Analisis Pengaruh Financial Literacy, Asymmetry Information terhadap Keputusan Investasi di Pasar Modal Syariah dengan Investasi Etis Sebagai Variabel Intervening

Penelitian ini bertujuan untuk mengetahui seberapa besar pengaruh financial literacy, asymmetry information dan investasi etis dalam mengambil keputusan investasi bagi para investor individu di Kota Palembang pada tahun 2020. Penelitian ini bersifat kausal menggunakan data primer 70 responden dengan teknik purposive sampling. Data hasil penelitian dianalisis dengan menggunakan metode Structural Equation Modeling (SEM) berbasis Partial Least Square (PLS). Penelitian ini menyimpulkan bahwa financial literacy berpengaruh terhadap investasi etis, asymmetry information berpengaruh terhadap investasi etis, financial literacy tidak berpengaruh terhadap keputusan investasi, asymmetry information berpengaruh terhadap keputusan investasi, investasi etis berpengaruh terhadap keputusan investasi, dan investasi etis berpengaruh memediasi antara financial literacy terhadap keputusan investasi dan asymmetry information terhadap keputusan investasi.

Leverage, Arus Kas Operasi, Ukuran Perusahaan, Intensitas Aset Tetap dan Revaluasi Aset Tetap

Since Indonesian accounting standards allow companies to choose between cost model and revaluation model on their fixed asset, there are still few companies that revalued their assets. This study examines what factors make banking companies choose to revaluate fixed asset, that are contracting factors (leverage, operating cash flow), political factors (firm size) and asymmetry information (intensity of fixed assets). By using logistic regression, the result of this study showed that firm size and fixed asset intensity had a positive effect on the company choice to revaluate fixed assets, while leverage had a negative effect on fixed asset revaluation. This study support early research with regard to contracting, political cost and asymmetry information. This study failed to find the effect of operating cash flow on fixed asset revaluation. Based on the results of this study, banks should consider leverage, company size and the intensity of fixed assets more than cash flow when choosing to revaluate fixed assets. Keywords: Leverage; Operating Cash Flow; Size Firm; Fixed Asset Intensity; Fixed Asset Revaluation

Optimal Service Commission Contract Design of OTA to Create O2O Model by Cooperation with TTA under Asymmetric Information

This paper studies the service commission contract of an online travel agency (OTA) to integrate the online to offline (O2O) model by cooperation with a traditional travel agency (TTA) under asymmetric information. The principal-agent models are established with symmetric and asymmetric service information, respectively. Further, the impacts of asymmetry information on the revenue of the OTA, TTA, and the whole O2O model and the properties of optimal commission contract are analyzed. The paper notes management implications: (1) OTA designs service commission contracts by weighing the fixed payment and service commission coefficient for different incentives to TTAs with different serviceabilities and (2) because the existence of asymmetric information always leads to the damage of OTA’s expected revenue, OTA should encourage the TTA to disclose private service information.

Pengaruh Asimetri Informasi, Karakter Personal, Reputasi, Trust in Superior dan Mutual Monitoring terhadap Budgetary Slack

This study aims to determine the effect of information asymmetry, personal character, reputation, trust in superiority and mutual monitoring of budgetary slack. The sample used was individuals working in the SKPD consisting of 1 City and 4 Regencies in the Special Region of Yogyakarta (DIY). This research uses purposive sampling. A total of 200 questionnaires were distributed and only 105 questionnaires could be processed. The process of data analysis in this study uses multiple regression analysis with the application of SPSS. The results showed that the information asymmetry variable had a positive and significant effect on budgetary slack, personal character, reputation and trust in superior had a negative and significant effect on budgetary slack. Keywords: Asymmetry Information, Personal Character, Reputation, Trust In Superior, Mutual Monitoring, Budgetary Slack

Analisis Pengaruh Kualitas Akrual, Persistensi Laba,dan Perataan Laba Terhadap Informasi Asimetri

This study aims to examine the effect of accrual quality, profit persistence and income smoothing to asymmetric information (Empirical Study on Manufacturing Companies Textile and Garment Subsector Registered in Indonesia Stock Exchange 2011 -2015). The population in this study are 17 companies. The sample technique used is purposive sampling and sample size of 9 companies. The model used in this research is panel regression using Eviews 8 application. Result of research: accrual quality, earnings persistence have not significant effect to asymmetry information. While income smoothing have significant effect to asymmetry information. Accrual quality, profit persistence and income smoothing are equally influential but very weak against asymmetric information. Abstrak Penelitian ini bertujuan untuk menguji pengaruh kualitas akrual, persistensi laba dan perataan laba terhadap informasi asimetri. Pendekatan penelitian yang digunakan pada penelitian ini yaitu kuantitatif asosiatif. Yang merupakan penelitian dengan tujuan untuk mengetahui pengaruh ataupun juga hubungan antara dua variabel atau lebih secara sistematis, terencana dan terstruktur dengan jelas sejak awal.Populasi dalam penelitian ini sebanyak 17 perusahaan manufaktur subsektor tekstil dan garment., dengan menggunakan data skunder tahun 2011-2015. Teknik pengambilan sampel dengan menggunakan tekniki purposive sampling sehingga dihasilkan jumlah sampel sebanyak 9 perusahaan dengan total observasi 45 laporan keuangan perusahaanTeknik analisis data yang digunakan dalam penelitian ini adalah regresi panel. Pada penelitian ini membuktikan hasil penelitian bahwa kualitas akrual tidak berpengaruh terhadap informasi asimetri; juga membuktikan bahwa persistensi laba tidak memiliki pengaruh signifikan terhadap informasi asimetri. Sedangkan perataan laba memiliki pengaruh signifikan terhadap informasi asimetri. Dan secara simultan kualitas akrual, persistensi laba dan perataan laba secara bersama-sama berpengaruh namun sangat lemah terhadap informasi asimet. Sehingga dapat disimpulkan bahwa hasil penelitian ini menunjukkan variabel kualitas akrual dan persistensi laba tidak memiliki pengaruh yang signifikan terhadap informasi asimetri sedangkan perataan laba berpengaruh negatif signifikan terhadap informasi asimetri yang berarti semakin kecil perusahaan melakukan perataan laba semakin besar kemungkinan adanya informasi asimetri. Kata Kunci:Kualitas Akrual, Persistensi Laba, Perataan Laba, Informasi Asimetri

Research on the Information Tracing Model for Cross-border E-commerce Products based on Blockchain

Information asymmetry, information island, high regulatory cost, etc., emerge from the fast development of cross-border e-commerce in China, for which the blockchain, with its capabilities in information sharing, information traceability, smart contract, and so on, can play an effective role in product information tracing. Based on blockchain, this paper builds the product information tracing model using information chains of two different degrees of openness. The model includes the three major bodies of cross-border e-commerce—the supply chain alliance, the consumers and the regulatory departments, so as to produce information tracing, ensure information authenticity and integrity, and be applicable to all kinds of e-commerce platforms.

Information asymmetry and REITs’ excess dividends: US and European market comparison

PurposeThe purpose of this study is to analyze the determinants that lead REITs to pay out more dividends than the required level to retain their tax-favored status. In particular, the focus is on the effect that information asymmetry has on REITs’ excess dividends distribution.Design/methodology/approachA sample of 341 REITs from the USA, France, the UK, Spain, Belgium, Germany, the Netherlands and Italy has been analyzed for the period 2000–2016. Employing multiple linear regression models, the effects of information asymmetry, cash flow, size, ROA, leverage and treasury shares on excess dividends have been explored.FindingsResults indicate that REITs with greater information asymmetry distribute significantly more excess dividends, with superior evidence in Europe than in the USA. Regarding other determinants, cash flow influences excess dividends the most, whereas ROA and common shares repurchase have an inverse relationship with excess dividends.Practical implicationsThe paper explores the effects of excess dividends distribution on the most relevant REITs features. The joint analysis of the European and the US samples allows this study to make a comparison between the two markets and to identify affinities and differences.Originality/valueThe paper tests whether a proxy of asymmetry information plays a role in affecting the excess dividends distribution. In contrast to previous researches, it expands the analysis by comparing the US and European markets to underline any difference in the effect of asymmetry information on excess dividends. The topic has never been investigated before in relation to the European market.

Using Polygraph Screening As a Tool of the Company’s Personnel Security

Based on the generalization of domestic and foreign studies, the article analyzes the possibilities and prospects of using the psychophysiological study of polygraph personnel to solve the problem of personnel security in an organization. The main schools of using the polygraph and modern spheres of its application are highlighted, including in commercial organizations. It is shown that the use of a polygraph is a tool for obtaining the necessary additional information when hiring an employee, as well as a tool for preventing his deviant behavior (in particular, the polygraph allows identifying employees who use the company's property for personal purposes, who ignore their job responsibilities, violate business processes that communicate rudely with the company's customers, various thefts, thefts, taking bribes from suppliers, embezzlement of money, forgery of financial and reporting documents and other hidden violations). The technique of using a polygraph in the recruitment process is presented. The article discusses the limitations of using the results of printing research, which must be taken into account in practice, including the following: the results are probabilistic in nature, are indirect evidence of involvement in the identified violations, can be used as a vector for further research, and also as an additional source of data in cases of asymmetry information (for example, when hiring), the verification procedure can be used as a measure to prevent future corporate offenses or other damage to the company due to the low competence of the hired employee.