Indra Wijaya Kusuma
Prodi Akuntansi Universitas Gadjah Mada, Yogyakarta

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Manajemen Laba Pada Saat Pergantian CEO (Dirut) Di Indonesia Adiasih, Priskila; Kusuma, Indra Wijaya
Jurnal Akuntansi dan Keuangan Vol 13, No 2 (2011): NOVEMBER 2011
Publisher : Institute of Research and Community Outreach - Petra Christian University

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.9744/jak.13.2.67-79

Abstract

This study investigates earnings management of CEO changes in Indonesia. CEO change is classified either as routine or non-routine based on RUPS (General Shareholders Meeting) and RUPSLB (Extraordinary General Shareholders Meeting) information. The samples are listed company undergoing CEO changes in the Indonesian Stock Market observed from 2000 to 2009. To identify the earnings management practice, modified Jones model of discretionary accruals and Rowchordory’ of real earnings management are employed. The study provides evidence of non-routine incoming CEO undertaking earnings management by minimizing the earnings in the year of CEO change. The evidence shows that reporting minimum earnings is consistent with the notion of new CEO’s engagement in an ‘earnings bath’. However, this study does not support the theory of management compensation contracts during routine CEO changes. In addition, the incumbent CEO in the non-routine changes does not practice earnings management in the final year before the change. Therefore, manipulating earnings is not the argument to a non routine change of CEO.
Do Income Smoothing Practices Explain the Lower Earnings-Price Ratio of Japanese Firms Compared to Those of the U.S. Firms? Kusuma, Indra Wijaya
Gadjah Mada International Journal of Business Vol 7, No 1 (2005): January-April
Publisher : Master of Management, Faculty of Economics and Business, Universitas Gadjah Mada

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Abstract

This study examines the variation in earnings-price ratios across Japanese and U.S. firms. The earnings-price ratio is one of the indicators often used by investors to determine their trading strategy. Previous literature document that Japanese firms have consistently lower earnings-price ratios than U.S. firms even though the earnings of Japanese firms have been adjusted to the U.S. GAAP. The objective of this study is to show that Japanese firms engage in income smoothing practices that stabilize earnings, thereby increasing Japanese investors’ willingness to pay higher prices for Japanese stocks. Comparing the income smoothing index and proportion of firms identified as smoothers shows that the intensity of Japanese firms practicing income-smoothing is greater than that of U.S. firms. The results also show that income-smoothing index is significant in explaining the cross-sectional variation of earnings-price ratios for Japanese firms but it is not significant for U.S. firms.  Two potential explanations for the results of U.S. firms are as follows.  First, income smoothing is not practiced widely across firms in the U.S.  Therefore, the variation of income smoothing does not explain the variation in the cross-sectional earnings-price ratios.  Second, even if U.S. firms practice income smoothing, the investors are aware of it and do not take earnings figures literally.Another results show that controlling for income smoothing does not eliminate the differences in the earnings-price ratios of the Japanese and U.S. firms. It is appropriate to conclude that although income smoothing plays a role in explaining the variations of earnings-price ratios across Japanese firms, it is not the only factor that contributes to the differences in the earnings-price ratios of Japanese and U.S. firms.  Other factors may play a role which are either country-specific (such as inflationary expectations, tax regimes) or firm-specific (such as quality of earnings, real returns) as suggested by Brown (1989). The overall results are consistent across samples.
Is Earnings Management Informational or Opportunistic? Evidence from ASEAN Countries Wardani, Dewi Kusuma; Kusuma, Indra Wijaya
Gadjah Mada International Journal of Business Vol 14, No 1 (2012): January - April
Publisher : Master of Management, Faculty of Economics and Business, Universitas Gadjah Mada

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Abstract

This study explores the informational and opportunistic characteristics of earnings management in ASEAN countries. Earnings management has an impact on the profitability of the companies. A positive relation between earnings management and future profitability reveals that earnings management is informational. However, negative a relation between earnings management and future profitability indicates that earnings management is opportunistic. This study uses data from the OSIRIS database. Four hundred and eighty five (485) companies from the Philippines, Indonesia, Malaysia, Singapore, and Thailand are used as a sample. This study focuses on 2 types of earnings management: (1) accrual earnings management and (2) real earning management. Modified Jones model is used for the accrual earnings management. Real earnings management follows Roychowdury (2006). The results show that the characteristics of earnings management are not consistent. Real earnings management is informational in Thailand, but opportunistic in Indonesia. Accruals earnings management is informational in the Philippines, but opportunistic in Malaysia. Country factors such as culture may explain the inconsistency of the results in ASEAN.Keywords: accruals earnings management; ASEAN countries; future profitability; informational; opportunistic; real earnings management
The Impact of Financial, Non-Financial, and Corporate Governance Attributes on The Practice of Global Reporting Initiative (gri) Based Environmental Disclosure Frendy, -; Kusuma, Indra Wijaya
Gadjah Mada International Journal of Business Vol 13, No 2 (2011): May-August
Publisher : Master of Management, Faculty of Economics and Business, Universitas Gadjah Mada

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Abstract

Business entities are able to exert their influence on particular stakeholders for the benefit of their interest by managing the information they disseminate to the public, particularly if there is no regulation on such issue in place. Accordingly, the extent of accounting information disclosed to the public, specifically voluntary environmental information, is determined by the internal characteristics of the business entities. The objective of this research is to test the financial, non-financial, and corporate governance attributes of Indonesian public companies which contribute to the extent of environmental information disclosure in Indonesia. This research measured the extent of Indonesian public companies’ environmental disclosure using Environmental Disclosure Index (EDI) as a dependent variable. The index is developed from the parameters under environmental protocols of the Global Reporting Initiative (GRI) G3 framework. Samples of 35 Indonesian public companies are purposively chosen for each of the year from 2005-2008 to form a total of 140 observations.The testing results conclude that size of company, economic performance, and industry sensitivity positively affect environmental disclosure. This research is limited by an assumption that Indonesian public companies employ annual report as the primary means to publicize financial and non-financial information to public.     
DO ACCOUNTING STANDARDS EXPLAIN DIFFERENCES IN EARNINGS-PRICE RATIOS OF JAPANESE AND U.S. FIRMS? Kusuma, Indra Wijaya
Journal of Indonesian Economy and Business Vol 20, No 1 (2005): January
Publisher : Journal of Indonesian Economy and Business

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Abstract

This study examines the variation in earnings-price ratios across Japanese and U.S.firms. Previous literature documents that Japanese firms have consistently lower earnings-price ratios than U.S. firms. The differences in earnings-price ratios have been primarilyattributed to differences in Japanese and U.S. accounting standards. However, Aron(1991)and French and Poterba (1991) provided a conflicting evidence on the argument ofaccounting standards that are the only cause of the differences in earnings-price ratios Theobjective of this study is to examine the issue that Japanese firms lower earnings priceratios is attributable to the differences in the accounting standards..The results show that adjusting Japanese earnings does not entirely eliminate thedifferences in the earnings-price ratios between Japanese and U.S. firms. On the average,the accounting standard differences account for 52 percent of the differences in theaverage earnings-price ratios of Japanese and U.S. firms.Controlling for differences in accounting standards does not eliminate the differences inthe earnings-price ratios of the Japanese and U.S. firms. It is appropriate to conclude thatalthough differences in accounting standards occur between Japanese and U.S. firms, it isnot the only factor that contributes to the differences in the earnings-price ratios ofJapanese and U.S. firmsKeywords: Earnings price ratio, Japanese earnings adjustment, U.S. firms, Japanese firms.
THE ROLE OF COMPENSATION IN PROJECT’S MANAGER EVALUATION OF TERMINATING AN UNPROFITABLE PROJECT Kusuma, Indra Wijaya
Journal of Indonesian Economy and Business Vol 19, No 1 (2004): January
Publisher : Journal of Indonesian Economy and Business

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Abstract

Teori agensi mengindikasikan bahwa manajer proyek yang mempunyai informasi privatdan insentif untuk melakukan shirking akan melakukan tindakan yang disfungsional berupa meneruskan proyek yang diketahui tidak menguntungkan. Isu ini harus diteliti secara luas dengan setting/skenario dan sampel yang berbeda. Tujuan penelitian ini adalah untuk menguji perilaku shirking dari manajer proyek ketika mereka harus menghentikan proyek yang tidak menguntungkan. Tujuan berikutnya adalah untuk menguji peran konpensasi untuk mencegah perilaku shirking.Penelitian ini menggunakan metoda eksperimental dengan memanipulasi dua kondisiyaitu informasi privat dan insentif untuk melakukan shirking. Partisipan dalam eksperimen ini adalah 138 mahasiswa kelas eksekutif program Magister Manajemen Universitas Gadjah Mada. Hasil penelitian tidak mendukung perilaku yang diprediksi oleh Harrell dan Harrison (1994). Manajer yang mempunyai informasi privat dan insentif untuk shirking menghentikan proyek yang tidak menguntungkan (walaupun terdapat kecenderungan namun tidak signifikan secara statistis).Bertentangan dengan harapan, penelitian ini juga menemukan bahwa kompensasi(bonus dan pinalti) meningkatkan kecenderungan manajer untuk melanjutkan tindakanyang disfungsional ini. Selanjutnya, penelitian ini menunjukkan bahwa mahasiswa wanita, usia muda, kurang berpengalaman, mempunyai latar belakang pendidikan bisnis pada level strata satu, dan belum menikah mempunyai kecenderungan untuk melanjutkan proyek yang tidak menguntungkan. Hasil yang demikian mungkin disebabkan oleh faktor risiko yang mempengaruhi perilaku mereka.Penelitian selanjutnya harus dilakukan untuk memeriksa ketidakkonsistenan dalamisu ini dengan mempertimbangkan beberapa kelemahan. Penggunaan sampel yang berupa manajer akan memberikan hasil yang lebih kuat daripada menggunakan proksi mahasiswa eksekutif magister manajemen. Penggunaan skenario lain (terutama skema konpensasi yang berbeda) untuk menguji isu ini juga diperlukan. Penelitian selanjutnya juga perlu mempertimbangkan faktor preferensi terhadap risiko dan locus of control. Seseorang yang mempunyai locus pegawasan internal akan cenderung untuk melanjutkan proyek yang tidak menguntungkan karena ia merasa mampu untuk mengubah keadaan.Kata kunci: Masalah agensi, asimetri informasi, insentif untuk shirking, penghentianproyek yang tidak menguntungkan
PENGALAMAN ORGANISASI, EVALUASI TERHADAP KINERJA DAN HASIL KARIR PADA KANTOR AKUNTAN PUBLIK: PENGUJIAN PENGARUH GENDER Kuntari, Yeni; Kusuma, Indra Wijaya
Journal of Indonesian Economy and Business Vol 16, No 1 (2001): January
Publisher : Journal of Indonesian Economy and Business

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Abstract

During the last few years, there has been an increase in the number of women working in the field of accounting, specifically working as a public accountant. As a consequence, there has been an increasing gender issue in career opportunity, pro-fession accountability, performance evaluation, conpensation, and career promotion. Having the interesting development of the gender issue, this research has two objectives. Firstly, this research will observe the effect of gender difference to the organizational experience, performance evaluation, and career outcomes in accounting firm. Secondly, this research will observe the relationship between variable of organizational experience and variable of performance evaluation, and also relation-ship between variable of performance evaluation and the variable of career outcomes. The samples of this research are auditors and supervisors working in major accounting firm. The test of hypothesis will use Analysis of variance and correlation. The result of the research shows that in term of organizational experience, performance evaluation and career outcomes, there is no significant difference between male auditor and female auditor. The research test indicates that there is a positive correlation between variable of organizational experience and variable of performance evaluation, and also between variabel of performance evaluation and variable of career outcomes.Keywords: gender, kepuasan kerja, akuntan publik, pengalaman organisasi, hasil karir.
KINERJA SUSTAINABILITY DAN PENGUNGKAPAN ENVIRONMENTAL DALAM LAPORAN TAHUNAN PERUSAHAAN Rani, Utpala; Kusuma, Indra Wijaya
Jurnal Dinamika Manajemen (Journal of Management Dynamics) Proceeding Madic 2015
Publisher : Department of Management, Faculty of Economics, Semarang State University, Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.15294/jdm.v0i0.4802

Abstract

Do Income Smoothing Practices Explain the Lower Earnings-Price Ratio of Japanese Firms Compared to Those of the U.S. Firms? Kusuma, Indra Wijaya
Gadjah Mada International Journal of Business Vol 7, No 1 (2005): January-April
Publisher : Master in Management, Faculty of Economics and Business, Universitas Gadjah Mada

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.22146/gamaijb.5564

Abstract

This study examines the variation in earnings-price ratios across Japanese and U.S. firms. The earnings-price ratio is one of the indicators often used by investors to determine their trading strategy. Previous literature document that Japanese firms have consistently lower earnings-price ratios than U.S. firms even though the earnings of Japanese firms have been adjusted to the U.S. GAAP. The objective of this study is to show that Japanese firms engage in income smoothing practices that stabilize earnings, thereby increasing Japanese investors’ willingness to pay higher prices for Japanese stocks. Comparing the income smoothing index and proportion of firms identified as smoothers shows that the intensity of Japanese firms practicing income-smoothing is greater than that of U.S. firms. The results also show that income-smoothing index is significant in explaining the cross-sectional variation of earnings-price ratios for Japanese firms but it is not significant for U.S. firms.  Two potential explanations for the results of U.S. firms are as follows.  First, income smoothing is not practiced widely across firms in the U.S.  Therefore, the variation of income smoothing does not explain the variation in the cross-sectional earnings-price ratios.  Second, even if U.S. firms practice income smoothing, the investors are aware of it and do not take earnings figures literally.Another results show that controlling for income smoothing does not eliminate the differences in the earnings-price ratios of the Japanese and U.S. firms. It is appropriate to conclude that although income smoothing plays a role in explaining the variations of earnings-price ratios across Japanese firms, it is not the only factor that contributes to the differences in the earnings-price ratios of Japanese and U.S. firms.  Other factors may play a role which are either country-specific (such as inflationary expectations, tax regimes) or firm-specific (such as quality of earnings, real returns) as suggested by Brown (1989). The overall results are consistent across samples.
MANAJEMEN LABA DENGAN CLASSIFICATION SHIFTING: PENGUJIAN LABA USAHA DAN POS LUAR BIASA (STUDI EMPIRIS DI NEGARA-NEGARA ASEAN) Wulandari, Soliyah; Kusuma, Indra Wijaya
Jurnal Akuntansi dan Keuangan Indonesia Vol 10, No 1 (2013)
Publisher : Departemen Akuntansi, Fakultas Ekonomi dan Bisnis, Universitas Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (511.93 KB) | DOI: 10.21002/jaki.2013.01

Abstract

Earnings management using classification shifting is interesting because many previous researches have shown that analyst and investors pay more attention to core earnings (investors give low weight on transitory earnings). Extraordinary items are transitory items or irregular items and their allocation require management subjectivity, thus allowing management to exercise classification shifting using extraordinary items to increase core earnings. This research aims to detect earnings management through classification shifting by classifying core expenses as extraordinary items to increase core earnings. Samples of this research obtained with purposive sampling from all companies listed in the capital markets of Indonesia, Malaysia, Singapore, Philippines, Thailand, and Vietnam. Final samples are 126 observations from 2004 until 2008. Data analysis was performed using multiple regressions. Results show that extraordinary items current year are positively associated with unexpected core earnings this year, but extraordinary items this year are also positively associated with unexpected change in core earnings in the following year. This research does not provide empirical support for classification shifting by companies listed in the capital markets of Indonesia, Malaysia, Singapore, Philippines, Thailand, and Vietnam. An unexpected increase in core earnings is more consistent with real economic improvements.Keywords: earnings management, extraordinary items, classification shifting---Manajemen laba menggunakan classification shifting menarik karena banyak penelitian sebelumnya menunjukkan bahwa analis dan investor lebih memperhatikan lebih laba usaha (investor memberikan bobot rendah pada laba transitori). Pos luar biasa merupakan pos transitori atau pos luar biasa dan pengalokasiannya memerlukan subjektivitas manajemen, yang memungkinkan manajemen untuk melakukan classification shifting dengan menggunakan pos luar biasa untuk meningkatkan laba usaha. Penelitian ini bertujuan untuk mendeteksi manajemen laba melalui classification shifting dengan mengklasifikasikan beban usaha sebagai pos luar biasa untuk meningkatkan laba usaha. Sampel penelitian ini dihasilkan dengan purposive sampling dari seluruh perusahaan yang terdaftar di pasar modal Indonesia, Malaysia, Singapura, Filipina, Thailand, dan Vietnam. Sampel akhir sebanyak 126 observasi dari tahun 2004 sampai dengan 2008. Data dianalisis dengan menggunakan regresi berganda. Hasilnya menunjukkan bahwa pos luar biasa tahun ini secara positif berhubungan dengan unexpected core earnings tahun ini, tetapi pos luar biasa tahun ini juga secara positif berhubungan dengan unexpected change in core earnings tahun yang akan datang. Penelitian ini tidak memberikan dukungan secara empiris classification shifting oleh perusahaan-perusahaan yang terdaftar di pasar modal Indonesia, Malaysia, Singapura, Filipina, Thailand, dan Vietnam. Peningkatan unexpected core earnings konsisten dengan real economic improvement.Kata kunci: manajemen laba, pos luar biasa, classification shifting