11.vol 0003www.iiste.org call for paper no 1 pp 45-65

Issues in Social and Environmental Accounting
Vol. 3, No. 1 June 2009
Pp. 45-65

Ethical Culture and Financial Reporting: Un-
derstanding Financial Reporting Practice within
Javanese Perspective*
Anis Chariri
Faculty of Economics
Diponegoro University, Indonesia

Abstract

This study is a case study conducted in an Indonesian insurance company. The aim of the study
is to understand the dynamics of financial reporting in the company. Ontologically, this study is
built on a belief that financial reporting practice is a socially constructed reality. As a socially
constructed reality, such a practice involves an interaction among social actors, and between
organisational actors and the institutional and cultural environment in which the company oper-
ates. The main research question of this study is how organisational culture shapes the com-
pany on the construction of its financial reporting practice. This study reveals that the company
is committed to quality financial reporting because such reporting can be used to gain legiti-
macy and to maintain social harmony. The company conducts itself in this way is because it
reflects Javanese culture, a dominant culture in Indonesia. Furthermore, this study concludes
that the way the actors in the company construct financial reporting practice is influenced by its
organisational culture. The organisational culture of the company, which reflects Javanese cul-
ture, is able to shape the behaviour of its actors from the top level to lower levels to conduct
ethical and transparent business practice. Thus, as Hines (1988) claims, this paper concludes
that financial reporting practice is a socially constucted reality.

Keywords: ethical culture, Javanese culture, insurance company, legitimacy,
conservatism, financial reporting

research (for example, Anderson 1979;
Introduction
Anderson and Epstein 1995; Chenhall
Studies of financial reporting, as and Juchau 1977; Lee and Tweedie
Mathews and Perera (1993); Ryan, et al. 1975a; 1975b) and market-based ac-
(2002) and Wolk, et al. (2004) note, counting research (for example, Amir
have proceeded in several directions, and Lev 1996; Botosan 1997; Francis
such as a decision-usefulness approach and Schipper 1999; Healy 1985; Healy,
(Gilman 1939; Grady 1965; Paton 1922; et al. 1999; Lev and Ohlson 1982; Lev
Paton and Littleton 1940), behavioural and Zarowin 1999).

Anis Chariri, SE., M.Com., Ph.D., Akt. Is Senior Lecturer of Accounting at School of Accounting, Faculty of Econom-
ics Diponegoro University, Indonesia, email: anis_chariri@undip.ac.id.

46 A. Chariri / Issues in Social and Environmental Accounting 1 (2009) 45-65

Moreover, studies of financial reporting This study claims that ontologically,
have been dominated by the positive financial reporting is a socially con-
accounting research paradigm frame- structed reality that can shape, and be
work, which addresses particular prob- shaped by powerful actors and institu-
lems to be analysed using mathematical tional environments. As a socially con-
and statistical techniques, and which is structed reality, organisational actors can
aimed at explaining and predicting how construct financial reporting so as to
self-interested individuals behave when gain legitimacy and show that their or-
facing economic consequences of par- ganisation operates in accordance with
ticular accounting issues (Holthausen socially acceptable beliefs, values and
1990; Watt and Zimmerman 1986). This norms. Hurst (1970) argues that one of
implies that accounting is seen as repre- the functions of accounting, including
sentation of “itself, variously, as corporate financial reports, is to legiti-
‘technical’, ‘neutral’, and ‘value mate the existence of the corporation.
free’” (Munro 1998, p. 201). The role of corporate financial reporting
is to inform a society that an organisa-
However, accounting is no longer seen tion’s actions are accountable, and that
by some as “a neutral device that merely they conform to social values and
documents and reports ‘the facts’ of eco- norms. Thus, this study aims to seek an
nomic activity” but as “a set of practices answer to the following specific ques-
that affects the type of the world we live tion: “how organisational culture influ-
in, the type of social reality we in- ences the company on the construction
habit” (Miller 1994, p. 1). Financial re- of its financial reporting practice to de-
porting practice is influenced not only liver messages that the particular com-
by economic variables as claimed by the pany operates in socially accepted be-
proponents of positive research, but also liefs, norms and values”.
by institutional, political and cultural
environments. It is recognised that the Javanese Culture
current research in accounting and cor-
porate governance is alert to the fact that Discussing Javanese culture is not easy,
actors’ behaviour is modified by proce- because it is so diverse and complex.
dures, rules, incentives and other eco- Such a discussion could refer to lan-
nomic factors. Most research to date has guage, way of life, ethics, performing
all but ignored the institutional, political arts, texts and more. This study focuses
and cultural environment in which finan- on the Javanese culture in terms of
cial reporting practice takes place. Con- world-view, “the Javanese idea of the
sequently, calls for studying financial good life” as studied by Magnis-Suseno
reporting within its environmental con- (1997). Because of the sheer size of the
texts have emerged in accounting litera- community, the homogeneity of its cul-
ture (Adams 1997; Gray 1988; Rezaee ture and their influence on the nation’s
2002; Miller 1994; Munro 1998). capital, Javanese culture influences the
way of life of most Indonesians, and the
Javanese dominate cultural, business,
* The author is very grateful to the delegates of the 14th social and political activities in Indone-
Euro-Asia Conference and the 3rd International
Conference on Business and Management Research sia (Mann 1996; Magnis-Suseno 1997).
(ICBMR), Bali-Indonesia 27-29 Agustus 2008, where
the paper has been presented

A. Chariri / Issues in Social and Environmental Accounting 1 (2009) 45-65 47

The Javanese have a complex code of expressed through the group. Hence, all
etiquette and respect, reflected in the obvious expression of conflict that lead
Javanese language. However, the main- to disharmony should be avoided.
tenance of inner peace and harmony is a
priority in social relationships among the Another way to maintain social harmony
Javanese. Indeed, maintenance of social is the implementation of the principle of
harmony is the core value of Javanese respect. According to this principle, the
culture (Magnis-Suseno 1997). The so- Javanese, both in speech and behaviour,
cial relationship of the Javanese is char- have to demonstrate “proper respect to
acterised by two basic principles reflect- those with whom one comes into social
ing their ideas of a good life: conflict contact” (Magnis-Suseno 1997, p. 62).
avoidance and respect. Similar to the principle of conflict avoid-
ance, the use of language and gesture
Javanese culture is characterised by the reflects how the Javanese extend their
avoidance of all form of direct confron- respect to other people in accordance
tation. Indeed, conflict avoidance plays a with their social status (such as age and
crucial role in maintaining social har- structural positions). Hence, individuals
mony. To avoid conflict, the Javanese should know their positions and duties,
are committed to the concept called as and honour and respect those in higher
“rukun”, which shows how people positions, while remaining benevolent
should interact in a social relationship. towards, and responsible for those in
Mulder (1978, p. 39) has described ru- lower positions (Magnis-Suseno 1997).
kun as follows:
It is also important to note that a social
Rukun is soothing over of differ- relationship, there is almost no room for
ences, cooperation, mutual ac- individualism in the Javanese society. In
ceptance, quietness of heart, and other words, in spite of being individu-
harmonious existence. The als, the Javanese prefer collectivism.
whole of society should be char- This view is based on a belief that social
acterized by the spirit of rukun, harmony can be threatened by individu-
but whereas its behavioural ex- alism, diversity and conflict (Mulder
pression in relation to the super- 1994). As far as collectivism is con-
natural and to superiors is re- cerned, it is common for the Javanese to
spectful, polite, obedient, and “develop networks of acquaintance:
distant, its expression in the workmates, customers, relatives, friends,
community and among one’s neighbors and colleagues” (Yudianti and
peers should be Goodfellow 1997, p. 104).
‘akrab’ (intimate) as in a family,
cozy, and ‘kangen’ (full of the To exercise collectivism, individuals act
feelings of belonging). both in social and in business activities
based on the concept of “gotong royong”
Rukun is characterised by cooperation, and “musyawarah”. “Gotong royong”
mutual acceptance, calm and unity refers to a philosophy that says that peo-
(Magnis-Suseno 1997). To achieve ru- ple must help each other; whereas
kun, individuals should be a part of the “musyawarah” refers to the fact that all
group and their individuality should be decisions should be made only after a


consensus or compromise has emerged financial reporting practice in Indonesia,
(Magnis-Suseno 1997). The demand for especially in the insurance industry. Fi-
collectivism that is supported by nally, the reason Bintang was chosen as
“gotong royong” and “musyawarah” is the research setting was that it has a
codified in a classical and well-known unique culture influenced by the Java-
Javanese proverb: “Sepi ing pamrih, nese views on an ethical social relation-
rame ing gawe, mangayu ayuning ship.
bawana—be disinterested, work hard,
perfect the world” (Antlov 1994, p. 77). Organisational Culture of Bintang: a
Circuit of Ethical Conduct

Research Approach In regard to how Bintang builds its or-
ganisational culture, it can be seen that
This study is based on the understanding the words transparency, public account-
that reality exists as a social product and ability, conservatism and ethical busi-
as a result of human interaction, sym- ness become discourses in Bintang.
bolic discourse and creativity (Burrel Those who join Bintang will directly
and Morgan 1979; Denzin 1983; Hopper experience and are involved in a conver-
and Powell 1985; Morgan 1980; 1988; sation concerning these words. Any time
Tomkin and Groves 1983). Furthermore, and any place at which interaction
it assumes that humans are incapable of among employees and between employ-
total objectivity because they are situ- ees and top management takes place the
ated in a reality constructed by subjec- words will be mentioned. This can be
tive experience (Berger and Luckmann interpreted that such words are per-
1984). Meanings and the search for the ceived to be taken-for-granted beliefs
truth is possible only through social in- and values within this company.
teractions (Streubert and Carpenter
1999). The inability quantitatively to The core values of the company consist
measure some phenomena has led to of commitment, positive thinking, credi-
intense interest in using other ap- bility, acceptance and carrying out of
proaches to particularly human phenom- responsibility, prudence in all business
ena (Nahapiet 1988). Consequently, this decisions, teamwork, understanding and
study was designed with an interpretive enjoying business ethics, high customer
method of inquiry. services and innovations. The employees
of Bintang believe that the core values
This study used PT. Asuransi Bintang, of Bintang are built based on the internal
Tbk (hereafter Bintang)—a publicly environment, which refers to the daily
listed company, which was the recipient behaviours of organisational members
of annual report awards since 1980. The since the establishment of the company.
reason for using the company as a re- These core values are then symbolised in
search setting is that Bintang has been the word “MAJU” (meaning “move for-
able to show itself as a transparent and ward and become superior”), and they
accountable company. Annual report cannot be separated from the principle of
awards received by the company since accountability. To understand this fur-
the 1980s are evidence that the company ther, it is helpful to note that by describ-
is an example of one who practises good ing corporate values, codes of conduct


invite and require an accountability of employees of Bintang run the insurance
organisational members to these values business by obeying all rules and regula-
(Willmott 1998). tions and complying with socially im-
posed norms for maintaining social har-
To realise its business philosophy and mony. This principle has been accepted
management of organisational culture, as a taken-for-granted belief that guides
all individuals should act ethically ac- organisational actors in their daily or-
cording to the governing regulations and ganisational life.
other informal rules. Consequently, the

Positive Thinking High Customer Service
Commitment Innovation

BASIC PRINCIPLES:

Public Accountability

Acceptance and Carrying out Prudent in Decision Making
Responsibility Teamwork
Credibility Business Ethics

Figure 1: The circuit of organisational culture of Bintang

Using the culture paradigm discussed by ports institutional theory, in that
Schein (2004), the relationship of busi-
ness philosophy, core values and conser- ...to survive in the progressively
vatism can be illustrated as a circuit of more ‘turbulent’ social environ-
organisational culture showing an inte- ments, which [are] becoming the
grated-ethical value chain that guides norm, organisations would need
organisational actors in conducting busi- to adopt and act according to the
ness activities (see Figure 1). Consider- values that would align them
ing the circuit of organisational culture with the expectations of society.
of Bintang, it can be seen that such a
culture reflects Javanese culture, the The basic principle of public account-
Javanese idea of an ethical social rela- ability is identical with the maintenance
tionship. This is consistent with a claim of social harmony. In this regard, em-
by Maclagan (1998, p. 145), who sup- ployees of Bintang should be publicly


accountable and act in accordance with In addition, the case of Bintang signifies
socially imposed values and norms. Ac- that organisational culture is not embed-
cording to Branscomb (1995), account- ded naturally in an organisation. Instead,
ability implies acceptance of responsibil- it is transmitted deliberately into an or-
ity, without which there is no basis on ganisation. Organisational culture is not
which an injured party can initiate a tort a static phenomenon. Schein (1995, pp.
action to redress grievances. Further- 225–226) argues that the basic process
more, public accountability can also be of embedding and transmitting a cultural
seen as a set of social relations. This is element is a “teaching process” through
because accountability is a socially con- the use of a number of mechanisms,
structed reality referring to something such as
that is sensible and meaningful.
…formal statements of organ-
Referring to Willmott’s (1996) work, the izational philosophy, charters,
construction of such a sensible and creeds, material used for recruit-
meaningful world involves people that ments and selection, and sociali-
lead to the practice of accepted account- sation...explicit reward and
ability. Moreover, Pollit (2003) and status system and promotion
Romzek and Dubnick (1998) argue that criteria; stories, legends, myths,
public accountability refers to a social and parables about the key peo-
relationship in which an actor feels an ple and events...
obligation to explain publicly and justify
their conduct to various significant peo- This means that organisation culture can
ple. These arguments support a claim shape and be shaped by organisational
that public accountability used by Bin- actors. Indeed, organisational culture can
tang, as a business philosophy, reflects influence any organisational activity and
the core value of Javanese culture, the practice, including financial reporting
maintenance of social harmony. practice. For this, Schein (2004, p.1)
argues that:
Conservatism, in the language used by
the people of Bintang, means total obe- …culture is both a dynamic phe-
dience to any governing regulations and nomenon that surrounds us at all
compliance with socially imposed val- time, being constantly enacted
ues. This view is consistent with Tann- and created by our interactions
sjo (1990, p. 10), who contends that with others and shaped by lead-
“...conservative attitude is the attitude of ership behaviour, and a set of
one disposed to preserve well- structures, routines, rules, and
established existing institutions because norms that guide and constrain
they exist”. By being conservative, Bin- behaviour.
tang wants to respect regulators and any
socially acceptable values and avoid a In the case of Bintang, it can be seen that
conflict with regulators and the commu- most personnel in Bintang believe that
nity. Consequently, it can be inferred organisational culture plays an important
that this concept reflects the principles role in shaping quality financial report-
of conflict avoidance and respect. ing practice. For example, even though
the President of the Board of Directors


and Director of Financial Services do that:
not directly say that there is a relation-
ship between culture and quality finan- …Bintang got an annual report
cial reports, they claim that only those award. I think that it was reason-
who understand Bintang are able to as- able. We have an ethical culture
sess such a relationship. The President and our culture greatly influ-
of the Board of Directors said that ences the quality of our financial
reports.
I do not really know whether the
financial report is a reflection of Bintang has a unique culture that influ-
organisational culture. For ex- ences employees not only in the Divi-
ample, we could see that some sion of Accounting, but also in other
insurance companies provided a divisions to behave ethically when car-
high figure in revenues. But we ring out their jobs. A statement by one
did not know how the company of the accounting staff explained how
got the revenues. Bintang al- such a culture shapes behaviour of indi-
ways implements business eth- viduals. He (Mr A) pointed out that:
ics. But do other companies con-
sider ethical aspects in their I think numbers or data con-
business? I do not think so, be- tained in financial statements
cause we can see how business reflect the moral values or a cul-
in Indonesia is... a legal activity ture of our company, especially
is okay, illegal ones are up to in the Accounting Division. I
you. We are committed to ethi- did not really know what was
cal business. Only the “market going on in other divisions. But,
players” and those who are con- I believe they [other divisions]
cerned with Bintang are able to have implemented the same val-
assess whether our financial re- ues.
port is a reflection of our organ-
isational culture. This ethical culture has been institution-
alised by both the founders and the
A similar view was held by the Director Board of Directors, who continuously
of Financial Services, who stated that: remind individuals in Bintang of the im-
portance of being conservative in con-
…Financial reports also reflect ducting business. Another employee in
our culture, although it is not the Accounting Division (Mr D) re-
easy for users to directly under- marked that:
stand the relationship between
organisational culture and the I believe that the reason why we
reports. got annual report awards was
that we had honest leaders. They
A convincing argument of the existence never manipulate accounting
such a relationship can be seen from a data. That is our cul-
statement by new employee (Mr C), who ture...conservative.
previously worked at a famous audit
firm in Indonesia (Deloitte). He insisted


This statement is consistent with a view process and process is greatly
expressed by the Director of Administra- influenced by the corporate cul-
tion Services, who is also a minority ture. We always attach a volun-
shareholder and a son of a founder. He tary explanation of any items
said that: that we consider important for
users to know. This is part of
The quality of financial reports our commitment to transparent
is mainly determined by ethical reporting. We always try to dis-
conduct of those who prepare close any information as trans-
the reports. If you are used to parently as possible.
running a business ethically, you
will automatically provide the His subordinates also supported the
correct information about the statement. For example Mr B said that
company’s activities. “Bintang has produced transparent fi-
nancial reports. It is very transparent
Similarly, Mr E, who is responsible for indeed. This happens because of our cul-
preparing the financial reports stated that ture”

there is no a surprise in the an- An example of the influence of organisa-
nual report awards. With or tional culture on financial reporting
without the annual report awards practice can also be seen from the state-
we are always committed to ment by the Director of Financial Ser-
quality financial reporting prac- vices:
tice. Our financial reports are
just like that We made a significant change in
the current annual report [2002].
The head of the Internal Audit Unit has We changed the way we calcu-
an interesting view concerning the rela- lated the unearned premium ac-
tionship between organisational culture count. There is a regulation de-
and financial reporting practice. He jus- termining how to calculate this
tified his statements as follows: account, but we are used to cal-
culating the account more con-
We have no crucial changes in servatively. It is more prudent if
financial reports. The insurance we talk about the insurance
industry has standardised finan- business. The point is that we
cial statements. We always obey include commission as a deduc-
regulations. But it should be tion of unearned premium. I ap-
noted that regulations are only a ply a conservative approach for
guide. We have no choice ex- maintaining the company’s sol-
cept to comply with the regula- vency.
tions. You should know that the
format of financial statements is Financial reporting practice in Bintang
the same as another insurance shows that there is a strong relationship
company. What makes it differ- between organisational culture and qual-
ent is the output of financial re- ity financial reporting. This implies that
porting practice. Output needs a company with an ethical culture will


more likely be committed to quality fi- because it reflects Javanese culture. To
nancial reporting practice than compa- maintain social harmony, individuals
nies with unethical cultures. This is con- should be members of a group and
sistent with claims of such relationships should work within the framework of
in the accounting literature (Adams and gotong royong and musyawarah. These
Kuasirikun 2000; Geriesh 2003; Lewis Javanese values can also be seen in Bin-
and Unerman 1999). tang.

Studies of fraudulent financial reporting The organisational reality of Bintang
practice also demonstrated that financial indicates that success is a collective
reporting fraud is shaped by a set of ethi- achievement under the guidance of its
cal values reflected by dishonest man- management. In line with the concept
agement, personality anomalies, lies and gotong royong (cooperation), the estab-
crookedness (Loebbecke, et al. (1989), lishment of executive committees in
and a poor organisational culture Bintang can be seen as an example of
(Merchant 1987). A poor organisational cooperation. Even though such commit-
culture, according to Merchant (1987), is tees are not mainly found in the Ac-
a culture typified by a lack of moral counting Division, several employees in
principles, guidance and leadership; as the Accounting Division are also mem-
well as no internal rules, policies and bers of the committees. Consequently,
procedures. Adams (2002) remarks that the committees play (consciously or un-
culture reflects moral values, which one consciously) roles in constructing finan-
would expect in turn to influence at least cial reporting practice. For example the
the issues on which companies perceive Director of Financial Services said that:
as worthy of annual reports.
...the committees are actually
The story of Bintang provides a real and intended to build better control.
interesting portrait of a relationship be- However, since the establish-
tween an organisational culture and fi- ment of committees has been
nancial reporting practice. Different part of a trend in implementing
from financial reporting practices of the practice of good corporate
other companies, the financial reporting governance, we decided to make
practice in Bintang reflects a local cul- some executive committees. On
ture—Javanese culture—that shapes not these committees we decide eve-
only individual behaviour but also its rything together. (emphasis
organisational culture. added.)

Similarly, the Director of Administration
Financial Reporting Practice: a Re- Services pointed out that:
flection of Javanese Values
...we...establish and utilise com-
The financial reporting practice of Bin- mittees for the purpose of show-
tang is constructed as a rhetorical story ing that we make a collective
to gain legitimacy and maintain social decision. Directors do not make
harmony. The reason that the company their own decisions. We try to
conducts such practices in this way is


develop collectivism. (emphasis for improving an internal control system,
added.) an audit report draft, and accounting
policies and disclosures in the 2002 an-
This view is also consistent with that of nual report.
the manager, who is responsible for un-
derwriting policies. He said: A long discussion concerned an account-
ing treatment and necessary disclosure
The executive committee is in- in regard to changes in the calculation of
tended to ensure that crucial de- the estimated unearned premium. The
cisions are not determined by a external auditor believed that changes in
single person. The use of a team the calculation of the unearned premium
in the decision-making process should be classified as a change in esti-
will lead to a better decision. As mation, rather than a change in an ac-
far as I know the committees counting method.
have run well and togetherness
in teamwork is part of our cul- According to the Director of Financial
ture. (emphasis added.) Services, a change in the calculation that
made the estimated unearned premium
In addition, in the 2001 annual report of was Rp. 12 billion lower than that of the
Bintang, the Chairman of the Board of previous calculation, which was in-
Commissioners expressed his feelings in tended to fulfil the requirement of De-
regard to the importance of helping each cree of the Minister of Finance No. 481/
other (gotong royong). He said (p. 15): KMK017/19991, and was not intended to
increase the company profit. Such a
Finally, we also extend our deep change is not against the law. Indeed,
appreciation to shareholders, all the President of the Board of Directors
employees of PT. Asuransi Bin- argued that such a change is allowed by
tang, Tbk agents and business the authoritative body and said:
partners, and all financial au-
thorities that have contributed to I personally discussed this issue
the success of PT. Asuransi Bin- [changes in the calculation of
tang, Tbk and we hope that this the estimated unearned pre-
cooperation can be further ex- mium] with the regulator [the
tended in the forthcoming years. Department of Finance] and also
wrote a letter to the regulator. It
Moreover, an example of musyawarah is not a problem. We still use 40
can be seen from a discussion held by per cent in the calculation. The
the Audit Committee of Bintang regard- difference is only in the basis of
ing changes in the calculation of the esti- calculation. Previously we cal-
mated unearned premium. On 24 March culated 40 per cent of the net
2003 the Audit Committee and the premium and now we calculate
Board of Directors held a meeting with 40 per cent of the net premium
an external auditor to discuss the final 1
This decree is replaced by the Decree Number 424/
draft of the annual report. In this meet- KMK.06/2003, which requests insurance companies to
ing they discussed issues concerning achieve the level of solvency at 75 per cent, 100 per
compliance with regulations, a proposal cent, 120 per cent by the end of 2002, 2003 and 2004
respectively.


after a deduction of a net com- cussion, the external auditor disclosed
mission. the changes in the notes to the 2002 fi-
nancial statement (note 2h) as follows:
Furthermore, in the meeting, one of au-
dit committee members asked a question In 2001, the estimated unearned
of the external auditor regarding the premium is computed based on
changes. She said: the aggregate percentage
method at the rate of 40 per cent
What do you think about this of the net premium. Effective
change? Is this an estimation from 2002, the company adopts
change or a change in an ac- the aggregate percentage
counting method? If this change method of 40 per cent of the net
is concerned with an accounting premium after a deduction of a
change, there should be disclo- net commission. The change in
sure of why the auditor agrees the computation still meets the
with the change. Restatement on Decree of the Ministry of Fi-
the 2001 financial statements nance No. 481/KMK.017/1999
should also be done for the dated 7 October 1999 and the
change. Letter of the Insurance Director,
the Directorate General of Fi-
In reply to the question the external nance Institutions, Number
auditor argued that: S4212/LK/2000 dated 23 Au-
gust 2000. If the 2002 estimated
This is an estimation change unearned premium is computed
because there are only two cal- based on the aggregate percent-
culation methods of the esti- age method of the net premium
mated unearned premium: the without a deduction of net com-
aggregate method and the daily mission, the unearned premium
basis method. The change is will increase by Rp
only concerned with the basis of 12,403,893,000. The change in
calculation. We have internally the estimated unearned premi-
discussed this change with other ums computation was made in
auditors. I believe that the order for the company to still
change is more related to an es- comply with the ratio of invest-
timation change, rather than a ment to technical reserve and
change in accounting method. claim payable as required by the
Decree of the Ministry of Fi-
After discussing this change, a compro- nance.
mise was finally made and the Chairman
of the Audit Committee suggested that This example shows how musyawarah
the auditor should clearly express such a guides individuals in Bintang to make a
change in the 2002 annual report that it collective decision. The importance of
is legally allowed and still complies with musyawarah is also supported by the
regulations, especially the decree of the Director of Financial Services, who ar-
Minister of Finance No. 481/ gued that:
KMK.017/1999. As a result of the dis-


...before a final draft of financial vatism is applied not only in financial
statements is signed, the exter- reporting practice, but also in all aspects
nal auditor reviews the draft and of organisational life. This argument is
sometimes we have a conflict based on the fact that for Bintang, con-
with the auditor, for example, servatism is more than just choosing a
about the use of a certain termi- procedure. Rather, it conveys an ideol-
nology of information being ogy, values and beliefs. Consequently,
disclosed in annual reports. We Bintang views conservatism in the same
usually overcome this conflict way as is commonly used in politics.
by making a compromise.
(emphasis added.) In politics, conservatism might be seen
as a philosophy or ideology supporting
The above narratives illustrated how the importance of traditional values or
gotong royong and musyawarah influ- established social order. Thus to quote
ence financial reporting practice in Bin- Tannsjo (1990, p. 4):
tang. Clearly, maintaining social har-
mony is the ultimate purpose of publish- …the conservative attitude...is
ing quality annual reports. This supports characterized by two central
the view expressed by Maclagan (1998, tenets...(1) that whatever exists
p. 141) that “...organizations are seen as as a well established fact ought
adapting to a set of norms in the social to continue to exist and (2) that
environment, and gaining legitimacy”. the reason why it ought to con-
tinue to exist is that it is well
Conservatism: a Lesson From Bintang established.

In accounting literature, conservatism is It should be noted that for proponents of
concerned with procedures adopted by conservatism, tradition does not merely
an accountant when facing uncertainties. mean customs or habits, but consists of
It is unquestionable that conservatism standards and institutions that are per-
holds an extremely important place in ceived to be a guide to promote a well-
the ethos of accounting (Wolk, et al. ordered life (Jost, et al. 2003; Kirk
2004). Conservatism guides accountants 2001). Therefore, the orientation of a
to make decisions based on logic and conservative attitude is to maintain order
evidence that will lead to the fairest and stability and to adhere to pre-
presentation of financial statements. Ac- existing social norms.
cording to conservatism, when account-
ants are facing uncertainty as to which In light of conservatism, orientation to
accounting procedures or methods to values plays an important role in shaping
apply, they tend to choose the proce- the behaviour of employees. In this re-
dures that will be least likely to overstate gard, a conservative attitude derives val-
assets or income. ues from traditions and judges the world
around the individuals to be organised
However, within Bintang’s context, the by the standards they trust (Jost, et al.
word conservatism has a broader mean- 2003). In addition, they do not simply
ing than that generally accepted in ac- preserve traditional or established val-
counting literature. In Bintang, conser- ues, but ensure that a society is socially


ordered according to its values (Muller independence and to improve
2001; Stone 1994). the prosperity of our society.

To keep tradition alive, for example, in This statement implies that the improve-
an organisational context, conservatives ment of social wealth is more important
pass it down from generation to genera- than profit maximisation. Thus, conduct-
tion, from superiors to subordinates, ing ethical business is the only way to
who embody the conservative attitude of achieve such an objective. In so doing,
the organisation. In other words, to Bintang always obeys all regulations and
maintain a conservative attitude a leader operates in accordance with socially ac-
must be able to institutionalise the atti- ceptable values. This has been accepted
tude in an organisation’s life. The fol- as a tradition of Bintang in dealing with
lowing section describes how conserva- insurance business and external pres-
tism is embedded in financial reporting sures.
practice in Bintang.
Conservative attitude in Bintang is also
Conservatism in Bintang: a Reflection confirmed by Mr A in the Accounting
of Javanese Culture Division, who said:

The concept of conservatism applied in From its establishment Bintang
Bintang is similar to that used in politics. always complies with all regula-
Thus, for Bintang to be conservative, its tions promulgated by authorised
staff must be able to conduct ethical bodies. This is why Bintang is
business and obey regulations and any well known as a conservative
socially acceptable norms and values for company. This is part of our
the purpose of maintaining stability and culture...
order in Indonesian society. Bintang has
employed conservatism since the estab- This statement is supported by Mr G, the
lishment of the company. The reason for manager who is responsible for under-
this is that Bintang was established not writing policies. He maintained that Bin-
simply to raise profits, but to improve tang is committed to obeying regula-
the welfare of Indonesian society. This tions. He said that “Bintang is very con-
can be seen from a statement by the servative in implementing regulations.
charismatic founder, Mr Soedarpo Sas- Bintang has continuously kept obeying
trosatomo in the 2004 Management An- any regulations”.
nual Meeting of Bintang. He said:
Such statements indicate that in Bintang,
Bintang not only raises money, as discussed before, the conservative
but also utilises our independ- attitude has been accepted as a taken-for
ence so that we can fight in our -granted belief that guides its employees
own country. We have a holy in conducting business. A statement by
spirit. The founders then have Mr B, a senior internal auditor, illus-
institutionalised the holy spirit trates this view:
in Bintang, to enable its organ-
isational members to utilise our As far as I know, Bintang is
conservative in conducting busi-


ness. With or without formal ing to environmental
rules we tend to conduct our- changes...Thus, being conserva-
selves ethically...I think since tive does not mean we neglect
the establishment of Bintang, we the changes in the business envi-
have run the business conserva- ronment. We also adopt new
tively. The founders of this com- concepts introduced by profes-
pany always remind us about the sional accounting bodies, as
importance of being honest, long as the concepts are consis-
ethical and fair in doing busi- tent with our culture.
ness. I am proud of working
here. Even though Bintang is a Another claim showing the commitment
small company, it always runs of Bintang to be conservative can be
an ethical business. seen from a statement by the Director of
Administration Services. He said:
In addition, being conservative does not
mean static. Instead, such an attitude has In line with the flexibility of
driven Bintang to be responsive to exter- Bintang to respond to environ-
nal pressures. An active response to new mental changes, I think Bintang
regulations is an example of Bintang’s employs a conservative ap-
flexibility, even though the Indonesian proach. This is a positive policy
business environment has been sur- because currently we have tight
rounded by unethical business and cor- regulations. However, these
rupt government. In this regard, it is tight regulations are not a major
interesting to note what employees of problem for Bintang, as the con-
Bintang said about conservatism and servative approach has led Bin-
external pressures. For example, Mr H tang to keep obeying the regula-
believed that: tions. It is true that the tight
regulations have made insurance
Although Bintang is conserva- business more difficult. But for
tive, this company is very flexi- Bintang, because of the conser-
ble in responding to changes in vative approach, to implement
the business environ- the tight regulations is not as
ment...Management always difficult as for other insurance
complies with regulations. If a companies. Indeed, many insur-
new regulation is issued, Bin- ance companies collapsed be-
tang usually establishes a team cause of the regulations. Thus, I
to discuss whether the regulation believe that conservatism is
only affects the head office or good for supporting the imple-
influences both the head office mentation of regula-
and branch offices. Thus, we tions...However, as Bintang is
can anticipate the consequences used to obeying the rules and
of any regulations. never conducts unethical busi-
ness activities, sometimes the
This statement is supported by Mr B, conservative approach makes it
who contended that: difficult for Bintang to compete
We are very flexible in respond- with other insurance companies.


We know that we might be able rame ing gawe, mangayu ayuning
to conduct business like other bawana” —be disinterested, work hard,
companies, such as illegally re- perfect the world (Antlov 1994, p. 77).
ducing the customer’s premi-
ums, which result in getting cos- Obedience to regulations shows that
tumers. But we do not want to Bintang wants to avoid unnecessary con-
do that... flicts and respect those who issue the
regulations. To quote Jost, et al. (2003,
Such quotations showed that “the or- p.340), “conservative ideologies—like
ganization and the management of work virtually all other belief systems—are
involve moral matters and ethical dilem- adopted in part because they satisfy
mas from top to bottom from beginning some psychological needs”. Moreover,
to end” (Watson 1998, p. 253). The rea- the case of Bintang shows that:
son that organisational members of Bin-
tang conduct ethical business can be ...accounting is intimately impli-
related to a view by Blanchard and Peale cated in the construction of fa-
(1988, p. 7) who wrote that: cilitation of the contexts in
which it operates. It cannot be
…ethical behaviour is related to extracted from its environment
self-esteem...that people who like an individual organism from
feel good about themselves have its habitat...Accounting as a so-
what it takes to withstand out- cial institution is shaped by cul-
side pressures and to do what is ture to present and explain cer-
right rather than do what is tain phenomena concerning eco-
merely expedient, popular, or nomic transactions. As a social
lucrative... that a strong code of institution, accounting is inte-
morality in any business is the grated into customs, values,
first step toward its suc- norms, beliefs accepted in a so-
cess...that ethical managers are ciety. Thus accounting cannot
winning managers. be isolated and analysed as prac-
tice that is free from culture.
What has been practised in Bintang also The existence of accounting is
illustrates that the company has tried to determined by culture, customs,
judge the business environment to be norms, and institutions
well ordered by the values that Bintang (Hopwood, et al. 1994, p. 228;
trusts, as Jost, et al. (2003) describe. original emphasis).
This implies that Bintang obeys regula-
tions to ensure that there is social order Based on such reasons, the case of Bin-
and stability of society according to its tang also signifies that its organisational
values. This view is actually a reflection actors have constructed the company as
of Javanese culture. Indeed, for Bintang, a part of a wider social community.
maintenance of social harmony is the Thus, “individuals in both an organisa-
most important thing in conducting busi- tion and a society should behave so at to
ness, including financial reporting prac- achieve forms of self-actualisation that
tice. To achieve this Bintang has imple- leads to social harmony” (Legge 1998,
mented the philosophy “sepi ing pamrih, p. 159).


The Financial reporting practice of Bin- To sum up, regardless of how beliefs,
tang shows that quality financial report- values and norms are institutionalised in
ing is determined by an ethical culture. Bintang to shape individuals’ behaviour,
For Bintang, it is not economic factors and to socially construct financial re-
that drive quality financial reporting; porting practice, this study concluded
rather it is a reality that is socially con- that the financial reporting practice of
structed by actors in the organisation. Bintang is a socially dynamic process. It
is a socially constructed reality
involving an interplay between
Conclusion and Limitation individual, social values and
organisations. Indeed, in the case of
The case of Bintang shows that organ- Bintang, it can be seen that financial
isational culture plays an important role reporting practice reflects the Javanese
in shaping the behviour of organisational ideas on an ethical social relationship.
members. The organisational culture of Financial reporting practice in Bintang
Bintang is built on the bases of public shows that accounting is a social sci-
accountability, conservatism and trans- ence. It is value laden.
parency, and is able to shape the behav-
iour of its actors from the top to lower Despite its rich and thick description of
levels to conduct ethical and transparent the case chosen for this study, it is
business practice. Through the adoption worthwhile noting a number of limita-
of Javanese culture, organisational mem- tions. First, the findings of this study are
bers of Bintang have behaved ethically constrained by a single company with a
so as to maintain social harmony both focus on the insurance industry, and are
among organisational members, and be- also constrained by a relatively short
tween organisational members and its data collection period (six months), dur-
institutional environment. ing which there were no new regulations
or pressure during data collection that
The case of Bintang also shows that might influence the company. Possibly,
quality financial reporting practice is a more complete and comprehensive
strongly influenced by the organisational analysis of institutional, political, and
culture of the company. It is true that cultural change is needed.
regulations affect financial reporting
practice. However, compliance with Second, even though this study was un-
regulations is determined by organisa- dertaken by prolonged engagement in
tional culture. Thus a company with an the organisational setting, and by using a
ethical culture will more likely be com- triangulation approach in collecting data
mitted to compliance with regulation and interpreting research findings, this
and to quality financial reporting prac- study may have suffered from a subjec-
tice. Taken-for-granted beliefs have tive bias, especially in interpreting data
shaped the behaviour of Bintang organ- or facts. Meanings, symbols, and facts
isational members and have driven the gathered and discussed in this study
company to commit to ethical culture. were translated by the researcher with-
This ethical culture has also shaped its out endorsement by an impartial third
financial reporting practice. party. Thus, it is possible that meanings,
symbols, and facts are misinterpreted


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