E-ISSN - Universitas Muhammadiyah Gresik

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1058

JournalUniversitasMuhammadiyahGresikEngineering,SocialScience,andHealth InternationalConference(UMGESHIC)

UMGCINMATIC:1^stRethinkingEducationduringCovid-19Era:Challangeand Innovation

THEEFFECTOFLEVERAGE,PROFITABILITY,COMPANYSIZEAND REPUTATIONOFKAPONTHETIMELINESSOFFINANCIALSTATEMENT

SUBMISSION

Author

IfandaRosalina¹,Syaiful²

1,2UniversityofMuhammadiyahGresik ifandarosalina1@gmail.com¹,syaiful@umg.ac.id²

ABSTRACT

Thepurposeofthisstudyistoexaminewhetherornotthevariablesofleverage,profitablitas, companysizeandreputationofpublicaccountingfirm influencetimelysubmissionof financialreports.Theobjectofthisresearchismanufacturingcompanieslistedonthe IndonesiaStockExchange(IDX)fortheperiod 2018 to 2020.Theresearchdatawas collectedbyusingdocumentationtechniqueonthesamplecompany'sfinancialstatement items.Byusingpurposivesampling,thefinalsamplesizeis139companies.Theresearch hypothesiswastestedusinglogisticregressionanalysis.Theresultohhypothesistesting concludedthatleveragehasnoeffectonthetimelinessofsubmittingfinancialstatements, profitabilitashasnoeffectonthetimelinessofsubmittingfinancialstatements,company sizehasaeffectonthetimelinessofsubmittingfinancialstatements,thereputationofa publicaccountingfirm hasnoeffectonthetimelinessofsubmittingfinancialstatements.

Keywords:leverage,profitability,companysize,reputationofpublicaccountingfirm,timely submissionoffinancialreports

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1.INTRODUCTION

Financialstatementsarerecordsthatcontaininformationaboutthecompany's financesthatcanbeusedasanoverview ofthecompany'sperformance.

Financialstatementsasaform ofcommunicationfrom thecompany'sinternal partiesinprovidingimportantinformationaboutthecompany'sperformanceto thecompany'sexternalparties.Themainpurposeoffinancialstatementsisto provide usefulinformation for decision making,this is management's accountabilitytoallelementsofactivitieswithinnurmiaticompany,(2016).The timelydeliveryoffinancialstatementsisveryimportantforthe company becausewhenthereportisdeliveredquicklyandappropriately,theinformation containedinthereportwillcontainthebenefitsusedbytheusersofthe financialstatementsatthetimeofdecisionmaking.Conversely,whenthe companyhas a delayin delivering then whathappens is the qualityofthe decisionstakenbyinvestorswillbereduced.

Buttherealitythatoccursisthattherearecompaniesorissuersin Indonesiathatstillexceedthedeadlinesetinsubmittingfinancialstatementsto theFinancialServicesAuthority(OJK)andtousersoffinancialstatements.. LawNo.21of2011concerningtheFinancialServicesAuthorityhasregulated thetimingofthesubmissionoffinancialstatementsforallcompanieslistedon theIDX.ThecontentsoftheActstatethattheentirecompanyisobligedto publishitsreportperiodicallytotheOJK(FinancialServicesAuthority)andmust makeitpublic.Inthe annexofthedecree ofthechairmanofOJK (Financial ServicesAuthority)Number:Kep-36/PM /2011hasbeenmentionedthatthe company's annualfinancialstatements thathave been audited mustbe submittedtoOtoritasJasaKeuagan(OJK)atthelatest,namelyinlateMarchor 90daysafterthedateoftheannualfinancialreport.

Astuti(2019)providedtheresultsofhisresearchthattheleveragehad noeffectonthetimelinessofthedeliveryoffinancialstatements.Theresultsof Astuti'sresearch(2019)onleveragevariablesarecomparabletothosestudiedby Firdaus,Amin,&Junaidi(2018)thatleveragevariablesturnedouttohaveno effect.WhiledifferentinhisresearchNurmiati(2016)whichshowsthatthereis aninfluenceonthetimelinessofthedeliveryoffinancialstatements,namely leveragevariables.Thisindicatesifthereisacompanywhosehighlevelof leverageisusuallynotontimeinfinancialreportingbecausethecompanyhasa highleveloffinancialriskaswellsothattheauditprocessbecomeslongerand

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affectsthetimeofdeliveryofitsfinancialstatements.InadditionSuprapti (2015)alsoexaminedandprovedthatprofitabilityvariablesturnedouttohavea significantinfluencewiththetimelinessoffinancialreporting.Theresultsofthe studywerealsoprovenbySanjaya&Wirawati(2016)andJaori,MarioKristopp (2018)inacasestudyintheIDXperiod2014-2016withresultsifprofitability variableshaveapositiveandsignificantrelationshipwiththetimelinessof deliveryofthecompany'sfinancialstatements.Butunliketheresearchof Rinawati(2008),whichshowedthatprofitabilityvariableshadnoinfluencewith thetimelinessofthedeliveryoffinancialstatements.

ThenKuswanto&Sodikin(2013),provedinhisresearchthatthereisa reputationofKAPasanindependentvariablethathasnosignificanteffectwiththe timelinessoffinancialreporting.ButinAstuti'sresearch(2019),kap'sreputation variableshaveaninfluenceonthetimelinessoffinancialreporting.Inhisresearch mentionedifareputableauditorwillhaveabetterqualityauditresultsand certainlyrightatthetimeofsubmissionofhisreport.

Thismeans,theuseofauditorswhohaveaqualifiedKAPreputationcanhavean effectwiththetimeofsubmissionofreportsappropriately.

From thebackgrounddescriptionabovetherearevariousdifferencesinresults thatarenotconsistent,soresearchersareinterestedinconductingresearch.

Hereisaproblemformulaseenfromthebackgroundabove:

1.Doesleverageaffectthetimelinessofthedeliveryoffinancialstatements?

2.Doesprofitabilityaffectthetimelinessofthedeliveryoffinancialstatements?

3.Doesthesizeofthecompanyaffectthetimelinessofthedeliveryoffinancial statements?

4.Does kap's reputationaffectthe timeliness ofthe deliveryoffinancial statements?

2.METHODS

PopulationandResearchSample

Thepopulationusedinthisstudyisallmanufacturingcompaniesamountingto 198companiesthatissueannualfinancialstatementsontheIndonesiaStock Exchange(IDX)fortheperiod2018-2020.Purposivesamplingmethodbecomes amethodthatwillbeusedinthestudythistimebecausethemethodisbased ontheselectionofcertaincriteriatoobtainrelevantsamplesinaccordancewith

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thepurposeoftheresearchUtaresomeofthecriteriathatwillbeusedfor samplinginthisstudy:

1.Manufacturingcompaniesthathavebeenregisteredwithidxfortheperiod 2018-2020.

2.Reportannualreportsinrupiah

3.Publishannualauditedfinancialstatementsconsecutivelyfortheperiod2018 -2020.

TypesandSourcesofData

Thisstudyusesthistypeofdataintheform ofsecondarydata,wherethedata isobtainedfrom theannualfinancialstatementsofmanufacturingcompanies listedontheIndonesiaStockExchange(IDX)fortheperiod2018to2020.The sourceofthisresearchdatawasfoundontheofficialwebsiteoftheIndonesia StockExchange(IDX)whichiswww.idx.co.idin2018to2020.

DefinitionofOperationandVariables DependentVariable(Y)

Thedependent(bound)variableinthisstudyisthetimelinessofthedeliveryof financialstatements.Basedonthestatementattachedinthedecreebythe chairmanofOJK(FinancialServicesAuthority)Number:Kep-36/PM /2011 thatthecompany'sannualfinancialstatementsrecordedthathavebeencarried outtheauditprocessmustbesubmittedtotheFinancialServicesAuthority (OJK)maximum attheendofthethirdmonthofMarchorifcalculatedbased on thedayis90 days,which iscalculated from theclosing dateofthe company'sbook.

Thesedependentvariablesaremeasuredbylookingatthelengthofdaysit takestoobtainauditedfinancialstatements.Thecalculationofthelengthof timeisfrom thestartofthecompany'sbookclosingdateortheendoftheyear whichisDecember31untilthedatelistedintheauditreport.Thecompanyis saidtobeontimeifitsfinancialstatementsaresubmitted<90dayswillgeta scoreof1,insteadthecompanyissaidnottobeontimeifitsfinancial statementsaresubmitted>90dayswillgetascoreof0.

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IndependentVariables(X) Leverage

Leverageisaratiothatshowsthelevelofactivityofacompanyfinancedfrom theuseofdebt.Theexistenceofahighcorporateriskidentifiesthatthe company is experiencing financialdifficulties. The company's financial difficultieswillhaveabadimpactonthefinancialconditioninpublic,ifthe company'sleverageishighthenthelevelofdebtownedbythecompanyisalso highanddoesnotruleoutthepossibilityofthecompanytopaydebtsto creditorsishigher.

Thecompanywillimproveitsleveragelevelfirstbeforeitsfinancialstatements aredelivered.This,willmakethecompany'smanagementdelayitsfinancial reportingandwillcausebadnewsforinvestorsorinterestedpartiestothe financialstatements,becauselogicallyifthecompanyhasmoredebt,thennot manyinvestorswillinvestinthecompanybecausethecompany'smoneyis consideredtoosmallandthedividendgeneratedforinvestorsisalsolessthan companiesthatdonot.Hehasalotofcashmeredebt,(2015:92).

Inthisstudy,theindicatorusedtoregulateleveragelevelswastheDebtto EquityRatio(DER).Thisratioindicatestheamountofassetsofthecompany financedbytheamountofdebt.Thehigherthecompanyhasthisratioindicates thegreatertheamountofloansusedinthefinancingofassetsusedbythe companytoobtainprofits.

Thisvariableismeasuredusingtheformula:

DER=TotalLiabilities:TotalEquity Profitability

Profitabilitybecomesoneofthegaugesofthelevelofprofitorprofitobtained byacompanyforitsoperationalactivities.Ifthecompanyhasahighabilityto profitthenwhathappensinitsmanagementisthehighertheeffectivenessof santosomanagement(2010:96).

Shareholderscanuseprofitabillityasinformationtofindouthowmuchprofitis actuallyreceivedindividends.Profitabilityisalsousedbyinvestorstoestimate how muchthechangeinvalueofthesharesowned.Creditorscanalsouse profitabilitytomeasuretheabilitytopayprincipalandinterestonCashmere

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loans(2015:122).

Inthiscaseprofitabilitybecomesanimportantthingtonoteforreportusersto facilitateinmakinginvestmentdecisions,sothatcompaniesthathaveahigh profitabilityratiowillhavethedesiretodelivertheirfinancialstatementsina timelymannertoprovidegoodsignalsorgoodinformationtointerestedparties onthefinancialstatements.Thisstudyusesindicatorsintheform ofReturnOn Asset(ROA)tomeasurethelevelofprofitabilityofacompany.

Theformulausedis:

ROA=NetIncome:TotalAssets CompanySize

AccordingtoBrigham andHouston(2012:54)thesizeofacompanyisascale ofacompanythatisclassifiedbasedonthesizeofthecompanyjudgingbythe totalassets,logsize,stockmarketvalueandothers.Investorswilltendto highlightcompaniesthatarelargeratherthansmallcompaniessothatlarge companieswillprovideinformationintheform offinancialstatementsina timelymannertousersoffinancialstatements.

Thisstudyusedtheproxysizeofthenaturallogofthetotalassets.Theuseof naturallogs(Ln)inthisstudywiththeintentiontoreducetheexistenceoflarge datafluctuations,becauseifthetotalvalueofassetsisdirectlyenteredthenthe valuewillbeverylarge.Therefore,thelargevaluecanbesimplifiedwithout changingtheproportionoftheactualoriginalvaluebyusingthenaturallog.

Themeasurementformulais:

CompanySize=Ln(TotalAssets) KapReputation

Kap'sreputationistheachievementandpublictrustheldbyauditorsonbehalf oftheauditors.Kap'sreputationhasacloserelationshipwithitsauditors becauseeachauditorhasadifferenceinqualityandindependencebetween KAPbigfourornonbigfourRudyawanandBadera(2009).Auditorswhohavea reputationforKAPbybeingaffiliatedwiththeKAPbigfourtendtohavemuch betterquality,becausekapbigfourhasauditorswithcharacteristicsrelatedto qualitysuchastraining,andinternationalrecognition.ThisKAP reputation variableismeasuredonaordinalscaleusingthefollowingscores:

Score5=CompaniesaffiliatedwithKAPDeloitteToucheThomatsu.

Score4=CompaniesaffiliatedwithKAPErnstandYoung.

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Score3=CompaniesaffiliatedwithKAPKPMG(KlynveldPeat) MaewickGoerdeler).

Score2=CompaniesaffiliatedwithKAPPriceWaterhouseCoopers.

Score1=CompaniesaffiliatedwithKAPNonBigFour 3.DISCUSSION

4.1DescriptiveStatistics

From theresultsofdescriptivestatisticalteststhathavebeenconductedinthis study,obtainedresultsaspresentedinthetablebelow:

Table4.1

DescriptiveStatisticalTestResults

Source:SPSS22,Dataprocessedbyresearchers(2021)

From table4.1aboveisknownasildescriptivestatisticalanalysis,thenumber ofsamples(N)usedinthisstudyis417companiesinidxwitharesearchperiod of3years,namelyduring2018-2020.Theboundvariablesusedinthestudy werethetimelinessofthedeliveryoffinancialstatementswhileleverage, profitability,companysizeandKAP'sreputationasafreevariable.Theresults ofdescriptiveanalysisforeachvariablecanbeexplainedasfollows:

1.Leverage(X1)

TheleveragevariableasmeasuredbytheDebttoEquityRatio(DER)hasa minimum valueof-2.21andamaximum valueof114.29.Theaveragevalue is1.5323withastandarddeviationof5.94586.Duringtheresearchperiod, theminimum leveragevaluewasheldbycompanieswithBIMAissuercodes in2018.Themaximum valueisownedbyacompanywiththeissuercode MYTXin2020.

2.Profitability(X2)

ProfitabilityvariablesaremeasuredbyReturnonAssets(ROA).Profitabilityhas aminimum valueof-1.37andamaximum valueof8.30.Theaveragevalue is0.0575withastandarddeviationof0.43069.Duringtheresearchperiod, theminimum profitabilityvaluewasownedbycompanieswiththeissuer codeMGNAin2019.Themaximum valueisalsoownedbycompanieswith

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theissuercodeMGNAin2020.

3.CompanySize(X3)

Companysizevariablesaremeasuredbynaturallogsofassets.Thesizeofthe companyhasaminimum valueof22.64andamaximum valueof33.49.The averagevalueis28.4119withastandarddeviationof1.65516.Duringthe researchperiod,theminimum valueofthesizeofthecompanywasowned bythecompanywiththeissuercodeMGNAin2020.Themaximum valueis ownedbycompanieswiththeissuercodeASIIin2019.

Table4.2

KWPLKFrequencyDistributionStatisticalTestResults

Table 4.2 above is the statisticalresultoffrequencydistribution on the timelinessvariableofthedeliveryoffinancialstatements.Companiesthathave ascoreof0arenotontimeindeliveringtheirfinancialstatements,thetable aboveshowsthereare123observationsor29.5%.Whilecompaniesthathavea score of1 are companies thatare on time in delivering theirfinancial statements,thetableaboveshowsthereare294observationsor70.5%.

Table4.3

KapReputationFrequencyDistributionStatisticalTestResults

Table4.3aboveisastatisticalresultoffrequencydistributionontheKAP reputationvariable.Score1isacompanythatuseskapnonbigfourasmanyas 294observationsor70.5%.Score2isacompanythatusesKAPPWCasmany

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as24observationsor5.8%.Score3isacompanythatusesKAPKPMGasmany as21observationsor5.0%.Score4isacompanythatusesKAPEYasmanyas 71observationsor17.0%.Score5isacompanythatusesKAPDTTasmuchas 7observationsor1.7%.

4.2AssessingModelFeasibility(GoodnessofFitTest)

ThefeasibilityoftheregressionmodelistestedusingHosmerandLemeshow's GoodnessofFitTestwhichservestofindoutifthedatasampleobtainedisin accordancewiththeregressionmodelused.Thetestwasmeasuredbylooking atthevalueofChi-square,wherethesignificancelevelusedwas0.05.Ifthe statisticalvalueofGoodnessofFitTestHosmerandLemeshowisgreaterthan 0.05,thenthehypothesisisaccepted.Thisindicatestheconformitybetween themodelandtheobservedvaluesothatitissaidtobeappropriate.Thetest resultscanbeseeninthefollowingtable:

Table4.4

HosmerandLemeshow'sGoodnessOfFitTestResults

Basedontable4.4resultsoftheHosmerandGoodnessofFitTestLemeshow showedaChi-Squarevalueof8,594withasignificancelevelof0.378.This suggeststhatthesignificancelevelof0.378isgreaterthan0.05soitcanbe saidthattheregressionmodelinthisstudyisacceptablebecausethemodel correspondstotheobservedvalue.

4.3AssesstheOverallModel

Overallmodeltesting servesto find outwhetherthehypothesized model matchesornotwiththedata.Thetestisdonebycomparingthedifferencein thevalueof-2oftheinitiallikehoodlog(Blocknumber=0)withthevalueof-2 ofthefinallikehoodlog(Blocknumber=1).Iftheresultisgreaterthantheinitial -2loglikehoodvalueofthe-2latelikehoodlog,therewillbeadecreaseinthe result,wherethisdecreaseindicatesthatthehypothesizedmodelisfitor correspondingtothedata.Thetestresultscanbeseeninthefollowingtable:

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Table4.5

ResultsofValueComparisonTestBetween-2EarlyLikehoodLogs with-2LateLikehoodLogs

Basedontable4.5showsthatthevalueof-2loglikehoodinitial(Blocknumber

=0)amountedto505,852andthevalueof-2loglikehoodfinal(Blocknumber=

1)amountedto 484,611.Thisillustratesthatthevalueof-2loglikehood decreasedsoitcanbesaidthatthehypothesizedmodelhasbeenfitorin accordancewiththedata.

4.4RegressionCoefficient

ThecoefficientofdeterminationcanbeknownthroughtheNagelkerkeRSquare valuewhichservestofindouthowmuchvariabilityofindependentvariablesis abletoexplainthevariabilityofdependentvariables.Therestcanbeexplained byothervariablesoutsideofthestudymodel.

Thetestresultscanbeseeninthefollowingtable:

Table4.6

DeterminationCoefficientTestResults(NagelkerkeRSquare)

Basedontable4.6itisknownthatthecoefficientofdetermination(Nagelkerke R Square)is0.071orequalto7.1%.Thissuggeststhatthevariabilityof independentvariables capable ofexplaining the variability ofdependent variablesinthestudywasonly7.1%.While92.9% wasexplainedbyother variablesoutsidethestudymodel.

4.5OmnibusTestOfModelCoefficient

Thisstudyaimstofindoutwhetherindependentvariablesaresimultaneously -2EarlyLikehoodLogs

(Blocknumber=0) -2LateLikehoodLog (Blocknumber=1)

505,852 484,611

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abletoinfluencedependentvariables.HerearetheresultsoftheOmnibusTest ofModelCoefficients:

Table4.7

OmnibusTestOfModelCoefficientResults

Basedontable4.7itisknownthatthevalueofChi-square=21,240andthe degreeoffreedom =4.Thesignificancelevelof0.000whichisthisvalueisless than 0.10.Thisshowsthatthe variable leverage,profitability,size ofthe companyand kap reputation affectthe timelinessofdeliveryoffinancial statements.

4.6LogisticRegressionAnalysis

Thisstudyuseslogisticregressionanalysisbecausedependentvariablesare dummyvariablesi.e.categoryvariables(non-metric)andmeasuredusinga nominalscale.Logisticregressionanalysisisusedtodeterminetheextentof theeffectofindependentvariablesondependentvariablespartiallyusingthe waldtest.Thelogisticregressionmodelformedcanbeseeninthefollowing table:

Table4.8

VariablesintheEquationTestResults

Basedontable4.8ofthelogisticregressionmodelformedwiththefollowing equations:

Lnp/(1-p)(ETR)=-7,753-0.045+0.048+0,310-0.048

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Basedontheaboveequation,itcanbeexplainedasfollows:

1.Leveragevariable(X1)hasacoefficientvalueof-0.045,thewaldtestof1.383 withasignificancelevelof0.240>0.05thenH1isrejected.Thisshowsthat leverage has no effecton the timeliness ofthe delivery offinancial statements.

2.Theprofitabilityvariable(X2)hasacoefficientvalueof0.048,thewaldtestof 0.043withasignificancelevelof0.836>0.05thenH2isrejected.Thisshows thatprofitabilityhasnoeffectonthetimelinessofthedeliveryoffinancial statements.

3.Thecompanysizevariable(X3)hasacoefficientvalueof0.080,thewaldtest of15.117withasignificancelevelof0.000<0.05thenH3isaccepted.This showsthatthesizeofthecompanyhasaneffectonthetimelinessofthe deliveryoffinancialstatements.

4.Kap(X4)reputationvariablehasacoefficientvalueof-0.048,thewaldtestof 0.223withasignificancelevelof0.637>0.05thenH4isrejected.Thisshows thatkap'sreputationhasnoeffectonthetimelinessofthedeliveryof financialstatements.

4.CONCLUSION

Basedonthedescriptionfrom thebeginningtotheendofthediscussion,thefollowing conclusionswereobtained:

1.Leveragevariableshavenoeffectonthetimelinessofthedeliveryoffinancial statements.

2.Profitabilityvariableshavenoeffectonthetimelinessofthedeliveryoffinancial statements.

3.Companysizevariablesaffectthetimelinessofthedeliveryoffinancialstatements.

5.Kapreputationvariableshavenoeffectonthetimelinessofthedeliveryoffinancial statements.

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