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The Effect of Managerial Ownership, Institutional Ownership, Audit Committee and Independent Board of Commissioners on the Timeliness of Financial Reporting (Case Study of Automotive Companies on the Indonesia
Stock Exchange from 2017 to 2021)
Adka Adi Sanjaya, Ariyani
Departmen of Accounting, Narotama University Jl. Arief Rachman Hakim, No.51, 60117, Surabaya, Indonesia
[email protected], [email protected]
Abstract
This study aims to analyze the Partial and Simultaneous Influence of Managerial Ownership, Institutional Ownership, Audit Committee and Independent Board of Commissioners on the Timeliness of Financial Reporting. This study uses a quantitative approach by testing hypotheses and explaining the results of calculations that have been carried out, because the variables studied can be identified and measured clearly based on secondary data in the form of financial reports of automotive companies listed on the IDX from 2017 to 2021. The sampling technique used is in this study using a purposive sampling approach, the number of samples used in this study were 33 samples. The results of this study indicate that managerial ownership has an effect on the Timeliness of Financial Reporting, institutional ownership has an effect on the Timeliness of Financial Reporting, the audit committee has no effect on the Timeliness of Financial Reporting, the independent board of commissioners has an effect on the Timeliness of Financial Reporting and simultaneously managerial ownership, ownership institutions, audit committees and independent commissioners have an effect on the Timeliness of Financial Reporting. Discussion only on the independent variables, namely managerial ownership, institutional ownership, audit committees and the Independent Board of Commissioners as well as the dependent variable, namely the timeliness of financial reporting, in the research conducted, the researchers only used samples from automotive companies on the Indonesian stock exchange, The year of observation used in the study is for five periods from 2017-2021. The results of this study are expected to be input and consideration for automotive companies on the Indonesian stock exchange.
Keyword:
Audit Committee, Independent Board of Commissioners, Institutional Ownership, Managerial Ownership and Timeliness of Financial Reporting.
1. Introduction
Financial reports are a source of information that is often used by users of financial statements. It contains information that can provide consideration for users of financial statements in making decisions. From a regulatory perspective in Indonesia, timeliness is an obligation for companies listed on the Indonesia Stock Exchange (IDX) to submit periodic financial reports. Demands for compliance with timeliness in financial reporting to the public in Indonesia have been regulated in the Financial Services Authority Regulation Number 29/POJK.04/2016 concerning Annual Reports of Issuers or Public Companies. The timely delivery of financial reporting is important for the capital market. Investors need information according to a predetermined schedule to reduce the spread of asymmetric financial information and for the growth of public investment. Undue delay in releasing financial reports results in greater market inefficiency, which reduces the relevance of documents and their information content and increases uncertainty regarding investment decisions.
According to Muhammad Rivandi and Gea, (2018) stated that managerial ownership affects the timeliness of financial reporting. The existence of managerial ownership makes managers tend to maximize performance to increase profits and give more value to the company's performance in submitting financial reports in a timely manner. The more managerial ownership, the timelier the financial reporting is, because the oversight function is getting better about the company's management performance. This result is not in line with research (Emil Lia Majid, 2022) which found managerial ownership had no effect on the timeliness of financial reporting.
According to Verawati, (2019) Institutional ownership has an influence on the timeliness of publication of financial reports. The existence of institutional investors can provide a strong oversight mechanism that can be
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used to monitor company management. Actions to control the company by institutional investors can encourage managers to focus more attention on company performance so that it will reduce opportunistic behavior and increase the credibility and reliability of financial statement information. The credibility and reliability of the financial information provided, one of which is presenting financial reports in an accurate, honest and timely manner. This result is not in line with research (Wicaksono, 2021), (Okechukwu, Aruwa and Ame, 2021) which found institutional ownership had no effect on the timeliness of financial reporting.
The audit committee influences the timeliness of financial reporting, the audit committee is responsible for monitoring and supervising financial report audits and ensuring that financial standards and policies are met (Muhammad Rivandi and Gea, 2018). According to Ebaid, (2022) audit committees can significantly reduce delays in the timeliness of company financial reporting. This audit committee helps as a board of commissioners to monitor the financial reporting process to increase the credibility of the company. Several audit committees support the existence of an audit committee to improve the quality of financial reporting. This result is not in line with research (Astrini and Amir, 2015) which found the audit committee had no effect on the timeliness of financial reporting.
Companies that have independent commissioners, the financial reports presented by management tend to have more integrity and are timelier in their reporting because within the company there is a body that oversees and protects the rights of parties outside the company's management. The greater the number of independent commissioners in a company, the more independent commissioners can maximize their role in financial reporting policies and practices, thereby influencing the timeliness of submission of financial reports. These results are consistent with the research of Dufrisella and Utami, (2020) which states that an independent board of commissioners has an effect on the timeliness of financial reporting. This result is not in line with research (Muhammad Rivandi and Gea, 2018) which found an independent board of commissioners had no effect on the timeliness of financial reporting.
1.1. Agency Theory
According to Muhammad Rivandi and Gea, (2018) Agency theory relates to fraudulent behavior that is often carried out by internal companies by utilizing the excess information they have to seek profit for personal interests. According to Jensen et al., (1976) in (Muhammad Rivandi and Gea, 2018) agency relationship is a contract between the manager (agent) and the investor (principal) in which the principal or owner is the party authorized to evaluate the information provided by the company and the agent or manager who is the party that runs the company's business and utilizes the company's resources efficiently and effectively. The principal, namely as the owner, is the party that evaluates the information and the agent, namely as the manager, is the party that carries out management activities and makes decisions. Financial reporting provided by agents to principals and other external parties is expected to reduce information asymmetry and reduce conflicts that are likely to occur. With the timely publication of financial reports will supervise and control the principal to the agent to the fullest.
1.2. Managerial ownership
According to Emil Lia Majid, (2022) Managerial ownership is a shareholder who is also a company owner who has duties and authority and participates actively in making decisions in the company (board of commissioners and board of directors) and also managerial ownership is a mechanism that can be used so that managers carry out activities in accordance with the interests of the company owners. Managerial ownership is very important because it is related to the company's operational control which will also determine the policies and decision making regarding the accounting methods applied to the companies they manage.
1.3. Institutional Ownership
According to Subagyo, Nur Aini Masruroh and Indra Bastian, (2017) in (Wicaksono, 2021) Institutional ownership is ownership of company shares owned by other institutions by the government, financial institutions, legal entity institutions, and other institutions, institutional ownership in a company encourages increased supervision so that it is more optimal for management performance, because share ownership represents a source of power that can be used to support or otherwise to management performance. The main role of institutional ownership regarding product development is to ensure companies thrive and adapt by executing the right product development strategy.
1.4. Audit Committee
The definition of an audit committee was put forward by the Financial Services Authority (OJK) who issued Circular Number 32/SEOJK.04/2015 regarding the definition of an Audit Committee, namely a committee formed by and responsible to the Board of Commissioners in assisting the Board of Commissioners in carrying out its duties and functions. An Audit Committee can be formed to assist the Board of
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Commissioners in overseeing the course of the company's operational activities. The Audit Committee has become a key element of the auditor's communication with those charged with governance. The audit committee is a committee under the board of commissioners consisting of at least one independent commissioner and independent professionals from outside the company, whose responsibilities include assisting auditors to remain independent from management. The audit committee consists of three and sometimes five to seven members who are not part of the company's management.
1.5. Independent Board of Commissioners
In accordance with Financial Services Authority Regulation No. 33/POJK.04/2014 article 1 that the Board of Commissioners is an organ of an Issuer or Public Company whose job is to carry out general and/or special supervision in accordance with the articles of association and provide advice to the Board of Directors.
Meanwhile, Independent Commissioners are members of the Board of Commissioners who come from outside the Issuer or Public Company and meet the requirements as.
1.6. Timeliness of Financial Reporting
The timeliness of financial reporting greatly influences the activities of the actors in the stock market.
Because timeliness will affect investors in making decisions, especially in maximizing the value of their investment. Companies that have been listed on the Indonesia Stock Exchange (IDX) must comply with the regulations as stipulated in Law no. 8 of 1995 concerning the Capital Market concerning compliance with the timeliness of financial reporting which clearly states that issuers or public companies are required to submit periodic financial reports. According to Astrini and Amir, (2015) Timely submission of financial reports is very important because it will affect management decisions taken in the future and used by users of financial statements. Therefore, the submission of financial reports must be presented immediately within the specified time. Presenting financial reports in a timely manner will have good report quality because it will provide reliable financial information
.
1.7. Research Framework
The following will explain the research framework, namely:
From the model above, the research hypothesis is arranged as follows:
H1 : Managerial Ownership Affects the Timeliness of Financial Reporting H2 : Institutional Ownership Affects the Timeliness of Financial Reporting H3 : Audit Committee Influences the Timeliness of Financial Reporting
H4 : Independent Board of Commissioners Influences the Timeliness of Financial Reporting
2. Methodology 2.1. Types of Research
Judging from the type of research used in this study is a quantitative approach. Quantitative research methods can be interpreted as research methods based on the philosophy of positivism, used to examine certain
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populations or samples, sampling techniques are generally carried out randomly, data collection uses research instruments, data analysis is quantitative/statistical in nature with the aim of testing hypotheses that are has been determined (Sugiyono, 2017)
The population studied in this study were automotive companies listed on the Indonesian stock exchange from 2017 to 2021. From this population, researchers selected samples using the purposive sampling method, namely selecting samples obtained with certain considerations or criteria (Sugiyono, 2017). The criteria for companies that were sampled in this study were:
1. Automotive companies listed on the IDX from 2017 to 2021.
2. Automotive companies that report annual reports have been audited from 2017 to 2021.
3. Automotive companies that use Rupiah in their financial reports from 2017 to 2021
2.2. Data Types and Sources
Source of data used is secondary data. Secondary data is a source of research data obtained by researchers indirectly or through intermediary media (Sugiyono, 2017). Secondary data in this study is in the form of published financial report data. Sources of data obtained through financial reports on the Indonesia Stock Exchange (IDX), data from automotive company financial reports from 2017 to 2021 which can be accessed via www.idx.co.id or the website of each company that was sampled.
2.3. Variable Operational Definition
The variables in this study consist of independent variables and dependent variables. The variables involved in this study include:
2.3.1. Dependent Variable
The dependent variable is the dependent variable, the dependent variable of this study is the Timeliness of Financial Reporting (Y). According to Muhammad Rivandi and Gea, (2018) Timeliness of financial reporting (time-liness) is an important characteristic of financial reports. Financial reports provided on time reduce the risk of misinterpretation of information. Public financial reports as company signals show information in the decision-making needs of investors. Measurement of the timeliness variable of financial statements is measured using a dummy variable: 1 for companies that are on time, while 0 for companies that are not on time. The maximum deadline for submitting financial reports is April 30.
2.3.2. Independent Variable
2.3.2.1. Managerial ownership (X1)
According to Emil Lia Majid, (2022) Managerial ownership is a shareholder who is also the owner of a company who has duties and authority and takes an active part in making decisions in the company (board of commissioners and board of directors) and also managerial ownership is a mechanism that can be used so that managers carry out activities in accordance with the interests of the company owners. The formula used is as follows:
KM = Number of shares owned by management Number of shares outstanding
2.3.2.2. Institutional ownership (X2)
According to (Subagyo, Nur Aini Masruroh and Indra Bastian, 2017) in (Wicaksono, 2021) Institutional ownership is ownership of company shares owned by other institutions by the government, financial institutions, legal entities, and other institutions. The formula used is as follows:
KI = Number of shares owned by the institution Number of shares outstanding
2.3.2.3. Audit Committee (X3)
According to Muhammad Rivandi and Gea, (2018) the audit committee is a number of members of the company's board of directors whose responsibilities include helping the auditor remain independent of management. Most audit committees consist of three to five or sometimes as many as seven directors who are not part of the company's management. The formula used is as follows:
Audit committee = number of audit committees
2.3.2.4. Independent Board of Commissioners (X4)
In accordance with Financial Services Authority Regulation No. 33/POJK.04/2014 article 1 that the Board of Commissioners is an organ of an Issuer or Public Company whose job is to carry out general and/or special supervision in accordance with the articles of association and provide advice to the Board of Directors.
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Meanwhile, Independent Commissioners are members of the Board of Commissioners who come from outside Issuers or Public Companies and fulfill the requirements as Independent Commissioners as referred to in this Financial Services Authority Regulation. The formula used is as follows:
DKI = Independent Commissioner Member of the Board of Commissioners
3. Results and Discussion 3.1. Descriptive Statistics
Descriptive statistics can provide an overview or description in a data obtained from the average value (mean), standard deviation, variance, maximum and minimum (Ghozali, 2016).
Table 1. Descriptive statistics Descriptive Statistics
N Minimum Maximum Mean Std. Deviation
Managerial ownership 33 .00 .47 .1612 .17010
institutional ownership 33 .00 .90 .5140 .34236
KA 33 1.73 2.00 1.7726 .09756
DKOMIND 33 .50 .71 .6148 .06670
LK ACCURACY 33 .00 1.00 .9394 .24231
Valid N (listwise) 33
The managerial ownership variable obtained a sample size of 33 and obtained the lowest value of 0.00 and the highest value of 0.47 with an average value of 0.1612 and a standard deviation of 0.17010.
The institutional ownership variable obtained a sample size of 33 and obtained the lowest value of 0.00 and the highest value of 0.90 with an average value of 0.5140 and a standard deviation of 0.34236.
The audit committee variable obtained a sample size of 33 and obtained the lowest value of 1.73 and the highest value of 2.00 with an average value of 1.7726 and a standard deviation of 0.09756.
The independent board of commissioner’s variable obtained a sample size of 33 and obtained the lowest value of 0.50 and the highest value of 0.71 with an average value of 0.6148 and a standard deviation of 0.6670.
The timeliness variable of financial reporting obtained a sample size of 33 and obtained the lowest value of 0.00 and the highest value of 1.00 with an average value of 0.9394 and a standard deviation of 0.24231.
3.2. Significant test (F test / Simultaneous test)
The F statistical test shows whether all the independent variables have a joint effect on the dependent variable (Ghozali, 2016). The basis for decision making in this study uses a 5% level of confidence. There are ways that are used in the basis of decision making, namely as follows:
1. If the Significance value (Sig.), <0.05 then there is a joint effect of the independent variable (X) on the dependent variable (Y). Hypothesis accepted.
2. If the Significance value (Sig.), > 0.05 then there is no joint effect of the independent variable (X) on the dependent variable (Y). The hypothesis is rejected.
Table 2. Significant test (F test / Simultaneous test) ANOVA
Type Sum of Squares Df Mean Square F Sig.
1 Regression .571 4 .143 3.056 .033b
Residual 1.308 28 .047
Total 1.879 32
Based on the results of the F test table, it can be seen that the simultaneous test results (Test F) have a significance value of 0.033 so that it is less than 0.05 (5%) (0.033 <0.05) thus indicating that simultaneously managerial ownership, institutional ownership, audit committee and the board of independent commissioners has an effect on the Timeliness of Financial Reporting.
3.3. Significant test (t test / Partial test)
The t statistical test shows whether one independent variable individually can affect the dependent variable (Ghozali, 2016). The basis for decision making in this study uses a 5% level of confidence. There are ways that are used in the basis of decision making, namely as follows:
1. If the Significance value (Sig.), <0.05 then there is an influence of the independent variable (X) on the dependent variable (Y). Hypothesis accepted.
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2. If the Significance value (Sig.), > 0.05, then there is no effect of the independent variable (X) on the dependent variable (Y). The hypothesis is rejected.
Table 3. Multiple Regression Analysis Type Unstandardized
Coefficients
Standardized Coefficients
t Sig. Collinearity Statistics B Std.
Error
Beta Tolerance VIF
Managerial
ownership .706 .300 .496 2.353 .026 .560 1.786
Institutional
Ownership -.444 .180 -.628 -2.465 .020 .383 2.608
Audit Committee -.042 .523 -.017 -.080 .937 .560 1.784
Independent Board
of Commissioners 1.527 .604 .420 2.529 .017 .901 1.110
Based on table 3 the results of the t test on the independent variables can be explained in detail as follows:
3.3.1. Managerial Ownership Influences the Timeliness of Financial Reporting
Testing the first hypothesis is accepted because the managerial ownership variable has a significance value of 0.026 so it is less than 0.05 (5%) (0.026 <0.05) thus indicating that partially managerial ownership variables affect the timeliness of financial reporting. managerial ownership affects the timeliness of financial reporting.
The existence of managerial ownership makes managers tend to maximize performance to increase profits and give more value to the company's performance in submitting financial reports in a timely manner. The more managerial ownership, the timelier the financial reporting is, because the oversight function is getting better about the company's management performance. This result is in line with the research of (Muhammad Rivandi and Gea, 2018) who found managerial ownership has an effect on the timeliness of financial reporting.
3.3.2. Institutional Ownership Influences the Timeliness of Financial Reporting
Testing the second hypothesis is accepted because the institutional ownership variable has a significance value of 0.020 so it is less than 0.05 (5%) (0.020 <0.05) thus indicating that partially the institutional ownership variable has an effect on the Timeliness of Financial Reporting. Institutional ownership has an influence on the timeliness of publication of financial reports. The existence of institutional investors can provide a strong oversight mechanism that can be used to monitor company management. Actions to control the company by institutional investors can encourage managers to focus more attention on company performance so that it will reduce opportunistic behavior and increase the credibility and reliability of financial statement information. The credibility and reliability of the financial information provided, one of which is presenting financial reports in an accurate, honest and timely manner. This result is in line with (Verawati, 2019) which found institutional ownership had an effect on the timeliness of financial reporting.
3.3.3. The Audit Committee Has No Effect on the Timeliness of Financial Reporting
Testing the third hypothesis was rejected because the audit committee variable has a significance value of 0.937 so that it is more than 0.05 (5%) (0.937 > 0.05) thus indicating that partially the audit committee variable has no effect on the Timeliness of Financial Reporting. The audit committee has not optimally carried out its functions so that the large number of members does not affect the timeliness of financial reporting. Too many members of the audit committee are considered to lose focus and contribute less in carrying out their duties, while too few members of the audit committee are considered to have a deficiency in skills and knowledge. The smaller the number of audit committees which results in a lack of oversight of the activities and issues related to the company's financial statements, the result is that the audit committee has no effect on the timeliness of submission of the company's financial reports. This result is in line with (Astrini and Amir, 2015) which found the audit committee had no effect on the timeliness of financial reporting.
3.3.4. The Independent Board of Commissioners Influences the Timeliness of Financial Reporting
Testing the fourth hypothesis is accepted because the independent board of commissioner’s variable has a significance value of 0.017 so it is less than 0.05 (5%) (0.017 <0.05) thus indicating that partially the independent board of commissioner’s variables has an effect on the Timeliness of Financial Reporting.
Independent commissioners play an active role in reviewing financial reporting policies and practices as a way to address information asymmetry. Companies that have independent commissioners, the financial reports
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presented by management tend to have more integrity and are timelier in their reporting because within the company there is a body that oversees and protects the rights of parties outside the company's management. The greater the number of independent commissioners in a company, the more independent commissioners can maximize their role in financial reporting policies and practices, thereby influencing the timeliness of submission of financial reports. These results are in line with the research of (Dufrisella and Utami, 2020) which states that an independent board of commissioners has an effect on the timeliness of financial reporting.
3.3.5. Managerial Ownership, Institutional Ownership, Audit Committee and Independent Board of Commissioners Affect Timeliness of Financial Reporting
The fifth hypothesis test is accepted because it has a significance value of 0.033 so that it is less than 0.05 (5%) (0.033 <0.05) thus indicating that simultaneously managerial ownership, institutional ownership, audit committee and independent board of commissioners have an effect on the Timeliness of Financial Reporting.
Financial reports are a source of information that is often used by users of financial reports. It contains information that can provide consideration for users of financial statements in making decisions. From a regulatory perspective in Indonesia, timeliness is an obligation for companies listed on the Indonesia Stock Exchange (IDX) to submit periodic financial reports. Demands for compliance with timeliness in financial reporting to the public in Indonesia have been regulated in the Financial Services Authority Regulation Number 29/POJK.04/2016 concerning Annual Reports of Issuers or Public Companies. In accordance with agency theory where the theory states that the contract is between the manager (agent) and the investor (principal) in which the principal or owner is the party authorized to evaluate the information provided by the company and the agent or manager is the party that runs the company's business and utilizes the company's resources.
corporate resources efficiently and effectively. The principal, namely as the owner, is the party that evaluates the information and the agent, namely as the manager, is the party that carries out management activities and makes decisions. Financial reporting provided by agents to principals and other external parties is expected to reduce information asymmetry and reduce conflicts that are likely to occur. With the timely publication of financial reports will supervise and control the principal to the agent to the fullest. So that the factors that can affect the timeliness of financial reporting are Managerial Ownership, Institutional Ownership, Audit Committee and Independent Board of Commissioners.
4. Conclusion
1. The first hypothesis in this study is accepted, because managerial ownership affects the timeliness of financial reporting
2. The second hypothesis in this study is accepted, because institutional ownership affects the timeliness of financial reporting
3. The third hypothesis in this study was rejected, because the audit committee has no effect on the timeliness of financial reporting.
4. The fourth hypothesis in this study is accepted, because the independent board of commissioners influences the timeliness of financial reporting.
5. The fifth hypothesis in this study is accepted, because managerial ownership, institutional ownership, audit committee and board of commissioners simultaneously affect the timeliness of financial reporting.
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