Strategi Bisnis, Manajemen Laba, dan Keterbacaan Informasi Naratif Laporan Tahunan

Annisaa Rahman, Risa Wahyuni EDT


This study aims to examine the effect of business strategy and earnings management on the readability of narrative information in the annual report. This research was conducted at publicly listed companies in Indonesia in 2015 to 2017, with a total sample of 495 firm-years. The results of this study prove that the company's business strategy has an association with the readability of narrative information on a compa-ny's annual report. However, there is no evidence that the level of readability of the annual report's narrative information is related to earnings management by the company. In summary, it can be concluded that the level of readability of the narra-tive information on a company's annual report tends to be driven because of the company's business characteristics, not because of the opportunistic motives of man-agement.

Penelitian ini bertujuan untuk menguji pengaruh strategi bisnis dan manajemen laba terhadap keterbacaan informasi naratif laporan tahunan. Penelitian ini dil-akukan pada perusahaan terbuka yang terdaftar di Bursa Efek Indonesia pada tahun 2015 sampai dengan 2017, dengan total sampel sebanyak 495 perusahaan-tahun.. Hasil penelitian ini membuktikan bahwa strategi bisnis perusahaan memiliki pengaruh terhadap keterbacaan informasi naratif laporan keuangan. Namun, tidak ditemukan bukti bahwa tingkat keterbacaan informasi naratif laporan tahunan berkaitan dengan manajemen laba yang dilakukan oleh perusahaan. Secara ringkas dapat disimpulkan bahwa tingkat keterbacaan pengungkapan informasi naratif laporan tahunan perusahaan cenderung didorong karena karakteristik bisnis perus-ahaan, bukan karena motif oportunistik manajemen.


keterbacaan;strategi bisnis;manajemen laba

Full Text:



Ajina, A., Laouiti, M. & Msolli, B. (2016). Guiding through the fog: Does annual report readability reveal earnings management? Research in International Business and Finance, 38, 509-516.

Bentley, K.A. (2012). Antecedents to financial statement misreporting: The influence of organizational business strategy, ethical culture and climate (Doctoral dissertation), Texas A&M University, College Station.

Bentley, K.A., Omer, T.C., & Sharp, N.Y., (2013). Business strategy, financial reporting irregularities, and audit effort. Contemporary Accounting. Research, 30, 780–817.

Bushee, B.J., Gow, I.D., & Taylor, D.J. (2018). Linguistic complexity in firm disclosures: obfuscation or information? Journal Accounting Research, 56(1), 85–121

Cazier, R.A, & Pfeiffer, R.J. (2016). Why are 10-K filings so long? Accounting Horizons, 30, 1-21

Cohen, D.A., & Zarowin, P. (2010). Accrual-based and real earnings management activities around seasoned equity offerings. Journal of Accounting and Economic, 50, 2-19

Connatser, B.R. (1999). Last rites for readability formulas in technical communication. Journal Technical Writing and Communication, 29, 271-287.

Cormier, D., Houle, S., & Leadoux, J. (2013). The incidence of earnings management on information asymmetry in an uncertainty environment: Some Canadian evidence. Journal of International Accounting, Auditing, and Taxation, 22(1), 26-38.

Dale, E., & Chall, J.S. (1949). A formula for predicting readability. Education Research Bulletin, 27, 11-20, 37-54.

Davis, A.K., Piger, J.M., & Sedor, L.M. (2012). Beyond the numbers: Measuring the information content of earnings press release language. Contemporary Accounting Research, 29(3), 845–868.

DeFranco, G., Hope, O., Vyas, D., & Zhou, Y. (2015). Analyst report readability. Contemporary Accounting Research, 32, 76-104

DeSouza, J.A.S., Rissatti, J.C., Rover, S., Borba, J.A. (2019). The linguistic complexities of narrative accounting disclosure on financial statements: An analysis based on readability characteristics. Research in International Business and Finance, 48, 59-74

DuBay, W.H. (2004). The Principles of Readability. Impact Information: Costa Mesa, California.

Enomoto, M., Kimura, F., & Yamaguchi, T. (2015). Accrual-based and real earnings management: An international comparison for investor protection. Journal of Contemporary Accounting & Economics, 11, 183-198.

Ertugrul, M., Lei, L., Qiu, J., & Wan, C. (2017). Annual report readability, tones ambiguity, and the cost borrowing. Journal of Finance and Quantitative Analysis, 52(2), 811-836

Graham, J., Harvey, C., & Rajgopal, S. (2005). The economic implications of corporate financial reporting. Journal of Accounting and Economics, 40, 3-73.

Guay, W., Samuels, D., & Taylor. (2016). Guiding through the Fog: Financial statement complexity and voluntary disclosure. Journal of Accounting and Economics, 62, 234-246

Gunning, R. (1952). The technique of clear writing. New York: McGraw-Hill International Book Co.

Hambrick, D.C. (1983). Some tests of the effectiveness and functional attributes of Miles and Snow’s strategic types. The Academy of Management Journal 26(1), 5–26.

Hasan, M.M. (2018). Readability of narrative disclosures in 10-K reports: Does managerial ability matter? European Accounting Review, 1-39.

Hasan, M.M., & Habib, A. (2020). Readability of narrative disclosures, and corporate liquidity and payout policies. International Review of Financial Analysis, 68, 1-15.

Higgins, D., Omer, T., & Phillips, J. (2015). The influence of the firm’s business strategy on its tax aggressiveness. Contemporary Accounting Research, 32, 674-702

Hwang, B.H., & Kim, H.H. (2017). It pays to write well. Journal of Financial Economics, 124(2), 373-394

Iannoconi, T., & Sinnett, W. (2011). Disclosure overload and complexity: Hidden in plain sight. Diakses dari

Jones, J.J. (1991). Earnings management during import relief investigations. Journal Accounting Research. 29(2), 193–228.

Kumar, G. (2014). Determinants of readability of financial reports of U.S.–listed Asian Companies. Asian Journal of Finance & Accounting, 6(2), 1-18.

Laksamana, I., Tietz, W., & Yang, Y. (2012). Compensation discussion and analysis (CD&A) readability and management obfuscation. Journal of Ac-counting and Public Policy, 31, 185–203.

Lang, M., & Stice-Lawrence, L. (2015). Textual analysis and international financial reporting: Large sample evidence. Journal of Accounting and Economics, 60, 110-135

Lawrence, A. (2013). Individual investors and financial disclosure. Journal of Accounting and Economics, 56, 130–147.

Lebar, M. A. (1982). A general semantics analysis of selected sections of the 10-K, the annual report to shareholders, and the financial press release. The Accounting Review, 57, 176-189.

Lee, Y. (2012). The effect of quarterly report readability on information efficiency of stock prices. Contemporary Accounting Research, 29, 1137–1170.

Lehavy, L., Li, F., & Merkley, K. (2011). The effect of annual report readability on analyst following and the properties of their earnings forecasts. The Accounting Review, 86(3), 1087–1115.

Li, F. (2008). Annual report readability, current earnings, and earnings persistence. Journal of Accounting and Economics, 45, 221–247.

Li, F. (2010). Textual analysis of corporate disclosures: A survey of the literature. Journal of Accounting Literature, 29, 143-165

Lim, E.K.Y., Chalmers, K., & Hanlon, D. (2018). The influence of business strategy on annual report readability. Journal of Accounting and Public Policy, 37, 65-81.

Lo, K., Ramos, F., & Rogo, R. (2017). Earnings management and annual report readability. Journal of Accounting and Economics, 63, 1-25.

Loughran, T., & McDonald, B. (2014). Measuring readability in financial disclosures. Journal of Finance, 69, 1643–1671.

Loughran, T., & McDonald, B. (2016). Textual analysis in accounting and finance: A survey Journal of Accounting Research, 54, 1187-1230

Miller, B. (2010). The effects of reporting complexity on small and large investor trading. Accounting Review, 85, 2107–2143.

Miles, R.E., Snow, C.C. (1978). Organizational Strategy, Structure,

and Process. San Francisco: McGraw-Hill.

Navissi, F., Sridharan, V., Khetmati, M., Lim, E.K.Y., & Evdokimov, E. (2017). Business strategy, over (under) investment, managerial compensation. Journal Management Accounting Research, 29, 63-86.

Peraturan Otoritas Jasa Keuangan No. 29/POJK.04/2016. Laporan Tahunan Emiten atau Perusahaan Publik. Jakarta

Plumlee, M., Hayes, M.H., & Brown, D., Marshall, S. (2015). Voluntary environmental disclosure quality and firm value: Futher evidence. Journal of Accounting and Public Policy.

Smith, J.E., & Smith, N.P. (1971). Readability: A measure of the performance of the communication function of financial reporting. The Accounting Review, 46, 552-561.

Surat Edaran Otoritas Jasa Keuangan No. 30/SEOJK.04/2016. Bentuk dan Isi Laporan Tahunan Emiten atau Perusahaan Publik. Jakarta.


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

Creative Commons License
JAB on is licensed under a Creative Commons Attribution-ShareAlike 4.0 International License

Visitor Statistic