S e n s i, P e n g u n g k a p a n N o n F in a n c ia l M e a s u r e s ( N F M D is c lo s u r e ) .. 4 7
J u rn a l A k u n ta n s i d a n K e u a n g a n In d o n e s ia Ju n i 2 0 0 7 , V ol.4, N o . 1, h a l. 4 7 -7 6
P E N G U N G K A P A N
N O N F IN A N C IA L M E A S U R E S
: P E N I L A I A N
V A L U E R E L E V A N C E
B A G I I N V E S T O R D A N P E N G A R U H N Y A
T E R H A D A P
C O S T O F E Q U I T Y
D A N
P E R F O R M A N C E
B A G I P E R U S A H A A N P U B L I K
L u d o v i c u s S e n s i W o n d a b i o
S t a f P e n g a ja r F a k u lta s E k o n o m i U n iv er sita s In d o n e sia
s e n s i@ in d o s a t.n e t.i d
A b s t r a c t
R e s e a r c h ha s c a lle d f o r in c r e a s e d d e m a n d o f n o n fin a n c ia l m e a su re s (N F M )
d isc lo su re . T h is r e se a r c h e x a m in e s th e a s so c ia tio n b e tw e e n f ir m c h a r a c te ris tic s a n d th e e x te n t o f N F M disc lo su re . F u rth e rm o re , w e in v e stig a te th e v a lu e r e le v a n c e o f
N F M d isc lo s u re a n d its e ffe c ts to c o s t o f e q u ity a n d fir m s p e r fo r m a n c e . T he re su lts
o f th is r e se a r c h are: (1) f ir m s tr a te g y (p r o s p e c to r / de fe nd er ), r e g u la to r y fa c to r s , fir m s ’ a g e a n d fo r e ig n o w n e r s h ip a re s ig n ific a n tly p o s itiv e ly a s s o c ia te d w ith the
le v e l o f N F M d isc lo s u re (2) N F M d isc lo s u re is a g o o d s ig n a l f o r inv estors, w h ic h
is r e le v a n t f o r e a r n in g p e r s is te n c y valu ation . (3) th e le v e l o f N F M d is c lo s u r e is s ig n ific a n tly n e g a tiv e ly a s s o c ia te d w ith c o s t o fe q u ity (4) th e le v e l o f N F M d isc lo s u re
is s ig n ific a n tly p o s itiv e ly a s s o c ia te d w ith f ir m p e r fo r m a n c e .
4 8 J u r n a l A k u n ta n s i d a n K e u a n g a n In d o n e s ia , J u n i 2 0 0 7 , V ol.4, N o . ] , h a l. 4 7 - 7 6
P E N D A H U L U A N
P e n e litia n - p e n e litia n y a n g d ila k u k a n d a la m s is te m p e n g e n d a lia n m a n a je m e n b a n y a k m e m b u k tik a n a d a n y a k e le m a h a n d a la m p e n g u k u r a n k i n e r ja s u a tu p e r u s a h a a n k a r e n a le b ih m e n e k a n k a n p a d a p e n g u k u r a n k e u a n g a n s e d a n g k a n p e n g u k u r a n y a n g b e r s i f a t N F M b a n y a k d ia b a ik a n p a d a h a l d a la m j a n g k a p a n j a n g b e r p e r a n s a n g a t p e n t i n g s e b a g a i m e k a n is m e k o n tr o l b a g i p e r u s a h a a n ( O tle y 2 0 0 1 )
S a la h s a tu p e n e litia n m e n g e n a i p e n g g u n a a n a l a t u k u r k i n e r ja g a b u n g a n a n ta r a p e n g u k u r a n fin a n s ia l d a n N F M d i la k u k a n o le h S a id e t al. 2 0 0 3 . H a s il p e n e litia n S a id m e n u n ju k k a n b a h w a p e r u s a h a a n y a n g m e n g g u n a k a n a la t u k u r f in a n s ia l d a n n o n f in a n s ia l s e c a r a b e r s a m a a n b e r k in e r ja le b ih b a ik d ib a n d in g k a n d e n g a n p e r u s a h a a n y a n g h a n y a m e n g g u n a k a n a la t u k u r f in a n s ia l s a ja . S e la n ju tn y a , p a d a p e r t e m u a n r o u n d ta b le c o rp o ra te g o v e r n a n c e y a n g k e d u a d i H o n g k o n g , A d a m s ( 2 0 0 0 ) m e n g e m u k a k a n b a h w a p e r u s a h a a n - p e r u s a h a a n y a n g u n g g u l (le a d e r) m u la i m e m b a n g u n k e p e r c a y a a n s ta k e h o ld e r d e n g a n s e c a r a te r u s m e n e r u s m e n in g k a tk a n k i n e r j a b i s n i s m e r e k a d e n g a n m e n g u k u r (m e a su re) d a n m e n g u n g k a p k a n {d isclo se)
i n d i k a t o r - i n d i k a t o r n o n f in a n s ia l d i s a m p in g i n d ik a to r - in d ik a to r fin a n s ia l. P e n g u n g k a p a n N F M b a g i s ta k e h o ld e r s a n g a t p e n tin g k a r e n a a d a n y a k e t e r b a ta s a n d a r i p e n g u k u r a n fin a n s ia l y a n g b e lu m d a p a t m e n g h itu n g d a m p a k r is ik o v a n g m u n g k in t e i j a d i b a g i p e r u s a h a a n , n a m u n tid a k d a p a t d iu k u r s e c a r a m e m a d a i. P e n g u n g k a p a n N F M d ih a r a p k a n d a p a t m e n je la s k a n s e c a r a le b ih b a ik m a s a la h - m a s a la h te r s e b u t d i a ta s . ( S id d h a r ta , Is tin i d a n B a r id w a n 2 0 0 0 ) . P e n tin g n y a p e n g u n g k a p a n N F M y a n g s e m a k in m e n in g k a t j u g a te la h d ite g a s k a n d a la m p e r t e m u a n p a r a C E O d a r i e n a m In te r n a tio n a l A u d it N e tw o r k ( P w C , K P M G , D e lo itte , E & Y , G T d a n B D O I n te r n a t i o n a l ) d i E r o p a b u l a n N o v e m b e r 2 0 0 6 .
B e r d a s a r k a n p e n je la s a n te r s e b u t d i a ta s , s a n g a t m e n a r ik u n tu k d ik a ji le b ih j a u h ( i) f a k to r - f a k to r a p a s a ja y a n g m e m p e n g a r u h i p e r u s a h a a n m e n g u n g k a p k a n p e n g u k u r a n n o n f in a n s ia l (n on fin a n c ia l d isc lo s u re) (ii) a p a k a h in f o r m a s i p e n g u k u r a n n o n fin a n s ia l te r s e b u t m e m p u n y a i n ila i y a n g r e l e v a n b a g i in v e s to r (iii) a p a k a h m a s u k n y a a la t u k u r n o n f in a n s ia l {non fin a n c ia l m e a su re s) d a la m k o n tr a k k e r j a p e r u s a h a a n , y a n g s e la n ju tn y a d i u n g k a p k a n {d isclos e) d a la m la p o r a n ta h u n b e r k o r e l a s i p o s i t i f d e n g a n b ia y a m o d a l {co st o f e q u ity ) d a n k i n e r ja p e r u s a h a a n (p e r fo r m a n c e )
D e n g a n m e m p e r ti m b a n g k a n a d a n y a a s p e k m a s a la h a g e n s i y a n g tim b u l d i s e t i a p p e r u s a h a a n , p e n e litia n in i j u g a m e m p e r tim b a n g k a n u n tu k m e m a s u k k a n tig a v a r i a b e l t a m b a h a n y a itu (i) v a r ia b e l c o rp o ra te g o v e r n a n c e ( C G ) y a n g d i-p ro x y
S e n s i, P e n g u n g k a p a n N o n F in a n c ia l M e a s u r e s ( N F M D is c lo s u r e ) . 4 9
o le h in d e p e n d e n a u d ito r. K e d u a v a ria b le te r s e b u t b e r f u n g s i s e b a g a i m e k a n is m e m o n ito r in g d a r i p e r u s a h a a n d a la m r a n g k a m e n g u r a n g i d a m p a k a g e n c y c o s t y a n g m u n g k in tim b u l.
P e n e li ti a n m e n g e n a i p e n g u n g k a p a n p a d a la p o r a n ta h u n a n t e la h b a n y a k d ila k u k a n d i I n d o n e s ia . P e n e litia n y a n g m e n g a n a lis is p e n g u n g k a p a n w a ji b d a n s u k a r e l a d i a n ta r a n y a : E d i S u b iy a n to r o ( 1 9 9 7 ) , Y u n ia ti ( 2 0 0 0 ) , M a r w a ta ( 2 0 0 1 ), F itr ia n y (2 0 0 1 ), S im a n ju n ta k & W id ia s t u ti (2 0 0 4 ). P e n e litia n y a n g m e n g a n a lis is p e n g u n g k a p a n s o s i a l d i a n ta r a n y a : S e m b iri n g (2 0 0 5 ), S u r a tn o (2 0 0 6 ). P e n e litia n m e n g e n a i p e n g u n g k a p a n g o o d c o rp o ra te g o v e r n a n c e d i a n ta r a n y a : K u s u m a w a ti & R iy a n to ( 2 0 0 5 ), K u s u m a w a ti (2 0 0 6 ). N a m u n p e n e litia n te n ta n g a n a lis is p e n g a r u h t i n g k a t p e n g u n g k a p a n (le v e l o f d is c lo su re ) p e n g u k u r a n n o n f in a n s ia l (n o n fin a n c ia l m e a su re s) te r h a d a p k in e r ja p e r u s a h a a n b e lu m p e r n a h d i la k u k a n d i I n d o n e s ia .
S e c a r a u m u m te o r i m e n g a ta k a n b a h w a j i k a p e r u s a h a a n m e n g g u n a k a n a la t u k u r f in a n s ia l d a n n o n f in a n s ia l s e c a r a b e r s a m a a n b e r k in e r ja le b ih b a ik d ib a n d in g k a n d e n g a n p e r u s a h a a n y a n g h a n y a m e n g g u n a k a n a la t u k u r f in a n s ia l s a ja ( S a id e t al. 2 0 0 3 ) . S e la n ju tn y a , p a d a p e n e litia n C o r a m e t a l. ( 2 0 0 5 ), in d ik a to r - in d ik a to r N F M y a n g te r c e r m in p a d a p e n g u n g k a p a n m e m p u n y a i d a m p a k y a n g s a n g a t s ig n if ik a n p a d a e s tim a s i h a r g a s a h a m o le h p e n g g u n a la p o r a n k e u a n g a n . P e n e litia n y a n g d i la k u k a n C o r a m m e n y im p u lk a n b a h w a in f o r m a s i n o n fin a n s i a l m e m p u n y a i v a lu e re le v a n c e
b a g i in v e s to r d a n p e r u s a h a a n a k a n m e m p e r o le h k e u n tu n g a n j i k a m e n g u n g k a p k a n d a la m la p o r a n ta h u n a n . P e n e litia n - p e n e litia n la in j u g a s e p e n d a p a t d e n g a n C o r a m y a n g m e n u n ju k k a n k e u n g g u la n p e n g u k u r a n n o n fin a n s i a l b a g i p e r u s a h a a n d i a n t a r a n y a p e n e litia n D e m p s e y e t a l. ( 1 9 9 7 ), H o q u e a n d J a m e s (2 0 0 0 ), I tt n e r & L a r c k e r (2 0 0 2 ).
D a la m p e n e li ti a n in i d i r u m u s k a n b e b e r a p a p e r ta n y a a n s e b a g a i tu ju a n d a r i p e n e litia n , y a itu (i) k a r a k te r is tik p e r u s a h a a n y a n g s e p e r ti a p a , y a n g m e m p e n g a r u h i lu a s n y a p e n g u n g k a p a n p e n g u k u r a n n o n f in a n s ia l s u a tu p e r u s a h a a n d ilih a t d a ri
s tr a te g y (p ro sp e c to r/d e fe n d e r), j e n i s in d u s t r i (re g u la te d /n o n r e g u la te d), u m u r
(a g e ) d a n s tr u k tu r k e p e m ilik a n (o w n e r s h ip ) (ii) A p a k a h lu a s n y a p e n g u n g k a p a n n o n f in a n s ia l d a r i s u a tu p e r u s a h a a n m e m p u n y a i d a m p a k t e r h a d a p b i a y a m o d a l (c o s t o f e q u ity ) d a n k i n e r ja (p e rfo r m a n c e) d a r i s u a tu p e r u s a h a a n (iii) A p a k a h lu a s n y a p e n g u n g k a p a n n o n fin a n s i a l m e m p u n y a i n ila i r e le v a n u n tu k in v e s to r d i p a s a r m o d a l .
5 0 J u r n a l A k u n ta n s i d a n K e u a n g a n In d o n e s ia , J u n i 2 0 0 7 , V ol.4, N o . 1, h a l. 4 7 - 7 6
P E N G E M B A N G A N T E O R I D A N P E R U M U S A N H I P O T E S I S
T e o r i K o n t r a k ( C o n tr a c tin g T h e o ry) , T e o r i K e a g e n a n ( A g e n c y T h e o r y ) d a n T e o r i S i g n a l i n g (S ig n a lin g T h e o ry )
J e n s e n & M e c k lin g (1 9 7 6 ) m e n d e f in is ik a n h u b u n g a n k e a g e n a n s e b a g a i k o n tr a k d i m a n a s a tu o r a n g a ta u le b ih (p rin c ip a l, y a itu s h a re h o ld e rs) m e n u n ju k o r a n g la in ( a g e n , y a itu m a n a je r ) u n tu k m e la k u k a n j a s a u n tu k k e p e n tin g a n p r in c ip a l. P e r u s a h a a n m e r u p a k a n k u m p u la n k o n tr a k - k o n tr a k (n e x u s o f c o n tra c t). A p a b i l a m a s in g - m a s in g p i h a k te r s e b u t b e r tin d a k s e n d ir i- s e n d ir i u n tu k m e m a k s im a lk a n k e p e n tin g a n n y a , m a k a a k a n t im b u l k o n flik . M a s a la h m u n c u l k e tik a te r d a p a t a s y m m e tr ic in fo rm a tio n ,
b a i k y a n g b e r u p a h id d e n a c tio n m a u p u n h id d e n in fo rm a tio n . H id d e n a c tio n a k a n m e m u n c u l k a n m o r a l h a z a rd d a n h id d e n in fo rm a tio n a k a n m e m u n c u lk a n a d v e rse s e le c tio n . J e n s e n & M e c k lin g m e n g id e n ti f ik a s i a d a d u a c a r a u n tu k m e n g u r a n g i k e s e m p a t a n m a n a je r m e la k u k a n tin d a k a n y a n g m e r u g ik a n in v e s to r , y a itu : m o n ito r in g
( p e n g a w a s a n ) d a n b o n d in g (p e m b a ta s a n ) .
T e o ri s ig n a lin g j u g a d i s u s u n b e r d a s a r k a n a s u m s i a d a n y a a s y m m e tric in fo r m a tio n a n t a r a m a n a j e r d a n p e m e g a n g s a h a m . K a r e n a ada.asym m e:ric in fo rm a tio n
m a k a m a n a j e r b e r u s a h a m e m b e r i s ig n a l ( s in y a l) k e p a d a in v e s to r. S in y a l te r s e b u t h a r u s l a h b e r u p a s e s u a tu y a n g d a p a t d ip e r c a y a d a n tid a k m u d a h d itir u a ta u m a h a l u n t u k m e n ir u n y a . S in y a l d id e f in is ik a n s e b a g a i t in d a k a n y a n g d ia m b il o le h h ig h -ty p e m a n a g e r , y a n g t id a k a k a n r a s io n a l j i k a d ia m e r u p a k a n lo w -ty p e m a n a g e r ( S c o o t 2 0 0 3 ) . B e b e r a p a s in y a l te la h d is a r a n k a n r e le v a n d e n g a n a k u n ta n s i. S a la h s a tu n y a a d a l a h d ir e c t d isclo sure. H u g h e s (1 9 8 6 ) m e n u n ju k k a n b a g a im a n a p e n g u n g k a p a n d a p a t m e n ja d i s in y a l y a n g d a p a t d ia n d a lk a n , s e h in g g a n ila i p a s a r s a h a m p e r u s a h a a n d a p a t m e n c e r m in k a n n il a i p e r u s a h a a n .
V a lu e R e le v a n c e T h e o r y d a r i S u a t u I n f o r m a s i
P e n g u j ia n v alu e re le v a n c e p a d a p e n e litia n in i d ila k u k a n d e n g a n m e n g g u n a k a n p e n d e k a t a n e a r n in g y a itu d e n g a n E R C (E a r n in g R e sp o n s e C o effic ie n t) M e n u r u t S c o o t ( 2 0 0 3 ), e a r n in g re sp o n se c o e ffic ie n t m e n g u k u r p e r u b a h a n re tu rn t i d a k n o r m a l s e b u a h s e k u r ita s s e b a g a i r e s p o n te r h a d a p p e r u b a h a n l a b a y a n g t id a k te r d u g a d a r i p e r u s a h a a n y a n g m e n e r b itk a n s e k u r it a s te r s e b u t. M o d e l r e g r e s i y a n g d i g u n a k a n u n t u k m e lih a t p e n g a r u h p e n g u n g k a p a n n o n fin a n s i a l a d a la h s e b a g a i b e r ik u t:
S e m i , P e n g u n g k a p a n N o n F in a n c ia l M e a s u r e s ( N F M D is c lo s u r e ) .. 5 1
D e n g a n p e n je la s a n s e b a g a i b e r ik u t:
C A R . ( = c u m u la tiv e a b n o r m a l re tu rn s e k u r ita s k e - i p a d a p e r io d e p e r is tiw a k e -t, N F M D = N F M disc lo su re
b = e a r n in g re sp o n se co e ffic ie n t
U E . t = u n e x p e c te d e a r n in g s , y a n g d ip e r o le h d a r i E P S . t d ik u r a n g i E P S . ( , d ib a g i
P,,-.
M o d e l y a n g d ig u n a k a n , s a m a d e n g a n m o d e l y a n g t e la h d ig u n a k a n o le h A d h a r ia n i (2 0 0 5 ). H u b u n g a n ti n g k a t p e n g u n g k a p a n d a la m l a p o r a n ta h u n a n te r h a d a p E R C d ite n tu k a n d e n g a n m e l i h a t a r a h d a n s ig n if ik a n s i k o e f is ie n r e g r e s i b 3. A d h a r ia n i, ( 2 0 0 5 ) m e n e m u k a n b a h w a t in g k a t k e lu a s a n p e n g u n g k a p a n s u k a r e la d a la m la p o r a n t a h u n a n b e r h u b u n g a n p o s i t i f d e n g a n E R C d e n g a n t i n g k a t s ig n if ik a n 5 % . P e n e litia n la in y a n g m e n g h u b u n g k a n p e n g u n g k a p a n d e n g a n E R C , j u g a d i la k u k a n o l e h G e lb & Z a r o w i n (2 0 0 2 ) . G e lb & Z a r o w in m e n e m u k a n b a h w a fu tu r e E R C u n t u k p e r u s a h a a n - p e r u s a h a a n y a n g t e r m a s u k d a la m k a te g o r i h ig h d is c lo s e r s s e c a r a s ig n if ik a n le b ih b e s a r d a r ip a d a fu tu r e E R C lo w d isc lo se rs.
S e la n ju tn y a d a la m p e n e litia n in i p e r h itu n g a n C A R m e n g g u n a k a n re tu rn
b u l a n a n d a r i b u la n M e i 2 0 0 5 s a m p a i d e n g a n A p r il 2 0 0 6 (1 2 b u la n ) . P e n e litia n in i m e m p r e d ik s i b a h w a p e n g u n g k a p a n N F M d a r i s u a tu p e r u s a h a a n m e r u p a k a n c e r m in a n t e r h a d a p k e b ija k a n m a n a je m e n d a la m m e n e r a p k a n p e n g u k u r a n N F M b e r d a s a r k a n p e r s p e k t i f B S C . D ih a r a p k a n d e n g a n a d a n y a p e n g u n g k a p a n N F M , in v e s to r le b ih m e m ilik i in f o r m a s i y a n g k u a t d a la m m e n ila i p e r s i s te n s i la b a (e a r n in g) y a n g d ila p o r k a n o le h p e r u s a h a a n . M e n u r u t S c o o t ( 2 0 0 3 ) , k e t i k a in v e s to r m e n ila i e a r n in g
p e r u s a h a a n itu a k a n b e r ta h a n (p e r s is t in to the fu tu r e ) d i m a s a y a n g a k a n d a ta n g , m a k a E R C a k a n le b ih tin g g i.
P e n g u n g k a p a n N o n F in a n c ia l M e a s u r e s
B a la n c e d scorecard/.B S C ( K a p la n & N o r to n 2 0 0 4 ) , te r d ir i a ta s e m p a t p e r s p e k t i f p e n g u k u r a n y a itu p e r s p e k t i f fin a n s i a l (fin a n c ia l), p e l a n g g a n (c u sto m e r), b is n is i n te r n a l (in te r n a l b u sin e ss), p e m b e la ja r a n d a n p e r t u m b u h a n (le a r n in g & g ro w th ).
5 2 J u r n a l A k u n ta n s i d a n K e u a n g a n I n d o n e s ia
,
J u n i 2 0 0 7 , V ol.4, N o . I, h a l. 4 7 - 7 6p e n g u n g k a p a n m a k s im u m d a r i s e lu r u h item ( s e b a n y a k j u m l a h item y a n g a p p lic a b le
p a d a i n d u s tr i d i m a n a p e r u s a h a a n te r s e b u t b e r a d a ).
S t r a t e g i O r g a n i s a s i
D a la m p e n e litia n in i, p e n e liti m e m b a g i s tr a te g i p e r u s a h a a n y a n g b e r d a s a r k a n k r it e r i a p r o s p e c to r d a n d e fe n d e r d e n g a n a la t u k u r p r o p o r s i p e n g e lu a r a n b i a y a m o d a l
{c a p ita l e x p e n d itu re ) t e r h a d a p to ta l a s s e t s e b a g a i p r o x y p e n e litia n . P ro s p e c to r
a d a l a h o r g a n is a s i y a n g h a m p ir s e tia p s a a t s e c a r a te r u s m e n e r u s m e n g a m a ti p e lu a n g p a s a r , d a n s e c a r a r e g u le r m e la k u k a n p e r c o b a a n - p e r c o b a a n u n t u k m e m u n c u lk a n k e c e n d e r u n g a n d a la m lin g k u n g a n k o n s u m e n , b ia s a n y a o r g a n is a s i- o r g a n is a s i in i k u r a n g e f is ie n . S e d a n g k a n d e fe n d e r a d a la h o r g a n is a s i- o r g a n is a s i y a n g m e m p u n y a i d o m a i n p r o d u c t m a r k e t y a n g s e m p it. O r g a n is a s i tip e in i m e m b a ta s i d a e r a h d a e r a h o p e r a s i n y a k a r e n a t id a k c e n d e r u n g m e n c a r i p e lu a n g b a r u y a n g k e l u a r d a r i d o m a i n n y a , j a r a n g m e m b u t u i k a n p e n y e s u a ia n p e n tin g d a la m te k n o lo g in y a , s tr u k tu r a t a u m e to d e o p e r a s i n y a . M e r e k a m e n c u r a h k a n p e r h a tia n n y a k e p a d a p e n in g k a ta n e f is ie n s i o p e r a s i.
K i n e r j a P e r u s a h a a n
S e c a r a u m u m te r d a p a t d u a m a c a m m o d e l p e n ila ia n u n tu k m e n g u k u r c re a tio n o f s h a r e h o ld e r v a lu e, y a itu a c c o u n tin g m o d e l d a n m a r k e t m o d e l ( d is c o u n te d c a s h f l o w m o d e l). P e n ila ia n k i n e r ja a k u n ta n s i (a c c o u n tin g m o d e l) m e r u p a k a n a l a t u k u r k i n e i j a y a n g m e m f o k u s k a n a n g k a - a n g k a a k u n ta n s i d a la m l a p o r a n k e u a n g a n p e r u s a h a a n . D a l a m p e n e l i t i a n in i, p e n e liti m e n g g u n a k a n R O A s e b a g a i p r o x y k i n e i j a k e u a n g a n p e r u s a h a a n . P e n ila ia n k i n e r ja p a s a r d a r i s u d u t p a n d a n g in v e s to r p a d a p e n e litia n i n i d in ila i d e n g a n m e n g g u n a k a n p r ic e to b o o k v a lu e (P B V ) . P B V m e r u p a k a n p e r b a n d i n g a n a n ta r a h a r g a p a s a r s a h a m d a n n ila i b u k u p e r s a h a m .
C o s t o f E q u ity ( C O E )
P e r h i t u n g a n C O E d a la m p e n e litia n in i m e n g g u n a k a n m o d e l C a p ita l A s s e t P r ic in g M o d e l ( C A P M ) . R u m u s C A P M ( J o g iy a n to 2 0 0 3 ) a d a la h :
E ( R } = R f +flu ( RM, - R f)
D i m a n a :S e n s i, P e n g u n g k a p a n N o n F in a n c ia l M e a s u r e s ( N F M D is c lo s u r e ) . 5 3
Bjt = b e ta s a h a m i u n tu k p e r io d e t
R = re tu rn p a d a p o r to f o lio p a s a r u n tu k p e r io d e t
Rfi a d a la h r is k f r e e r a te y a n g d i -p ro x y d e n g a n tin g k a t b u n g a S B I 1 b u la n , p a d a b u la n D e s e m b e r 2 0 0 5. f i u a d a la h r is ik o y a n g ti d a k s is te m a ti s u n tu k s a h a m i y a n g d i -p ro x y d e n g a n m e n g g u n a k a n b e t a k o r e k s i y a n g t e r s e d i a p a d a d a ta b a se P u s a t D a ta P a s a r M o d a l U n iv e r s ita s G a d ja h M a d a ( P D P M U G M ) d a n R Ml a d a la h r e tu r n p a d a p o r to f o lio p a s a r s e la m a t a h u n 2 0 0 5 y a n g d ip e r o le h d a r i I H S G , d ik u r a n g i I H S G , , d ib a g i I H S G , ,
K e r a n g k a P e m i k i r a n
B e r d a s a r k a n l a n d a s a n te o r i d a n p e n e litia n - p e n e litia n s e b e lu m n y a , d is u s u n la h k e r a n g k a p e m ik ir a n u n tu k p e n e litia n in i. S e p e r ti y a n g t e la h d iu r a ik a n d i a ta s , p e n g u n g k a p a n n o n f in a n s ia l y a n g d ite liti k a li in i, d ia d a p ta s i d a r i p e n g u k u r a n k i n e r ja n o n f in a n s ia l p a d a b a la n c e d score card. N a m u n p e n e litia n k a li in i t id a k m e n g h u b u n g k a n b a la n c e d s c o r e c a r d d e n g a n s tr a te g i, j u g a t id a k b e r m a k s u d m e n e liti a p a k a h s e b u a h p e r u s a h a a n m e n e r a p k a n b a la n c e d sc o re c a rd , s e r ta p e n g a r u h p e n e r a p a n b a la n c e d s c o re c a r d p a d a n ila i p e r u s a h a a n .
H i p o t e s i s P e m i k i r a n
D a r i u r a ia n d i a t a s , d a p a t d ilih a t h u b u n g a n h u b u n g a n a n ta r a v a r ia b e l- v a r ia b e l in d e p e n d e n y a n g m e m p e n g a r u h i l u a s n y a p e n g u n g k a p a n n o n f in a n s ia l d a n p e n g a r u h lu a s n y a tin g k a t p e n g u n g k a p a n n o n f in a n s ia l, r e p u ta s i a u d ito r d a n p e r a n g k a t C G t e r h a d a p k i n e i j a p e r u s a h a a n . B e r d a s a r k a n p e n je la s a n te r s e b u t d i a t a s , u n tu k m e n g u ji p e n g a r u h v a r ia b e l i n d e p e n d e n t e r h a d a p d e p e n d e n s e p e r ti y a n g t e l a h d ig a m b a r k a n p a d a m o d e l p e n e litia n d i a ta s d ib u a tk a n h ip o te s is p e n e litia n b e r ik u t in i:
P e n g e m b a n g a n H ip o te s is P e n e litia n d a r i M O D E L - 1
P e n g u jia n h ip o te s is d a r i M O D E L - 1 a d a la h u n tu k m e n il a i a p a k a h f a k to r- f a k to r k a r a k te r is tik p e r u s a h a a n y a n g d i-p ro x y o le h s tr a te g i {p ro sp e c to r/d e fe n d e r),
j e n i s in d u s tr i (re g u la te d /n o n r e g u la te d ), u m u r d a n s tr u k tu r k e p e m ilik a n a s in g d a p a t m e m p e n g a r u h i lu a s a ta u t id a k n y a p e n g u n g k a p a n p e n g u k u r a n n o n fin a n s ia l s u a tu p e r u s a h a a n . S e la n ju tn y a m o d e l in i j u g a a k a n m e n g u ji a p a k a h te r d a p a t k o r e la s i a n ta r a s tr a te g i y a n g d ija la n k a n o le h s u a tu p e r u s a h a a n te r h a d a p tin g g i r e n d a h n y a p e n g u n g k a p a n y a n g d ila k u k a n o l e h p e r u s a h a a n te r s e b u t (h ig h a n d lo w d isc lo se rs).
5 4 J u r n a l A k u n ta n s i d a n K e u a n g a n I n d o n e s ia , J u n i 2 0 0 7 , V ol.4, N o . l , h a l. 4 7 - 7 6
G a m b a r 1
K e r a n g k a P e m ik ir a n : M o d e l - 1
H l : S t r a t e g i p e r u s a h a a n (d e fe n d e r vs. p r o s p e c to r ) m e m p e n g a r u h i l u a s t i d a k n y a p e n g u n g k a p a n p e n g u k u r a n n o n f i n a n s i a l s u a t u p e r u s a h a a n .
H 2 : J e n i s i n d u s t r i ( r e g u l a t e d v s. n o n r e g u l a t e d ) d a r i s u a t u p e r u s a h a a n m e m p e n g a r u h i l u a s n y a t i n g k a t p e n g u n g k a p a n p e n g u k u r a n n o n f i n a n s i a l s u a t u p e r u s a h a a n
H 3 : U m u r p e r u s a h a a n ( a g e ) d a p a t m e m p e n g a r u h i l u a s n y a t i n g k a t p e n g u n g k a p a n n o n f i n a n s i a l s u a t u p e r u s a h a a n .
H 4 : S t r u k t u r k e p e m i l i k a n a s i n g p a d a s u a t u p e r u s a h a a n ( O W N F ) d a p a t m e m p e n g a r u h i l u a s n y a t i n g k a t p e n g u n g k a p a n n o n f i n a n s i a l s u a t u p e r u s a h a a n
H 5 : F a k t o r k a r a k t e r i s t i k p e r u s a h a a n y a n g d i -p r o x y o l e h s t r a t e g i , j e n i s i n d u s t r i (r e g u la te d ), u m u r d a n s t r u k t u r k e p e m i l i k a n a s i n g s e c a r a b e r s a m a - s a m a d a p a t m e m p e n g a r u h i l u a s p e n g u n g k a p a n p e n g u k u r a n n o n f i n a n s i a l s u a t u p e r u s a h a a n
S e n s i, P e n g u n g k a p a n N o n F in a n c ia l M e a s u r e s ( N F M D i s c lo s u r e ) .. 5 5
H i p o t e s i s V a r i a b e l P r e d i k s i P e n g a r u h
( P r e d ic tiv e S ig n )
N F D is c lo s u r e ( N F D )
H I S tr a te g i P R O S P E C T O R (S T R A ) P o s i t i f ( + )
H 2 J e n is I n d u s tr i ( R E G ) P o s i t i f (+ )
H 3 U m u r (A G E ) P o s i t i f (+ )
H 4 S tr u k tu r k e p e m ilik a n ( O W N F ) P o s i t i f (+ )
H 6 S tr a te g i te r h a d a p d is c lo s u r e N F M (H ig h a n d L o w )
?
P e n g e m b a n g a n H ip o te s is P e n e litia n d a r i M O D E L - 2
P e n g u j i a n h i p o t e s i s d a r i M O D E L - 2 a d a l a h u n t u k m e n i l a i a p a k a h p e n g u n g k a p a n p e n g u k u r a n n o n fin a n s i a l s u a tu p e r u s a h a a n m e m p u n y a i v a lu e re le v a n c e te r h a d a p in v e s t o r y a n g d iu k u r d e n g a n E R C d a r i m a s in g - m a s in g p e r u s a h a a n te r s e b u t.
K e r a n g k a p e m ik ir a n M o d e l - 2 d a p a t d il ih a t p a d a G a m b a r 2.
G a m b a r 2
K e r a n g k a P e m ik ira n : M o d e l - 2
H l : T i n g k a t p e n g u n g k a p a n p e n g u k u r a n n o n f i n a n s i a l m e m p u n y a i v a lu e r e le v a n c e b a g i i n v e s t o r y a n g d i u k u r d e n g a n E a r n in g R e s p o n s e C o e f f ic ie n t ( E R C )
H i p o t e s i s V a r i a b e l P r e d i k s i P e n g a r u h
( P r e d ic tiv e S ig n )
C A R
5 6 J u r n a l A k u n ta n s i d a n K e u a n g a n I n d o n e s ia , J u n i 2 0 0 7 , Vol.4, N o . l , h a l. 4 7 - 7 6
P e n g e m b a n g a n H ip o te s is P e n e litia n d a r i M O D E L - 3
P e n g u jia n h ip o te s is d a r i M O D E L - 3 a d a la h u n tu k m e n ila i a p a k a h p e n g u n g k a p a n p e n g u k u r a n n o n fin a n s i a l s u a tu p e r u s a h a a n / c o r p o ra te g o v e r n a n c e ,
k u a lita s a u d it d a p a t m e m p u n y a i p e n g a r u h te r h a d a p C o st O f E q u ity s u a tu p e r u s a h a a n . K e r a n g k a p e m ik ira n M o d e l - 3 d a p a t d il ih a t p a d a G a m b a r 3.
G a m b a r 3
K e r a n g k a P e m ik ira n : M o d e l - 3
H l : T i n g k a t p e n g u n g k a p a n p e n g u k u r a n n o n f i n a n s i a l s u a t u p e r u s a h a a n p e n g u k u r a n n o n f i n a n s i a l b e r k o r e l a s i n e g a t i f t e r h a d a p C O E p e r u s a h a a n
H 2 : F a k t o r c o r p o r a te g o v e r n a n c e p e r u s a h a a n ( d i- p r o x y d e n g a n k o m p o s i s i k o m i s a r i s i n d e p e n d e n ) d a p a t m e m p e n g a r u h i C O E p e r u s a h a a n .
H 3 : K u a l i t a s a u d i t d a r i i n d e p e n d e n a u d i t o r d a p a t b e r p e n g a r u h t e r h a d a p C O E s u a t u p e r u s a h a a n
H 4 : T i n g k a t p e n g u n g k a p a n p e n g u k u r a n n o n f i n a n s i a l , k u a l i t a s a u d i t , c o r p o ra te g o v e r n a n c e s e c a r a b e r s a m a - s a m a d a p a t m e m p e n g a r u h i C O E s u a t u p e r u s a h a a n
H i p o t e s i s V a r i a b e l P r e d i k s i P e n g a r u h
(.P r e d ic tiv e S ig n)
C O E
H l D is c lo s u r e N F M N e g a tiv e (-)
H 2 G o ve rna nc e P o s itiv e (-)
S e n s i, P e n g u n g k a p a n N o n F in a n c ia l M e a s u r e s ( N F M D is c lo s u r e ) . 5 7
P e n g e m b a n g a n H ip o te s is P e n e litia n d a r i M O D E L - 4
P e n g u jia n h ip o te s is d a r i M O D E L - 4 a d a la h u n tu k m e n ila i a p a k a h p e n g u n g k a p a n p e n g u k u r a n n o n fin a n s i a l s u a tu p e r u s a h a a n , k u a lita s a u d it, d a n
c o r p o ra te g o v e r n a n c e d a p a t b e r p e n g a r u h t e r h a d a p k i n e i j a a k u n ta n s i y a n g d i -p ro xy
o le h R O A d a n k i n e i j a p a s a r y a n g 6 \-p r o x y o l e h P B V d a r i s u a tu p e r u s a h a a n . K e r a n g k a p e m ik ir a n M o d e l - 4 d a p a t d i l i h a t p a d a G a m b a r 4 .
G a m b a r 4
K e r a n g k a P e m ik ir a n : M o d e l - 4
H 1 : P e n g u n g k a p a n p e n g u k u r a n n o n f i n a n s i a l s u a t u p e r u s a h a a n , k u a l i t a s a u d i t , d a n c o r p o r a te g o v e r n a n c e d a p a t b e r p e n g a r u h t e r h a d a p k i n e r j a a k u n t a n s i ( d i- p r o x y t e r h a d a p R O A ) d a n k i n e r j a p a s a r y a n g & \-p ro xy o l e h P B V d a r i s u a t u p e r u s a h a a n .
H i p o t e s i s V a r i a b e l P r e d i k s i P e n g a r u h
(P r e d ic tiv e S ig n)
_ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ N F D is c lo s u r e ( N F D ) H I P e r f o r m a n c e ( R O A d a n P B V ) P o s i t i f (+ )
P E N G U M P U L A N D A T A P E N E L I T I A N
P o p u l a s i d a n S a m p e l P e n e l i t i a n
6 0 J u r n a l A k u n ta n s i d a n K e u a n g a n I n d o n e s ia , J u n i 2 0 0 7 , V ol.4, N o .I , h a l. 4 7 - 7 6
b a h w a sc o re N F M a d a la h r e n d a h . I n d u s tr i- in d u s tr i y a n g m e m ilik i sco re m a k s im u m d i a ta s 7 0 % a d a la h in d u s tr i te le k o m u n ik a s i d a n o il & g a s. S e d a n g k a n in d u s tr i y a n g d i b a w a h s c o re r a ta - r a ta (3 2 % ) a d a la h in d u s t r i a n im a l f e e d d a n h u sb a n d ry .
H a s i l P e n g u j i a n H i p o t e s i s
H a s i l P e n g u jia n H ip o te s is M o d e l- 1
D a r i h a s il p e n g u jia n h ip o te s is d a r i M o d e l -1 y a n g b e r tu ju a n u n tu k m e n g u ji f a k to r- f a k t o r y a n g m e m p e n g a r u h i lu a s n y a p e n g u n g k a p a n N F M , b e r d a s a r k a n U ji F d a p a t d i s i m p u l k a n b a h w a M o d e l -1 d a p a t d ite rim a . S e d a n g k a n h a s il p e n g u jia n (U ji T ) t e r h a d a p p e n g a r u h v a r ia b e l- v a r ia b e l in d e p e n d e n te r h a d a p v a r ia b e l d e p e n d e n ( N F M D ) m e n u n j u k k a n b a h w a v a r ia b e l in d e p e n d e n s tr a te g i (S T R A ), r e g u la s i j e n i s in d u s tr i ( R E G ) , u s ia s u a tu p e r u s a h a a n (A G E ) d a n k e p e m il ik a n a s in g (O W N F ) b e r p e n g a r u h s ig n if ik a n te r h a d a p l u a s n y a p e n g u n g k a p a n N F M . D e n g a n d e m ik ia n h i p o t e s i s 1 s /d 5 y a n g t e r k a it d a la m M o d e l -1 a d a la h te r b u k ti s e c a r a s ta tis tik . S e la n ju tn y a , p e r s a m a a n r e g r e s i d a r i M o d e l -1 a d a la h s e b a g a i b e r ik u t:
N F M D
=
0 ,2 2 2
+
0 ,1 7 7 S T R A
+
0 .0 3 8 R E G + 0 .0 0 2 A G E
+
0 .0 5 2
O W N _ F
D a la m H ip o te s is 6 (H 6 ) d a ri M o d e l - 1 , p e n e liti in g in m e n g u ji a p a k a h te r d a p a t h u b u n g a n k o r e la s i a n ta r a s tr a te g i y a n g d ig u n a k a n o le h p e r u s a h a a n - p e r u s a h a a n d e n g a n t in g g i r e n d a h n y a s u a tu p e n g u n g k a p a n N F M y a n g d ila k u k a n o l e h p e r u s a h a a n t e r s e b u t , a t a s H a s il o u tp u t S P S S d a p a t d ili h a t p a d a la m p ir a n p e n e litia n in i. D a r i h a s il p e n g u j i a n s ta tis tik (cr o ssta b u la tio n d a n c hi-squ ar e test), d a p a t d is im p u lk a n b a h w a p e r u s a h a a n y a n g m e n e r a p k a n s tr a te g i p r o s p e c to r c e n d e r u n g m e m ilik i d isc lo su re
N F M y a n g tin g g i (h ig h d isc lo se rs), s e d a n g k a n p e r u s a h a a n y a n g m e n e r a p k a n s tr a te g i
d e fe n d e r c e n d e r u n g m e m ilik i d isc lo su re N F M y a n g r e n d a h (lo w d isc lo s e rs ) (ch i-s q u a r e te i-s t y a n g s ig n if ik a n d e n g a n a lf a 5 - 1 0 % ). P e n g e lo m p o k k a n h ig h & lo w d is c lo s e r s d ila k u k a n d e n g a n m e m b a n d in g k a n score d isclos u re N F M m a s in g - m a s in g e m i t e n d e n g a n r a ta - r a ta d isclo sure p e r in d u s t r in y a . S e la n ju tn y a , h a s il p e n g u jia n p e n g u n g k a p a n N F M d a r i p e r s p e k t i f B S C (C P , I P d a n L G P ) u n tu k m e lih a t k o r e la s i a n t a r a s tr a te g i d a n lu a s n y a p e n g u n g k a p a n j u g a m e n d u k u n g h ip o te s is te r s e b u t.
H a s i l P e n g u jia n H ip o te s is M o d e l - 2
S e n s i, P e n g u n g k a p a n N o n F in a n c ia l M e a s u r e s ( N F M D is c lo s u r e ) .. 61
re le v a n c e te r h a d a p in v e s to r y a n g d iu k u r d e n g a n E R C d a r i m a s in g - m a s in g p e r u s a h a a n . H a s il o u tp u t S P S S u n tu k m e n g u ji h ip o te s is p a d a M o d e l - 2 te r s e b u t d a p a t d ilih a t p a d a la m p ir a n p e n e litia n in i. P e r s a m a a n r e g r e s i d a r i M o d e l - 2 te r s e b u t d i a ta s a d a la h s e b a g a i b e r ik u t:
C A R = (a) - 0 ,2 5 0 + ( b ) 0 ,57 3 N F M D - (b J 0 ,2 5 3 U E + ( b ) 1 ,3 7 5
N F M D * U E
U ji s ta tis tik a ta s M o d e l - 2 (U ji F d a n U ji T ) s e c a r a s ta tis tik te r b u k ti s ig n ifik a n . D a r i h a s il p e n g u j ia n ( d e n g a n m e lih a t a r a h d a r i k o e f is ie n r e g r e s i b 3) ,.d a p a t d is im p u lk a n b a h w a te r d a p a t h u b u n g a n t in g k a t p e n g u n g k a p a n N F M d a la m l a p o r a n ta h u n a n . T e r lih a t b a h w a lu a s n y a p e n g u n g k a p a n N F M b e r h u b u n g a n p o s i t i f d e n g a n E R C d e n g a n tin g k a t s ig n if ik a n s i 5 % ( n ila i k o e f is ie n r e g re s i a d a la h 1 ,3 7 5 ). B e r d a s a r k a n h a s il p e n g u jia n te r s e b u t m a k a d a p a t k i t a s im p u lk a n b a h w a in v e s to r c u k u p y a k in d e n g a n p e n g u n g k a p a n N F M , s e h in g g a in v e s to r m e n g g u n a k a n in f o r m a s i y a n g te r k a n d u n g d a la m N F M s e b a g a i sig n a l p o s i t i f d a la m m e n ila i p e r s is te n s i e a r n in g
s u a tu p e r u s a h a a n .
H a s il p e n g u jia n h ip o te s is M o d e l - 2 te r s e b u t d i a ta s m e n d u k u n g h ip o te s is y a n g d ik e m b a n g k a n d a la m p e n e litia n in i. H a s il p e n g u jia n s e ja la n d e n g a n p e n e litia n s e b e lu m n y a y a n g d ila k u k a n o le h A d h a r ia n i (2 0 0 5 ) .
H a s i l P e n g u jia n H ip o te s is M o d e l - 3
P e n g u jia n h ip o te s is d a r i M O D E L - 3 a d a la h u n tu k m e n ila i a p a k a h p e n g u n g k a p a n p e n g u k u r a n n o n - fi n a n s ia l s u a tu p e r u s a h a a n , c o rp o ra te g o v e r n a n c e, k u a l i t a s a u d it d a p a t m e m p u n y a i p e n g a r u h te r h a d a p C o s t o f E q u ity s u a tu p e r u s a h a a n . H a s il o u tp u t S P S S u n tu k m e n g u ji H ip o te s is p a d a M o d e l - 3 te r s e b u t d a p a t d ilih a t p a d a la m p ir a n p e n e litia n in i.
6 2 J u r n a l A k u n ta n s i d a n K e u a n g a n I n d o n e s ia , J u n i 2 0 0 7 , V ol.4, N o .I , h a l. 4 7 - 7 6
H a s i l P e n g u jia n H ip o te s is M o d e l - 4
P e n g u k u r a n K in e r ja A k u n ta n s i d e n g a n R O A
H a s il o u tp u t S P S S u n tu k m e n g u ji h ip o te s is p a d a M o d e l - 4 u n tu k m e n g u ji a p a k a h t e r d a p a t h u b u n g a n a n ta r a tin g k a t p e n g u n g k a p a n N F M d e n g a n k in e r ja a k u n ta n s i ( R O A ) d a p a t d ilih a t d a r i h a s il o u tp u t S P S S p a d a la m p ir a n p e n e litia n in i. D a r i p e n g u j i a n m o d e l s ta tis tik (U ji F ) m e n u n ju k k a n b a h w a m o d e l te r s e b u t d a p a t d ite r im a . S e la n ju tn y a h a s il p e n g u jia n m a s in g - m a s in g v a r ia b e l in d e p e n d e n ( U ji T ) m e n u n j u k k a n b a h w a p e n g u n g k a p a n N F M ( N F M D ) d a n k u a lita s a u d it ( A U D ) te r b u k ti b e r h u b u n g a n p o s i t i f d a n s ig n if ik a n te r h a d a p k i n e i j a p e r u s a h a a n ( R O A ) . S e d a n g k a n v a r ia b e l c o rp o ra te g o v e r n a n c e y a n g d i-p ro x y d e n g a n p r o p o rs i k o m is a r is in d e p e n d e n t i d a k t e r b u k ti s ig n if ik a n b e r h u b u n g a n d e n g a n k in e r ja p e r u s a h a a n ( R O A ).
P e n g u jia n ro b u stn e ss u n tu k v a r ia b e l la in s e p e r ti R O E d a n E P S te r n y a t a m e n u n j u k k a n h a s il y a n g s a m a d e n g a n p e n g u ji a n R O A s e b a g a im a n a d ije la s k a n d i a ta s . H a s il p e n g u jia n le n g k a p d a p a t d ilih a t d a la m la m p ir a n p e n e litia n in i.
P e n g u k u r a n K in e r ju P a s a r d e n g a n P B V
H a s i l o u tp u t S P S S u n tu k m e n g u ji h ip o te s is p a d a M o d e l - 4 u n tu k m e n g u ji a p a k a h t e r d a p a t h u b u n g a n a n ta r a t in g k a t p e n g u n g k a p a n N F M d e n g a n k i n e i j a p a s a r ( P B V ) d a p a t d ilih a t d a r i h a s il o u tp u t S P S S p a d a la m p ir a n p e n e litia n in i. D a r i p e n g u j ia n m o d e l s ta t i s t i k (U ji F ) m e n u n ju k k a n b a h w a m o d e l te r s e b u t d a p a t d ite ri m a . S e la n ju tn y a h a s i l p e n g u jia n m a s in g - m a s in g v a r ia b e l in d e p e n d e n ( U ji T ) m e n u n ju k k a n b a h w a p e n g u n g k a p a n N F M ( N F M D ) d a n k u a lita s a u d it ( A U D ) te r b u k ti b e r h u b u n g a n p o s i t i f d a n s ig n if ik a n te r h a d a p k i n e r ja p e r u s a h a a n (R O A ). S e d a n g k a n v a r ia b e l
c o r p o r a te g o v e r n a n c e y a n g d i-p r o x y d e n g a n p r o p o r s i k o m is a r is in d e p e n d e n j u g a t e r b u k ti b e r h u b u n g a n s ig n if ik a n s e c a r a s ta tis tik d e n g a n k i n e i j a p a s a r (P B V ) . N a m u n d e m i k i a n p r e d ic tiv e sig n b e r b e d a d e n g a n h ip o te s is y a n g d iu ji. H a s il in v e s tig a s i le b ih j a u h te r h a d a p d a ta y a n g a d a m e n u n ju k k a n b a h w a p e r u s a h a a n y a n g m e m ilik i k in e r ja P B V y a n g k u r a n g b a ik t e r n y a t a m e m p u n y a i j u m l a h p r o p o r s i k o m is a r is in d e p e n d e n y a n g le b ih b a n y a k d i b a n d in g k a n d e n g a n p e r u s a h a a n - p e r u s a h a a n y a n g m e m p u n y a i P B V c u k u p b a ik .
K E S I M P U L A N D A N K E T E R B A T A S A N P E N E L I T I A N
B e r d a s a r k a n h a s il p e n e litia n d i a ta s , d a p a t d ita r ik k e s im p u la n s e b a g a i b e r ik u t a . F a k t o r - f a k t o r k a r a k te r is tik p e r u s a h a a n y a n g d \-p ro x y o le h s tr a te g i (p ro s p e c to r/
6 4 J u r n a l A k u n ta n s i d a n K e u a n g a n I n d o n e sia , J u n i 2 0 0 7 , Vol. 4, N o .I , h a l. 4 7 - 7 6
in f o r m a s i m e n u r u t u r u ta n p r io r ita s p e n tin g n y a s u a tu item p e n g u n g k a p a n N F M b a g i p e n g g u n a la p o r a n ta h u n a n .
c . K u a lita s a u d it y a n g d ip a k a i m e n g g u n a k a n p r o x y K A P B ig 4 d a n N o n B ig 4.
P e r lu d i p e r tim b a n g k a n u n tu k m e m b a g i k u a lit a s a u d it b e r d a s a r k a n p e m b a g ia n K A P B ig 4 , K A P A f ilia s i A s in g N o n B ig 4 d a n K A P lo k a l.
d . D a la m p e n e litia n in i m o d e l- m o d e l p e n e litia n y a n g d iu ji b e lu m b a n y a k m e n e liti k e m u n g k in a n a d a n y a p e n g a r u h in te r a k s i a n ta r a m a s in g - m a s in g v a r ia b e l p e n e l i t i a n , s e p e rt i in te ra k s i m a s in g - m a s in g in d e k s d isclo sure d a la m p e r s p e k t i f B S C {custom er, in te rn a l b u sin e ss p r o c e s s d a n le a r n in g a n d g r o w th ) d e n g a n m a s in g - m a s in g v a r ia b e l in d e p e n d e n y a n g d iu ji. P e n e litia n d i m a s a y a n g a k a n d a ta n g d ih a r a p k a n d a p a t le b ih b a n y a k m e n g g a li p o te n s i in fo r m a s i y a n g m u n g k in a d a d a r i in te r a k s i te r s e b u t.
D A F T A R P U S T A K A
A d a m s , R o g e r , “N o n - f in a n c ia l D is c lo s u r e s in th e A n n u a l R e p o r t” P a p e r p r e s e n te d a t T h e 2 n d A s ia n R o u n d ta b le o n C o r p o r a te G o v e r n a n c e , 2 0 0 0 .
A d h a r i a n i , D e s i, “ T in g k a t K e lu a s a n P e n g u n g k a p a n S u k a r e la d a la m L a p o r a n T a h u n a n d a n H u b u n g a n n y a d e n g a n C u r r e n t E a r n in g s R e s p o n s e C o e f f ic ie n t ( E R C ) .”
J u r n a l A k u n ta n s i d a n K e u a n g a n In d o n e sia 2 , n o . l ( J u li 2 0 0 5 ) : 2 4 -5 7 .
A l s a e e d , K h a li d . “ T h e A s s o c ia tio n B e tw e e n F ir m - S p e c if ic C h a r a c te r is tic s a n d D is c lo s u r e : T h e C a s e o f S a u d i A r a b i a .” J o u r n a l o f A m e r ic a n A c a d e m ic o f B u s in e s s 7 , n o . l ( S e p te m b e r 2 0 0 5 ) : 3 1 0 .
B A P E P A M . P e ra tu ra n N o V III.G .2 te n ta n g L a p o ra n T ahunan K ep -3 8 /P M J1 9 9 6 ta n g g a l 17 J a n u a r i 1996. 1 9 9 6 . w w w .b a p e p a m .g o .id .
B A P E P A M . P e ra tu ra n N o VIII. G. 7 te n ta n g P e d o m a n P e n y a jia n L a p o ra n K e u a n g a n K e p -0 6 /P M /2 0 0 0 ta n g g a l 13 M a r e t 2 00 0 . 2 0 0 2 . w w w .b a p e p a m .g o .id .
B a r i d w a n , A n is . “ P e n g u n g k a p a n I n f o r m a s i F in a n s ia l d a n N o n f in a n s ia l d a la m P e l a p o r a n P e r u s a h a a n T e rb u k a ( T in ja u a n a ta s L a p o r a n K e u a n g a n T a h u n a n d a n T e n g a h T a h u n a n ).” I n P a p e rs f r o m P r o s id in g K o n v e n si N a s io n a l A k u n ta n s i I V P a r a d ig m a B a r u P ro fe si A k u n ta n M e m a su k i M ile n iu m K e tig a : G o o d
G o v e rn a n c e , 4 4 0 . 2 0 0 0 .
B o t o s a n , C h r is ti n e A . “ D is c lo s u r e L e v e l a n d th e C o s t o f E q u ity C a p ita l.” The A c c o u n tin g R e v ie w 72,:n o .3 (J u l 1 9 9 7 ): 3 2 3 .
C o r a m , P a u l, G a ry M o n ro e , a n d D a v id W o o d c liff. “ T h e J o in t E f f e c t o f V o lu n ta ry N o n - f in a n c ia l D is c lo s u r e a n d A s s u r a n c e o n C o m p a n y V a lu a tio n J u d g e m e n ts .” 2 0 0 5 . h ttp ://a a a h q .o r g /a u d it/m id y e a r /0 5 m id y e a r /p a p e r s
6 8 J u r n a l A k u n ta n s i d a n K e u a n g a n I n d o n e s ia , J u n i 2 0 0 7 , V ol.4, N o . I, h a l. 4 7 - 7 6
T a b e l 5
D e s k ri p s i S ta tis tik Sa m ple P e n g u n g k a p a n N o n F in an cia l-Interna l Perspective
N o Classification N M in M a x M e a n S t d D e v
1 agriculture, forestry, fishing and allied products H 7 .6 9 % 5 3 .8 5 % 2 9 .6 7 % 1 5 .0 4 %
2 animal feed and husbandry 4 2 3 .0 8 % 3 8 .4 6 % 2 8 .8 5 % 7 .3 6 %
3 mining 7 1 5 .3 8 % 6 9 .2 3 % 3 8 .4 6 % 2 0 .3 5 %
4 oil & gas 4 4 6 .1 5 % 7 6 .9 2 % 5 9 .6 2 % 1 5 .8 6 %
5 constructions 4 2 3 .0 8 % 4 6 .1 5 % 3 8 .4 6 % 1 0 .8 8 %
6 food & beverages 1 9 7 .6 9 % 6 9 .2 3 % 2 7 .5 3 % 1 6 .8 8 %
7 consumer goods 9 1 5 .3 8 % 6 1 .5 4 % 2 3 .9 3 % 1 5 .1 2 %
8 textile, garment 1 7 7 .6 9 % 4 6 .1 5 % 2 9 .4 1 % 8 .2 6 %
9 paper 5 1 5 .3 8 % 3 0 .7 7 % 2 4 .6 2 % 6 .4 4 %
1 0 chemicals 18 1 5 .3 8 % 4 6 .1 5 % 2 9 .4 9 % 9 .6 0 %
11 plastics and glass products 1 3 1 5 .3 8 % 4 6 .1 5 % 3 2 .5 4 % 8 .9 7 %
1 2 metal products 1 9 1 5 .3 8 % 6 1 .5 4 % 2 8 .3 4 % 1 2 .0 4 %
1 3 automotive and allied products 1 4 1 5 .3 8 % 6 9 .2 3 % 3 4 .0 7 % 2 1 .4 9 %
1 4 pharmaceuticals 8 1 5 .3 8 % 5 3 .8 5 % 2 8 .8 5 % 1 2 .8 4 %
1 5 transportation 1 0 2 3 .0 8 % 5 3 .8 5 % 3 6 .1 5 % 1 1 .5 0 %
1 6 telecommunication 4 2 3 .0 8 % 7 6 .9 2 % 5 5 .7 7 % 2 3 .8 1 %
1 7 wholesale/retail 2 6 1 5 .3 8 % 5 3 .8 5 % 3 1 .6 6 % 1 1 .3 7 %
1 8 bank 21 2 3 .0 8 % 7 6 .9 2 % 4 8 .3 5 % 1 5 .9 8 %
1 9 financial services other than bank 3 9 1 5 .3 8 % 6 1 .5 4 % 3 3 .7 3 % 1 4 .1 9 %
2 0 real estate & property 3 7 7 .6 9 % 4 6 .1 5 % 2 1 .8 3 % 1 0 .0 2 %
2 1 hotel and travel services 7 2 3 .0 8 % 5 3 .8 5 % 3 0 .7 7 % 1 0 .8 8 %
22 advertising, printing & media 6 1 5 .3 8 % 6 1 .5 4 % 4 2 .3 1 % 1 9 .3 1 %
2 3 computer & services 9 1 5 .3 8 % 8 4 .6 2 % 3 7 .6 1 % 2 3 .5 4 %
Grand Total 3 1 4 7 .6 9 % 8 4 .6 2 % 3 2 .1 9 % 1 5 .4 9 %
T a b e l 6
H a s il P e n g u jia n H ip o te s is 1 s .d 5 p a d a M o d e l - 1 *)
M o d e l S u m m a r y (b )
M o d e l R R S q u a r e A d ju s t e d R
S q u a r e
S td . E r r o r o f t h e E s tim a te
1 .3 2 5 (a ) .1 0 5 .0 9 4 .1 3 3 0 0 8
a P redictors: (C o n s ta n t), O W N _ F , R E G , C E T A , A G E
7 2 J u r n a l A k u n ta n s i d a n K e u a n g a n I n d o n e s ia , J u n i 2 0 0 7 , V ol.4, N o . l , h a l. 4 7 - 7 6
T a b e l 10
H a s il P e n g u jia n M o d e l - 4 P e n g u k u r a n K in e r ja A k u n ta n s i d e n g a n R O A *)
M o d e l S u m m a r y (b )
M o d e l R R S q u a r e A d ju s t e d R S q u a r e S td . E r r o r o f t h e E s tim a te
1 .3 3 0 (a ) .1 0 9 .0 9 6 .0 5 5 6 1 6
a Predictors: (Constant)'; L 0 G _ T A , G C IJ M J M .A U D , N F M D b D e p e n d e n t V a ria b le : R O A
A N O V A (b )
M o d e l S u m o f
S q u a re s D f M e a n S q u a r e F S ig .
1 R e g re s s io n .1 0 7 4 .0 2 7 8 .6 8 3 .0 0 0 (a )
R e s id u a l .8 8 2 2 8 5 .0 0 3
Total .9 8 9 2 8 9
a P red ic to rs : (C o n s ta n t), L O G _ T A , G C IJ X J M , A U D , N F M D
b D e p e n d e n t V a ria b le: R O A
C o e f fic ie n ts ( a )
M o d e l
U n s ta n d a r d iz e d C o e ffic ie n ts
S t a n d a r d iz e d
C o e ffic ie n ts t S ig .
B S t d . E r ro r B e ta B S t d . E r ro r
1 (C o n s ta n t) .0 0 5 .0 5 9 .0 8 7 .931
N F M D .0 7 3 .031 .1 7 3 2 .3 6 0 .0 1 9
A U D .0 2 2 .0 0 8 .1 8 6 2 .8 6 4 .0 0 4
G C I_ D U M -.0 1 4 .0 0 8 -.0 9 9 -1 .7 5 1 .081
L O G _ T A -.0 0 1 .0 0 5 -.0 0 7 -.0 9 2 .9 2 7
S e n s i, P e n g u n g k a p a n N o n F in a n c ia l M e a s u r e s ( N F M D is c lo s u r e ) . 73
T a b e l 11
H a s il P e n g u jia n M o d e l - 4 P e n g u k u r a n K i n e r j a A k u n ta n s i d e n g a n R O E *)
V a r ia b le s E n te r e d /R e m o v e d ( b )
M o d e l V a r ia b le s E n t e r e d V a r ia b le s
R e m o v e d M e th o d
. L O G _ T A , G C I D U M ,
A U D , N F M D (a ) E n ter
a A ll re q u e s te d v a ria b le s e n te re d , b D e p e n d e n t V a ria b le : R O E
M o d e l S u m m a r y
M o d e l R R S q u a r e A d ju s t e d R
S q u a r e
S t d . E r r o r o f t h e E s tim a te
1 .4 9 0 (a ) .2 4 0 .2 2 9 .0 9 8 9 6 1
a P red icto rs: (C o n s ta n t), L 0 G _ T A , G C I_ D U M , A U D , N F M D
A N O V A (b )
M o d e l S u m o f
S q u a r e s d f M e a n S q u a r e F S i g .
1 R e g re s s io n .8 3 2 4 .2 0 8 2 1 .2 3 2 .0 0 0 (a )
R e s id u a l 2 .6 3 4 2 6 9 .0 1 0
Total 3 .4 6 6 2 7 3
a P red icto rs: (C o n s ta n t), L O G _ T A , G C I _ t ) llM , A l ID , Nf MD b D e p e n d e n t V a ria b le: R O E
C o e f fic ie n ts ( a )
M o d e l
U n s t a n d a r d iz e d C o e f fic ie n t s
S t a n d a r d iz e d
C o e f fic ie n t s t S ig .
B S td . E r r o r B e ta B S t d . E r r o r
1 (C o n s ta n t) - .3 4 9 .1 1 0 - 3 .1 7 7 .0 0 2
N F M D .131 .0 5 7 .1 6 4 2 .3 0 1 .0 2 2
A U D .0 4 0 .0 1 4 .1 7 7 2 .8 3 8 .0 0 5
G C l_ D U M -.0 3 2 .0 1 4 -.1 2 0 -2 .2 2 1 .0 2 7
L O G _ T A .0 3 2 .0 1 0 .2 1 9 3 .1 5 4 .0 0 2
S e n s i, P e n g u n g k a p a n N o n F in a n c ia l M e a s u r e s ( N F M D is c lo s u r e ) .. 75
T a b e l 13
H a s il P e n g u jia n M o d e l - 4 P e n g u k u r a n K i n e r j a P a s a r d e n g a n P B V *)
Mo d e l S u m m a r y
M o d e l R R S q u a r e A d ju s t e d R
S q u a r e
S td . E r r o r o f t h e E s tim a te
1 .4 6 7 (a ) .2 1 8 .2 0 7 .6 6 2 4 0 2
a P redictors: (C o n s ta n t), LOG_TA, G C I_ D U fd , AUDI , NPMD
A N O V A (b )
M o d e l S u m o f
S q u a r e s D f M e a n S q u a r e F S ig .
1 R e g re s s io n 3 3 .5 3 8 4 8 .3 8 5 1 9 .1 0 9 .0 0 0 (a )
R e s id u a l 1 2 0 .2 2 5 2 7 4 .4 2 9
T otal 1 5 3 .7 6 3 2 7 8
a P redictors: (C o n s ta n t), L O G _ T A , G C I_ D U M , A U D I , N F M D
b D e p e n d e n t V a ria b le: P B V
C o e f fic ie n ts ( a )
M o d e l
U n s t a n d a r d iz e d C o e f fic ie n t s
S t a n d a r d iz e d
C o e f fic ie n ts t S ig .
B S td . E r r o r B e ta B S td . E r r o r
1 (C o n s ta n t) -.3 8 4 .7 5 7 - .5 0 7 .6 1 3
N F M D 1 .6 6 0 .391 .3 0 3 4 .2 4 0 .0 0 0
A U D I .2 1 2 .0 9 4 .1 4 3 2 .2 6 6 .0 2 4
G C I_ D U M -.211 .0 9 6 -.1 1 9 - 2 .2 0 2 .0 2 9
L O G _ T A .071 .0 6 9 .0 7 2 1 .0 1 8 .3 0 9
a D e p e n d e n t V a ria b le: P B V
