MANAJEMEN LABA PADA PERIODASEBELUM DAN SESUDAH PENAWARAN SAHAM PERDANA DI BURSA EFEK JAKARTA: ANALISIS DENGAN MODEL DEANGELO

2006 ◽  
Vol 2 (2) ◽  
pp. 67
Author(s):  
Elisa Indah ◽  
Erny Ekawati
Keyword(s):  
Real Estate ◽  
Earnings Management ◽  
Initial Public Offerings ◽  
Stock Exchange ◽  
Operating Performance ◽  
Discretionary Accruals ◽  
Building Construction ◽  
Financial Statement ◽  
Public Offerings ◽  
Industrial Group

The previous research fotmd empirical evidence about existence of earnings monagement of suuraunding IPO (Initial Public Offerings). Previous reseqrch also found that operating performance at period after IPO less than before IPO. The purposes of this research is to reexamine earnings management surrounding IPO and association earnings manog"*"it surrotmding IPO with the operating performance in Indonesiancapital market.This study uses the companies data conducting IPO on 88 /irms that went at Jakarta Stock Exchange for the periods 1995-2002. Company do not the included in industrial group of property, real estate and building construction, and industrial group of finance. The method used toexamine eantings management are the method that develop by DeAngelo.Ihe result of this study by using t-test is fomd that firms manage theiremnings to increqse reported income before IPO and after IPO. It meansthat IPO issuers make income increasing discretionary accruals in thefmancial statement before IPO and in the financial statement afier IPO.In this study by using double regression examination also found thatoperoting performance after IPO less than before IPO. This conditionis consequence firms conduct earnings managetnent before IPO untilhappen underperformance after IPO.Keywords z IPO, earnings management, income increasing discretionaryaccruals, operating performance, DeAngelo model.

scholarly journals Earnings management and initial public offerings among Indonesian manufacturing companies

2021 ◽  
Vol 18 (3) ◽  
pp. 27-39
Author(s):  
Andreas ◽  
Enni Savitri ◽  
Tatang Ary Gumanti ◽  
Nurhayati
Keyword(s):  
Earnings Management ◽  
Initial Public Offerings ◽  
Stock Exchange ◽  
Financial Statements ◽  
Asia Pacific ◽  
Manufacturing Companies ◽  
Public Offerings ◽  
Industry Group ◽  
Manufacturing Sectors ◽  
Essential Chemical

Earnings management (EM) refers to the common use of accounting techniques in various economic settings, such as Initial Public Offerings (IPOs), to produce financial statements. This study, therefore, analyzes the effect of firm size, operating cash flow, the used IPO proceeds, earnings changes, and leverage on EM of manufacturing companies on the Indonesia Stock Exchange from 1989 to 2013. This sector comprises the essential chemical industry, miscellaneous organizations, and consumer goods, with 63 firms being used to meet the selection criteria. The regression analysis showed that the intended use of funds and leverage had a negative and significant impact on EM. Furthermore, the process is measured using Friedlan’s (1994) Discretionary Current Accruals model with similar results found in each industry group and their insignificant differences used to regulate the level of discretionary accruals between the three sectors. This study implies that the EM level is qualitatively similar among IPO companies in the three sub-sectors examined. AcknowledgmentsThe authors are grateful to the audience for their comments during the 11th Environmental and Sustainability Management Accounting Network-Asia Pacific (EMAN-AP) Conference held at the Danang University of Economics, Danang, Vietnam, 12-13 August 2019. The early draft was titled “Earnings Management and Initial Public Offerings on Manufacturing Sectors Companies”.

scholarly journals Earnings management, corporate governance, and ownership structure of Philippine initial public offerings

2021 ◽  
Vol 18 (4) ◽  
pp. 175-191
Author(s):  
Angelo O. Burdeos
Keyword(s):  
Corporate Governance ◽  
Earnings Management ◽  
Initial Public Offerings ◽  
Ownership Structure ◽  
Stock Exchange ◽  
The Philippines ◽  
Ownership Concentration ◽  
Independent Directors ◽  
Ceo Duality ◽  
Public Offerings

Prior studies examined the effect of corporate governance variables on discretionary current accrual, the most widely used measurement of earnings management. The principal-agent conflict implies that the size of the board, the percent of independent directors, CEO duality, and auditor prestige limit discretionary current accruals (DCA). This paper extends past studies by examining the effect of ownership structure on discretionary current accruals. The study determines the level of income-increasing earnings management of initial public offerings (IPOs) in the Philippines and the factors that explain it. Particularly, the paper examines the effect of ownership concentration and largest shareholder ownership on discretionary current accruals. The study uses a final sample of 105 IPO firms in Philippine Stock Exchange (PSE) from 2008 to 2018. Employing the modified Jones’s (1991) model to measure discretionary current accrual and multiple regression analysis, the study finds -4.19% discretionary current accrual on the average. It also reveals that the 2002 Philippine Code of Corporate Governance (PCCG) is ineffective in curbing earnings management. In addition, there is an insignificant relationship between the size of the board, CEO duality, ownership concentration, largest shareholder ownership and auditor prestige, and earnings management. Furthermore, the paper finds a significant relationship between the percent of independent directors, industry sector, return on assets (ROA) and cash flow from operations and earnings management.

Opportunistic earnings management during initial public offerings: evidence from India

2016 ◽  
Vol 15 (3) ◽  
pp. 352-371 ◽  
Author(s):  
Rachappa Shette ◽  
Sudershan Kuntluru ◽  
Sunder Ram Korivi
Keyword(s):  
Earnings Management ◽  
Initial Public Offerings ◽  
Market Performance ◽  
Discretionary Accruals ◽  
Content Type ◽  
Public Offerings ◽  
Earnings Performance ◽  
The Impact

Purpose This paper aims to examine the impact of initial public offerings (IPO)-year opportunistic earnings management on long-term market and earnings performance. Design/methodology/approach A sample of 150 book-built IPOs over 2001-2006 are analysed based on industry adjusted return on sales and industry adjusted return on assets for six post-IPO years. The quality of earnings is measured in two ways using discretionary accruals and Beneish manipulation score. Modified Jones model is used to estimate the expected accruals and to compute the discretionary accruals for each IPO firm year. Regression model is used to examine the impact of IPO-year quality of earnings on future earnings performance. Findings The paper finds that earnings and market performance of IPO companies are abnormally higher in the IPO-year, as compared to the post-IPO years. Similarly, the quality of earnings during the IPO-year is lower than those in the post-IPO years. The results also show that the opportunistic earnings management in IPO-year has significant negative impact on the long-term adjusted earnings and market performance. Research limitations/implications The present study is confined to the period from 2001 to 2006 for the purpose of post-IPO analysis for a period of six post-IPO years. Thus, the conclusions of this study are to be viewed with this limitation. Originality/value This paper is the first study based on the Indian context to examine the relationship between the quality of earnings of the IPO firm and long-term earnings and market performance.

scholarly journals A Review Of The Determinants Of Long Run Share Price And Operating Performance Of Initial Public Offerings On The Johannesburg Stock Exchange

2014 ◽  
Vol 13 (5) ◽  
pp. 1161 ◽  
Author(s):  
Chimwemwe Chipeta ◽  
Adrian Jardine
Keyword(s):  
South African ◽  
Initial Public Offerings ◽  
Stock Exchange ◽  
Operating Performance ◽  
Negative Relationship ◽  
International Investment ◽  
Share Price ◽  
Public Offerings ◽  
Johannesburg Stock Exchange ◽  
Long Run

This paper provides some new evidence on the determinants of long run operating and share price performance of Initial Public Offerings (IPO) on the Johannesburg Stock Exchange (JSE). It has been hypothesised that the information contained in the pre listing documents could shed some light on the aftermarket performance of South African IPO shares. In line with previous literature, South African IPO shares significantly underperformed the market on average. Additionally, there is a statistically significant negative relationship between IPO Volume and long run performance, suggesting that the South African IPO market may be subject to the fads and over optimism theory of Ritter (1991). The overoptimism hypothesis is further cemented by a negative correlation between pre IPO revenue forecast and aftermarket operating performance. Listing expenses play a moderate role in the reduction of the aftermarket performance of IPOs on the JSE. However, it appears that international investment banks have a positive influence on the aftermarket performance of IPOs on the JSE. Likewise, firms audited by the BIG 4 audit firms tend to perform well in terms of aftermarket buy and hold returns. Large firms at the time of listing tend to perform well and firms with high growth prospects at the time of listing generate a negative and significant return on their investment in total assets. Although the contingent liabilities disclosed in the prelisting reports negatively influence most of the measurers of aftermarket performance, the relationship is, by and large, insignificant.

scholarly journals AN INVESTIGATION OF EARNINGS MANAGEMENT IN INDONESIAN MANUFACTURING INITIAL PUBLIC OFFERINGS

2003 ◽  
Vol 5 (3) ◽  
pp. 345
Author(s):  
Tatang Ary Gumanti
Keyword(s):  
Earnings Management ◽  
Initial Public Offerings ◽  
Strong Evidence ◽  
Null Hypothesis ◽  
Discretionary Accruals ◽  
Public Offerings ◽  
The One ◽  
Reported Earnings

This paper examines whether the issuers of Indonesian manufacturing initial public offerings (IPOs) manage the firm's reported earnings by making income increasing discretionary accruals. The absence of market-determined prices for IPO shares prior to the offering has made issuers and underwriters to use nonprice information. The test was performed on a sample of 45 IPOs that went public during the period of July1991 through December 1994. The model used in this study follows the one developed by Friedlan (1994). The results show that there is no evidence that earnings management occurs among the sample firms. In other words, this study is unable to reject the null hypothesis that the issuers of Indonesian IPOs exercise accounting discretion that increases the reported earnings in the periods prior to the offering. In contrast, the study finds strong evidence of earnings management in the period after the offering, which could be interpreted as issuers trying to maintain the firm's performance after the offering by making income increasing discretionary accruals.

scholarly journals Mendeteksi Kecurangan Laporan Keuangan Menggunakan Model Beneish

2020 ◽  
Vol 5 (1) ◽  
pp. 36-49
Author(s):  
Irsutami Irsutami ◽  
Rizky Sapriadi
Keyword(s):  
Data Collection ◽  
Real Estate ◽  
Earnings Management ◽  
Stock Exchange ◽  
Descriptive Analysis ◽  
Linear Regression Analysis ◽  
Sampling Technique ◽  
Financial Statements ◽  
Building Construction ◽  
Fraudulent Financial Statements

This study aimed to determine the effect of eight Beneish variables on earnings management in detecting fraudulent financial statements in property, real estate and building construction companies listing on the Indonesia Stock Exchange in 2014 - 2018. The population in this study is 80 companies in property, real estate and building construction sector. The sampling technique uses purposive sampling. The method of data collection used archival data collection techniques in the database. Data analysis used descriptive analysis using the Beneish ratio index, the classic assumption test and simple linear regression analysis. The results showed that DSRI (DaysoSalesoinoReceivableoIndex), SGI (SalesoGrowthoIndex), DEPI (DepreciationoIndex), TATA (TotaloAccrualotooTotal AssetsoIndex), and LVGI (LeverageoIndex) variables significantly influence earnings management in detecting fraudulent financial statements in sample companies. While the GMI (Gross MarginoIndex), AQI (AssetoQualityoIndex), and SGAI (Selling, GeneraloandoAdministrative Index) no significant effect on earnings management in detecting fraudulent financial statements in sample companies.

PENDETEKSIAN EARNINGS MANAGEMENT UNDERPRICING, DAN PENGUKURAN KINERJA PERUSAHAAN YANG MELAKUKAN KEBIJAKAN INITIAL PUBLIC OFFERINGS (IPO) DI INDONESIA (Studi Empires Pada Perusahaan Di BEI)

2007 ◽  
Author(s):  
Anita Anita ◽  
Fivi Anggraini
Keyword(s):  
Earnings Management ◽  
Initial Public Offerings ◽  
Sampling Method ◽  
Stock Exchange ◽  
Market Performance ◽  
Company Performance ◽  
Purposive Sampling ◽  
Public Offerings ◽  
And Performance ◽  
Testing Company

The purpose of research for to detect policy of earnings management to include of moment IPO, to detect phenomenon underpricing on first when share traded in market secunder, testing company performance pasta IPO and testing relation policy of earnings management, underpricing and company performance (finance performance and market performance). This research using secunder data from company executing IPO. Samples of this research using purposive sampling method As much 48 company conducting IPO in Indonesian Stock Exchange in research of during 6 year consisted of 3 year before HIO and 3 year after IPO, so that there is 288 unit analysis.Result from this research that mean, that company executing IPO of indication do policy of earnings management some year before moment IPO by playing component accruals, that company executing IPO experience of underpricing on first when share traded in market secunder, that company executing IPO experience of degradation of performance of finance and performance of market, and there is downhill tendency after IPO. The last if connected third the above phenomenon, in general the researcher cannot prove relation between policy earnings management, phenomenon underpricing, and the company market performance and finance performance conducting IPO.

scholarly journals Financial and Operating Performance of Initial Public Offerings in Pakistan

2020 ◽  
Vol 2 (1) ◽  
pp. 35-42
Author(s):  
Amir Rafique ◽  
Muhammad Umer Quddoos ◽  
Irfan Khadim ◽  
Muhammad Tariq
Keyword(s):  
Regression Analysis ◽  
Initial Public Offerings ◽  
Firm Size ◽  
Stock Exchange ◽  
Operating Performance ◽  
High Demand ◽  
Public Offerings ◽  
Listed Firms ◽  
Portfolio Managers ◽  
The Relationship

This study examines the relationship between prior IPO demands and post-IPO financial and operating performance of firms listed in the Pakistan Stock Exchange. A sample of 51 listed firms, covering a period of ten years, is examined. Predominantly, the investors' demand has been analyzed from two perspectives including oversubscription (a high demand from investors as compared to shares offered by firms) and under subscription (a low demand from investors as compared to shares offered by the firm). Multiple regression analysis has been applied, where the findings revealed that investors demand IPO bring no significant change in the financial and operating performance of IPO firms. Moreover, the analysis reveals that firm size, issue size, and leverage bring no notable change in the operating performance of IPO firms. The findings are important for the investors, portfolio managers, and underwriters.

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