|Promosi Doktor Program Pascasarjana Ilmu Akuntansi (PPIA) FEUI: Dr. Lianny Leo|
Promosi Doktor Program Pascasarjana Ilmu Akuntansi (PPIA) FEUI:
Dr. Lianny Leo
Depok, 14 Januari 2011 – Bertempat di Ruang Auditorium Gedung Pascasarjana FEUI Depok, Kampus UI Depok, pada Jum’at, 14 Januari 2011, pk. 13.30 WIB, Program Pascasarjana Ilmu Akuntansi, Fakultas Ekonomi Universitas Indonesia (PPIA FEUI) telah melaksanakan promosi doktor atas nama Lianny Leo. Dengan mendapatkan yudisium “Sangat Memuaskan dan IPK 3,92, Doktor Lianny Leo yang merupakan lulusan ke-8 Program S3 PPIA ini berhasil mempertahankan disertasinya pada sidang terbuka senat UI yang dipimpin oleh Wakil Dekan FEUI, Jossy Prananta Moeis, Ph.D.
Dr. Lianny yang merupakan Audit Partner pada Moore Stephens Indonesia, staf pengajar pada MAKSI FEUI, dan pernah bekerja sebagai Audit Supervisor di Deloitte US, San Fransisco dan Audit Partner di Deloitte Indonesia ini , mengajukan disertasi yang berjudul “Factors Affecting Earnings Forecast Disclosure and Bias During IPOs and the Effects of Earnings Forecast Bias to Stock returns: Evidence from Indonesia Stock Exchange”. Bertindak sebagai Promotor adalah Prof. Sidharta Utama, Ph.D., CFA, Ko-Promotor adalah Dr. Lindawati Gani dan Setio Anggoro Dewo, Ph.D., dan tim penguji terdiri dari Prof. Roy Sembel, Ph.D., Dr. Irwan Adi Ekaputra, Yanthi Hutagaol, Ph.D., serta Dr. Sylvia Veronica NPS.
This study investigates the earnings forecasts disclosed in prospectuses of new issuers in two conceptual frameworks. The first conceptual framework examineswhat characteristics and condition of firm that affect likelihood to disclose earnings forecasts. With 181 observations of prospectuses of issuers in nonfinancial industries in the period 1994 – 2009, this study documents that firm size negatively affect the decision to disclose earnings forecasts. Large firm tend to avoid disclosing earnings forecasts. They are longer- term concern with regards to keeping good image and hence avoiding disclosing earnings forecasts when they are not sure on the realization. Pressure to conform to industry practice forces new issuers in 1994 – 2006 to disclose earnings forecasts. New issuers in this period estimate their offering prices based on the earnings forecasts through the Price Earning Ratio formula. However, new issuer in the period of 2007- 2009 consider more variety factors to estimate offering prices.
The second conceptual framework begins with investigating the accuracy of earnings forecasts. This framework then explores the factor affecting the magnitude and direction of earnings forecasts bias, the effect of earnings forecasts bias to initial and long term returns, and the effect of non financial performance measures to long-term returns. With 122 observations of earnings forecasts bias in the period 1994 – 2008 excluding the crisis period of 1997 – 1998 and 146 observation in the same period but including the crisis period, this study documents that on average earnings forecasts are bias and optimistic with larger bias and optimism when the crisis period in included.
The magnitude of earnings management increase the magnitude of earnings forecasts bias in the period without crisis. However, effect diminishes in the period with crisis. This study does not find any significant effect of earnings management or underwriters reputation to the direction of earnings forecasts bias. However, this study find that the firm size, as a control variable, positively affect the direction of bias. This evidence confirms the sensitivity of large firms noted earlier.
Earnings forecasts bias subsequently affect initial and long-term returns. Optimistic forecasts are responded by investor by adjusting the market valuation downward on the listing date and in the long run. This also find that nonfinancial performance measures positively affect long – term return. Nonfinancial performance measure represent stronger supports and prospects of new issuers.
This study provides theoretical contributions to literature, practical implications for investors, underwriters, and issuers, and suggestions to Bapepam dan LK as the regulator of Indonesian capital market. (HD)