Andreas Lako - Academia.edu (original) (raw)

Papers by Andreas Lako

This study purposes to investigate the free-riding behattior from stoek market actors in respondi... more This study purposes to investigate the free-riding behattior from stoek market actors in responding to the good and bad news earnings announcements. Theoreticolly, free-riding (and externality) behaviors are the source of market failure, which suggest that regulotion mry still be needed (Wolk et al. 2001; Scott, 2003). But, the empirical investigation with respect to the issue is still rare. Using the good and bad news earnings announcements of 1998-2000 from LQ45 firms listed at the Jakarta Stock Exchange and a quasi-experimental design, the results show that there arefree-riding behaviorsfrom market actors in responding to the good news earnings announcements from treatment sample. However, this study fails to find the free-riding behaviors from market actors in responding to the bad news earnings onnouncernents. The study also finds a number of phenomena that reflected the market anomaly. For thefuture research, this study suggests to extend the samples ond periods of earnings an...

International Journal of Multicultural and Multireligious Understanding, 2020

This study examines the relationship between asset structure, capital structure, asset productivi... more This study examines the relationship between asset structure, capital structure, asset productivity, and operating activities and their impact on firm value. This research was conducted because so far many studies have been conducted in a partial nature, and generally only examined the effect of capital structure on company financial performance or on firm value, the effect of financial performance on firm value. In company operations, the function of financial management, namely investment decisions, funding decisions, asset management to achieve financial management objectives cannot be separated and influences each other. The research object is a manufacturing company listed on the Indonesia Stock Exchange from 2010 to 2018. The number of samples studied was 109 companies with a total of 981 data. The research variables are asset structure (FATA), capital structure (TDR), asset productivity (FATO), operating activities (ROI), and firm value (Tobin's q). The data analysis tool...

Most empirical studies and literature reviews documented that the final results of the wave of me... more Most empirical studies and literature reviews documented that the final results of the wave of mergers and acquisitions in the United States, Canada, and European countries during the decade of 1980s, 1990s and 2000s were always dissatisfactory. In fact, the extent of the failure is higher than the success. However, a comprehensive investigation on the factors motivating the rise of mergers and acquisitions and the causes for success and failure is still rare. This paper reviews the contribution of corporate strategy in success and failure of mergers and acquisitions during three decades. Specifically, this paper reviews literatures with respect to the motives of corporate mergers and acquisitions actions and the trigger factors of their failures. The result of the literature review shows that corporate strategy has a significant contribution to the extent of the success and failure of corporate mergers and acquisitions. The review finds that trigger factors of mergers and acquisiti...

International Journal of Business and Society, 2021

Human capital effects have been ignored as important resources to induce the organization’s perfo... more Human capital effects have been ignored as important resources to induce the organization’s performance in firm-level research. The proponents of human capital theory and resource-based view theory argue that the human resources attached to each board member, such as networking, education, and experience, might induce the performance. Yet, agency theory argues those strategic resources might bring higher transaction costs and entrenchment costs. Therefore, this study aims to examine the board's capital effect on firm performance for a sample of 252 listed firms in Indonesia over 2011–2017. Using dynamic GMM panel regression, we confirm the hypothesis about board capital and performance. The results imply that board members’ networking and experience are two important factors for firm performance. However, boar members’ education does not give any impact. It confirms prior theories whereby the capability and competency of directors are an important source for the firm to achieve ...

Contaduría y Administración

The effect of corporate governance and intellectual capital toward financial performance and firm... more The effect of corporate governance and intellectual capital toward financial performance and firm value of socially responsible firms El efecto del gobierno corporativo y el capital intelectual sobre el desempeño financiero y el valor firme de las empresas socialmente responsables

International Journal of Applied Research in Management and Economics, 1970

This research is important because there are still many batik craftsmen unconsciousness of the im... more This research is important because there are still many batik craftsmen unconsciousness of the importance of product quality and brand image in influencing the possibility of consumers buying products (batik Lasem cloth). Batik Lasem is a traditional Indonesian cloth originating from the City of Lasem in Central Java, Indonesia. The purpose of this research is to empirically examine product quality concepts consisting of eight (8) dimensions (performance, reliability, features, suitability, durability, service capability, aesthetics, and quality of customer perception) and brand image with a willingness to buy. The data collection was done involving 181 Lasem batik buyers in Central Java, Indonesia. Data were analyzed using SPSS version 20. Three (3) hypotheses in this study were accepted. The result of the analysis shows that 1). There is a positive significant relationship between product quality and willingness to buy; 2) There is a positive significant relationship between brand image and willingness to buy, and 3). There is a significant relationship between product quality and brand image with willingness to buy.

Journal of Management and Business Environment (JMBE)

The resarch is to analyze the impact of financial knowledge, financial management behavior, and p... more The resarch is to analyze the impact of financial knowledge, financial management behavior, and personal income on investment decision of the employees of PT. Industri Jamu dan Farmasi Sido Muncul Tbk. This study is also to analyze moderating effect of employee’ characteristics in relation to financial knowledge and financial management behavior and personal income to investment decision of the employees. Based on purposive sampling and questionnaire, the study results in financial knowledge, financial management behavior, and personal income have positive impact on investment decision of the employees. However, employee’ characteristics do not show moderating effect in relations to financial knowledge and management behavior and personal income to investment decision of the employees. The results inidicate that emloyees’ characteristics (risk taker or risk adverse) weaken the influence of financial knowledge, financial management behavior, and personal income to investment decision...

Health & Social Care in the Community

Social quality is the extent to which people are able to participate in social relationships unde... more Social quality is the extent to which people are able to participate in social relationships under conditions which enhance their well-being, capacities and potential and enables them to shape their own circumstances and contribute to societal development. We assessed whether women in homeless shelters differed from men on social quality factors that constitute the quality of their daily life and whether factor scores changed at a different rate for women and men after shelter exit. Data were collected as part of a randomised controlled trial. In 18 shelters across the Netherlands, 183 participants were recruited between December 2010 and December 2012 and followed for 9 months. Adults were eligible if they were about to move from shelter to (supported) independent housing and their shelter stay had been shorter than 14 months. At baseline, women were significantly younger than men. They were more likely to have children, to have minor children staying with them, to be lower educated, to be unemployed and to have been victimised than men. Women had used more services and reported lower self-esteem, less satisfaction with health and empowerment and higher psychological distress. They were less likely than men to have used alcohol excessively or cannabis. We found no significant differences between women and men in changes over time on the social quality factors. As women were disadvantaged at baseline compared to men regarding many factors, we concluded that women in homeless shelters are a particularly vulnerable group. Moreover, an opportunity remains for shelter services to improve women's social quality during and after their shelter stay.

ejournal.narotama.ac.id

... KEUANGAN UNTUK INVESTOR PASAR SAHAM INDONESIA: SUATU BUKTI EMPIRIS BARUANDREAS LAKO Simposium... more ... KEUANGAN UNTUK INVESTOR PASAR SAHAM INDONESIA: SUATU BUKTI EMPIRIS BARUANDREAS LAKO Simposium Riset Ekonomi II ... Relevansi nilai informasi akuntansi di Indonesia. Tesis S2.Program Akuntansi Pascasarjana Ilmu-Ilmu Ekonomi UGM. Andreas Lako ...

Journal of Management and Business Environment (JMBE)

The purpose of this study is to analyze the impact of financial performance, financial risk, liqu... more The purpose of this study is to analyze the impact of financial performance, financial risk, liquidity, and corporate governance (CG) on the corporate value in the period t0 and t+1. The proxy for financial performance, financial risk, liquidity, and corporate governance is respectively return on equity (ROE), debt to assets ratio (DAR), current ratio (CR), and corporate governance perception index (CGPI). The proxy for corporate value is price to book value (PBV). The method for analysis data is multiple linear regression analysis. The results show that financial performance has positive impact on the corporate value in the period t0 and t+1 on one percent level of significance. However, financial risk and liquidity have positive impact on the corporate value in the period t0 and t+1 but the impact is not statistically significant. CG shows different impact on the corporate value in the period t0 and t+1 in which it indicates negative impact in the period t0 but positive impact in ...

Jurnal Akuntansi Bisnis

This study aims to examine the effect of IFRS implementation on the value relevance of accounting... more This study aims to examine the effect of IFRS implementation on the value relevance of accounting information with elements of financial statements based on SAK-IFRS namely Assets, Liabilities, Book Value Equity, Income, Costs and Profit. The population of this study is a banking company listed on the Indonesia Stock Exchange in 2008-2015. The sampling technique used in this study is purposive sampling method, which is the sampling conducted by the author through consideration and based on certain criteria. The analytical tool used is Multiple Linear Regersion. The results showed that the relevance of the value of accounting information (elements of financial statements) for the stock market before and after the conversion of IFRS-SAK increased from time to time after the year SAK-IFRS was enacted. The relevance of the value of accounting information after the conversion of IFRS-SAK is higher than before the conversion of IFRS. There is a significant difference between the relevance...

Jurnal Akuntansi Bisnis

This study analyzes the effect of financial performance and firm value on stock price performance... more This study analyzes the effect of financial performance and firm value on stock price performance with corporate social responsibility (CSR) performance as a moderating variable. This research is important because before investing investors will do the valuation in advance, this is in line with the theory of valuation which states that the valuation is done on assets invested, where the assets invested can be in the form of real assets and financial assets (Manurung, 2011). Financial assets in this case are stocks. Assessment of stock price movements in a stock exchange is influenced by several factors, both internal and external factors (Lako, 2004). The main focus in this research is on internal factors of company especially financial performance (QR, DAR, ROA, and TATO), and firm value (PBV). Stock price performance is proxied with stock return and CSR performance is proxied with CSR cost ratio. By using sample of manufacturing company listed in Indonesia Stock Exchange (IDX) dur...

Accounting Research Journal

Purpose The purpose of this study is to examine the relationship between board capital and firm e... more Purpose The purpose of this study is to examine the relationship between board capital and firm earnings quality with different controlling shareholders for a sample of 252 listed firms in Indonesia over the period 2011–2017. Design/methodology/approach This study uses a two-step dynamic generalized method of moments panel regression to estimate the board capital effect on earnings quality. The board capital measure is constructed from educational capital, networking capital and experience capital. Meanwhile, discretionary accrual is used as the proxy for earnings quality. All financial data is from the annual report. Board capital data is a combination of an annual report, RelSci data, Linkedin searching and Bloomberg data. Findings The findings of this study report that board capital has a significant effect on earnings quality. Higher board capital may result in better earnings quality. In further investigation, this study finds that firms with higher education backgrounds tend t...

International Journal of Economic Policy in Emerging Economies

This study purposes to investigate the free-riding behattior from stoek market actors in respondi... more This study purposes to investigate the free-riding behattior from stoek market actors in responding to the good and bad news earnings announcements. Theoreticolly, free-riding (and externality) behaviors are the source of market failure, which suggest that regulotion mry still be needed (Wolk et al. 2001; Scott, 2003). But, the empirical investigation with respect to the issue is still rare. Using the good and bad news earnings announcements of 1998-2000 from LQ45 firms listed at the Jakarta Stock Exchange and a quasi-experimental design, the results show that there arefree-riding behaviorsfrom market actors in responding to the good news earnings announcements from treatment sample. However, this study fails to find the free-riding behaviors from market actors in responding to the bad news earnings onnouncernents. The study also finds a number of phenomena that reflected the market anomaly. For thefuture research, this study suggests to extend the samples ond periods of earnings an...

International Journal of Multicultural and Multireligious Understanding, 2020

This study examines the relationship between asset structure, capital structure, asset productivi... more This study examines the relationship between asset structure, capital structure, asset productivity, and operating activities and their impact on firm value. This research was conducted because so far many studies have been conducted in a partial nature, and generally only examined the effect of capital structure on company financial performance or on firm value, the effect of financial performance on firm value. In company operations, the function of financial management, namely investment decisions, funding decisions, asset management to achieve financial management objectives cannot be separated and influences each other. The research object is a manufacturing company listed on the Indonesia Stock Exchange from 2010 to 2018. The number of samples studied was 109 companies with a total of 981 data. The research variables are asset structure (FATA), capital structure (TDR), asset productivity (FATO), operating activities (ROI), and firm value (Tobin's q). The data analysis tool...

Most empirical studies and literature reviews documented that the final results of the wave of me... more Most empirical studies and literature reviews documented that the final results of the wave of mergers and acquisitions in the United States, Canada, and European countries during the decade of 1980s, 1990s and 2000s were always dissatisfactory. In fact, the extent of the failure is higher than the success. However, a comprehensive investigation on the factors motivating the rise of mergers and acquisitions and the causes for success and failure is still rare. This paper reviews the contribution of corporate strategy in success and failure of mergers and acquisitions during three decades. Specifically, this paper reviews literatures with respect to the motives of corporate mergers and acquisitions actions and the trigger factors of their failures. The result of the literature review shows that corporate strategy has a significant contribution to the extent of the success and failure of corporate mergers and acquisitions. The review finds that trigger factors of mergers and acquisiti...

International Journal of Business and Society, 2021

Human capital effects have been ignored as important resources to induce the organization’s perfo... more Human capital effects have been ignored as important resources to induce the organization’s performance in firm-level research. The proponents of human capital theory and resource-based view theory argue that the human resources attached to each board member, such as networking, education, and experience, might induce the performance. Yet, agency theory argues those strategic resources might bring higher transaction costs and entrenchment costs. Therefore, this study aims to examine the board's capital effect on firm performance for a sample of 252 listed firms in Indonesia over 2011–2017. Using dynamic GMM panel regression, we confirm the hypothesis about board capital and performance. The results imply that board members’ networking and experience are two important factors for firm performance. However, boar members’ education does not give any impact. It confirms prior theories whereby the capability and competency of directors are an important source for the firm to achieve ...

Contaduría y Administración

The effect of corporate governance and intellectual capital toward financial performance and firm... more The effect of corporate governance and intellectual capital toward financial performance and firm value of socially responsible firms El efecto del gobierno corporativo y el capital intelectual sobre el desempeño financiero y el valor firme de las empresas socialmente responsables

International Journal of Applied Research in Management and Economics, 1970

This research is important because there are still many batik craftsmen unconsciousness of the im... more This research is important because there are still many batik craftsmen unconsciousness of the importance of product quality and brand image in influencing the possibility of consumers buying products (batik Lasem cloth). Batik Lasem is a traditional Indonesian cloth originating from the City of Lasem in Central Java, Indonesia. The purpose of this research is to empirically examine product quality concepts consisting of eight (8) dimensions (performance, reliability, features, suitability, durability, service capability, aesthetics, and quality of customer perception) and brand image with a willingness to buy. The data collection was done involving 181 Lasem batik buyers in Central Java, Indonesia. Data were analyzed using SPSS version 20. Three (3) hypotheses in this study were accepted. The result of the analysis shows that 1). There is a positive significant relationship between product quality and willingness to buy; 2) There is a positive significant relationship between brand image and willingness to buy, and 3). There is a significant relationship between product quality and brand image with willingness to buy.

Journal of Management and Business Environment (JMBE)

The resarch is to analyze the impact of financial knowledge, financial management behavior, and p... more The resarch is to analyze the impact of financial knowledge, financial management behavior, and personal income on investment decision of the employees of PT. Industri Jamu dan Farmasi Sido Muncul Tbk. This study is also to analyze moderating effect of employee’ characteristics in relation to financial knowledge and financial management behavior and personal income to investment decision of the employees. Based on purposive sampling and questionnaire, the study results in financial knowledge, financial management behavior, and personal income have positive impact on investment decision of the employees. However, employee’ characteristics do not show moderating effect in relations to financial knowledge and management behavior and personal income to investment decision of the employees. The results inidicate that emloyees’ characteristics (risk taker or risk adverse) weaken the influence of financial knowledge, financial management behavior, and personal income to investment decision...

Health & Social Care in the Community

Social quality is the extent to which people are able to participate in social relationships unde... more Social quality is the extent to which people are able to participate in social relationships under conditions which enhance their well-being, capacities and potential and enables them to shape their own circumstances and contribute to societal development. We assessed whether women in homeless shelters differed from men on social quality factors that constitute the quality of their daily life and whether factor scores changed at a different rate for women and men after shelter exit. Data were collected as part of a randomised controlled trial. In 18 shelters across the Netherlands, 183 participants were recruited between December 2010 and December 2012 and followed for 9 months. Adults were eligible if they were about to move from shelter to (supported) independent housing and their shelter stay had been shorter than 14 months. At baseline, women were significantly younger than men. They were more likely to have children, to have minor children staying with them, to be lower educated, to be unemployed and to have been victimised than men. Women had used more services and reported lower self-esteem, less satisfaction with health and empowerment and higher psychological distress. They were less likely than men to have used alcohol excessively or cannabis. We found no significant differences between women and men in changes over time on the social quality factors. As women were disadvantaged at baseline compared to men regarding many factors, we concluded that women in homeless shelters are a particularly vulnerable group. Moreover, an opportunity remains for shelter services to improve women's social quality during and after their shelter stay.

ejournal.narotama.ac.id

... KEUANGAN UNTUK INVESTOR PASAR SAHAM INDONESIA: SUATU BUKTI EMPIRIS BARUANDREAS LAKO Simposium... more ... KEUANGAN UNTUK INVESTOR PASAR SAHAM INDONESIA: SUATU BUKTI EMPIRIS BARUANDREAS LAKO Simposium Riset Ekonomi II ... Relevansi nilai informasi akuntansi di Indonesia. Tesis S2.Program Akuntansi Pascasarjana Ilmu-Ilmu Ekonomi UGM. Andreas Lako ...

Journal of Management and Business Environment (JMBE)

The purpose of this study is to analyze the impact of financial performance, financial risk, liqu... more The purpose of this study is to analyze the impact of financial performance, financial risk, liquidity, and corporate governance (CG) on the corporate value in the period t0 and t+1. The proxy for financial performance, financial risk, liquidity, and corporate governance is respectively return on equity (ROE), debt to assets ratio (DAR), current ratio (CR), and corporate governance perception index (CGPI). The proxy for corporate value is price to book value (PBV). The method for analysis data is multiple linear regression analysis. The results show that financial performance has positive impact on the corporate value in the period t0 and t+1 on one percent level of significance. However, financial risk and liquidity have positive impact on the corporate value in the period t0 and t+1 but the impact is not statistically significant. CG shows different impact on the corporate value in the period t0 and t+1 in which it indicates negative impact in the period t0 but positive impact in ...

Jurnal Akuntansi Bisnis

This study aims to examine the effect of IFRS implementation on the value relevance of accounting... more This study aims to examine the effect of IFRS implementation on the value relevance of accounting information with elements of financial statements based on SAK-IFRS namely Assets, Liabilities, Book Value Equity, Income, Costs and Profit. The population of this study is a banking company listed on the Indonesia Stock Exchange in 2008-2015. The sampling technique used in this study is purposive sampling method, which is the sampling conducted by the author through consideration and based on certain criteria. The analytical tool used is Multiple Linear Regersion. The results showed that the relevance of the value of accounting information (elements of financial statements) for the stock market before and after the conversion of IFRS-SAK increased from time to time after the year SAK-IFRS was enacted. The relevance of the value of accounting information after the conversion of IFRS-SAK is higher than before the conversion of IFRS. There is a significant difference between the relevance...

Jurnal Akuntansi Bisnis

This study analyzes the effect of financial performance and firm value on stock price performance... more This study analyzes the effect of financial performance and firm value on stock price performance with corporate social responsibility (CSR) performance as a moderating variable. This research is important because before investing investors will do the valuation in advance, this is in line with the theory of valuation which states that the valuation is done on assets invested, where the assets invested can be in the form of real assets and financial assets (Manurung, 2011). Financial assets in this case are stocks. Assessment of stock price movements in a stock exchange is influenced by several factors, both internal and external factors (Lako, 2004). The main focus in this research is on internal factors of company especially financial performance (QR, DAR, ROA, and TATO), and firm value (PBV). Stock price performance is proxied with stock return and CSR performance is proxied with CSR cost ratio. By using sample of manufacturing company listed in Indonesia Stock Exchange (IDX) dur...

Accounting Research Journal

Purpose The purpose of this study is to examine the relationship between board capital and firm e... more Purpose The purpose of this study is to examine the relationship between board capital and firm earnings quality with different controlling shareholders for a sample of 252 listed firms in Indonesia over the period 2011–2017. Design/methodology/approach This study uses a two-step dynamic generalized method of moments panel regression to estimate the board capital effect on earnings quality. The board capital measure is constructed from educational capital, networking capital and experience capital. Meanwhile, discretionary accrual is used as the proxy for earnings quality. All financial data is from the annual report. Board capital data is a combination of an annual report, RelSci data, Linkedin searching and Bloomberg data. Findings The findings of this study report that board capital has a significant effect on earnings quality. Higher board capital may result in better earnings quality. In further investigation, this study finds that firms with higher education backgrounds tend t...

International Journal of Economic Policy in Emerging Economies