Tatang Ary Gumanti
Jurusan Manajemen, Fakultas Ekonomi, Universitas Jember

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PILIHAN-PILIHAN AKUNTANSI DALAM APLIKASI TEORI AKUNTANSI POSITIF Gumanti, Tatang Ary
Jurnal Akuntansi dan Auditing Indonesia Vol 6, No 1 (2002)
Publisher : Fakultas Ekonomi Universitas Islam Indonesia

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Abstract

Empirical researches based on the positive accounting theory or the economic consequence theory have directed to seek for the answers about the reasons that motivate managers in selecting or determining certain accounting techniques in preference to other techniques. So far the existing studies have found an association between the firmsâ?? specific characteristics and managersâ?? decision to select certain accounting techniques. That is, there is specific reason of why manager prefers to use one accounting method but not the others. Further study needs to be conducted to seek the answers whether managers have specific reasons or behave opportunistically by adopting accounting techniques that affect the firm accounting performance for which the selected techniques do not against the generally accepted accounting principles (accounting standards). Key words: Accounting techniques (methods), positive accounting theory, opportunistic behavior, accounting regulations.
AN INVESTIGATION OF EARNINGS MANAGEMENT IN INDONESIAN MANUFACTURING INITIAL PUBLIC OFFERINGS Gumanti, Tatang Ary
Gadjah Mada International Journal of Business Vol 5, No 3 (2003): September-December
Publisher : Master of Management, Faculty of Economics and Business, Universitas Gadjah Mada

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (1245.858 KB)

Abstract

This paper examines whether the issuers of Indonesian manufacturing initial public offerings (IPOs) manage the firms reported earnings by making income increasing discretionary accruals. The absence of market-determined prices for IPO shares prior to the offering has made issuers and underwriters to use nonprice information. The test was performed on a sample of 45 IPOs that went public during the period of July1991 through December 1994. The model used in this study follows the one developed by Friedlan (1994). The results show that there is no evidence that earnings management occurs among the sample firms. In other words, this study is unable to reject the null hypothesis that the issuers of Indonesian IPOs exercise accounting discretion that increases the reported earnings in the periods prior to the offering. In contrast, the study finds strong evidence of earnings management in the period after the offering, which could be interpreted as issuers trying to maintain the firms performance after the offering by making income increasing discretionary accruals.
CAN ACCOUNTING INFORMATION ACT AS A PROXY FOR EX ANTE UNCERTAINTY IN INITIAL PUBLIC OFFERINGS? Gumanti, Tatang Ary
Gadjah Mada International Journal of Business Vol 5, No 2 (2003): May-August
Publisher : Master of Management, Faculty of Economics and Business, Universitas Gadjah Mada

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (1418.396 KB)

Abstract

This paper reviews and summarizes previous works and the rationale for the proposition that accounting information is in fact value relevant in the determination of an initial public offering IPO).Theoretical and empirical evidence has indicated that certain accounting measures can he used as proxies for total firm risk, that is, they could determine the riskiness of a corporation. The literature also advocates that accounting information is relevant in determining the value and thus the riskiness of a corporation through the use of accounting analysis. Since most of the information available in the prospectus is accounting information, it is arguable that this information represents a potential source for assessing the issuing firm. Some scholars have also advocated the possibility of using accounting information in assessing the value of firm making an IPO. Numerous papers have provided analytical and empirical evidence of the association between accounting numbers and the value of IPOs. The conclusion generally comes to show that information in the prospectus is value relevant concerning the IPO. The paper shows that it is indeed an arguable to use accounting information in the valuation of an IPO. Accordingly, it is an empirical issue whether accounting information has the property in explaining the ex-ante uncertainty of an IPO.
BENTUK PASAR EFISIENSI DAN PENGUJIANNYA Gumanti, Tatang Ary; Utami, Elok Sri
Jurnal Akuntansi dan Keuangan Vol 4, No 1 (2002): MAY 2002
Publisher : Institute of Research and Community Outreach - Petra Christian University

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (65.112 KB) | DOI: 10.9744/jak.4.1.pp. 54-68

Abstract

This paper discusses and summarizes the efficient market hypotheses initially proposed by Fama (1970). According to the efficient market theory, the market is said to be efficient if 'security prices reflect all available information'. Fama (1970) contends that there are three types of market efficiency, namely weak form market efficiency, semi-strong form market efficiency, and strong form market efficiency. Over the last three decades, the efficient market theory has become the center of research interest and has attracted attention, which has contributed to the development of corporate finance theory. Empirical evidence however appears to support that the American stock market is classified to be the semi-strong form. This means that the information that forms the price in the market has been dominated by historical and public information, although the clear cut is still unwarranted. Other interesting aspect of the efficient market hypothesis is the strong evident of anomaly in the market, which appear to confront the efficient market hypothesis. There are at least four types of market anomalies that have been identified, namely firm anomalies, seasonal anomalies, event anomalies, and accounting anomalies. Abstract in Bahasa Indonesia : Tulisan ini membahas dan merangkum hipotesis pasar efisien sebagaimana pertama kali dikemukakan oleh Fama (1970). Menurut konsep pasar efisien, pasar dikatakan efisien bilamana harga-harga yang terbentuk di pasar merupakan cerminan dari informasi yang ada. Menurut Fama (1970), ada tiga bentuk tingkat efisiensi pasar berdasarkan pada tingkat penyerapan informasinya, yaitu pasar efisien bentuk lemah, pasar efisien bentuk semi kuat, pasar efisien bentuk kuat. Teori efisiensi pasar telah menjadi acuan kajian yang mendapat perhatian luas selama tiga dasawarsa terakhir dan menjadi topik paling menarik dalam perkembangan teori keuangan perusahaan. Bukti empiris yang sejauh ini telah dikemukakan cenderung mendukung hipotesis bahwa pasar modal di Amerika cenderung berbentuk efisien dalam tingkat semi-kuat. Artinya, informasi yang membentuk harga di pasar masih didominasi oleh informasi historis dan informasi publik, walaupun dalam banyak hal masih belum dapat dikatakan pasti. Sisi menarik lain yang terkait dengan hipotesis pasar efisien adalah ditemukannya anomali yang dalam banyak hal sepertinya mementahkan konsep efisiensi pasar yang berkembang selama ini. Setidaknya ada empat kelompok anomali yang dikenal sejauh ini, yaitu anomali perusahaan, anomali musiman, anomali peristiwa atau kejadian, dan anomali akuntansi. Kata kunci: hipotesis pasar efisien, pasar efisien bentuk lemah, pasar efisien bentuk semi kuat, pasar efisien bentuk kuat, anomali.
AN INVESTIGATION OF EARNINGS MANAGEMENT IN INDONESIAN MANUFACTURING INITIAL PUBLIC OFFERINGS Gumanti, Tatang Ary
Gadjah Mada International Journal of Business Vol 5, No 3 (2003): September-December
Publisher : Master in Management, Faculty of Economics and Business, Universitas Gadjah Mada

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (1245.858 KB) | DOI: 10.22146/gamaijb.5628

Abstract

This paper examines whether the issuers of Indonesian manufacturing initial public offerings (IPOs) manage the firms reported earnings by making income increasing discretionary accruals. The absence of market-determined prices for IPO shares prior to the offering has made issuers and underwriters to use nonprice information. The test was performed on a sample of 45 IPOs that went public during the period of July1991 through December 1994. The model used in this study follows the one developed by Friedlan (1994). The results show that there is no evidence that earnings management occurs among the sample firms. In other words, this study is unable to reject the null hypothesis that the issuers of Indonesian IPOs exercise accounting discretion that increases the reported earnings in the periods prior to the offering. In contrast, the study finds strong evidence of earnings management in the period after the offering, which could be interpreted as issuers trying to maintain the firms performance after the offering by making income increasing discretionary accruals.
CAN ACCOUNTING INFORMATION ACT AS A PROXY FOR EX ANTE UNCERTAINTY IN INITIAL PUBLIC OFFERINGS? Gumanti, Tatang Ary
Gadjah Mada International Journal of Business Vol 5, No 2 (2003): May-August
Publisher : Master in Management, Faculty of Economics and Business, Universitas Gadjah Mada

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (1418.396 KB) | DOI: 10.22146/gamaijb.5405

Abstract

This paper reviews and summarizes previous works and the rationale for the proposition that accounting information is in fact value relevant in the determination of an initial public offering IPO).Theoretical and empirical evidence has indicated that certain accounting measures can he used as proxies for total firm risk, that is, they could determine the riskiness of a corporation. The literature also advocates that accounting information is relevant in determining the value and thus the riskiness of a corporation through the use of accounting analysis. Since most of the information available in the prospectus is accounting information, it is arguable that this information represents a potential source for assessing the issuing firm. Some scholars have also advocated the possibility of using accounting information in assessing the value of firm making an IPO. Numerous papers have provided analytical and empirical evidence of the association between accounting numbers and the value of IPOs. The conclusion generally comes to show that information in the prospectus is value relevant concerning the IPO. The paper shows that it is indeed an arguable to use accounting information in the valuation of an IPO. Accordingly, it is an empirical issue whether accounting information has the property in explaining the ex-ante uncertainty of an IPO.
UNDERPRICING DALAM PENAWARAN SAHAM PERDANA DAN PENAWARAN SAHAM SUSULAN Gumanti, Tatang Ary; Alkaf, Nafisah
Jurnal Akuntansi dan Keuangan Indonesia Vol 8, No 1 (2011)
Publisher : Departemen Akuntansi, Fakultas Ekonomi dan Bisnis, Universitas Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (387.222 KB) | DOI: 10.21002/jaki.2011.02

Abstract

Underpricing has become a subject for various examinations in initial public offerings (IPO) context. Underpricing is known as one of three anomalies surrounding IPO setting. A number of theories have been put forward to explain why such phenomenon occurs. One of them is that underpricing is used as a signal of firm quality, hoping that when the firm is going to reissue stock in the future, namely right issue or seasoned equity offerings (SEO), it will gain positive response from the market. This study aims at examining a sample of 85 IPOs and SEOs whether underpricing could signal firm quality when making right issue during 1990-2006 at the Indonesian Stock Exchange. Consistent with other capital market studies, results show that, on average, IPO firms are significantly underpriced as much as 22.35 percent, whilst for SEOs the average underpricing is 13.35 percent. The level of underpricing between IPOs and SEOs is not significantly different from zero. IPO firms experiencing higher underpricing will experience lower underpricing in SEO. Overall, the finding does not support the hypothesis that IPO underpricing is used as signal for firm quality undertaking SEO. Keywords: underpricing, IPO, SEO, signaling hypothesis Dalam konteks penawaran saham perdana (initial public offering=IPO), underpricing telah menjadi suatu subjek berbagai penelitian. Underpricing merupakan salah satu dari tiga anomaly dalam penawaran saham perdana. Sejumlah teori sudah diajukan untuk menjelaskan fenomena tersebut. Salah satu teori yang ada menyatakan bahwa underpricing digunakan sebagai salah satu sinyal atas kualitas perusahaan dengan makna bahwa jika suatu saat perusahaan menerbitkan kembali sahamnya, yang dikenal dengan sebutan penawaran saham susulan (seasoned equity offering=SEO), maka perusahaan akan memperoleh respon positif di pasar. Penelitian ini bertujuan untuk menguji teori sinyal, yaitu apakah underpricing dapat menjadi sinyal saat perusahaan melakukan SEO, dengan sampel sebanyak 85 perusahaan yang melakukan IPO dan SEO tahun 1990-2006 di Pasar Modal Indonesia. Konsisten dengan temuan di pasar modal lain, hasil penelitian menunjukkan bahwa secara rata-rata perusahaan yang melakukan IPO mengalami underpricing sebesar 22,35 persen, sedangkan saat SEO, tingkat underpricingnya sebesar 13,35 persen. Tingkat underpricing saat IPO dengan saat SEO secara statistik adalah tidak berbeda. Perusahaan dengan tingkat underpricing lebih tinggi saat IPO akan mengalami tingkat underpricing lebih rendah saat SEO. Secara keseluruhan, hasil penelitian belum berhasil mendukung teori sinyal dalam IPO. Kata Kunci: underpricing, IPO, SEO, hipotesis sinyal.
DETERMINAN MANAJEMEN LABA PADA PERUSAHAAN YANG MELAKUKAN PENAWARAN SAHAM PERDANA Marsela, Ike Anis; Gumanti, Tatang Ary; Singgih, Marmono
Jurnal Akuntansi Bisnis Vol 15, No 29 (2016)
Publisher : Universitas Katolik Soegijapranata Semarang

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.24167/jab.v15i29.967

Abstract

This article aimstoanalyze the effect ofoperatingcash flows, size of thecompany, earnings changes, andfinancial leverage onearnings managementchangesin the basic industry and chemicalsub-sectormaking initial public offering in theIndonesia Stock Exchange. The samples were selected using purposive sampling method in which as many as 35 out of 60 companies in the period 1989-2013. The data used are secondary data from a basic industry and chemical sub sector. The companys prospectus is obtained from database of the Economic Faculty, University of Jember, Indonesian Capital Market Directory (ICMD), and other sources. This usesmultiple linearregressionanalysis to test the hypotheses. The dependent variable is earnings management measured using the ratio of DCA models of Friedlan. Independent variables consisted of operating cash flow, size of the company, earnings changes, and financial leverage. Results showedthatoperatingcash flows negatively andsignificanty affectearnings managementchanges, earningschanges have positive andsignificant effect onearnings managementchanges, size of the company andfinancial leveragedoes not havesignificant effecton earnings management changes.
EARNINGS AND CASH FLOWS BEHAVIOUR IN INDONESIAN INITIAL PUBLIC OFFERINGS Irawan, M Adi; Gumanti, Tatang Ary; Manik, Ester
EKUITAS (Jurnal Ekonomi dan Keuangan) Vol 17, No 1 (2013)
Publisher : Sekolah Tinggi Ilmu Ekonomi Indonesia (STIESIA) Surabaya(STIESIA) Surabaya

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (0.057 KB) | DOI: 10.24034/j25485024.y2013.v17.i1.261

Abstract

Penawaran saham perdana (Initial public offering = IPO) menjadi topik penelitian yang menarik untuk dikaji mengingat isu ketimpangan informasi atau asimetri informasi di antara pihak-pihak yang terlibat di dalamnya. Salah satu fenomena yang menarik untuk dikaji dan melekat dengan penawaran saham perdana adalah adanya dugaan praktik manajemen laba (Teoh et al., 1998). Dalam hal ini, ada dorongan yang kuat bagi pemilik lama perusahaan untuk membuat kinerja keuangan perusahaan lebih baik pada periode sebelum panawaran. Penelitian ini mencoba untuk menguji apakah ada kenaikan laba yang signifikan pada periode sebelum penawaran yang dapat diinterpretasikan sebagai adanya manajemen laba. Perilaku aliran kas dari aktivitas operasi juga diteliti. Sampel penelitian mencakup 35 perusahaan yang melakukan penawaran saham perdana di Bursa Efek Indonesia tahun 2002-2005. Uji-t untuk perbedaan nilai diterapkan untuk menguji apakah laba antar periode berbeda. Hasil penelitian menunjukkan bahwa besaran laba cenderung meningkat pada tahun mendekati saat penawaran saham, tetapi menurun pada periode dua tahun setelah penawaran saham perdana. Perilaku aliran kas dari aktivitas operasi relatif sama dengan perilaku laba. Namun demikian, penelitian ini tidak sampai pada kesimpulan bahwa manajemen laba terbukti dengan nyata dilakukan pada perusahaan yang melakukan IPO di Indonesia tahun 2002-2005.
PENGARUH KINERJA KEUANGAN TERHADAP RETURN SAHAM PADA PERUSAHAAN KELOMPOK JAKARTA ISLAMIC INDEX Wardana, Guntur Kusuma; Gumanti, Tatang Ary; Utami, Elok Sri
IQTISHODUNA IQTISHODUNA (VOL 11, NO: 1.
Publisher : Fakultas Ekonomi, UIN Maliki Malang

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.18860/iq.v1i1.3700

Abstract

The purpose of this research is to analyse the influence of financial performance on returns a stockslisted in Jakarta Islamic Index. The populations in this research are all companies listed on the Jakarta IslamicIndex (JII) 2012 to 2013. The data were analysed by using method criteria a purposive sampling generate a totalof 20 companies. Multiple regression analysis results show that Price Earnings Ratio effect CumulativeAbnormal Returns, while the Net Profit Margin, Price to Book Value and Current Ratio do not influence onCumulative Abnormal Return.