Hardo Basuki - Academia.edu (original) (raw)
Papers by Hardo Basuki
International Journal of Approximate Reasoning, 2013
The aim of this study is to give empirical evidence about the impact of the implementation of goa... more The aim of this study is to give empirical evidence about the impact of the implementation of goal setting theory andagency theory on the performance of local governmental units in the Special Region of Yogyakarta Province. The samples were the SKPD’s chairmen or chairwomen who lead the governmental services atthe province level (D I Yogyakarta) and the regency level (Kota Yogyakarta, Kabupaten Sleman,Kabupaten Gunung Kidul, Kabupaten Bantul, and Kabupaten Kulon Progo), and they must be in their term of office for at least one year. This study analyzed their perceptions about the statements in the questionaire. The data were analized by partial least square (PLS) with Smart PLS Version 2.0. The findings showed empirical evidence of the impact of clear and measurable goals on qualitative and quantitative performance, and the impact of performance measurement indicators on quantitative and qualitative performance are consistent with goalsetting theory, but the impact of decentralizati...
In the era of free competition like today, companies must be clever and use this opportunity in o... more In the era of free competition like today, companies must be clever and use this opportunity in order to survive. Good Corporate Governance (GCG) as structure, systems and processes used by the organs of the company in an effort to provide value-added enterprises continuously in the long run, by taking into account the interests of other stakeholders. This study aims to analyze the influence of Corporate Governance, and Size on the value of companies that proxy to Tobin�s Q using the corporate data in Indonesia, using multiple regression analysis. Sampling performed on companies listed on the Indonesia Stock Exchange and included in the ranking of good corporate governance conducted by the Indonesian Institute for Corporate Governance (IICG) from the year 2005-2009. Based on the results of this study was obtained that the Corporate Governance Perception Index has no significant effect, but are positively related to firm value, indicating the better the level of implementation of G...
The objective of this study is to analyze influence of the impact of inflation, exchange rate Rup... more The objective of this study is to analyze influence of the impact of inflation, exchange rate Rupiah/US$ and SBI interest rate variable toward stock prices. The population of this study is cement listed companies in Indonesia Stock Exchange. Analysis method used is multiple regression. Based on that multiple regression analysis shows that significant influence of inflation, exchange rate Rupiah/US$ and SBI interest rate toward stock prices. The hypothesis of this study is inflation, exchange rate Rupiah/US$ and SBI interest rate was partially and simultaneously affect toward stock price. The results of the partial hypothesis test (t test) showed that the variable inflation had not significant influence toward stock prices on cement companies, however the exchange rate Rupiah/US$ variable had indicate to influence toward stock Prices of PT. Indocement Tunggal Perkasa Tbk and PT. Holcim Indonesia Tbk but not to PT. Semen Gersik (persero), and while the SBI interest rate variable had a...
The study aims to evaluate the implementation of internal control elements of COSO in the mainten... more The study aims to evaluate the implementation of internal control elements of COSO in the maintenance activities of facility supporting equipments at PT Sawokembar Galeria Yogyakarta. It was conducted to determine whether the application of internal control components for the maintenance of facility supporting equipments has been feasible based on the criteria of the five internal control components stipulated by COSO. The study was conducted at PT. Sawokembar Galeria Yogyakarta, commonly referred to as Galeria Mall, as shopping center located on Jalan Jendral Sudirman 99-101, Yogyakarta. The data was obtained from observation of the suitability for the practice of internal control element application in the maintenance of facility supporting equipments at PT. Sawokembar Galeria Yogyakarta. From the results of the study, it can be concluded that there are several internal control components at Galeria Mall that are incompatible with the criteria stipulated by COSO. Therefore, the au...
Gadjah Mada International Journal of Business, 2007
By abolishing the tax credit on dividends received by tax-exempt financial institutions in 1997, ... more By abolishing the tax credit on dividends received by tax-exempt financial institutions in 1997, the effective rate of tax for share-holders such as pension funds increases significantly, and the tax preference for dividends is significantly reduced. The tax-exempt shareholders mainly consist of pension funds and insurance companies with respect to their pension business. This tax-exempt community is the most influential shareholders in many U.K. companies, and their tax preference for dividends may have an important impact on corporate dividend policy.The objective of this study is to examine whether the aggregate dividend payment changes following the 1997 abolition of the tax credit. Using aggregate data in time series from 1974 to 1999, this study finds that the percentage of forecast error in Lintner’s model does not change significantly between the pre- and post-abolition periods. Hence, there is no evidence that aggregate dividend payment decreases following the abolition of ...
Gadjah Mada International Journal of Business, 2006
The ex-dividend day returns are composed of the capital gains component and the dividends compone... more The ex-dividend day returns are composed of the capital gains component and the dividends component. This study mainly examines the relationship between the 1997 abolition of the tax-credit and the ex-dividend day abnormal stock returns in the UK market (London Stock Exchange). The 1997 abolition of the tax credit on dividend effectively reduced the income of pension funds and other tax-exempt shareholders who had a strong preference for dividends. This study finds that the ex-day abnormal returns (AR) declined from +0.0580 percent during the pre-abolition periods to -0.1459 percent during the post-abolition periods. This decline is statistically significant with a t-value of 2.0431. From these results it would appear that the ex-dividend day AR changed following the 1997 abolition of tax credits on dividends. Moreover the comparison tests of ex-day drop-off ratios between pre-and post-abolition periods show that drop-off ratios for all dividend yield groups increased significantly ...
Gadjah Mada International Journal of Business, 2010
The objective of this study is to continue and extend previous studies in evaluating the extent t... more The objective of this study is to continue and extend previous studies in evaluating the extent to which current assurance practices promote transparency and accountability to stakeholders. This is carried out by conducting an empirical analysis of the content of assurance statements accompanying a sample of non-financial reports short-listed for the Association of Chartered Certified Accountants (ACCA) U.K. Sustainability Reporting Award and the CERES-ACCA Sustainability Reporting Award from 2006 to 2008. The findings of this study show that several new trends in social, environmental and sustainability assurance can be observed. Firstly, accountants tend to limit their intended readership to management only and state a disclaimer for other potential readers. This diminishes the transparency and stakeholder accountability of the reporting. Secondly, there is even stronger evidence that management has the control over the scope of the assurance engagement and over what information g...
The Indonesian Journal of Accounting Research, 2017
Scandals in auditing have deteriorated the credibility of the accounting profession. The low law ... more Scandals in auditing have deteriorated the credibility of the accounting profession. The low law enforcement and concentrated ownership structure in Indonesia (La Porta et al., 1999; Siregar, 2006) has led to lower auditor independence. This study uses social cognitive theory in modeling. Based on social cognitive theory, law enforcement influences auditor's concern to professional sanction. Then, the concern to professional sanction is cognitive which influence auditor's independence. The objectives of this research are to examine the effect of work context to the level of auditor's concern to professional sanction, the role of auditor's concern to professional sanction to his or her professionalism and independence. Based on scenario-based surveys in Jakarta, Surabaya, Semarang, Denpasar, Yogyakarta, we received 186 usable questionnaires (83 questionnaires from auditors working in non-big four accounting firms and 103 questionnaires from auditors who work in big four firms). This study uses multiple regression analysis and independent sample test. This study found that work context did not influence the level of auditor's concern to professional sanction but auditor's concern to professional sanction influences his or her independence to the audited. Finally, this research provides evidence that professionalism and concern to professional sanction have substitution effect to auditor's independence.
Gadjah Mada International Journal of Business, 2006
The ex-dividend day returns are composed of the capital gains component and the dividends compone... more The ex-dividend day returns are composed of the capital gains component and the dividends component. This study mainly examines the relationship between the 1997 abolition of the tax-credit and the ex-dividend day abnormal stock returns in the UK market (London Stock Exchange). The 1997 abolition of the tax credit on dividend effectively reduced the income of pension funds and other tax-exempt shareholders who had a strong preference for dividends. This study finds that the ex-day abnormal returns (AR) declined from +0.0580 percent during the pre-abolition periods to -0.1459 percent during the post-abolition periods. This decline is statistically significant with a t-value of 2.0431. From these results it would appear that the ex-dividend day AR changed following the 1997 abolition of tax credits on dividends. Moreover the comparison tests of ex-day drop-off ratios between pre-and post-abolition periods show that drop-off ratios for all dividend yield groups increased significantly from 0.519 in the preabolition periods to 0.574 over the post-abolition periods with a tvalue of 2.183. Thus, the decrease on ex-day AR was further supported by a significant increase in the average price-drop to dividend ratios. The decline in the ex-day AR for the post-abolition periods seems to be driven primarily by quintile 5 (the highest dividend yield quintile). Quintile 5 exhibits strong dividend preference and this preference is likely caused by the imputation system that provides a tax advantage to the tax exempt shareholders. This finding appears to suggest that the highest dividend yield securities are likely to be held by tax-exempt investors such as pension funds that were affected by the abolition of the tax credits on dividend
The essence of decentralized government is bring the government closer to its people. In particul... more The essence of decentralized government is bring the government closer to its people. In particular, local government using budget for routine and development program. But the other side, local government related with macroeconomic variable such as economic growth. Government program must support economic growth through planning the expenditure. The purpose of this research is to examine the relationship between local provincial expenditure and economic growth in Indonesia. To test the hypothesis, we analyze aggregate and disaggregate data from local provincial government in Indonesia. Broadly, the evidence, support that the relation between local expenditure (aggregate or disaggregate data) and economic growth are exist. This evidence can broaden our understanding of the political economy of budget beyond formally.
This study purposes to investigate affect corporate governance to corporate performance. The anal... more This study purposes to investigate affect corporate governance to corporate performance. The analysis employed one kind of model, model with ROE as financial performance measurement. This study employs a technical regression to test that quality implementation of corporate governance positively significant affect financial performance. The quality implementation of corporate governance by CGCG UGM Model is used to measure to the corporate governance implementation. Sample of this study are manufacturing companies that listed in Indeks LQ-45 during 2004-2009. Amount of sample are 17 companies as a pooled data from 2001-2009. Secondary data, Annual Report is used in this study. The analysis shows that the quality implementation of corporate governance positively significant affect financial performance but in weakness level. It may cause of the limitation of information about companies itself also the calculation of each variable (dependent variable and the three of control variable) in this study using information of sales and fluctuates of data from each variable (dependent variable and the three of control variable) during 2004-2009.
International Journal of Approximate Reasoning, 2013
The aim of this study is to give empirical evidence about the impact of the implementation of goa... more The aim of this study is to give empirical evidence about the impact of the implementation of goal setting theory andagency theory on the performance of local governmental units in the Special Region of Yogyakarta Province. The samples were the SKPD’s chairmen or chairwomen who lead the governmental services atthe province level (D I Yogyakarta) and the regency level (Kota Yogyakarta, Kabupaten Sleman,Kabupaten Gunung Kidul, Kabupaten Bantul, and Kabupaten Kulon Progo), and they must be in their term of office for at least one year. This study analyzed their perceptions about the statements in the questionaire. The data were analized by partial least square (PLS) with Smart PLS Version 2.0. The findings showed empirical evidence of the impact of clear and measurable goals on qualitative and quantitative performance, and the impact of performance measurement indicators on quantitative and qualitative performance are consistent with goalsetting theory, but the impact of decentralizati...
In the era of free competition like today, companies must be clever and use this opportunity in o... more In the era of free competition like today, companies must be clever and use this opportunity in order to survive. Good Corporate Governance (GCG) as structure, systems and processes used by the organs of the company in an effort to provide value-added enterprises continuously in the long run, by taking into account the interests of other stakeholders. This study aims to analyze the influence of Corporate Governance, and Size on the value of companies that proxy to Tobin�s Q using the corporate data in Indonesia, using multiple regression analysis. Sampling performed on companies listed on the Indonesia Stock Exchange and included in the ranking of good corporate governance conducted by the Indonesian Institute for Corporate Governance (IICG) from the year 2005-2009. Based on the results of this study was obtained that the Corporate Governance Perception Index has no significant effect, but are positively related to firm value, indicating the better the level of implementation of G...
The objective of this study is to analyze influence of the impact of inflation, exchange rate Rup... more The objective of this study is to analyze influence of the impact of inflation, exchange rate Rupiah/US$ and SBI interest rate variable toward stock prices. The population of this study is cement listed companies in Indonesia Stock Exchange. Analysis method used is multiple regression. Based on that multiple regression analysis shows that significant influence of inflation, exchange rate Rupiah/US$ and SBI interest rate toward stock prices. The hypothesis of this study is inflation, exchange rate Rupiah/US$ and SBI interest rate was partially and simultaneously affect toward stock price. The results of the partial hypothesis test (t test) showed that the variable inflation had not significant influence toward stock prices on cement companies, however the exchange rate Rupiah/US$ variable had indicate to influence toward stock Prices of PT. Indocement Tunggal Perkasa Tbk and PT. Holcim Indonesia Tbk but not to PT. Semen Gersik (persero), and while the SBI interest rate variable had a...
The study aims to evaluate the implementation of internal control elements of COSO in the mainten... more The study aims to evaluate the implementation of internal control elements of COSO in the maintenance activities of facility supporting equipments at PT Sawokembar Galeria Yogyakarta. It was conducted to determine whether the application of internal control components for the maintenance of facility supporting equipments has been feasible based on the criteria of the five internal control components stipulated by COSO. The study was conducted at PT. Sawokembar Galeria Yogyakarta, commonly referred to as Galeria Mall, as shopping center located on Jalan Jendral Sudirman 99-101, Yogyakarta. The data was obtained from observation of the suitability for the practice of internal control element application in the maintenance of facility supporting equipments at PT. Sawokembar Galeria Yogyakarta. From the results of the study, it can be concluded that there are several internal control components at Galeria Mall that are incompatible with the criteria stipulated by COSO. Therefore, the au...
Gadjah Mada International Journal of Business, 2007
By abolishing the tax credit on dividends received by tax-exempt financial institutions in 1997, ... more By abolishing the tax credit on dividends received by tax-exempt financial institutions in 1997, the effective rate of tax for share-holders such as pension funds increases significantly, and the tax preference for dividends is significantly reduced. The tax-exempt shareholders mainly consist of pension funds and insurance companies with respect to their pension business. This tax-exempt community is the most influential shareholders in many U.K. companies, and their tax preference for dividends may have an important impact on corporate dividend policy.The objective of this study is to examine whether the aggregate dividend payment changes following the 1997 abolition of the tax credit. Using aggregate data in time series from 1974 to 1999, this study finds that the percentage of forecast error in Lintner’s model does not change significantly between the pre- and post-abolition periods. Hence, there is no evidence that aggregate dividend payment decreases following the abolition of ...
Gadjah Mada International Journal of Business, 2006
The ex-dividend day returns are composed of the capital gains component and the dividends compone... more The ex-dividend day returns are composed of the capital gains component and the dividends component. This study mainly examines the relationship between the 1997 abolition of the tax-credit and the ex-dividend day abnormal stock returns in the UK market (London Stock Exchange). The 1997 abolition of the tax credit on dividend effectively reduced the income of pension funds and other tax-exempt shareholders who had a strong preference for dividends. This study finds that the ex-day abnormal returns (AR) declined from +0.0580 percent during the pre-abolition periods to -0.1459 percent during the post-abolition periods. This decline is statistically significant with a t-value of 2.0431. From these results it would appear that the ex-dividend day AR changed following the 1997 abolition of tax credits on dividends. Moreover the comparison tests of ex-day drop-off ratios between pre-and post-abolition periods show that drop-off ratios for all dividend yield groups increased significantly ...
Gadjah Mada International Journal of Business, 2010
The objective of this study is to continue and extend previous studies in evaluating the extent t... more The objective of this study is to continue and extend previous studies in evaluating the extent to which current assurance practices promote transparency and accountability to stakeholders. This is carried out by conducting an empirical analysis of the content of assurance statements accompanying a sample of non-financial reports short-listed for the Association of Chartered Certified Accountants (ACCA) U.K. Sustainability Reporting Award and the CERES-ACCA Sustainability Reporting Award from 2006 to 2008. The findings of this study show that several new trends in social, environmental and sustainability assurance can be observed. Firstly, accountants tend to limit their intended readership to management only and state a disclaimer for other potential readers. This diminishes the transparency and stakeholder accountability of the reporting. Secondly, there is even stronger evidence that management has the control over the scope of the assurance engagement and over what information g...
The Indonesian Journal of Accounting Research, 2017
Scandals in auditing have deteriorated the credibility of the accounting profession. The low law ... more Scandals in auditing have deteriorated the credibility of the accounting profession. The low law enforcement and concentrated ownership structure in Indonesia (La Porta et al., 1999; Siregar, 2006) has led to lower auditor independence. This study uses social cognitive theory in modeling. Based on social cognitive theory, law enforcement influences auditor's concern to professional sanction. Then, the concern to professional sanction is cognitive which influence auditor's independence. The objectives of this research are to examine the effect of work context to the level of auditor's concern to professional sanction, the role of auditor's concern to professional sanction to his or her professionalism and independence. Based on scenario-based surveys in Jakarta, Surabaya, Semarang, Denpasar, Yogyakarta, we received 186 usable questionnaires (83 questionnaires from auditors working in non-big four accounting firms and 103 questionnaires from auditors who work in big four firms). This study uses multiple regression analysis and independent sample test. This study found that work context did not influence the level of auditor's concern to professional sanction but auditor's concern to professional sanction influences his or her independence to the audited. Finally, this research provides evidence that professionalism and concern to professional sanction have substitution effect to auditor's independence.
Gadjah Mada International Journal of Business, 2006
The ex-dividend day returns are composed of the capital gains component and the dividends compone... more The ex-dividend day returns are composed of the capital gains component and the dividends component. This study mainly examines the relationship between the 1997 abolition of the tax-credit and the ex-dividend day abnormal stock returns in the UK market (London Stock Exchange). The 1997 abolition of the tax credit on dividend effectively reduced the income of pension funds and other tax-exempt shareholders who had a strong preference for dividends. This study finds that the ex-day abnormal returns (AR) declined from +0.0580 percent during the pre-abolition periods to -0.1459 percent during the post-abolition periods. This decline is statistically significant with a t-value of 2.0431. From these results it would appear that the ex-dividend day AR changed following the 1997 abolition of tax credits on dividends. Moreover the comparison tests of ex-day drop-off ratios between pre-and post-abolition periods show that drop-off ratios for all dividend yield groups increased significantly from 0.519 in the preabolition periods to 0.574 over the post-abolition periods with a tvalue of 2.183. Thus, the decrease on ex-day AR was further supported by a significant increase in the average price-drop to dividend ratios. The decline in the ex-day AR for the post-abolition periods seems to be driven primarily by quintile 5 (the highest dividend yield quintile). Quintile 5 exhibits strong dividend preference and this preference is likely caused by the imputation system that provides a tax advantage to the tax exempt shareholders. This finding appears to suggest that the highest dividend yield securities are likely to be held by tax-exempt investors such as pension funds that were affected by the abolition of the tax credits on dividend
The essence of decentralized government is bring the government closer to its people. In particul... more The essence of decentralized government is bring the government closer to its people. In particular, local government using budget for routine and development program. But the other side, local government related with macroeconomic variable such as economic growth. Government program must support economic growth through planning the expenditure. The purpose of this research is to examine the relationship between local provincial expenditure and economic growth in Indonesia. To test the hypothesis, we analyze aggregate and disaggregate data from local provincial government in Indonesia. Broadly, the evidence, support that the relation between local expenditure (aggregate or disaggregate data) and economic growth are exist. This evidence can broaden our understanding of the political economy of budget beyond formally.
This study purposes to investigate affect corporate governance to corporate performance. The anal... more This study purposes to investigate affect corporate governance to corporate performance. The analysis employed one kind of model, model with ROE as financial performance measurement. This study employs a technical regression to test that quality implementation of corporate governance positively significant affect financial performance. The quality implementation of corporate governance by CGCG UGM Model is used to measure to the corporate governance implementation. Sample of this study are manufacturing companies that listed in Indeks LQ-45 during 2004-2009. Amount of sample are 17 companies as a pooled data from 2001-2009. Secondary data, Annual Report is used in this study. The analysis shows that the quality implementation of corporate governance positively significant affect financial performance but in weakness level. It may cause of the limitation of information about companies itself also the calculation of each variable (dependent variable and the three of control variable) in this study using information of sales and fluctuates of data from each variable (dependent variable and the three of control variable) during 2004-2009.