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Dampak Pengungkapan Sukarela dan Manajemen laba terhadap Biaya Modal Ekuitas dengan Asimetri Informasi sebagai Variabel Intervening (Studi pada Perusahan Publik Sektor Manufaktur)

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Abstrak : Penelitian ini bertujuan untuk memberikan bukti empirik tentang dampak pengungkapan sukarela dan manajemen laba terhadap biaya modal ekuitas dengan asimetri informasi sebagai variabel intervening. Penelitian ini tergolong dalam riset akuntansi berbasis pasar modal (market based accounting research) karena bertujuan untuk mengetahui pengaruh informasi akuntansi terhadap partisipan pasar modal (investor).  Penelitian dilakukan dengan menggunakan populasi perusahaan publik sektor manufaktur yang terdaftar di Bursa Efek Jakarta. Sampel dipilih berdasarkan kriteria: (a) laporan keuangan tahunan berakhir 31 Desember; dan (b) nilai buku ekuitas positip. Jumlah perusahaan manufaktur yang memenuhi kriteria adalah 92 perusahaan. Analisis data dilakukan dengan menggunakan data polled cross-section yang mencakup data transaksi saham dan laporan keuangan tahun 2001-2002. Pengungkapan sukarela diukur dengan indeks pengungkapan, manajemen laba diukur dengan memakai modified Jones, asimetri diukur berdasarkan standardized residual regresi bid ask dengan variabel independen harga saham, volume, depht, varian return. Biaya modal ekuitas diestimasi dengan memakai model Ohlson. Pengujian hipotesis dilakukan dengan menggunakan path analisis. Hasil penelitian memberikan bukti empirik bahwa: (1) pengungkapan sukarela mempunyai pengaruh negatip yang signifikan terhadap asimetri informasi dan biaya modal ekuitas, temuan ini mendukung teori bahwa pengungkapan berdampak pada peningkatan kepercayaan investor sehingga asimetri informasi turun yang diikuti dengan penurunan biaya modal ekuitas; (2) Manajemen laba tidak berdampak pada asimetri informasi, tapi berdampak positip dan signifikan terhadap biaya modal ekuitas, hal ini mencerminkan bahwa semakin tinggi abnormal akrual (proksi manajemen laba) maka kepercayaan investor menurun sehingga berdampak pada naiknya biaya modal ekuitas; dan (3) pengaruh total pengungkapan sukarela, dan manajemen laba terhadap biaya modal ekuitas adalah 15, 13 % Kesimpulan dari riset ini adalah: (1) informasi kualitatif dan kuantitatif non keuangan relevan untuk pengambilan keputusan investasi; (2) mendukung paradigma decision usefulness-market behavior dalam membangun teori akuntansi; dan (3) modifikasi model Friedlan merupakan proksi terbaik untuk mengukur manajemen laba.

The objectives of the research are to find out empirical evidence of the impact of voluntary disclosures and earnings management on cost of equity capital with information asymmetry as intervening variable. The type of this research is market-based accounting research because the aim of this research is directed to find out the impact of accounting information on capital market participants (investors). The population of this study was listed companies in the manufacturing sector at the Jakarta Stock Exchange, and the sample was determined based on the following criteria: (a) the annual report ended 31 December; and (b) book value of equity is positive. There were 92 companies meeting the criteria. Data analysis was carried out in terms of pool cross-section covering stock transaction and annual financial report during 2001-2002. Voluntary disclosures were measured by index, earnings management were measured by modified Jones model, information asymmetry were measured by standardized residual on regression of bid-ask spread with independent variables were stock prices, stock volume transaction, depth, and variance returns. Cost of equity was estimated by Ohlson model. The research hypotheses were tested using the path analysis. The results of this research show that: (1) voluntary disclosures had significantly negative influence on information asymmetry and cost of equity capital, this finding gives empirical evidence that supports the theory that voluntary disclosures had impact on increasing investor's belief so that the decline of information asymmetry is followed by the decrease in cost of equity capital; (2) earnings management had no impact on information asymmetry, but it had significant impact on cost of equity capital, this finding reflects that the higher the abnormal accruals (earnings management proxy) the lower will be the investor's belief, so that leading to the increase of the cost of equity capital; and (3) the total impact of voluntary disclosures and earnings management to the cost of equity capital is 15.13%. The conclusions of the research were: (1) qualitative and non financial quantitative information have value relevance to investment decision making; (2) supporting the decision usefulness-market behavior paradigm in developing accounting theory; and (3) Modified Friedlan model seems to be the best proxy for earnings management measurement. 

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D891

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Bandung : ., 2005

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Indonesia

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