scholarly journals Analisis Pengaruh Kebijakan Utang, Kepemilikan Saham Publik, Risiko Kebangkrutan Terhadap Biaya Agency

2016 ◽  
Vol 8 (2) ◽  
pp. 143-153
Author(s):  
Diah Anugrah Sharasanti
Keyword(s):  
Financial Management ◽  
Agency Cost ◽  
Strategic Decision ◽  
Managerial Ownership ◽  
Debt Ratio ◽  
Earnings Volatility ◽  
Top Managers ◽  
Investment And Financing ◽  
Management Functions ◽  
The Cost

Financial management strategic decision that can not be ignored is the decision regarding the dividend policy, investment, and financing, are closely associated with the company's goal is to optimize the value of the company. However, the goals are often not carried out in connection with the separation of the functions  of ownership and management functions of the company, which makes the manager to act independently and not in line with company objectives. Conflicts over the source of the problem that causes the cost of the agency (agency cost), ie all costs incurred to carry out surveillance (monitoring) on the performance of managers. The research objective was to determine whether the debt ratio, managerial ownership, and earnings volatility significantly affect the cost of agency. Results showed that the ratio of debt, stock ownership by top managers, and earnings volatility significantly not affect the cost of agency.

The Effects of Using Bank Auditors on Audit Quality and the Agency Cost of Bank Loans

2017 ◽  
Vol 31 (4) ◽  
pp. 133-153 ◽  
Author(s):  
K. Hung Chan ◽  
Ellen Jin Jiang ◽  
Phyllis Lai Lan Mo
Keyword(s):  
Financial Management ◽  
Audit Quality ◽  
Agency Cost ◽  
Bank Loans ◽  
Accounting Scandals ◽  
Creditor Bank ◽  
Main Bank ◽  
Privately Held Firms ◽  
Japanese Companies ◽  
The Cost

SYNOPSIS In this study, we examine the effect of a borrower having the same auditor as its main creditor bank on audit quality and the cost of the firm's bank loans. Japan is chosen as the context for this study because of its long-established bank-based system and the heavy reliance of Japanese companies on bank loans as a source of financing. The recent accounting scandals at Olympus Corporation and Toshiba Corporation highlight concerns about audit quality in Japan. Using a sample of Japanese listed companies, we provide evidence that the more a borrowing company depends on its main bank loans as a source of financing, the more likely the company is to choose the same auditor as its main bank. We also provide empirical evidence that, compared with companies that use different auditors, companies that use the same auditor as their main banks have higher audit quality, which reduces agency problems and results in a lower cost of bank loans. As bank loans are the most important source of external financing for listed and privately held firms in many countries, our results have implications for banks in terms of extending credit to their customers and for firm managers' financial management.

PERANCANGAN SISTEM INFORMASI MANAJEMEN KEUANGAN DI AMIK GARUT

2020 ◽  
Vol 2 (2) ◽  
pp. 128-143
Author(s):  
Tedi Budiman
Keyword(s):  
Information System ◽  
Information Systems ◽  
Financial Management ◽  
Financial Information ◽  
Financial Problems ◽  
Technological Advances ◽  
Design Program ◽  
Or Groups ◽  
The Cost ◽  
Financial Information Systems

Financial information system is an information system that provides information to individuals or groups of people, both inside and outside the company that contains financial problems and information about the flow of money for users in the company. Financial information systems are used to solve financial problems in a company, by meeting three financial principles: fast, safe, and inexpensive.Quick principle, the intention is that financial information systems must be able to provide the required data on time and can meet the needs. The Safe Principle means that the financial information system must be prepared with consideration of internal controls so that company assets are maintained. The Principle of Inexpensive, the intention is that the cost of implementing a financial information system must be reduced so that it is relatively inexpensive.Therefore we need technology media that can solve financial problems, and produce financial information to related parties quickly, safely and cheaply. One example of developing information technology today is computer technology and internet. Starting from financial problems and technological advances, the authors make a website-based financial management application to facilitate the parties that perform financial management and supervision.Method of development application program is used Waterfall method, with the following stages: Software Requirement Analysis, Software Design, Program Code Making, Testing, Support, Maintenance.

THE IMPORTANCE OF TAXATION SUPERVISION IN THE OPERATION OF ENTERPRISES

2021 ◽  
Vol 4 (4) ◽  
pp. 89-95
Author(s):  
YAN MIN TSZE ◽  
Keyword(s):  
Economic Analysis ◽  
Cash Flow ◽  
Financial Management ◽  
Management System ◽  
Regulatory Framework ◽  
Inventory Analysis ◽  
Arithmetic Operations ◽  
Financial Management System ◽  
The Cost

This article of the topic is due to the fact that accounting for the cost and financial management system of the enterprise is currently of particular importance and is carried out in a strict manner. When conducting accounting, the following procedures are used: search for compliance of the company's data on accounting and the regulatory framework; study of documentation; finding and forming errors during the audit. Such meth-ods are solved by the rules: evaluation of arithmetic operations; monitoring of inventory; analysis of cash flow in the enterprise; notification of certain persons about the completed economic and accounting operations; interviewing employees orally; assessment of cash flow according to documents; implementation of economic analysis aimed at studying the movement of funds of the enterprise.

How does ownership structure affect the financing and dividend decisions of firm?

2021 ◽  
Vol ahead-of-print (ahead-of-print) ◽  
Author(s):  
Tahar Tayachi ◽  
Ahmed Imran Hunjra ◽  
Kirsten Jones ◽  
Rashid Mehmood ◽  
Mamdouh Abdulaziz Saleh Al-Faryan
Keyword(s):  
Ownership Structure ◽  
Dividend Policy ◽  
Generalized Method Of Moments ◽  
Institutional Ownership ◽  
Agency Cost ◽  
Debt Financing ◽  
Policy Implications ◽  
Managerial Ownership ◽  
Content Type ◽  
The Impact

Purpose Ownership structure deals with internal corporate governance mechanism, which plays important role in minimizing conflict of interests between shareholders and management Ownership structure is an important mechanism that influences the value of firm, financing and dividend decisions. This paper aims to examine the impact of the ownership structures, i.e. managerial ownership, institutional ownership on financing and dividend policy. Design/methodology/approach The authors use panel data of manufacturing firms from both developed and developing countries, and the generalized method of moments (GMM) is applied to analyze the results. The authors collect the data from DataStream for the period of 2010 to 2019. Findings The authors find that managerial ownership and ownership concentration have significant and positive effects on debt financing, but they have significant and negative effects on dividend policy. Institutional ownership shows a positive impact on financing decisions and dividend policy for sample firms. Originality/value This study fills the gap by proving the policy implications for both firms and investors, as managers prefer debt financing, but at the same time try to ignore dividend payment. Therefore, investors may not invest in firms with a higher proportion of managerial ownership and may choose to invest more in institutional ownership, which lowers the agency cost.

scholarly journals Investor Protection and Agency Theory in Corporate Governance in Pakistan

2021 ◽  
Vol 3 (1) ◽  
pp. 12-21
Author(s):  
Imtiaz Ahmed Khan ◽  
Altaf Hussain Abro ◽  
Farooque Ahmed Leghari
Keyword(s):  
Corporate Governance ◽  
Agency Theory ◽  
Agency Cost ◽  
Corporate Structure ◽  
Minority Shareholders ◽  
Private Benefits ◽  
Controlling Shareholders ◽  
Global Trend ◽  
The Cost ◽  
Very High

The paper discusses the minority shareholders’ protection under the quantumof agency cost in corporate governance in Pakistan. The agency theory statesthat in most of the cases, the controlling shareholders and the topmanagement are normally involved in expropriating the funds of the company.This phenomenon increases the agency cost. The agency cost is directlyproportional to the cost of functioning of the company. In other words, theagency cost is inversely proportional to the profit of the company. Accordingto the agency theory, if the agency cost is decreased, the profit for investorincreases. The Pakistani corporate sector is dominated by the businessfamilies, the state and an opportunity to get the private benefits at the cost ofother stakeholders. There are the different mechanisms as discussed andapplied around the world to minimize the agency cost so as to make companyfinancially strong and better profit for the investors. In Pakistan, the agencycost is very high. Hence, there is a need to revamp the corporate governancemechanism to reduce the agency cost in order to provide a better protection tominority shareholders in a particular in the context of the global trend keepingin the view of the nature of corporate structure in Pakistan.

scholarly journals The embeddedness of digital infrastructures for data collection by the Courts of Accounts

2021 ◽  
Author(s):  
André Carlos Busanelli de Aquino ◽  
André Feliciano Lino ◽  
Ricardo Rocha de Azevedo
Keyword(s):  
Public Sector ◽  
Data Collection ◽  
Financial Management ◽  
Public Organizations ◽  
Digital Transformation ◽  
Digital Tools ◽  
Longitudinal Case Study ◽  
Accounting Data ◽  
The Cost ◽  
Government Auditing

ABSTRACT This study aimed to identify the trajectories for data collection automation in various Courts of Accounts (Tribunais de Contas), the standard features of the systems that have emerged, and the impacts on fiscal and accounting oversight in Brazil. Data collection automation is part of the digital transformation in the field of auditing; however, the literature on public sector auditing in Brazil, on digital transformation, or digital infrastructure, does not analyze how this transformation occurs and how the infrastructures are stabilized and shape the field of auditing. Data collection automation has unexpected implications for the content of public sector audits and the financial management of the public sector auditees. Identifying the trajectories for digital tools of data collection automation enables a discussion on whether currently adopted solutions vary and the effects on the standardization of government audits. The automation of data collection by the Court of Accounts, particularly its scope and frequency, affects how the audited public organizations prioritize the adoption and maintenance of accounting, budgeting, and financial planning policies and processes. The digital infrastructures that emerge from these digital tools shape the entire field of auditing, they become embedded, and they increase the cost of future changes, perpetuating the heterogeneity in the auditing and financial management of governments in the Brazilian federation. The article presents a longitudinal case study (1994 to 2020), with narratives built based on questionnaires and interviews with auditors from 26 Courts of Accounts. The automation of budgetary and accounting data collection by Courts of Accounts has changed the logic of the field of government auditing in Brazil. The digital infrastructures that emerge by connecting Courts and the audited public organizations under their jurisdictions have embedded concepts, definitions, and implicit expectations in a remote auditing logic.

scholarly journals PENGARUH LEVERAGE DAN KEPEMILIKAN MANAJERIAL TERHADAP MANAJEMEN LABA DENGAN AGENCY COST SEBAGAI VARIABEL INTERVENING PADA PERUSAHAAN MANUFAKTUR

2020 ◽  
Vol 28 (2) ◽  
pp. 188-206
Author(s):  
Rahyuningsih Rahyuningsih ◽  
Sri Ayem
Keyword(s):  
Data Analysis ◽  
Earnings Management ◽  
Path Analysis ◽  
Agency Costs ◽  
Agency Cost ◽  
Managerial Ownership ◽  
Analysis Method ◽  
Second Stage ◽  
Data Analysis Method ◽  
Sample Technique

This study aims to compare the leverage and managerial ownership of earningsmanagement with agency cost as an intervening variable. This study took apopulation of several companies listed on IDX and the number of samples in thisstudy were 16 companies, the sample technique used was purposive sampling.The data analysis method used is the path analysis. The results of this studyafter testing the first stage showed simultaneously that leverage and managerialownership affect agency cost and testing the second stage of leverage, managerialownership and agency cost affect earnings management. Partially through the ttest, in the first stage of testing that leverage affects agency cost and managerialownership does not affect agency cost. The second stage of testing that leveragedoes not affect earnings management, managerial ownership does not affectearnings management and agency costs affect earnings management.

scholarly journals PENGARUH STRUKTUR KEPEMILIKAN DAN LEVERAGE TERHADAP RETURN SAHAM PADA PERUSAHAAN RITEL DI INDONESIA

2020 ◽  
Vol 8 (1) ◽  
pp. 19-30
Author(s):  
Fauziyah Nafishah
Keyword(s):  
Stock Returns ◽  
Financial Management ◽  
Stock Exchange ◽  
Hypothesis Test ◽  
Linear Regression Analysis ◽  
Sample Selection ◽  
Multiple Linear Regression Analysis ◽  
Coefficient Of Determination ◽  
Managerial Ownership ◽  
Financial Reports

Fauziyah Nafishah; This study aims to determine the effect of managerial ownership, and leverage on stock returns in retail companies in Indonesia.The research method used in this study is a quantitative method, the independent variable used in this study consists of managerial ownership structure and leverage while the dependent variable is stock returns. The population in this study are retail companies listed on the Indonesia Stock Exchange (IDX) listed on the Indonesia Stock Exchange 2013-2017 period. Sample selection through purposive sampling method. There are 7 (seven) companies that have criteria as research samples, so that the research data totaled 35 data. Data collection techniques used are document review, the data analyzed are annual financial reports (annual report), previous research journals and other literature relating to research problems. Data processing and analysis techniques include financial management analysis, multiple linear regression analysis, classic assumption test, hypothesis test, coefficient of determination test and coefficient of determination test. The results showed that managerial ownership partially influential and significant on stock returns, and partial leverage had no significant and significant effect on stock returns. While simultaneously managerial ownership, and leverage affect stock returns.Therefore, it is better for the company's internal parties to improve the company's performance because the company's performance and good company production will make investors interested in investing in these companies. Keyword : managerial ownership, leverage, stock returns

Influence of middle management on dynamic capabilities

2021 ◽  
Vol ahead-of-print (ahead-of-print) ◽  
Author(s):  
Marina de Almeida Cruz ◽  
Victor Silva Corrêa ◽  
Daniela Martins Diniz ◽  
Felipe Mendes Borini
Keyword(s):  
Dynamic Capabilities ◽  
Management Training ◽  
Case Study Method ◽  
Content Type ◽  
Top Managers ◽  
Micro Level ◽  
Research Stream ◽  
Management Functions ◽  
Practical Implications

PurposeThe dynamic capabilities (DC) literature focuses primarily on top managers. Although recent studies have drawn attention to middle management's (MM) relevance, these professionals have not been the focus of much attention in the DC literature. The purpose of this paper is to investigate whether and how MM influences DC dimensions.Design/methodology/approachThrough a qualitative strategy and case-study method, 13 MM professionals from four Brazilian companies embedded in competitive and dynamic contexts were investigated. The “micro-practices” approach was used to operationalize the DC construct.FindingsThe evidence shows that MM influences DC dimensions. This influence appears to emanate from 19 identified and named micro-practices.Practical implicationsBy examining how micro-practices (micro-level) influence macro-level DC dimensions, this article raises the significance of including the micro-practices identified herein in management-training programs.Originality/valueThe first relates to the identification of micro-practices within the MM scope. The second relates to the association of micro-practices with management functions. The third relates to the association of micro-practices with DC dimensions. Thereby, this article highlights how DC work in organizations' daily activities. The fourth is the construction of a framework that demonstrates how to integrate the DC micro (micro-practices), meso (managerial functions) and macro (DC dimensions) scopes. Fifth, this paper affirms the emerging research stream that stresses MM's relevance for DC generation.

Application Tool for Two-Variable Cost Allocation for Small Urban, Rural, and Tribal Transit Agencies

2020 ◽  
Vol 2674 (4) ◽  
pp. 407-418
Author(s):  
Todd Hansen ◽  
Michael Walk ◽  
Shuman Tan
Keyword(s):  
Financial Management ◽  
Cost Allocation ◽  
Performance Metrics ◽  
Agency Cost ◽  
Ease Of Use ◽  
Variable Cost ◽  
Fixed Costs ◽  
Assistance Program ◽  
Service Information ◽  
Transit Agencies

The paper presents the development and methodology of application tools for use in transit agency cost allocation. Researchers worked with the National Rural Transit Assistance Program to develop the Two-Variable Cost Allocation Calculator applications as a resource for small transit agencies. Reports and guidance on cost allocation were reviewed to identify key considerations for application design, was also informed by previous experience with transit agencies for examples of cost and data considerations with respect to agency size, travel mode, and type of service. The applications use a two-variable methodology of vehicle hours and miles to allocate variable costs for each service, then allocate fixed costs according to the proportions of variable costs. The applications also provide a process to sub-allocate costs for shared-ride demand responsive services using passenger hours and miles data. A common set of data requirements needed to run the applications into groups of service, financial, and operational data was developed. The applications use standard definitions of data elements from the National Transit Database and Federal Transit Administration to streamline the data needed in the application with existing reporting requirements. The applications are designed for ease of use by small transit agencies with limited staff and different levels of training in data collection or financial management. The applications allow small transit agencies to specify aspects of service information to be used in cost allocation while relying on the applications to sort expenses into appropriate cost function categories, calculate costs by service type, and generate summary reports and performance metrics.

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