Pengaruh keterbacaan laporan tahunan dan relevansi nilai informasi keuangan terhadap biaya keagenan dengan analyst coverage sebagai variabel moderasi

The shift in annual reports that are increasingly dominated by narrative information makes the report longer, the information in the annual report includes many professional terms, and special notes and also a lot of non-financial information, which makes it more complicated and difficult for investor to understand. This condition causes information from within the company not to be delivered properly to stakeholders and causes the emergence of information asymmetry and agency costs between management and stakeholders. Therefore, this study aims to determine the effect of readability based on the length of the annual report and the value relevance of the financial information contained in the annual report on agency costs. This is quantitative study with a sample consist of 263 firm-year from Kompas100 index during 2016-2019 observation period. The result of this study indicate that the higher the number of pages, the number of words and the number of characters, which reflects the poor readability of the annual report, has a negative effect on the asset turnover ratio, which is an inverse proxy for agency costs. The value relevance variable has no significant relationship to the asset turnover ratio. Furthermore, the presence of the analyst coverage variable is able to moderate the positive effect between the number of pages, words and characters in the annual report on the asset turnover ratio. However, no significant effect was found during the test between value relevance to asset turnover ratio that are moderated by analyst coverage. It can be concluded that concise, clear and easy-to-understand information in the annual report is useful as a medium for monitoring management performance and useful in making investor decision

The Effect of Readability of Annual Reports and Value Relevance of Financial Information on Agency Costs with Analyst Coverage as Moderating Variable

This study aims to determine the effect of readability based on the length of the annual report and the value relevance of the financial information on agency costs. The sample used in this study were 263 firm-year from Kompas100 index. Data were analyzed using multiple linear regression method. The result of this study indicate that the higher the number of pages, words and characters, which reflects the poor readability of the annual report, has a negative effect on the asset turnover ratio, which is an inverse proxy for agency costs. Furthermore, the presence of the analyst coverage variable is able to moderate the positive effect between the number of pages, words and characters in the annual report on the asset turnover ratio. However, no significant effect was found during both test between value relevance to asset turnover ratio and that are moderated by analyst coverage

A one-sided Affair: Japan and the People's Republic of China in Cyberspace: Hotspot Analysis

This Hotspot analysis takes a deep dive into the cyber threat landscape between Japan and the People’s Republic of China. In contrast to other reports, this analysis primarily looks at relevant incidents that did – or had the potential to – spill into the political realm. The report describes the historical evolution of cybersecurity and defense policies in both countries and includes a chronological overview of relevant cyber incidents and the teams that were involved in them. In addition, it outlines the social, economic, technical and international effects resulting from the overall cyber threat landscape.Diese Hotspot-Analyse befasst sich mit der Cyber-Bedrohungslandschaft zwischen Japan und der Volksrepublik China. Im Gegensatz zu anderen Berichten werden in dieser Analyse in erster Linie politisch-relevante Cybervorfälle untersucht. Der Bericht umreisst zunächst die historische Entwicklung der Cybersicherheits- und Cybererteidigungspolitik in beiden Ländern und bietet einen chronologischen Überblick zu den relevanten Cybervorfällen und wer dafür verantwortlich war. Anschliessend beschreibt der Bericht die sozialen, wirtschaftlichen, technischen und internationalen Auswirkungen der relevanten Cybervorfälle zwischen den beiden Ländern

The Evolution of the IT Army of Ukraine

The IT Army of Ukraine is unlike any other cyber-threat actor. Created by the Ukraine Ministry of Digital Transformation two days after the Russian invasion, it has gathered, trained and directed thousands of people from inside and outside Ukraine to participate in persistent DDoS campaigns against Russian civilian infrastructure. In its current form, the IT Army is neither civilian nor military, neither public nor private, neither local nor international. Notably, whether it is lawful or unlawful remains unclear. Given its apparent adaptability and its continuing ability to recruit participants and mount cyber campaigns, it is positioned to become an advanced persistent threat.ISSN:1468-269

Pengaruh kualitas akrual, likuiditas dan leverage terhadap investment cash flow sensitivity

Penelitian ini merupakan replikasi dari penelitian yang dilakukan oleh Jannah (2013), Shoorvarzy, dkk. (2012) dan Jafari, dkk. (2014). Penelitian ini menggunakan pendekatan kuantitatif yang menitikberatkan pada pengujian hipotesis untuk menganalisis dan menjelaskan pengaruh kualitas akrual, likuiditas,leverage, cash flow from operation dan ukuran perusahaan terhadap investment cash flow sensitivity. Perhitungan kualitas akrual menggunakan konsep model Jones (1991) modifikasian dengan menggunakan nilai residu antara discretionary accrual dengan arus kas operasi perusahaan. Besarnya likuiditas diproksikan dengan financial slack, leverage diproksikan dengan debt to asset ratio. Objek yang digunakan pada penelitian ini adalah perusahaan yang termasuk dalam indeks LQ-45 di Indonesia yang terdaftar di Bursa Efek Indonesia pada tahun 2013-2016. Data sampel dalam penelitian ini diperoleh dengan menggunakan teknik purposive sampling dan data yang digunakan adalah data sekunder. Total sampel yang diperoleh sebanyak 150 data perusahaan berupa laporan keuangan. Hasil penelitian menunjukkan bahwa kualitas akrual berpengaruh negatif dan signifikan terhadap investment cash flow sensitivity. Variabel independen lain dalam penelitian ini yaitu likuiditas, leverage, dan cash flow from operation tidak berpengaruh terhadap investment cash flow sensitivity. Sedangkan variabel kontrol berupa ukuran perusahaan tidak berpengaruh terhadap investment cash flow sensitivity. Dapat disimpulkan kualitas akrual dapat meminimalkan asimetri informasi yang terdapat dalam perusahaan dan mampu mengurangi ketergantungan investasi perusahaan terhadap arus kas internalnya

The IT Army of Ukraine: Structure, Tasking, and Eco-System

For several years prior to the Russian invasion on 24 February 2022, the principal idea of creating a cyber volunteer army has been bouncing around in Ukrainian government circles. In part those discussions were in-formed by the success of the Estonian Defence League's Cyber Unit and other efforts around the globe to organize, incorporate, and surge civilian IT volunteers into existing military structures in times of need. In contrast to these well-established and purely defensive cyber volunteering efforts, the IT Army of Ukraine was stood up in an ad-hoc manner without a clearly structured and proven plan. Similarly, the absence of a Ukrainian military cyber command likely also pushed Kiev to think creatively about how to combine its nascent military and intel cyber capabilities with a massive, willing, and global civilian IT community in the defense of the nation. Born out of necessity, the IT Army subsequently evolved into a hybrid construct that is neither civilian nor military, neither public nor private, neither local nor international, and neither lawful nor unlawful. As of this writing, the IT Army consists of two parts: (1) a continuous global call to action that mobilizes anyone willing to participate in coordinated DDoS attacks against designated – primarily civilian - Russian infrastructure targets; and (2) an in-house team likely consisting of Ukrainian defense and intelligence personnel that have been experimenting with and conducting ever more complex cyber operations against specific Russian tar-gets. Both parts of the IT Army are purely offensive in nature and serve to bring willing amateurs (civilians) and dedicated professionals (civilian, military, intel) into one – most likely – hierarchically organizational structure. In addition, the IT Army has also given rise to an eco-system that includes Ukrainian-owned IT companies and individuals located outside of Ukraine, as well as Ukrainians living in Ukraine working for Western companies. This eco-system has been continuously creating new tools, generating know how, identifying new targets, and fulfilling other intelligence support functions to underpin Ukraine’s offensive efforts in cyberspace.Bereits vor der russischen Invasion der Ukraine war die Grundidee, eine Cyber-Freiwilligenarmee zu schaffen, mehrere Jahre lang ein unterschwelliges Thema in ukrainischen Regierungskreisen. Die Diskussionen sind zu Teilen durch den Erfolg der Cyber-Einheit der Estnischen Verteidigungsliga und anderer Bemühungen weltweit beeinflusst worden. Im Gegensatz zu diesen etablierten und rein defensiven Cyber-Volunteering-Bemühungen wurde die IT-Armee der Ukraine ad hoc und ohne einen klar strukturierten oder bewährten Plan aufgestellt. Dieser CSS Cyberdefense Report bietet eine allererste umfassende Analyse zur Struktur, zu den Aufgaben und zum Ökosystem der IT-Armee

Terra Calling: Defending and Securing the Space Economy: From Science to Fiction and Back to Reality

This report aims to provide a deeper understanding of the fundamental cybersecurity and -defense challenges pertaining to the space economy. It outlines the broad contours of what constitutes the space economy and takes a closer look at the problems on the terrestrial surface, space-based assets, and the area of up- and downlinks. Furthermore, this report dives into two case studies pertaining to NASA and the European global navigation satellite system Galileo, and disentangles the cyber threat landscape by examining public reporting on the most referenced satellite hacking incidents in terms of its veracity and fact-based representation. Finally, it provides several recommendations for the Swiss government and a brief horizon scan highlighting three future trends.Dieser Bericht versucht, dem Leser ein besseres Verständnis der grundlegenden Cybersicherheits- und Cyberverteidigungsherausforderungen im Bereich der Raumfahrt zu vermitteln. Er beschreibt in groben Zügen, was die Raumfahrtindustrie ausmacht und wirft einen genaueren Blick auf die Probleme auf der Erdoberfläche, auf weltraumgestützte Anlagen und auf den Bereich der Up- und Downlinks. Darüber hinaus taucht dieser Bericht in zwei Fallstudien ein, die sich auf die NASA und das europäische globale Satellitennavigationssystem Galileo beziehen. Zudem entwirrt er die Cyber-Bedrohungslage, indem er die öffentliche Berichterstattung über die meistgenannten Satelliten-Hacking-Vorfälle auf ihren Wahrheitsgehalt und ihre faktenbasierte Darstellung hin untersucht. Zum Schluss geben die Autoren einige Empfehlungen für die Schweizer Regierung und einen kurzen Ausblick ab, der drei zukünftige Trends aufzeigt

Pengaruh keterbacaan laporan tahunan dan relevansi nilai informasi keuangan terhadap biaya keagenan dengan analyst coverage sebagai variabel moderasi

The shift in annual reports that are increasingly dominated by narrative information makes the report longer, the information in the annual report includes many professional terms, and special notes and also a lot of non-financial information, which makes it more complicated and difficult for investor to understand. This condition causes information from within the company not to be delivered properly to stakeholders and causes the emergence of information asymmetry and agency costs between management and stakeholders. Therefore, this study aims to determine the effect of readability based on the length of the annual report and the value relevance of the financial information contained in the annual report on agency costs. This is quantitative study with a sample consist of 263 firm-year from Kompas100 index during 2016-2019 observation period. The result of this study indicate that the higher the number of pages, the number of words and the number of characters, which reflects the poor readability of the annual report, has a negative effect on the asset turnover ratio, which is an inverse proxy for agency costs. The value relevance variable has no significant relationship to the asset turnover ratio. Furthermore, the presence of the analyst coverage variable is able to moderate the positive effect between the number of pages, words and characters in the annual report on the asset turnover ratio. However, no significant effect was found during the test between value relevance to asset turnover ratio that are moderated by analyst coverage. It can be concluded that concise, clear and easy-to-understand information in the annual report is useful as a medium for monitoring management performance and useful in making investor decision

Cyber Deterrence Revisited

In this Perspectives on Cyber Power paper CSS' Stefan Soesanto critically reflects on cyber deterrence mechanism outcomes, shortfalls, and misconceptions and explains when cyber deterrence is and is not successful. He furthermore outlines potential research avenues, policies, and access requirements that will help to ascertain the deterrence effects experts so desperately crave to create in cyberspace.In diesem Perspectives on Cyber Power Beitrag analysiert CSS Forscher Stefan Soesanto die Ergebnisse, Defizite und Missverständnisse von Cyberabschreckungsmechanismen und erklärt, wann Cyberabschreckung erfolgreich ist und wann nicht. Darüber hinaus skizziert er potenzielle Forschungswege, Strategien und Zugangsvoraussetzungen, die dazu beitragen können, die angestrebte Abschreckungswirkung im Cyberspace zu erreichen

The Evolution of US Defense Strategy in Cyberspace (1988 – 2019)

This trend analysis provides a historical overview of the evolutionary path US cyber defense strategy has taken since 1988. Largely, the analysis utilizes a deterrence-focused approach, rather than one driven by the intelligence community, legal sentiments, or private sector concerns. As such, it primarily looks at cyber-related events relevant to strategic developments within the US Department of Defense (DoD). Section one explains the DoD’s evolution in cyberspace between 1988 and 2008, which was almost exclusively focused on experimentation and adaptation after every incident that hit DoD networks. Section two dives into the policy discrepancies and emerging internal conflicts during the Obama administration on offensive capabilities and cyber deterrence mechanisms. Section three then explores the changes during the first three years of the Trump administration and the introduction of persistent engagement. Section four highlights issues that currently remain unresolved, and section five provides a summary conclusion and several lessons learned.Diese Trendanalyse bietet einen historischen Überblick über die Entwicklung der US-Verteidigungsstrategie im Cyberspace. Die Analyse verfolgt einen Abschreckungs-orientierten Ansatz, weshalb in erster Linie Cyber-spezifische Ereignisse hervorgehoben werden, die für die Entwicklungen der Cyberstrategie des US-Verteidigungsministerium relevant waren. Im ersten Abschnitt wird die Entwicklung der US-Verteidigungsstrategie im Cyberspace zwischen 1988 und 2008 erläutert, welche signifikant geprägt war durch ein stetes Experimentieren und organisatorische Anpassungen im Anschluss an Störfälle, die das Netzwerk des Verteidigungsministeriums betrafen. Abschnitt zwei befasst sich mit den politischen und internen Konflikten der Obama-Regierung, primär in Bezug auf die Anwendung von offensiven Cyberfähigkeiten und Abschreckungsmechanismen. Im dritten Abschnitt werden die Veränderungen in den ersten drei Jahren der Trump-Regierung beleuchtet. Abschnitt vier hebt mehrere Themen hervor die derzeit noch ungelöst sind. Und Abschnitt 5 endet mit einem Fazit und einer Zusammenfassung der gewonnenen Erkenntnisse