Adrian Teja - Academia.edu (original) (raw)

Papers by Adrian Teja

Research paper thumbnail of Pengaruh Penurunan Tarif Pajak Terhadap Modal Saham Bank

Studi Akuntansi dan Keuangan Indonesia, 2021

Tujuan makalah ini adalah menemukan pengaruh penurunan tarif pajak penghasilan badan terhadap mod... more Tujuan makalah ini adalah menemukan pengaruh penurunan tarif pajak penghasilan badan terhadap modal saham bank. Teori struktur modal menyatakan tarif pajak yang lebih rendah mengurangi manfaat pajak dari hutang. Dengan demikian, penurunan tarif pajak akan meningkatkan modal bank. Pengujian hipotesis dilakukan dengan menggunakan metode regresi cross-section. Variabel terikat adalah rasio modal bank terhadap total aset. Variabel bebas adalah perubahan tarif pajak dari 30% menjadi 28% dan 28% menjadi 25% pada tahun 2008-2010. Berbeda dengan hipotesis, kami menemukan penurunan tarif pajak penghasilan bank mengakibatkan pelemahan modal bank. Temuan ini menunjukkan bank mengkompensasi penurunan tarif pajak penghasilan badan dengan menambah sumber dana hutang sehingga nilai uang manfaat pajak dari penggunaan hutang (debt tax saving) dapat dipertahankan. Penurunan tarif pajak penghasilan badan berpengaruh negatif pada modal saham bank. Bank Indonesia harus menerbitkan regulasi untuk mengham...

Research paper thumbnail of Country Tax Regime And Firm Debt Financing

Bina Ekonomi, 2019

The ASEAN country’s tax regime can be distinguished into the classical tax regime (Indonesia, Tha... more The ASEAN country’s tax regime can be distinguished into the classical tax regime (Indonesia, Thailand, and Philippines) and integrated tax regime (Singapore, Malaysia, and Vietnam). This paper aims to understand the effect of the different tax regimes to firm debt financing policy. We analyze the effects of different tax regimes using the cross section regression method. The dependent variable is Debt to Equity Ratio, the independent variable is proxied by a dummy variable with the classical tax regime are defined as 1 and the integrated tax regime are defined as 0, and firms’ characteristics, as a control variable: Net Property Plan and Equipment to Total Asset Ratio, One Year Sales Growth, Price to Book Value Ratio, and Earnings before Interest, Taxes, Depreciation and Amortization to Total Asset Ratio. Since the classical tax regime has higher tax rates relative to the integrated tax regime, firm operating in the classical tax regime able to experience the same debt tax saving u...

Research paper thumbnail of A Comparison of Underwriter Reputation Measurement Methods in Explaining Ipo Stock Performance

Akurasi : Jurnal Studi Akuntansi dan Keuangan, 2021

This study objective compares the underwriter reputation, measured by a different method, in expl... more This study objective compares the underwriter reputation, measured by a different method, in explaining Initial Public Offering (IPO) performance. The reputation is measured based on underwriter IPO frequency and deal value. The underwriter's reputation is then ranked and categorized into quartiles. We use cross-section regression methods to test the effect of different underwriter reputation measurement methods on IPO performance. The dependent variable is short-term and long-term IPO performance. The independent variable is four underwriter reputation categories represented by three-level dummy variables. We found that only underwriter reputation measured by IPO frequency can explain IPO performance. The findings suggest IPO frequency help underwriter understand the market condition and value IPO more accurately. Firms that want to reduce the cost of IPO underpricing should choose underwriters with a higher IPO frequency.

Research paper thumbnail of Short-Term and Long-Term Effect of Firms’ IPO on Competitors’ Performance

Journal of Finance and Accounting, 2020

This study provides empirical evidence on the short term and the long term effects of initial pub... more This study provides empirical evidence on the short term and the long term effects of initial public offering (IPOs) by firms, on their competitor firms’ performance in Indonesia. We perform short-run and long-run event studies and cross sectional regressions over the period 2010 to 2017 and find that both IPO firms and their competitors experience positive stock returns in the short-run and in the long-run. We find that IPO firms’ stock performance is relatively stable in the long-run that enables the competitor firms’ stock returns to catch up with IPO firms’ stock performance. We find negative effect of IPO firms’ stock performance on their competitors’ stock performance in the short-run, and a positive effect in the long-run. Our findings imply that IPO firms provide good information to the industry and no obvious competitive landscape changes are observed.

Research paper thumbnail of Kontrak Implisit dan Biaya Agensi Hutang

Kontrak Implisit dan Biaya Agensi Hutang

We argue that implicit contract is effective to reduce the agency cost of debt in good or bad con... more We argue that implicit contract is effective to reduce the agency cost of debt in good or bad condition. Implicit contract is based on trust Since trust are built from frequent interaction in a long period of time then the lender and the borrower will have an incentive to nurture the trust Reduce uncertainty can reduce contracting costs, reduce monitoring cost, and increasing the accuracy of the debt valuation.

Research paper thumbnail of Corporate Governance: Perspektif Teori Perusahaan

Corporate Governance: Perspektif Teori Perusahaan

The main differences between corporate governance theory from the theory of the firm perspective ... more The main differences between corporate governance theory from the theory of the firm perspective and other perspectives, such as simple finance perspective, the stewardship perspective, the political perspective, and the stakeholder perspective, is the power of the agent The theory of the firm perspective assumes that agent has a dominant power but the other perspectives assume principal has a dominant power. The agent build information asymmetry through increasing risk and complexity of the firm. The increasing of business risk induce principal to invite other principal to spread the risk. When the stake of principal in the firm is small relative to her wealth, their incentive to monitor the agent tend to decreasing. The complexity of the firm need a lot of good monitor. Since good monitor is limited then agent will be under monitored.

Research paper thumbnail of The Relation between Dividend and Financial Constraints to Firm Value

Journal of Finance and Accounting Research, 2020

This study examines the relation between dividends and financial constraints to firm value using ... more This study examines the relation between dividends and financial constraints to firm value using publicly traded firms in Indonesia from 2013 to 2017. The very exploration used a repeated cross section regression method to understand monotonic and non-monotonic alliance between dividends and financial constraints to firm value. The non-monotonic correlation measured by dummy variables for 6 dividends categories, i.e. 0 category is defined as firms that did not pay dividends and category 5 is defined as firms that pay dividends with the highest quintile. It is found that monotonic bond lowers the financial constraints that has more important and consistent positive effects on firm value relative to dividends. These findings imply investors to have higher preferences for a firm’s ability to realize good investment projects and provide higher future profits, relative to current profit in the form of dividends. It also found that non-monotonic connection between dividends and firm value...

Research paper thumbnail of Tax Rate and Non-Debt Tax Shield

Jurnal Riset Manajemen dan Bisnis (JRMB) Fakultas Ekonomi UNIAT, 2019

Firm can minimize their tax obligation by debt tax shield and non-debt tax shield (NDTS). However... more Firm can minimize their tax obligation by debt tax shield and non-debt tax shield (NDTS). However, research findings on how firm treat debt tax shield and NDTS, as a substitute or as a complement, remain inconclusive. This paper objective is to provide evidence on how firm usage of NDTSchange when tax rates change in Indonesia. Multivariate regression analysis performed with NDTSas dependent variable and tax rates change and debt level as independent variable. Multivariate regression analysis covering 73 Indonesia firms with 146 observations for the period of year 2008 to year 2010. Within this period, Indonesia corporate tax rate being reduce twice from 30% in 2008 to 28% in 2009 and 25% in 2010. This research find when tax rates is decrease, public firm increase their usage of NDTSwith a lag of one year and debt financing remain increased alongside with non-debt tax shield. This finding provide support to debt tax shield and NDTSas a complement.

Research paper thumbnail of Stock Portfolio Performance Based on Stock Volatility: A Study of Indonesia Stock Market

Jurnal Riset Manajemen dan Bisnis (JRMB) Fakultas Ekonomi UNIAT, 2019

The aim of the study was to investigate the relevancy of capital asset pricing model (CAPM) in In... more The aim of the study was to investigate the relevancy of capital asset pricing model (CAPM) in Indonesia. CAPM states investor who has willingness to take higher risk should compensate with higher return as compensation. Hypothesis testing uses the one sample t-test to validate the return portfolio is not equal to zero. The result of the study revealed that portfolio with highest risk did not provide highest return. Supposition of the results is because limitation of CAPM theory (frictionless market and everyone has risk averse profile). This creates low risk anomaly phenomenon in Indonesia stock market which lower risk portfolio can provide higher return and contractive monetary policy magnify the portfolio performance differences.

Research paper thumbnail of Investor Limited Information Processing Capacity: Industry Level Analysis

Jurnal Manajemen dan Keuangan, 2019

Investor has cognitive limitation in the form of limited information-processing capacity relative... more Investor has cognitive limitation in the form of limited information-processing capacity relative to the amount of information available to them. This limitation force investors to optimize their valuable resources by focusing only to a specific set of information based on their unique preference. Since different industry have different information complexities, different industries will have different investor segment in terms of investor number, investor sophistication, and investor speed to gather and to comprehend information from other industry. We investigate the prevalence of investor’s limited information-processing capacity in Indonesian stock market using autoregressive model. We used monthly data from 31 December 1999 to 30 September 2015 to identify whether there are industries that consistently lead other industries. We find only mining industry return, with small market capitalization only 3.3% relative to total Jakarta Composite Index market capitalization, which cons...

Research paper thumbnail of Indonesian Fintech Business: New Innovations or Foster and Collaborate in Business Ecosystems?

Indonesian Fintech Business: New Innovations or Foster and Collaborate in Business Ecosystems?

The Asian Journal of Technology Management (AJTM), 2017

. There are many innovative products fail to reach minimum critical mass adopter and cease to exi... more . There are many innovative products fail to reach minimum critical mass adopter and cease to exist. New financial technology products are not an exception because the current financial technology to facilitate transactions, whether payment, investment, and insurance still function remarkably well. Since new financial technology products have features to better serve low to middle-level customers in the form of higher convenience level and lower costs than the current financial technology products, the initiatives to ensure their success is imperative. Thus, the purpose of this study is to present propositions based on a literature review to encourage companies to simultaneously have two competencies, first competencies in new product development and second, competencies to foster and collaborate with other companies in within and across business ecosystems. The implications of this paper are companies with higher competencies to foster and collaborate with other companies, even though they start with relatively basic innovative product, have higher probability to reach minimum critical mass of adopter and higher probability to become leader in their business ecosystem and government need to maintain their active role to foster collaboration within and across business ecosystem.

Research paper thumbnail of The Future of Business and Business School Pedagogy Reconvergence

Proceedings of the 3rd International Seminar and Conference on Learning Organization (isclo-15), 2016

Business world is constantly changing in a different way that the past had low predictive power t... more Business world is constantly changing in a different way that the past had low predictive power to predict the future. In the last ten years, new business paradigms have gained the tractions. There are new business strategies to remove business constraints as much as possible, for rehumanization the consumer and to achieve multiple objectives simultaneously such as profit, social, and environment. The emergence of new business paradigms also means that industries competition landscapes are mutating and create a new industry that has completely different characteristics and a different success factor key. While business world is changing, business school pedagogy has relatively been the same in the last 30 years. The implications are thatbusiness school become more and more irrelevant to business world and more big companies start to develop their corporate university to better address their own challenges. We address those issues by reviewing business school pedagogy philosophy. We find that business school pedagogy has drawbacks such as their time orientation is mostly based on the past of business successes and failures with a relatively stable environment if it is compared to today environment, and their heavy emphasis on a partial analysis and partial problem solvings, such as the case of segregation. To overcome this major drawbacks, we believe that business school pedagogy may be innovated by changing the time of orientation for the future of educators and students externship, whereas current and future business issues may be discussed and solved with a good collaboration with company's management.

Research paper thumbnail of Pengaruh Penurunan Tarif Pajak Terhadap Modal Saham Bank

Studi Akuntansi dan Keuangan Indonesia, 2021

Tujuan makalah ini adalah menemukan pengaruh penurunan tarif pajak penghasilan badan terhadap mod... more Tujuan makalah ini adalah menemukan pengaruh penurunan tarif pajak penghasilan badan terhadap modal saham bank. Teori struktur modal menyatakan tarif pajak yang lebih rendah mengurangi manfaat pajak dari hutang. Dengan demikian, penurunan tarif pajak akan meningkatkan modal bank. Pengujian hipotesis dilakukan dengan menggunakan metode regresi cross-section. Variabel terikat adalah rasio modal bank terhadap total aset. Variabel bebas adalah perubahan tarif pajak dari 30% menjadi 28% dan 28% menjadi 25% pada tahun 2008-2010. Berbeda dengan hipotesis, kami menemukan penurunan tarif pajak penghasilan bank mengakibatkan pelemahan modal bank. Temuan ini menunjukkan bank mengkompensasi penurunan tarif pajak penghasilan badan dengan menambah sumber dana hutang sehingga nilai uang manfaat pajak dari penggunaan hutang (debt tax saving) dapat dipertahankan. Penurunan tarif pajak penghasilan badan berpengaruh negatif pada modal saham bank. Bank Indonesia harus menerbitkan regulasi untuk mengham...

Research paper thumbnail of Country Tax Regime And Firm Debt Financing

Bina Ekonomi, 2019

The ASEAN country’s tax regime can be distinguished into the classical tax regime (Indonesia, Tha... more The ASEAN country’s tax regime can be distinguished into the classical tax regime (Indonesia, Thailand, and Philippines) and integrated tax regime (Singapore, Malaysia, and Vietnam). This paper aims to understand the effect of the different tax regimes to firm debt financing policy. We analyze the effects of different tax regimes using the cross section regression method. The dependent variable is Debt to Equity Ratio, the independent variable is proxied by a dummy variable with the classical tax regime are defined as 1 and the integrated tax regime are defined as 0, and firms’ characteristics, as a control variable: Net Property Plan and Equipment to Total Asset Ratio, One Year Sales Growth, Price to Book Value Ratio, and Earnings before Interest, Taxes, Depreciation and Amortization to Total Asset Ratio. Since the classical tax regime has higher tax rates relative to the integrated tax regime, firm operating in the classical tax regime able to experience the same debt tax saving u...

Research paper thumbnail of A Comparison of Underwriter Reputation Measurement Methods in Explaining Ipo Stock Performance

Akurasi : Jurnal Studi Akuntansi dan Keuangan, 2021

This study objective compares the underwriter reputation, measured by a different method, in expl... more This study objective compares the underwriter reputation, measured by a different method, in explaining Initial Public Offering (IPO) performance. The reputation is measured based on underwriter IPO frequency and deal value. The underwriter's reputation is then ranked and categorized into quartiles. We use cross-section regression methods to test the effect of different underwriter reputation measurement methods on IPO performance. The dependent variable is short-term and long-term IPO performance. The independent variable is four underwriter reputation categories represented by three-level dummy variables. We found that only underwriter reputation measured by IPO frequency can explain IPO performance. The findings suggest IPO frequency help underwriter understand the market condition and value IPO more accurately. Firms that want to reduce the cost of IPO underpricing should choose underwriters with a higher IPO frequency.

Research paper thumbnail of Short-Term and Long-Term Effect of Firms’ IPO on Competitors’ Performance

Journal of Finance and Accounting, 2020

This study provides empirical evidence on the short term and the long term effects of initial pub... more This study provides empirical evidence on the short term and the long term effects of initial public offering (IPOs) by firms, on their competitor firms’ performance in Indonesia. We perform short-run and long-run event studies and cross sectional regressions over the period 2010 to 2017 and find that both IPO firms and their competitors experience positive stock returns in the short-run and in the long-run. We find that IPO firms’ stock performance is relatively stable in the long-run that enables the competitor firms’ stock returns to catch up with IPO firms’ stock performance. We find negative effect of IPO firms’ stock performance on their competitors’ stock performance in the short-run, and a positive effect in the long-run. Our findings imply that IPO firms provide good information to the industry and no obvious competitive landscape changes are observed.

Research paper thumbnail of Kontrak Implisit dan Biaya Agensi Hutang

Kontrak Implisit dan Biaya Agensi Hutang

We argue that implicit contract is effective to reduce the agency cost of debt in good or bad con... more We argue that implicit contract is effective to reduce the agency cost of debt in good or bad condition. Implicit contract is based on trust Since trust are built from frequent interaction in a long period of time then the lender and the borrower will have an incentive to nurture the trust Reduce uncertainty can reduce contracting costs, reduce monitoring cost, and increasing the accuracy of the debt valuation.

Research paper thumbnail of Corporate Governance: Perspektif Teori Perusahaan

Corporate Governance: Perspektif Teori Perusahaan

The main differences between corporate governance theory from the theory of the firm perspective ... more The main differences between corporate governance theory from the theory of the firm perspective and other perspectives, such as simple finance perspective, the stewardship perspective, the political perspective, and the stakeholder perspective, is the power of the agent The theory of the firm perspective assumes that agent has a dominant power but the other perspectives assume principal has a dominant power. The agent build information asymmetry through increasing risk and complexity of the firm. The increasing of business risk induce principal to invite other principal to spread the risk. When the stake of principal in the firm is small relative to her wealth, their incentive to monitor the agent tend to decreasing. The complexity of the firm need a lot of good monitor. Since good monitor is limited then agent will be under monitored.

Research paper thumbnail of The Relation between Dividend and Financial Constraints to Firm Value

Journal of Finance and Accounting Research, 2020

This study examines the relation between dividends and financial constraints to firm value using ... more This study examines the relation between dividends and financial constraints to firm value using publicly traded firms in Indonesia from 2013 to 2017. The very exploration used a repeated cross section regression method to understand monotonic and non-monotonic alliance between dividends and financial constraints to firm value. The non-monotonic correlation measured by dummy variables for 6 dividends categories, i.e. 0 category is defined as firms that did not pay dividends and category 5 is defined as firms that pay dividends with the highest quintile. It is found that monotonic bond lowers the financial constraints that has more important and consistent positive effects on firm value relative to dividends. These findings imply investors to have higher preferences for a firm’s ability to realize good investment projects and provide higher future profits, relative to current profit in the form of dividends. It also found that non-monotonic connection between dividends and firm value...

Research paper thumbnail of Tax Rate and Non-Debt Tax Shield

Jurnal Riset Manajemen dan Bisnis (JRMB) Fakultas Ekonomi UNIAT, 2019

Firm can minimize their tax obligation by debt tax shield and non-debt tax shield (NDTS). However... more Firm can minimize their tax obligation by debt tax shield and non-debt tax shield (NDTS). However, research findings on how firm treat debt tax shield and NDTS, as a substitute or as a complement, remain inconclusive. This paper objective is to provide evidence on how firm usage of NDTSchange when tax rates change in Indonesia. Multivariate regression analysis performed with NDTSas dependent variable and tax rates change and debt level as independent variable. Multivariate regression analysis covering 73 Indonesia firms with 146 observations for the period of year 2008 to year 2010. Within this period, Indonesia corporate tax rate being reduce twice from 30% in 2008 to 28% in 2009 and 25% in 2010. This research find when tax rates is decrease, public firm increase their usage of NDTSwith a lag of one year and debt financing remain increased alongside with non-debt tax shield. This finding provide support to debt tax shield and NDTSas a complement.

Research paper thumbnail of Stock Portfolio Performance Based on Stock Volatility: A Study of Indonesia Stock Market

Jurnal Riset Manajemen dan Bisnis (JRMB) Fakultas Ekonomi UNIAT, 2019

The aim of the study was to investigate the relevancy of capital asset pricing model (CAPM) in In... more The aim of the study was to investigate the relevancy of capital asset pricing model (CAPM) in Indonesia. CAPM states investor who has willingness to take higher risk should compensate with higher return as compensation. Hypothesis testing uses the one sample t-test to validate the return portfolio is not equal to zero. The result of the study revealed that portfolio with highest risk did not provide highest return. Supposition of the results is because limitation of CAPM theory (frictionless market and everyone has risk averse profile). This creates low risk anomaly phenomenon in Indonesia stock market which lower risk portfolio can provide higher return and contractive monetary policy magnify the portfolio performance differences.

Research paper thumbnail of Investor Limited Information Processing Capacity: Industry Level Analysis

Jurnal Manajemen dan Keuangan, 2019

Investor has cognitive limitation in the form of limited information-processing capacity relative... more Investor has cognitive limitation in the form of limited information-processing capacity relative to the amount of information available to them. This limitation force investors to optimize their valuable resources by focusing only to a specific set of information based on their unique preference. Since different industry have different information complexities, different industries will have different investor segment in terms of investor number, investor sophistication, and investor speed to gather and to comprehend information from other industry. We investigate the prevalence of investor’s limited information-processing capacity in Indonesian stock market using autoregressive model. We used monthly data from 31 December 1999 to 30 September 2015 to identify whether there are industries that consistently lead other industries. We find only mining industry return, with small market capitalization only 3.3% relative to total Jakarta Composite Index market capitalization, which cons...

Research paper thumbnail of Indonesian Fintech Business: New Innovations or Foster and Collaborate in Business Ecosystems?

Indonesian Fintech Business: New Innovations or Foster and Collaborate in Business Ecosystems?

The Asian Journal of Technology Management (AJTM), 2017

. There are many innovative products fail to reach minimum critical mass adopter and cease to exi... more . There are many innovative products fail to reach minimum critical mass adopter and cease to exist. New financial technology products are not an exception because the current financial technology to facilitate transactions, whether payment, investment, and insurance still function remarkably well. Since new financial technology products have features to better serve low to middle-level customers in the form of higher convenience level and lower costs than the current financial technology products, the initiatives to ensure their success is imperative. Thus, the purpose of this study is to present propositions based on a literature review to encourage companies to simultaneously have two competencies, first competencies in new product development and second, competencies to foster and collaborate with other companies in within and across business ecosystems. The implications of this paper are companies with higher competencies to foster and collaborate with other companies, even though they start with relatively basic innovative product, have higher probability to reach minimum critical mass of adopter and higher probability to become leader in their business ecosystem and government need to maintain their active role to foster collaboration within and across business ecosystem.

Research paper thumbnail of The Future of Business and Business School Pedagogy Reconvergence

Proceedings of the 3rd International Seminar and Conference on Learning Organization (isclo-15), 2016

Business world is constantly changing in a different way that the past had low predictive power t... more Business world is constantly changing in a different way that the past had low predictive power to predict the future. In the last ten years, new business paradigms have gained the tractions. There are new business strategies to remove business constraints as much as possible, for rehumanization the consumer and to achieve multiple objectives simultaneously such as profit, social, and environment. The emergence of new business paradigms also means that industries competition landscapes are mutating and create a new industry that has completely different characteristics and a different success factor key. While business world is changing, business school pedagogy has relatively been the same in the last 30 years. The implications are thatbusiness school become more and more irrelevant to business world and more big companies start to develop their corporate university to better address their own challenges. We address those issues by reviewing business school pedagogy philosophy. We find that business school pedagogy has drawbacks such as their time orientation is mostly based on the past of business successes and failures with a relatively stable environment if it is compared to today environment, and their heavy emphasis on a partial analysis and partial problem solvings, such as the case of segregation. To overcome this major drawbacks, we believe that business school pedagogy may be innovated by changing the time of orientation for the future of educators and students externship, whereas current and future business issues may be discussed and solved with a good collaboration with company's management.