PENGARUH KUALITAS AUDIT DAN PROXY GOING CONCERN TERHADAP OPINI AUDIT GOING CONCERN PADA PERUSAHAAN NON REGULASI DI BURSA EFEK INDONESIA (BEI) Okie Indra Wijaya Yasmin Umar Assegaf Rahmawati Universitas Sebelas Maret Surakarta Fakultas Ekonomi Universitas Sebelas Maret Surakarta Jalan Ir. Sutami Nomor 36A, Kentingan, Surakarta Telepon/Fax.: +62 271 669090 E-mail:
[email protected]
ABSTRACT Auditor have to judge the company ability to maintain company going concern. There are demand from the shareholders to give the information about company prospect that influence the investing decision of the shareholders.This research aims to examine whether the audit quality, liquidity ,and profitability, effect on going concern audit opinion. This research used annual report data and audit report of 152 non-regulated companies listed in Indonesian Stock Exchange (BEI) in 2002-2006 periods as the sample. The non-regulated industrial sample was determined based on the previous research by Mayangsari (2003). By using logistic regression model, it can be concluded that audit quality, liquidity and profitability have significant effect on going concern audit opinion. The limitation of this research are only used three variable and period research five years. Keywords: audit quality; industrial specialization auditor; going concern; profitability; liquidity; going concern auditor opinion
PENGARUH ALIRAN KAS BEBAS TERHADAP NILAI PEMEGANG SAHAM DENGAN SET KESEMPATAN INVESTASI DAN DIVIDEN SEBAGAI VARIABEL MODERATOR Rima Aguatania Kusuma Wardani Jalan Dr. Soepomo Nomor 132, Surakarta 57132 Telepon +62 271 730379 E-mail:
[email protected] Baldric Siregar STIE YKPN Yogyakarta Jalan Seturan, Yogyakarta 55281 Telepon +62 274 486160, 486321, Fax. +62 274 486155 E-mail:
[email protected]
ABSTRACT This study examines the relationship between free cash flow and shareholder value moderated by contextual variables investment opportunity set and dividend. Corporate size is used as a control variable. Financial data of manufacturing firms listed in the Indonesian Stock Exchange for the period from 2002 to 2007 are used. Five IOS individual proxies used to measure a composite IOS proxy are market to book value of assets ratio, market to book value of equity ratio, price earnings ratio, capital expenditure to book value of asset ratio, and capital expenditure to market value of asset ratio. Moderated regression analysis is used in testing hypothesis. The results show that free cash flow significant positively correlated with shareholder value. Investment opportunity set moderate the relationship. Dividend, however, is not proved to be a moderator variable in the correlation between free cash flow and shareholder value. Keywords: free cash flow, shareholder value, investment opportunity set, dividend
INFLASI KELOMPOK BAHAN MAKANAN DENGAN METODE BOX-JENKINS: Kasus Indonesia, 2006:1 – 2009:8 Algifari STIE YKPN Yogyakarta Jalan Seturan, Yogyakarta 55281 Telepon +62 274 486160, 486321, Fax. +62 274 486155 E-mail:
[email protected]
ABSTRACT The primary task of central banks is to keep low and stable rates of inflation. Economic agents, either private or public, always monitor closely the movement of prices in the economy, in order to make decisions that allow them to optimize the use of their resources. So, it is very important to forecast inflation. The objective of this study is to make a forecast model for inflation on raw materials of foods in Indonesia with BoxJeknins methods. This study use data monthly inflation on raw materials of foods from January, 2006 to August, 2009. The result indicate that data monthly inflation on raw materials of foods in that period is stationer with the best model for forecasting is ARIMA (2,0,2). Keywords: Inflations, Raw Materials of Foods, Box-Jenkins
MODEL ESTIMASI PERMINTAAN PARIWISATA KE INDONESIA DENGAN PENDEKATAN CO-INTEGRATION DAN ERROR CORRECTION MODEL Sarwoko Sekolah Tinggi Ilmu Ekonomi BBANK Yogyakarta Jalan. Magelang KM 8 Nomor.10C, Jombor Yogyakarta 55284 Telepon +62 274 564933, Fax. +62 274 564933 E-mail:
[email protected]
ABSTRACT Tourism industry has been an important contributor to the Indonesia economy. The purpose of the empirical research in this paper is to investigate the existence of cointegration between tourism demand variables from the five’s biggest market of Indonesia tourism demand: Australia, Japan, Malaysia, Singapore, and Taiwan. The tourism demand has been explained by per capita real income, exchange rate, tourism price and dummy variables. Annual data from 1985 to 2007 are used for the analysis. Augmented Dickey-Fuller (ADF) and Johansen’s maximum likelihood tests are used to test for unit root and co-integration. An error correction model (ECM) are estimated to an explain those five’s biggest market for tourism to Indonesia. The results show that for Australia and Malaysia the long run equilibrium exists among variables and their tourist seem to be highly sensitive to the per capita real income and exchange rate variables. On the otherhand, for Japan, Singapore, and Taiwan, their varaibles can not be analised by Johansen’ maximum likelihood test because their results of the unit root tests are not uniform in stationarity. Keywords: pariwisata, co-integration, an error correction model (ECM)
ESTIMASI HARGA OPSI SAHAM DI BURSA EFEK INDONESIA (BEI): Studi Kasus Saham LQ-45 Rowland Bismark Fernando Pasaribu Asian Banking Finance and Informatics Institute of Perbanas Jalan Perbanas, Karet Kuningan, Setiabudi, Jakarta 12940 Telepon +62 21 527 8788 ext. 33, Fax. +62 21 522 2645 E-mail:
[email protected]
ABSTRACT The main idea of this paper is to clarify the influence of historical volatility to its current volatility of stock return and estimate european call option pricing using Black-Scholes Model. Three method was used to knowing the influence: HisVol, GARCH (1.1) and CGARCH. Empirically the three method look provide similar result to prove the influence. Moreover, call-option pricing estimated result refer to its delta-hedging and vega indicates a very interesting prospect and profitable investment tool for Indonesian Stock Echange. Keywords: option pricing, Black Scholes Model stochastic volatility, GARCH model
HUBUNGAN ATRIBUT IKLAN BERSAMBUNG PONDS FLAWLESS WHITEDI TELEVISI DENGAN RESPON PEMIRSA Tony Wijaya Sekolah Tinggi Ilmu Ekonomi Isti Ekatana Upaweda (IEU) Jalan Purwanggan Nomor 43, Yogyakarta 55112 Telepon +62 274 551477, Fax. +62 274 551477 E-mail:
[email protected]
ABSTRACT This research aims to test the relationship of advertisement attribute that is theme, scenario, endorser, and jingle with audience respons based on Attention, Interest, Desire, Conviction, and Action (AIDCA) concept. This research focus on continued advertisement (Pond’s Flawless White). Data collecting conducted by disseminating questionare. Responder in research represent the girl in Yogyakarta. The relationship of advertisement attribute that is theme, scenario, endorser and jingle with audience respons was analysed use the canonical correlation. Result indicate that there are relationship of advertisement attribute that is theme and endorser with audience respons that is attention, interest, desire, conviction and action on continued advertisement (Pond’s Flawless White). Keywords : advertisement attribute, audience respons
