Kualitas Laporan Keuangan, Asimetri Informasi dan Efisiensi Investasi

Indah Umiyati


Penelitian ini bertujuan untuk melihat dampak kualitas laporan keuangan dalam mengantisipasi asimetri informasi antara manajer dan pemasok modal eksternal sehingga bisa meningkatkan efisiensi investasi. Asimetri informasi dalam bentuk moral hazard dan adverse selection memicu terjadinya over-investment dan/atau under-investment. Kualitas laporan keuangan diharapkan bisa memitigasi dampak moral hazard dan adverse selection, sehingga bisa mengurangi kecenderungan terjadinya over-investment dan under-investment. Penelitian ini menggunakan adjusted abnormal revenue (AAR) sebagai proksi kualitas laporan keuangan. Penelitian ini menganalisis perusahaan yang terdaftar di BEI tahun 2008-2015. Penelitian ini menyatakan beberapa hipotesis. Pertama, kualitas laporan keuangan berhubungan negatif dengan over-investment. Kedua, kualitas laporan keuangan berhubungan negatif dengan under-investment. Ketiga, dampak kualitas laporan keuangan terhadap over-investment lebih kuat pada perusahaan yang mempunyai asimetri informasi lebih besar. Keempat, dampak kualitas laporan keuangan terhadap under-investment lebih kuat pada perusahaan yang mempunyai asimetri informasi lebih besar. Hasil penelitian menunjukkan kualitas laporan keuangan mengurangi terjadinya over-investment dan under-investment. Namun, penelitian ini belum bisa membuktikan dampak kualitas laporan keuangan dalam mengurangi over-investment dan under-investment berdasarkan tingkat asimetri informasi perusahaan.

Kata kunci : kualitas laporan keuangan, asimetri informasi, efisiensi investasi

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DOI: http://dx.doi.org/10.20961/jab.v17i1.209

Jurnal Akuntansi dan Bisnis (JAB)
ISSN 1412-0852 (print), 2580-5444 (online)
Published by Accounting Study Program, Faculty of Economics and Business, Universitas Sebelas Maret, Indonesia

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