Kualitas Pelaporan Keuangan, Mekanisme Governance, dan Efisiensi Investasi

Handayani, Ulum Tri; Siregar, Sylvia Veronica; Tresnaningsih, Elok

doi:10.18202/jamal.2016.08.7021

Cited by 16 publications

(19 citation statements)

References 6 publications

(6 reference statements)

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“…The insignificant result of overinvestment scenario is also consistent with the findings of Handayani, Siregar, and Tresnaningsih (2016), which find that the financial reporting quality does not affect overinvestment. This is likely to be caused by high agency problems, so the financial reporting quality does not prevent the manager (agent) from investing more (overinvestment): for example, with the aim of empire building in order to obtain a higher bonus.…”

Section: Regression Results -Investment Inefficiencysupporting

confidence: 86%

Financial Reporting Quality, Debt Maturity, and Chief Executive Officer Career Concerns on Investment Efficiency

Aulia

Siregar

2018

BAR, Braz. Adm. Rev.

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The purpose of this research is to investigate the effect of financial reporting quality, debt maturity, and CEO career concerns on investment efficiency in Indonesia. This study used a sample of 680 observations from nonfinancial companies in Indonesia during the period from 2012 to 2015 using panel regression. The results show that financial reporting quality does not affect investment efficiency. This might be because the quality of financial reporting has no effect in the overinvestment scenario. Under this condition, financial reporting quality cannot mitigate the occurrence of overinvestment due to the high level of agency problems. However, financial reporting quality has a significantly positive effect under condition of underinvestment, which means that financial reporting quality can reduce the occurrence of underinvestment because it can be used to attract external funds so that companies can avoid underinvestment conditions. The debt maturity has a negative effect on investment efficiency. In particular, debt maturity has no effect on underinvestment, but it does have an effect on overinvestment, because by using short-term debt, the company has funds that can be used to make investments to enable overinvestment. CEO career concerns have no effect in underinvestment conditions because companies do not experience funding constraints, so the CEO career concerns do not mitigate underinvestment. Whereas in conditions of overinvestment, career concerns have a positive effect. Thus, CEO career concerns can reduce the occurrence of overinvestment.

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Section: Regression Results -Investment Inefficiencysupporting

confidence: 86%

Financial Reporting Quality, Debt Maturity, and Chief Executive Officer Career Concerns on Investment Efficiency

Aulia

Siregar

2018

BAR, Braz. Adm. Rev.

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“…Previous studies, including Bushman & Smith (2001,2003 Higher financial reporting quality can also reduce the level of information risk that investors cannot identify to mitigate adverse selection and capital costs. Higher financial reporting quality can attract fund providers to provide funding to companies, thereby reducing underinvestment potential (Easley & O'hara 2004;Handayani, Siregar & Tresnaningsih 2016). High quality financial reporting will help overinvestment-companies mitigate their investment levels and underinvestmentcompanies attract more investments.…”

Section: Hypothesis Developmentmentioning

confidence: 99%

Financial Reporting Quality and Investment Efficiency: Evidence from Indonesian Stock Market

Ardianto

Harymawan

Paramitasari

et al. 2021

ECON FINANC INDONES

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This study aims to analyze the impact of financial reporting quality on the investment efficiency of a company. The study uses 994 observations from companies listed on the Indonesia Stock Exchange (IDX) in three periods from 2013 to 2015. The findings suggest that higher financial reporting quality has a positive and significant relationship with investment efficiency. Furthermore, the tests were conducted on groups of companies experiencing underinvestment and overinvestment. It was found that higher financial reporting quality had a negative and significant relationship with companies experiencing overinvestment. The findings provide implications for investors in assessing investment management carried out by company.

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“…Hasil tidak signifikan mengindikasikan bahwa dewan komisaris independen di perusahaan masih belum bisa bekerja secara efektif dalam meningkatkan pengawasan terhadap operasional perusahaan dan terbukti tidak berpengaruh memoderasi hubungan negatif antara manajemen laba dengan efisiensi perusahaan. Handayani et al (2015) menyatakan dalam argumennya bahwa peran governance akan efektif pada perusahaan di negara dengan proteksi investor tinggi. Temuan ini mendukung pernyataan tersebut karena memang Indonesia masih tergolong dengan proteksi investor yang rendah dan sistem hukum yang efektif.…”

Section: Independensi Dewan Komisaris Sebagai Pemoderasi Pengaruh Negunclassified

“…Hasil penelitian ini membuktikan bahwa komisaris yang ahli dalam bidang keuangan tidak dapat memoderasi hubungan antara manajemen laba dengan efisiensi investasi. Hal ini sejalan dengan penelitian Prastiti & Meiranto (2013) dan Handayani et al, 2015; menyatakan bahwa hal tersebut dapat disebabkan oleh kenyataan bahwa pembentukan dewan komisaris hanya didasarkan pada regulasi yang berlaku, serta fungsi dewan komisaris adalah sebagai pengawas dan penasihat sehingga tidak bertindak sebagai pengambil keputusan operasional karena tugas tersebut menjadi tanggung jawab direksi. Hal tersebut tercantum di dalam Peraturan Otoritas Jasa Keuangan (POJK) 04 No.3 Tahun 2014 bahwa, "Dewan komisaris adalah organ emiten atau perusahaan publik yang bertugas melakukan pengawasan secara umum dan/atau khusus sesuai dengan anggaran dasar dan memberi nasihat kepada direksi".…”

Section: Keahlian Dewan Komisaris Sebagai Pemoderasi Pengaruh Negatifunclassified

“…Handayani et al (2015) menemukan juga bahwa sistem governance yang diproksikan dengan Analyst following tidak mampu memoderasi asosiasi antara kualitas pelaporan keuangan dengan efisiensi investasi pada perusahaan di 5 negara ASEAN. Handayani et al (2015) berargumen bahwa peran moderasi governance tersebut akan terlihat pada perusahaan di negara dengan proteksi investor tinggi. Dalam hal ini Indonesia masih dikatakan pada tingkat investor proteksi rendah sehingga peran moderasi governance berupa keahlian tidak terdukung.…”

Section: Keahlian Dewan Komisaris Sebagai Pemoderasi Pengaruh Negatifunclassified

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Peranan Tata Kelola sebagai Pemoderasi atas Pengaruh Manajemen Laba terhadap Efisiensi Investasi

Yapono

Khomsatun²

2018

Journal of Accounting and Business Dynamics

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The purpose of this study is to analyze the effect of earnings management on corporate investment efficiency and to examine whether the corporate governance mechanism such as institutional ownership, the independence of the board of commissioners and the expertise of the board of commissioners be able to moderating those effects. The population in this study is manufacturing companies listed on the Indonesian Sharia Stock Index (ISSI) during 2014-2016. This study uses purposive sampling method and unbalanced panel data regression. The results of this study indicate that earnings management has a significant negative effect on investment efficiency. The institutional ownership is able to weaken the negative relationship. The independence and expertise of the board of commissioners has no effect to moderate the negative relationship between earnings management and investment efficiency.

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Kualitas Pelaporan Keuangan, Mekanisme Governance, dan Efisiensi Investasi

Cited by 16 publications

References 6 publications

Financial Reporting Quality, Debt Maturity, and Chief Executive Officer Career Concerns on Investment Efficiency

Financial Reporting Quality, Debt Maturity, and Chief Executive Officer Career Concerns on Investment Efficiency

Financial Reporting Quality and Investment Efficiency: Evidence from Indonesian Stock Market

Peranan Tata Kelola sebagai Pemoderasi atas Pengaruh Manajemen Laba terhadap Efisiensi Investasi

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