ISSN-2378-703X
Home
About Us
Call For Paper
Editorial Board
Paper Submission Issues
Publication Charges Contact Us Indexing
Editorial Board
Dr. Hazim Jabbar Shah Ali Country: USA
Dr. Manzoor Khan Afridi Country: Pakistan
Dr. Majnoony Tootakhane Ali Country: Iran
Dr. Magdy Shayboub
Country: Taif University, Egypt
Dr. Ramachandran Guruprasad
Country: National Aerospace Laboratories, Bangalore, India.
Dr. Retsy D. Tomaquin Country: Phillipines
Dr. Abdolkarim Afroozeh Country: Iran
Dr. Abdul Rauf Hj Ridzuan Country: Malaysia
Dr. Haybat Abdul Samad Country: Lebanon
Dr.T.Murugesan Country: India
Asst. Prof. Dr. Nipa Sriwarom Ouppara Country: Thailand
Dr. Sylvie NIBEZA Country: Rwanda
RUDY F. DALING Country: Philippines
Issue: January, 2020 (Volume 04 - Issue 01)
Volume 04 Issue 01 (January 2020)
No. Manuscript Title & Authors Page
No. Full PDF
01
The Effect of Job Placement and Job Satisfaction towards Turnover Intention
Shelly Yulia, BSBA., S.Pd.|| MARS. Dr. Kardoyo, M.Pd.
Abstract
01-06 Download pdf
02
Murder of the Sleepless Soul by the Society: Madness and the Theoretical Suicide in William Shakespeare’s Othello Md. Ziaul Haque
Abstract
07-17 Download pdf
03
Redefining Ghanaian Highlife Music in Modern Times Mark Millas Coffie
Abstract
18-29 Download pdf
04
The Impact of Online Shopping Services And Satisfaction Levels To Customer’s Loyalty
Andrian || Wirawan Widjanarko Abstract
30-39 Download pdf
05
Effect of Firm Size, Leverage, and Environmental Performance on Sustainability Reporting
Dewa Made Dwi Juni Antara || I G.A.M. Asri Dwija Putri ||Ni Made Dwi Ratnadi || Ni Gusti Putu Wirawati
Abstract
40-46 Download pdf
06
ANTESEDEN OF PATIENT RE-
INTENTION BEHAVIORAL TO HOSPITAL IN BANGLI GENERAL HOSPITAL
Luh Ita Distriana Dewi || I Putu Gde Sukaatmadja Abstract
47-53 Download pdf
07
Learning Innovation In Batik Gepyok Practicum For
Increasing Students’ Learning Autonomy During Cultural Art Teaching At State Vocational High School 7 Of Malang, East Java
Muhammad ‘Afaf Hasyimy || Robby Hidajat Abstract
54-59 Download pdf
08
The Effect of Sustainability Report Disclosure on
Banking Company Financial Performance in Indonesia Stock Exchange
Natasha Puspa Andania || I Putu Yadnya Abstract
60-67 Download pdf
09
Domesticating Medical Residency Training Act; The role of the resident, RSUTH, and the Rivers State Government Dr Ebbi Donald Robinson
Abstract
68-71 Download pdf
10
The Effect of Environmental Performance on Company Value with Environmental Disclosure as a Mediating Variable I Made Darmayoga || I G. A. M. AsriDwija Putri || A. A. G. P.
Widanaputra || I GdeAry Wirajaya || I Putu Budiarta Abstract
72-80 Download pdf
11
The Influence of the Work Culture and the Work
Environment towards the Performance of the Civil Servants in Bone Bolango Government, Indonesia
Yurni Rahman || Abd. Kadim Masaong || Ikhfan Haris || Zulaecha Ngiu
Abstract
81-88 Download pdf
12
Impact of Remuneration on the Job Performance of the NonTeaching Staff: (A Study of Universitas Negeri Gorontalo, Indonesia)
Sukri Katili || Sarson W.Dj. Pomalato || Ansar || Arwildayanto Abstract
89-94 Download pdf
13
Communication Convergence of Village Fund Managers for Village Development
Ramainim Saragih || Sumardjo || Ivanovich Agusta || Sofyan Sjaf Abstract
95-
101 Download pdf
14
The Influence of Effectiveness Electronic Advertising with EPIC Model on Web Series toward Consumer Purchase Decisions on Tropicana Slim Stevia Products
Yuda Prasetya Putra || Annisa Lisdayanti Abstract
102-
119 Download pdf
15
Eliot’s Treatment of the Chorus: A Steady Logical Structure (1) The Rock and Murder in the Cathedral Case in Point Dr. Yahya Saleh Hasan Dahami
Abstract
110-
116 Download pdf
16
Implementation of Optimal Portfolio Performance Evaluation Andhika Rizky Pratama Pamungkas || John Henry Wijaya
Abstract
117-
121 Download pdf
17
IDENTITY RECONSTRUCTION IN RESIDENTIAL URBAN CITIES: A Tool for Preserving Professional Status and Aboriginality
BAH Mahier jules Michel Abstract
122-
128 Download pdf
18
The Influence of Liquidity, Growth Opportunities, and Firm Size on Non-Finance Companies’ Hedging Policy in Indonesia Stock Exchange
Ni Made Dwi Dharmiyanti || Ni Putu Ayu Darmayanti Abstract
129-
135 Download pdf
19
Effect of Computer Assisted Instruction on Secondary School Students’ Achievement and Problem-Solving Skills in Biology
Anyanwu Adeline Nne Abstract
136-
140 Download pdf
20
The Mamluk Historian al-Amīr Baybars al-Manṣūrī al- Dawādār (d. 725/1325) and his Coptic Secretary al-Qiss al- Shams Abū alBarakāt Ibn Kabar (d. 724/1324) (A New Assessment)
Adel Y. Sidarus Abstract
141-
148 Download pdf
21
The Effect of Auditor Switching, Audit Fee, and Auditor’s Opinion on Audit Delay
K. Trianny Putri Mahadewi Lestariningrum T.|| I Dewa Gede Dharma Suputra || I Ketut Suryanawa || I Ketut Yadnyana Abstract
149-
156 Download pdf
22
The Effect of Professional Skepticism, Locus of Control, and Integrity on Audit Judgment
Made Sawitri Kumala Dewi || Made Gede Wirakusuma ||
Ni Ketut Rasmini || I Wayan Ramantha Abstract
157-
164 Download pdf
23
Value-at-RiskImplied in Black-Scholes Model to Calculate Option Prices
Naomi Pandiangan || Sukono Firman || Riaman Abstract
165-
173 Download pdf
24
Gender, Sexual and Reproductive Health: An Analysis of the Construction of Sexuality in the Evangelical
Religious Communities of Yopougon (Abidjan District-Cote D’Ivoire)
AGOBE Ablakpa Jacob Abstract
174-
181 Download pdf
25
Linguistic Constructions as Cognitive Representations in the Metaphors of Tourism Advertorials: A Case Study on Indonesian Tourism Promotion
Heriyanto || Lestari Manggong || Eva Tuckyta Sari Sujatna Abstract
182-
187 Download pdf
26
The Role of Organizational Commitment Mediates the Effect of Job Satisfaction on Employee Turnover Intention in Bali Relaxing Resort and Spa
Ketut Anjani Dharmayanti || Anak Agung Ayu Sriathi Abstract
188-
194 Download pdf
27
The Effect of Free Cash Flow, Dividend Policy, and Financial Leverage on Earnings Management Luh Siwi Padmini || Ni Made Dwi Ratnadi Abstract
195-
201 Download pdf
28
Stock Market Reaction to the Event of Indonesia’s General Election Events in 2019
I Putu Arie Argantha || I Made Surya Negara Sudirman Abstract
202-
208 Download pdf
29
The Effect of Profitability on Return of Banking Companies in Indonesia Stock Exchange
Desak Gede Dita Pramiswari ||Sayu Ketut Sutrisna Dewi Abstract
209-
214 Download pdf
30
The Role of Brand Image Mediates the Effect of Electronic Word of Mouth (E-WOM) on Purchase Intention
Ni Kadek Yora Yohana || Komang Ayu Puspita Dewi ||
I Gusti Ayu Ketut Giantari Abstract
215-
220 Download pdf
31
The Role of Brand Image in Mediating the Influence of E- Wom and Celebrity Endorser on Purchase Intention Komang Ayu Puspita Dewi ||I Gusti Ayu Ketut Giantari Abstract
221-
232 Download pdf
32
The Effect of Accounting Information Systems and Internal Control of Employee Performance with Organizational Culture as A Mediation Variable
Pande Putu Gayatri Maharani || I Gusti Ayu Eka Damayanthi Abstract
233-
241 Download pdf
33
The Progress of Indonesia-Brunei Darussalam 4th Joint Commission Bilateral Cooperation
Elisabeth Ivana Maureen || Michelia Alba Choirunnisa Abstract
242-
246 Download pdf
34
Early Reading Methods for Children with Disabilities in Primary School
Nurlinawati || Sarwiji Suwandir || Andayani Abstract
247-
250 Download pdf
35
Building Character Education in Elementary School Students through the Cultural-themed Literacy Book Sefri Rahma Wardani || Andayani || Suyitno
Abstract
251-
256 Download pdf
36 The Effect of Good Corporate Governance on Timeliness of Annual Financial Report Publication
257-
263 Download pdf
Ni Putu Ayu Jayanimitta || Ni Made Dwi Ratnadi || A. A. G. P.
Widanaputra || Dodik Ariyanto Abstract
37
The Influence of Intrinsic Factor, Student Perception, Accounting Learning, Family, and Peers in Accounting Student Interest in Bali, Indonesia to Becoming Professional Accountant
Eko Putra Rianto || Ni Gusti Putu Wirawati || Made Mertha || I Ketut Sujana
Abstract
264-
271 Download pdf
38
Survey of the Preferred Elements of Teachers and Students in Preparing Instructional Material in Creative Nonfiction Jennifer M. Tiburcio
Abstract
272-
278 Download pdf
39
The Effect of Profitability, Industrial Type, and Media Exposure on Corporate Social Responsibility Disclosure Wira Yulia Br Lubis || Luh Gede Krisna Dewi
Abstract
279-
285 Download pdf
40
Capital Market Reaction to the 2019 Indonesian
Presidential Election Announcement Results by the General Election Commission and Constitutional Court Decision I Kadek Arista Dwi Pratama || I Gusti Ayu Eka Damayanthi || Ida Bagus Dharmadiaksa|| Ketut Alit Suardana
Abstract
286-
291 Download pdf
41
The Effect of Capital Expenditure and Investment on Regional Generated Revenue and Economic Growth of Bali Province
N.L.P. Carllan Elgiana Putri || Made Kembar Sri Budhi Abstract
292-
302 Download pdf
42
Integration and Employees Work Attitudes in the Oil and Gas Companies in Nigeria
Lawrence Onwuchekwa Alikor ||Lucky Ajor Abstract
303-
312 Download pdf
43
Analysis of Altman Z-Score and Zmijewski
Bankruptcy Prediction in Telecommunication Sub-Sectors Registered in Indonesia Stock Exchange in 2016-2018
Gede Yuna Winaya || Ketut Muliartha RM || I Gusti Ayu Nyoman Budiasih || I Dewa Nyoman Wiratmaja
Abstract
313-
322 Download pdf
44
Effects of Quick Ratio, Return on Assets and Exchange Rates on Stock Returns
Dennis Prasetya Wijaya || Ida BagusPanji Sedana Abstract
323-
329 Download pdf
45
Role of Work Environment, Compensation, and Job Satisfaction on Employee Retention in Cafe Kampoeng Seafood Jimbaran Bay
I Made Ari Suprasta || A.A. Sagung Kartika Dewi Abstract
330-
335 Download pdf
46
The Role of Village Funds on Village Infrastructure
Conditions and the Welfare of Low income Communities in Klungkung Regency, Bali Province, Indonesia
A A I N Marhaeni || I KetutSudibia Abstract
336-
345 Download pdf
47
The Role of the Brand Image Mediates the Effect Country of Origin on Purchase Intention
I Gusti Agung Made Shinta Natasya Sharaswati || Ni Made Rastini Abstract
346-
352 Download pdf
48
The Effect of Compensation and Internal Communication on Employee Engagement and Turnover Intention in Sankara Ubud Resort and Spa, Gianyar, Bali
Ni Putu Listya Purnamasari || I Gusti Salit Ketut Netra Abstract
353-
359 Download pdf
49
Participative Communication of Citizens through Social Media as Evaluation of Development Programs
Tatik Yuniarti || Amiruddin Saleh || Musa Hubeis || Rilus Kinseng
|| Andam Rukhwandi Rakhman || Ridha Amalia
360-
366 Download pdf
Abstract
Digital Signed Certificates
Digital Science
American Journal of Humanities and Social Sciences Research (AJHSSR) 2020
A J H S S R J o u r n a l P a g e | 257 American Journal of Humanities and Social Sciences Research (AJHSSR)
e-ISSN : 2378-703X
Volume-4, Issue-1, pp-257-263 www.ajhssr.com
Research Paper Open Access
The Effect of Good Corporate Governance on Timeliness of Annual Financial Report Publication
Ni Putu Ayu Jayanimitta
1, Ni Made Dwi Ratnadi
2, A. A. G. P. Widanaputra
3, Dodik Ariyanto
41,2,3,4Faculty of Economics and Business, Udayana University (Unud), Bali, Indonesia
ABSTRACT: Timeliness of publishing annual financial statements is important in capital market to reduce the spread of asymmetrical financial information. This study aims to determine how the influence of good corporate governance on the timeliness of the publication of financial statements. This research was conducted in all companies listed on the Indonesia Stock Exchange and included in 2016-2018 Corporate Governance Perception Index rank. The sample determined by nonprobability sampling method using purposive sampling technique. Sample criteria included in CGPI rank for 2016 to 2018 period. Samples obtained were 19 companies with 41 observations. The data analysis technique used logistic regression analysis. Based on the results of the analysis shows that GCG has no effect on the timeliness of the publication of financial statements and the quality of the public accounting firm as a control variable cannot control the effect of GCG on the timeliness of the publication of the financial statements.
KEYWORDS: Good corporate governance; timeliness
I.INTRODUCTION
In Indonesia, an economic growth marked by an increase in the number of companies going public every year. The number of companies going public in 2016 amounted to 539 companies, in 2017 amounted to 555 companies and up to 2018 reached 626 companies (www.idx.co.id). The increase in companies going public provides opportunities for potential investors to invest in the capital market.The increasing number of companies going public in Indonesia indicates that there are opportunities that companies can use to attract investors in company development. One of the information that has been a reference for every investor is financial statements (Jaori&Mario, 2018). The information contained in the company's financial statements can be used as consideration in the context of investment decision making for investors (Alam & Suryanawa, 2017).
The financial statements aim to provide information about the company's financial position, performance and cash flow that can be used in making economic decisions and management responsibility in the use of resources that have been provided by the company (Anggraini, 2017).
The financial statements provide information about the economic resources of the reporting entity (Oktyawati & Fajri, 2019). Quality of financial information certainly has accurate information in order to produce a decision that is right for its users (Ahmad et al., 2016). The qualitative characteristics of financial information consisting of fundamental qualitative characteristics and qualitative characteristics of enhancers.
Within the fundamental qualitative characteristics, the information must be relevant and represent exactly what will be represented. The usefulness of financial information can be improved if the information is comparable, verifiable, timely and understandable (Darmawan, 2018). Based on this, if the financial information is not delivered on time then the information is irrelevant, so the resulting decision will be inappropriate (Ha et al., 2018).
Timeliness of publication of annual financial statements is important in the capital market (McGee, 2009). This happens because the shareholders need the right information and in accordance with the specified time to reduce the spread of asymmetric financial information and increase investment growth among the community (Diandi & Sibon, 2016). If the delay in financial reporting will lead to greater market inefficiency, this is due to the lack of relevance of documents and information and the uncertainty of decisions in investing information that is not immediately available can cause investors to be encouraged to investigate alternative sources of information and judge the company poorly (Mawardi, 2017).
American Journal of Humanities and Social Sciences Research (AJHSSR) 2020
A J H S S R J o u r n a l P a g e | 258 In Indonesia, the timeliness of the publication of the company's annual financial statements is regulated in Law Number 8 of 1995 concerning the Capital Market which states that all companies that have been registered in the capital market must submit periodic financial reports to Bapepam and announce reports to the public. The purpose of these regulations is that the company's financial statements that have been published can be used by users of financial statements as a reference in making investment decisions appropriately (Gunduzay ,2010). Compliance theory illustrates that people or companies will tend to comply with applicable norms and regulations (Wijaya & Wirakusuma, 2017). The government has made policies and regulations as well as sanctions against the deadline for submitting financial statements (Indah, 2016).
In the most recent regulations issued by the Financial Services Authority (OJK), namely Regulation No. 29 / POJK.04 / 2016 concerning the submission of annual reports of issuers or companies. The regulation states that public companies whose registration statements have become effective must submit an annual report to the FSA no later than the end of the fourth month after the book year ends and will be subject to a fine of 1 million rupiah per day with a maximum fine of 150 million rupiah if submitting an incorrect annual financial report time.
The cause of delay in financial reporting other than due to the company, can be due to the company's financial statements that are required to undergo an audit process by a public accounting firm (Mawardi, 2017).
This is done so that the financial statements get an opinion or opinion on the fairness of the financial statements (Jaori&Mario Kristopp, 2018). The time it takes for a public accountant to issue an opinion can affect the timeliness of the publication of the company's annual financial statements (Kristiantini & Sujana, 2017). When companies postpone financial reporting to the public, the company will have difficulty making decisions for the next step (No & Ghofar, 2019). The length of time delay in financial reporting, the more likely the occurrence of insider information about the company (Wijaya, 2017). This happening will direct the market not to work optimally.
The number of issuers found late in reporting financial statements, indicating the still weak sanctions given to issuers who are late in reporting financial statements. Although there is a fine of 1 million rupiah per day with a maximum fine of 150 million rupiah, the sanction does not burden the company and is too low so it does not give a deterrent impact on the issuer. The financial statements are very influential on the level of investor services so that there is information disclosure, especially in attracting foreign investors who are very thorough in investing (Maliga, 2017). This proved the issuer's financial statements were needed to reinvest or maintain its investment in the capital market.
Quality financial statements are inseparable from the element (Krisnanda & Ni Made, 2017). The company's effort to get quality financial reports requires good governance (Sulaiman, 2018). There are still many companies in Indonesia that commit violations in reporting financial statements. Things that affect the Timeliness of Annual Financial Report Publication are Good Corporate Governance (GCG) (Shafiy et al., 2016). GCG is a structure by a corporate organ that covers the protection of the interests of shareholders (public) as the owner of the issuer and creditors as persons and external (Mashadi Gharaghayah et al., 2013). Good governance will protect shareholders and creditors to regain investments in a fair, appropriate and efficient manner (Puspitaningrum & Atmini, 2012). In addition, GCG is an effort to obtain quality financial reports and ensure that management is able to act in accordance with company goals (Cho, Chung, & Lee, 2019). GCG aims to provide added value to all interested parties. Regulation of the Minister of State-Owned Enterprises Number:
PER-01 / MBU / 2011 Regarding the Implementation of Good Corporate Governance In State-Owned Enterprises contains the principles of Good Corporate Governance referred to in this regulation, including:Transparentcy,Accountability, Responsibility, Independence and Fairness (Fairness).
Studies on the Timeliness of Annual Financial Report Publications that are influenced by GCG mechanisms have emerged, according to research results of Salipadang et al. (2017) said that managerial ownership and institutional ownership have a positive and significant effect on the timeliness of financial statement submission, while independent commissioners and audit committees does not affect the timeliness of financial statement submission. However, Ardanty & Sofie (2014)said stated that the audit committee had a positive and significant effect on the timeliness of financial reporting. Paulalengan & Ratnadi (2019) said that good corporate governance has a positive effect on the speed of publication of annual financial statements, which means the faster the publication of financial statements, the more timely the financial statements are published. Indah (2016)said that good corporate governance has a negative effect on the speed of publication of financial statements.
This study uses the quality of the public accounting firm (KAP) as a control variable to complete or control the causality relationship so that the empirical model used is better. A good quality KAP is usually indicated by a KAP affiliated with a large universal KAP that is known as the Big Four Worldwide Accounting Firm or Big Four (Damayanti & Rochmi, 2016). Public accounting firms affiliated with the big four are considered to have high quality compared to non-big four public accounting firms (Santosa & Dwirandra, 2016).
This is due to the availability of quality resources, lack of economic dependence on one client and maintaining reputation which causes companies to conduct high quality audits, and increases the auditor's tendency to issue
American Journal of Humanities and Social Sciences Research (AJHSSR) 2020
A J H S S R J o u r n a l P a g e | 259 high-quality financial statements and accurate audit opinions (Sulaiman, 2018). Big four KAP is supported by better quality and quantity of resources so that it will affect the quality of services produced (Aryandra, 2018).
Thus, companies that use the services of large public accounting firms are considered more timely in presenting their audited financial statements to the public.
II.LITERATUREREVIEWANDHYPOTHESISDEVELOPMENT
Management of companies based on the principles of good corporate governance (GCG) is an effort to make GCG as a guideline for company management in managing management(Oktyawati & Fajri, 2019). The application of GCG principles at this time is needed so that companies can survive in the face of increasingly fierce competition and can apply business ethics consistently, so as to create a healthy, efficient and transparent business climate.
Darmawan (2018) said that there are two basic perspectives in a sociological literature on obedience to law, namely instrumental and normative. The instrumental perspective assumes that individuals are fully driven by personal interests and a response to changes in tangibility, incentives, and penalties related to behavior (Lunenburg, 2013). The normative perspective deals with what people consider to be moral and contrary to their personal interests. Individuals tend to obey laws that they deem appropriate and consistent with their internal norms (Odit, 2015). Compliance theory illustrates that a person will comply with applicable norms and regulations, where the government has made policies and regulations as well as sanctions against the deadline for the submission of annual financial statements by the issuer (Laily, 2017).
The above theory is supported by research conducted by Salamantun Zen (2015) which states that GCG has a positive effect on the speed of publication of financial statements. This means that the higher the CGPI assessment score, the faster the company will publish financial statements. The faster the publication of financial statements, the timeliness of the publication of the company's financial statements can be achieved.
Oktyawati & Fajri (2019) in their research stated that Corporate Governance has a significant effect on the timeliness of publishing financial statements. Based on the description, the hypothesis can be formulated as follows:
H1: Good Corporate Governance has a positive effect on the Timeliness of Annual Financial Report Publication.
III.METHOD
This research was conducted at companies listed on the IDX with data accessed through www.idx.co.id and the sample company's website. Research conducted using a quantitative approach in the form of associative research with the object of research is the timeliness of the publication of annual financial statements. The independent variables of this study are GCG and KAP Quality as control variables.Good Corporate Governance is measured using the company's CGPI score in the assessment of The Indonesian Most Trusted Companies Corporate Gonvernance Perception Index (CGPI) published by SWA magazine. The quality of the KAP is proxied by a dummy variable, a value of 1 if audited by the big four KAP and national KAP affiliated with the big four and 0 if the company is audited by a KAP that is not classified as a big four.
The population used in this study are all companies listed on the Indonesia Stock Exchange and have a CGPI index published in SWA magazine in 2016 to 2018. Samples were taken using non-probability sampling techniques with a purposive sampling method.The data analysis technique used in this study is logistic regression analysis. The use of logistic regression is due to using dummy variables which is one of the requirements in using logistic regression.
IV.RESULTANDDISCUSSION
Logistic regression analysis was used in this study to find out and obtain a picture of the effect of independent variables namely GCG (X1) and KAP quality on the dependent variable, the timeliness of the publication of financial statements (Y). The results of the logistic linear regression analysis can be seen in the following table.
Table 1. Descriptive statistics result
N Minimum Maximum Mean Std. Deviation
TL 41 0,00 1,00 0,63 0,48
GCG 41 71,44 93,00 82,21 5,80
KAP 41 0,00 1,00 0,85 0,35
Source: ResearchData, 2019
GCG variables measured using the CGPI index have a minimum value of 71.44, a maximum value of 93.32, while an average value of 82.21 and a standard deviation value of 5.80. The average CGPI score of 82.21 reflects the companies listed on the IDX that are included in the CGPI index are companies with a trusted rating because they have scores in the range of 70-80. The standard deviation value is 0.48, which is less than the
American Journal of Humanities and Social Sciences Research (AJHSSR) 2020
A J H S S R J o u r n a l P a g e | 260 average value of 0.63, which means that the distribution of data is homogeneous because the data varies with the other data.
KAP Quality Variable has a minimum value of 0, a maximum value of 1, while an average value of 0.85 and a standard deviation value of 0.35. The average value of KAP quality of 0.85 shows that around 85 percent of companies listed on the Stock Exchange have mostly used the services of the big four KAP in improving the quality of information contained in the company's financial statements, while as many as 15 percent of companies do not use big four KAP services in auditing the company's financial statements. The standard deviation is 0.35, which is less than the average value of 0.85, which means that the distribution of data is homogeneous because the data varies with the other data.
Variable Timing of Financial Report Publication has a minimum value of 0, a maximum value of 1, while an average value of 0.63 and a standard deviation value of 0.48. The average value of Timeliness of Financial Report Publication of 0.63 indicates that around 63 percent of companies had published annual financial statements before 30 April, while 37 percent of these companies were outside the specified time limit. The standard deviation value is 0.48, which is less than the average value of 0.63, which means that the distribution of data is homogeneous because the data varies with the other data.
Table 2. Results of Regression Model Feasibility Tests
Step Chi-square Df Sig.
1 15,27 8 0,054
Source: ResearchData, 2019
The results of the feasibility test of the regression model (Goodness of Fit Test) can be seen in Table 2, obtained a Chi-Square figure of 15.27 with a significance probability number indicating a value of 0.054 which is greater than 0.05. These results indicate that H0 is accepted, which means that the regression model is feasible because there is no real or significant difference between the predicted classification and the observed classification (the model with its observational value).
Table 3. Results of overall model fit
Iteration -2 Log likelihood
Step 0 53,85
Step 1 52,57
Source: ResearchData, 2019
In Table 3 it can be seen the value of -2 Log likelihood when step 0 is 53,850 while in Table 4.6 the value of -2 Log likelihood when step 1 is 52,578. Means -2 Log likelihood when step 0 is greater than -2 Log likelihood when step 1, so the regression model can be said to be feasible or good due to a decrease in value from step 0 to step 1.
Table 4. Determination Coefficient Test Results
Step -2 Log likelihood Cox & Snell R Square Nagelkerke R Square
1 52,55a 0,03 0,04
Source: ResearchData, 2019
Table 4 presents the Nagelkerke R Square value of 0.04 which means that the variability of the dependent variable that is Timeliness of Financial Report Publication can be explained through the variability of the independent variables namely GCG and KAP Quality by 4%, while the remaining 96% variability on the dependent variable is explained by factors other than the independent variables used in the study.
Table 5. Regression Coefficient Test Results
Β S.E. Wald Df Sig. Exp(β)
Step 1a GCG 0,00 0,00 1,21 1 0,27 1,00
KAP -0,50 0,97 0,26 1 0,60 0,60
Constant 0,68 0,86 0,62 1 0,42 1,98
Source: ResearchData, 2019
Hypothesis test results in Table 5 can be made as follows:
American Journal of Humanities and Social Sciences Research (AJHSSR) 2020
A J H S S R J o u r n a l P a g e | 261 𝐿𝑛 𝑇𝐿
1−𝑇𝐿= 0,68 + 0,00 GCG − 0,50KAP ... (1)
The value of a positive sign of 0.68 can be interpreted if the GCG and KAP quality are constant, then the value of the timeliness of the publication of annual financial statements tends to rise by 0.68 units. The coefficient value of the GCG variable is positive with 0.00 then it means that if the GCG index value increase or decrease by one unit, the timeliness value of the publication of financial statements will tend to increase or decrease by 0.00 units assuming other factors are constant. The coefficient value of the variable quality of the KAP is -0.50, meaning that if the value of the KAP quality increases by one unit then the value the timeliness of the publication of financial statements will tend to decrease by 0.50 units assuming other factors are constant.
Hypothesis testing in this study was carried out by comparing the significance level (sig) with the error rate (α) = 5% and the coefficient value β to see positive or negative influences. If the significance value is 0.05 (sig ≤ α), it can be said that the independent variable has a significant effect on the dependent variable, and if the significance number of 0.05 (sig ≥ α), it is said that the independent variable has no effect on the dependent variable. Based on the regression model, it can be concluded that the hypothesis stating that GCG has a positive effect on the timeliness of the publication of the annual financial statements. GCG variable test results showed a positive regression coefficient of 0.00 with a significance level of 0.27 which is greater than 0.05. This means that GCG which is proxied by the CGPI index has no effect on the timeliness of the publication of the annual financial statements, so the hypothesis (H1) is rejected.
The hypothesis states that the higher the CGPI assessment score, the more timely the company is in publishing financial statements. Based on the hypothesis test shows that GCG has no effect on the timeliness of the publication of financial statements, so the hypothesis is rejected. These results are not in line with compliance theory where in a normative perspective, compliance theory is related to what people consider to be moral and contrary to their personal interests which means that a person or company tends to obey laws that they think are appropriate and consistent with their internal norms. The results of this study are in line with the results of research by (Nopayanti & Ariyanto, 2018)which states that GCG has no effect on the timeliness of the publication of financial statements. However, the results of this study are different from those of (Dharmawan et al., 2017)in his research said that GCG has a significant effect on the timeliness of the publication of financial statements. The population used in this study has covered all sectors of companies listed on the IDX and CGPI in 2016 - 2018, but the number of samples is relatively small because companies listed in the CGPI index and IDX are limited in number.Judging from the quality of the KAP as a control variable, this variable has no effect on the timeliness of the publication of financial statements. This is due to the fact that the majority of companies studied have used quality accounting firms, but there are still companies that publish annual financial reports that are not timely. This is in line with research conducted by Rahadian (2016) who found that the quality of public accounting firms had no effect on the timeliness of the publication of financial statements. This is because the quality between KAP Big Four and non-Big Four has the same quality, but the difference is the cost of audit services. Thus, KAP quality as a control variable is not able to control the effect of GCG on the timeliness of the publication of annual financial statements.
V.CONCLUSION
Based on the results of the analysis and discussion it can be concluded that good corporate governance has no effect on the timeliness of the publication of the annual financial statements. This means that the higher or lower CGPI index is not a variable that can explain the timeliness of the publication of annual financial statements by companies that are indexed by CGPI. While the quality of public accounting firms cannot control the influence of GCG on the timeliness of the publication of financial statements in research.
Further researchers are advised to use other proxies to measure GCG so as to obtain more samples, so that the data distribution obtained is not homogeneous. Further researchers are advised to extend the study year to exceed three years. For companies, it is expected to participate in the GCG assessment conducted by IICG in order to obtain a CGPI rating. This is important because for the company's external parties, the ranking can provide an overview of the implementation of GCG in the company and this can be one of the considerations for investors to invest.
REFERENCES
[1] Jaori, Mario Kristopp, M. (2018). Analisis Faktor-faktor yang Berpengaruh terhadap Pelaporan Keuangan. Jurnal Akuntansi, 7(2), 1–15.
[2] Alam, D., & Suryanawa, I. K. (2017). E-Jurnal Akuntansi Universitas Udayana Pengaruh Kompetensi , Indepedensi , Akuntabilitas , dan Due Profesional Care Pada Kualitas Audit Fakultas Ekonomi dan Bisnis Universitas Udayana ( Unud ), Bali , Indonesia Fakultas Ekonomi dan Bisnis Universitas Uday.
21, 2282–2310.
[3] Anggraini, N. U. (2017). Faktor-Faktor yang Mempengaruhi Ketepatan Waktu Pelaporan Keuangan pada Perusahaan yang Terindeks di Indeks Saham Syariah Indonesia. Jurnal Kajian Ekonomi Islam,
American Journal of Humanities and Social Sciences Research (AJHSSR) 2020
A J H S S R J o u r n a l P a g e | 262 2(2), 119–127.
[4] Oktyawati, D., & Fajri, F. A. (2019). The influence of accounting internal control and human resources capacity on reliability and timeliness of regional government financial reporting (a study in Special Region of Yogyakarta Province). Jurnal Perspektif Pembiayaan Dan Pembangunan Daerah, 6(4), 525–534. https://doi.org/10.22437/ppd.v6i4.6286
[5] Ahmad, M., Mohamed, H., & Nelson, S. P. (2016). The Association between Industry Specialist Auditor and Financial Reporting Timeliness - Post MFRS Period. Procedia - Social and Behavioral Sciences, 219, 55–62. https://doi.org/10.1016/j.sbspro.2016.04.036
[6] Darmawan, Gusti Ayu Putu Yasinta, dan M. P. D. P. (2018). Pengaruh Ukuran Perusahaan dan Profitabilitas pada Ketepatwaktuan Penyampaian Laporan Keuangan dengan GCG Sebagai Variabel Pemoderasi. E-Jurnal Akuntansi, 25, 1534. https://doi.org/10.24843/eja.2018.v25.i02.p27
[7] Ha, H. T. V., Hung, D. N., & Phuong, N. T. T. (2018). The study of factors affecting the timeliness of financial reports: The experiments on listed companies in Vietnam. Asian Economic and Financial Review, 8(2), 294–307. https://doi.org/10.18488/journal.aefr.2018.82.294.307
[8] McGee, R. W. (2009). Accounting reform in transition and developing economies. Accounting Reform in Transition and Developing Economies, (May), 1–521. https://doi.org/10.1007/978-0-387-25708-2 [9] Diandi, & Sibon, A. A. (2016). Pengaruh profitabilitas, Ukuran Perusahaan dan Ukuran Kantor
Akuntan Publik (KAP) terhadap Timeliness Laporan Keuangan (Suatu Studi pada Sektor Properti, Real Estate dan Konstruksi Bangunan yang Terdaftar di Bursa Efek Indonesia Periode 2010-2014). Skripsi Fakultas Ekonomi Unpas Bandung.
[10] Mawardi, R. (2017). THE EFFECT OF INTERNAL AND EXTERNAL FACTORS TO AUDIT DELAY AND TIMELINESS (Empirical Study From Real Estate, and Property Company In Indonesia). Jurnal Riset Akuntansi Dan Bisnis Airlangga, 2(1). https://doi.org/10.31093/jraba.v2i1.25 [11] Gunduzay TÜREL, A. (2010). Timeliness of Financial Reporting in Emerging Capital Markets:
Evidence from Turkey. European Financial and Accounting Journal, 2010(3), 113–133.
https://doi.org/10.18267/j.efaj.58
[12] Wijaya, I., & Wirakusuma, M. (2017). Analisis Faktor-Faktor Yang Memengaruhi Rentang Waktu Publikasi Laporan Keuangan Auditan. E-Jurnal Akuntansi, 18(3), 1716–1744.
[13] Indah. (2016). PENGARUH UMUR PERUSAHAAN , AUDIT TENURE DAN GOOD CORPORATE GOVERNANCE PADA KECEPATAN PUBLIKASI LAPORAN KEUANGAN Fakultas Ekonomi dan Bisnis Universitas Udayana ( Unud ), Bali , Indonesia. Jurnal Akuntansi Dan Bisnis, 6(2), 163–
172.
[14] Kristiantini, M. D., & Sujana, I. K. (2017). Pengaruh Opini Audit, Adit tenure, Komisaris Independen dan Kepemilikan Manajerial pada Ketpatan Waktu Publikasi Lporan Keuangan. Udayana, E-Jurnal Akuntansi Universitas, 20, 729–757.
[15] No, I. V., & Ghofar, A. (2019). Research in Business and Social Science Relationship between Financial Ratio and Financial Statement Fraud Risk Moderated by. 8(4), 34–43.
[16] Maliga, R. S. (2017). Pengaruh Ukuran Perusahaan dan Profitabilitas terhadap Audit Delay (Pada Perusahaan Pertambangan yang Terdaftar di BEI Tahun 2011-2014). Skripsi Fakultas Ekonomi Dan Bisnis Unpas Bandung.
[17] Krisnanda, I. G. W., & Ni Made, D. R. (2017). Pengaruh Financial Distress, Umur Perusahaan, Audit Tenure, Kompetensi Dewan Komisaris pada Kecepatan Publikasi Laporan Keuangan. E-Jurnal Akuntansi Universitas Udayana, 20, 1933–1960.
[18] Sulaiman, N. A. (2018). PERSPECTIVES ON AUDIT QUALITY : Noor Adwa Sulaiman *, Fatimah Mat Yasin and Rusnah Muhamad. (September).
[19] Shafiy, Wan Farhah. Kamalluarifin, W. (2016). The Influence of Corporate Governance and Firm Characteristics on the Timeliness of Corporate Internet Reporting By Top 95 Companies in Malaysia.
Procedia Economics and Finance, 35(16), 156–165. https://doi.org/10.1016/s2212-5671(16)00020-4 [19] Mashadi Gharaghayah, H., Jahanshad, A., & Adhami, S. (2013). An analysis of determinants of going
concern audit opinion: Evidence from Tehran Stock Exchange. Management Science Letters, 3(7), 2095–2100. https://doi.org/10.5267/j.msl.2013.06.010
[20] Puspitaningrum, D., & Atmini, S. (2012). Corporate Governance Mechanism and the Level of Internet Financial Reporting: Evidence from Indonesian Companies. Procedia Economics and Finance, 2(Af), 157–166. https://doi.org/10.1016/s2212-5671(12)00075-5
[21] Cho, E. J., Chung, J. R., & Lee, H. Y. (2019). The role of labor unions in corporate transparency:
Focusing on the role of governance in auditor change process. Sustainability (Switzerland), 11(9).
https://doi.org/10.3390/su11092643
[22] Welly Salipadang, Robert Jao, & Beauty. (2017). Pengaruh Mekanisme Good Corporate Governance Terhadap Ketepatan Waktu Penyampaian Laporan Keuangan Dan Dampaknya Terhadap Return
American Journal of Humanities and Social Sciences Research (AJHSSR) 2020
A J H S S R J o u r n a l P a g e | 263 Saham. Dinamika Akuntansi, Keuangan Dan Perbankan, 6(1), 83–101.
[23] Paulalengan, Arl & Dwi Ratnadi. N.M (2019). E-Jurnal Akuntansi Universitas Udayana Pengaruh Financial Distress , Umur Perusahaan , dan Good Corporate Governance pada Kecepatan Publikasi Laporan Keuangan Tahunan. 27, 2010–2038.
[24] Ardanty, R. D., & Sofie. (2014). Pengaruh Mekanisme Corporate Governance Terhadap Ketepatan Waktu Pelaporan Keuangan pada Perusahaan Manufaktur yang Terdaftar di BEI. Jurnal Akuntansi Dan Keuangan, (2012), 1–25.
[25] Indah. (2016). PENGARUH UMUR PERUSAHAAN , AUDIT TENURE DAN GOOD CORPORATE GOVERNANCE PADA KECEPATAN PUBLIKASI LAPORAN KEUANGAN Fakultas Ekonomi dan Bisnis Universitas Udayana ( Unud ), Bali , Indonesia. Jurnal Akuntansi Dan Bisnis, 6(2), 163–
172.
[26] Damayanti, F., & Rochmi, R. (2016). PENGARUH REPUTASI AUDITOR DAN MEKANISME CORPORATE GOVERNANCE TERHADAP INTEGRITAS LAPORAN (Studi Empiris Pada Perusahaan Manufaktur yang Terdaftar di Bursa Efek Indonesia Periode 2008-2010). Esensi, 4(3), 1–
15.
[27] Santosa, W., & Dwirandra, A. (2016). Kualitas Kantor Akuntan Publik Memoderasi Pengaruh Probabilitas Kebangkrutan Terhadap Audit Delay. E-Jurnal Akuntansi, 17(3), 1891–1923.
[28] Sulaiman, N. A. (2018). PERSPECTIVES ON AUDIT QUALITY : Noor Adwa Sulaiman *, Fatimah Mat Yasin and Rusnah Muhamad. (September).
[29] Aryandra, R. A. M. (2018). Faktor-Faktor yang Mempengaruhi Audit Report Lag Perusahaan Sektor Property dan Real Estate yang Terdaftar di Bursa Efek Indonesia. Akunnas, 16(2), 14–26.
[30] Oktyawati, D., & Fajri, F. A. (2019). The influence of accounting internal control and human resources capacity on reliability and timeliness of regional government financial reporting (a study in Special Region of Yogyakarta Province). Jurnal Perspektif Pembiayaan Dan Pembangunan Daerah, 6(4), 525–534.
[31] Dharmawan, C. I., Ulum, I., & Wahyuni, E. D. (2017). Pengaruh Corporate Governance Index terhadap Ketepatan Waktu Corporate Internet Reporting (Studi Empiris pada Perusahaan Peserta Corporate Governance Perception Index). Kompartemen: Jurnal Ilmiah Akuntansi, 15(2), 128–138.
https://doi.org/10.30595/kompartemen.v15i2.1875
[32] Lunenburg, F. C. (2013). Compliance theory and organizational effectiveness. International Journal of Scholarly Academic Intellectual Diversity, 13(1), 1–4.
[33] Odit, M. (2015). The Effects of Corporate Governance on Timeliness of Financial Reporting of Companies Listed at The Nairobi Scurities Exchange. THE EFFECTS OF CORPORATE GOVERNANCE ON TIMELINESS OF FINANCIAL REPORTING OF COMPANIES LISTED AT THE NAIROBI SCURITIES EXCHANGE.
[34] Laily, N. (2017). The Effects of Good Corporate Governance and Audit Quality on Earnings Management. Journal of Accounting and Business Education, 1(1), 134.
https://doi.org/10.26675/jabe.v1i1.9754
[35] Salamantun Zen, T. (2015). Impact of Good Corporate Governance in Corporate Performance 1 Maria Inez Sanchia. International Journal of Management and Applied Science, (9), 2394–7926.
[36] Nopayanti, N. L. P. I., & Ariyanto, D. (2018). Audit Report Lag Memediasi Pengaruh Financial Distress dan GCG pada Ketepatan Waktu Publikasi Laporan Keuangan. E-Jurnal Akuntansi, 22, 2284.
https://doi.org/10.24843/eja.2018.v22.i03.p24
