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An Empirical Analysis of the Motives for and Effects of Fixed Assets Revaluation of Indonesian Publicly Listed Companies

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An Empirical Analysis of the Motives for and Effects of Fixed Assets Revaluation of Indonesian Publicly Listed Companies An Empirical Analysis of the Motives for and Effects of Fixed Assets Revaluation of Indonesian Publicly Listed Companies Adam Zakaria A thesis submitted in partial fulfilment of the requirement of Birmingham City University for the degree of Doctor of Philosophy. January 2015 Birmingham City Business School Birmingham City University Birmingham, United Kingdom ABSTRACT The harmonization of international accounting standards has been implemented by more than 120 countries throughout the world. Although these standards have been criticised for disregarding local values and accounting systems, the IFRS and IAS provide many more benefits including enhancing the quality and transparency of financial statements. Unlike previous standards, the revised IFASS 16 – 2007 offers two options, the cost or revaluation models for fixed asset measurement. Therefore, conflict of interests may arise due to these options. The cost model favours reliability of its value (completeness, neutrality and freedom from error characteristics) while the revaluation model provides relevant information (predictive value and confirmatory value characteristics) to the public. This study first proposed a conceptual model that can help Indonesian CFOs in deciding to revalue or not to revalue fixed assets using decision support criteria such as motives, effects, primary decision criteria, business outcomes and impacts. The research then applied stratified random sampling for data gathering over the period of 2008-2012. Three categories were used such as companies’ age (young, middle, and old), size (small, medium, and large), and nine IDX industry classifications. A deterministic model was then developed using nine variables which were broken down into 17 proxies. The natural logarithm scenario provided the highest prediction power The R2 of -2 Log likelihood, Nagelkerke, and Cox Snell were 57.69, 56.4, and 75.2 per cent consecutively. These scenarios also found the most significant variables among other scenarios with six proxies such as CMS, fixed asset intensity, DER, operating income, DER level, and export sales. Based on those significant proxies, this study concluded that companies’ internal benefits from asset revaluation decision making were more dominant than for external benefits. The internal benefits include four proxies (FAI, CMS, DER, and operating income) from three motives such as to gain efficiency/ economics, to reduce debt contracting costs, and to reduce political costs. The external benefits include two proxies (DER level and export sales) from motives such as to provide signals for i stakeholders; and to reduce information asymmetry. The results found that as of 31st December 2012, only 2.83 per cent of the total 460 Indonesian PLCs applied revaluation model. This figure cited is lower than other countries who have applied IAS 16 earlier than Indonesia such as South Korea, New Zealand, and England and Wales. The research confirms that Indonesian PLCs are cautious in applying the revaluation model because historically, previous IFASS 16 – 1994 only allowed PLCs to apply the cost model only. Furthermore, the revaluation model incurs more costs paid such as for the appraisal fees, auditor fees, and tax agency costs. Furthermore, the having more PLCs applied the revaluation model, external parties such as investors, creditors and consumer. They will enjoy a lower company’s business risk. This circumstance can reduce their expected return and decrease the product and service prices. Keywords: International Accounting Harmonization, Fixed Assets, Revaluation Model, Cost Model, Motives. ii ACKNOWLEDGEMENTS In the name of Allah, The Most Gracious, The Most Merciful. I praise Allah (Glory be to Him and He, The Most High), I successfully achieved my doctoral degree with His blessing. Salutations to Prophet Muhammad, May Allah grants peace and honour on Him and His family. I acknowledge thanks to several parties who fully supported me during my PhD journey as follows: 1. Professor David J. Edwards, BSc. (Hons), PhD, FFB, MCMPE as a director of studies. Thank you very much for the research knowledge, target-based supervision, critical thesis review and extensive editorial, critical feedbacks and supportive advice. Thank you also for comprehensive viva voce examination preparation. 2. Vijay K. Ramachandran MSc. FCCA, FMAAT, F.Inst.BA, FHEA, PGCE as a second supervisor 1. Thank you very much for his expert technical knowledge, critical analysis and experience in the field of financial accounting. 3. Professor Gary D. Holt BSc. (Hons), PhD, FCIOB as a second supervisor 2. Thank you very much for the guidance on PhD strategies, critical feedbacks, thesis review, and viva examination preparation. 4. My wife, Delima Taurisia, and my two sons, Altaf Ayyubi Barelvi and Al Farabi Baitar Mohani for their patience, support, understanding and their prayers towards the success of my PhD journey. 5. Higher Education Directorate - Ministry of Education and Culture Republic of Indonesia for the PhD scholarship. 6. Faculty of Economics - State University of Jakarta for their support towards my studies. iii 7. My extended families in Jakarta and Jombang, Indonesia for their prayers during my stay in Birmingham, UK. “May Allah protect and guide me to His right path. Amin.” iv TABLE OF CONTENTS Abstract…………………………………………………...…………………….i Acknowledgements……………………………………………………………iii Table of Contents……………………………………….……………………..iv Index of Tables……………………………………………………………….viii Index of Figures……………………………………………………………….ix Index of Acronyms and Abbreviations………………………………….........x Index of Appendices………………………………………………………….xii Chapter 1 Introduction 1.0 An Overview of the Research Context……………………….…………………….…….1 1.1 Research Aim and Objectives……………………………….…………………………...9 1.2 Research Questions………………………………………….…………………………...9 1.3 Expected Outcomes…………………………………………………………………….10 1.4 Summary of the Chapters …………………………………………….………………...13 Chapter 2 Literature Review 2.0 Introduction……………………………………………………………………………....16 2.1 Behavioural Aspects in Accounting Practices…………………………………………...18 2.1.1 Agency Theory……………………………………………………………………18 2.1.2 Opportunistic Behaviour ……………………………………………………….....21 2.1.3 Accounting Policy ………………………………………………………………..23 2.2 Accounting Standards ……………………………………….…………………………..28 2.2.1 Standard-Setting ………………………………………………………………….28 • Financial Accounting Standard Board (FASB)………………………………..29 • International Accounting Standards Board (IASB).…………………………...30 2.2.2 Accounting Standards Convergence……………………………………………...33 2.2.3 Indonesian Accounting Environment …………………………………………….40 • Cultural Classification…………………………….…………………………...41 • Accounting Professional Body…………………….…………………………..49 • Economic System and Capital Market…………….…………………………..53 • Tax System………………………………………….…………………………56 • Appraisal……………………………………………………………………….57 2.2.4 Fixed Assets Revaluation Environment in Indonesia…………………………….59 2.3 Fair Value and the Historical Cost Concept……………………………………………...60 2.4 Accounting Standard for Asset Revaluation……………………………………………..64 2.5 Summary of the Chapter…………………………………………………………………68 v Chapter 3 Conceptual Model for Asset Revaluation Decision Making 3.0 Introduction………………………………………………………………...……..……...70 3.1 Conceptual Model of the Asset Revaluation Decision Cycle……………………………70 3.2 Management’s Motives for Asset Revaluation……..………...………………….….…...72 3.2.1 Economic Benefits and Efficiency……….………………………….….…….…..73 3.2.2 Reduce Debt Contracting Costs………………………….…………….….….…..76 3.2.3 Reduce Political Costs………………………….…………………….……….…..81 3.2.4 Reduce Opportunistic Behaviour………………….………………….……….….83 3.2.5 Provide Value Relevant Information………………….…………….…………....84 3.2.6 Provide Positive Signals………………………………….……….………………85 3.1.7 Reduce Information Asymmetry…………………….…………….………….…..87 3.3 Effects of Asset Revaluation……………………………………………..……………...93 3.3.1 Future Operating Performances: Operating Income and Cash Flows from Operations………………………………………………………..………….…....93 3.2.2 Market-Based Reaction: Stock Prices, Stock Returns and Stock Price Movement...............................................................................................................94 3.4 Criteria and Decision Making……………………………………………….…………..96 3.5 Business Outcomes and Impacts…………………………………………….…………..98 3.6 Summary of the Chapter………………………………………………………………..100 Chapter 4 Research Methodology 4.0 Introduction………………………………………………………………………….….102 4.1 Research Design of the Study…………………………………………………………..106 4.2 Stage One - Theory Build………………………………………………………………108 4.2.1 Previous Studies…………………………………………………………………..108 4.2.2 Hypotheses and Prediction Models……………………………………………….110 • The motive model………………………………….…………………………110 • The future performance models………………………………………………111 4.2.3 Motives Proxies………………………………………………………………….112 • Revaluation decision……………………..…………………………………..112 • Liquidity………………………………………….…………………………..112 • Control…………………………………………………….………………….114 • Fixed Asset Intensity.……....……………………………………….………..115 • Leverage……………………………………………………………………...115 • Company Size………………………………………………………………...116 • Debt Restructuring…………………………………………….……………..116 • Successful Status…………………………………………………………......117 • Growth.……………………………………………………………………….117 • Disclosure………………………………………………………………….....118 4.3 Stage Two - Data and Sampling……………………………………………………….119 4.3.1 Data...…………………………………………………………………………..119 4.3.2 Sampling Technique……………………………………………………………120 4.4 Stage Three - Quantitative Data Analysis……………………………………………...122 4.4.1 Logistic regression……………………………………………………………..123
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