felizia arni rudiawarni | University of Surabaya (original) (raw)

Papers by felizia arni rudiawarni

Heliyon

This study examines the role of Sharia stocks to affect the association between conservatism and ... more This study examines the role of Sharia stocks to affect the association between conservatism and crash risk. Sharia stocks are represented by the Jakarta Islamic Index (JII) stocks. We use Sharia stocks as a moderating variable to provide contextual issues in discussing conservatism and crash risk. Our findings show that conservatism reduces the crash risk for Sharia stocks. The test also suggests that conservatism cannot affect crash risk for non-Sharia stocks. The examinations are also consistent with the belief that Sharia, as a set of religious norms, helps minimize future risk. This paper contributes to the literature on religion and corporate behaviors by adding a contextual factor, Sharia stocks in Indonesia.

Firms design tax planning strategies to generate a lower payment; indirectly, the results stimula... more Firms design tax planning strategies to generate a lower payment; indirectly, the results stimulate higher valuation because of lower non-capital expenditure. In mainstream research using developed market data, tax planning stimulates crash risk because the activities are considered to hide bad news and information asymmetry to investors. Using Indonesia stock exchange data, one of the emerging stock markets, firms with effective tax planning strategies tend to have less crash risk. However, when firms report higher profitability, tax planning generates a higher probability of future crash risk. Our findings contribute to behavioral aspects in the stock market and taxation

Media Riset Akuntansi Auditing & Informasi 22(1):65-90, 2022

The purpose of this study is to analyze the effect of business strategy on tax planning. This stu... more The purpose of this study is to analyze the effect of business strategy on tax planning. This study uses corporate governance, which is proxied by financial expertise and institutional ownership, as moderating variables and the company's characteristics as a control variable. The sample used in this study is a manufacturing company listed on the Indonesia Stock Exchange for the 2015-2019 period. Determination of the sample using the specified criteria and collected a total of 525 firm years. We use multiple linear regression analysis to test the hypothesis. This research develops new insights regarding the relationship between business strategy and tax planning by including corporate governance variables into the moderation model and performs additional analyzes. Additional analyzes were conducted to explore the effect of moderation on firms with certain characteristics. The results of this study indicate that defenders are not involved in tax planning efforts while prospectors are involved in tax planning efforts. In addition, it was found that financial expertise moderates the influence of business strategy on tax planning in companies with certain characteristics.

Journal of Positive School Psychology, 2022

Firms design tax planning strategies to generate a lower payment; indirectly, the results stimula... more Firms design tax planning strategies to generate a lower payment; indirectly, the results stimulate higher valuation because of lower non-capital expenditure. In mainstream research using developed market data, tax planning stimulates crash risk because the activities are considered to hide bad news and information asymmetry to investors. Using Indonesia stock exchange data, one of the emerging stock markets, firms with effective tax planning strategies tend to have less crash risk. However, when firms report higher profitability, tax planning generates a higher probability of future crash risk. Our findings contribute to behavioral aspects in the stock market and taxation.

The main purpose of this study is to investigate the impact of accrual information to stock valua... more The main purpose of this study is to investigate the impact of accrual information to stock valuation. Managing earnings using income-increasing strategy cause stock to be overvalued.Using Indonesian data, this study selects companies that produce positive discretionary accrual. Those companies are assumed managing earnings trough incomeincreasing strategy based on Modified Jones Model (Dechow et al.,1995) and Kasznik Model (1999). Based on the findings, our conclusions are (1) income-increasing strategy negatively affects stock value, and (2) income-increasing strategy using receivable positively affects stock value. This study is expected to contribute to earnings management and overvaluation studies, especially in emerging market

Global Journal of Business and Social Science Review Vol. 2(4) 2014, 2014

Objective - the objective of this research is to explain whether the adoption of IFRS in Indonesi... more Objective - the objective of this research is to explain whether the adoption of IFRS in Indonesia has improved accounting information quality. Methodology/Technique - Earnings volatility and discretionary accruals are used to test the scope of earnings management on a set of accounting standard used. The regression of share price and book value per share and net profit per share, along with the explanatory power of the model were used to test the value relevance of the accounting standards applied. Findings - This research finds that no significant difference of earnings management's scope after the mandatory adoption of the IFRS. Moreover, this research also finds that IFRS does not result in higher value relevance. Novelty - This research presents evidence of IFRS convergence from an emerging market point of view, particularly in Indonesia. The focus of this research is to examine the impact of IFRS adoption of financial statement quality using multiple measurements. Type of ...

The purpose of this paper is to investigate whether the gender of the firm’s executives (chief ex... more The purpose of this paper is to investigate whether the gender of the firm’s executives (chief executive officers and/ or chief financial officers) has a significant impact on the firm’s earnings management. Modified Dechow and Dichev model is used to measure discretionary accruals as the proxy of earnings management. This paper uses multiple regressions to test the relationship between female executive and earnings management. The paper represents evidence that there is no significant relationship between female executives (chief executive officers and/ or chief financial officers) and discretionary accruals as the proxy of earnings management. Furthermore, the paper’s evidence has implications for investors and firms. Since there is no significant relationship between female executive and earnings management, investors should not be hesitant of making investment in companies with female executive.

Value relevance shows the usefulness of accounting information for investors as a reference for i... more Value relevance shows the usefulness of accounting information for investors as a reference for investment decisions. The objective of this study is to examine the effect of audit quality on value relevance of earnings and book value. BIG 4 auditors and NON BIG 4 auditors are used as a proxy for audit quality. Hypothesis is tested using multiple linear regressions. Samples used in this research consist of 309 manufacturing firms listed on Indonesia Stock Exchange (IDX) in periods 2011 – 2014. The findings of this study reveals that earnings and book value equity for firms audited by BIG 4 auditors are more value relevant than those which are not.

Penelitian ini bertujuan untuk mengetahui apakah atribut corporate governance mempengaruhi keputu... more Penelitian ini bertujuan untuk mengetahui apakah atribut corporate governance mempengaruhi keputusan pemilihan capital structure pada badan usaha di Indonesia. Dalam penelitian ini, populasi yang digunakan adalah seluruh badan usaha sektor manufaktur yang terdaftar di Bursa Efek Indonesia (BEI) periode 2010 sampai 2012. Jumlah sampel yang digunakan adalah sebanyak 282 tahun badan usaha. Variabel dependen yang digunakan adalah Total Debt Ratio (TDR). Sedangkan, variabel independen yang digunakan dalam penelitian adalah board size, outside director, CEO tenure, ownership concentration, dan managerial ownership. Hasil dari penelitian ini menunjukkan bahwa outside director berpengaruh positif terhadap total debt ratio dan ownership concentration berpengaruh negatif terhadap total debt ratio. Hasil ini menunjukkan bahwa outside director (komisaris independen) dipercaya untuk menjalankan fungsi pengawasan yang lebih baik terhadap kinerja manajer sehingga peningkatan utang diharapkan justr...

11th GLOBAL CONFERENCE ON BUSINESS AND SOCIAL SCIENCES, 2020

Stock crashes (jumps) capture extreme negative (positive) returns ) (Hutton et al., 2008; DeFond ... more Stock crashes (jumps) capture extreme negative (positive) returns ) (Hutton et al., 2008; DeFond et al., 2015) and therefore have important implications for investors regarding their investment decisions they make. Investors make decisions based on the information they receive. Based on the value relevance literature, earnings are important information to determine the fundamental value of a firm (Beaver, 1968; Ball and Brown, 1968). The determination of accounting earnings is influenced by management policies. If management's policy in determining the amount of earnings is not appropriate, the quality of earnings as a representation of accounting information will decrease. Management's policy in determining earnings can be in the form of conservative or aggressive policies. Conservatism is divided into two types, namely conditional conservatism and unconditional conservatism (Beaver and Ryan, 2005; Basu, 2005). Conditional conservatism admits loss depending on the economic ...

International Journal of Business and Globalisation, 2020

The development of behavioural finance stimulates the usefulness of simple trading rule. Decision... more The development of behavioural finance stimulates the usefulness of simple trading rule. Decision biases are reflected in price movement, which is utilised by technical analysis indicators to generate trading rules. The main objective of this research is to evaluate the performance of the moving average (MA) trading rules, as a popular indicator in stock markets. The sensitivity of MA length is also examined to generate optimal return. We employ daily data of Indonesia composite index from the beginning of 1998 to the end of 2016 to examine the profitability of MA trading rule. The findings show that investors can apply MA trading rules in Indonesia stock market. Our supplementary analysis indicates that shorter (longer) MA produce higher (lower) return. The return of MA trading rules is also affected by trend. This paper contributes to trading strategy studies, particularly for stock exchanges in emerging markets. Our results recommend that selection of MA length in trading rules is important to create optimal return.

International Journal of Trade and Global Markets, 2020

Investment Management and Financial Innovations, 2019

The research examines the role of discussion in investors’ decision in a step-by-step information... more The research examines the role of discussion in investors’ decision in a step-by-step information setting. Several studies present that disclosure strategy stimulates order-effect bias, but simultaneous information decreases the impact of that bias. This bias makes people weigh more heavily to recent observations than they do to older ones. Using step-by-step information, a recency effect is expected to be found. This study uses an experimental method. The participants are the representation of non-professional investors in the stock market because of a lack of knowledge and experience. Participants are also a reflection of the customer easiness in registering to be stock traders. The role of discussion between participants is a new feature of this experiment. After evaluating participants’ decision in a discussion, the experiment shows that an individual’s choice after discussion produces more bias, although they already learn the information before the discussion. The research fin...

International Journal of Trade and Global Markets, 2020

This research aims to examine whether emotions can affect the recency bias in judgement and decis... more This research aims to examine whether emotions can affect the recency bias in judgement and decision making (JDM). This study finds that the effect of recency bias is so strong that emotion does not affect the recency bias experienced by participants when making decisions. Further analysis shows that humans tend to weigh negative information more heavily than positive information. This research contributes to behavioural finance research in which this research incorporates an element of emotion in the recency bias, where this is so far known, is still not widely researched, especially in emerging market.

Jurnal Keuangan dan Perbankan, 2017

This study investigated whether firm's business strategy is associated with real and accrual earn... more This study investigated whether firm's business strategy is associated with real and accrual earnings management. It applied by Miles & Snow (1978) business strategy typology and classified business strategy into two dominant and contrast strategy, prospector and defender. Business strategy is how the company make decision to compete with its competitors and to sell its products. Compare with prospectors, Defenders have motivation to engage in earnings management with the purpose of maintain its reputation as stable company and fulfil the investor's expectation. Furthermore, this study also examined whether audit quality can decrease real and accrual earnings management. The sample were used in this study are manufacturing firms that are listed in Indonesia Stock Exchange in period 2011-2014. Hypotheses were tested using multiple linear regressions. Our findings show that defender has higher absolute real earnings management compare to prospector, especially for profit firms. However, absolute real earnings management can be decreased along with the increase of audit quality. Such findings could be a consideration for the investors. On the other hand, business strategy does not associate with accrual earnings management.

International Journal of Globalisation and Small Business, 2017

This study investigates the ability of accruals as earnings component to explain stock risk and i... more This study investigates the ability of accruals as earnings component to explain stock risk and its return. We believe managers use accruals to maximise firms' value through minimising stock risk and maximising stock return. Using Indonesian data, we find a negative relation between total accruals to stock risk, especially for loss and small firms. We also present a positive relation between total accruals to abnormal return, particularly in profit and large firms. Those phenomena indicate that investors use higher accruals to produce lower stock risk and higher abnormal return. This study contributes to market-based accounting research.

Jurnal Akuntansi dan Keuangan Indonesia, 2014

This study examines the dynamics of the implementation of IFRS in Indonesia and challenges faced ... more This study examines the dynamics of the implementation of IFRS in Indonesia and challenges faced by its stakeholders by using interpretive-qualitative research paradigm. In-depth interviews, observations, and documentary analysis were used during data collection processes. The results were then cross-examined through triangulation. More specifically, this study attempts to identify problems arised during the implementation and the responses of the stakeholders. The authors hope that the findings can enrich the literatures about the interconnectedness among accounting, culture, language, and stakeholders' interests in the context of developing countries, especially Indonesia. Our results indicate that there is an interdependence among the stakeholders (regulator, auditor, user, preparer, and higher education institutions) in which there is no party that can individually ensure the successfulness of the IFRS implementation. Synergistic, long-term oriented collective efforts among those parties are required since they all have internal constraints that can inhibit the implementation. In addition, culture (including language) exacerbates the problems and, hence, require long-term, strategic responses in macro level. Finally, this study suggests seven propositions conditioning the effectiveness of IFRS implementation in a national context.

Jurnal Akuntansi dan Keuangan Indonesia, 2015

This study aims to determine whether the companies paying dividend in the previous year (payers) ... more This study aims to determine whether the companies paying dividend in the previous year (payers) are more likely to perform earnings management than companies that do not (non-payers) in order to meet the expected dividend. The study also examines the impact of premanaged earnings and expected dividend on earnings management practices. Sample used in this research are manufacturing companies listed in Indonesia Stock Exchange in 2010-2012. The findings suggest that there is a significant negative relationship between premanaged earnings and discretionary accruals, and a significant positive relationship between the expected dividends and discretionary accruals. This study concludes that dividend is important determinant of earnings thresholds. However, dividend is not a unique motivation to perform earnings management.

Equilibrium: Jurnal Ekonomi-Manajemen-Akuntansi

In the accounting’s world, human capital is a part of an intellectual capital (IC) in a group of ... more In the accounting’s world, human capital is a part of an intellectual capital (IC) in a group of intangible assets. Human capital began to be recognized as a key factor of a competitive advantage. Disclosure of information related to human capital also contribute to the reduction of asymmetric information between firms and their investors. This study aims to describe the relationship between human capital information disclosure and stock price. The object of this study are firms in the high Intellectual Capital (IC) intensive industry that disclose information about their human capital. This study finds that the disclosure of human capital has positive effect on stock prices, particularly the disclosure of information regarding the qualifications and competence of human capital. In other words, the information about human capital is value relevant.

Heliyon

This study examines the role of Sharia stocks to affect the association between conservatism and ... more This study examines the role of Sharia stocks to affect the association between conservatism and crash risk. Sharia stocks are represented by the Jakarta Islamic Index (JII) stocks. We use Sharia stocks as a moderating variable to provide contextual issues in discussing conservatism and crash risk. Our findings show that conservatism reduces the crash risk for Sharia stocks. The test also suggests that conservatism cannot affect crash risk for non-Sharia stocks. The examinations are also consistent with the belief that Sharia, as a set of religious norms, helps minimize future risk. This paper contributes to the literature on religion and corporate behaviors by adding a contextual factor, Sharia stocks in Indonesia.

Firms design tax planning strategies to generate a lower payment; indirectly, the results stimula... more Firms design tax planning strategies to generate a lower payment; indirectly, the results stimulate higher valuation because of lower non-capital expenditure. In mainstream research using developed market data, tax planning stimulates crash risk because the activities are considered to hide bad news and information asymmetry to investors. Using Indonesia stock exchange data, one of the emerging stock markets, firms with effective tax planning strategies tend to have less crash risk. However, when firms report higher profitability, tax planning generates a higher probability of future crash risk. Our findings contribute to behavioral aspects in the stock market and taxation

Media Riset Akuntansi Auditing & Informasi 22(1):65-90, 2022

The purpose of this study is to analyze the effect of business strategy on tax planning. This stu... more The purpose of this study is to analyze the effect of business strategy on tax planning. This study uses corporate governance, which is proxied by financial expertise and institutional ownership, as moderating variables and the company's characteristics as a control variable. The sample used in this study is a manufacturing company listed on the Indonesia Stock Exchange for the 2015-2019 period. Determination of the sample using the specified criteria and collected a total of 525 firm years. We use multiple linear regression analysis to test the hypothesis. This research develops new insights regarding the relationship between business strategy and tax planning by including corporate governance variables into the moderation model and performs additional analyzes. Additional analyzes were conducted to explore the effect of moderation on firms with certain characteristics. The results of this study indicate that defenders are not involved in tax planning efforts while prospectors are involved in tax planning efforts. In addition, it was found that financial expertise moderates the influence of business strategy on tax planning in companies with certain characteristics.

Journal of Positive School Psychology, 2022

Firms design tax planning strategies to generate a lower payment; indirectly, the results stimula... more Firms design tax planning strategies to generate a lower payment; indirectly, the results stimulate higher valuation because of lower non-capital expenditure. In mainstream research using developed market data, tax planning stimulates crash risk because the activities are considered to hide bad news and information asymmetry to investors. Using Indonesia stock exchange data, one of the emerging stock markets, firms with effective tax planning strategies tend to have less crash risk. However, when firms report higher profitability, tax planning generates a higher probability of future crash risk. Our findings contribute to behavioral aspects in the stock market and taxation.

The main purpose of this study is to investigate the impact of accrual information to stock valua... more The main purpose of this study is to investigate the impact of accrual information to stock valuation. Managing earnings using income-increasing strategy cause stock to be overvalued.Using Indonesian data, this study selects companies that produce positive discretionary accrual. Those companies are assumed managing earnings trough incomeincreasing strategy based on Modified Jones Model (Dechow et al.,1995) and Kasznik Model (1999). Based on the findings, our conclusions are (1) income-increasing strategy negatively affects stock value, and (2) income-increasing strategy using receivable positively affects stock value. This study is expected to contribute to earnings management and overvaluation studies, especially in emerging market

Global Journal of Business and Social Science Review Vol. 2(4) 2014, 2014

Objective - the objective of this research is to explain whether the adoption of IFRS in Indonesi... more Objective - the objective of this research is to explain whether the adoption of IFRS in Indonesia has improved accounting information quality. Methodology/Technique - Earnings volatility and discretionary accruals are used to test the scope of earnings management on a set of accounting standard used. The regression of share price and book value per share and net profit per share, along with the explanatory power of the model were used to test the value relevance of the accounting standards applied. Findings - This research finds that no significant difference of earnings management's scope after the mandatory adoption of the IFRS. Moreover, this research also finds that IFRS does not result in higher value relevance. Novelty - This research presents evidence of IFRS convergence from an emerging market point of view, particularly in Indonesia. The focus of this research is to examine the impact of IFRS adoption of financial statement quality using multiple measurements. Type of ...

The purpose of this paper is to investigate whether the gender of the firm’s executives (chief ex... more The purpose of this paper is to investigate whether the gender of the firm’s executives (chief executive officers and/ or chief financial officers) has a significant impact on the firm’s earnings management. Modified Dechow and Dichev model is used to measure discretionary accruals as the proxy of earnings management. This paper uses multiple regressions to test the relationship between female executive and earnings management. The paper represents evidence that there is no significant relationship between female executives (chief executive officers and/ or chief financial officers) and discretionary accruals as the proxy of earnings management. Furthermore, the paper’s evidence has implications for investors and firms. Since there is no significant relationship between female executive and earnings management, investors should not be hesitant of making investment in companies with female executive.

Value relevance shows the usefulness of accounting information for investors as a reference for i... more Value relevance shows the usefulness of accounting information for investors as a reference for investment decisions. The objective of this study is to examine the effect of audit quality on value relevance of earnings and book value. BIG 4 auditors and NON BIG 4 auditors are used as a proxy for audit quality. Hypothesis is tested using multiple linear regressions. Samples used in this research consist of 309 manufacturing firms listed on Indonesia Stock Exchange (IDX) in periods 2011 – 2014. The findings of this study reveals that earnings and book value equity for firms audited by BIG 4 auditors are more value relevant than those which are not.

Penelitian ini bertujuan untuk mengetahui apakah atribut corporate governance mempengaruhi keputu... more Penelitian ini bertujuan untuk mengetahui apakah atribut corporate governance mempengaruhi keputusan pemilihan capital structure pada badan usaha di Indonesia. Dalam penelitian ini, populasi yang digunakan adalah seluruh badan usaha sektor manufaktur yang terdaftar di Bursa Efek Indonesia (BEI) periode 2010 sampai 2012. Jumlah sampel yang digunakan adalah sebanyak 282 tahun badan usaha. Variabel dependen yang digunakan adalah Total Debt Ratio (TDR). Sedangkan, variabel independen yang digunakan dalam penelitian adalah board size, outside director, CEO tenure, ownership concentration, dan managerial ownership. Hasil dari penelitian ini menunjukkan bahwa outside director berpengaruh positif terhadap total debt ratio dan ownership concentration berpengaruh negatif terhadap total debt ratio. Hasil ini menunjukkan bahwa outside director (komisaris independen) dipercaya untuk menjalankan fungsi pengawasan yang lebih baik terhadap kinerja manajer sehingga peningkatan utang diharapkan justr...

11th GLOBAL CONFERENCE ON BUSINESS AND SOCIAL SCIENCES, 2020

Stock crashes (jumps) capture extreme negative (positive) returns ) (Hutton et al., 2008; DeFond ... more Stock crashes (jumps) capture extreme negative (positive) returns ) (Hutton et al., 2008; DeFond et al., 2015) and therefore have important implications for investors regarding their investment decisions they make. Investors make decisions based on the information they receive. Based on the value relevance literature, earnings are important information to determine the fundamental value of a firm (Beaver, 1968; Ball and Brown, 1968). The determination of accounting earnings is influenced by management policies. If management's policy in determining the amount of earnings is not appropriate, the quality of earnings as a representation of accounting information will decrease. Management's policy in determining earnings can be in the form of conservative or aggressive policies. Conservatism is divided into two types, namely conditional conservatism and unconditional conservatism (Beaver and Ryan, 2005; Basu, 2005). Conditional conservatism admits loss depending on the economic ...

International Journal of Business and Globalisation, 2020

The development of behavioural finance stimulates the usefulness of simple trading rule. Decision... more The development of behavioural finance stimulates the usefulness of simple trading rule. Decision biases are reflected in price movement, which is utilised by technical analysis indicators to generate trading rules. The main objective of this research is to evaluate the performance of the moving average (MA) trading rules, as a popular indicator in stock markets. The sensitivity of MA length is also examined to generate optimal return. We employ daily data of Indonesia composite index from the beginning of 1998 to the end of 2016 to examine the profitability of MA trading rule. The findings show that investors can apply MA trading rules in Indonesia stock market. Our supplementary analysis indicates that shorter (longer) MA produce higher (lower) return. The return of MA trading rules is also affected by trend. This paper contributes to trading strategy studies, particularly for stock exchanges in emerging markets. Our results recommend that selection of MA length in trading rules is important to create optimal return.

International Journal of Trade and Global Markets, 2020

Investment Management and Financial Innovations, 2019

The research examines the role of discussion in investors’ decision in a step-by-step information... more The research examines the role of discussion in investors’ decision in a step-by-step information setting. Several studies present that disclosure strategy stimulates order-effect bias, but simultaneous information decreases the impact of that bias. This bias makes people weigh more heavily to recent observations than they do to older ones. Using step-by-step information, a recency effect is expected to be found. This study uses an experimental method. The participants are the representation of non-professional investors in the stock market because of a lack of knowledge and experience. Participants are also a reflection of the customer easiness in registering to be stock traders. The role of discussion between participants is a new feature of this experiment. After evaluating participants’ decision in a discussion, the experiment shows that an individual’s choice after discussion produces more bias, although they already learn the information before the discussion. The research fin...

International Journal of Trade and Global Markets, 2020

This research aims to examine whether emotions can affect the recency bias in judgement and decis... more This research aims to examine whether emotions can affect the recency bias in judgement and decision making (JDM). This study finds that the effect of recency bias is so strong that emotion does not affect the recency bias experienced by participants when making decisions. Further analysis shows that humans tend to weigh negative information more heavily than positive information. This research contributes to behavioural finance research in which this research incorporates an element of emotion in the recency bias, where this is so far known, is still not widely researched, especially in emerging market.

Jurnal Keuangan dan Perbankan, 2017

This study investigated whether firm's business strategy is associated with real and accrual earn... more This study investigated whether firm's business strategy is associated with real and accrual earnings management. It applied by Miles & Snow (1978) business strategy typology and classified business strategy into two dominant and contrast strategy, prospector and defender. Business strategy is how the company make decision to compete with its competitors and to sell its products. Compare with prospectors, Defenders have motivation to engage in earnings management with the purpose of maintain its reputation as stable company and fulfil the investor's expectation. Furthermore, this study also examined whether audit quality can decrease real and accrual earnings management. The sample were used in this study are manufacturing firms that are listed in Indonesia Stock Exchange in period 2011-2014. Hypotheses were tested using multiple linear regressions. Our findings show that defender has higher absolute real earnings management compare to prospector, especially for profit firms. However, absolute real earnings management can be decreased along with the increase of audit quality. Such findings could be a consideration for the investors. On the other hand, business strategy does not associate with accrual earnings management.

International Journal of Globalisation and Small Business, 2017

This study investigates the ability of accruals as earnings component to explain stock risk and i... more This study investigates the ability of accruals as earnings component to explain stock risk and its return. We believe managers use accruals to maximise firms' value through minimising stock risk and maximising stock return. Using Indonesian data, we find a negative relation between total accruals to stock risk, especially for loss and small firms. We also present a positive relation between total accruals to abnormal return, particularly in profit and large firms. Those phenomena indicate that investors use higher accruals to produce lower stock risk and higher abnormal return. This study contributes to market-based accounting research.

Jurnal Akuntansi dan Keuangan Indonesia, 2014

This study examines the dynamics of the implementation of IFRS in Indonesia and challenges faced ... more This study examines the dynamics of the implementation of IFRS in Indonesia and challenges faced by its stakeholders by using interpretive-qualitative research paradigm. In-depth interviews, observations, and documentary analysis were used during data collection processes. The results were then cross-examined through triangulation. More specifically, this study attempts to identify problems arised during the implementation and the responses of the stakeholders. The authors hope that the findings can enrich the literatures about the interconnectedness among accounting, culture, language, and stakeholders' interests in the context of developing countries, especially Indonesia. Our results indicate that there is an interdependence among the stakeholders (regulator, auditor, user, preparer, and higher education institutions) in which there is no party that can individually ensure the successfulness of the IFRS implementation. Synergistic, long-term oriented collective efforts among those parties are required since they all have internal constraints that can inhibit the implementation. In addition, culture (including language) exacerbates the problems and, hence, require long-term, strategic responses in macro level. Finally, this study suggests seven propositions conditioning the effectiveness of IFRS implementation in a national context.

Jurnal Akuntansi dan Keuangan Indonesia, 2015

This study aims to determine whether the companies paying dividend in the previous year (payers) ... more This study aims to determine whether the companies paying dividend in the previous year (payers) are more likely to perform earnings management than companies that do not (non-payers) in order to meet the expected dividend. The study also examines the impact of premanaged earnings and expected dividend on earnings management practices. Sample used in this research are manufacturing companies listed in Indonesia Stock Exchange in 2010-2012. The findings suggest that there is a significant negative relationship between premanaged earnings and discretionary accruals, and a significant positive relationship between the expected dividends and discretionary accruals. This study concludes that dividend is important determinant of earnings thresholds. However, dividend is not a unique motivation to perform earnings management.

Equilibrium: Jurnal Ekonomi-Manajemen-Akuntansi

In the accounting’s world, human capital is a part of an intellectual capital (IC) in a group of ... more In the accounting’s world, human capital is a part of an intellectual capital (IC) in a group of intangible assets. Human capital began to be recognized as a key factor of a competitive advantage. Disclosure of information related to human capital also contribute to the reduction of asymmetric information between firms and their investors. This study aims to describe the relationship between human capital information disclosure and stock price. The object of this study are firms in the high Intellectual Capital (IC) intensive industry that disclose information about their human capital. This study finds that the disclosure of human capital has positive effect on stock prices, particularly the disclosure of information regarding the qualifications and competence of human capital. In other words, the information about human capital is value relevant.