FENOMENA TANGGAP LABA INVESTOR: studi Pada Sektor Properti di Bursa Efek Indonesia.

Main Article Content

Hendang Tanusdjaja
Ishak Ramli

Abstract

Tanggap laba pemegang saham terhadap informasi laba masih belum konsisten. Studi ini bertujuan memberikan bukti empiris dan kajian terhadap reaksi pemegang saham terhadap informasi laba yang dipublikasikan. Dengan menggunakan perusahaan properti yang tercatat di Bursa Efek Indonesia berdasarkan informasi yang dipublikasikan selama tahun 2010 sampai dengan 2014 data dianalisis menggunakan  Analisis General Linear Model guna menguji pengaruh Corporate Governance dengan dimensinya, leverage, dan profitabilitas  terhadap koefisien tanggap laba (earnings response coefficient). Hasilnya bahwa tanggap laba pemegang saham sektor properti terhadap informasi Good Corporate Governance (GCG) sangat lemah karena masih lemahnya praktek implementasi GCG di Indonesia sehingga sinyal/informasi implementasi GCG belum dapat menggerakkan pihak investor (principal) untuk memberikan respons terhadap informasi laba yang disampaikan oleh agen. Demikian juga terhadap informasi besarnya utang tanggap laba pemegang saham sangat lemah bahkan terhadap informasi profitabilitas tidak terdapat tanggap laba.

Article Details

Section
Articles

References

Abbott, L. J., Parker, S., & Peters, G.F. (2000). The effectiveness of blue ribbon committee recommendations in mitigating financial misstatements: an empirical study working paper. Retrieved from: https://www.researchgate.net/publication/228742552The_Effectiveness_of_Blue_Ribbon_Recommendations_in_Mitigating_Financial_Misstatements_An_Empirical_Study

Agrawal, A. and Knoeber, C. R. (1996) Firm performance and mechanisms to control agency problems between managers and shareholders, Journal of Financial and Quantitative Analysis, 31(3), September, 377–397.

Ahmed, A. (1994). Accounting earnings and future economic rents: An empirical analysis. Journal of Accounting and Economics 17, 377-400

Ali, A. & Zarowin, P. (1992). Permanent vs. transitory components of annual earnings and estimation error in earning response coefficients. Journal of Accounting and Economics, 15, 249-64

Anderson, K., Deli, D., & Gillan, S. (2003). Boards of directors, audit committees, and the information content of earnings. Retrieved from http://papers.ssrn.com/sol3/papers.cfm?abstract_id=444241

Arfan, M., & Antasari, I. (2008). Pengaruh ukuran, pertumbuhan, dan profitabilitas perusahaan terhadap koefisien respon laba pada emiten manufaktur di bursa efek jakarta. Jurnal Telaah & Riset Akuntansi Vol. 1, No. 1. Januari 2008, Hal. 50-64.

Arkeloff, G.A. (1970). The market for "lemons”: Quality uncertainty and the market mechanism. The Quarterly Journal of Economics, Vol. 84, No. 3. (Aug.), pp. 488-500.

Ashbaugh, H., Collins, D.W., & LaFond, R. (2004). Corporate governance and the cost of equity capital. SSRN Working Paper

Ball, R., & Brown, P. (1968). An empirical evaluation of accounting income numbers. Journal of Accounting Research Vol 6: 159-177.

Balsam, S., Krishnan, J., & Yang, J.S. (2003). Auditor industry specialization andthe earnings response coefficient. Auditing: A Journal of Practice andTheory, Vol. 22, 71-97

Barth, M. (1991). Relative measurement errors among alternative pension asset and liability measures. The Accounting Review, Vol. 66, pp. 433–463.

Barth, M. (1994). Fair value accounting: evidence from investment securities and the market valuation of banks. The Accounting Review, Vol. 69, pp. 1–25.

Barth, M., Beaver, W., & Landsman, W. (1996). Value-relevance of banks’ fair value disclosures under SFAS 107. The Accounting Review, Vol. 71, pp. 513–537.

Beasley, M. (1996). An empirical analysis of the relation between the board of director composition and financial statement fraud. Accounting Review 71: 443-465.

Beaver, W.H., Lambert, R.A., & Ryan, S.G. (1987). The information content of security prices. Journal of Accounting and Economics Vol 9, Issue 2, July 1987, 139-157

Beaver W., (2002). Perspectives on recent capital market research. Accounting Review 77,453-474.

Becker, C.L., DeFond, M.L., Jiambalvo, J.J., & Subramanyam, K.R. (1998). The effect of audit on the quality of earnings management. Contemporary Accounting Research 15 (Spring): 1-24.

Biddle, G. C., & Seow, G.-S. (1991). The estimation and determinants of associations between returns and earnings: evidence from cross-industry comparisons. Journal of Accounting, Auditing and Finance, 6(2), 183-232.

Billings, B. (1999). Revisiting the relation between the default risk of debt and the earnings response coefficient. The Accounting Review, 74(4), 509-522.

Bugshan, T. (2005). Corporate governance, earnings management, and the information content of accounting earnings: theoretical model and empirical tests. Retrieved from epublications.bond.edu.au

Burgstahler, D.C., & Dichev, I. (1997). Earnings, Adaptation, and Equity Value. The Accounting Review 72: 187-215.

Bhide, A. (1993). The hidden costs of stock market liquidity. Journal of Financial Economics 34: 31-51.

Bhojraj, S., & Sengupta, F. (2003). Effect of corporate governance on bond ratings and yields: the role of institutional investors and the outside directors. The Journal of Business (76): 455-475.

Chaganti, R.S., Mahajan, v., & Sharma, S. (1985). Corporate board size, composition and corporate failures in retailing industry. Journal of Management Studies 22 (July); 400-417.

Chaney, P.K., Jeter, D., & Lewis, C.M. (1998). The use of accruals in income smoothing: a permanent earning hypothesis. Advances in Quantitative Analysis of Finance and Accounting, Volume 6, pages 103-135

Cheffins, B. R. (2003) Will executive pay globalise along American lines?, Corporate Governance: An International Review, 11(1), January, 8–24.

Cheng, X., Crabtree, A. D., & Smith, D. B. (2008). The effects of backdating on earnings response coefficients. Working Paper, University of Nebraska-Lincoln.

Chiarella, C., & Gao, S. (2002). Solving the price-earnings puzzle. working paper 116, school of finance and economics. Sydney: University of Technology.

Cho, J.Y., & Jung, K. (1991). Earnings response coefficient: A synthesis of theory and empirical evidence. Journal of Accounting Literature 10, 85-116.

Choi, B., Collins, D., & Johnson, W. (1997). Valuation implications of reliability differences: the case of nonpension postretirement obligations. The Accounting Review, Vol. 72: pp. 351–383.

Chtourou, S., Bedard, J., & Courteau, L. (2001), Corporate governance and earnings management. Retrieved from http://papers.ssrn.com/sol3/papers.

cfm?abstract_id=275053

Collins, D.W., Kothari, S.P., & Rayburn, J.D. (1987). Firm size and the information content of prices with respect to earnings. Journal of Accounting and Economics 9(2): 111-138

Collins, D., & Kothari, S. (1989). An analysis of the cross-sectional and intertemporal determinants of earnings response coefficients. Journal of Accounting and Economics 11, 143-181.

DeAngelo, L. E. (1981). Auditor size and audit quality. Journal of Accounting & Economics, 3(3), 183-196.

Dechow, P., & Sloan, R. (1991). Executive incentives and the horizon problem: an empirical investigation. Journal of Accounting and Economics (14):51-89.

Dechow, P., Sloan, R., & Sweeney, A. (1996). Causes and consequences of earnings manipulation: an analysis of firms subject to enforcement actions by the SEC. Contemporary Accounting Research 13, 1-36.

Dechow, P., Ge, W., & Schrand, C. (2010). Understanding earnings quality: A review of the proxies, their determinants and their consequences. Retrieved from:https://www.researchgate.net/publication/222399742_Understanding_Earnings_Quality_A_Review_of_the_Proxies_Their_Determinants_and_Their_Consequences.

Dhaliwal, D., Lee, K., & Fargher, N. (1991). The association between unexpected earnings and abnormal security returns in the presence of financial leverage. Contemporary Accounting Research 8(1): 20-41.

Dhaliwal, D., & Reynolds, S. (1994). The effect of the default risk of debt on the earnings response coefficient. The Accounting Review, 69(2), 412-419.

Easton, P.D., & Zmijewski, E. (1989). Cross-sectional variation in the stock market response to accounting earnings announcements. Journal of Accounting and Economics 11, 117-141.

Easton, P., Harris, T., & Ohlson, J. (1992). Aggregate accounting earnings can explain most of security returns. Journal of Accounting and Economics, Vol. 15, pp. 119-142.

Fama, E., Fisher, L, Jensen, M., & Roll, R. (1969). The adjustment of stock prices to new information. International Economic Review 10, 1-21.

Fama, E. (1970). Efficient capital markets: a review of theory and empirical work. The Journal of Finance 25, 383-417.

Fama, E. (1991). Efficient capital markets: II. The Journal of Finance 46: 1575-1617.

Fan, J.P.H., & T.J. Wong, (2002). Corporate ownership and the informativeness of accounting earnings in East Asia, Journal of Accounting and Economics, 33, 401-425.

Farooque, O., Suyono, E., & Rosita, U. (2013). Link between market return, governance and earnings management: an emerging market perspective. Retrieved from http://ssrn.com/abstract=2316121

Firth, M., Fung, P.M., & Rui, O. (2006). Ownership, board structure, and the informativeness of earnings-evidence from an emerging market. Retrieved from http://papers.ssrn.com/sol3/papers.cfm?abstract_id=167353.

Francis, J. R., Maydew E.L., & Sparks, H.C. (1999). The role of big 6 auditors in the credible reporting of accruals. Auditing: A Journal of Practice & Theory 18 (Fall): 17-34.

Francis, J., & Ke, B., (2006). Disclosure of fees paid to auditors and the market valuation of earnings surprises. Review of Accounting Studies 11, 495-523.

Francis, J., & Wang, D., (2008). The joint effect of investor protection and big 4 audits on earnings quality around the world. Contemporary Accounting Research 25, 157-191.

Francis, J. R., & Yu, M. D. (2009). Big 4 office size and audit quality. The Accounting Review, 84(5), 1521-1552.

Gabrielsen, G., Gramlich, J., & Plenborg, T. (2002). Managerial ownership, information content of earnings, and discretionary accruals in a non-US Setting, Journal of Business Finance and Accounting, Vol. 29, Issue, 7/8, Sept/Oct. 2002, 967-988.

Ghosh, A., Gu, Z., & Jain, P. C. (2005). Sustained earnings and revenue growth, earnings quality, and earnings response coefficients. Review of Accounting Studies, 10(1), 33-57.

Harris, M., & Raviv, A. (1990) Capital structure and the informational role of debt. The Journal of Finance, Vol. 45, No. 2. (Jun.), pp. 321-349.

Hasanzade, M., Darabi, R., & Mahfoozi, G. (2013). Factors affecting the earnings response coefficient: an empirical study for iran. European Online Journal of Natural and Social Sciences 2013 Vol.2, No.3 Special Issue on Accounting and Management.

Hayn, C. (1995). The information content of losses. Journal of Accounting and Economics 20; 125 -153

Hermawan, A.A. (2011). The influence of effective board of commissioners and audit committee on the informativeness of earnings: evidence from indonesian listed firms. Asia Pacific Journal of Accounting and Finance Volume 2 (1), 1-38

Himmelberg, C.P., Hubbard, R.G., & Palia, D. (1999). Understanding the determinants of managerial ownership and the link between ownership and performance. Journal of Financial Economics 53: 353-384

Howe, J., & Schlarbaum, G. (1986). SEC trading suspensions: empirical evidence. The Journal of Financial and Quantitative Analysis, Vol 21, No 3, pp 323-333.

Imhoff, E. A. Jr. (1992). The relation between perceived accounting quality and economic characteristics of the firm, Journal of Accounting and Public Policy, 11, 97-118.

Jensen, M., & W, Meckling. (1976). Theory of the firm: managerial behaviour, agency costs and ownership structure, Journal of Financial Economics, October, V. 3, No. 4, pp. 305-360.

Jensen, M. (1986). Agency costs of free cash flow, corporate finance and takeovers. American Economic Review 76: pp. 323-29.

Jensen, M. (1993). The modern industrial revolution, exit and the failure of internal control systems. The Journal of Finance XLVIII (July): 831 - 880

Kai, H. (2002). Earning response coefficient and default risk in Japanese stock market. Japan: Nigata University Working Paper.

Kabir, H. M., Sharma, D., Islam, M. A., & Salat, A. (2011). Big 4 auditor affiliation and accruals quality in Bangladesh. Managerial Auditing Journal, 26(2), 161-181.

Kendall, M. G. (1953). The analysis of economic time series, part i: prices. Journal of the Royal Statistical Society. Series A (General), Volume 116, Issue 1, 11-34

Kormendi, R., & Lipe, R., (1987). Earnings innovations, earnings persistence and stock returns. Journal of Business 60, 323–345.

Kothari, S.P. (2001). Capital markets research in accounting. Journal of Accounting and Economics 31, 105–231

Kryzanowski, L. (1979). The efficacy of trading suspension: a regulatory action designed to prevent the exploitation of monopoly information. The Journal of Finance, Vol 34, No 5 (Dec), pp 1187-1200

Kwon, S.Y., Lim, C.Y., & Tan, P.M. (2007). Legal systems and earnings quality: The role of auditor industry specialization. Auditing: A Journal of Practice & Theory, 26(2), 25–55.

Lennox, C. & Park, C., 2006. The informativeness of earnings and management's issuance of earnings forecasts. Journal of Accounting and Economics 42, 439-458.

Lev, B. (1989). On the usefulness of earnings and earnings research: lessons and directions from two decades of empirical research. Journal of Accounting Research, Vol. 27, Issue 3, 1989 Supplement, pp. 153-193.

Lev, B. & Zarowin, P. (1999). The boundaries of financial reporting and how to extend them. Journal of Accounting Research 37, 353-385.

Li, J. (1994). Ownership structure and board composition: A multi-country test of agency theory predictions. Managerial and Decision Economics, 15, 359-368

Lipe, R. (1990). The relation between stock returns and accounting earnings given alternative information. The Accounting Review, 65(1): 49-71.

Mace, M.L. (1986). Directors: myth and reality. Boston, MA: Harvard Business School Press.

Martikainen, M. (1997). Accounting losses and earnings response coefficients: The impact of leverage and growth opportunities. Journal of Business Finance and Accounting, 24(2), 277-292.

Martikainen, T., & Kallunki, J.P. (1997). The lead-lag structure of stock returns and accounting earnings. International Review of Financial-Analysis, Vol. 6, Issue 1, pp.37-48.

McMullen, D. (1994). Audit committee quality. Pennsylvania CPA Journal, Vol. 65, June 1994, pp. 18-3

McMullen, D.A., & Raghunandan, K. (1996). Enhancing audit committee effectiveness. Journal of Accountancy 182 (August): 79-81.

Moradi, M. (2010). A study of the effect of financial leverage on earnings response coefficient throughout income approach: Iranian evidence. International Review of Accounting, Banking and Finance. Vol. 2 No. 2: Page 104-116.

Mulyani, S., Asyik, N.F., & Andayani, (2007). Faktor-faktor yang mempengaruhi earning respon coefficient pada perusahaan yang terdaftar di bursa efek jakarta. Jurnal Akuntansi dan Auditing Indonesia, Juni 2007.

Murwaningsari, E. (2008). Pengujian simultan: Beberapa faktor yang mempengaruhi earning response coefficient. Simposium Nasional Akuntansi XI Pontianak.

Naimah, Z., & Utama, S. (2009). Pengaruh ukuran perusahaan, pertumbuhan dan profitabilitas persahaan terhadap koefisien respon laba dan koefisien respon nilai buku ekuitas: studi pada perusahaan manufaktur di bursa efek jakarta. Simposium Nasional Akuntansi IX Padang.

Patton, A., & J. Baker. (1987). Why do not directors rock the board? Harvard Business Review 65 (November): 10 – 12

Penman, S.H. (1991). An Evaluation of Accounting Rate-of-return. Journal of Accounting, Auditing & Finance 6: 233

Rohaida, B. (2011). The relationship between governance practices, audit quality and earnings management: UK evidence. Retrieved from: http://etheses. dur.ac.uk/1382/

Setiati, F., & Kusuma, I. W. (2004). Faktor-faktor yang mempengaruhi koefisien respon laba pada perusahaan bertumbuh dan tidak bertumbuh. Simposium Nasional Akuntansi VII Denpasar.

Shleifer, A., & Vishny, R. (1986). Large shareholders and corporate control. Journal of Political Economy 94: 461-488

Shleifer, A., & Vishny, R. (1997). A survey of corporate governance. The Journal of Finance, Vol. 52 No. 2 (June), pp 737-783

Spence, M. (1973). Job Market Signaling. The Quarterly Journal of Economics, Vol. 87, No. 3. (Aug.), pp. 355-374

Suaryana, A. (2008). Pengaruh konservatisme laba terhadap koefisien respons laba. Jurnal Akuntansi dan Bisnis Vol. 3, No. 1

Takacs, L. M. (2012). The value relevance of earnings in a transition economy: evidence from romanian stock market. Retrieved from: https://ideas.repec.org/a/alu/journl/v1y2012i14p8.html

Teets, W.R., & Wasley, C.E. (1996). Estimating earning response coefficients: pooled versus firm specific models. Journal of Accounting and Economics 21: 279-295.

Teoh, S., & Wong, T. (1993). Perceived auditor quality and the earnings response coefficient. The Accounting Review, Vol. 68, 1993 (April), pp. 346-367

Vafeas, N. (2000). Board structure and the informativeness of earnings. Journal of Accounting and Public Policy, Vol. 19, pp. 139-160

Walsh, J.P., & Seward, J.K. (1990). On the efficiency of internal and external corporate control mechanisms. The Academy of Management Review Vol. 15, No. 3 (Jul., 1990), pp. 421-458

Warfield, T., Wild, J., & Wild, K.L. (1995). Managerial ownership, accounting choices, and informativeness of earnings. Journal of Accounting and Economics, Vol. 2, 61-91.

Watts, R.L., & Zimmerman, J.L. (1986). Positive accounting theory. Englewood Cliffs, Prentice-Hall: NJ

Wild, J. (1994). Managerial accountability to shareholders: Audit committees and the explanatory power of earnings for returns. British Accounting Review, Vol. 26, 1994a, pp. 353-374

Wild, J. (1996). The audit committee and earnings quality. Journal of Accounting, Auditing and Finance, Vol. 11, pp. 247-276.

Xie, B. & Davidson, W.N., & DaDalt, P.J. (2001). Earnings management and corporate governance: the roles of the board and the audit committee. Retrieved from http://www.sciencedirect.com/science/article/pii/ S0929119902000068

Yohan An. (2015). Earnings response coefficients and default risk: case of korean firms. International Journal of Financial Research Vol. 6, No. 2

Yosefa, S. & Wondabio, L.S. Pengaruh CSR disclosure terhadap earning response coefficient (suatu studi empiris pada perusahaan yang terdaftar di Bursa Efek Jakarta). SNA X K-AKPM 08, Makasar: 26-28 Juli 2007.

Zakaria, N.B. (2012). Corporate governance and the relationship between default risk and the earnings response coefficient. Retrieved from http://researcharchive.vuw.ac.nz/handle/10063/2106

Zhang, G. (2013). Accounting information and equity valuation theory, evidence, and applications. Springer Series in Accounting Scholarship

Beaver, W. (1998). Financial Reporting: an accounting revolution (3rd ed.). Upper Saddle River, NJ: Prentice Hall

Cooper, D.R. & Schindler, P.S. (2006). Metode riset bisnis, Volume 1, Edisi 9. Jakarta: Media Global Edukasi

Gujarati, D. & Porter, D. C. (2009). Basic econometrics. New York: McGraw-Hill.

Hair, J. F., Black, B., Babin, B., Anderson, R. E., & Tatham, R. L. (2010). Multivariate data analysis: A global perspective. New Jersey, USA: Pearson Education Inc.

Jones, C.P. (2007). Investment: analysis and management (10th Ed.). New York: John Wiley & Sons, Inc.

Scott, W. R, (2009). Financial accounting theory 5th edition. Prentice Hall.

Solomon, J.F. (2007). Corporate governance and accountability, (2nd ed.), Wiley: New York.

Cadbury Committee (1992). Report of the committee on the financial aspects of corporate governance. Gee Ltd (Professional Publishing Ltd): London.

Egon Zehnder International. 2000. Corporate governance and the role of the board of directors