Adopsi XBRL Terhadap Perilaku Perdagangan Investor Di Bursa Efek Indonesia

Abstract

This study aims to investigate the impact of XBRL adoption to trade behavior of investors in the Indonesia Stock Exchange which is reflected by frequency of stock trade. The sample of this study is 34 banks taken randomly from 81 banks listed in the Indonesia Stock Exchange in 2014 and 2016. The data analysis methods used in this study are one way ANOVA for difference test and multiple regression analysis to test the impact of ROA, size and dividend ratio to XBRL adoption. This study found that the frequency of stock trade and ROA as control variable doesn’t change when XBRL is applied. This result is caused by financial data taken when post-XBRL is financial data in 2016, whereas implementation of XBRL has started since 2015. But, size and dividend change in the period of post-XBRL.

The Importance of Value Relevance in The Indonesian Manufacturing Sector

“…The second hypothesis (H2) on this study stated that company size on value relevance is acceptable with positive influence. The results of the study were in line with Razak et al (2019) research, testing the size of XBRL pre and post-adoption showed significant levels of 0.000. This indicated that the size affects the response of XBRL, meaning that small companies respond from XBRL.…”

“…There is no relationship between the adoption of XBRL and the value relevance of earnings. The result indicated that XBRL does not make financial statements more informative and showed that there is no difference in the pre and post-adoption of XBRL as well as the new XBRL implementation on the Indonesian stock exchange in 2015, so XBRL trading information has not shown a positive response from investors (Razak et al, 2019).…”

“…Growth of the company by seeing sales growth is a signal that the company has good business prospects, the growth gives hope that the rate of return of the invested investment will increase. Companies that have high profitability will attract investors to invest their capital so that the value of the company increases with the expectation of a high profit also and with high profitability can pay more dividends because of the large available profit, so this is used as the basis for the logic of the use of ROA theory in this research (Chang et al, 2019;Razak et al, 2019).…”

“…The increase in the relevance of accounting information is positively influenced by company attributes, especially profitability (Putri & Panggabean, 2020). This indicates that ROA companies have not experienced any changes at the time of XBRL adoption, there has been no positive response from investors (Razak et al, 2019). In addition, a low-efficiency company with equity book value is better able to explain the value of equity than profit (Naimah & Mukti, 2019;Zhang, 2019).…”