ojs2 has produced an error Message: WARNING: Invalid argument supplied for foreach() In file: /home/jab1/public_html/lib/pkp/classes/core/Core.inc.php At line: 149 Stacktrace: File: /home/jab1/public_html/lib/pkp/classes/core/Core.inc.php line 149 Function: PKPApplication->errorHandler(2, "Invalid argument supplied for foreach()", "/home/jab1/public_html/lib/pkp/classes/core/Core.inc.php", 149, Array(6)) File: /home/jab1/public_html/lib/pkp/classes/core/PKPRequest.inc.php line 463 Function: Core->isUserAgentBot("Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)") File: /home/jab1/public_html/plugins/generic/usageEvent/UsageEventPlugin.inc.php line 353 Function: PKPRequest->isBot() File: /home/jab1/public_html/plugins/generic/usageEvent/UsageEventPlugin.inc.php line 106 Function: UsageEventPlugin->_buildUsageEvent("TemplateManager::display", Array(5)) File: (unknown) line (unknown) Function: UsageEventPlugin->getUsageEvent("TemplateManager::display", Array(5)) File: /home/jab1/public_html/lib/pkp/classes/plugins/HookRegistry.inc.php line 89 Function: call_user_func(Array(2), "TemplateManager::display", Array(5)) File: /home/jab1/public_html/lib/pkp/classes/template/PKPTemplateManager.inc.php line 332 Function: HookRegistry->call("TemplateManager::display", Array(5)) File: /home/jab1/public_html/pages/article/ArticleHandler.inc.php line 224 Function: PKPTemplateManager->display("article/article.tpl") File: (unknown) line (unknown) Function: ArticleHandler->view(Array(1), Object(Request)) File: /home/jab1/public_html/lib/pkp/classes/core/PKPRouter.inc.php line 362 Function: call_user_func(Array(2), Array(1), Object(Request)) File: /home/jab1/public_html/lib/pkp/classes/core/PKPPageRouter.inc.php line 220 Function: PKPRouter->_authorizeInitializeAndCallRequest(Array(2), Object(Request), Array(1), False) File: /home/jab1/public_html/lib/pkp/classes/core/Dispatcher.inc.php line 134 Function: PKPPageRouter->route(Object(Request)) File: /home/jab1/public_html/lib/pkp/classes/core/PKPApplication.inc.php line 178 Function: Dispatcher->dispatch(Object(Request)) File: /home/jab1/public_html/index.php line 64 Function: PKPApplication->execute() Server info: OS: Linux PHP Version: 5.6.40-38+ubuntu18.04.1+deb.sury.org+1 Apache Version: N/A DB Driver: mysql DB server version: 5.7.33-0ubuntu0.16.04.1-log
Kualitas Laporan Keuangan, Asimetri Informasi dan Efisiensi Investasi | Umiyati | Jurnal Akuntansi dan Bisnis

Kualitas Laporan Keuangan, Asimetri Informasi dan Efisiensi Investasi

Indah Umiyati

##article.abstract##


Penelitian ini bertujuan untuk melihat dampak kualitas laporan keuangan dalam mengantisipasi asimetri informasi antara manajer dan pemasok modal eksternal sehingga bisa meningkatkan efisiensi investasi. Asimetri informasi dalam bentuk moral hazard dan adverse selection memicu terjadinya over-investment dan/atau under-investment. Kualitas laporan keuangan diharapkan bisa memitigasi dampak moral hazard dan adverse selection, sehingga bisa mengurangi kecenderungan terjadinya over-investment dan under-investment. Penelitian ini menggunakan adjusted abnormal revenue (AAR) sebagai proksi kualitas laporan keuangan. Penelitian ini menganalisis perusahaan yang terdaftar di BEI tahun 2008-2015. Penelitian ini menyatakan beberapa hipotesis. Pertama, kualitas laporan keuangan berhubungan negatif dengan over-investment. Kedua, kualitas laporan keuangan berhubungan negatif dengan under-investment. Ketiga, dampak kualitas laporan keuangan terhadap over-investment lebih kuat pada perusahaan yang mempunyai asimetri informasi lebih besar. Keempat, dampak kualitas laporan keuangan terhadap under-investment lebih kuat pada perusahaan yang mempunyai asimetri informasi lebih besar. Hasil penelitian menunjukkan kualitas laporan keuangan mengurangi terjadinya over-investment dan under-investment. Namun, penelitian ini belum bisa membuktikan dampak kualitas laporan keuangan dalam mengurangi over-investment dan under-investment berdasarkan tingkat asimetri informasi perusahaan.

Kata kunci : kualitas laporan keuangan, asimetri informasi, efisiensi investasi

Full Text:

PDF

References


Abel, A., 1983. Optimal investment under uncertainty. American Economic Review, 73, 228–233.

Baker, M., Stein, J., Wurgler, J., 2003. When does the market matter? Stock prices and the investment of equity-dependent firms. Quarterly Journal of Economics,118, 969–1005.

Bernard, V., and D. Skinner. 1996. What motivates managers’ choice of discretionary accruals? Journal of Accounting and Economics 22: 313–325.

Biddle, G., Hilary, G., 2006. Accounting quality and firm-level capital investment. The Accounting Review, 81, 963–982

Biddle, G.C., Hilary, G., Verdi, R.S., 2009. How does financial reporting quality improve investment efficiency? Journal of Accounting and Economincs, 48, 112-131

Biswas, D. 2004 Economics of information in the web economy: towards a new theory? Journal of Bussiness Research, 57(7), 724–33

Blanchard, O., Lopez-de-Silanez, F., Shleifer, A., 1994. What do firms do with cash windfalls? Journal of Financial Economics 36, 337–360.

Bushman, R., Indjejikian, R., 1993. Shareholder demand for ‘‘distorted’’ accounting disclosures. The Accounting Review, 68, 765–782.

Bushman, R., Smith, A., 2001. Financial accounting information and corporate governance. Journal of Accounting and Economics, 31, 237–333.

Chang, X., Dasgupta, S., Hilary, G., 2009. The effect of auditor quality on financing decisions. The Accounting Review, 84, 1085–1117.

Copeland TE, Galai D. 1983. Information effects on the bid–ask spread. Journal of Finance, 38(5):1457–1469.

Dechow, P., Dichev, I., 2002. The quality of accruals and earnings: the role of accrual estimation errors. The Accounting Review, 77, 35–59.

Easley D, Hvidkjaer S, O'Hara M. 2002. Is information risk a determinant of asset returns? Journal of Finance, 57(5), 2185–2221

Fazzari, S., Hubbard, G., Petersen, B., 2000. Investment-cash flow sensitivities are not useful: a comment on Kaplan and Zingales. Quarterly Journal of Economics, 115, 695–705.

Garcia Lara, J. M., Garcia Osma, B., Penalva, F., 2016. Accounting conservatism and firm investment efficiency. Journal of Accounting and Economics, 61, 221-238

Glosten LR, Harris LE. 1988. Estimating the components of the bid–ask spread. Journal of Financial Economics, 21(1),123–42.

Grewala D, Iyerb GR, Krishnanc R, Sharmad A. 2003, The Internet and the price–value–loyalty chain. Journal of Bussiness Research, 56(5),391–398.

Hayashi, F., 1982. Tobin’s marginal q and average q: a neoclassical interpretation. Econometrica, 50, 213–224.

Healy, P., Palepu, K., 2001. Information asymmetry, corporate disclosure, and the capital markets: a review of the empirical disclosure literature. Journal of Accounting and Economics, 31, 405–440.

Holmstrom, B., Tirole, J., 1993. Market liquidity and performance monitoring. Journal of Political Economy, 101, 678–709.

Indonesian Stock Exchange, Fact Book IDX 2016, Jakarta, 2016

Jensen, M., 1986. Agency costs of free cash flow, corporate finance, and takeovers. American Economic Review, 76, 323–329.

Jensen, M., Meckling,W., 1976. Theory of the firm: managerial behavior, agency costs and ownership structure. Journal of Financial Economics, 3, 305–360.

Kanodia, C., Lee, D., 1998. Investment and disclosure: the disciplinary role of periodic performance reports. Journal of Accounting Research, 36, 33–55.

Kaplan, S., Zingales, L., 1997. Do financing constraints explain why investment is correlated with cash-flows? Quarterly Journal of Economics, 112, 169–215.

Kulkarni SP. 2000. The influence of information technology on information asymmetry in product markets. Journal of Bussiness Economics Studies, 6(1), 55–72.

Lambert, R., 2001. Contracting theory and accounting. Journal of Accounting and Economics, 32, 3–87.

Leuz, C., Verrecchia, R., 2000. The economic consequences of increased disclosure. Journal of Accounting Research, 38, 91–124.

Liu, M., Wysocki, P., 2007. Cross-sectional determinants of information quality proxies and cost of capital measures. Working Paper, MIT.

McNichols, M. 2002. Discussion of the quality of accruals and earnings: The role of accrual estimation errors. The Accounting Review, 77 (Supplement): 61–69.

McNichols, M., and P. Wilson. 1988. Evidence of earnings management from the provision for bad debts. Journal of Accounting Research, 26 (Supplement): 1–31

Myers, S., Majluf, N., 1984. Corporate financing and investment decisions when firms have information that investors do not have. Journal of Financial Economics, 13, 187–221.

Stubben, S.R. Discretionary Revenues as Measure of Earnings Management. The Accounting Review, 85(2), 695-717.

Verrecchia, R., 2001. Essays on disclosure. Journal of Accounting and Economics, 32, 91–180.

Yoon, H., Zo, H., Ciganek, A.P. 2011. Does XBRL adoption reduce information asymmetry? Journal of Bussiness Research, 64, 157-163.

Yoshikawa, H., 1980. On the ‘‘q’’ theory of investment. American Economic Review, 70, 739–743.

https://www.bps.go.id/linkTabelStatis/view/id/1317

https://www.bps.go.id/linkTabelStatis/view/id/1318




DOI: http://dx.doi.org/10.20961/jab.v17i1.209

Jurnal Akuntansi dan Bisnis (JAB)
ISSN 1412-0852 (print), 2580-5444 (online)
Published by Accounting Study Program, Faculty of Economics and Business, Universitas Sebelas Maret, Indonesia


Creative Commons License
JAB on http://jab.fe.uns.ac.id/index.php/jab is licensed under a Creative Commons Attribution-ShareAlike 4.0 International License

Visitor Statistic