Volume-1 ~ Issue-4
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| Paper Type | : | Research Paper |
| Title | : | The Impact Of Information Asymetry Towards The Quality Of Accrual Earnings With Good Corporate Governance (GCG) As Moderating Variabel |
| Country | : | Indonesia |
| Authors | : | Mediaty |
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: | 10.9790/5933-0140105  |
Abstract: Asymmetry of information is the information gap between management and owners of the company can be reduced in order to improve the quality of the profit generated by the company. This study aims to examine 1) the effect of information asymmetry on the quality of accrual earnings, 2) the effect of managerial ownership as a moderating variable between information asymmetry with accrual earnings quality, 3) the influence of the composition of the independent board directors as a moderating variable between information asymmetry with accrual earnings quality. Object of study is a manufacturing company listed on the Indonesia Stock Exchange (BEI) for 3 years (2009-2011). Study sample as many as 72 companies.The sampling technique used was purposive sampling. Data were analyzed using SPSS 17.0 for Windows that consists of two types of analysis is multiple regression analysis and analysis of different test t-test. Results of this study indicate that information asymmetry variables significantly influence the quality of accruals and earnings moderating variable of managerial ownership and the variable composition of independen board directorst can be a moderating variable between information asymmetry with accrual earnings quality.
Keywords: asymmetry information, quality of earnings accruals, managerial ownership and independent directors.
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[5] Penman, Stephen.H. dan X-J Zhang. 2002. Accounting Conservatism, Quality of earnings,Stock returns.The Accounting Review, 77(2). [6] Schipper, L. Vincent. 2003. Earnings Quality. Accounting Horizon, Supplement.
[7] Boediono, Gideon S. B. 2005. "Kualitas Laba : Studi Pengaruh Mekanisme Corporate Governance dan Dampak Manajemen Laba dengan menggunakan Analisis Jalur". Simposium Nasional Akuntansi VIII: Solo.
[8] Fala, Dwi Yana Amalia, 2007. "Pengaruh Konservatisme akuntansi Terhadap Penilaian Ekuitas Perusahaan dimoderasi oleh Good Corporate Governance", Simposium Nasional Akuntansi X: Makassar. [9] Richardson, V. J. (1998). Information Asymmetry and Earnings Management :Some Evidence. http /www.ssrn.com.
[10] Basu, Sudipta. 1997. The Conservatism Principle m The Asymmetric Timeliness of Earnings, Journal of Accounting and Economics, 24:3-37.
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| Paper Type | : | Research Paper |
| Title | : | The Effect of Dividend Policy on Share Price: An Evaluative Study |
| Country | : | Bangladesh |
| Authors | : | Md. Abdullah Al- Hasan, Md. Asaduzzaman, Rashed al Karim |
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: | 10.9790/5933-0140611 |
Abstract: The most debated issue in the field of finance is over the effect of dividend policy on market price per share. There are huge literatures for and against this wisdom. The current study has been undertaken aiming at evaluating the effect of dividend policy on market price of share in the context of Bangladesh. The study has covered secondary data and analyzed the data by employing descriptive statistics, correlation and multiple regression models. It has tested hypothesis by using F test. The study has found that the effect of dividend payout is more on market price than retention. This dependency is significant at 1%. Finally, the paper concludes that the findings over the effect of dividend policy on market price supports the relevant theory of dividend policy i.e. Walter's model and Gordon's model.
Key words: Dividend policy, Market price per share, Earning per share
[1]. Amihud, Y. & Li, K. (2002). The Declining Information Content of Dividend Announcement and the Effect of Institutional Holding. Working Paper, Stern School of Business, New York University.
[2]. Ali, F. & Recep, B. (2012). Yes, dividends are disappearing: Worldwide evidence. Journal of Banking & Finance. 36(3), pp. 662-667
[3]. Adelegan, O.J. (2008). Can a Regional Approach Accelerate Stock Market Development? Empirical Evidence from Sub-Saharan Africa. IMF Working Paper 08/281, Washington: International Monitory Fund.
[4]. Adelegan, O.J. (2009). Price Reactions to Dividend Announcements on the Nigerian Stock Market. AERC Research Paper 188, African Economic Research Consortium, Nairobi.
[5]. Al-Hares, O., Abu-Ghazaleh, N. & Haddad, A. (2012). Value relevance of earnings, book value and dividends in an emerging capital market: Kuwait evidence. 23(3), 221-234
[6]. Asem, E. (2009). Dividends and Price Momentum. Journal of Banking & Finance. 33(3), pp. 486-494.
[7]. Asem, E. & Tian, G. Y. (2010). Market Dynamics and Momentum Profits. Journal of Financial and Quantitative Analysis, 45(6), 1549-62.
[8]. Braouezec, Y. & Lehalle, A. (2010). Corporate Liquidity, Dividend Policy and Default Risk: Optimal Financial Policy and Agency Costs. International Journal of Theoretical and Applied Finance. 13(4), 537-576.
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| Paper Type | : | Research Paper |
| Title | : | Effects of Macroeconomic Variables on Foreign Direct Investment in a Liberalized Economy: The Case of Nigeria |
| Country | : | Nigeria. |
| Authors | : | P. C. Obidike & K. E.Uma |
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: | 10.9790/5933-0141220 |
Abstract: The study investigated the impact of some selected macroeconomic variables on the attraction of foreign direct investment (FDI) in Nigeria between 1975 and 2009. Augmented Dickey-Fuller test was used to examine the time series property of the data and Johansen co-integration test was employed to ascertain the long-run relationship between the dependent variable (FDI) and the independent macroeconomic variables. Ordinary least technique also was employed in the study. Error correction coefficient was high, rightly signed and significant which reveals a long run relationship between the selected macroeconomic variables and FDI for the period of study. The explanatory variables included in the model showed statistical significant impact on FDI. The overall regression was significant as denoted by the probability of the F-statistic at 5% significant level. On this note, among the recommendations made include: the Nigerian government should promote non-oil exports and discourage over dependence on imports of goods and raw materials; diversification of the economy should be paramount in the minds of the resource managers of our economy and it is imperative that the country has to promote private sector led growth and the creation of enabling environment, especially infrastructure. Key words: effects, foreign direct investment, liberalized economy, macroeconomic variables
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