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"ABSTRAK

Penelitian ini bertujuan untuk melihat pengaruh penerapan Integrated Reporting secara sukarela terhadap informasi asimetri dan efek ukuran perusahaan sebagai variabel moderasi.  Sebanyak 103 perusahaan di Asia dan Eropa pada tahun 2017 menjadi sampel dalam penelitian ini.  Metode analisis konten dengan dasar kerangka IIRC digunakan untuk menilai kualitas dari penerapan Integrated Reporting di perusahaan dan Ordinary Least Square digunakan untuk menganalisis data. Hasil penelitian menunjukkan tidak adanya hubungan antara Integrated Reporting secara sukarela dengan informasi asimetri. Efek ukuran perusahaan sebagai variable moderasi juga tidak ditemukan. Hal ini juga didukung oleh analisis tambahan yang mendukung hasil analisis utama. Berdasarkan hasil pengujian tambahan diketahui bahwa penerapan Integrated Reporting secara sukarela tidak berpengaruh terhadap informasi asimetri, serta tidak ada hasil yang signifikan untuk ukuran perusahaan sebagai variabel moderasi.

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ABSTRACT

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This study examined the existence of a negative relationship between voluntary integrated reporting and information asymmetry and the size effect as the moderator of this relationship. Using a final sample of 103 firms in Europe and Asia in the period of 2017, the Ordinary Least Square is then performed to analyze the data. The results show that there is an insignificant relationship between the integrated reporting quality and information asymmetry which is captured by the spread. In addition, the insignificant effect of size to moderate this relationship is also found. Additional testing is performed to ensure the primary results. The findings also suggested the same results that in a nutshell, voluntary integrated reporting is not negatively associated with the information asymmetry and insignificant size effect as a moderator variable is also obtained. 

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"Penelitian ini memiliki untuk melihat pengaruh information asymmetry terhadap capital structure pada perusahaan yang terdaftar di Bursa Efek Indonesia pada periode tahun 2008 hingga 2017. Dalam penelitian ini digunakan lima proksi capital structure, yaitu market leverage, book value of leverage, cost of debt, cost of equity, serta selisih dari cost of equity dancost of debt. Variabel information asymmetry diukur menggunakan likuiditas saham yang dihitung dengan metode Amihud illiquidity ratio. Terdapat pula variabel kontrol yang disertakan dalam penelitian ini yaitu tangibility of assets, firm size, profitability, market-to-book ratio, debt-to-asset ratio,dan bank lending rate.Penelitian ini menggunakan metode data panel generalized least squares dengan model pooled least squares danfixed effect model. Hasil penelitian menunjukkan bahwa terdapat pengaruh positif signifikan information asymmetry terhadap capital structure perusahaan di Indonesia, di mana seiring dengan meningkatnya information asymmetry dalam suatu perusahaan maka tingkat hutang perusahaan akan turut meningkat.

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This research aims to seek the effect that information asymmetry of stock has on capital structure for firms in Indonesia for the period of 2008 until 2017. In this research, there are five proxies of capital structure that are used, namely market leverage, book value of leverage, cost of debt, cost of equity, and the difference between cost of equity and cost of debt. Information asymmetry variable was measured by stock liquidity that is computed using Amihud illiquidity ratio measure. Several control variables are also included in this research, which are asset tangibility, firm size, profitability, market-to-book ratio, debt-to-asset ratio, and bank lending rate. This research uses panel data generalized least squares method, with pooled least squares and fixed effect model. The result shows there is positive and significant effect that information asymmetry has on Indonesian firms capital structure, which indicates increase in information asymmetry can increase firms leverage level."

"Investor menjadikan kinerja keberlanjutan perusahaan sebagai kriteria untuk berinvestasi. Akan tetapi, tidak semua negara di Asia Tenggara memiliki tingkat transparansi dan perlindungan investor yang baik, sehingga masih terdapat asimetri informasi mengenai kinerja keberlanjutan perusahaan. Penelitian ini bertujuan untuk menganalisis pengaruh tingkat kelengkapan dan kualitas asurans laporan keberlanjutan serta tingkat perlindungan investor terhadap asimetri informasi. Analisis ini dilakukan dengan mengaplikasikan teori sinyal dan teori institusional. Penelitian ini melakukan uji regresi dengan 93 perusahaan di Asia Tenggara pada periode 2015-2017. Asimetri informasi diukur dengan bid-ask spread dan kesalahan prediksi analis. Hasil penelitian menunjukkan tingkat kelengkapan laporan keberlanjutan tidak memengaruhi asimetri informasi. Akan tetapi, asurans atas laporan keberlanjutan berpengaruh negatif terhadapasimetri informasi. Hasil penelitian menunjukkan bahwa semakin tinggi kualitas asurans, pengaruh negatif tingkat kelengkapan laporan keberlanjutan terhadap akurasi prediksi analis semakin lemah. Pengaruh tingkat kelengkapan laporan keberlanjutan terhadap asimetri informasi tidak berbeda di negara dengan tingkat perlindungan investor yang berbeda, kecuali laporan tersebut diasurans. Jika laporan keberlanjutan diasurans, pengaruh negatif tingkat kelengkapan laporan keberlanjutan terhadap akurasi prediksi analis lebih lemah di negara dengan tingkat perlindungan investor yang tinggi. Asurans atas laporan keberlanjutan dapat mengurangi bid-ask spread di negara dengan tingkat perlindungan investor yang kuat"

"The purpose of this study is to investigate the relationship between governance, information asymmetry, and earnings management. Prior indicates that information asymmetry negatively correlated with management (Richardson, 2001). As predicted, this study also found correlation between bid-ask spread, as a proxy of information and discretionary accruals, as a proxy of earnings management. In we also test whether corporate governance mechanisms will impact the discretionary accruals and eventually affect firm value. We use several as proses of corporate governance mechanisms such as institutionalpip, audit quality, independent board, and existence of audit committee, 'that audit committee has significant negative relation with discretionary This indicates that audit committee existence is effectively constraining of earnings management. This study also has that proportion of independent board and existence committee increase the positive relationship between discretionary and stock return. These indicates that earnings management conductedhaving higher proportion of independent board and firms having auditfee will be valued higher by the market."

"This study examines trading volume reaction to earnings announcements; specifically the effect of information asymmetry across investors before earnings announcement, in the form of differences in ownership structures measured by the level of institutional ownership, to trading volume around earnings announcements. Further, this study also examines other factors related to volume reaction around earnings announcements such as price changes resulted in certain unexpected earning levels, cost of transactions, and firm size.The Ordinary Least Square (OLS) method is initially used in finding the relation between unexpected trading volume in two-day and seven-day announcement period windows to the independent variables used in this study. Further, this study applies the Weighted Least Square (WLS) method to eliminate the potential heteroscedasticity and to increase efficiency of the model.This study finds that institutional ownership level as a measure of information asymmetry across investors affects volume response to earnings announcement. The study finds that trading volume reaction is an increasing function of the level of information asymmetry. The study also finds that trading volume reaction is an increasing function of price changes and firm size, yet it has a negative relation to transaction costs."

"ABSTRAKThe purpose of this study to determine the effect of earnings management on stock returns and know information asymmetry and debt covenant in moderating the effect of earnings management on stock returns. This research is a descriptive verification research that is causality. The unit of analysis in this study is a company that conducted an IPO in 2013-2016. The research data using sample data selected through purposive sampling technique and obtained by 46 companies doing IPO period 2013 until 2016. This research use technique of simple linier regression analysis and moderated regression analysis. Modified Jones Model is used to detect earnings management. Cummulative Abnormal Return (CAR) is used as a proxy of stock returns. Deb to Equity Ratio (DER) as a proxy for identifying debt covenant. The result of research with simple linear regression test showed that earnings management did not have an effect on stock return. The result of research by using moderated regression analysis test shows that information asymmetry can not moderate the influence of earnings management on stock return. Debt Covenant can moderate the effect of earnings management on stock returns."

"Tingginya cost of equity yang ditanggung oleh perusahaan, dapat berarti pula bahwa, tinggi pula tingkat pengembalian yang disyaratkan oleh investor. Laporan keuangan perusahaan menjadi sumber informasi utama investor dalam menilai tingkat risiko investasi perusahaan. Ketika terjadinya ketidaksamaan informasi yang dimiliki antar investor, mendorong terjadinya asimetri informasi. Perusahaan dapat mengurangi asimetri informasi dengan salah satunya melakukan peningkatan pada kualitas laporan keuangan perusahaan. Penelitian ini bertujuan untuk melihat bagaimana pengaruh dari financial reporting quality terhadap cost of equity dengan adanya peran dari information asymmetry, pada perusahaan non keuangan di Indonesia. Pada penelitian ini menggunakan metode data panel dan variabel kontrol berupa size, leverage, growth dan dispersion. Hasilnya adalah perusahaan yang meningkatkan keterbukaan informasi keuangannya cenderung mengurangi asimetri informasi, namun, tidak dapat mempengaruhi secara langsung hubungan antara financial reporting quality dengan cost of equity bagi perusahaan non keuangan di Indonesia.

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The higher cost of equity which is borne by the company, may mean that, the higher the rate of return required by investors. The financial reporting of the company is main source of information in when investor assess the level of risk when investing in a company. When the inequality between the information held by investors, pushing the asymmetry of information. Companies can reduce information asymmetry with making improvements to the quality of the company's financial reporting. This study aims to see how the effects of the financial reporting quality of the cost of equity with the role of information asymmetry, non financial firms in Indonesia, using panel data and control variables such as size, leverage, growth and dispersion. The result is a company that increases its financial information disclosure tends to reduce the asymmetry of information, however, information asymmetry can not affect directly the relationship between financial reporting quality with a cost of equity for non financial companies in Indonesia. "

"ABSTRAKPenelitian ini bertujuan untuk mengetahui pengaruh informasi asimetris (antara realized return dan expected return) pada market timing ability di Industri Reksa Dana Indonesia. Variabel penelitian ini adalah total return reksa dana, market excess return, small-minus-big, high-minus-low, market timing ability, dan informasi asimetris. Peneliti menggunakan data panel pada 129 produk reksa dana non-syariah terbuka dengan denominasi rupiah yang terdiri dari reksa dana saham, pendapatan tetap, campuran, dan pasar uang dengan data tahunan selama tahun 2010-2017. Penelitian ini menggunakan metode penelitian Fama-French 3 Factors Model dan Asymmetric Information-Dierkens Model. Hasil dari penelitian ini menunjukkan bahwa pada keseluruhan sampel penelitian, rata-rata manajer investasi memiliki market timing ability. Selain itu, ditemukan bahwa market timing abilitydipengaruhi secara signifikan oleh informasi asimetris.

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ABSTRACTThis study aims to determine information on asymmetry (between realized return and expected returns) on market timing ability in the Indonesian Mutual Fund Industry. The variables of this study consist of mutual fund total returns, market excess returns, small-minus-big, high-minus-low, market timing abilities, and asymmetric information. The researcher used a panel of data on 129 open-ended non-sharia mutual fund products consisting of equity, fixed-income, mix, and money market mutual funds with annual data for 2010-2017. This study uses the Fama-French 3 Factors Model and Asymmetric Information-Dierkens Model. The results of this research indicate that in the overall research sample, the average investment manager has the ability to market timing. In addition, it was found that market timing ability is very significant by asymmetrical information."

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Pertumbuhan jumlah investor di pasar modal syariah di Indonesia terus meningkat dari tahun 2015 sampai 2019, khususnya investor di saham syariah. Membuat keputusan investasi didasari oleh keadaan setiap investor, baik rasional maupun irasional aspek. Investor syariah dihadapkan terhadap rasionalitas dan moralitas ketika melakukan investasi pada saham syariah. Penelitian ini bertujuan mencari faktor-faktor yang memengaruhi investment decision investor saham syariah di Indonesia. Penelitian menggunakan kuesioner online dari google formulir untuk pengumpulan data, sehingga didapatkan 108 responden yang mengisi kuesioner. Analisis yang digunakan dalam penelitian ini adalah Partial Least Square (PLS)-SEM dengan bantuan perangkat lunak SmartPLS versi 3.2.8. Hasil dari penelitian ini menunjukan faktor financial literacy, personal value, dan risk aversion memiliki pengaruh positif terhadap investment decision. Sedangkan information asymmetry tidak memiliki pengaruh terhadap investment decision. Hasil lain yang didapatkan dari penelitian ini adalah financial literacy, personal value, information asymmetry tidak memiliki pengaruh terhadap risk aversion.

 

 

 

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The development of the number of investor in Islamic Capital Market in Indonesia has increased from 2015 to 2019, especially investors on Islamic stock. Investment decision making is based on the condition of every investor, both rational and irrational aspect. Islamic investor faced with rationality and morality when investing in Islamic stock. This research aims to look for factors that influence investment decisions Islamic stock investors in Indonesia. This research using online questionnaire from Google. The analysis used in this research is Partial Least Square (PLS) SEM with tools SmartPLS version 3.2.8. The results of this research show the factor financial literacy, personal values, and risk aversion influence on investment decision, whereas information asymmetry has no influence on investment decision. Other results from this research are financial literacy, information asymmetry and personal value has no influence on risk aversion.

 

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