LEMBAR
HASIL PENILAIAN SEJAWAT SEBIDANG ATAU PEER REVIEW KARYA ILMIAH : JURNAL ILMIAH
Judul karya ilmiah (artikel) : Sustainability Report Analysis: Content and Quality GRI-G4
Jumlah Penulis : 3 orang
Status Pengusul : Penulis ke 3
Nama Penulis : Dr. Indira Januarti, SE, M.Si, Akt
Identitas Jurnal Ilmiah
: a. Nama Jurnal : Pertanika Jurnal Social Science & Humanities : b. Nomor ISSN : ISSN: 0128-7702; e-ISSN: 2231-8534
: c. Volume, nomor, bulan, tahun
: 28 (S1) (2020), hal. 103 - 119 : d. Penerbit : Universiti Putra Malaysia Press : e. DOI artikel (jika ada) :
: f. Alamat web jurnal : http://www.pertanika.upm.edu.my/
: g. Terindeks di scimagojr / Thomson Reufer ISI knowledge atau di nasional / terindeks di DOAJ, CABi, Copernicus
: Scopus Q3,
Kategori Publikasi Jurnal Ilmiah : : Jurnal Ilmiah Internasional /Internasional bereputasi (beri pada kategori yang tepat) Jurnal Ilmiah Nasional Terakreditasi
Jurnal Ilmiah Nasional/ Nasional terindeks di DOAJ, CABI, Copernicus Hasil Penilaian Peer Review :
Komponen Yang Dinilai
Nilai Maksimal Jurnal Ilmiah Nilai Akhir Yang Diperoleh Internasional
bereputasi (Maks 40)
Internasional Nasional Terakreditasi
(Maks 25)
Nasional Tidak Terakreditasi
(Maks 10)
Nasional Terindeks DOAJ dll.
(Maks 20)
a. Kelengkapan unsur isi artikel (10%) 4 2 2,5 1 2
3,5
b. Ruang lingkup dan kedalaman pembahasan (30%)
12 6 7,5 3 6
11
c. Kecukupan dan kemutahiran data/informasi dan metodologi (30%)
12 6 7,5 3 6
10,5
d. Kelengkapan unsur dan kualitas penerbit (30%)
12 6 7,5 3 6
11
Total = (100%) 40 20 25 10 20
36
Nilai pengusul = (40% X36)/2 = 7,2
7,2 KOMENTAR / ULASAN PEER REVIEW
Kelengkapan dan kesesuaian unsur Penulisan sudah cukup sesuai dan lengkap, mencakup; judul, pendahuluan,, sampai dengan kesimpulan dan daftar pustaka. Substansi artikel cukup sesuai bidang ilmu pengusul sebagai penulis ketiga (Ilmu Akuntansi).
Ruang lingkup dan kedalaman pembahasan Substansi artikel cukup sesuai dengan ruang lingkup jurnal (Pertanika Jurnal Social Science &
Humanities). Kedalaman pembahasan cukup baik didukung dengan sumber referensi yang cukup memadai.
Kecukupan dan Kemutakhiran Data &
Metodologi
Data dan metodologi merupakan metode yang cukup baru dengan hasil penelitian menunjukkan cukup adanya kebaruan informasi
Kelengkapan unsur dan kualitas penerbit Jurnal internasional bereputasi, terindeks Scopus Q3, SJR 0,17
Indikasi plagiasi Hasil uji turnitin menunjukkan, SI = 6%.
Kesesuaian bidang ilmu Selaras dengan bidang ilmu pengusul, yaitu Akuntansi . Selaras dengan bidang ilmu pengusul, yaitu Akuntansi .
Semarang, 2020
Reviewer 1
Prof. Dr. Abdul Rohman, M.Si, Akt NIP. 196601081992021001
Departemen Akuntansi FEB Undip
Jabatan Fungsional : Guru Besar
v
LEMBAR
HASIL PENILAIAN SEJAWAT SEBIDANG ATAU PEER REVIEW KARYA ILMIAH : JURNAL ILMIAH
Judul karya ilmiah (artikel) : Sustainability Report Analysis: Content and Quality GRI-G4
Jumlah Penulis : 3 orang
Status Pengusul : Penulis ke 3
Nama Penulis : Dr. Indira Januarti, SE, M.Si, Akt
Identitas Jurnal Ilmiah
: a. Nama Jurnal : Pertanika Jurnal Social Science & Humanities : b. Nomor ISSN : ISSN: 0128-7702; e-ISSN: 2231-8534
: c. Volume, nomor, bulan, tahun
: 28 (S1) (2020), hal. 103 - 119 : d. Penerbit : Universiti Putra Malaysia Press : e. DOI artikel (jika ada) :
: f. Alamat web jurnal : http://www.pertanika.upm.edu.my/
: g. Terindeks di scimagojr / Thomson Reufer ISI knowledge atau di nasional / terindeks di DOAJ, CABi, Copernicus
: Scopus Q3,
Kategori Publikasi Jurnal Ilmiah : : Jurnal Ilmiah Internasional /Internasional bereputasi (beri pada kategori yang tepat) Jurnal Ilmiah Nasional Terakreditasi
Jurnal Ilmiah Nasional/ Nasional terindeks di DOAJ, CABI, Copernicus Hasil Penilaian Peer Review :
Komponen Yang Dinilai
Nilai Maksimal Jurnal Ilmiah Nilai Akhir Yang Diperoleh Internasional
bereputasi (Maks 40)
Internasional Nasional Terakreditasi
(Maks 25)
Nasional Tidak Terakreditasi
(Maks 10)
Nasional Terindeks DOAJ dll.
(Maks 20)
a. Kelengkapan unsur isi artikel (10%) 4 2 2,5 1 2 3,6
b. Ruang lingkup dan kedalaman pembahasan (30%)
12 6 7,5 3 6 10,5
c. Kecukupan dan kemutahiran data/informasi dan metodologi (30%)
12 6 7,5 3 6 10.4
d. Kelengkapan unsur dan kualitas penerbit (30%)
12 6 7,5 3 6 10,2
Total = (100%) 40 20 25 10 20 34,7
Nilai pengusul = 0,4/2
6,94 KOMENTAR / ULASAN PEER REVIEW
Kelengkapan dan kesesuaian unsur Kelengakapan unsur penilaian telah ditulis dengan baik dan runtut.
Ruang lingkup dan kedalaman pembahasan Pengungkapan yang dilakukan perusahaan untuk tetap eksis dengan menggunakan teori stakeholder.
Pembahasan temuan penelitian telah didukung dengan data dan telah dijelaskan dengan baik
Kecukupan dan Kemutakhiran Data &
Metodologi
Menggunakan data sekunder untuk amatan laporan tahun 2018 yang tergolong baru. Metode penelitian telah dijelaskan dengan baik terkait sampel, definisi operasional variabel dan pengukurannya.
Kelengkapan unsur dan kualitas penerbit Jurnal terindeks Scopus Q3, SJR 0,17
Indikasi plagiasi Hasil uji Turnitin 6%
Kesesuaian bidang ilmu Bidang ilmu akuntansi dengan kajian pengungkapan laporan keberlanjutan
Semarang, 17 April 2020
Reviewer 2
Prof. Faisal, SE, M.Si, Ph.D NIP. 197109042001121001
Departemen Akuntansi FEB Undip
Jabatan Fungsional : Guru Besar
v
Journal of Social Sciences & HumanitiesJournal of Social Sciences & HumanitiesJournal of Social Sciences & Humanities
VOL. 28 (S1) 2020
Vol. 28 (S1) 2020
Pertanika Editorial Office, Journal Division Putra Science Park
1st Floor, IDEA Tower II UPM-MTDC Technology Centre Universiti Putra Malaysia 43400 UPM Serdang Selangor Darul Ehsan Malaysia
http://www.pertanika.upm.edu.my/
E-mail: [email protected] Tel: +603 9769 1622
Pertanika Journal of Social Sciences & Humanities
Vol. 28 (S1) 2020
Guest Editor
Bachtiar H. SimamoraTel: +603 9769 8851
Content
A special issue devoted to
Innovative Business Excellence for Sustainability with ICT as an Enabler
Innovative Business Excellence for Sustainability with ICT as an Enabler Preface
Bachtiar H. Simamora i
The Effect of Corporate Governance, E-Business and Innovation on Competitive Advantage and Implication on Financial Performance
Mulyono, Adler Haymans Manurung, Firdaus Alamsjah and Mohammad Hamsal
1
Resource Development Analysis in Indonesia Listed Bank Type IV: An
Overview of Resource Base Theory in Indonesia Banking Industry in Developing Competitive Advantage
Hardijanto Saroso and Agus Ridwan
15
Design and Commercialization Critics of Batik Lasem Vera Jenny Basiroen
29
The Survival of Batik Madura in Digital Era: A Case Study of Small Medium Enterprises (SME) at Batik Madura Center
Alwiyah, Evi Steelyana, Sayyida and Izah Tahir
43
Analysis of Factors Affecting the Consumer Behavior of Indonesian Banking Industry
Rahmat Siauwijaya and Evi Steelyana
59
Exploring Employee’s Motivation and Performance Factors: Evidence in a 3 Star Hotel in Indonesia by Contrasting Maslow’s and Çetin’s Model
Dewi Tamara, Respati Wulandari and Sanvenia Veronica
75
The Urgency of Community Participation in the Establishment of a Local Regulation Dani Sintara, Suhaidi and Faisal Akbar Nasution
87
Sustainability Report Analysis: Content and Quality GRI-G4
Acep Komara, Imam Ghozali and Indira Januarti 103
Tourist Segmentation in Jakarta: An Analysis of Jakarta’s City Branding Natalia, Louis Mordekhai and Fiona Cownie
121
Managerial Efforts in Building Organization Behaviour (Study of Entrepreneurs in Indonesia)
Rano Kartono, Sasmoko, Yasinta Indrianti, Lasmy and Hendry Hartono
141
VOL. 28 (S1) 2020
(Special Issue)
A scientific journal published by Universiti Putra Malaysia Press
SOCIAL SCIENCES
& HUMANITIES
P e r t a n i k a J o u r n a l o f
Guest Editor Bachtiar H. Simamora A special issue devoted to
Innovative Business Excellence for Sustainability
with ICT as an Enabler
Journal of Social Sciences & Humanities
JSSH
AN INTERNATIONAL PEER-REVIEWED JOURNAL
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Abdul Mansur M. Masih
Economics, Econometrics, Finance King Fahd University of Petroleum and Minerals, Saudi Arabia.
Ain Nadzimah
Modern Languages and Communication,
Universiti Putra Malaysia, Malaysia.
Alan Maley
English Language Studies, Teaching of English Language and Literature Leeds Metropolitan University, UK.
Ali Reza Kaldi
Medical Sociology, Sociology of Development Ageing, Gerontology University of Social Welfare and Rehabilitation, Tehran, Iran.
Brian Tomlinson
English Language Studies, The Evaluation, Adaptation and Development
Leeds Metropolitan University, UK.
Deanna L. Sharpe
Economics, Consumer and Family Economics, Personal Finance University of Missouri, Columbia, USA.
Dessy Irawati
Economist and Business Development Strategist
BNI Bank Representative in the Netherlands, EduPRIME Consulting, the Netherlands.
Jacqueline Pugh-Kitingan
Music, Ethnomusicology, Borneo and Papua New Guinea Studies Universiti Malaysia Sabah, Malaysia.
James R. Stock
Management Studies, Marketing, Logistics and Supply Chain Management, Quantitative Method University of South Florida, USA.
Jayum A. Jawan
Sociology, Politics and Government, Civilization Studies
Tun Abd Razak Chair & Visiting Professor of Political Science Ohio University, Athens Ohio, USA (2015-2017).
Universiti Putra Malaysia, Malaysia.
Jonathan Newton
Classroom-based Second Language Acquisition, Language Teaching Methodology, the Interface of Culture and Language in Language Teaching and Learning, and Language/
Communication Training and Material Design for the Multicultural Workplace Victoria University of Wellington, New Zealand.
Marcus Bion GRIFFIN
Human Ecology, Anthropology, Tropical Agriculture, Fisheries
Cultural Learning Solutions, USA.
Mary Susan Philip
English Language Theatre in Malaysia and Singapore; Postcolonial Theatre University of Malaya, Malaysia.
Muzafar Shah Habibullah
Economics, Monetary Economics, Banking, Macroeconomics Universiti Putra Malaysia, Malaysia.
Patricia Matusky
Music, Ethnomusicology, Malay and Indonesian language, Literature and Culture
Grand Valley State University, USA.
Rama Mathew
Teacher Education, English Language Education including Young Learners and Language Assessment
Delhi University, India.
Rohany Nasir
Psychology-Career counseling, Counseling for Adolescents and Adults, Marriage and Family counseling, Counseling industry and Organization Universiti Kebangsaan Malaysia, Malaysia.
Shameem Rafik-Galea
English Language Studies, Linguistics, Applied Linguistics, Language and Communication
University College Sedaya International, Malaysia.
Stephen J. HALL
English Language Studies, Linguist, Teacher Educator, TESOL Sunway University, Malaysia.
Stephen J. THOMA
Phsycology, Educational Psychology, The University of Alabama, USA.
Vahid Nimehchisalem
Modern Languages and Communication,
Universiti Putra Malaysia, Malaysia.
Victor T. King
Anthropology / Southeast Asian Studies White Rose East Asia Centre, University of Leeds, UK.
Barbara Wejnert
Political Sociologist: Gender Studies, Macro Political and Social Changes University at Buffalo, SUNY, USA.
Carolyn Graham
Music, Jazz Chants Harvard University, USA.
Dileep K. Mohanachandra
Psychology, Sociology, Technology Mohammed VI Polytechnic University, Morrocco.
Faith Trent AM FACE
Education: Curriculum development Flinders University, Adelaide, Australia.
Gary N. Mclean
Community and Social Development, International Human Resource Development, Organizational Development
Executive Director, International Human Resource Development Programs, EAHR, Teas A&M University, USA.
Graham Thurgood
English Language Studies, General Linguistics, Discourse and Syntax California State University, Chico., USA.
Handoyo Puji Widodo
English Language Teaching, ESP, Language Curriculum-Materials Design and Development, and Language Methodology
English Language Center Shantou University, China.
John R. Schermerhorn Jr.
Management Studies, Management and Organizational Behaviour, International Business Ohio University, USA.
Kent Matthews
Economics, Banking and Finance, Modelling and Forecasting the Macro Economy
Cardiff Business School, UK.
Lehman B. Fletcher
Economics, Agricultural Development, Policy Analysis and Planning Iowa State University, USA.
Mohamed Ariff
Economics, Finance, Capital Market, Islamic Finance, FIscal Policy Sunway University, Malaysia.
Pal Ahluwalia
African Studies, Social and Cultural Theory, Post-colonial Theory Pro Vice-Chancellor (Research and Innovation), University of Portsmouth, UK.
Phillip Jones
Architectural Science, Sustainability in the Built Environment Welsh School of Architecture, Cardiff University, UK.
Rance P. L. Lee
Sociology
The Chinese University of Hong Kong, China.
Royal D. Colle
Communication Cornell University, USA.
Shonda Buchanan
American Literature Interim Chair Hampton University, USA.
Vijay K. Bhatia
Education: Genre Analysis and Professional Communication City University of Hong Kong, China.
INTERNATIONAL ADVISORY BOARD 2018-2021
ABSTRACTING AND INDEXING OF PERTANIKA JOURNALS
The journal is indexed in SCOPUS (Elsevier), Clarivate-Emerging Sources Citation Index (ESCI), BIOSIS, National Agricultural Science (NAL), Google Scholar, MyCite, ISC. In addition, Pertanika JSSH is recipient of “CREAM”
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The publisher of Pertanika will not be responsible for the statements made by the authors in any articles published in the journal. Under no circumstances will the publisher of this publication be liable for any loss or damage caused by your reliance on the advice, opinion or information obtained either explicitly or implied through the contents of this publication.
All rights of reproduction are reserved in respect of all papers, articles, illustrations, etc., published in Pertanika. Pertanika provides free access to the full text of research articles for anyone, web-wide. It does not charge either its authors or author-institution for refereeing/publishing outgoing articles or user-institution for accessing incoming articles.
No material published in Pertanika may be reproduced or stored on microfilm or in electronic, optical or magnetic form without the written authorization of the Publisher.
Copyright © 2018-19 Universiti Putra Malaysia Press. All Rights Reserved.
EDITORIAL BOARD 2018-2020
Pertanika Journal of Social Sciences & Humanities Vol. 28 (S1) 2020
Contents
Innovative Business Excellence for Sustainability with ICT as an Enabler Preface
Bachtiar H. Simamora i
The Effect of Corporate Governance, E-Business and Innovation on Competitive Advantage and Implication on Financial Performance
Mulyono, Adler Haymans Manurung, Firdaus Alamsjah and Mohammad Hamsal
1
Resource Development Analysis in Indonesia Listed Bank Type IV: An
Overview of Resource Base Theory in Indonesia Banking Industry in Developing Competitive Advantage
Hardijanto Saroso and Agus Ridwan
15
Design and Commercialization Critics of Batik Lasem Vera Jenny Basiroen
29
The Survival of Batik Madura in Digital Era: A Case Study of Small Medium Enterprises (SME) at Batik Madura Center
Alwiyah, Evi Steelyana, Sayyida and Izah Tahir
43
Analysis of Factors Affecting the Consumer Behavior of Indonesian Banking Industry
Rahmat Siauwijaya and Evi Steelyana
59
Exploring Employee’s Motivation and Performance Factors: Evidence in a 3 Star Hotel in Indonesia by Contrasting Maslow’s and Çetin’s Model
Dewi Tamara, Respati Wulandari and Sanvenia Veronica
75
The Urgency of Community Participation in the Establishment of a Local Regulation Dani Sintara, Suhaidi and Faisal Akbar Nasution
87
Sustainability Report Analysis: Content and Quality GRI-G4
Acep Komara, Imam Ghozali and Indira Januarti 103
Tourist Segmentation in Jakarta: An Analysis of Jakarta’s City Branding Natalia, Louis Mordekhai and Fiona Cownie
121
Managerial Efforts in Building Organization Behaviour (Study of Entrepreneurs in Indonesia)
Rano Kartono, Sasmoko, Yasinta Indrianti, Lasmy and Hendry Hartono
141
Enhancing the Economic Potential of Indigenous People in the Jababeka Industrial Area through Corporate Social Responsibility
Ulani Yunus, Triadi Sumbogo, Gayes Mahestu and Wajid Zulqarnain
155
PCAOB Sanction and Client Stock Market Reactions: Evidence from the Case of Ernst & Young Indonesia
Gatot Soepriyanto and Arfian Erma Zudana
167
Innovation in Traditional Food Products as Local Wisdom on Dodol Mandai Trias Septyoari Putranto, Tri Wiyana and Sarim
181
@_TNIAU: Case Study on Interactive Public Communication in Indonesia Yuanita Safitri and Mia Angeline
191
Internet of Things (IoT) for Energy Efficiency in Tourism-Related Industry Kasih Cakaputra Komsary, Tati Ernawati, Ade Hodijah and Dian Wardiana
203
Consumer Perceived Value, Attitude, Trust and Purchase Intention of Kuku Bima Ener-G Product
Selly Novela, Didiet Gharnaditya, Novita and Patricia Marie Wibisono
215
Training Model for Improving Human Resource Performance and Quality in a Parking Insurance Company
Respati Wulandari, Anita Maharani, David Young and Tania Winoto
229
Tobit Regression Analysis on Factors Influencing Dividend Policy of Indonesian Manufacturing Firms
Dezie L. Warganegara, Titik Indrawati, Evi Steelyana, Doni S. Warganegara and Mark Kam Loon Loo
243
Factors Affecting Earnings Quality in Companies Listed in Indonesia Stock Exchange
Stefanus Ariyanto, Sasya Sabrina and Theresia Lesmana
253
Inflation Effect, Interest Rate of Bank Indonesia Certificates (SBI) and Economic Growth on Rupiah Exchange Rate in Indonesia
Darman and Karyana Hutomo
261
The Effect of Banking Efficiency, Earnings Per Share and Price-Earnings Ratio towards the Stock Return of Banking Companies in Indonesia
Rahmat Siauwijaya
277
Voluntary Disclosure Level and Firm Valuation of Kompas100 Listed Firms Yanthi Hutagaol-Martowidjojo and Kevin Richard
289
The Effect of Website Quality on e-Trust of Customers: “The Case of ZEN Rooms”
Lucina Iswi Hapsari Sulistyoand Wenly Pranata
301
Control of the Right to Strike Affecting the Productivity of State-Owned Enterprises Christian Orchard Perangin-Angin and Bismar Nasution
311
Design Thinking Corporate Training Effectiveness and the Attributes of the Trainers Ari Margiono and Tubagus Hanafi
323
Donald Digital Marketing: An Exploratory Study of Digital Political Marketing in Trump Presidential Campaign
Irmawan Rahyadi and Muhammad Aras
337
Chinese Ethnic Perspective on the Confucius Values of Leadership in West Java Fuqing Organization
Mulyani and Chyntia Ika Ratnapuri
347
Improving the Intensity of Sales through Digital Banking: The Case of Indonesian Banking Behaviour
Janita Sembiring Melialaand Puti Sinansari
359
Pertanika J. Soc. Sci. & Hum. 28 (S1): 155 - 165 (2020)
SOCIAL SCIENCES & HUMANITIES
Journal homepage: http://www.pertanika.upm.edu.my/
Article history:
Received: 9 October 2019 Accepted: 3 January 2020 Published: 17 March 2020 ARTICLE INFO
E-mail addresses:
[email protected] (Ulani Yunus) [email protected] (Tri Adi Sumbogo) [email protected] (Gayes Mahestu) [email protected] (Wajid Zulqarnain)
*Corresponding author
ISSN: 0128-7702
e-ISSN: 2231-8534 © Universiti Putra Malaysia Press
Enhancing the Economic Potential of Indigenous People in the Jababeka Industrial Area through Corporate Social Responsibility
Ulani Yunus
1*, Tri Adi Sumbogo
1, Gayes Mahestu
1and Wajid Zulqarnain
21Marketing Communication Program, Department of Communication,
Faculty of Economics and Communication, Bina Nusantara University, West Jakarta 11480, Indonesia
2Faculty of Media Sciences, Shaheed Zulfikar Ali Bhutto Institute of Science and Technology (SZABIST), Islamabad, Plot No. 67, Street No. 9, H-8/4, Islamabad, Pakistan
training and micro-finance, as well as community empowerment and economic improvement through the provision of assistance in the form of revolving capital, farm or business equipment, including mentoring. This research concluded that CSR Program of tenants could enhance the economic potential of indigenous peoples through Jababeka CSR program especially in training of entrepreneurship and be mentoring in business. The selection of the program was based on the type of products owned by tenant and the practical way of economic empowerment of local ABSTRACT
Jababeka is a brand of an industrial area located in Cikarang, Bekasi Regency, West Java Province, Indonesia. The purpose of this study was to find how were the CSR programs of the tenants of Jababeka could enhance the economic potential of indigenous peoples. The methodology used descriptive qualitative research. Data collection technique used were interviews, literature, and observations. The results showed that Jababeka used CSR as continuous improvements in succession planning to support company performance excellent.
Jababeka CSR program such as Economic, Fellowship, and Environmental. Economic
pillar relates to improving the quality of human resources through entrepreneurship
Pertanika J. Soc. Sci. & Hum. 28 (S1): 243 - 252 (2020)
ISSN: 0128-7702 e-ISSN 2231-8534
SOCIAL SCIENCES & HUMANITIES
Journal homepage: http://www.pertanika.upm.edu.my/
Article history:
Received: 09 October 2019 Accepted: 03 January 2020 Published: 17 March 2020 ARTICLE INFO
E-mail addresses:
[email protected] (Dezie L. Warganegara) [email protected] (Titik Indrawati) [email protected] (Evi Steelyana)
[email protected] (Doni S. Warganegara) [email protected] (Mark Kam Loon Loo)
* Corresponding author
© Universiti Putra Malaysia Press
Tobit Regression Analysis on Factors Influencing Dividend Policy of Indonesian Manufacturing Firms
Dezie L. Warganegara
1*, Titik Indrawati
1, Evi Steelyana
1, Doni S. Warganegara
2and Mark Kam Loon Loo
31Department of Accounting, Faculty of Economics and Communication, Bina Nusantara University, Jakarta 11480, Indonesia
2Department of Accounting, Universitas Lampung, Jl. Prof. Dr. Ir. Sumantri Brojonegoro, RW.No: 1, Gedong Meneng, Kec. Rajabasa, Bandar-Lampung, Lampung 35145, Indonesia
3Mihalcheon School of Management, Concordia University of Edmonton, T5B 4E4, Edmonton, Canada
ABSTRACT
This study seeks to examine the determinants of dividend policies of manufacturing companies in Indonesia. The data for this study were drawn from a balanced sample of 111 public manufacturing firms listed in the Indonesia Stock Exchange between 2009 and 2013. A Tobit regression analysis with cluster-robust standard errors was then employed to find the effects of firm size, profitability, sales growth, financial leverage, and inter-period on the magnitude of dividend yield. This study finds that firm size, profitability, and sales growth positively influence the magnitude of dividends paid relative to stock prices received by shareholders. On the other hand, it also finds that financial leverage negatively affects dividends. Another result suggests the levels of dividends vary across time.
Keywords: Dividend policies, Indonesia Stock Exchange, manufacturing firms, Tobit regression
INTRODUCTION
Researchers have advanced numerous theories that relate the dividends with a firm’s value. Miller and Modigliani (1961) proposed the theory of dividend irrelevance that, in a perfect capital market, a firm’s value depended only on its investment policy and the return that its assets offered.
Other researchers pinpoint various factors
that cause dividends in practice to be value-
relevant. Regardless of the attempts for
Pertanika J. Soc. Sci. & Hum. 28 (S1): 167 - 179 (2020)
ISSN: 0128-7702 e-ISSN 2231-8534
SOCIAL SCIENCES & HUMANITIES
Journal homepage: http://www.pertanika.upm.edu.my/
Article history:
Received: 09 October 2019 Accepted: 03 January 2020 Published: 17 March 2020 ARTICLE INFO
E-mail addresses:
[email protected] (Arfian Erma Zudana) [email protected] (Gatot Soepriyanto)
* Corresponding author
© Universiti Putra Malaysia Press
PCAOB Sanction and Client Stock Market Reactions: Evidence from the Case of Ernst and Young Indonesia
Gatot Soepriyanto
1and Arfian Erma Zudana
2*
1Department of Accounting, Faculty of Economics and Communication, Bina Nusantara University, Jakarta 11480, Indonesia
2School of Accounting and Commercial Law, Victoria University of Wellington Faculty of Law, Wellington 6012, New Zealand
ABSTRACT
The objective of this study was to examine the client share prices to news of the Public Company Accounting Oversight Board (PCAOB) censure on Ernst & Young Indonesia (EY-Indonesia) – the first against a Big Four auditor in Indonesia. Using an event study analysis, we found some evidence that EY-Indonesia clients had a significantly positive market reaction compared to the none EY-Indonesia clients in regard to the news of the PCAOB sanction. The results indicate that the remedial effects of EY’s actions taken after the sanction outweigh the negative effects. The results of this study are robust if compared to the abnormal returns for EY-Indonesia clients versus other Big 4 clients. This study is important to highlight the positive effects of the PCAOB sanction and monitoring to improve the audit quality in a developing market.
Keywords: Audit quality, auditor reputation, EY-Indonesia, Indosat, market reaction, PCAOB sanction