Herman Legowo
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EFISIENSI PASAR MODAL : PERBANDINGAN PADA DUA PERIODE YANG BERBEDA DALAM PASAR MODAL INDONESIA Legowo, Herman; Machfoedz, Masud
Journal of Indonesian Economy and Business Vol 13, No 2 (1998): April
Publisher : Faculty of Economics and Business, Universitas Gadjah Mada

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Abstract

There are three grades in efficient capital market. They are: (1) weak form, (2) semi strong form, and (3) strong form. Weak form efficiency, the market is efficient in the weak sense if share prices fully reflect the information implied by all prior price movements.The purpose of this research is to know whether the stock price instataneously and fully reflect relevant historical information (weak form efficient capital market hypotesis). This means if someone trades stocks by using historical information, it will not earn abnormal return. In addition, this research is tests the assumption that capital market efficiency in the bullish condition is different from capital marketefficiency in the normal condition. The research is necessary for the reason that if slock price does not instantaneously and fully reflect relevant available informations, it will be able to mislead economic decisions.The focus of this research is on the monthly stock price (the share price at the end of the month) to 23 companies which went publicc before Januari 1989. The year of 1989 was capital market period in the bullish condition, while 1992 year period is capital market period in the normal condition.The hypothesis of this research is : (I) Jakarta Stock Exchange (JSX) is efficient, and (2) stock market (JSX) efficiency is the different after stock market condition to reach normal condition. The first hypothesis is to reach normal condition. The first hypothesis is to reach normal condition. The first hypothesis is tested by using probvalue which are base on randomnes test and serial correlation test. Randomnes test is used because one of the characteristics of the efficient market is that prices change randomly, while the serial corelation test is interrelated with the other characteristic of the efficient capital market, that the change of security prices has no corelation to each other. The statistical test, i.e. Wilcoxon s signed rank test.From the statistical analysis of the data we find that hypothesis of this research, while serial corelation test failed to reject the second hypothesis. This research hypothesis that stock market efficiency in the bullish condition is different fromn stock market efficiency in the normal condition was fail to rejected. In other words, if the sample was representative of population, this reserch implicity stated that weak form capital market efficienyfor the year of1989 and 1992 are valid in Indonesia.The result of this research is in effect for 1989 and 1992 with monthly secondary-data get from the share price at the end of the month.
Dampak Inflasi terhadap Informasi Laba pada Green Investment Faiz, Ihda Arifin; Legowo, Herman
Journal of Applied Accounting and Taxation Vol 4 No 1 (2019): Journal of Applied Accounting and Taxation (JAAT)
Publisher : Pusat P2M Politeknik Negeri Batam

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Abstract

This study aims to examine the impact of inflation on return attribute as a measure of future uncertainty of company in considering the market response. Inflation has significant contribution in macro-economic level and long-term period for micro-level condition of company. Therefore, investor should consider inflation in avoid bias calculation of investment return, especially green corporation where intense for long-term orientation. The research uses secondary data from MSCI global Islamic indices for portfolio of Islamic corporation as green corporate determination. Simple regression was used for data analysis purposes in research methodology. The results of the study show that inflation has no effect on the importance of profit information in green investment companies. This means that market participants still rely on nominal earnings and managerial performance than long-term purchasing power and future cash flows.
PELAKSANAAN TAX PLANNING UNTUK EFISIENSI BEBAN PAJAK PERTAMBAHAN NILAI (Studi Kasus Pada Apotek Annisa) Sandiko, Ary; Legowo, Herman
Wahana: Jurnal Ekonomi, Manajemen dan Akuntansi Vol 16, No 1 (2013)
Publisher : Akademi Akuntansi YKPN Yogyakarta

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Abstract

Penelitian ini membahas tentang strategi pelaksanaan tax planning yang tepat pada Apotek Annisa untuk efisiensi beban Pajak Pertambahan Nilai (PPN). Hasil penelitian menunjukkan bahwa Apotek Annisa sudah memenuhi syarat secara subjektif maupun objektif untuk menjadi Pengusaha Kena Pajak (PKP) sejak bulan September 2008 dan sebaiknya segera mendaftarkan diri untuk dikukuhkan sebagai PKP sebelum dikukuhkan secara jabatan. Untuk mengurangi risiko yang timbul dari melakukan kerja sama dengan pemasok yang tidak kredibel secara perpajakan, Apotek Annisa harus memastikan semua pemasok merupakan PKP, membuat surat perjanjian dengan pemasok, dan memeriksa kelengkapan Faktur Pajak secara formal maupun material. Agar tidak mengganggu likuiditas perusahaan, Apotek Annisa sebaiknya memaksimalkan pengkreditan Pajak Masukannya pada setiap masa pajak. Untuk tujuan efisiensi, Apotek Annisa sebaiknya menggunakan Faktur Pajak Pedagang Eceran namun tetap mempersiapkan Faktur Pajak Standar jika menjual barang ke PKP lain atau ke pemerintah.Keywords: Pajak, Tax Planning, Pajak Pertambahan Nilai (PPN), Pengusaha Kena Pajak (PKP)
PENGARUH JUMLAH SSP, JUMLAH SPT, DAN JUMLAH PKP TERHADAP PENERIMAAN PAJAK PERTAMBAHAN NILAI DI KANTOR PELAYANAN PAJAK PRATAMA BANTUL Pramono, Abi Dwi; Legowo, Herman
Wahana: Jurnal Ekonomi, Manajemen dan Akuntansi Vol 14, No 2 (2011)
Publisher : Akademi Akuntansi YKPN Yogyakarta

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Abstract

Penelitian ini bertujuan untuk: (1) menguji pengaruh Surat Setoran Pajak (SSP) Pajak Pertambahan Nilai (PPN) yang disetorkan terhadap penerimaan PPN, (2) menguji pengaruh Surat Pemberitahuan (SPT) Masa PPN yang dilaporkan terhadap penerimaan PPN, (3) menguji pengaruh jumlah Pengusaha Kena Pajak (PKP) terdaftar terhadap penerimaan PPN, dan (4) menganalisis manakah di antara ketiga variabel bebas yang telah disebutkan sebelumnya yang memiliki pengaruh terbesar dalam penerimaan PPN. Penelitian ini menggunakan desain analitik observasional yang bersifat retrospektif dengan metode cross sectional. Data dianalisis dengan melalui uji asumsi klasik (normalitas, heteroskedastisitas, autokorelasi, danmultikolonearitas) dan uji hipotesis (analisis regresi linear, uji statistik t, uji statistik F, dan koefisien determinasi). Pada uji asumsi klasik tidak didapatkan adanya abnormalitas, heteroskedastisitas, autokorelasi, maupun multikolonearitas pada data. Pada uji statistik t didapatkan tidak adanya hubungan signifikan antara SSP yang disetorkan terhadap penerimaan PPN namun terdapat hubungan yang signifikan antara SPT masa yang dilaporkan dan jumlah PKP terdaftar dengan penerimaan PPN. Pada uji statistik F didapatkan bahwa SSP, SPT, dan PKP jika secara bersama dapat mempengaruhi penerimaan PPN secara signifikan. Jumlah SSP yang disetor tidak mempengaruhi jumlah penerimaan PPN secara signifikan sementara jumlah SPT masa yang dilaporkan dan jumlah PKP terdaftar secara signifikan mempengaruhi jumlah penerimaan PPN.Kata kunci. SSP, SPT, PKP, dan PPN.
DAMPAK INFLASI TERHADAP INFORMASI LABA: KASUS GREEN INVESTMENT Faiz, Ihda Arifin; Legowo, Herman
Wahana: Jurnal Ekonomi, Manajemen dan Akuntansi Vol 20, No 2 (2017)
Publisher : Akademi Akuntansi YKPN Yogyakarta

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Abstract

This study examines the impact of inflation on the usefulness of income considering market response. It’s proven that market responseon the usefulness of income information were affected income persistence, beta, corporate structure, income quality, growth opportunities, and informativeness of price, but there is no empirical evidence from inflation. Inflation is one factor that affects to decision making bias. MSCI global islamic indices was used as sample of green investment with range observation 2007 to 2014. The results of this study indicate that inflation has not affected on the usefulness of income in green investment corporation. Accordingly, market still considering nominal profit and managerial performance than economics aspect. Keywords: inflation, green investment, income information