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Susi Dwimulyani
14
stock ; public company
This research is designed to examine the income smoothing in Indonesia income smoothing can be defined as a tools used by management to diminish the variability of fluctuated reporting income by manipulation artificial (accounting) and real (transactional) variables (Salno and Baridwan, 2000). Investigated issues in this research were factors influencing income smoothing such as size, net profit margin, winner / loser stocks, and the linkage between income smoothing and the performance (return) of stocks in Indonesia Public Company.nResearch samples were selected using purposive (judgement) sampling method among listed company in Jakarta Stocks Exchange (JSX) and seventy companies could meet as research sample. Afterwards this samples classified into smoother and non smoother using Eckel’s model (1981). The result showed there were income smoothing practiced by companies listed in JSX. For data analysis, this research used common statistics such as descriptive statistic, one sample Kolmogorov Smirnov test Mann-Whitney Test, t-test, and simple linear regression.nBefore hypothesis test, normality data test using one sample Kolmogorov Smirnov test and Mann-Whitney test were used to determine whether the data were normal or not. The test concluded that data weren’t normally distributed because significant level smaller than 0.05. The first, second, and third hypothesis were tested separately using simple linear regression to examine whether size, net profit margin, and winner / loser stocks influenced income smoothing. The result of these three hypothesis were refused because the significant level bigger than 0.05. The fourth hypothesis examined size, net profit, and winner / loser stocks influenced together income smoothing. The result of this hypothesis was refused because of stocks were difference between smoother and non smoother. This hypothesis was tested with Mann-Whitney test and the conclusion was no return difference between smoother and non smother because significant level bigger than 0.05.n
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14
stock ; public company
This research is designed to examine the income smoothing in Indonesia income smoothing can be defined as a tools used by management to diminish the variability of fluctuated reporting income by manipulation artificial (accounting) and real (transactional) variables (Salno and Baridwan, 2000). Investigated issues in this research were factors influencing income smoothing such as size, net profit margin, winner / loser stocks, and the linkage between income smoothing and the performance (return) of stocks in Indonesia Public Company.nResearch samples were selected using purposive (judgement) sampling method among listed company in Jakarta Stocks Exchange (JSX) and seventy companies could meet as research sample. Afterwards this samples classified into smoother and non smoother using Eckel’s model (1981). The result showed there were income smoothing practiced by companies listed in JSX. For data analysis, this research used common statistics such as descriptive statistic, one sample Kolmogorov Smirnov test Mann-Whitney Test, t-test, and simple linear regression.nBefore hypothesis test, normality data test using one sample Kolmogorov Smirnov test and Mann-Whitney test were used to determine whether the data were normal or not. The test concluded that data weren’t normally distributed because significant level smaller than 0.05. The first, second, and third hypothesis were tested separately using simple linear regression to examine whether size, net profit margin, and winner / loser stocks influenced income smoothing. The result of these three hypothesis were refused because the significant level bigger than 0.05. The fourth hypothesis examined size, net profit, and winner / loser stocks influenced together income smoothing. The result of this hypothesis was refused because of stocks were difference between smoother and non smoother. This hypothesis was tested with Mann-Whitney test and the conclusion was no return difference between smoother and non smother because significant level bigger than 0.05.n
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Abubakar Arif
13
Finance ; Manufacture ; BEJ
The objective of this study is to examine the usefulness of the financial ratios at individual and construct levels in predicting earning growth for one year ahead. To predict the earning growth, there are 15 financial ratios categorized into four constructs. This study used data taken from financial statements for three years (1999-2001) from 76 companies listed on Jakarta Stock Exchange.nTo examine the usefulness of financial ratios in order to predict earning growth, this study uses multiple regression analysis and Analysis of Moment Structure (AMOS). This multiple regression analysis is used to test the usefulness of the financial ratios at individual level while the Analysis of Moment Stucture (AMOS) is used to test at the construct level to predict earning growth. The collecting data techniques used are library research and documentation from the Jakarta Stock Exchange. After data collected, it will be calculated and tested with statistic test in order to get a result. The next step is to take hypothesis from the result earlier and make a conclusion as the last step.nThe result of this study shows that changes of financial ratios at construct level which is debt ratio is useful to predict earnings changes for one year ahead in 76 companies listed in Jakarta Stock Exchange, whereas financial ratios at individual level are found un-useful.n
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13
Finance ; Manufacture ; BEJ
The objective of this study is to examine the usefulness of the financial ratios at individual and construct levels in predicting earning growth for one year ahead. To predict the earning growth, there are 15 financial ratios categorized into four constructs. This study used data taken from financial statements for three years (1999-2001) from 76 companies listed on Jakarta Stock Exchange.nTo examine the usefulness of financial ratios in order to predict earning growth, this study uses multiple regression analysis and Analysis of Moment Structure (AMOS). This multiple regression analysis is used to test the usefulness of the financial ratios at individual level while the Analysis of Moment Stucture (AMOS) is used to test at the construct level to predict earning growth. The collecting data techniques used are library research and documentation from the Jakarta Stock Exchange. After data collected, it will be calculated and tested with statistic test in order to get a result. The next step is to take hypothesis from the result earlier and make a conclusion as the last step.nThe result of this study shows that changes of financial ratios at construct level which is debt ratio is useful to predict earnings changes for one year ahead in 76 companies listed in Jakarta Stock Exchange, whereas financial ratios at individual level are found un-useful.n
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Wibowo
18
Finance ; Stock
This research target is to know factors of any kind of influencing income smoothing and its bearing to share performance (return and risk) public company in Indonesia.nData of this research are obtained from 30 company listed in Jakarta Stock Exchanges which have been selected using (purposive) judgment sampling method. Samples are classified to be smoother and non smoother using Eckel’s model (1981). Eckel model classification in this research use three object of variable of income : operation income, income before tax, and income after tax. Test of one-sample kolmogrov smirnov, mann-whitney, t-test, and multivariate logistics are for data analyzing.nThe result of this research indicate that pursuant to coefficient variant of operating income and income before tax independent variable: company size, net profit margin (NPM), industrial sector, and winner/loser stocks not influenced income smoothing. Base on coefficient of variation of income after tax indicates that company size, net profit margin (NPM), and industrial sector not influenced income smoothing while winner/loser stocks influence income smoothing. And if also indicated no return different between smoother and non smoother, than no risk different between them. n
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18
Finance ; Stock
This research target is to know factors of any kind of influencing income smoothing and its bearing to share performance (return and risk) public company in Indonesia.nData of this research are obtained from 30 company listed in Jakarta Stock Exchanges which have been selected using (purposive) judgment sampling method. Samples are classified to be smoother and non smoother using Eckel’s model (1981). Eckel model classification in this research use three object of variable of income : operation income, income before tax, and income after tax. Test of one-sample kolmogrov smirnov, mann-whitney, t-test, and multivariate logistics are for data analyzing.nThe result of this research indicate that pursuant to coefficient variant of operating income and income before tax independent variable: company size, net profit margin (NPM), industrial sector, and winner/loser stocks not influenced income smoothing. Base on coefficient of variation of income after tax indicates that company size, net profit margin (NPM), and industrial sector not influenced income smoothing while winner/loser stocks influence income smoothing. And if also indicated no return different between smoother and non smoother, than no risk different between them. n
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Yuzwar Zainal Basri
12
Finance
Bila kita mengacu kepad textbook ekonomi khususnya ekonomi punlik (public finance) maka kita akan menemukan tiga fungsi klasik anggaran pemerintah yang selalu merupakan dan menjadi tujuan utama pembangunan ekonomi pemerintahan suatu Negara. Ketiga fungsi tersebut adalah, pertama, fungsi alokasi (allocation function) yang bertujuan ‘menjatahkan’ setiap sen dari anggaran yang diperoleh untuk digunakan dalam suatu sector ekonomi tertentu sesuai dengan tujuan dan sistem perencanaan yang dari awal telah ditetapkan. Kedua, fungsi distribusi (distribution function) yang bertujuan untuk menyesuaikan dan proses adjustment terhadap redistribusi pendapatan dan kesejahteraan masyarakat sehingga diperoleh tingkat employment yang tinggi (high employment), stabilisasi harga sampai pada tahap tertentu yang masih rasional, serta pencapaian tingkat pertumbuhan dengan mengandalkan dana yang masuk dari perdaganagn dan kemudian memberikan pengaruh yang signifikan terhadap neraca pembayaran (balance of payment) (Musgrave dan Musgrave, 1989).nNamun di era pemerintah Soekarno (orde lama) fungsi-fungsi di atas tidak berjalan optimal yang salah saatunya ditandai oleh kebijaksanaan anggaran yang deficit (deficit budget) sehingga tidak heran kemudian memicu tingkat inflasi yang melambung dan bahkan pada tahun 1965 sempat mencapai 650% per tahun (Suparmoko, 1984).nSadar akan sistem kelemahan anggaran di atas, maka sejak awal orde baru pemerintah Soeharto merombak sistem tersebut dan kemudian selama masa pemerintahan Orba selalu menerapkan sistem anggaran belanja berimbang (balance budget) yang menerapkan sistem anggaran belanja berimbang (balance budget) yang merupakan perujudan kesamaan antara besarnya penerimaan di saru sisi dengan pengeluaran pemerintah di sisi lain, termasuk pembiayaan untuk pengeluaran rutin maupun pengeluaran pembangunan. Namun sayangnya untuk mempertahankan keseimbangan anggaran tersebut, pemerintah dengan sadar membiayai dan menopangnya dengan pembiayaan (financing), baik pinjaman bilateral maupun multilateral yang kemudian melahirkan konsorsium IGGI dan kemudian karena lemahnya sistem management utang luar negeri (foreign debt management) pemerintah, tanpa disadari Indonesia telah masuk dalam jebakan utang luar negeri (debt trap) yang parah dan sampai saat ini belum menunjukkan tanda-tanda akan berakhir, malahan kemudian dengan pola utang luar negeri seperti itu turut memperparah krisis ekonomi yang terjadi dan memperlebar ketimpangan struktur ekonomi (economy dispanty) nasional sehingga semakin menganga.n
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12
Finance
Bila kita mengacu kepad textbook ekonomi khususnya ekonomi punlik (public finance) maka kita akan menemukan tiga fungsi klasik anggaran pemerintah yang selalu merupakan dan menjadi tujuan utama pembangunan ekonomi pemerintahan suatu Negara. Ketiga fungsi tersebut adalah, pertama, fungsi alokasi (allocation function) yang bertujuan ‘menjatahkan’ setiap sen dari anggaran yang diperoleh untuk digunakan dalam suatu sector ekonomi tertentu sesuai dengan tujuan dan sistem perencanaan yang dari awal telah ditetapkan. Kedua, fungsi distribusi (distribution function) yang bertujuan untuk menyesuaikan dan proses adjustment terhadap redistribusi pendapatan dan kesejahteraan masyarakat sehingga diperoleh tingkat employment yang tinggi (high employment), stabilisasi harga sampai pada tahap tertentu yang masih rasional, serta pencapaian tingkat pertumbuhan dengan mengandalkan dana yang masuk dari perdaganagn dan kemudian memberikan pengaruh yang signifikan terhadap neraca pembayaran (balance of payment) (Musgrave dan Musgrave, 1989).nNamun di era pemerintah Soekarno (orde lama) fungsi-fungsi di atas tidak berjalan optimal yang salah saatunya ditandai oleh kebijaksanaan anggaran yang deficit (deficit budget) sehingga tidak heran kemudian memicu tingkat inflasi yang melambung dan bahkan pada tahun 1965 sempat mencapai 650% per tahun (Suparmoko, 1984).nSadar akan sistem kelemahan anggaran di atas, maka sejak awal orde baru pemerintah Soeharto merombak sistem tersebut dan kemudian selama masa pemerintahan Orba selalu menerapkan sistem anggaran belanja berimbang (balance budget) yang menerapkan sistem anggaran belanja berimbang (balance budget) yang merupakan perujudan kesamaan antara besarnya penerimaan di saru sisi dengan pengeluaran pemerintah di sisi lain, termasuk pembiayaan untuk pengeluaran rutin maupun pengeluaran pembangunan. Namun sayangnya untuk mempertahankan keseimbangan anggaran tersebut, pemerintah dengan sadar membiayai dan menopangnya dengan pembiayaan (financing), baik pinjaman bilateral maupun multilateral yang kemudian melahirkan konsorsium IGGI dan kemudian karena lemahnya sistem management utang luar negeri (foreign debt management) pemerintah, tanpa disadari Indonesia telah masuk dalam jebakan utang luar negeri (debt trap) yang parah dan sampai saat ini belum menunjukkan tanda-tanda akan berakhir, malahan kemudian dengan pola utang luar negeri seperti itu turut memperparah krisis ekonomi yang terjadi dan memperlebar ketimpangan struktur ekonomi (economy dispanty) nasional sehingga semakin menganga.n
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