scholarly journals PELAKSANAAN PENAWARAN TENDER DALAM PASAR MODAL DAN AKIBAT HUKUMNYA DI INDONESIA

2020 ◽  
Vol 36 (1) ◽  
Author(s):  
Abigail Frida Christine Chiquita Pasaribu
Keyword(s):  
Investment Portfolio ◽  
Private Company ◽  
Tender Offer ◽  
Tender Offers ◽  
The Public ◽  
Public Company ◽  
The Status ◽  
Target Company ◽  
Materials Used ◽  
The Impact

The problem of Tender Offer is sticking to the surface, among others, because there have been several cases involving the Takeover of a Public Company by another Party, thus causing losses to other Shareholders, especially the Public Shareholders. This study aims to determine the arrangement of Tender Offers in Indonesia and the impact of the Takeover on a Public Company that was taken over. The form of research in the writing of this journal is normative legal research using the statutory approach. The legal materials used are of two types, namely primary legal materials and secondary legal materials. The results of this research are: First, Mandatory Tender Offer is regulated in POJK No. 9/POJK.04/2018. There is a provision that the Controllers must refloate within two years if the share ownership exceeds 80% as a result of the Mandatory Tender Offer. Then, the Voluntary Tender Offer is regulated in POJK No. 54/POJK.04/2015 concerning Voluntary Tender Offer. In general, the background to the Voluntary Tender Offer is that the Target Company plans to be delisted, as well as changing its status to a Private Company (Go Private). Also, the Voluntary Tender Offer can be made if the Bidder wishes to increase its investment portfolio and assesses that the Target Company has the potential to continue to develop in the future. Second, Takeovers can have legal consequences on the status of the company, company controllers, and employment.

The Impact of the PCAOB Triennial Inspection Process on Inspection Year and Non-Inspection Year Audits

2021 ◽  
Author(s):  
Lawrence J. Abbott ◽  
William L Buslepp
Keyword(s):  
Audit Quality ◽  
The Public ◽  
Learned Behavior ◽  
Public Company ◽  
Inspection Process ◽  
One Year ◽  
The Impact

The Public Company Accounting Oversight Board (PCAOB) inspects auditors with fewer than 100 publicly held clients, once every three years (i.e., triennial inspection). In doing so, the PCAOB may inspect any audit engagement within the three-year window, including audits completed only months earlier ("inspection year" audits) and audits with at least a one-year, if not two-year lag ("non-inspection year" audits). We theorize the triennial inspection process affects audit quality levels, whereby auditors impose higher (lower) audit quality during inspection years (non-inspection years). We find clients of triennially inspected auditors have significantly lower levels of accruals during inspection years. Further, this change can be attributed to additional audit effort expended during inspection years. Finally, we find some evidence this is a learned behavior developed after the initial round of inspections. Our evidence suggests auditors opportunistically increase (decrease) audit quality during inspection (non-inspection) years in response to the triennial inspection process.

PCAOB International Inspections and Audit Quality

2016 ◽  
Vol 92 (5) ◽  
pp. 143-166 ◽  
Author(s):  
Jagan Krishnan ◽  
Jayanthi Krishnan ◽  
Hakjoon Song
Keyword(s):  
Audit Quality ◽  
Value Relevance ◽  
Accounting Firms ◽  
The Public ◽  
Public Company ◽  
Accounting Numbers ◽  
Abnormal Accruals ◽  
Relevance Measure ◽  
The Impact ◽  
First Time

ABSTRACT We investigate the impact of the Public Company Accounting Oversight Board's (PCAOB) first-time inspections of foreign accounting firms by examining abnormal accruals around the inspection year, and the value relevance of accounting numbers around the inspection report date, for their U.S. cross-listed clients. We document lower abnormal accruals in the post-inspection period, and greater value relevance of accounting numbers in the post-report period for clients of the inspected auditors, compared with non-cross-listed clients or clients of non-inspected auditors within the inspected countries. Comparisons of the PCAOB's joint inspections with PCAOB stand-alone inspections indicate that while both experience lower post-inspection abnormal accruals, the former benefit more than the latter. The value relevance measure, in contrast, shows greater increases for the PCAOB stand-alone inspections than for joint inspections. Comparing the inspection effects for auditors with and without deficiency reports, we find no systematic differences for accruals or for value relevance.

New Empirical Evidence of the Role of Interest Groups in Influencing the Growth of Government

2000 ◽  
Vol 18 (2) ◽  
pp. 83-100
Author(s):  
Gary A. Wagner ◽  
Russell S. Sobel
Keyword(s):  
Interest Groups ◽  
Political Action ◽  
Political Action Committees ◽  
The Public ◽  
The Status ◽  
Short Run ◽  
Using Data ◽  
The Impact ◽  
New Evidence

Abstract We provide new evidence regarding the role of interest groups in influencing the size and growth of government spending. Using data on the change in individual legislators’ total voted and sponsored spending from the status quo, we explore this relationship in a manner closer to the public choice tradition. Examining the impact diat interest groups have on individual legislators’ preferences for new spending, we find that interest groups within a legislator’s district exhibit more influence on the short-run growth of the budget than do Political Action Committees.

The Impact of PCAOB Reports Containing Audit Deficiencies on Non-U.S. Audit Firms: Initial Evidence

2014 ◽  
Vol 8 (1) ◽  
pp. A12-A25 ◽  
Author(s):  
HakJoon Song ◽  
Zhongxia (Shelly) Ye
Keyword(s):  
Professional Staff ◽  
Compliance Costs ◽  
The Public ◽  
Audit Firms ◽  
Public Company ◽  
Auditor Resignation ◽  
Inspection Process ◽  
One Year ◽  
The Impact

SUMMARY The Public Company Accounting Oversight Board (PCAOB) regularly conducts inspections of non-U.S. audit firms. Based on 243 PCAOB inspection reports of non-U.S. audit firms, published by the PCAOB between January 2006 and December 2011, we examine involuntary dismissals, voluntary resignations, and voluntary deregistration of inspected non-U.S. audit firms following PCAOB reports containing audit deficiencies. Our results show that 24 out of 1,604 clients of non-U.S. audit firms have dismissed their auditors within one year following the disclosure of audit deficiencies in PCAOB reports, and that only four of these 24 clients appointed successor auditors with clean PCAOB reports. Also, we find only four auditor resignation cases from the 1,604 clients of non-U.S. audit firms within one year after they received a PCAOB report containing audit deficiencies. Finally, 22 non-U.S. audit firms voluntarily ceased to be registered with the PCAOB either during the inspection process or after they received PCAOB reports containing audit deficiencies. Compared to registered non-U.S. audit firms, these deregistered non-U.S. audit firms have relatively fewer resources (e.g., fewer partners and professional staff, smaller offices) and, thus, may not be able to bear compliance costs (e.g., costs associated with preparation for inspections) associated with PCAOB inspections. This study provides insights regarding the impact of PCAOB international inspections.

scholarly journals Analysis of the Safety Resilience Implementation in the Maritime Industry at Public and Private Companies (A Case Study in Indonesia)

Safety ◽  
2021 ◽  
Vol 7 (3) ◽  
pp. 56
Author(s):  
Zulkifli Djunaidi ◽  
Annisa Ayu Tantia ◽  
Mufti Wirawan
Keyword(s):  
Quantitative Methods ◽  
Sampling Technique ◽  
Learning Ability ◽  
Maritime Industry ◽  
Private Company ◽  
Private Companies ◽  
Public And Private ◽  
The Public ◽  
Public Company ◽  
Anticipatory Action

(1) Background: The resilience concept shows performance improvement in four potential aspects consisting of the ability to respond, provide anticipatory action, control things that occur internally and externally, as well as the learning process of what is going right and what is going wrong. This study aims to analyze the safety resilience implementation in the Indonesian maritime sector. (2) Method: This is a descriptive study using semi-quantitative methods, using interview guides based on the Resilience Assessment Grid (RAG). The sampling technique is purposive sampling. (3) Results: The level of implementation of safety resilience at the public company was 75.1%, while the private company was 70.2%. The score for each safety resilience element in the public and private companies are as follows: the ability to respond (80%), learning ability (74.62%), monitoring ability (70.77%), and the ability to anticipate (66.92%). (4) Conclusion: The safety resilience implementation in Indonesian sea transportation shipping has not been optimal in implementing the safety resilience concept. The focus of implementing safety is still on preventing and controlling accidents. The other orientation of ability improvement in the safety resilience concept has not been implemented.

scholarly journals Norms and Creativity: Tensions Between the Status Quo and Innovation in Quality Standards for Public Service Interpreting in the United Kingdom

Linguaculture ◽  
2012 ◽  
Vol 2012 (2) ◽  
pp. 31-39
Author(s):  
Brooke Townsley
Keyword(s):  
Public Sector ◽  
Digital Technologies ◽  
Status Quo ◽  
The Public ◽  
The United Kingdom ◽  
The Status ◽  
Professional Registration ◽  
The Uk ◽  
Assessment Procedures ◽  
The Impact

Abstract This article will examine the validity of existing assessment procedures in the UK and compare and contrast these models with other possible assessment and accreditation models. It will also examine the possibilities for quality assessment (QA) procedures offered by the use of digital technologies. Implicit in this descriptive and analytical process will be an examination of the linkages between these models of assessment and the opportunity for professional registration. Issues addressed in this article will be: the status quo in the assessment and registration of interpreters and translators for the public sector in the UK; the impact of new social, political and economic realities on the existing assessment and registration regime; the opportunities and/or threats to quality norms represented by online digital technologies. The material will be of particular interest to: end users of interpreter and translator services in the public sector; interpreting and translation test developers and QA procedure designers; interpreting and translating practitioners, in-service and aspiring

scholarly journals The concept of the public company under Polish corporate law

2019 ◽  
Vol 29 ◽  
pp. 63-76
Author(s):  
Mateusz Grześków
Keyword(s):  
Stock Exchange ◽  
Limited Liability ◽  
Listed Companies ◽  
Technical Aspect ◽  
Corporate Law ◽  
Joint Stock Company ◽  
Stock Company ◽  
Private Company ◽  
The Public ◽  
Public Company

This paper is dedicated to the issue of the notion of the public company in  Polish corporate law. This term, contrary to foreign legal systems, is detached from the fact of whether a given company’s shares are listed on the stock exchange, as it is based solely on the technical aspect of whether shares are issued in dematerialized form. This approach should be deemed inappropriate. First of all, it blurs the distinction between a public company and a private company as it does not at all address in substance the nature of listed companies. Secondly, it introduces into the legal system an obsolete category of public companies which are not equivalent to listed companies. Thirdly, the legislator wrongly adopts the private joint-stock company as the model joint-stock company in the Code of Commercial Companies the “CCC” instead of its variant listed on the stock exchange. Consequently, a company which in practice has more in common with a limited liability company than with a listed company has been adopted as a model of a pure capital company. Due to these reasons it is the author’s proposition to redefine the public and private company within the CCC and the capital markets regulation. This paper describes and positively assesses recent legislative proposals concerning the redefinition of the public company through linking its nature with the fact of its shares’ admission to public trading. Koncepcja spółki publicznej w polskim prawie spółekNiniejszy artykuł został poświęcony analizie ujęcia „spółki publicznej” w polskim prawie handlowym, które w odróżnieniu od systemów prawnych państw obcych oderwane jest od faktu notowania akcji danej spółki na giełdzie papierów wartościowych, gdyż zostało oparte wyłącznie na technicznym aspekcie formy dokumentowej akcji. Ujęcie to należy uznać za błędne z kilku przyczyn. Po pierwsze, prowadzi ono to zatarcia granicy między spółką publiczną a spółką prywatną w ten sposób, że w ogóle nie odnosi się ono merytorycznie do specyfiki funkcjonowania spółek giełdowych. Po drugie, wprowadza do systemu prawnego zbędną kategorię spółek publicznych, która nie jest równoważna z kategorią spółek giełdowych. Po trzecie, ustawodawca błędnie przyjmuje, że modelową spółką akcyjną w kodeksie spółek handlowych jest jej podtyp niepubliczny w miejsce podtypu publicznego, przez co za wzorzec spółki kapitałowej przyjęto spółkę, którą w praktyce obrotu więcej łączy ze spółką z ograniczoną odpowiedzialnością niż ze spółką giełdową. Z tych względów postuluje się przedefiniowanie tych kategorii w obrębie kodeksu spółek handlowych oraz prawa rynku kapitałowego. Artykuł omawia oraz aprobuje wytyczony kierunek reformy prawa rynku kapitałowego, zgodnie z którym ma dojść do zredefiniowania pojęcia spółki publicznej przez powiązanie jej istoty z faktem dopuszczenia jej akcji do obrotu giełdowego.

The Performance of Africa's International Courts

2020 ◽  
Keyword(s):  
Transitional Justice ◽  
Truth Telling ◽  
Authoritarian Rule ◽  
International Courts ◽  
The Public ◽  
The Status ◽  
Dominant Parties ◽  
Social Environmental ◽  
The Impact ◽  
Significant Attention

The performance of international courts has traditionally been judged against criteria of compliance and effectiveness. Whilst these are clearly desirable objectives for litigants before Africa’s international courts, this book shows that we must look beyond these criteria to fully appreciate the impact of African international courts. This book definitively shows how litigants in these courts use their participation in international litigation to achieve other objectives: to amplify political disputes with their governments, to build their movement, to educate the public about their cause, and to challenge the status quo. Chapters in this collection show these courts acting as coordination points for opposition political parties to name and shame dominant parties for violation of their organizational rights. Others demonstrate how Africa’s international courts serve as transitional justice mechanisms in which truth telling about ongoing conflict and authoritarian governance receives significant attention. This attention serves as a platform to galvanize resistance against continued authoritarian rule, especially from outside the conflict countries. Ultimately, the book shows that these courts must be judged against new and broader criteria, and understood as increasingly important venues for waging political, social, environmental, and legal struggles.

A Decade after Sarbanes-Oxley: The Need for Ongoing Vigilance, Monitoring, and Research

2014 ◽  
Vol 28 (4) ◽  
pp. 917-930 ◽  
Author(s):  
Jeanette M. Franzel
Keyword(s):  
Audit Quality ◽  
Warning Signs ◽  
Regulatory Regime ◽  
Government Accountability ◽  
Public Companies ◽  
The Public ◽  
Sarbanes Oxley ◽  
Public Company ◽  
The Impact ◽  
Audit Independence

SYNOPSIS After more than a decade since passage of the Sarbanes-Oxley Act and the creation of the Public Company Accounting Oversight Board (PCAOB), it is appropriate and necessary to ask questions about the present state of audit quality and evaluate the impact and effectiveness of PCAOB's oversight programs. Written from the viewpoint of a current PCAOB Board member and former Managing Director of the U.S. Government Accountability Office (GAO), this paper discusses the warning signs of serious auditing problems in the years preceding the Act, and the role that the GAO played in analyzing those risks and calling for greater oversight of the accounting profession's auditing public companies. We must be vigilant and continually examine the activities of the auditing profession and the regulatory regime to ensure that audit independence and audit quality remain front and center to ensure investor protection and safeguard the public interest. Academic researchers play a key role in this system of vigilance. This paper provides views on many areas within the auditing profession that would benefit from further research and analysis, as well as opportunities for research that could be useful to the PCAOB as it considers current and future regulatory priorities.

scholarly journals PENGATURAN MENGENAI HARGA SAHAM WAJAR SEBAGAI BENTUK PERLINDUNGAN HUKUM TERHADAP PEMEGANG SAHAM PUBLIK DALAM MERGER BANK YANG BERBENTUK PERSEROAN TERBUKA

1970 ◽  
Vol 2 (1) ◽  
Author(s):  
Pande Yogantara S.
Keyword(s):  
Decision Making ◽  
Capital Market ◽  
Stock Price ◽  
Banking Industry ◽  
Minority Shareholders ◽  
The Public ◽  
Bank Merger ◽  
Public Company ◽  
Financial Consequences ◽  
The Impact

Banking crisis that occurred in 1997 and the issuance of Bank Indonesia regulations Number 8/16/PBI/2006 Regarding Single Presence on Indonesian Banking, led to a merger in the banking industry. Merger action is a legal act, not only causes economic and financial consequences but also the juridical consequences. The consequences of the merger to be seen is the impact on the public shareholders especially in the of bank in form public company.In the event of a merger, position of public shareholders is very weak in regard to corporate decision-making (the company). If the views of the ownership of shares, public shareholders are almost always going to lose when dealing with shareholders, because for every share issued has one vote. The results of this research showedCapital Markets Law and BAPEPAM regulation Number IX.G.1 About Merger or Consolidation Enterprises Public Company or the Issuerdoes not regulate further the understanding and clear criteria of "reasonable stock price". But in bank merger the form of public company,necessary services as a professional independent appraisal supporting the capital markets as mentioned in Article 64 and Article 67 of Act Number 8 Year 1995 About Capital Market,which in turn can make a reasonable assessment of the stock price that reflects fairness for public or minority shareholders.

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