positive theory kelompok 1
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7/18/2019 Positive Theory Kelompok 1
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POSITIVE THEORY ANDCAPITAL MARKET RESEARCH&
A POSITIVE THEORYOF ACCOUNTING
DISCRETION
Kelompok 1 :
Pandu – Ambar – Aci – Annisa – Athf - Dias
7/18/2019 Positive Theory Kelompok 1
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POSITI! T"!O#$ A%D &APITA'(A#K!T #!S!A#&"
7/18/2019 Positive Theory Kelompok 1
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P"I'OSOP"$ o) POSITI! A&&O*%TI%+ T"!O#$
Philosophy
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P"I'OSOP"$ o) POSITI! A&&O*%TI%+ T"!O#$
7/18/2019 Positive Theory Kelompok 1
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ST#!%+T"S o) POSITI! T"!O#$
1
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S&OP! o) POSITI! A&&O*%TI%+ T"!O#$
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&APITA' (A#K!T #!S!A#&" and T"!!,,I&I!%T (A#K!TS "$POT"!SIS
Penelitian
7/18/2019 Positive Theory Kelompok 1
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&APITA' (A#K!T #!S!A#&" and T"!!,,I&I!%T (A#K!TS "$POT"!SIS
7/18/2019 Positive Theory Kelompok 1
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&APITA' (A#K!T #!S!A#&" and T"!!,,I&I!%T (A#K!TS "$POT"!SIS
7/18/2019 Positive Theory Kelompok 1
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&APITA' (A#K!T #!S!A#&" and T"!!,,I&I!%T (A#K!TS "$POT"!SIS
SementaraS&apital market research &(#.
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&APITA' (A#K!T #!S!A#&" and T"!!,,I&I!%T (A#K!TS "$POT"!SIS
Asumsi
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DA(PAK P!%+*(*(A% 'A/A AK*%TA%SI T!#"ADAP "A#+A SA"A(
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P!%+A#*" P!%!'ITIA% I%,O#(ASI 'A/A T!#"ADAP "A#+A SA"A( /A'' 0 /#O%2S.
'aba akuntansi historis men3andun3 in)ormasi 4an3 cukup berarti5
7/18/2019 Positive Theory Kelompok 1
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K!TIDAK S!I(/A%+A% I%,O#(ASI DA%/!SA#%$A P!#*SA"AA%
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/!/!#APA ,AKTO# $A%+ (!(P!%+A#*"I!A#%I%+ #!SPO% &O!,I&I!%T
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ST#AT!+I P!#DA+A%+A%
/erdasarkan
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(!&"A%ISTI& O# /!"AIO*#A' !,,!&T
&osmetic accountin3 'e)t6ich
T6o h4potheses
(arket reacted mechanisticall4 to chan3es inaccountin3 numbers7 re3ardless 6hether the46ere cosmetic or 6hether the4 had cash 8o6implications
(arket i3nored accountin3 chan3es 6hich hadno cash 8o6 conse9uences
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(!&"A%ISTI& O# /!"AIO*#A' !,,!&T
Manipla!in"a##on!in"n$%'s(
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(!&"A%ISTI& O# /!"AIO*#A' !,,!&T
Detectin3 the 9ualit4 and probabilit4 o) accountin3mana3ement :
7/18/2019 Positive Theory Kelompok 1
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A POSITI! T"!O#$O, A&&O*%TI%+ DIS&#!TIO%
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/A&K+#O*%D: !A#'$ D!(A%D ,O# T"!O#$
&apital markets research inconclusie"o6 are accountin3 polic4 choices made;h4 do mana3ers prepare fnancial reports;
Obserations o) accountin3 polic4 choice
In)ormation h4pothesis could not e<plain all obserations
7/18/2019 Positive Theory Kelompok 1
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&O%T#A&TI%+ T"!O#$
The frm as a le3al =ne<us2 o) contractual relationships
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A+!%&$ T"!O#$
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,irms can be
A+!%&$ T"!O#$
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A+!%&$ T"!O#$
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A"n#y #os!s #an % #a!"o'is)in!o(
*+ Moni!o'in" Cos!s – the cost o)
obserin3 the a3ent2s behaiour Auditin3 costs
,+ -on)in" Cos!s – &osts borne b4 thea3ent e535 mana3er. as a result o)
ali3nin3 their interests 6ith the principale535 o6ners. (ana3er has to prepare fnancial reports a
cost to the mana3er in terms o) time ande>ort.
A+!%&$ T"!O#$
7/18/2019 Positive Theory Kelompok 1
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A"n#y #os!s #an % #a!"o'is)in!o .#on!in)/(
0+ Rsi)al Loss – loss associated 6ithnot bein3 able to )ull4 ali3n theinterests o) the principal 6ith the
a3ent
A+!%&$ T"!O#$
7/18/2019 Positive Theory Kelompok 1
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Price Protection
A+!%&$ T"!O#$
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(A%A+!#-S"A#!"O'D!# A+!%&$#!'ATIO%S"IPS
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(A%A+!#-S"A#!"O'D!# A+!%&$#!'ATIO%S"IPS
7/18/2019 Positive Theory Kelompok 1
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R)#in" !h a"n#y #os!s o1 2i!y /onuses are usuall4 tied to frm
per)ormance in some 6a4 to motiatemana3ers to act in the o6ners2 interest
/onuses can be paid in cash and?orshares?share options
/onuses can be tied to:
15 Accountin3 numberssuch as netincome7 sales7 return on assets.
@5 Share price market based per)ormancemeasure.
(A%A+!#-S"A#!"O'D!# A+!%&$#!'ATIO%S"IPS
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S"A#!"O'D!#-D!/T"O'D!# A+!%&$#!'ATIO%S"IPS
A"n#y #os!s o1 )%!
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Debt-holders can Price Protect iaincreased interest char3es or reducedamounts proided
The interests o) shareholders can bebonded to those o) debtholders iarestrictions in lendin3 a3reements'oan &oenants.
&oenants o)ten rel4 on numberscontained in fnancial statements
&oenants usuall4 restrict the
behaiour o) mana3ers actin3 on
S"A#!"O'D!#-D!/T"O'D!# A+!%&$#!'ATIO%S"IPS
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EX POST OPPO#T*%IS( !#S*SEX ANTE !,,I&I!%T &O%T#A&TI%+
&ontracts proide incenties )ora3ents to act a3ainst principalsinterest
Opportunistic perspectie ex post a)ter contracts fnalised. incomplete contracts
bonus plan h4pothesis debt-e9uit4 h4pothesis
!cient contractin3 perspectie
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!cient contractin3 perspectie
EX POST OPPO#T*%IS( !#S*SEX ANTE !,,I&I!%T &O%T#A&TI%+
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I%,O#(ATIO% P!#SP!&TI!A%D SI+%A''I%+
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Ali3ned 6ith the in)ormation h4pothesis
I%,O#(ATIO% P!#SP!&TI!A%D SI+%A''I%+
7/18/2019 Positive Theory Kelompok 1
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PO'ITI&A' P#O&!SS!S
The frm and parties interested in the frm
7/18/2019 Positive Theory Kelompok 1
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Political costs – 6ealth trans)ers
PO'ITI&A' P#O&!SS!S
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!(PI#I&A' T!STS
Testin3 the opportunistic and political cost h4pothesis
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!mpirical tests – tests usin3 contractdetails "eal4.
Fi"' *3+*( Allo#a!ion o1 1n)s !o !h %ons pool4%as) on a##on!in" p'o5!
!(PI#I&A' T!STS
7/18/2019 Positive Theory Kelompok 1
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!mpirical tests – tests usin3 contractdetails "eal4.
Fi"' *3+,( A##on!in" a##'als as a 1n#!ion o1 %ons plan sp#i5#a!ions
!(PI#I&A' T!STS
7/18/2019 Positive Theory Kelompok 1
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'emke 0 Pa3ePanchapakesanAli 0 KumarDeAn3elo'ibert4 0 Bimmerman
#efnin3 the specifcation o) political costson3+od)re4 0 Cones
!(PI#I&A' T!STS
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!(PI#I&A' T!STS
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!A'*ATIO% O, T"! T"!O#$
(cKee7 /ell 0 /oatsman&hristie
(ethodolo3ical and statistical criticismsempirical eidence 6eak and inconclusie'e)t6ich
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!A'*ATIO% O, T"! T"!O#$
Philosophical criticisms
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An4 uestion ;
T"A%K $O*
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