accruals, small income leveling and small profit management.
Ali et al. (2007) showed that the family company reported earnings quality better,
made better financial disclosures, has more informative analyst forecasting and
smaller bid ask spreads. Ali et al. (2007), Wang (2006) and Sanchez et al. (2008)
shows a family company has a high-quality earnings because the controlling family
maintain a reputation for long-term goals of the company, and does not perform
opportunistic earnings management in the reported accounting profit.
Positive incentive effect argument (Silva and Leal, 2004) showed that the controlling
family has incentives and earnings quality and a commitment to not expropriate.
These findings are consistent with Jensen and Meckling (1976), La Porta et al.
(2002), Ali et al. (2007). This finding is also consistent with Anderson and Reeb
(2003) and Gomes (2000) that the family company runs the company better and has
diunduh dari:
better performance than non-family companies. Based on these descriptions, the
hypothesis is derived as follows:
H1: family ownership has a positive effect on the quality of corporate profits.
2.3. The company concentrated on Family and Corporate Performance
In alignment argument stated that the profit is not managed opportunistically so good
performance of the company into line with the stewardship theory. Controlling owner
has committed to build a reputation for not expropriate against minority shareholders
(Gomes, 2000, and Fan and Wong, 2002). The owner controllers have effective
controls to improve alignment with the interests of minority shareholders and reduce
the entrenchment (Fan and Wong, 2002).
The research of family company and firm performance has been conducted based on
the perspective of agency theory and stewardship theory (Chu, 2009). Agency theory
perspective has been conducted by Demsetz, (1983), and Shleifer and Vishny (1997)
while stewardship theory perspective has carried out by Davis et al. (1997), and Fox
and Hamilton (1994). The results of the study by Chu (2009) supports the theory of
stewardship further, when management control is active in the hands of the family
and there are some family control, interests between owners and managers are aligned
so that the performance of the company increased.
Controlling owner doesn’t have any incentive to expropriate minority shareholders if
it has a high cash flow rights. Controlling owner has committed to build a reputation
for not expropriating against minority shareholders (Gomes, 2000, Fan and Wong,
2002) and has effective control to fix the improvement alignment with the interests of
minority shareholders and reduce the influence of entrenchment (Fan and Wong,
2002).
H2a: family ownership has a positive effect on firm performance.
H2b: family ownership has a positive effect on firm value.
2.4 The company concentrated on the Family and the Board of Directors
diunduh dari:
The board of directors has the incentive from the inside to maximize shareholders’
wealth in decision making which increases the value of the company (Ting and
Huang, 2009). Members of the founding family involved in the family enterprise
management (CEO) and the board of directors, therefore it will be positively related
to accounting profit and will be able to maximize long-term corporate wealth to
produce quality earnings (Anderson and Reeb, 2003).
Ali et al. (2007) showed that the CEO and the board of directors of the founding
family is responsible for the disclosure practices and in revealing the economic
consequences better than than the CEO and the board of directors of non-families.
Family founder who puts his family members involved in the board of directors can
improve the performance of the company and the value of the company. Therefore,
based on the foregoing, the research hypothesis can be stated as follows:
H3a: The family members involved as the Board of Directors (Kel_DD) has positive
effect on firm performance.
H3b: The family members involved as the Board of Directors (Kel_DD) has positive
effect on firm value.
H3c: The portion of the family members involved in the Board of Directors (Jab_DD)
positively affected firm performance.
H3D: The portion of the family members involved in the Board of Directors
(Jab_DD) positively affected the firm value.
2.5. The company concentrated on family and Cost Monitoring
In concentrated ownership, the controlling family can effectively monitor the firm
(Demsetz and Lehn, 1985, Shleifer and Vishny, 1997, Wang, 2004). The controlling
family can make decisions more quickly and have an incentive to create employee
loyalty in the long term (Weber et al., 2003, Wang, 2004).
Ali et al. (2007) showed that the CEO and the board of directors of the founding
family is more responsible than the CEO and the board of directors of non-families
on the disclosure practices. Founding family who puts his family members involved
in the Board of Directors can monitor the company better, so that it can improve the
diunduh dari:
performance of the company and the value of the company. Therefore, based on the
explanation, the research hypothesis can be stated as follows:
H4a: Monitoring will have a positive effect on firm performance.
H4b: Monitoring will have a positive effect on firm value.
2.6. The Family Concentrated Company and Company Characteristics
Some characteristics of the company, such as the level of debt, asset growth, age and
size of the company are also considered to be able to improve the alignment
(alignment). Research on the characteristics of the company related to the size of the
company shows that small-sized companies prefer to finance the company's growth
and investment fund internally. Large companies do not have any difficulty in
investment fund that could improve the performance of the company.
Leverage has the effect of positive incentives and negative incentives. Jensen and
Meckling (1976) and Holthausen et al. (1996) showed that leverage has a positive
incentive such as the control of the organization and discipline mechanism to
generate sufficient cash. While the influence of negative incentive is for instance
conflicts of interest between shareholders which lead the managers to choose
companies that can reduce the value of the company. Leverage can be devastating for
managers in selecting the project because the manager tends to avoid risk.
High leverage ratio can reduce the value of the company because the high debt ratio
indicates the failure of the company (Ting and Huang, 2009). Furthermore, Ting and
Huang (2009) also stated that larger companies or companies who have a higher rate
of growth assets can improve the performance of the company. Based on the
arguments above, the research hypothesis can be stated as follows:
H5a: Leverage has negative effect on the performance of the company.
H5B: Leverage has negative effect on firm value.
H5c: Size (size of the company) has positive effect on firm performance.
H5d: Size (size of the company) has positive effect on firm value.
H5e: The age of the firm has positive effect on firm performance.
H5f: The age of the firm has positive effect on firm value.
diunduh dari:
3. Research Methods
3.1. Sample Selection and Data Collection
The research sample is a public company listed on the Indonesia Stock Exchange
(BEI) for a period of 6 (six) years, ie from 2005 to 2010. The populations in this
study are all companies listed on the Indonesia Stock Exchange.
3.2. Model Research
1. The first research equation used to find the total accruals are as follows:
TCAj,t = φ0,j + φ1,j CFOj,t-1 + φ2,j CFOj,t + φ3,j CFOj,t+1 + φ4,j ΔRevj,t + φ5,j PPEj,t +
υj,t……………………………………………………………………...……(1)
2. The second study equation is used to search for discretionary accruals are as
follows:
Total Accruals j,t = α0 + α1 SIZEj,t + α2σ (AKO) j,t + α3σ (Sales) j,t + α4 S_Operasi
j,t + α5Laba_Negj,t + μ j,t ........ (2)
3. The third study equation is used to search for innate accruals are as follows:
InnateAQj,t = ά0 + ά1 SIZEj,t + ά2σ (AKO) j,t + ά3σ (Sales) j,t + ά4 S_Operasi j,t +
5Laba_Neg j,t……………………….. (3)
In this case:
Value prediction (predicted value) of the equation is the total accrual estimation
results of innate part on the quality of accruals of firm j, s in t.
3.3. Measurements for Dependent Variables and Independent Variables
Dependent Variables
Table 1
Dependent Variables and Measurement
Dependent Variable
Measurement
Tobin’s Q
(Market value of equity + book value of shares and
diunduh dari:
ROA
Efficient Profit
Management (innate
Accrual Quality / IAQ)
Opportunistic Earnings
Management
(Discretionary Accrual
Quality / DAQ)
debt / total assets), used by Morck et al. (1988) and
Villalonga and Amit (2006).
(Net income / total assets)
Using size DD (2002), Francis et al. (2005).
Using size DD (2002), Francis et al. (2005).
Independent Variables
Table 2
Independent Variables and Measurement
Independen Variable
Measurement
Family ownership
The percentage ownership of shares owned by the
family. Chu (2009) uses the size of the family holdings
as a percentage of equity held by family members.
Age (age company /
Firm age is calculated from the date of the IPO until the
investment age)
time of the study.
Penddk
board
of A value of 1 if the commissioners and board of directors
commissioners
and has Doctoral degree (S3), Master degree (S2), Bachelor
board of directors
degree (S1), or Diploma. A value of 0 (null) if it is
doesn’t have any Bachelor degree and the education
background is unknown.
JAB_DD
The portion of the family members involved in the
management of the company as a member of the board
of directors divided by the total number of board of
directors.
T_MON
Family ownership (representing the level of monitoring
(Level Monitoring)
in research Holdernes and Sheehan, 1988). Variable rate
monitoring using a dummy variable, the value of 1 if the
firm has a high ownership and 0 otherwise.
Kel_DD
Dummy variable, 1 if the Board of Directors involved is
the family member of the owner of the company and 0
if it is otherwise
Firm Size
Log total asset (Chu, 2009; Ting dan Huang, 2009)
PMA_PMDN
Using a dummy variable 0 if capital is obtained from
foreign (PMA) and 1 if the capital obtained from the
Interior (PMDN).
Leverage
(Total debt: total assets) x 100%
diunduh dari:
Asset_Grow
Negative earnings
(Total assets this year - the total assets of the previous
year): total assets of the previous year.
Using a dummy variable, a value of 1 for negative
earnings and the value 0 for the otherwise.
3.4. Efficient Profit Management (Accrual innate) and Opportunistic Income
Management (Discretionary Accrual)
To test the first hypothesis, separation of the innate quality of accruals and accruals
into discretionary accruals is carried out. The size of discretionary accruals is using
models from Dechow and Dichev (2002) and Francis et al. (2005). Dechow and
Dichev (2002) identified five (5) the innate factors as those which affect the quality
of accruals i.e. firm size (size), as measured by the logarithm of total assets, the
standard deviation of operating cash flow, standard deviation of sales, long operating
cycle (measured by the number of days of trade credit and inventory days) and
negative earnings. Quality accrual is based on the model Dechow and Dichev (2002),
which is obtained from the modified Jones model that is PPE and changes in income
are scaled by average assets) (Francis et al., 2005, 302).
4. Empirical Results and Discussion
4.1. Descriptive Statistics Analysis
Family ownership variable has an average of 67.71%. Furthermore, variable Size is
the size of the company that was obtained from the amount of total assets of the
company by using the true value that is the logarithm of the total assets of the lowest
of the other variables. Variable Age which is the length of time since the
establishment of the IPO firm until this research is being carried out has an average
value of 14 years.
4.2. Analysis Descriptive Statistics for Testing H2a up to H5f
ROA has an average of 3:48% and variable Tobins Q has an average value of
31.89%. Variable of ownership in the company has an average of 67.71%.
Furthermore, variable Size is the size of the company that was obtained from the
diunduh dari:
amount of total assets of the company by using the true value that is the logarithm of
the total assets of 11:42. Variable Age which is the length of time since the
establishment of the IPO firm until this research is being carried out has an average
value of 14 years. The average value of Leverage variable is 42.90%.
4.3. Research Hypothesis Testing
Tests using the Model Common Effect
The first research hypothesis is family ownership has a positive effect on earnings
quality of the family-based manufacturing company.
Innate Accrual Dependent Variable
In common effect method, the results of the regression analysis are considered equal
in all objects at all times. In the fixed effect regression model, the result of the
regression analysis is considered to have constant magnitude for various periods of
time. While the random effect models, using the residual which is suspected of
having relationship between time and between objects. To select a good model
between the common effect and fixed effect Chi Square test is used.
In the model the common effect, there are four (4) significant variables that is the
variable of family ownership, ROA, firm age and size. Family ownership adversely
affects the efficient management earnings (accrual innate) significantly (at alpha
0.0002). It shows that low family ownership causes innate accruals due to economic
conditions and the business model of the company. In other words, a large family
ownership can degrade the quality of earnings.
Size variable (the size of the company) negatively affects innate accruals significantly
(at alpha 0.0000). Furthermore, firm age variable is significant at alpha 0.0000 and
ROA significant at alpha 0.0180. This shows the smaller the company, the greater the
innate accruals occur due to economic conditions and the business model of the
company. Furthermore, firm age variable positively influence innate accruals. This
shows that the longer the company was established, the greater innate accruals
diunduh dari:
occurs. These results indicate that family ownership has a positive effect on the
quality of earnings.
Discretionary Accrual Dependent Variables
On the dependent variable, discretionary accruals, model selection is not necessary
because the three models i.e. common effect, the fixed effect and random effect, all
show consistency that opportunistically earnings management does not take place.
4.4. Analysis of First Hypothesis Testing
H1 research results indicate that family firms do not carry out profit management.
These results support the research hypothesis that there is positive effect of family
ownership towards the quality of earnings. The results of the analysis of the data
shows that discretionary accruals doesn’t take place, in which it reflects the existence
of opportunistic earnings management (earnings management which is conducted
deliberately by the company management) and there are innate accruals (earnings
management triggered by the business model of the company and the company's
operating environment).
These results indicate that family ownership is associated with innate accruals and
significant (at the level of 0.0001). The innate accruals are not deliberately conducted
by the company management, but they are influenced by the business model of the
company and the company's operating environment, such as company size, the
standard deviation of cash flows, the standard deviation of income and long operating
cycle (Francis et al., 2005). The results of this study indicate that family ownership
has positive influence on the quality of earnings. These results support the argument
alignment effect, consistent with the findings of Lee and O'Neil (2003) and Davis et
al. (1997), and Fox and Hamilton (1994)
The results of this study are consistent with Dechow and Dichev (2002) and Francis
et al. (2005) which argue that large-sized companies have better earnings quality than
the small-sized companies. Dechow and Dichev (2002) and Francis et al. (2005)
showed that smaller firms and firms with higher cash flow volatility, longer operating
cycles and higher losses, has a low accrual quality.
diunduh dari:
Furthermore, the results of this study also support the argument on the influence of
the alignment (alignment effect) which stated that family ownership can effectively
monitor the firm (Demsetz and Lehn, 1985, Shleifer and Vishny, 1997, Wang, 2004),
monitor the company better, make decisions faster and have an incentive to create
employee loyalty in the long term (Weber et al., 2003 and Wang, 2004). These results
also support the findings of Francis et al., (2005) that the absence of discretionary
accruals shows that managers do not act opportunistically, so the quality of the
company's financial information can be assured.
This study supports the stewardship theory, that is to say the presence of alignment of
interests between the owners of the company manager (Davis et al., 1997), and Fox
and Hamilton (1994) and Caldwell et al. (2008). Davis et al. (1997) and Caldwell et
al. (2008) showed that the concept of stewardship ethic has its basis in the
stakeholder theory. The theory is a theory of corporate governance (theory of
governance) where managers act as stewards who are motivating to align with the
goals of all parties
Table 3
Estimation Results for the First Research Hypotheses with Accrual Dependent
Variable Innate (Model Common Effect)
Variabel
Coefficient
Std. Error
t-Statistic
Prob.
-10700
2830
-3.804
0.0002***
HAK
1540
1840
0.837
0.4026
Leverage
-403000
36200
-11.130
0.0000***
Size
23800
11400
2.095
0.0365**
Age
-12000
5060
-2.37
0.0180**
ROA
0.190341
R-squared
0.183801
Adjusted R-squared
29.10393
F-statistic
0.000000
Prob (F-Statistic)
Variable IAQ is an efficient earnings management which occurs as triggered by economic
fundamentals such as the company's business model and industrial environments. HAK
variable is the percentage shareholding family, and leverage is measured by total debt divided
by total assets multiplied by 100%. Moreover, size variable is the logarithm of total asset and
ROA is a variable which is measured by dividing net income with total assets.
Signs *** indicates significant at the 0.001 level; ** Indicates significant at the level of 0:05;
* Indicates significant at the level of 0:10
Table 4
diunduh dari:
Estimation Results for the First Rsesearch Hypotheses with Accrual Dependent Variable
diskresioner (DAQ) (Model Common Effect)
Variabel
Coefficient
Std. Error
t-Statistic
Prob.
-6010
360000
-0.0167
0.9867
HAK
-11000
233000
-0.0470
0.9625
Leverage
401000
1430000
0.2807
0.7790
Size
58600
4690000
0.0124
0.9900
Age
-144000
642000
-0.2240
0.8228
ROA
0.000181
R-squared
-0.008151
Adjusted R-squared
0.021754
F-statistic
0.999799
Prob (F-Statistic)
Variable DAQ is an opportunistic earnings management which occurs because the discretionary
management. Variable HAK is the percentage shareholding family, leverage is measured by total debt
divided by total assets multiplied by 100%. Variable size is a logarithim of total assets and ROA is
measured variable of net income divided by total assets..
Table 5
Chi Square Test for Accrual Dependent Variable Innate
Effect Test
Cross-section F
Cross-section Chisquare
R-squared
Adjusted R-squared
F-statistic
Prob(F-statistic)
Statistic
27.014
d.f.
(106.513)
106
Prob.
0.0000
0.0000
1177.704
0.190341
0.183801
29.10393
0.000000
4.5. H2A and H2B Research Hypothesis
H2a and H2b in Hausman test is not conducted, to choose between the fixed effect
model and random effect. Therefore, in Table 6, the model chosen is a common effect
model; it can be seen that the family ownership variables has positive effect on ROA
firm performance and significant (at the level of 0.0489), the test common effect. It
shows that family ownership can improve the performance of the ROA company
which supports the findings of Anderson and Reeb, (2003), Gedajlovic and Shapiro,
diunduh dari:
(1998), Kang and Shivadasani, (1995), Shleifer and Vishny, (1986), Short, (1994 ),
Thomsen and Pederson, (2000), McConnell and Sarvaes, (1990).
The results of this study support the argument of alignment effect. Wang’s research
results (2004) are consistent with Anderson and Reeb (2003) that family firms have
better performance. The results of this study support the stewardship theory, in line
with the view of the influence of the alignment argument that family firms do not
carry out profit management, do not act opportunistically, is more efficient and
effective, and do not conduct expropriation act. Thus, the company's performance can
be improved.
Table 6
Estimation Results for the research Hypothesis 2a with the the Dependent Variable ROA
(Model Common Effect)
Variabel
Coefficient
0.066768
HAK
R-squared
Adjusted R-squared
F-statistic
Prob (F-Statistic)
Std. Error
0.033836
t-Statistic
1.973297
0.047783
0.033983
3.462500
0.000350
Prob.
0.0489**
Variable HAK is the percentage of family company ownership. Variable ROA is measured of net
income divided by total assets.
Table 7
Estimation Results for the Research Hypothesis with the Dependent Variable TobinsQ
Variabel
Coefficient
-0.020265
HAK
R-squared
Adjusted R-squared
F-statistic
Prob (F-Statistic)
Std. Error
0.082065
t-Statistic
-0.246937
0.042723
0.028850
3.079479
0.001263
Prob.
0.8050
Variable HAK is the percentage of shareholding family. variable TobinsQ is measured by the market
value of equity plus book value of shares and debt divided by total assets, this measure is used by
Morck et al. (1988) and Villalonga and Amit (2006).
diunduh dari:
4.3. Research Hypothesis H3A and H3D
The involvement of family members in the management of the company (variable
Kel_DD) has positive effect on firm performance related to the test of common effect
and significant (at the level of 0.0051). It shows that the family enterprise involving
family members in the company's management can improve the performance of the
company. The empirical findings also indicate that managers can harmonize interests
(alignment) with various stakeholders, so as to improve the performance of the
company. Families can monitor the company more effectively, able to make decisions
more quickly and can meningkan long-term performance of the company.
Table 8
Estimation Results for the Research Hypothesis 3a with the Dependent Variable ROA
Variabel
Coefficient
3.398471
Kel_DD
-6.129620
Jab_DD
R-squared
Adjusted R-squared
F-statistic
Prob (F-Statistic)
Std. Error
1.603195
3.220811
t-Statistic
2.119811
-1.903129
0.047783
0.033983
3.462500
0.000350
Prob.
0.0344**
0.0575**
Variable Jab_DD is a portion of the family members involved in the management of the company as a
member of the board of directors is divided by the number of board directors. Variable Kel_DD is a
dummy variable, the value of 1 if the board of directors involved are members of the family owners
of the company and a value of zero if otherwise. Variable ROA is measured by net income divided by
total assets.
Table 9
Estimation Results for the Research Hypothesis 3b with the Dependent Variable TobinsQ
Variabel
Coefficient
9.201340
Kel_DD
-13.42344
Jab_DD
R-squared
Adjusted R-squared
F-statistic
Std. Error
3.888362
7.811699
t-Statistic
2.366379
-1.718377
0.042723
0.028850
3.079479
Prob.
0.0183
0.0862
diunduh dari:
0.001263
Prob (F-Statistic)
Variable Jab_DD is a portion of the family members involved in the management of the company as a
member of the board of directors divided by the total number of board of directors. Variable Kel_DD
is a dummy variable, the value 1 if the board of directors which involved a family member of the
owner of the company and zero otherwise. Variable TobinsQ is measured by the market value of
equity plus the book value of shares and debt divided by total assets, this measure is used by Morck
et al. (1988) and Villalonga dan Amit (2006).
4.4. H4A and H4B Research Hypothesis
The level of family monitoring does not affect the performance of the company and
the value of the company both in the common effect test and the random effect test.
The results of this study are not supported, might be due to the use of dummy
variables, the value of 1 goes for firms with more than 50% ownership and the value
0 goes for possession of less than 50%. The use of dummy variables is based on
research Holdernes et al. (1988) and Sun (2005). Holdernes et al. (1988) showed that
the majority shareholders in corporate can monitor more effectively than the majority
shareholder individually. Sun (2005) showed that the activity of the company's M &
A (management discussion and analysis) to support a finding that an effective
monitoring by shareholders has positive effect on firm performance. 5
Table 10
Estimation Results for the Research Hypothesis 4a with Dependent Variable ROA (Model
Common Effect)
Variabel
T_Mon
Coefficient
-2.359132
R-squared
Adjusted R-squared
F-statistic
Prob (F-Statistic)
Std. Error
1.888740
t-Statistic
-1.249051
Prob.
0.2121
0.047783
0.033983
3.462500
0.000350
Variable T_MON is the percentage of ownership of a family company to represent the level of
monitoring in research of Holdernes and Sheehan (1988). Variable T_Mon is a dummy variable, the
value 1 if the company has a stake of 50% upwards and zero if otherwise. Variable ROA is measured
by net income divided by total assets.
diunduh dari:
Table 11
Estimation Results for the Research Hypothesis 4b with Dependent Variable TobinsQ
Variabel
T_MON
Coefficient
-12.61408
Std. Error
4.580918
R-squared
Adjusted R-squared
F-statistic
Prob (F-Statistic)
t-Statistic
-2.753615
Prob.
0.0061
0.042723
0.028850
3.079479
0.001263
Variable T_MON is the percentage of ownership of a family company to represent the level of
monitoring in research of Holdernes and Sheehan (1988). Variable T_Mon is a dummy variable, the
value 1 if the company has a stake of 50% upwards and zero if otherwise. Variable TobinsQ is
measured by the market value of equity plus the book value and debt divided by total assets, this
measure is used by Morck et al. (1988) and Villalonga dan Amit (2006).
4.5. Research Hypothesis H5A up with H5F
Leverage variable doesn’t affect the performance of the company but has a negative
effect on TobinsQ firm value in the common effect test and significant (at the level of
0.0843). It shows that a family company has a low leverage ratio, and has a high
value of the company. Low leverage ratio shows the company has a low debt. In
contrast, a high debt ratio shows the company's financial pressure. The ratio of debt to
total assets (leverage) is getting smaller and can increase the value of the company
which supports the findings of Ting and Huang (2009).
Variable Size has positive effect on the performance of the company and significant
at the level of 0.0002 and effect positively on TobinsQ firm value in the common
effect test and significant (at the level of 0.0352). Small companies which are
experiencing financial constraints have not been able to fund investment that can
improve the performance of the company. In contrast, large-sized enterprises do not
have any difficulty in investment fund that could improve the performance of the
company. These results also support the research Carpenter and Petersen (2002). Firm
age variable has positive effect in improving the ROA company's performance in the
common effect test and significant (at the level of 0.020). Therefore, the longer the
diunduh dari:
company was established, the company's performance is getting better. Firm age
variable brings positive effect on TobinsQ firm value in common effect test. In a
common effect test, variable leverage has significant effect (at the level of 0.0352).
Variable AssetGrow has positive effect on the performance of the company and
significant at the level of 0.0037 and brings a positive effect on the value of the
company and significant at the 0.0153 level. This finding supports Cabral and Mata’s
research (2003) which argues that the growth of the company can improve the
performance of the company and the value of the company
Table 12
Estimation Results for the Research Hypothesis 5a sampai dengan 5f with Dependent
Variable ROA
Variabel
Coefficient
-0.022929
Leverage
0.397193
Age
-0.494753
Size
0.052485
AssetGrow
R-squared
Adjusted R-squared
F-statistic
Prob (F-

APCAF 2015 Part 13 - Centro Multi Akuntansi

Transcription

Similar documents

Pengurusan Landskap oleh Pihak Berkepentingan

TandaslMalaYSla Jasinraihgangsa

It - Pernec Corporation Berhad

KerajaanSelangoFmahuse[llq`fPBTgOnabahan`,bol

- Al-jabr Islamic School

MTIB Impian Lifestyle With Wood

Buletin Akademik Jun 2012 - Terengganu

the believer in christ

Melahirkan pelajar yang cintakan ilmu - i

kesehatan reproduksi