Pub Date : 2023-08-29DOI: 10.31942/jafin.v2i2.9432
Aldha Wulan Nandari, Endang Purwanti, Pandi Afandi
Economic Value Added (EVA) menjadi salah satu metode penilaian kinerja keuangan bagi investor atau para pemilik modal yang akan menanamkan modalnya pada perusahaan. Penelitian ini untuk mengetahui hasil implementasi Economic Value Added (EVA) PT. Unilever Indonesia, Tbk. Sebagai satuan pengamatan adalah laporan keuangan PT. Unilever Indonesia, Tbk. Satuan analisis yang digunakan penyajian perhitungan keuangan periode tahun 2017-2021 yang telah dipublikasikan oleh PT. Unilever Indonesia, Tbk teraudit dengan metode Economic Value Added (EVA). Hasil penelitian terbukti Kinerja Keuangan selama 5 tahun yaitu dari tahun memiliki nilai rata-rata Economic Value Added (EVA) positif, ada nilai tambah ekonomis yang mencerminkan laba yang tersedia dapat memenuhi harapan para investor untuk mendapatkan pengembalian atas investasi yang ditanamkan. Metode tersebut sebagai alternatif menilai kinerja keuangan PT. Unilever Indonesia, Tbk. untuk mengevaluasi biaya modal maupun kekayaan perusahaan. Kata kunci : Economic Value Added (EVA)
{"title":"ANALISIS ECONOMIC VALUE ADDED (EVA) PT. UNILEVER ,Tbk","authors":"Aldha Wulan Nandari, Endang Purwanti, Pandi Afandi","doi":"10.31942/jafin.v2i2.9432","DOIUrl":"https://doi.org/10.31942/jafin.v2i2.9432","url":null,"abstract":"Economic Value Added (EVA) menjadi salah satu metode penilaian kinerja keuangan bagi investor atau para pemilik modal yang akan menanamkan modalnya pada perusahaan. Penelitian ini untuk mengetahui hasil implementasi Economic Value Added (EVA) PT. Unilever Indonesia, Tbk. Sebagai satuan pengamatan adalah laporan keuangan PT. Unilever Indonesia, Tbk. Satuan analisis yang digunakan penyajian perhitungan keuangan periode tahun 2017-2021 yang telah dipublikasikan oleh PT. Unilever Indonesia, Tbk teraudit dengan metode Economic Value Added (EVA). Hasil penelitian terbukti Kinerja Keuangan selama 5 tahun yaitu dari tahun memiliki nilai rata-rata Economic Value Added (EVA) positif, ada nilai tambah ekonomis yang mencerminkan laba yang tersedia dapat memenuhi harapan para investor untuk mendapatkan pengembalian atas investasi yang ditanamkan. Metode tersebut sebagai alternatif menilai kinerja keuangan PT. Unilever Indonesia, Tbk. untuk mengevaluasi biaya modal maupun kekayaan perusahaan. Kata kunci : Economic Value Added (EVA)","PeriodicalId":36300,"journal":{"name":"Universal Journal of Accounting and Finance","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2023-08-29","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"136349819","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2023-08-29DOI: 10.31942/jafin.v2i2.9431
Heni Risnawati, Hasna Mudiarti, Tuti Nadhifah
The purpose of this studi to analyze the financial performance of PT Kereta Api Indonesia (Persero) in 2019- 2021 using a cash flow measurement tool. The ratios used in this study are five ratios including the ratio of operating cash flows to current liabilities, the ratio of operating cash flows to interest, the ratio of operating cash flows to capital expenditures, the ratio of operating cash flows to total debt and the ratio of operating cash flows to net income. The research method uses secondary data, namely the financial statements of PT KAI (Persero) for 2019-2021. The sampling technique uses a purposive sampling method where samples are taken with a specific purpose. The sample in this study is the financial statements that have been audited for three years. The results show that the ratio of operating cash flow to interest, the ratio of operating cash flow to capital expenditure has a fairly good performance. As for the ratio of operating cash flow to current liabilities, operating cash flow to total debt and the ratio of operating cash flow to net income, the performance was not good.Keywords : cash and cash equivalents, cash flows, financial reports, financial performance
本研究的目的是使用现金流量测量工具分析PT Kereta Api Indonesia (Persero)在2019- 2021年的财务绩效。本研究使用的比率是五个比率，包括经营性现金流量与流动负债的比率、经营性现金流量与利息的比率、经营性现金流量与资本支出的比率、经营性现金流量与总债务的比率和经营性现金流量与净收入的比率。研究方法使用二手数据，即PT KAI (Persero) 2019-2021年的财务报表。采样技术使用有目的的采样方法，其中采样具有特定的目的。本研究的样本是审计了三年的财务报表。结果表明，经营性现金流与利息之比、经营性现金流与资本支出之比均有较好的表现。经营性现金流与流动负债的比率、经营性现金流与总负债的比率、经营性现金流与净收入的比率，业绩不佳。关键词:现金及现金等价物，现金流量，财务报告，财务业绩
{"title":"ANALISIS ARUS KAS UNTUK MENILAI KINERJA KEUANGAN PADA PT KERETA API INDONESIA (Persero)","authors":"Heni Risnawati, Hasna Mudiarti, Tuti Nadhifah","doi":"10.31942/jafin.v2i2.9431","DOIUrl":"https://doi.org/10.31942/jafin.v2i2.9431","url":null,"abstract":"The purpose of this studi to analyze the financial performance of PT Kereta Api Indonesia (Persero) in 2019- 2021 using a cash flow measurement tool. The ratios used in this study are five ratios including the ratio of operating cash flows to current liabilities, the ratio of operating cash flows to interest, the ratio of operating cash flows to capital expenditures, the ratio of operating cash flows to total debt and the ratio of operating cash flows to net income. The research method uses secondary data, namely the financial statements of PT KAI (Persero) for 2019-2021. The sampling technique uses a purposive sampling method where samples are taken with a specific purpose. The sample in this study is the financial statements that have been audited for three years. The results show that the ratio of operating cash flow to interest, the ratio of operating cash flow to capital expenditure has a fairly good performance. As for the ratio of operating cash flow to current liabilities, operating cash flow to total debt and the ratio of operating cash flow to net income, the performance was not good.Keywords : cash and cash equivalents, cash flows, financial reports, financial performance","PeriodicalId":36300,"journal":{"name":"Universal Journal of Accounting and Finance","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2023-08-29","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"136349823","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
This paper investigates how flexibility in payout decisions affects firm innovation. Firms that make payout mainly in the form of share repurchase have greater flexibility in making payouts compared to firms that make payout mainly in the form of dividends. Using a sample of 45,644 firm-year observations of 7,888 U.S. firms for the period 1987-2010, I show that firms with greater payout flexibility have higher levels of innovation and have better quality innovations. Using a Granger Causality framework, I show that firm innovation has no significant effect on payout flexibility while payout flexibility results in firm innovation. Results show that firms that make payout in the form of repurchase only, on an average, have 4.4% more patents granted compared to firms that make payout in the form of dividend only. The results are robust to whether I use the entire sample or a sub-sample of observations of firms with at least one patent granted during the sample period.
{"title":"Payout Flexibility and Firm Innovation","authors":"Sharier Azim Khan","doi":"10.33423/jaf.v23i3.6352","DOIUrl":"https://doi.org/10.33423/jaf.v23i3.6352","url":null,"abstract":"This paper investigates how flexibility in payout decisions affects firm innovation. Firms that make payout mainly in the form of share repurchase have greater flexibility in making payouts compared to firms that make payout mainly in the form of dividends. Using a sample of 45,644 firm-year observations of 7,888 U.S. firms for the period 1987-2010, I show that firms with greater payout flexibility have higher levels of innovation and have better quality innovations. Using a Granger Causality framework, I show that firm innovation has no significant effect on payout flexibility while payout flexibility results in firm innovation. Results show that firms that make payout in the form of repurchase only, on an average, have 4.4% more patents granted compared to firms that make payout in the form of dividend only. The results are robust to whether I use the entire sample or a sub-sample of observations of firms with at least one patent granted during the sample period.","PeriodicalId":36300,"journal":{"name":"Universal Journal of Accounting and Finance","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2023-08-25","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"134930603","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
This study addresses the question, “What is the extent of disclosures related to marketing social change as changing behavior to promote social good and well-being, any evidence from the Turkish banking industry?” To address this question, the study analyzes the social marketing activities of 12 banking corporations listed on the Borsa Istanbul in Turkey. For this, annual reports, sustainability reports, or integrated reports of those are examined from 2017 to 2021. It is aimed to compare the social marketing activities of banks in Turkey and trends that have been observed for years and banks. It is also aimed at determining the most frequent social marketing activities. The banks are involved mostly in the themes of environmental behaviors and community involvement behaviors. To observe the relationships between social marketing activities, “Association Rule Analysis with Apriori Algorithm” is applied. The management of the banks can use the findings of Apriori Algorithm in the strategic decision-making process if they are aware of the social marketing activities that rival banks are emphasizing and the relationships between these activities.
{"title":"Analyzing and Understanding Social Marketing Activities of Turkish Banking Corporations: Comparisons and Association Rule Learning","authors":"Recep Pekdemir, Ayça Zeynep Süer, Melis Ercan, Emrah Önder","doi":"10.33423/jaf.v23i3.6354","DOIUrl":"https://doi.org/10.33423/jaf.v23i3.6354","url":null,"abstract":"This study addresses the question, “What is the extent of disclosures related to marketing social change as changing behavior to promote social good and well-being, any evidence from the Turkish banking industry?” To address this question, the study analyzes the social marketing activities of 12 banking corporations listed on the Borsa Istanbul in Turkey. For this, annual reports, sustainability reports, or integrated reports of those are examined from 2017 to 2021. It is aimed to compare the social marketing activities of banks in Turkey and trends that have been observed for years and banks. It is also aimed at determining the most frequent social marketing activities. The banks are involved mostly in the themes of environmental behaviors and community involvement behaviors. To observe the relationships between social marketing activities, “Association Rule Analysis with Apriori Algorithm” is applied. The management of the banks can use the findings of Apriori Algorithm in the strategic decision-making process if they are aware of the social marketing activities that rival banks are emphasizing and the relationships between these activities.","PeriodicalId":36300,"journal":{"name":"Universal Journal of Accounting and Finance","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2023-08-25","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"83274171","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
We investigate the impact of information uncertainty on stock performance during the 2008-2009 financial crisis. We document that firms with more information uncertainty suffered a greater stock price drop during the period of market-wide price declines. In contrast, the negative effect of information uncertainty on stock returns was absent during the market-reversal or pseudo-drop period. In addition, during the reversal period, firms with forecast dispersion in the top tercile (or quartile) had more positive returns than those with lower forecast dispersion. We contribute to the literature by testing the relationship between information uncertainty and firm returns in the special setting of the most recent financial crisis and providing initial evidence that firm-specific information uncertainty amplified stock price fluctuations during the financial crisis.
{"title":"The Impact of Information Uncertainty on Stock Performance During the 2008-2009 Financial Crisis","authors":"Arthur C. Allen, Wei Zhang","doi":"10.33423/jaf.v23i3.6353","DOIUrl":"https://doi.org/10.33423/jaf.v23i3.6353","url":null,"abstract":"We investigate the impact of information uncertainty on stock performance during the 2008-2009 financial crisis. We document that firms with more information uncertainty suffered a greater stock price drop during the period of market-wide price declines. In contrast, the negative effect of information uncertainty on stock returns was absent during the market-reversal or pseudo-drop period. In addition, during the reversal period, firms with forecast dispersion in the top tercile (or quartile) had more positive returns than those with lower forecast dispersion. We contribute to the literature by testing the relationship between information uncertainty and firm returns in the special setting of the most recent financial crisis and providing initial evidence that firm-specific information uncertainty amplified stock price fluctuations during the financial crisis.","PeriodicalId":36300,"journal":{"name":"Universal Journal of Accounting and Finance","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2023-08-25","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"75488906","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"An Empirical Investigation on the Understandability of Accounting Income","authors":"","doi":"10.33423/jaf.v23i3.6281","DOIUrl":"https://doi.org/10.33423/jaf.v23i3.6281","url":null,"abstract":"","PeriodicalId":36300,"journal":{"name":"Universal Journal of Accounting and Finance","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2023-08-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"82342912","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Worldwide, corporations and other institutions face substantial losses from fraud. In its 2022 Report to the Nations, the Association of Certified Fraud Examiners (ACFE) stated that based on its survey responses, organizations reported losing approximately five percent of their revenue annually to fraud. Extrapolating the reported fraud percentage, the amount lost globally to fraud exceeds $4.7 trillion annually (ACFE, 2022). As commerce moves to a digital economy, the opportunities for electronic fraud will increase, and so will the need for analytical skills for fraud examiners (Kramer et al., 2017). The American Institute of Certified Public Accountants (AICPA), as well as accounting educators, cites the need for more training in forensic auditing skills to detect financial statement fraud (DiGabriele, 2011). Also, the CPA Evolution initiative addresses the need for technical skills for accountants. This paper discusses the merits of a Master of Science in Forensic Auditing Analytics degree at Texas A&M University-Commerce (TAMUC) offered through a blend of existing graduate courses in accounting and business analytics in meeting industry expectations.
{"title":"Master of Science in Forensic Auditing Analytics: One University’s Response to Skills Gap","authors":"Vicki M. Stewart","doi":"10.33423/jaf.v23i3.6309","DOIUrl":"https://doi.org/10.33423/jaf.v23i3.6309","url":null,"abstract":"Worldwide, corporations and other institutions face substantial losses from fraud. In its 2022 Report to the Nations, the Association of Certified Fraud Examiners (ACFE) stated that based on its survey responses, organizations reported losing approximately five percent of their revenue annually to fraud. Extrapolating the reported fraud percentage, the amount lost globally to fraud exceeds $4.7 trillion annually (ACFE, 2022). As commerce moves to a digital economy, the opportunities for electronic fraud will increase, and so will the need for analytical skills for fraud examiners (Kramer et al., 2017). The American Institute of Certified Public Accountants (AICPA), as well as accounting educators, cites the need for more training in forensic auditing skills to detect financial statement fraud (DiGabriele, 2011). Also, the CPA Evolution initiative addresses the need for technical skills for accountants. This paper discusses the merits of a Master of Science in Forensic Auditing Analytics degree at Texas A&M University-Commerce (TAMUC) offered through a blend of existing graduate courses in accounting and business analytics in meeting industry expectations.","PeriodicalId":36300,"journal":{"name":"Universal Journal of Accounting and Finance","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2023-08-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"77965569","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"Pretax Payroll Deduction for Parking? An Illustrating Example","authors":"","doi":"10.33423/jaf.v23i3.6279","DOIUrl":"https://doi.org/10.33423/jaf.v23i3.6279","url":null,"abstract":"","PeriodicalId":36300,"journal":{"name":"Universal Journal of Accounting and Finance","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2023-08-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"82110945","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"Exam Time Usage in Accounting Courses and Student Exam Performance","authors":"","doi":"10.33423/jaf.v23i3.6280","DOIUrl":"https://doi.org/10.33423/jaf.v23i3.6280","url":null,"abstract":"","PeriodicalId":36300,"journal":{"name":"Universal Journal of Accounting and Finance","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2023-08-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"74575963","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"Mean Reversion of Low and High Stock Returns","authors":"","doi":"10.33423/jaf.v23i3.6278","DOIUrl":"https://doi.org/10.33423/jaf.v23i3.6278","url":null,"abstract":"","PeriodicalId":36300,"journal":{"name":"Universal Journal of Accounting and Finance","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2023-08-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"77057434","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
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