Available online at www.sciencedirect.

com

ScienceDirect
Procedia - Social and Behavioral Sciences 219 (2016) 465 – 471

UG*OREDO&RQIHUHQFHRQ%XVLQHVVDQG6RFLDO6FLHQFH*&%66'HFHPEHU
.XDOD/XPSXU0DOD\VLD

7KH(IIHFWRI*RRG&RUSRUDWH*RYHUQDQFH0HFKDQLVPWR(DUQLQJV
0DQDJHPHQW%HIRUHDQG$IWHU,)56&RQYHUJHQFH
(OYLUD/XWKDQD ,OHK6DWULDE ,OPDLQLUF

a, b & c,
Accounting Lecturer of Andalas University,Padang,25163, Indonesia

$EVWUDFW

7KLV VWXG\ DLPV WR GHWHUPLQH WKH HIIHFW RI GLIIHUHQFHV LQ WKH *RRG &RUSRUDWH *RYHUQDQFH *&* PHFKDQLVP RQ (DUQLQJV
0DQDJHPHQWEHIRUHDQGDIWHU,QGRQHVLDQ)LQDQFLDO$FFRXQWLQJ6WDQGDUGV36$.FRQYHUJHQFH,)56RQWKHFRPSDQLHVOLVWHGRQ
WKH ,QGRQHVLD 6WRFN ([FKDQJH ,'; LQ WKH \HDU  7KH SRSXODWLRQ LQ WKLV VWXG\ DPRXQWHG WR  PDQXIDFWXULQJ
FRPSDQLHVZKHUHVDPSOHVREWDLQHGZDVFRPSDQLHVLQDFFRUGDQFHZLWKWKHVDPSOHVHOHFWLRQFULWHULD*&*0HFKDQLVPLVDQ
LQGHSHQGHQW YDULDEOH WKDW LQFOXGHV LQWHUQDO DQG H[WHUQDO PHFKDQLVPV 7KH VWXG\ FRQFOXGHG WKDW WKH HIIHFW RI GLIIHUHQW *&*
PHFKDQLVPVWRHDUQLQJVPDQDJHPHQWGHSHQGLQJRQWKHSUR[\XVHGIRU*&*PHFKDQLVP

© 2016 The Authors. Published by Elsevier Ltd. This is an open access article under the CC BY-NC-ND license
‹7KH$XWKRUV3XEOLVKHGE\(OVHYLHU/WG
(http://creativecommons.org/licenses/by-nc-nd/4.0/).
3HHUUHYLHZXQGHUUHVSRQVLELOLW\RIWKH2UJDQL]LQJ&RPPLWWHHRIWKHUG*&%66
Peer-review under responsibility of the Organizing Committee of the 3rd GCBSS-2015
Keywords:(DUQLQJV0DQDJHPHQW,)56,QGRQHVLDQ)LQDQFLDO$FFRXQWLQJ6WDQGDUGV36$.*&*0HFKDQLVP

,QWURGXFWLRQ

7KHIXQGDPHQWDOGLIIHUHQFHEHWZHHQ,)56ZLWKDVWDWHPHQWRIILQDQFLDODFFRXQWLQJVWDQGDUGVLQ,QGRQHVLD36$.
EHIRUHFRQYHUJHQFHOLHVLQWKHXVHRIIDLUYDOXHZKHUHDV36$.SULRUWRWKHFRQYHUJHQFHRI,)56XVLQJKLVWRULFDO
YDOXHLQLWVFDOFXODWLRQV6XZDUGMRQR)DLUYDOXHLVWKHDPRXQWRI5XSLDKDJUHHGWRDQREMHFWLQDWUDQVDFWLRQ
EHWZHHQ SDUWLHV ZKR ZLOOV IUHHO\ ZLWKRXW SUHVVXUH RU FRPSXOVLRQ )XUWKHUPRUH WKH KLVWRULFDO YDOXH LV KLVWRULFDO
ERDUGLQJDQDJUHHPHQWRUUXSLDKH[FKDQJHUDWHVKDYHEHHQUHFRUGHGLQWKHDFFRXQWLQJV\VWHP7KHXVHRIKLVWRULFDO



&RUUHVSRQGLQJDXWKRU7HOID[
E-mail address:YLUDOXWKDQ#JPDLOFRP

1877-0428 © 2016 The Authors. Published by Elsevier Ltd. This is an open access article under the CC BY-NC-ND license
(http://creativecommons.org/licenses/by-nc-nd/4.0/).
Peer-review under responsibility of the Organizing Committee of the 3rd GCBSS-2015
doi:10.1016/j.sbspro.2016.05.021
466 Elvira Luthan et al. / Procedia - Social and Behavioral Sciences 219 (2016) 465 – 471

FRVW LV FRQVLGHUHG WR EH LQWHUUXSWHG LQ WKH FUHDWLYH DFFRXQWLQJ SUDFWLFHV VXFK DV HDUQLQJV PDQDJHPHQW DQG RWKHUV
%HFDXVHWKHSUHSDUDWLRQRIILQDQFLDOVWDWHPHQWVEDVHGRQKLVWRULFDOFRVWGRHVQRWUHIOHFWWKHUHDOVLWXDWLRQLQWKHHYHQW
RIFKDQJHVLQSXUFKDVLQJSRZHUVRWKDWWKHUHVXOWLQJILQDQFLDOVWDWHPHQWVDUHOHVVDEOHWRUHIOHFWWKHUHDOVLWXDWLRQLQ
FDVH RI SULFH FKDQJHV /HQJ3ZHH 7KLVZLOO OHDGWR LQDFFXUDFLHV DQG ODFNFDUHIXOO\ VLWXDWLRQV RIILQDQFLDO
VWDWHPHQWV WKDW DUH SUHVHQWHG ,QDFFXUDWH ILQDQFLDO UHSRUWLQJ FDQ OHDG WR HUURUV LQ WKH GHOLYHU\ RI LQIRUPDWLRQ WR
VWDNHKROGHUVDQGZLOOHYHQWXDOO\KDYHDQHJDWLYHLPSDFWRQWKHFRPSDQ\LWVHOI
,PSOHPHQWDWLRQRI36$.FRQYHUJHQFHWR,)56LQ,QGRQHVLDIRUDFRPSDQ\WKDWKDVEHHQOLVWHGLQWKH,QGRQHVLD
6WRFN ([FKDQJH %(, LV HIIHFWLYH VWDUWLQJ -DQXDU\  %DSHSDP/.2QH VXFK VWDQGDUG LV 36$. 
ZKLFKUHJXODWHVIL[HGDVVHWV36$.%HIRUHWKHFRQYHUJHQFHWR,)56WKDWLV36$.JRYHUQLQJWKHWUHDWPHQW
RI IL[HG DVVHWV DUH PHDVXUHG DFFRUGLQJ WR KLVWRULFDO FRVW ZKLOH DIWHU WKH FRQYHUJHQFH RI ,)56 36$.  UHYLVHG
DFFRUGLQJWR,$6IL[HGDVVHWVDUHPHDVXUHGDWIDLUYDOXHIDLUYDOXH&KDQJHVLQWKHXVHRIKLVWRULFDOYDOXHLQWRD
IDLU YDOXH ZLOO LPSDFW RQ WKH ILQDQFLDO VWDWHPHQWV 7KH WUDQVLWLRQ IURP KLVWRULFDO FRVW WR IDLU YDOXH RQ IL[HG DVVHWV
UHTXLUHGSURIHVVLRQDOMXGJPHQWE\PDQDJHPHQWDVPDQDJHURIWKHFRPSDQ\,PSURSHURISURIHVVLRQDOMXGJPHQWZLOO
OHDGWRHUURUVLQWKHSUHVHQWDWLRQRIILQDQFLDOVWDWHPHQWVDQGZLOODIIHFWWKHHUURUVLQGHFLVLRQPDNLQJE\XVHUVRIWKH
ILQDQFLDOVWDWHPHQWLQWKLVFDVHSULPDULO\VKDUHKROGHUV7KLVFDQRFFXUEHFDXVHWKHQRWV\PPHWULFLQIRUPDWLRQEHWZHHQ
PDQDJHPHQW DQGXVHUVRI ILQDQFLDO VWDWHPHQWV7R DYRLG WKLV DV\PPHWULF LQIRUPDWLRQWKHSDUWLHV PD\ DSSRLQW WKH
SULQFLSOHWKDWZLOOKHOSUHGXFHWKLVLQIRUPDWLRQDV\PPHWU\WRDSSRLQWDQLQGHSHQGHQWSDUW\FRQWUROZKLFKLVUHIOHFWHG
LQWKHPHFKDQLVPRI*RRG&RUSRUDWH*RYHUQDQFH*&* *&*
5HVHDUFK%DOOHWDOVKRZHGWKDWKLJKTXDOLW\VWDQGDUGVDUHQRWDOZD\VSURGXFHKLJKTXDOLW\LQIRUPDWLRQEXW
DOVRUHODWHGWRWKHRYHUVLJKWIXQFWLRQLVDPHFKDQLVP*&**&*UROHLQPRQLWRULQJLVLPSRUWDQWLQDFRPSDQ\*&*
LVRQHRIWKHFRQWUROVWRDFKLHYHWKHFRPSDQ\
VPDQDJHPHQWWKHZHDNHURIFRUSRUDWHJRYHUQDQFHLVEHOLHYHGWREHWKH
PDLQVRXUFHRIHDUQLQJVPDQDJHPHQWWKDWLVGHWULPHQWDOWRVWDNHKROGHUVDQGXOWLPDWHO\WKHFDXVHRIWKHILQDQFLDOFULVLV
7KH ILQDQFLDO FULVLV LQ YDULRXV FRXQWULHV LQ  ZKLFK EHJLQV LQ 7KDLODQG  -DSDQ .RUHD ,QGRQHVLD
0DOD\VLD+RQJ.RQJDQG6LQJDSRUHZKLFKHYHQWXDOO\WXUQHGLQWRWKH$VLDQILQDQFLDOFULVLVLVVHHQDVDUHVXOWRIZHDN
SUDFWLFHVRI*&*LQ$VLD7KHDUJXPHQWXQGHUO\LQJPHFKDQLVPVRI*&*HIIHFWRQHDUQLQJVPDQDJHPHQWLVZKHQWKH
FRPSDQ\ KDG HVWDEOLVKHG WKLV PHFKDQLVP WKHQ WKHUH LV WKH EHKDYLRU RI PDQDJHPHQW WR PDQDJH HDUQLQJV ZLOO EH
UHGXFHGGXHWRLQFUHDVHGRYHUVLJKWDQGFRQWUROZLWKWKLVPHFKDQLVP1DVXWLRQDQG6HWLDZDQSURYHGWKDWWKH
PHFKDQLVP RI *&* DV PHDVXUHG E\ WKH FRPSRVLWLRQ RI WKH ERDUG RI FRPPLVVLRQHUV QHJDWLYHO\ DIIHFW HDUQLQJV
PDQDJHPHQW0DQ\RIWKHVWDQGDUGVVHWRXWLQ6)$6EXWWKLVVWXG\RQO\IRFXVHGRQIL[HGDVVHWV7KHUHDVRQLVWKH
PDQDJHPHQWDVDQDJHQWDOORZLQJIRUHDUQLQJVPDQDJHPHQWDVVRFLDWHGZLWKGLVFUHWLRQDU\PDQDJHPHQWRIWKHIL[HG
DVVHWVZKLFKRQHRIWKHPE\FKDQJLQJWKHPHWKRGRIGHSUHFLDWLRQRIDVVHWV7KHDSSOLFDWLRQRI36$.FRQYHUJHQFHRI
,)56 LV SULQFLSOHEDVHG VWDQGDUGV FDXVLQJ WKH FRPSDUDELOLW\ RI ILQDQFLDO VWDWHPHQWV VOLJKWO\ GHFUHDVHG HVSHFLDOO\
ZKHQWKHXVHRISURIHVVLRQDOMXGJPHQWERDUGHGZLWKLQWHUHVWWRUHJXODWHWKHSURILWLQWKHILQDQFLDOVWDWHPHQWVDVDQ
DVVHVVPHQWRIPDQDJHPHQWSHUIRUPDQFH
7KHXVHRIWKHDFFUXDOEDVLVLVVXSHULRUWKDQWKHFDVKEDVLVIRUPHDVXULQJSHUIRUPDQFHDQGILQDQFLDOFRQGLWLRQRI
WKHFRPSDQ\2QWKHRWKHUKDQGWKHXVHRIWKHDFFUXDOEDVLVWRSURYLGHIOH[LELOLW\WRPDQDJHPHQWLQDVVHVVLQJDQG
GHWHUPLQLQJWKHDFFRXQWLQJQXPEHUV7KHVHFRQGLWLRQVDOORZWKHPDQDJHPHQWWREHDXWLI\WKHILQDQFLDOVWDWHPHQWVE\
HDUQLQJVPDQDJHPHQW6XEUDPDQ\DPHWDO(DUQLQJVPDQDJHPHQWLVPDQDJHPHQWLQWHUYHQWLRQGHOLEHUDWHO\LQ
WKH SURFHVVRIGHWHUPLQDWLRQRI WKHSURILWVXVXDOO\ WR PHHW DSHUVRQDOJRDO 6FKLSHU  LQ 6XEUDPDQ\DP HW DO
7KLVSURFHVVLVRIWHQGRQHWREHDXWLI\WKHILQDQFLDOVWDWHPHQWVHVSHFLDOO\SURILWVRWKDWFRPSDQ\VWDNHKROGHUV
DVVHVVWKHFRPSDQ\SHUIRUPVZHOO6HYHUDOVWXGLHVKDYHVKRZQWKDWWKHDSSOLFDWLRQRI,)56LQILQDQFLDOUHSRUWLQJFDQ
UHGXFHHDUQLQJVPDQDJHPHQW7KHUHVLDKDVGRQHUHVHDUFKLQ,QGRQHVLDDQGWKHUHVXOWLVWKDWWKHSUDFWLFHRI
LQFRPHVPRRWKLQJGHFUHDVHGDIWHUFRQYHUVLRQ*$$3WR,)56ZKLOHRWKHUVWXGLHVLQGLFDWHWKDWWKHUHLVDVLJQLILFDQW
GLIIHUHQFHEHWZHHQWKHOHYHORIHDUQLQJVPDQDJHPHQWEHIRUHDQGDIWHUWKHDGRSWLRQRI,)56$EKL\RJD

/LWHUDWXUH5HYLHZ +\SRWKHVLV'HYHORSPHQW

)LQDQFLDO VWDWHPHQWV DUH SUHSDUHG DQG XVHGE\ PDQDJHPHQW WR DFFRXQWDELOLW\ WR VWDNHKROGHUV $FFRXQWDELOLW\ LV
PHDVXUHGIURPWKHILQDQFLDOSHUIRUPDQFHDFKLHYHGE\WKHPDQDJHPHQWZKLFKLVUHIOHFWHGRQWKHSURILWORVVJHQHUDWHG

 Elvira Luthan et al. / Procedia - Social and Behavioral Sciences 219 (2016) 465 – 471 467

,WSUHVHQWHGVKRXOGEHEDVHGRQDSSOLFDEOHDFFRXQWLQJVWDQGDUGVLQJHQHUDOWKDWLV36$.WR,)56FRQYHUJHQFH)URP
YDULRXVVWXGLHVWKHUHVXOWVZHUHQRWFRQVLVWHQWO\VWDWHGGLUHFWLRQRILQIOXHQFHEXWWKHXVHRI,)56WKURXJKWKH*&*
PHFKDQLVPVLJQLILFDQWHIIHFWRQHDUQLQJVPDQDJHPHQW6RWKDWHDUQLQJVPDQDJHPHQWLVQRWDUELWUDULO\PDGHE\WKH
PDQDJHPHQWFRPSDQ\LWLVQHFHVVDU\WRPRQLWRUWKHEHKDYLRURUSROLF\PDQDJHPHQW7KHDUJXPHQWXQGHUO\LQJWKLVLV
WKDWZKHQWKHFRPSDQ\KDGHVWDEOLVKHGDPHFKDQLVP*&*WKHQWKHEHKDYLRURIPDQDJHPHQWWRPDQDJHHDUQLQJVZLOO
EHUHGXFHGGXHWRODFNRIPRQLWRULQJDQGFRQWUROE\VXFKDPHFKDQLVPLQWKLVFDVHWKHLQGHSHQGHQWERDUGWKHDXGLW
FRPPLWWHHPDQDJHULDORZQHUVKLSDQGLQVWLWXWLRQDORZQHUVKLSDQGDXGLWTXDOLW\7KLVLVLQDFFRUGDQFHZLWKWKHZLVKHV
RI WKH UHJXODWRU LQ WKLV FDVH WKH )LQDQFLDO 6HUYLFHV $XWKRULW\ ZKLFK HQFRXUDJHV WKH LPSOHPHQWDWLRQ RI FRUSRUDWH
JRYHUQDQFHSULQFLSOHVWKURXJKFRUSRUDWHJRYHUQDQFHPHFKDQLVPVZKLFKZLOOLQFUHDVHSURWHFWLRQIRUWKHVWDNHKROGHUV
RIWKHFRPSDQ\
7KH FRPSRVLWLRQ RI WKH ERDUG RI FRPPLVVLRQHUV PD\ DIIHFW PDQDJHPHQW LQ SUHSDULQJ WKH ILQDQFLDO VWDWHPHQWV
WKURXJKLWVUROHLQFDUU\LQJRXWVXSHUYLVRU\IXQFWLRQVVRDVWRREWDLQDTXDOLW\LQFRPHVWDWHPHQW%RHGLRQR
1DVXWLRQDQG6HWLDZDQSURYHGWKDWWKHFRPSRVLWLRQRIWKHERDUGRIFRPPLVVLRQHUVQHJDWLYHO\DIIHFWHDUQLQJV
PDQDJHPHQW7KLVPHDQVWKDWPRUHDQGPRUHLQGHSHQGHQWGLUHFWRUVWKHVPDOOHUWKHHDUQLQJVPDQDJHPHQW7KLVLV
VXSSRUWHG&KWRXURXHWDODQG:HGDULWKDWDQLQGHSHQGHQWERDUGRIGLUHFWRUZKLFKZLOOOLPLWHDUQLQJV
PDQDJHPHQWDFWLYLWLHV
7KHDXGLWFRPPLWWHHLVUHVSRQVLEOHIRURYHUVHHLQJWKHILQDQFLDOUHSRUWLQJH[WHUQDODXGLWDQGLQWHUQDOFRQWUROV\VWHPV
REVHUYHG LQFOXGLQJ LQWHUQDO DXGLW ,Q DGGLWLRQ LW PD\ UHGXFH WKH RSSRUWXQLVWLF PDQDJHPHQW FRQGXFW HDUQLQJV
PDQDJHPHQW E\ PHDQV RI VXSHUYLVLQJ WKH LPSOHPHQWDWLRQ RI WKH H[WHUQDO DXGLW 6LDOODJDQ DQG 0DFKIRHG] 
5HVHDUFKFRQGXFWHGE\1DVXWLRQDQG6HWLDZDQSURYHGWKDWWKHH[LVWHQFHRIDXGLWFRPPLWWHHVLQWKHEDQNLQJ
FRPSDQ\ZDVDEOHWRUHGXFHHDUQLQJVPDQDJHPHQW:HGDULDOVRSURYHWKHH[LVWHQFHRIWKHDXGLWFRPPLWWHH
QHJDWLYHO\DQGVLJQLILFDQWO\LPSDFWWRGLVFUHWLRQDU\DFFUXDO
6LDOODJDQDQG0DFKIRHG]SURYHGWKDWPDQDJHULDORZQHUVKLSDIIHFWVWKHTXDOLW\RIHDUQLQJV7KLVVKRZVWKDW
WKH JUHDWHU PDQDJHULDO RZQHUVKLS WKHQ WKH ORZHU GLVFUHWLRQDU\ DFFUXDO -HQVHQ DQG 0HFNOLQJ  IRXQG WKDW
PDQDJHULDORZQHUVKLSPDQDJHGWREHDPHFKDQLVPWRUHGXFHDJHQF\SUREOHPVE\DOLJQLQJWKHLQWHUHVWVRIPDQDJHUV
DQGVKDUHKROGHUV8ML\DQWKRDQG3UDPXNDSURYHGWKDWPDQDJHULDORZQHUVKLSKDVVLJQLILFDQWQHJDWLYHHIIHFWRQ
HDUQLQJV PDQDJHPHQW 7KHVH UHVXOWV DUH FRQVLVWHQW ZLWK WKH UHVXOWV REWDLQHG 'KDOLZDO HW DO  0RUFN HW DO
LQ8ML\DQWKRDQG3UDPXNDDVZHOODV0LGLDVWXW\DQG0DFKIRHG]7KHSHUFHQWDJHRIVKDUHVKHOG
E\LQVWLWXWLRQVFDQLQIOXHQFHWKHSURFHVVRISUHSDULQJILQDQFLDOVWDWHPHQWVDQGGLGQRWUXOHRXWWKHUHDFFUXHGDFFRUGDQFH
ZLWK WKH LQWHUHVWV RI PDQDJHPHQW %RHGLRQR  -HQVHQ DQG 0HFNOLQJ  SURYHG WKDW KLJK LQVWLWXWLRQDO
RZQHUVKLSOLPLWPDQDJHUVWRPDQDJHHDUQLQJV/LNHZLVH0LGLDVWXW\DQG0DFKIRHG]KDVIRXQGWKDWLQVWLWXWLRQDO
RZQHUVKLSLVQHJDWLYHO\UHODWHGWRHDUQLQJVPDQDJHPHQW
$XGLWLVDSURFHVVWRUHGXFHGLVVRQDQFHLQIRUPDWLRQFRQWDLQHGRQPDQDJHUVDQGVKDUHKROGHUVE\XVLQJRXWVLGHUVWR
JLYHDSSURYDOWRWKHILQDQFLDOVWDWHPHQWV0HXWLD4XDOLILHGDXGLWRUVZKRVHZLOODXGLWWKHTXDOLW\DVZHOO0HXWLD
FRQFOXGHGWKDWWKHSXEOLFDFFRXQWLQJILUPWKDWLVELJJHUWKHTXDOLW\RIWKHUHVXOWLQJDXGLWDOVREHWWHU%DVHGRQ
WKHH[SODQDWLRQVDERYHWKHK\SRWKHVLVRIWKLVVWXG\LVVWUXFWXUHGDVIROORZV
+ 7KHUH LV D GLIIHUHQFH LQ WKH HIIHFW RI FRPSRVLWLRQ RI WKH %RDUG RI WKH ,QGHSHQGHQW &RPPLVVLRQHU ; WR
(DUQLQJV0DQDJHPHQW<EHIRUHDQGDIWHUWKHFRQYHUJHQFHRI36$.WR,)56
+7KHUHLVDGLIIHUHQFHLQWKHHIIHFWRIWKH$XGLW&RPPLWWHH&RPSRVLWLRQ;RIWKH(DUQLQJ0DQDJHPHQWEHIRUH
DQGDIWHUWKHFRQYHUJHQFHRI36$.WR,)56
+7KHUHLVDGLIIHUHQFHLQWKHHIIHFWRI0DQDJHULDO2ZQHUVKLS;RIWKH(DUQLQJV0DQDJHPHQWEHIRUHDQGDIWHU
WKHFRQYHUJHQFHRI36$.WR,)56
+7KHUHDUHGLIIHUHQFHVLQWKHLQIOXHQFHRI,QVWLWXWLRQDO2ZQHUVKLS;RQ(DUQLQJV0DQDJHPHQWEHIRUHDQG
DIWHUWKHFRQYHUJHQFHRI36$.WR,)56
+ 7KHUH LV D GLIIHUHQFH LQ WKH HIIHFW RI $XGLW 4XDOLW\ ; RQ (DUQLQJV 0DQDJHPHQW EHIRUH DQG DIWHU WKH
FRQYHUJHQFHRI36$.WR,)56


468 Elvira Luthan et al. / Procedia - Social and Behavioral Sciences 219 (2016) 465 – 471

5HVHDUFK0HWKRGRORJ\

7KHUHVHDUFKLVDQH[SODQDWRU\HPSLULFDOYHULILFDWLRQUHVHDUFK7KHSRSXODWLRQVRIWKLVUHVHDUFKDUHPDQXIDFWXULQJ
FRPSDQLHVOLVWHGLQ,QGRQHVLD6WRFN([FKDQJHLQ7KHSRSXODWLRQRIFRPSDQLHVWKHVDPSOHVHOHFWLRQ
EDVHGRQFHUWDLQFULWHULDSXUSRVLYHVDPSOLQJDPRQJRWKHUVFRPSOHWHQHVVRIWKHGDWDDQGWKHFRPSDQ\QHYHUGHOLVWLQJ
GXULQJWKHVWXG\SHULRG)LQGZHUHWKHUHVXOWVREWDLQHGIURPRIWKHVDPSOHGPDQXIDFWXULQJHQWHUSULVHVWKHGDWD
XVHGLQWKLVVWXG\ZHUHFROOHFWHGLQWKHIRUPRIVHFRQGDU\GDWDREWDLQHGIURPWKH,QGRQHVLDQ&DSLWDO0DUNHW'LUHFWRU\
,&0'RUZZZLG[FRLG7HVWLQJK\SRWKHVLVLVE\XVLQJPXOWLSOHOLQHDUUHJUHVVLRQPHWKRG,QRUGHUWRPDNHWKH
UHJUHVVLRQDQDO\VLVPRGHOXVHGWKHRUHWLFDOO\SURGXFHDYDOLGSDUDPHWULFYDOXHVFODVVLFDODVVXPSWLRQVWHVWKHOGILUVW
ZKLFKLQFOXGHWKHQRUPDOLW\WHVWDXWRFRUUHODWLRQWHVWKHWHURVFHGDVWLFLW\WHVWDQGPXOWLFROLQHDULW\WHVW5HJUHVVLRQ
DQDO\VLVZDVSHUIRUPHGEHIRUHDQGDIWHUWKHFRQYHUJHQFHRI36$.WR,)56WKHQWKHUHJUHVVLRQWHVWUHVXOWVZLOOEH
FRPSDUHGWRDOODQVZHUWKHSURSRVHGK\SRWKHVLV

)LQGLQJV

7KHIROORZLQJGHWDLOVKRZPXFKWKHFRPSDQ\LQGLFDWHGWRHDUQLQJVPDQDJHPHQW7DEOH
7DEOH5HVXOWV,QGLFDWLRQV0DQDJHPHQW

(DUQLQJV0DQDJHPHQW
1R ,QGLFDWLRQ %HIRUH&RQYHUJHQFH $IWHU&RQYHUJHQFH
   

 ([LVW    

 1R([LVW    

7RWDO    

6RXUFH6HFRQGDU\GDWDZHUHSURFHVVHG

&RPSDQLHV WKDW SHUIRUP HDUQLQJV PDQDJHPHQW LQ  DV PDQ\ DV  FRPSDQLHV DQG LQ  DV PDQ\ DV 
FRPSDQLHVWKH\HDULVDVVXPHGWRSULRU36$.WR,)56FRQYHUJHQFHWKHQDIWHUWKHFRQYHUJHQFHRI36$.
WR,)56LQWRFRPSDQLHVLQGLFDWHGWRHDUQLQJVPDQDJHPHQWDQGLQDVPDQ\DVFRPSDQLHVRUE\
RIWKHFRPSDQLHVLQGLFDWHGWRHDUQLQJVPDQDJHPHQWRIWKHFRPSDQ\
VWRWDOQXPEHUVDPSOHG0XOWLSOHOLQHDU
UHJUHVVLRQ ZDV SHUIRUPHG DIWHU FODVVLFDO DVVXPSWLRQ WHVW GRQH $OO WKH YDULDEOHV KDYH SDVVHG WKH WHVW FODVVLF
DVVXPSWLRQV0XOWLSOHOLQHDUUHJUHVVLRQDQDO\VLVUHVXOWHGLQWKHIROORZLQJUHJUHVVLRQHTXDWLRQ
a. 7KH36$.EHIRUHFRQYHUJHQFHRI,)56
<D ;;;;;H
b. 7KH36$.DIWHUFRQYHUJHQFHRI,)56
<E ;;;;;H

7KHUHVXOWVRIK\SRWKHVLVWHVWLQJLQGLFDWHGWKDWWKHFRPSRVLWLRQRIWKHLQGHSHQGHQWERDUGKDYHVLJQLILFDQWQHJDWLYH
HIIHFWRQHDUQLQJVPDQDJHPHQWLQEHIRUH36$.FRQYHUJHQFH,)56ZKHUHDVK\SRWKHVLVWHVWLQJZKHQWKH
FRPSDQ\DIWHU36$.FRQYHUJHQFH,)56LQLQGLFDWHGWKHVDPHUHVXOW7KHUROHRILQGHSHQGHQWERDUGLV
VHHQDVDJRRGPHFKDQLVPIRUPRQLWRULQJFRQWURODQGWREULGJHWKHPDQDJHPHQWDJHQWRUWRSURWHFWWKHLQWHUHVWVRI
GLUHFWRUV DQG VKDUHKROGHUV SULQFLSDO $FFRUGLQJ WR WKH DJHQF\ WKHRU\ LQGHSHQGHQW GLUHFWRUV ZLOO EULGJH RU DV DQ
LQWHUPHGLDU\LQWKHHYHQWRIDFRQIOLFWEHWZHHQVKDUHKROGHUVZLWKWKHPDQDJHURIWKHFRPSDQ\WKDWPDQDJHPHQWRU
GLUHFWRUV 2QH LV WR PLQLPL]H HDUQLQJV PDQDJHPHQW WR LPSURYH WKH TXDOLW\ RI DFFRXQWLQJ LQIRUPDWLRQ VR WKDW WKH
LQIRUPDWLRQJHQHUDWHGLVQRWPLVOHDGXVHUVRQHRIZKLFKLVDVKDUHKROGHU,QSUDFWLFHDFFRUGLQJ6XWHGLWKH
PDMRULW\RIFRPSDQLHVLQ,QGRQHVLDDOUHDG\FRPSO\ZLWKVHOHFWLQJLQGHSHQGHQWGLUHFWRUVLQDFFRUGDQFHZLWKWKHFULWHULD
DQGWKHVSLULWRILQGHSHQGHQFHLVH[SHFWHG7KHUHVXOWVVXSSRUWWKHUHVHDUFK1DVXWLRQDQG6HWLDZDQSURYHGWKDW

 Elvira Luthan et al. / Procedia - Social and Behavioral Sciences 219 (2016) 465 – 471 469

WKHFRPSRVLWLRQRIWKHLQGHSHQGHQWERDUGQHJDWLYHO\DIIHFWHDUQLQJVPDQDJHPHQW7KLVPHDQVWKDWPRUHDQGPRUH
LQGHSHQGHQWGLUHFWRUVWKHVPDOOHUWKHSURILWPDQDJHPHQW7KLVLVVXSSRUWHG&KWRXURXHWDODQG:HGDUL
WKDWDQLQGHSHQGHQWERDUGRIGLUHFWRUVZKLFKZLOOOLPLWHDUQLQJVPDQDJHPHQWDFWLYLWLHV
%HIRUHDQGDIWHUWKH36$.FRQYHUJHQFH,)56WKHUHVXOWVRIK\SRWKHVLVVKRZHGWKDWWKHFRPSRVLWLRQRIWKHDXGLW
FRPPLWWHHVLJQLILFDQWQHJDWLYHHIIHFWRQHDUQLQJVPDQDJHPHQW1HJDWLYHFRHIILFLHQWPHDQVWKDWWKHJUHDWHUWKHVPDOOHU
WKHFRPSRVLWLRQRIWKHDXGLWFRPPLWWHHRIHDUQLQJVPDQDJHPHQW7KHDXGLWFRPPLWWHHLVUHVSRQVLEOHIRURYHUVHHLQJ
WKHILQDQFLDOUHSRUWLQJH[WHUQDODXGLWDQGLQWHUQDOFRQWUROV\VWHPVREVHUYHGLQFOXGLQJLQWHUQDODXGLW,QDGGLWLRQLW
PD\UHGXFHWKHRSSRUWXQLVWLFPDQDJHPHQWFRQGXFWHDUQLQJVPDQDJHPHQWE\PHDQVRIVXSHUYLVLQJWKHLPSOHPHQWDWLRQ
RI WKH H[WHUQDO DXGLW 6LDOODJDQ DQG 0DFKIRHG]  3ULFH :DWHUKRXVH  LQ 6DUL HWDO  VWDWHG WKDW
LQYHVWRUVDQDO\VWVDQGUHJXODWRUVFRQVLGHUWKHDXGLWFRPPLWWHHFRQWULEXWHVWRWKHTXDOLW\RIUHSRUWLQJILQDQFH
0DQDJHULDORZQHUVKLSLVQRWDVLJQLILFDQWSRVLWLYHHIIHFWRQHDUQLQJVPDQDJHPHQWEHIRUH36$.FRQYHUJHQFH,)56
ZKHUHDV K\SRWKHVLV WHVWLQJ DIWHU 36$. FRQYHUJHQFH ,)56 LQGLFDWHG WKDW LW LV QRW D VLJQLILFDQW QHJDWLYH HIIHFW RQ
HDUQLQJVPDQDJHPHQW(DUQLQJVPDQDJHPHQWLVODUJHO\GHWHUPLQHGE\PRWLYDWLRQPDQDJHU'LIIHUHQWPRWLYDWLRQVZLOO
SURGXFHGLIIHUHQWDPRXQWRIHDUQLQJVPDQDJHPHQWVXFKDVEHWZHHQPDQDJHUZKRDOVRVHUYHVDVVKDUHKROGHUVDQG
PDQDJHUVZKRGRQRWDVDVKDUHKROGHU7KLVLVFRQVLVWHQWZLWKWKHFRPSDQ\
VPDQDJHPHQWV\VWHPLQWZRFULWHULDD
WKHFRPSDQ\LVOHGE\PDQDJHUVDQGRZQHUVDQGEWKHFRPSDQ\OHGE\WKHPDQDJHUDQGQRQRZQHUV,QJHQHUDOLW
FDQ EH VDLG WKDW WKH SHUFHQWDJH RI VWRFN RZQHUVKLS E\ PDQDJHPHQW WHQGV WR DIIHFW HDUQLQJV PDQDJHPHQW DFWLRQ
%RHGLRQR
7KHUHVXOWVRIK\SRWKHVLVWHVWLQJLQGLFDWHGWKDWLQVWLWXWLRQDORZQHUVKLSLVQRWDVLJQLILFDQWQHJDWLYHHIIHFWRQHDUQLQJV
PDQDJHPHQWEHIRUH36$.FRQYHUJHQFH,)56ZKHUHDVDIWHUWKH36$.FRQYHUJHQFH,)56LQGLFDWHGWKDWLQVWLWXWLRQDO
RZQHUVKLS LV QRW D VLJQLILFDQW SRVLWLYH HIIHFW RQ HDUQLQJV PDQDJHPHQW *HQHUDOO\ LQVWLWXWLRQDO RZQHUVKLS KHOG E\
PDMRUVKDUHKROGHUV:LWKDODUJHVWRFNKROGLQJVLQVWLWXWLRQDOLQYHVWRUVKDYHDVWURQJLQFHQWLYHWRPRQLWRUSUDFWLFHVRI
HDUQLQJV PDQDJHPHQW 7KHQ WKH SHUFHQWDJH RI VKDUHV KHOG E\ LQVWLWXWLRQV FDQ LQIOXHQFH WKH SURFHVV RI SUHSDULQJ
ILQDQFLDOVWDWHPHQWVDQGGLGQRWUXOHLQWKHLQWHUHVWVRIWKHSDUWLHVDUHDFFUXHGPDQDJHPHQW%RHGLRQR-HQVHQ
DQG0HFNOLQJSURYHGWKDWKLJKLQVWLWXWLRQDORZQHUVKLSOLPLWPDQDJHUVWRPDQDJHHDUQLQJV$VVRFLDWHGZLWK
LQVWLWXWLRQDORZQHUVKLSRQHDUQLQJVPDQDJHPHQWDIWHU36$.FRQYHUJHQFH,)56WKHUHVXOWV%RHGLRQRSURYHG
WKDWLQVWLWXWLRQDORZQHUVKLSKDVSRVLWLYHLQIOXHQFHRQHDUQLQJVPDQDJHPHQWDFWLRQ7KLVLVLQOLQHDOVRZLWKWKHYLHZ
WKDW WKH LQVWLWXWLRQDO LV WKH RZQHU ZKLOH DQG IRFXV RQ VKRUWWHUP SURILWV 3RUWHU  LQ %RHGLRQR 
&RQFHQWUDWHGRZQHUVKLSLQDQLQVWLWXWLRQXVXDOO\UHIOHFWVWKHSRZHUVRDVWRKDYHWKHDELOLW\WRLQWHUYHQHDJDLQVWWKH
UXQQLQJRIWKHFRPSDQ\DQGVHWXSWKHSURFHVVRISUHSDULQJILQDQFLDOVWDWHPHQWV$VDUHVXOWPDQDJHUVDUHIRUFHGWR
WDNHDFWLRQLQWKHIRUPRIHDUQLQJVPDQDJHPHQWLQRUGHUWRPHHWWKHGHVLUHRIFHUWDLQSDUWLHVLQFOXGLQJWKHRZQHU
7KHDXGLWTXDOLW\VLJQLILFDQWQHJDWLYHHIIHFWRQHDUQLQJVPDQDJHPHQWLQWKHVDPSOHEHIRUHDQGDIWHUWKH36$.
FRQYHUJHQFH,)56$XGLWLVDSURFHVVWRUHGXFHGLVVRQDQFHLQIRUPDWLRQFRQWDLQHGRQPDQDJHUVDQGVKDUHKROGHUVE\
XVLQJRXWVLGHUVWRJLYHDSSURYDOWRWKHILQDQFLDOVWDWHPHQWV0HXWLD3XEOLFDFFRXQWDQWVDVH[WHUQDODXGLWRUVDUH
UHODWLYHO\LQGHSHQGHQWIURPPDQDJHPHQWWKDQWKHLQWHUQDODXGLWRUDVIDUDVWKHFDVHLVH[SHFWHGWRPLQLPL]HWKHSURILW
HQJLQHHULQJ DQG HQKDQFH WKH FUHGLELOLW\ RI DFFRXQWLQJ LQIRUPDWLRQ LQ WKH ILQDQFLDO VWDWHPHQWV )LQDQFLDO VWDWHPHQW
TXDOLW\ UHOHYDQW DQG UHOLDEOH UHVXOWV IURP DXGLWV FDUULHG RXW HIIHFWLYHO\ E\ D TXDOLILHG DXGLWRU %HIRUH 36$.
FRQYHUJHQFH,)56WKHUHVXOWVVKRZHGWKDWWKHTXDOLW\RIWKHDXGLWVLJQLILFDQWQHJDWLYHHIIHFW7KHUHVXOWVZHUHQRW
VLJQLILFDQW UHVHDUFK VKRZV WKDW WKH H[LVWHQFH RI DXGLW TXDOLW\ GRHV QRW QHFHVVDULO\ GHFUHDVH RU PLQLPL]H HDUQLQJV
PDQDJHPHQW7KHQWKHVDPHWKLQJKDSSHQHGDIWHUWKH36$.FRQYHUJHQFH,)56
7KHVHUHVXOWVDUHFRQVLVWHQWZLWKUHVHDUFKFRQGXFWHGE\0HXWLDFRQFOXGHGWKDWWKHSXEOLFDFFRXQWLQJILUP
WKDWLVELJJHUWKHTXDOLW\RIWKHUHVXOWLQJDXGLWDOVREHWWHU'LIIHUHQFHVLQWKHTXDOLW\RIVHUYLFHVRIIHUHGE\SXEOLF
DFFRXQWLQJILUPVLQGLFDWHWKHLGHQWLW\RIWKHSXEOLFDFFRXQWLQJILUP,QGHSHQGHQFHDQGTXDOLW\DXGLWRUPD\KDYHDQ
LPSDFW RQ WKH GHWHFWLRQ RI HDUQLQJV PDQDJHPHQW 7KHUH LV D SUHVXPSWLRQ WKDW D UHSXWDEOH DXGLWRU FDQ GHWHFW WKH
SRVVLELOLW\ RI HDUOLHU HDUQLQJV PDQDJHPHQW VR DV WR UHGXFH WKH OHYHO RI HDUQLQJV PDQDJHPHQW FRQGXFWHG E\ WKH
PDQDJHPHQW FRPSDQ\ 7KH XVH RI KLJKTXDOLW\ DXGLWRUV ZLOO DOVR UHGXFH WKH FRPSDQ\ WKH RSSRUWXQLW\ WR FKHDW LQ
SUHVHQWLQJ LQDFFXUDWH LQIRUPDWLRQ WR WKH SXEOLF 7KXV SRWHQWLDO LQYHVWRUV KDYH PLVOHDGLQJ LQIRUPDWLRQ DERXW WKH
FRPSDQ\
VSURVSHFWVLQWKHIXWXUH


470 Elvira Luthan et al. / Procedia - Social and Behavioral Sciences 219 (2016) 465 – 471

&RQFOXVLRQ

)URP WKH GHVFULSWLRQ DERYH FDQ EH FRQFOXGHG WKDW WKH FRPSRVLWLRQ RI WKH LQGHSHQGHQW ERDUG DXGLW FRPPLWWHH
FRPSRVLWLRQ DQGTXDOLW\ RI WKH DXGLW DV DQLQGHSHQGHQWYDULDEOH EHIRUH DQG DIWHU WKH36$. FRQYHUJHQFHRI,)56
VLJQLILFDQWQHJDWLYHLPSDFWRQHDUQLQJVPDQDJHPHQW:KLOHRWKHUPDQDJHULDORZQHUVKLSKDYLQJSRVLWLYHHIIHFWZDV
LQVLJQLILFDQW EHIRUH 36$. FRQYHUJHQFH ,)56 DQG WKH QHJDWLYH HIIHFW DIWHU 36$. FRQYHUJHQFH ,)56 EXW QRW
VLJQLILFDQW WR HDUQLQJV PDQDJHPHQW 7KH LQVWLWXWLRQDO RZQHUVKLS EHIRUH 36$. FRQYHUJHQFH ,)56 QHJDWLYH HIIHFW
ZKHUHDVDIWHU36$.FRQYHUJHQFH,)56SRVLWLYHHIIHFWEXWQRWVLJQLILFDQWO\WRHDUQLQJVPDQDJHPHQW
5HIHUHQFHV
$EKL\RJD³3HQJDUXK3HQJDGRSVLDQ,QWHUQDWLRQDO)LQDQFLDO5HSRUWLQJ6WDQGDUG,)566WXGL(PSLULV3DGD3HUXVDKDDQ0DQXIDNWXU<DQJ
7HUGDIWDU'DODP%XUVD(IHN,QGRQHVLD7DKXQGDQ´6NULSL8QLYHUVLWDV'LSRQHJRUR
%DOO 5 $ 5RELQ DQG - 6 :X  ,QFHQWLYHV YHUVXV VWDQGDUGV 3URSHUWLHV RI DFFRXQWLQJ LQFRPH LQ IRXU (DVW $VLDQ FRXQWULHV -RXUQDO RI
$FFRXQWLQJ (FRQRPLFV±
%DSHSDP/.  3HUDWXUDQ UHQFDQD GDQ SHODNVDQDDQ 5DSDW 8PXP 3HPHJDQJ 6DKDP 5836 /DPSLUDQ .HSXWXVDQ .HWXD %DSHSDP/.
3HUDWXUDQ1RPRU,;,1RPRU.HS30-DNDUWD%DSHSDP/.
%HDVOH\0DUN6$Q(PSLULFDO$QDO\VLVRIWKH5HODWLRQ%HWZHHQ7KH%RDUGRI'LUHFWRU&RPSRVLWLRQDQG)LQDQFLDO6WDWHPHQW)UDXG7KH
$FFRXQWLQJ5HYLHZ9RO1R2FWREHU
%RHGLRQR*LGHRQ³.XDOLWDV/DED6WXGL3HQJDUXK0HNDQLVPH&RUSRUDWH*RYHUQDQFHGDQ'DPSDN0DQDMHPHQ/DEDGHQJDQ0HQJJXQDNDQ
$QDOLVLV-DOXU´6LPSRVLXP1DVLRQDO$NXQWDQVL9,,,6ROR6HSWHPEHU
&KWRXURX6RQGD0DUUDNFKL-HDQ%HGDUGDQG/XFLH&RXUWHDX&RUSRUDWH*RYHUQDQFHDQG(DUQLQJ0DQDJHPHQW-XUQDO2QOLQH
'DUPDZDWLGNN+XEXQJDQ&RUSRUDWH*RYHUQDQFH'DQ.LQHUMDSHUXVDKDDQ6LPSRVLXP1DVLRQDO$NXQWDQVL9,,'HVHPEHU'HQSDVDU
'HFKRZ36ORDQ56ZHHQH\$'HWHFWLQJ(DUQLQJV0DQDJHPHQW7KH$FFRXQWLQJ5HYLHZ±
'KDOLZDO'66DORPRQ*/DQG6PLWK('7KH(IIHFWRI2ZQHU9HUVXV0DQDJHPHQW&RQWURORQWKH&KRLFHRI$FFRXQWLQJ0HWKRGV
-RXUQDORI$FFRXQWLQJDQG(FRQRPLFV9ROKDO
(LVHQKDUGW.DWKOHHP0´$JHQF\7KHRU\$Q$VVHVPHQWDQG5HYLHZ$FDGHP\RIPDQDJHPHQW5HYLHZ´
*KR]DOL,PDP$SOLNDVL$QDOLVLV0XOWLYDULDWHGHQJDQ3URJUDP63666HPDUDQJ%DGDQ3HQHUELW8QLYHUVLWDV'LSRQHJRUR
+HUDZDW\9LQROD³3HUDQ3UDNWLN&RUSRUDWH*RYHUQDQFHVHEDJDL0RGHUDWLQJ9DULDEOHGDUL3HQJDUXK(DUQLQJV0DQDJHPHQWWHUKDGDS1LODL
3HUXVDKDDQ´6LPSRVLXP1DVLRQDO$NXQWDQVL;,3RQWLDQDN-XOL
,$,6WDQGDU$NXQWDQVL.HXDQJDQ3HU-XQL,$,6DOHPED(PSDW-DNDUWD
,DWLGULV *  5RXYROLV 6  7KH SRVWDGRSWLRQ HIIHFWV RI WKH LPSOHPHQWDWLRQ RI ,QWHUQDWLRQDO )LQDQFLDO 5HSRUWLQJ 6WDQGDUGV LQ *HUPDQ
-RXUQDORI,QWHUQDWLRQDO$FFRXQWLQJ$XGLWLQJDQG7D[DWLRQ
-HQVHQ 0 DQG 0HFNOLQJ :  7KHRU\ RI WKH )LUP 0DQDJHULDO %HKDYLRU $JHQF\ &RVW DQG 2ZQHUVKLS 6WUXFWXUH -RXUQDO RI )LQDQFH
(FRQRPLFVSS
/DPEHUW'06WRFN-56WUDWHJLF/RJLVWLF0DQDMHPHQW)RXUWK(GLWLRQ0F*UDZ+LOO1HZ<RUN86$
/HQJ3ZHH$QDOLVLV7HUKDGDS3HUOXQ\D3HQ\HVXDLDQ/DSRUDQ.HXDQJDQ+LVWRULV&RQYHQWLRQDO$FFRXQWLQJ0HQMDGL%HUGDVDUNDQ7LQJNDW
+DUJD8PXP*HQHUDO3ULFH/HYHO$FFRXQWLQJ-XUQDO$NXQWDQVL .HXDQJDQ9RO1R
0HXWLD,QWHQ3HQJDUXK,QGHSHQGHQVL$XGLWRUWHUKDGDS0DQDMHPHQ/DEDXQWXN.$3%LJGDQ1RQ%LJ-XUQDO5LVHW$NXQWDQVL,QGRQHVLD
9RO1R
1DVXWLRQ 0DULKRW DQG 'RGG\ 6HWLDZDQ  3HQJDUXK &RUSRUDWH *RYHUQDQFH WHUKDGDS 0DQDMHPHQ /DED GL ,QGXVWUL 3HUEDQNDQ ,QGRQHVLD
6LPSRVLXP1DVLRQDO$NXQWDQVL;8QKDV0DNDVDU
3UDWDQD3XVSD0LGLDVWXW\DQG0DV¶XG0DKIRHG]$QDOLVLV+XEXQJDQ0HNDQLVPH&RUSRUDWH*RYHUQDQFHGDQ,QGLNDVL0DQDMHPHQ/DED
6LPSRVLXP1DVLRQDO$NXQWDQVL9,,$,
6DUL 6\DULIDK 5DWLK .DUWLND DQG %DQGL  3UDNWLN 0DQDMHPHQ /DED WHUNDLW 3HULQJNDW 2EOLJDVL 'LVDPSDLNDQ SDGD 6LPSRVLXP 1DVLRQDO
$NXQWDQVL61$;,,,3XUZRNHUWR
6FKURHGHU5LFKDUG*&ODUN0\UWOH: &DWKH\-DFN0)LQDQFLDO$FFRXQWLQJ7KHRU\DQG$QDO\VLV7H[WDQG&DVHV1LQWK(GLWLRQ-RKQ
:LOH\ 6RQV,QF8QLWHG6WDWHVRI$PHULFD
6FRWW5:LOOLDP)LQDQFLDO$FFRXQWLQJ7KHRU\3UHQWLFH+DOO,QWHUQDWLRQDO,QF1HZ-HUVH\
6HNDUDQ8PDDQG%RXJLH5HVHDUFK0HWKRGVIRU%XVVLQHVV$6NLOO%XLOGLQJ$SSURDFK)LIWK(GLWLRQ-RKQ:LOH\ 6RQV/WG8.
6KOHLIHU$DQG5:9LVKQ\$6XUYH\RI&RUSRUDWH*RYHUQDQFH-RXUQDORI)LQDQFH9RO1R-XQH
6LDOODJDQ +DPRQDQJDQ DQG 0DFKIRHG] 0DV¶XG  0HNDQLVPH &RUSRUDWH *RYHUQDQFH .XDOLWDV /DED GDQ 1LODL 3HUXVDKDDQ 6LPSRVLXP
1DVLRQDO$NXQWDQVL3DGDQJ
6LUHJDU6 8WDPD67\SHRIHDUQLQJVPDQDJHPHQWDQGWKHHIIHFWRIRZQHUVKLSVWUXFWXUHILUPVL]HDQGFRUSRUDWHJRYHUQDQFHSUDFWLFHV
(YLGHQFHIURP,QGRQHVLD7KH,QWHUQDWLRQDO-RXUQDORI$FFRXQWLQJ±
6XEUDPDQ\DP.5:LOG-KRQ-DQG+DOVH\5REHUW))LQDQFLDO6WDWHPHQW$QDO\VLV(GLVL-DNDUWD3HQHUELW6DOHPED(PSDW
6XVLDQDDQG+HUDZDW\$UOHHQ³$QDOLVLV3HQJDUXK,QGHSHQGHQVL0HNDQLVPH&RUSRUDWH*RYHUQDQFHGDQ.XDOLWDV$XGLWWHUKDGDS,QWHJULWDV
/DSRUDQ.HXDQJDQ´6LPSRVLXP1DVLRQDO$NXQWDQVL;0DNDVVDU-XOL

 Elvira Luthan et al. / Procedia - Social and Behavioral Sciences 219 (2016) 465 – 471 471

6XWHGL$GULDQ*RRG&RUSRUDWH*RYHUQDQFH6LQDU*UDILND-DNDUWD
6XZDUGMRQR7HRUL$NXQWDQVL3HUHND\DVDDQ3HODSRUDQ.HXDQJDQ(GLVL%3)(<RJ\DNDUWD
7KHUHVLD7ULVDQWL7KH(IIHFWRI,)56$GRSWLRQRQ,QFRPH6PRRWKLQJ3UDFWLFHVE\,QGRQHVLDQ/LVWHG)LUPV-XUQDO$NXQWDQVL9ROXPH;;,9
1R$JXVWXV7DKXQ67,(<.31<RJ\DNDUWD
8ML\DQWKR$ULI0XKDQG%$3UDPXND0HNDQLVPH&RUSRUDWH*RYHUQDQFH0DQDMHPHQ/DEDGDQ.LQHUMD.HXDQJDQ6LPSRVLXP1DVLRQDO
$NXQWDQVL;0DNDVDU-XOL
:DWWV5/DQG=LPPHUPDQ-/3RVLWLYH$FFRXQWLQJ7KHRU\1HZ<RUN3UHQWLFH+DOO
ZZZLG[FRLG