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.

scholarly journals Portfolio management and appropriation of private benefits of control

2016 ◽  
Vol 1 (1) ◽  
pp. 20
Author(s):  
Elli Kraizberg
Keyword(s):  
Portfolio Management ◽  
Empirical Finding ◽  
Expected Returns ◽  
Minority Shareholders ◽  
Publicly Traded ◽  
Final Model ◽  
Public Firms ◽  
The Public ◽  
Portfolio Managers ◽  
The Impact

<p dir="LTR">In many countries around the globe, portfolio managers utilize well accepted models, assuming that a partial stake of ownership is proportionally valued. This assumption is incorrect  in markets in which traded firms or publicly held firms are controlled by major owners who would take any possible measure to protect and maintain a 'lock' on control, so they can secure a sellable asset to another control seeker. In this case, estimation of key parameters such as, volatility, expected returns and diversification effect, may be grossly distorted.</p><p dir="LTR">We would argue that a major trigger for the value of the benefits of control is the ability of control owners to transfer assets from their own portfolio to a controlled publicly traded firm. While it is obvious that these transfers will take place, if and only if, it is beneficial to the control owners, the impact on the minor shareholders may not necessarily be negative and may vary depending on several parameters. Thus, the benefits of control are not entirely "private", i.e. appropriation and diversion of the resources of publicly traded firms for the benefit of the control owners.     </p><p dir="LTR">This paper aims to model the effect of the benefits of control on the value of a minority held public firms. It focuses on two related issues that are discussed in the literature on the benefits of control: what drives the value of the benefits of control, given the   empirical evidence that control seekers are willing to pay a significant premium for control, and secondly, can these benefits be rationally modeled? To better understand these issues, it then models a specific drive on the part of control seekers who, in addition to their stake in a publicly traded firm, own a private portfolio. It could be argued that they may 'transfer' inferior investments to the public firms that they control exploiting less than perfect transparency. However, while they own this valuable option of 'transferring' inferior investments into the public firm, these actions may still be beneficial to the minority shareholders.</p><p dir="LTR">We establish a model and derive a simulation procedure that are applied to several cases in which transfers  are made in exchange for cash or equity, instances of full disclosure or partial transparency, the likelihood that the control owners' actions will be contested in court, level of risk, and other parameters. Then we will compare the results to empirical finding.  The final model will be greatly simplified so that the end formula can be easily used by practitioners. </p>

scholarly journals Areas of Research on the Development of the Tourist and Recreational Sphere as an Object of Public Administration

2021 ◽  
pp. 147-154
Author(s):  
N. Boretskaya ◽  
◽  
G. Krapivina ◽  
Keyword(s):  
Decision Making ◽  
Public Administration ◽  
The Public ◽  
State Management ◽  
Management Processes ◽  
Separate Area ◽  
Multiplier Effect ◽  
Public Consciousness ◽  
Strategic Goals ◽  
The Impact

In the article, the problem of determining the directions of research of the development of the tourist and recreational sphere as an object of public administration acquires further theoretical and methodological substantiation. The directions of improving the mechanisms of decision-making by state bodies for the development of the tourist and recreational sphere are formulated on the basis of the introduction of a systematic approach, digitization and modeling. The efforts of state bodies to form the structure of the market in order to study and analyze the impact of public administration and regulation on the realities of the tourist and recreational sphere and the proposals of tourist and recreational products that affect the public interest in them on the part of consumers of tourist services are a separate area of scientific research in tourism. -recreational sphere as an object of public administration and decision-making mechanisms by state bodies for the development of tourist and recreational territories It is shown that the processes of using tourist and recreational resources and diversification of the economy are positively influenced by the intersectoral nature of the tourist and recreational sphere due to the multiplier effect for related sectors of the economy of the territories, directly involved in the tourist services served by consumers. It has been proved that a city characterized by a significant territorial concentration of labor, consumers, related industries and services is very attractive for the activities of enterprises in the tourism and recreation sector in terms of minimizing costs, and it is expedient in determining the role and mechanisms of government influence on the development of the tourism and recreation sector. and the formation of strategic goals for the development of a regime for promoting their development is the study of the tourist and recreational market of the territory. The development of the regional and local tourist and recreational sphere is greatly facilitated by the transformation in the public consciousness of the concept of free time, i.e. changes in the behavior of consumers of tourism services in relation to specific settlements or the region as a whole. The main goal of the qualitative improvement of state management of the development of the tourist and recreational sphere is to increase its openness, spread goodwill towards the population, accelerate management processes, effectively solve problems, increase the mobility of workers in tourist and recreational enterprises and their satisfaction with work.

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.

The Mirror of Malaysia Real Estate Investment Trust Stock Return in the Short-Run Dynamics

2021 ◽  
Vol 12 (3) ◽  
pp. 547-562
Author(s):  
William Choo Keng Soon Et.al
Keyword(s):  
Real Estate ◽  
Crude Oil ◽  
Capital Market ◽  
Stock Price ◽  
Trading Volume ◽  
Stock Return ◽  
Financial System ◽  
Empirical Finding ◽  
Short Run ◽  
The Impact

The formation of Islamic capital market under the subcomponent of Islamic financial system scratch a milestones development of Islamic finance in Malaysia. The Islamic capital market operates in mirror with convention capital market in expending, deepening and broadening Malaysia financial system. Malaysia is one of the REIT markets that value both the Islamic and conventional practices, such flexibility makes the attract not only to the local investor but also Islamic investors and foreign investor. The major source that generates income for REIT is the rental of the commercial real estate invested and hold as portfolio by the REIT management company. Furthermore, Malaysia REIT is known to be defensive stocks which consist of cyclic income producing assets that has some potential of asset appreciation. On the other hand, it witnessed by the moderation of Malaysia government bond yields created a lower pressure on the REIT stock price and analyst’s report highlighted the uncertainties on global crude oil prices and inflation is main concerned to REIT investors. In addition, the revision of 2019 tax system in Malaysia furnished a long run affected the dividend payout and volatility of REIT stock price. Therefore, this impact on the REIT stock liquidity and trading volume experiencing anil liquid trading. Therefore, the impact of external forces towards the mirror of two type of Malaysia REITs is significant to the investors, policy makers and government to outline the short-run relationship and facilitate future growth. The Vector auto regression model, granger causality and variance decomposition employed in this study to analyze the mirror of two types Malaysia REIT stock return. The empirical finding shows that the variability of dividend yield is vital explanatory variables to explain the both type of REIT stock return in Malaysia followed by interest rate for Islamic REIT stock return. The mirror of conventional REIT further implicated that trading volume and global crude oil price are useful to forecasting the changes in the stock return. Nutshell, this study provides a discussion of Malaysia REIT stock return behavior and it should be given necessary attention by researchers in ensuring the newly develop Islamic REIT are competitive and stability as the conventional REIT.

Explaining Public Support for the Use of Military Force: The Impact of Reference Point Framing and Prospective Decision Making

2011 ◽  
Vol 65 (1) ◽  
pp. 139-167 ◽  
Author(s):  
Héctor Perla
Keyword(s):  
Decision Making ◽  
Reference Point ◽  
Media Coverage ◽  
Public Support ◽  
News Coverage ◽  
Military Force ◽  
Political Actors ◽  
The Public ◽  
The Media ◽  
The Impact

AbstractThis article examines the determinants of public support for the use of military force. It puts forward a Framing Theory of Policy Objectives (FTPO), which contends that public support for military engagements depends on the public's perception of the policy's objective. However, it is difficult for the public to judge a policy's objective because they cannot directly observe a policy's true intention and influential political actors offer competing frames to define it. This framing contestation, carried out through the media, sets the public's decision-making reference point and determines whether the policy is perceived as seeking to avoid losses or to achieve gains. The FTPO predicts that support will increase when the public perceives policies as seeking to prevent losses and decrease when the public judges policies to be seeking gains. I operationalize and test the theory using content analysis of national news coverage and opinion polls of U.S. intervention in Central America during the 1980s. These framing effects are found to hold regardless of positive or negative valence of media coverage.

‘This Happens All the Time’: Organizations, Rationalization and Ethical Dilemmas in Engineering

2020 ◽  
Vol 34 (6) ◽  
pp. 985-1003
Author(s):  
Tracey L Adams
Keyword(s):  
Decision Making ◽  
Professional Practice ◽  
Public Interest ◽  
Ethical Dilemmas ◽  
Mixed Methods Study ◽  
Ethical Standards ◽  
Professional Misconduct ◽  
Ample Evidence ◽  
The Public ◽  
The Impact

Given their positions of public trust, regulated professions are legally required to uphold ethical standards, and ensure that professional practice protects the public. Nonetheless, there is ample evidence that professionals do not always behave ethically. One proposed solution is greater organizational surveillance; however, research from a neo-Weberian perspective encourages scepticism about such arguments. Organizations may not only fail to stop professionals from violating ethical codes, but rationalizing organizations might actively encourage such violations in the name of efficiency. This article explores the impact of organizations and rationalization on professional misconduct through a mixed-methods study of professional engineers in Ontario, Canada. Findings suggest engineers are impacted by rationalization, and that those with less decision-making authority experience pressures discouraging practice in the public interest.

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.

Municipal enterprises and their role in effective distribution of resources between different municipal services

2015 ◽  
Vol 9 (3) ◽  
pp. 111-120
Author(s):  
Владимир Морозов ◽  
Vladimir Morozov ◽  
Александра Панова ◽  
Alyeksandra Panova
Keyword(s):  
Decision Making ◽  
Municipal Services ◽  
Local Authorities ◽  
The Public ◽  
Municipal Authority ◽  
The People ◽  
Distribution Of Resources ◽  
The Impact ◽  
Better Than ◽  
Effective Distribution

This article examines the place of the municipal enterprises in the service of the local community in general, and in the rendering of municipal services in particular. The methods of services rendering by individual municipal authority or enterprise and the directly by local authorities are compared. These models vary considerably in efficiency and organizational support. These differences allow get answer to the question of the expediency of involving the municipal enterprises to the rendering of municipal services. The author defines the criteria, which allow assessing the place of municipal enterprises in considered sphere and getting answer to the question of the expediency of involving of municipal enterprises in the economy of the territory. The research also focuses on ways to improve efficiency, accountability and transparency of the management of municipal enterprises. A significant part of the impact and mechanism of direct responsibility to the people must be supported with the help of supervision of municipal services, otherwise there is a great temptation to start uncontrolled expansion and implement investments in new assets without appropriate investments in other municipal spheres. The activity of local authorities satisfies these criteria better than the performance of individual municipal enterprises. The financial independence of the last mentioned more contributes to attempts to build empires and unjustified costs. Municipal enterprises do not have unique advantages; their existence creates or contributes to the creation of problems in the sphere of decision-making, and also leads to unnecessary costs for the local authorities and population. Their abolishment would increase the efficiency, accountability and transparency of the public sector.

scholarly journals Penguatan Gender dalam Pengambilan Keputusan Birokrasi di Kabupaten Bone Bolango

2018 ◽  
Vol 1 (1) ◽  
pp. 24
Author(s):  
Robby Hunawa
Keyword(s):  
Decision Making ◽  
Qualitative Research ◽  
Data Collection ◽  
Research Method ◽  
Decision Making Process ◽  
The Public ◽  
Female Figures ◽  
Reinforcement Model ◽  
The Impact

The long-term goal of this research is the birth of the process of drawing women's involvement in the bureaucratic decision-making process, and the gender reinforcement model in bureaucratic decision making in Bone Bolango District. The target of the research will be done by stages: 1) identify the problem of constraints faced; and 2) to formulate a model of gender reinforcement in bureaucratic decision making. The research method used is qualitative research with data collection techniques through: interview, documentation, and FGD. Further data collected will be analyzed data triangulation. The result of the research is the birth of a model of gender reinforcement in decision making bureaucracy. The impact of the study will provide answers on women's partisifasi in decision making. During this time the existence of women is very much ruled out. The presence of female figures in the public dimension brings new trends in the context of government. Women want to be treated proportionally. This tendency has implications for the inclusion of women to compete with men to become leaders.

scholarly journals Kajian Dugaan Praktik Kartel PT Garuda Indonesia, Tbk Mempengaruhi Pergerakan Harga Saham di BEI

2021 ◽  
Vol 9 (4) ◽  
pp. 1592-1600
Author(s):  
In'am Widiarma ◽  
Nenny Syahrenny
Keyword(s):  
Capital Market ◽  
Stock Price ◽  
Stock Exchange ◽  
Air Transportation ◽  
High Price ◽  
The Public ◽  
The Republic ◽  
Owned Company ◽  
Almost All ◽  
Airline Tickets

ABSTRACT The purpose of this study was to determine the effect of the alleged cartel practices carried out by the airline PT Garuda Indonesia, Tbk, namely by the increasingly high price of airline tickets and how their impact on the stock price movement itself. This practice is not permitted in Indonesia and almost all countries in the world, but this becomes very dilemmatic in the current aviation business if the ticket price is not raised the company will bear substantial losses but on the other hand consumers are very disadvantaged and can sacrifice the country's economy if countries that depend heavily on air transportation such as Indonesia. Considering that PT Garuda Indonesia, Tbk is a state-owned company of the Republic of Indonesia which has been listed on the Indonesia Stock Exchange under the GIAA stock code, whether news of alleged cartel practices by GIAA could affect the public investors in the capital market in making a decision to make a selling or buying transaction on GIAA shares.Keywords: cartel practices, garuda indonesia, capital markets

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