The Costs of Financial Distress across Industries

Abstract

I estimate the market's opinion of ex-ante costs of ¯nancial distress (CFD) from a structurally motivated model of the industry, using a panel dataset of monthly market values of debt and equity for 269 ¯rms in 23 industries between 1994 and 2004. CFD are identi¯ed from market values and betas of a company's debt and equity. The market expects costs of ¯nancial distress of 5% of ¯rm value for observed leverage ratios. In bankruptcy, distress costs can rise as high as 31%. Across industries, CFD are driven primarily by the potential for debt overhang problems and distressed asset ¯re-sales. There is considerable empirical support for the hypothesis that ¯rms choose a leverage ratio based on the trade-o® between tax bene¯ts and CFD. The results do not con¯rm the under-leverage puzzle for ¯rms with publicly traded debt.

BALANCED SCORECARD : A STRATEGIC MANAGEMENT TOOL

ABSTRACT
The success of any organization is reflected upon by its performance which is in turn highly dependent upon its strategies. In this era of cut-throat competition, what an organisation requires is not just framing the right strategies, but also managing the same. The impact of the right strategies will automatically be reflected in the results. Moreover, any organisation has to understand that it needs to give impetus not only towards the financial results but also towards satisfaction of the customers, development of state-of-the-art technologies and creation of an environment of learning and growth. The Balanced Scorecard is such an innovative tool which has considered not just the financial indices but also the non-financial indicators as equally critical in determining organizational performance. This tool brings a link between strategy and action. Due to these, the framework is gaining increasing importance among different business houses.

Pengaruh Kepribadian Type A dan Peran Terhadap Stres Kerja Manajer Madya

ABSTRACT
The research is designed to study the effects of type A personality and role to job stress an job performance in the company in Central Java. Subjects consisted of 145 middle managers of companies in Central Java, Indonesia. A questionnaire constructed by Friedman & Rosenman (1974) is used to assess the type A personality. A role self inventory constructed by Philip (1990) is used to assess the role stress. A job stress questionnaire by Spielberger (1991) is used to assess job stress. The SPSS/PC+ is used to analyze the collected data. The statistical methods used are Multiple Regression. The results obtained indicate that there are significant effects of type A personality and role to job stress middle managers in the companies.

Keywords: type A personality, role, and job stress, middle manager in Central Java.

Koleksi jurnal Akuntansi dan Keuangan

• Evaluasi Pengungkapan Informasi Pertanggungjawaban Sosial Pada LaporanTahunan Perusahaan Dalam Kelompok Aneka Industri Yang Go Publik di BEJ
• Analisis Pengaruh Interaksi Laba Dengan Laporan Arus Kas Terhadap ReturnSaham (Studi Pada Perusahaan Manufaktur Di BEJ)
• Penerapan PSAK Nomor 45 Pada Organisasi Pengelola Zakat
• Riset Anggaran Untuk Rakyat Studi Kasus:APBD Kota Bandar Lampung
• Pengaruh Karakteristik Perusahaan Terhadap Tingkat Keluasan Pengungkapan Laporan Keuangan Pada Sektor Industri Barang Konsumsi Di Bursa Efek Jakarta
• Auditing E-Commerce: Proses Pengumpulan Dan Validasi Bukti Audit
• Analisis Manufacturing Cycle Effectiveness Dalam Meningkatkan Cost Effective Pada Pabrik Pengolahan Kelapa Sawit
• Faktor-Faktor Yang Mempengaruhi Keputusan Mengadopsi Sistem Pemotongan Pajak Pada Perusahaan-Perusahaan Foreign Exchange Berbasis Internet
• Analisa Penerapan Sistem Just In Time Untuk Meningkatkan Efisiensi Dan Produktivitas Pada Perusahaan Industri
  

Jurnal Final

Abstrak
Mata kuliah “Kelas Seminar” memberikan sensasi yang berbeda bagi penulis selama mengikuti perkuliahan di Fakultas Ilmu Komputer Universitas Indonesia. Dalam kuliah ini, pesertanya diperkenalkan dengan jurnal sistem informasi yang diterbitkan oleh penerbit jurnal papan atas seperti MISQ, CAIS, JAIS, dan sejumlah penerbit ternama lainnya. Peserta kuliah dibiasakan untuk membaca jurnal, yang kemudian dituangkan dalam suatu ringkasan. Hasil ringkasan tersebut kemudian dipresentasikan pada pertemuan kuliah. Pada makalah ini akan dibahas beberapa hal seperti pengalaman penulis selama mengikuti kuliah seminar serta strategi yang diterapkan penulis dalam menghadapi kuliah seminar.


Kata Kunci: sistem informasi, jurnal, kelompok kerja, kelas seminar.

Strategic Audit of Human Resource Management

Theories are developed in one of the fields of knowledge, then we proceed to its applicationwhich
contribute to the development of science. This can be applied to the system theory.This paper
attempts to discuss the concept of strategic audit and how it could be applied to humanresource
management process. The paper starts with discussing the meaning of strategic audit, its
process,its steps and the four areas of auditing Gobs, human resources cost, individuals, policies
and activities).This application of strategic audit helps to identify the weakness and strength in
human resource management,which could be a good starting point for future decisions. It helps in
developing effective plans andpolicies for efficient utilization of the human resources.Therefore,
the objective of this research is to:- Explain the nature and meaning of systems- Show the
importance of strategic management of human resources.- Define indicators to be used in
strategic auditing.- Explain the steps of Auditing and make recommendations to improve the
efficiency of the strategicmanagement of Human Resources.The conclusion is that strategic
Auditing is a tool which if well used, helps reach an efficient strategyto manage Human
Resources. This is the objective of all institutions whether those with profit objectivesor others.
And strategic Auditing is the responsibility of human resources management in the first place.