scholarly journals ANALISA PERILAKU MANAJEMEN TERHADAP PENERAPAN KOMPENSASI PROGRAM OPSI SAHAM EKSEKUTIF

2017 ◽  
Vol 11 (1) ◽  
pp. 19
Author(s):  
Nur Fadjrih Asyik
Keyword(s):  
Earnings Management ◽  
Stock Price ◽  
Compensation Effect ◽  
Phase 1 ◽  
Stock Option ◽  
Management Behavior ◽  
Phase 3 ◽  
Accounting Research ◽  
Earnings Information ◽  
The Difference

The purpose of this study is to investigate whether management who offer stock-based compensation which relatively big proportion to manage earnings information prior to grant date. While, this study also investigate the difference behavior of every step stock option offering. This paper contributes to that stream of accounting research by identifying several factors to manage earnings. The study finds that executives have ability to manage information around option grant date to find benefit stock price decreases before the grant date. Its show that the greater of stock option which granted to employee the more motive to manage decreasing earnings management prior to the grant date. The results are consistent with previous researchs that managers in the firms that offering the greater of stock option have the larger motivation to manage decreasing earnings so that can pay the stock option at the price of cheap (Chauvin & Shenoy, 2000; Baker et al., 2002; Balsam et al., 2003). While, based steps of stock option offering, the results of analysis show that there are the difference of influence of offer of the stock option on earnings management behavior at phase 1 and 2, while phase 3 do not differ from phase 1. The general conclusion is that magnitude of ESOP compensation effect earnings management behavior with supported by several conditional factors.

scholarly journals ANALISA PERILAKU MANAJEMEN TERHADAP PENERAPAN KOMPENSASI PROGRAM OPSI SAHAM EKSEKUTIF

2018 ◽  
Vol 11 (1) ◽  
Author(s):  
Dr. Nur Fadjrih Asyik, M.Si.
Keyword(s):  
Earnings Management ◽  
Stock Price ◽  
Compensation Effect ◽  
Phase 1 ◽  
Stock Option ◽  
Management Behavior ◽  
Phase 3 ◽  
Accounting Research ◽  
Earnings Information ◽  
The Difference

The purpose of this study is to investigate whether management who offer stock-based compensation which relatively big proportion to manage earnings information prior to grant date. While, this study also investigate the difference behavior of every step stock option offering. This paper contributes to that stream of accounting research by identifying several factors to manage earnings.The study finds that executives have ability to manage information around option grant date to find benefit stock price decreases before the grant date. Its show that the greater of stock option which granted to employee the more motive to manage decreasing earnings management prior to the grant date. The results are consistent with previous researchs that managers in the firms that offering the greater of stock option have the larger motivation to manage decreasing earnings so that can pay the stock option at the price of cheap (Chauvin & Shenoy, 2000; Baker et al., 2002; Balsam et al., 2003). While, based steps of stock option offering, the results of analysis show that there are the difference of influence of offer of the stock option on earnings management behavior at phase 1 and 2, while phase 3 do not differ from phase 1. The general conclusion is that magnitude of ESOP compensation effect earnings management behavior with supported by several conditional factors.

scholarly journals Observations on the thermal selection of the pantanal caiman (Caiman crocodilus yacare) hatchlings (Crocodylia: Alligatoridae)

2001 ◽  
Vol 61 (2) ◽  
pp. 323-327 ◽  
Author(s):  
M. S. PINHEIRO ◽  
R. ANDREOTTI E SILVA ◽  
S. A. SANTOS
Keyword(s):  
Water Temperature ◽  
Phase 1 ◽  
Experimental Period ◽  
Phase 2 ◽  
Phase 3 ◽  
Experimental Conditions ◽  
Position Effects ◽  
The Difference ◽  
C 32 ◽  
Observation Period

Three options of water temperatures in a thermal gradient that changed from 22 to 35°C were offered to Pantanal caiman (Caiman croocodilus yacare) hatchlings. Animals from two nests were submitted to temperatures during 19 days (Nest 1 - 20 caimans caught in the nature hours after hatching), corresponding to 1 to 7 observations periods, and 13 days (Nest 2 - 20 animals obtained by artificial incubation) relative to observation period 8. Caimans remain fasting during experimental period. Hatchlings were allocated in a enclosure containing three styrofoam boxes (120 L) disposed side by side enclosed by wire netting and filled with water to the top. Thus, the animals were free to access the boxes, which temperatures were changed at the end of each observation period to avoid position effects. Air temperature was keep close to 22°C by air conditioning and water temperature was controlled by thermostats. The trial was divided in three phases determined by elimination of the less frequented temperature and its substitution by another temperature. In a first phase of the experiment that contained 1, 2 and 3 observation periods, the thermostats were regulated to 22°C (BoxD), 26°C (BxC) and 32°C (BxA). In phase 2 to 26°C, 29.5°C (BxB) and 32°C, including 4, 5 and 6 periods. In the third phase that included 7 and 8 periods, the thermostats were adjusted to 29.5°C, 32°C and 35°C (BxE). The number of caimans in each box was recorded two to three times a day (8:00, 14:00 and 17:00h) before pointed water temperature. Mean water temperatures (+ standard deviation) and respective caiman frequency means by box/temperature were: Phase 1 (BxD/22.3 ± 1.2°C - 10.3%; BxC/27.0 ± 2.4°C - 32.0% and BxA/31.2 ± 1.1°C - 57.6%); Phase 2 (BxC/26.6 ± 2.8°C - 13.3%; BxB/29.3 ± 2.2°C - 27.7% and BxA/31.3 ± 1.2°C - 59.0%) and Phase 3 (BxB/29.5 ± 3.6°C - 23.7%; BxA/31.0 ± 2.2°C - 31.9 and BxE/34.0 ± 2.2°C - 44.4%). Observing that in the phases 1 and 2 the box with hottest water (CxA) was more frequented. In the phase 3, the difference between higher and smaller frequency straiten to 20.7%, in relation to almost 46.5% in phases 1 and 2, indicating that water temperatures between 29.5 and 35°C resulted in body temperatures more next to the comfort zone, in the experimental conditions.

The Economic Dilution of Employee Stock Options: Diluted EPS for Valuation and Financial Reporting

2002 ◽  
Vol 77 (3) ◽  
pp. 627-652 ◽  
Author(s):  
John E. Core ◽  
Wayne R. Guay ◽  
S. P. Kothari
Keyword(s):  
Financial Reporting ◽  
Stock Price ◽  
Stock Options ◽  
Empirical Support ◽  
Stock Option ◽  
Employee Stock Options ◽  
Economic Implications ◽  
Employee Stock Option ◽  
The Difference ◽  
Biased Estimates

In this paper, we derive a measure of diluted EPS that incorporates the economic implications of the dilutive effects of employee stock options. We show that the existing FASB treasury-stock method of accounting for the dilutive effects of outstanding options systematically understates the options' dilutive effect, and thus overstates reported EPS. Using firm-wide data on 731 employee stock option plans, our proposed measure suggests that economic dilution from options is, on average, 100 percent greater than dilution in reported diluted EPS using the FASB treasury-stock method. We examine the implications of our analysis for stock price valuation, the price-earnings relation, and the return-earnings relation. We demonstrate analytically that when firms have options outstanding, empirical applications of equity valuation models that use reported per-share earnings as an input (e.g., Ohlson 1995) yield upwardly biased estimates of the market value of common stock. We predict that when the difference between our measure of economic dilution from options and the FASB treasury-stock method dilution from options is greater, the observed return-earnings and price-earnings coefficients will be smaller, and we provide some (albeit weak) empirical support for this prediction.

Executive Stock Options, Missed Earnings Targets, and Earnings Management

2008 ◽  
Vol 83 (1) ◽  
pp. 185-216 ◽  
Author(s):  
Mary Lea McAnally ◽  
Anup Srivastava ◽  
Connie D. Weaver
Keyword(s):  
Earnings Management ◽  
Stock Price ◽  
Stock Options ◽  
Empirical Studies ◽  
Stock Option ◽  
Annual Data ◽  
Executive Stock Options ◽  
Anecdotal Evidence ◽  
Strike Price ◽  
Earnings Targets

This paper examines whether stock-option grants explain missed earnings targets, including reported losses, earnings declines, and missed analysts' forecasts. Anecdotal evidence and surveys suggest that managers believe that missing an earnings target can cause stock-price drops (Graham et al. 2006). Empirical studies corroborate this notion (Skinner and Sloan 2002; Lopez and Rees 2002). Thus, a missed target could benefit an executive via lower strike price on subsequent option grants. Prior option grant studies explore only general downward earnings management (Balsam et al. 2003; Baker et al. 2003), but our study is the first to explore whether option grants encourage missed earnings targets. Indeed, if missed targets drive the prior results, then the literature has failed to document an important negative outcome of stock-option incentives. We use quarterly and annual data for fixed-date options granted after firms announce they have missed earnings targets. We find that firms that miss earnings targets have larger and more valuable subsequent grants. Further, we find that the likelihood of missing earnings targets for firms that manage earnings downward increases with stock-option grants. To control for the possibility that firms miss earnings targets for operational reasons, we only include firms that likely managed earnings downward (Dechow et al. 1995; Phillips et al. 2003). Backdating or opportunistic timing of grants cannot explain our results because we include only fixed-date grants. While many studies explicitly consider whether and why managers meet or beat earnings targets, ours is the first study to find that some managers may seek to miss earnings targets (Burgstahler and Dichev 1997).

scholarly journals Business group opportunism: the difference in real earnings management between parent firms and nonparent firms

2020 ◽  
Vol ahead-of-print (ahead-of-print) ◽  
Author(s):  
Glenny Alawag
Keyword(s):  
Earnings Management ◽  
Business Groups ◽  
Generalized Least Squares ◽  
Business Group ◽  
Production Costs ◽  
Real Earnings Management ◽  
Management Behavior ◽  
Content Type ◽  
Gls Estimation ◽  
The Difference

PurposeThis paper aims to understand real earnings management behavior in the context of a parent–subsidiary relationship. It explores the differences between business groups and firms that do not have controlled subsidiaries and provides potential explanations for any measured difference.Design/methodology/approachThe study uses the random-effects generalized least squares (GLS) estimation to find the difference between the real earnings management behavior of business groups, represented by the ultimate parent firms and the nonparent firms from 73 countries.FindingsThe results show that ultimate parent firms have lower abnormal production costs and abnormal discretionary expenses than nonparent firms. In contrast, parent firms have higher abnormal cash flow from operations (CFO) than nonparent firms. The results are unexpected because abnormal production costs usually have a dominant direct relationship with abnormal CFO. The results indicate that business groups use a route different from manipulating production costs and discretionary expenses.Research limitations/implicationsThe results reveal that parent firms use a route different from manipulating production costs and discretionary expenses. The results can be used to extend the discussion to specific business group cases, such as tracing the route or allocation of real earnings management (REM) pressure from a parent firm to its listed and private subsidiaries, and if the consolidation of minority voting rights and the transitivity of control affect the behavior in its subsidiaries.Originality/valueInstead of the degree of diversification or affiliation, this paper investigates REM behavior based on the parent firm's control of its subsidiaries. With this approach, the study argues that business groups prefer a route other than manipulating production costs and discretionary expenses. The results may redirect the attention of regulators to the activities of parent firms that need more policing.

PENERAPAN MODEL QUANTUM LEARNING UNTUK MENINGKATKAN HASIL BELAJAR AUTOCAD SISWA KELAS X TEKNIK PEMESINAN SMK NEGERI 1 STABAT

2013 ◽  
Vol 5 (1) ◽  
Author(s):  
Abdul Hasan Saragih
Keyword(s):  
Positive Response ◽  
Phase 1 ◽  
First Grade ◽  
Learning Model ◽  
Second Phase ◽  
Phase 2 ◽  
Phase 3 ◽  
The Third ◽  
Third Phase ◽  
Quantum Learning

This classroom research was conducted on the autocad instructions to the first grade of mechinary class of SMK Negeri 1 Stabat aiming at : (1) improving the student’ archievementon autocad instructional to the student of mechinary architecture class of SMK Negeri 1 Stabat, (2) applying Quantum Learning Model to the students of mechinary class of SMK Negeri 1 Stabat, arising the positive response to autocad subject by applying Quantum Learning Model of the students of mechinary class of SMK Negeri 1 Stabat. The result shows that (1) by applying quantum learning model, the students’ achievement improves significantly. The improvement ofthe achievement of the 34 students is very satisfactory; on the first phase, 27 students passed (70.59%), 10 students failed (29.41%). On the second phase 27 students (79.41%) passed and 7 students (20.59%) failed. On the third phase 30 students (88.24%) passed and 4 students (11.76%) failed. The application of quantum learning model in SMK Negeri 1 Stabat proved satisfying. This was visible from the activeness of the students from phase 1 to 3. The activeness average of the students was 74.31% on phase 1,81.35% on phase 2, and 83.63% on phase 3. (3) The application of the quantum learning model on teaching autocad was very positively welcome by the students of mechinary class of SMK Negeri 1 Stabat. On phase 1 the improvement was 81.53% . It improved to 86.15% on phase 3. Therefore, The improvement ofstudent’ response can be categorized good.

PENGARUH MANAJEMEN LABA TERHADAP ABNORMAL RETURN

2009 ◽  
Author(s):  
Zirman Zirman ◽  
Lily Lily
Keyword(s):  
Earnings Management ◽  
Cash Flow ◽  
Significant Influence ◽  
Stock Price ◽  
Abnormal Return ◽  
Real Earnings Management ◽  
Financial Statement ◽  
Discretionary Accrual ◽  
Stock Price Reaction ◽  
Flow Components

This research investigates the consequence of earnings management by analyzing stock price reaction to the full set financial statement in 2008 which can be used by investors to detect earnings management by the firms. This research investigated two forms of earnings management (accrual and real earnings management). The samples is drawn from firms in IDX Statistic 2008 which categorized as active in frequency, value or volume. The method of analysis of this research used multi regression. The results show (1) discretionary accrual had negative significant influence to abnormal return, (2) abnormal cash flow from operation had negative significant influence to abnormal return. The results implicate that the investors are aware of the accrual earnings management (discretionary accrual) and real earnings management (abnormal cash flow) components in the earnings reported by the firms and they react negative to this components.

Clinical Drug Development for the Treatment of Pulmonary Arterial Hypertension: Collaboration With the Pharmaceutical Industry and Regulatory Agencies

2010 ◽  
Vol 9 (4) ◽  
pp. 214-219
Author(s):  
Robyn J. Barst
Keyword(s):  
Clinical Trials ◽  
Pulmonary Arterial Hypertension ◽  
Drug Development ◽  
Phase 1 ◽  
Preclinical Studies ◽  
Phase 2 ◽  
Phase 3 ◽  
Preclinical Testing ◽  
New Drug ◽  
Pulmonary Arterial

Drug development is the entire process of introducing a new drug to the market. It involves drug discovery, screening, preclinical testing, an Investigational New Drug (IND) application in the US or a Clinical Trial Application (CTA) in the EU, phase 1–3 clinical trials, a New Drug Application (NDA), Food and Drug Administration (FDA) review and approval, and postapproval studies required for continuing safety evaluation. Preclinical testing assesses safety and biologic activity, phase 1 determines safety and dosage, phase 2 evaluates efficacy and side effects, and phase 3 confirms efficacy and monitors adverse effects in a larger number of patients. Postapproval studies provide additional postmarketing data. On average, it takes 15 years from preclinical studies to regulatory approval by the FDA: about 3.5–6.5 years for preclinical, 1–1.5 years for phase 1, 2 years for phase 2, 3–3.5 years for phase 3, and 1.5–2.5 years for filing the NDA and completing the FDA review process. Of approximately 5000 compounds evaluated in preclinical studies, about 5 compounds enter clinical trials, and 1 compound is approved (Tufts Center for the Study of Drug Development, 2011). Most drug development programs include approximately 35–40 phase 1 studies, 15 phase 2 studies, and 3–5 pivotal trials with more than 5000 patients enrolled. Thus, to produce safe and effective drugs in a regulated environment is a highly complex process. Against this backdrop, what is the best way to develop drugs for pulmonary arterial hypertension (PAH), an orphan disease often rapidly fatal within several years of diagnosis and in which spontaneous regression does not occur?

scholarly journals How to improve emergency care to adults discharged within 24 hours? Acute Care planning in Emergency departments (The ACE study): a protocol of a participatory design study

BMJ Open ◽  
2020 ◽  
Vol 10 (12) ◽  
pp. e041743
Author(s):  
Christina Østervang ◽  
Annmarie Touborg Lassen ◽  
Charlotte Myhre Jensen ◽  
Elisabeth Coyne ◽  
Karin Brochstedt Dieperink
Keyword(s):  
Patient Outcomes ◽  
Participatory Design ◽  
Hospital Admissions ◽  
Phase 1 ◽  
Family Needs ◽  
Focus Group Interviews ◽  
Phase 3 ◽  
Ace Study ◽  
Group Interviews ◽  
Improve Patient

IntroductionThe development of acute symptoms or changes in diseases led to feelings of fear and vulnerability and the need for health professional support. Therefore, the care provided in the acute medical and surgical areas of the emergency department (ED) is highly important as it influences the confidence of patients and families in managing everyday life after discharge. There is an increase in short-episode (<24 hours) hospital admissions, related to demographic changes and a focus on outpatient care. Clear discharge information and inclusion in treatment decisions increase the patient’s and family’s ability to understand and manage health needs after discharge, reduces the risk of readmission. This study aims to identify the needs for ED care and develop a solution to improve outcomes of patients discharged within 24 hours of admission.Methods and analysisThe study comprises the three phases of a participatory design (PD). Phase 1 aims to understand and identify patient and family needs when discharged within 24 hours of admission. A qualitative observational study will be conducted in two different EDs, followed by 20 joint interviews with patients and their families. Four focus group interviews with healthcare professionals will provide understanding of the short pathways. Findings from phase 1 will inform phase 2, which aims to develop a solution to improve patient outcomes. Three workshops gathering relevant stakeholders are arranged in the design plus development of a solution with specific outcomes. The solution will be implemented and tested in phase 3. Here we report the study protocol of phase 1 and 2.Ethics and disseminationThe study is registered with the Danish Data Protection Agency (19/22672). Approval of the project has been granted by the Regional Committees on Health Research Ethics for Southern Denmark (S-20192000–111). Findings will be published in suitable international journals and disseminated through conferences.

scholarly journals PSVI-3 Dietary supplementation with coated omega-3 fatty acids has positive effects on growth performance and nutrients digestibility in weaned pigs

2020 ◽  
Vol 98 (Supplement_3) ◽  
pp. 196-197
Author(s):  
Woo Jung Seok ◽  
Je min Ahn ◽  
Jing Hu ◽  
Dexin Dang ◽  
Yanjiao Li ◽  
...  
Keyword(s):  
Fatty Acids ◽  
Growth Performance ◽  
Phase 1 ◽  
Dietary Supplementation ◽  
Basal Diet ◽  
Phase 2 ◽  
Omega 3 ◽  
Phase 3 ◽  
Linear Effect ◽  
Weaning Pigs

Abstract The objective of this study was to evaluate the effects of dietary supplementation of coated omega-3 fatty acid (n-3 CFA) by corn cob power silica on performance of weaning pigs. A total of 200 weaned pigs [(Landrace x Yorkshire) x Duroc, average initial body weight at 6.97 ± 1.22 kg] were randomly assigned to four experimental treatments in a 6-week experiment in 3 phases as follows: CON, basal diet; 2) 0.3CFA, CON + phase 1(0.3% n-3CFA), phase 2(0.2% n-3CFA), phase 3(0.1% n-3CFA); 3) 0.6CFA, CON + phase 1(0.6% n-3CFA), phase 2(0.4% n-3CFA), phase 3(0.2% n-3CFA); 4) 0.9CFA, CON + phase 1(0.9% n-3CFA), phase 2(0.6% n-3CFA), phase 3 (0.3% n-3CFA). Each treatment had 10 replicates with 5 pigs (three gilts and two barrows) per replicate. The data were analyzed using the GLM procedure of SAS as a randomized complete block design. Pen served as the experimental unit. Linear, quadratic and cubic polynomial contrasts were used to examine effect of dietary treatment with coated n-3FA in the basal diet. Variability in the data was expressed as the standard error of means and P&lt; 0.05 was considered to statistically significant. Increasing the level of n-3CFA in the diet linearly increased ADG and G/F of pigs (Table 1). Increasing the level of n-3CFA showed a linear increment in the digestibility of DM (83.59, 84.38, 85.13, 85.89 %) whereas nitrogen digestibility (81.79, 82.38, 82.96, 83.64 %) showed a trend (linear effect, p=0.0594) at the end of experiment. The fecal lactobacillus count was increased (7.22, 7.27, 7.33, 7.35 log10cfu/g) with the increase in the supplemental level of n-3CFA (linear effect; p&lt; 0.05). However, there were no differences in the concentration of serum haptoglobin, or fecal E. coli, Clostridium and Salmonella counts despite the increase in n-3CFA levels in the diet. Supplementation of the diet with coated n-3 fatty acids positively affected growth performance and digestibility of dry matter and nitrogen, and enhanced the count of lactobacillus in weaning pigs.

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