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Abstrak :
Decentralization has been implemented for eight years. However, corruption has not been lessened yet within the decentralization era. Bad regulations and investment climate are suspected to be a cause of the situations. Good regulation and investment climate appear if the interjurisdictional competitions exist. The incentive for competition is the equality of economic endowment among regions, or each region has their own tradeable ?technology? that comparable to others. Inequality in ?technology? implies that the region with rich ?technology? is more attractive eventhough there are bad regulation and the investment climate. In contrary, in region with less "technology", corruption will appear because of weak control of the society to the bureaucracy. The strong assumption of this paper is short memories of voters. This paper attempts to estimate and to model the relation between economic variable and corruption. The estimation uses the cross section data among kabupaten/kota in Indonesia in 2004. The estimation shows that economic endowment variable positively and significant correlated to the investment level. On the other hand, the effect of corruption is statistically insignificant in explaining the investment level. The subsequent part of this paper attempts to estimate and to model how the heterogeneity or inequality in ?technology? affects the existence of corruption in Indonesia. The OLS regression of heterogeneity of domestic product (PDRB) against corruption index shows that the heterogeneity positively correlated with corruption level.

Abstrak :
This study examines whether family-controlled firms have a higher level of asymmetry information than non family-controlled firms. This study also examines the influence of Internet Financial Reporting (IFR) to the information asymmetry. The results of the study indicate that family-controlled firms do not have higher level of asymmetry information than non family-controlled firms. Moreover, the study found that the application of IFR reduces the level of firm?s asymmetry information. This study contributes to the accounting literature and regulator by providing evidence the role of IFR in reducing information asymmetry.

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Penelitian ini menguji apakah perusahaan yang dikendalikan keluarga memiliki tingkat asimetri informasi yang lebih tinggi dibandingkan dengan perusahaan yang dikendalikan selain keluarga. Penelitian ini juga menguji bagaimana pengaruh Internet Financial Reporting (IFR) terhadap asimetri informasi. Hasil penelitian menunjukkan bahwa perusahaan yang dikendalikan keluarga tidak terbukti memiliki tingkat asimetri informasi yang lebih tinggi dibandingkan perusahaan yang dikendalikan selain keluarga. Sementara itu, penerapan IFR terbukti dapat menurunkan tingkat asimetri informasi pada perusahaan. Hasil penelitian memberikan kontribusi pada literatur akuntansi dan regulator tentang bagaimana peran IFR dalam mengurangi asimetri informasi.

Abstrak :
Penerapan kebijakan JKN untuk menjamin akses masyarakat terhadap obat dengan pengendalian biaya yang ketat berpotensi terhadap terjadinya kompromi kualitas dan keamanan obat.  Pembatasan harga obat dan adanya asimetris informasi terkait kualitas dan harga obat dapat mendorong moral hazard produsen memproduksi obat substandar dan palsu untuk mempertahankan keuntungan. Hasil analisis terhadap data sampling dan pengujian obat pada level kabupaten/kota menggunakan regresi logistik menunjukkan bahwa peluang suatu obat JKN tergolong tidak memenuhi syarat lebih rendah daripada peluang suatu obat non-JKN. Seiring dengan kenaikan harga satuan obat, peluang suatu obat tergolong tidak memenuhi syarat meningkat, hingga pada tingkat harga satuan tertentu yang tidak memungkinkan lagi obat substandar dan palsu dijual dengan harga kompetitif, peluang tersebut mulai menurun. Penelitian ini merekomendasikan implementasi penuh sistem JKN sebagai upaya mengatasi asimetris informasi harga dan kualitas obat, dengan memberlakukan diferensiasi harga sebagai suatu insentif bagi industri farmasi mempertahankan mutu dan ikut berkompetisi dalam penyediaan obat JKN. ......The implementation of National Health Insurance (NHIS; or Jaminan Kesehatan Nasional/JKN)s policy, increasing patient access to medicine while keeping its budget under tight control, has the potentiality to result in compromising the safety and efficacy of the medicine. Budget constraint and the existing asymmetry information in terms of quality and price of medicines could lead to a moral hazard situation where pharmaceutical companies may produce substandard and falsified medicines to secure their profit. The result of this research using logistic regression analysis of pharmaceutical sampling and testing on municipal/district level showed that despite previous assumptions, medicines included in JKN list are actually having lower probability of falsified or substandard compared to their counterparts, non-JKN medicines. In terms of the relation between price and quality of the medicines, the probability of falsified or substandard medicines increases up to a price level where for the poor qualified medicines does not have the ability to copy the original medicines while still making profit out of it. As a result, this research recommends full implementation of JKN to include all essential medicines into its list to avoid asymmetry information and maintain medicines quality. JKN also needs to have a price-differentiation policy which allows pharmaceutical companies to maintain quality of their medicines, even to innovate for a better one, while still maintaining a good profit and their ability to compete in the JKN era.

Abstrak :
ABSTRAK

Penelitian ini bertujuan untuk mengetahui pengaruh ukuran perusahaan terhadap manajemen laba dan market timing pada saat Seasoned Equity Offerings (SEO) dengan informasi asimetri sebagai variabel moderasi. Ukuran perusahan diukur dengan logaritma natural dari total aset. Informasi asimetri diukur dengan bid-ask spread. Pengujian hipotesis dilakukan dengan menggunakan regresi linear berganda dan regresi logistik dengan sampel 126 right issue yang dilakukan oleh 92 perusahaan yang terdaftar di Bursa Efek Indonesia pada tahun 2002-2012. Hasil penelitian ini menunjukkan bahwa ukuran perusahaan berpengaruh negatif terhadap manajemen laba yang dilakukan perusahaan pada saat SEO. Informasi asimetri akan memperkuat pengaruh negatif tersebut. Hal ini mengindikasikan manajemen laba lebih banyak dilakukan oleh perusahaan kecil. Ukuran perusahaan tidak mempengaruhi probabilita perusahaan dalam melakukan market timing pada saat SEO. Informasi asimetri tidak memperkuat atau memperlemah probabilita tersebut. Hal ini mengindikasikan probabilita perusahaan melakukan market timing pada saat SEO, tidak dipengaruhi oleh ukuran perusahaan.

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ABSTRACT

This research aimed to know the influences of firm size on earning management and market timing at Seasoned Equity Offerings (SEO) with asymmetry information as moderating variabel. Firm size is assesed by natulral logarithm of total asset. Asymmetric information assesed by bid-ask spread. Hypothesis-testing used double linear and logistic regression, with sample 126 right issues from 92 emittens, that are traded at Indonesia Stock Exchange in 2002 until 2012. The results of this research represent that the firm size has a negative influences on earning management at SEO. The existence of asymmetry information can increase the negative influences of firm size on earning management. This gives evidence that in SEO earning management is more likely to be done by small firms. Next result, probability of a firm to do market timing doesn’t affected by firm size at SEO. The existence of asymmetry information doesn’t increase or decrease the probability of a firm to do market timing. This gives evidence that in SEO market timing doesn’t affected by firm size.

Abstrak :
This study attempts to analyze the determinants of capital structure in the Indonesian manufacturing industry from 2000 to 2004. Empirical hyphoteses, drawn from five independent variables are tested against a sample of 49 firms or a cross sectional data. The results show that only In total asset (size), net operating income (NOI), and return on asset (ROA) affect long-term debt to total asset (leverage). It finds a positive relation between leverage and In total asset, a negative relation between leverage and profitability (NOI and ROA). Delta sales (growth) and ownership structure have no effect on leverage. These findings are stable in 2000 through 2004.

Abstrak :
Pada era digitalisasi ini, masyarakat cenderung menggunakan internet sebagai konsumsi utamanya, termasuk dalam berkegiatan ekonomi sehingga financial technology muncul secara pesat dalam beberapa tahun terakhir ini, salah satunya pada sektor lending yaitu Peer-to-Peer Lending. Namun Peer-to-Peer Lending ini memiliki risiko yang akhirnya membangun persepsi dari investor, khususnya risiko keuangan (risiko investasi). Sehingga penelitian ini ingin meneliti bagaimana faktor-faktor dari persepsi risiko keuangan seperti persepsi asimetri informasi dan persepsi ketidakpastian regulasi dapat memengaruhi investordalam berinvestasi pada Peer-to-Peer LendingIndonesia secara kontinyu. Penelitian ini mengumpulkan sebanyak 107 responden yang merupakan investordari Peer-to-Peer Lending Indonesia. Metode yang digunakan untuk menguji hipotesis dalam penelitian ini adalah PLS-SEM dimana menghasilkan Perceived Information Asymmetry dan Perceived Regulatory Uncertainty berpengaruh positif terhadap Perceived Financial Risk (Investment Risk) dan Perceived Financial Risk (Investment Risk) berpengaruh negatif terhadap Continuance Intention. Variabel Perceived Information Asymmetry dan Perceived Regulatory Uncertainty sebelumnya diuji oleh subjek lain, sehingga belum ada penelitian yang menguji pada subjek Peer-to-Peer Lending. ......In this digitalization era, people tended to use the internet as their main consumption, including in economic activities so that financial technology emerged rapidly in recent years, one of which was in the lending sector, Peer-to- Peer Lending. But this Peer-to-Peer Lending has risks that ultimately build perceptions of investors, especially financial risk (investment risk). So this study wants to examine how the factors of Perceived Financial Risk (Investment Risk) such as perceptions of information asymmetry and perceptions of regulatory uncertainty can affect investors in investing in Indonesian Lending Peer-to-Peers continuously. This study collected 107 respondents who were investors from Indonesian Peer-to-Peer Lending. The method used to test the hypothesis in this study is PLS-SEM which produces Perceived Information Asymmetry and Perceived Regulatory Uncertainty which have a positive effect on Perceived Financial Risk (Investment Risk) and Perceived Financial Risk (Investment Risk) negatively affecting Continuance Intention. The Perceived Information Asymmetry and Perceived Regulatory Uncertainty variables were previously tested by other subjects, so no research has been tested on the subject of Peer-to-Peer Lending.

Abstrak :
Penelitian ini bertujuan untuk mengetahui pengaruh tingkat pengungkapan risiko terhadap asimetri informasi dengan menggunakan efektivitas dewan komisaris dan komite audit serta siklus hidup perusahaan sebagai variabel pemoderasi. Tingkat pengungkapan risiko diukur dengan metode content analysis berdasarkan pengembangan framework oleh Linsley dan Shrives (2006) dan regulasi pengungkapan risiko berlaku di Indonesia. Efektivitas dewan komisaris dan komite audit diukur berdasarkan skor yang dikembangkan oleh Hermawan (2009). Pengujian hipotesis diukur dengan menggunakan regresi berganda dengan sampel 215 perusahaan yang terdaftar di Bursa Efek Indonesia pada tahun 2012. Hasil penelitian ini menunjukkan pengaruh negatif dan signifikan dari tingkat pengungkapan risiko terhadap asimetri informasi. Pengaruh negatif ini diperkuat oleh efektivitas komite audit secara signifikan, namun tidak ditemukan pengaruh dari efektivitas dewan komisaris dan siklus hidup perusahaan dalam memperkuat pengaruh negatif tingkat pengungkapan risiko terhadap asimetri informasi. Pengujian tambahan dilakukan pada variabel efektivitas dewan komisaris dan komite audit serta siklus hidup secara terpisah. Hasil pengujian tambahan ini mendukung hasil penelitian secara konsisten, sedangkan siklus hidup ditemukan memperkuat secara marginal.

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This research aims to know the effect of risk disclosures on the asymmetry information with board of commissioner and audit committee effectiveness and firm life cycle as moderating variable. Risk disclosures are measured through content analysis based on framework developed by Linsley and Shrives (2006) and regulation applied in Indonesia. Board of commissioners and audit committee are assesed by using a score that is developed by Hermawan (2009). Hypothesis testing used multiple regression with sample of 215 companies that are listed at Indonesia Stock Exchange in 2012. The result of this study shows that risk disclosures is negatively associated with the asymmetry information. This relationship is stronger for firms with higher audit committee effectiveness score. There is no significant effect found in the board commissioner efectiveness and firm life cycle to moderate the relationship. Additional tests are performed to test board commissioner and audit committee effectiveness and firm life cycle in separately. Results of additional tests consistently support the research results, however firm life cycle is found to strengthen the effect marginally.

Abstrak :
A dividend decision of a firm is an outcome of various considerations. These considerations differ across time and industry. Based on asymetric information – agency theory thought, this study re-examines various variables that have a bearing on the dividend decision of a firm. In addition to examining the impact of corporate fundamentals on dividend policy, this study also analyzes the effect of expropriation trigger variables (family ownership, cash funds, the level of diversification and Related Party Transaction/RPT) on a dividend policy. The results of panel logistic regression indicate that Cash Funds, RPT, Profitability, Size, Growth, Debt and Macroecomics variables are the determinants of the dividend policy for Indonesian listed public companies, observed during 2002 to 2010.