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Abstrak :
Profesi auditing memainkan peranan yang teramat penting dalam era ekonomi informasi. Profesi ini mungkin terlalu sibuk dengan urusannya sendiri, dan kurang menyadari bahwa ia merupakan bagian penting dari kehidupan demokrasi. Bertolak dari agency theory dan asymmetric information di sektor swasta dan publik, tulisan ini menelusuri peran profesi auditing dalam menguji informasi yang disajikan "penguasa informasi". Profesi auditing dikedua sektor ini sama-sama berupaya menekan Qsymetric information dengan memberikan reasonable (bukan absolute) assurance.

Abstrak :
ABSTRAK
Pinjaman mikro untuk memperbaiki kondisi ekonomi rumah tangga menarik diteliti, karena analisis perbandingan sebelum dan setelah menerima pinjaman mikro memunculkan seleksi bias. Kondisi setiap rumah tangga tentunya tidak mungkin sama sebelumnya, sehingga perbedaan kondisi tersebut berarti tidak sepenuhnya akibat pinjaman mikro yang diterima rumah tangga. Terdapat risiko moral hazard karena adanya informasi tidak sempurna. Menggunakan metode double difference (DD) untuk mengestimasi besarnya dampak pinjaman mikro. Hasilnya menunjukkan pinjaman mikro secara nominal signifikan. Dampak yang ditimbulkan relatif kecil sehingga tidak tampak saat regresi. Implikasinya pinjaman mikro untuk tujuan produktif dapat membantu memoerbaiki kondisi ekonomi rumah tangga. Pengawasan dan pendampingan secara efektif dan berkelanjutan dapat meminimalkan risiko adanya moral hazard.

Abstrak :
Di Indonesia, usaha mikro, kecil, dan menengah UMKM memiliki peran sangat penting dan strategis dalam perekonomian. Ini ditunjukkan dengan kontribusi sektor usaha tersebut terhadap produk domestik bruto PDB yang hampir mencapai 60 dan penyerapan tenaga kerja di atas 95 . Kendati demikian, akses pelaku UMKM mdash;terlebih usaha mikro UMi mdash;terhadap pendanaan bank masih sangat terbatas. Dari total kredit yang dikucurkan oleh bank umum di Tanah Air hingga Mei 2013, hanya 19,47 yang disalurkan untuk sektor UMKM. Dari jumlah tersebut, yang dikucurkan untuk usaha mikro tercatat hanya 3,68 dari total kredit. Sementara itu, bagi pelaku UMKM yang mendapatkan akses pun harus membayar suku bunga pada level yang jauh lebih tinggi. Selain inefisiensi di industri perbankan nasional, ditengarai hal itu terjadi karena adanya masalah asymmetric information. Merespons kondisi ini, Bank Indonesia BI kemudian mewajibkan bank untuk mempublikasikan suku bunga dasar kredit SBDK mikro mereka sebagai upaya memitigasi masalah asymmetric information itu. Berikutnya, suku bunga diharapkan turun dan akses pelaku UMKM terhadap kredit semakin terbuka. Dengan menggunakan regresi linier berganda dengan metode OLS ordinary least square , penelitian ini bertujuan mengkaji efektivitas kebijakan SBDK itu dengan melihat pengaruhnya terhadap outstanding penyaluran kredit mikro bank umum. Hasil Uji-t menunjukkan adanya pengaruh yang signifikan kebijakan pengumuman SBDK terhadap kenaikan outstanding penyaluran kredit mikro bank umum. Di samping itu, terdapat variabel lain yang berpengaruh signifikan terhadap kenaikan outstanding penyaluran kredit mikro bank umum, yakni rata-rata suku bunga kredit mikro, CAR, NPL kredit mikro, inflasi, dan indeks produksi manufaktur IPM. ...... Micro, small and medium sized enterprises SMEs has very important and strategis role in economy of Indonesia. Those are shown by business sector 39 s contribution of gross domestic product GDP is nearly 60 and employment above 95 . Nevertheless, SMEs access mdash especially to micro enterprises mdash to bank financing is still very limited. Total loans disbursed by commercial banks in the country, until May 2013, only 19.47 that channeled to the SMEs sector. Of these, recorded that the disbursed of micro enterprises only 3.68 of total loans. Not only that, to gain access for the perpetrators of SMEs, they must pay interest rates at a level that is much higher. In addition to inefficiencies in the national banking industry, it is suspected that occurs because of the asymmetric information problem. Respond to these conditions, Bank Indonesia BI then require banks to publish their prime lending rate SBDK of micro loan as an effort to mitigate the asymmetric information problem. Next, interest rates are expected to go down and SMEs access to credit become more open. By using multiple linear regression with OLS ordinary least square , this study aims to assess the effectiveness of measures the prime lending rate by looking at its effect on micro outstanding loan portfolio of commercial banks. The test result indicate a significant effect on prime lending rate policy announcement for the increasing in micro loans outstanding of commercial banks. In addition, there are other variables that significantly influence the increasing in outstanding microcredit of commercial banks, i.e. average interest rates on microcredit, CAR, NPL of microcredit, inflation, and the manufacturing production index HDI.

Abstrak :
The limited number of auction agents of tuna fish and the lack of infrastructure in auction center trigger the occurrence of third parties in marketing system. The collusion on price among agents occurs in auction center, especially in harvest season. The asymmetric information of the price between agent to consumer has occurred for a long time in West Sumatra and even in various regions in Indonesia. The challenges are how to develop fisheries and minimize poverty which occur on fisherman. The aim of this research was to analyze the asymmetry of price of tuna fish at agents, sub-agents and retailers coming from three auction centers toward four regional markets in West Sumatra. Methodology used in this research was Boyd and Brorsen?s theory by using data on daily price of tuna fish. The result of this study reveals that asymmetry of price was found at auction centre in West Sumatra. This result indicated that the increasing of price at sub-agents was not followed with the increasing of price at agents. However, the increasing of price at sub-agents was directly followed with the increasing of price at retailers.

Abstrak :
Secara teoritis core product bank syariah adalah produk bagi hasil, yang dikembangkan dalam produk pembiayaan musyarakah dan mudharabah, namun mekanisme bagi hasil ternyata tidak sepenuhnya dapat dilaksanakan oleh bank syariah. Justru produk perbankan non bagi hasil yang mendominasi pembiayaan dari bank-bank syariah. Rendahnya proporsi pembiayaan produk bagi hasil terutama mudharabah disebabkan produk ini menimbulkan inefisiensi dan sekaligus beresiko tinggi. Hal ini terjadi karena model kontrak tersebut diindikasikan sarat dengan agency problem yang disebabkan oleh adanya asymmetric information antara shahibul mal dan mudharib berupa moral hazard dan adversed selection. Salah satu solusi untuk permasalahan ini adalah bank syariah dapat menggunakan kriteria yang spesifik dengan melakukan screening terhadap karakteristik proyek dan kualitas mudharib yang akan dibiayai. Analisis dalam penelitian ini adalah analisis regresi berganda. Sampel penelitian adalah bank umum syariah dan unit usaha syariah. Hasil yang diperoleh dari penelitian ini adalah screening yang efektif terhadap atribut proyek dan atribut mudharib secara signifikan mempengaruhi agency problem. Dan screening secara bersama-sama atribut proyek dan atribut mudharib mempunyai pengaruh yang signifikan secara statistik terhadap agency problem. Sehingga dapat disimpulkan bahwa screening terhadap atribut proyek dan mudharib dapat dilakukan guna meminimalisir peluang terjadinya agency problem dalam kontrak mudharabah. ......Theoritically, sharia bank?s core product is profit-loss sharing product, which is develop in the form of musyarakah and mudharabah financing. However, profit-loss sharing scheem can not be perform completely by sharia bank, meanwhile murabahah sceem is perform dominantly. The lower level of mudharabah financing portofolio mainly is due to the perception that profit-loss sharing scheem is high risk and inefficient. This happen because the contract model of prfi-oss sharing scheem is indicated containing agency problem cause by asymmetric information between shahibul mal (investor) and mudharib (investee). One solution to overcome this problem is to apply effective screening process to the project financed and to credit worthiness of mudharib. the sample of this riset where sharia banks and unit usaha syaria. To analyze the relationship within variable, the multiple regression was conducted. The result this riset shows that effective screening the atribute of the project financed and mudharib individualy or jointly influece significantly the agency problem, meaning the screening to the project and mudharib atribut can minimize the possibility of agency problem in mudharabsh contract.

Abstrak :
Penerapan Good Corporate Governance merupakan hal yang sangat penting dan masih menjadi fokus utama bagi perusahaan di Indonesia, dengan tujuan antara lain: meningkatkan nilai perusahaan, meningkatkan transparansi dalam proses pengambilan keputusan, meminimalisir penyalah gunaan wewenang direksi, meningkatkan kepercayaan stakeholders. Masalahnya adalah kesenjangan informasi (asymetric information) antara principal dan agent, dan antara pemegang saham mayoritas dan pemegang saham minoritas, karena keterwakilan pemegang saham minoritas di dalam susunan Dewan Komisaris, maupun Direksi tidak efektif, sehingga tidak terlibat dalam proses pengambilan keputusan. Keputusan yang diambil tidak sepenuhnya melindungi kepentingan pemegang saham minoritas. Penelitian ini dilakukan dengan metode deskriptif kualitatif, hasil penelitian ini menemukan bahwa secara normatif penerapan prinsip-prinsip Good Corporate Governance pada PT CMNP Tbk. telah berjalan cukup baik. Namun, penerapan GCG untuk memberikan perlindungan kepada kepentingan Pemegang Saham Minoritas belum efektif karena keterwakilan di dalam susunan Direksi dan Dewan Komisaris belum efektif.

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The implementation of Good Corporate Governance is very important and still a major focus for companies in Indonesia, with the purpose, among others: to increase the value of the company, increase transparency in the decision making process, minimizing the misuse of the authority of directors, increasing the confidence of stakeholders. The problem lies in the disparity of information (asymetric information) between principal and agent, and between majority shareholders and minority shareholders, whereby minority shareholders are not represented either in the composition Board of Commissioners or Board of Directors, so they are not effectively involved in the decision making process. The decisions taken of not fully protect the interests of minority shareholders. The study was conducted with qualitative descriptive method, the result show that the implementation of GCG has been normatively applied in the company. This study found that application of the principles of Good Corporate Governance at PT CMNP Tbk is not fully implemented to provide protection to the interests of Minority Shareholders, because their representation are not fully effective.

Abstrak :
Penelitian ini bertujuan menganalisis faktor-faktor informasi yang memengaruhi initial return selama proses penawaran pada perusahaan yang terdaftar di Bursa Efek Indonesia tahun 2001-2013. Initial return diukur dengan menghitung selisih antara harga saham pada penutupan hari pertama di pasar sekunder dengan harga saat penawaran umum dibagi dengan harga saat penawaran umum. Penelitian dilakukan dengan metode kuantitatif serta pengujian hipotesis dengan menggunakan regresi data cross-section. Faktor informasi yang diuji dibagi menjadi tiga kelompok, yaitu informasi akuntansi, informasi non-akuntansi, dan informasi terkait pasar. Hasil penelitian menunjukkan bahwa umur perusahaan dan reputasi penjamin emisi berpengaruh negatif terhadap initial return, sedangkan tingkat suku bunga Sertifikat Bank Indonesia berpengaruh positif terhadap initial return. ......The purpose of this research is to analyze the factors of information during the public offering influencing the initial return of listed companies in Indonesia Stock Exchange for 2001-2013. Initial return is measured by dividing the first day return with the offering price. Research is conducted with quantitative methods and hypothesis testing using cross-section data regression. Tested factors are divided into three groups, which are the accounting information, the nonaccounting information, and the information that related to the market condition. Overall results reveal that age of company and reputation of underwriter negatively affect initial return. On the other hand, interest rate of Sertifikat Bank Indonesia positively affect initial return.

Abstrak :
Kualitas lingkungan informasi yang diwakili sinkronisitas harga membawa pengaruh pada imbal hasil saham. Penelitian ini menggunakan data tahun 2011- 2015 di pasar saham Indonesia. Dengan menggunakan metode equally-weighted dan value-weighted dan regresi OLS dan VAR, penelitian ini menemukan pengaruh signifikan imbal hasil saham-saham dengan sinkronisitas harga tinggi terhadap imbal hasil saham-saham dengan sinkronisitas harga rendah. Namun penelitian ini gagal menemukan pengaruh signifikan imbal hasil saham-saham dengan sinkronisitas tinggi terhadap imbal hasil pasar serta pengaruh signifikan imbal hasil saham-saham dengan sinkronisitas rendah terhadap imbal hasil pasar, menunjukkan bahwa transmisi informasi tidak berasal dari saham-saham dengan sinkronisitas tinggi maupun rendah ke arah pasar.

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The quality of information environment represented by stock price synchronicity affect the return of the stock. This research uses data in 2011 2015 for stocks listed in Indonesia stock market. By Utilizing equally weighted and value weighted portfolio forming method and regression method of OLS and VAR, this research found significant effect of high synchronicity portfolio return toward low synchronicity portfolio return. Furthermore, this research has failed to find the effect of high synchronicity portfolio return toward market return and the effect of low synchronicity portfolio return toward market return, indicating no information stream from either high synced or low synced stocks toward the market.

Abstrak :
The research aimed to discuss the determining factors and the economic consequences of financial reporting quality in Indonesian capital market. Those determining factors are innate, performance, company risk and industry risk. The financial reporting quality was measured on the following attributes: relevance, timeliness, and conservatism, whereas the economic consequence was measured on the asymmetric information. The research employed three steps of test: (1) test whether the attributes of financial reporting quality are different with each other; (2) analyze the determining factors of financial reporting quality; (3) test the effect of financiai reporting quality in the stock market, in terms of the relationship between asymmetric information and the financial reporting quality. The result of the first test showed that all of the attributes of financial reporting quality are different with each other. The analysis of determining factors showed that sales volatility, firm performance, and classification of the industry had a significant relationship with the attributes of financial reporting quality. The other variables, such as operation cycle, firm size, company risk, liquidity, and leverage, had no significant relationship with the attributes of financial reporting quality. The economic consequence test resulted that the attributes of financial reporting quality had a significant relationship with the asymmetric information

Abstrak :
Penelitian ini bertujuan untuk memahami pengaruh skor ESG terhadap likuiditas saham dan pengaruh tidak langsung ESG terhadap likuiditas melalui mekanisme mediasi manajemen laba pada perusahaan yang tercatat di Bursa Efek Indonesia. Dengan menggunakan pendekatan regresi data panel, penelitian ini menganalisis sampel dari 33 perusahaan yang tercatat di Bursa Efek Indonesia periode 2018-2022. Proksi dari skor ESG adalah combined ESG score (ESG) yang didapatkan dari lembaga rating independen sebagai variabel independen. Selain itu, variabel independen lainnya adalah discretionary accruals yang digunakan sebagai pengukuran praktik manajemen laba yang dilakukan perusahaan. Hasil penelitian ini menunjukkan bahwa skor ESG berpengaruh positif signifikan terhadap likuiditas saham dan manajemen laba. Selain itu, ditemukan juga pengaruh signifikan tidak langsung skor ESG terhadap likuiditas saham melalui mekanisme mediasi manajemen laba. ...... This study aims to understand the effect of ESG scores on stock liquidity and the indirect effect of ESG on liquidity through the mediation mechanism of earnings management in companies listed on the Indonesia Stock Exchange. Using a panel data regression approach, this study analyzes a sample of 33 companies listed on the Indonesia Stock Exchange for the period 2018-2022. The proxy for ESG score is the combined ESG score (ESG) obtained from an independent rating agency as an independent variable. In addition, another independent variable is discretionary accruals which are used as a measurement of earnings management practices carried out by the company. The results of this study indicate that ESG score has a significant positive effect on stock liquidity and earnings management. In addition, there is also a significant indirect effect of ESG scores on stock liquidity through the mediation mechanism of earnings management.