RELEVANSI NILAI INFORMASI AKUNTANSI, INTELLECTUAL CAPITAL, CORPORATE GOVERNANCE, PERSISTENSI LABA DAN ASIMETRI INFORMASI
Abstract
Value relevance of accounting information is the ability of accounting information to explain or describe company values that will assist information users in understanding and making financial decisions. This study aims to empirically examine the effect of intellectual capital, corporate governance (as measured by managerial ownership, institutional ownership, independent commissioners and audit committees), earnings persistence and information asymmetry on value relevance (as measured by stock prices) in basic materials companies listed on the Indonesia Stock Exchange in 2017 – 2021. Using the purposive sampling method, a sample of 36 companies was obtained. The type of data used in this research is secondary data obtained from www.idx.co.id. Hypothesis testing was carried out using multiple linear regression analysis using eviews 12 software. The results showed that book value per share, earnings per share, intellectual capital, and managerial ownership had a negative and significant effect on stock prices. Institutional ownership has a positive and significant effect on stock prices. Independent board of commissioners, audit committee, earnings persistence and information asymmetry have no effect on stock prices.
References
A. Prasetyantoko. (2013). Corporate Governance. PT Gramedia Pustaka Utama. https://books.google.co.id/books/about/Corporate_Governance.html?id=sqNLDwAAQBAJ&redir_esc=y
Alex, F. U., Putri, N. K., & Fitriana, N. (2022). Pengaruh Earning Per Share, Roe, Der Dan Bvs Terhadap Harga Saham Pada Bank Pemerintah Yang Terdaftar Di Bursa Efek Indonesia. Jurnal Kompetitif, 11(1), 65–71. https://doi.org/10.52333/kompetitif.v11i1.904
Alfraih Mishari M. (2017). The value relevance of intellectual capital disclosure : empirical evidence from Kuwait. Journal of Financial Regulation and Compliance : An International Journal, 25, 22–38. https://doi.org/10.1108/JFRC-06-2016-0053
Ardian, A., Lukman, H., & Henny. (2018). Faktor-Faktor Yang Mempengaruhi Persistensi Laba Pada Perusahaan Properti Dan Real Estate. Jurnal Multiparadigma Akuntansi Tarumanagara, 1(1), 1–10.
Ardiyani, I., & Armereo, C. (2016). Pengaruh Suku Bunga, Inflasi, Nilai Buku Terhadap Harga Saham Perusahaan Indeks Lq45 Yang Terdaftar di Bursa Efek Indonesia (BEI). Jurnal Ilmiah Orasi Bisni, 15, 44–64. https://jurnal.polsri.ac.id/index.php/admniaga/article/view/633
Arora, A., & Sharma, C. (2016). Corporate governance and firm performance in developing countries: evidence from India. Corporate Governance (Bingley), 16(2), 420–436. https://doi.org/10.1108/CG-01-2016-0018
Aryo Bimo Setya Permana. (2015). Pengaruh Relevansi Nilai Terhadap Keputusan Investor. 3, 1–20.
Astuti, P., Sari, Y. L., & WA, A. R. (2018). Analisis Pengaruh Return On Equity, Earning Per Share, Price To Book Value, Book Value Per Share, Price Earning Ratio dan Kepemilikan Institusional terhadap Harga Saham Perusahaan. Jurnal Ekonomi, 20(2), 170–183.
Barth, Mary E., William H. Beaver, W. R. L. (2001). The relevance of the value relevance literature for financial accounting standard setting: another view. The Relevance of the Value Relevance Literature for Financial Accounting Standard Setting: Another View, 31(1-3), 77–104. https://doi.org/10.1016/S0165-4101(01)00019-2
Baruch Lev & Stefano Zambon. (2003). Intangibles and intellectual capital: an introduction to a special issue. European Accounting Review, 12(4), 597–603. https://doi.org/10.1080/0963818032000162849
Cahyani, A. (2017). Pengaruh kepemilikan institusional, dewan komisaris independen,komite audit dan kualitas audit terhadap tax avoidance. Seminar Nasional Dan The 4th Call for Syariah Paper, 1(4), 76–89. https://publikasiilmiah.ums.ac.id/xmlui/handle/11617/9217
Chasanah, C., & Kiswara, E. (2017). Pengaruh Laba Per Lembar Saham , Nilai Buku Per Lembar Saham , dan Transaksi Abnormal Pihak Berelasi Terhadap Relevansi Nilai Dengan Mekanisme Tata Kelola Perusahaan Sebagai Variabel Moderasi. Diponegoro Journal of Accounting, 6(3), 1–10.
Darmawan Putra, D. R. A. (2018). Analisis Pengaruh Kepemilikan Institusional dan Kepemilikan Manajerial Terhadap Kinerja dan Nilai Perusahaan. Studi Akuntansi Dan Keuangan Indonesia, 1(1), 1–24. https://doi.org/10.21632/saki.1.1.1-24
Dwi Agung Kristanto dan Ari W. (2012). Pengaruh modal intelektual terhadap harga saham melalui ROA (pada perusahaan perbankan yang go public di Bursa Efek Indonesia) [Universitas Negeri Malang]. In Repositori Universitas Negeri Malang. http://repository.um.ac.id/id/eprint/36513
Dwina Widianing Putri. (2016). Dampak Asimetri Informasi dan Mandatory Disclosure terhadap Relevansi Nilai Informasi Sebelum dan Sesudah Implementasi Ifrs (Studi Empiris pada Perusahaan Manufaktur yang Terdaftar di BEI). https://etd.umy.ac.id/id/eprint/25480/11/Naskah Publikasi.pdf
Fanisa, Y. (2021). Pengaruh Konservatisme Akuntansi, Good Will To Asset Ratio, Ukuran Komite Audit Dan Other Comprehensive Income Terhadap Value Relevance. http://repo.bunghatta.ac.id/id/eprint/5159
Faradilla, N. C., Shodiq, N., & Junaidi. (2017). Pengaruh Persistensi Laba, Growth Opportunities, dan Ukuran Perusahaan Terhadap Relevansi Nilai Laba Akuntansi (Studi Empiris Pada Perusahaan Manufaktur Yang Terdaftar Di BEI Selama Periode. 1, 1–15. http://www.riset.unisma.ac.id/index.php/jra/article/view/341
Fiador, V. O. (2013). Corporate governance and value relevance of financial information: Evidence from the Ghana Stock Exchange. Corporate Governance (Bingley), 13(2), 208–217. https://doi.org/10.1108/14720701311316689
Firmansyah, A., & Yusuf, Y. (2020). The Value Relevance of Corporate Disclosures: Social Responsibility, Intellectual Capital, Corporate Governance. Assets: Jurnal Akuntansi Dan Pendidikan, 9(1), 61. https://doi.org/10.25273/jap.v9i1.5128
Handayani, S., dan Putra, A. (2013). Dampak Asimetri Informasi Dan Manajemen Laba Terhadap Relevansi Informasi Akuntansi Pada Berbagai Tingkat Pengungkapan Laporan Keuangan Perusahaan Manufaktur Di Indonesia. Simposium Nasional Akuntansi XVI Manado.
Hayati, M., Yurniwati, & Putra, A. R. (2015). The Effect of Intellectual Capital to Value Relevance of Accounting Information Based on PSAK Convergence of IFRS (Manufacture Firms in Indonesia). Procedia - Social and Behavioral Sciences, 211, 999–1007. https://doi.org/10.1016/j.sbspro.2015.11.133
Houtmand P Saragih. (2022). Laba Naik 100%, Saham INCO Malah Mentok Kena ARB. CNBC Indonesia. https://www.cnbcindonesia.com/market/20220510100506-17-337698/laba-naik-100-saham-inco-malah-mentok-kena-arb
Irfani, R., & Anhar, M. (2019). Pengaruh Profitabilitas, Leverage, Kepemilikan Manajerial, Dan Kepemilikan Institusional Terhadap Harga Saham (Studi Empiris : Perusahaan Manufaktur Yang Terdaftar Di Bursa Efek Indonesia (BEI) Tahun 2015-2017). Jurnal STEI Ekonomi, 28(01), 150–151.
Jalil, M. R. (2013). Pengaruh persistensi laba, growth opportunities , dan ukuran perusahaan terhadap relevansi nilai laba akuntansi. Jurnal Akuntansi, September, 1–29.
Jennifer Francis and Katherine Schipper. (1999). Have Financial Statements Lost Their Relevance? Journal of Accounting Research, Vol. 37, N, 319–352. https://doi.org/10.2307/2491412
Jensen, M. C., & Meckling, W. H. (1976). Theory of the firm: Managerial behavior, agency costs and ownership structure. In Journal of financial economics, 3 (4) (pp. 305–360).
Kieso, Weygandt, dan W. (2011). Akuntansi Intermediate. https://www.researchgate.net/publication/321794073_Intermediate_Accounting_11th_Canadian_Edition
Labiba, azkafiras mas rasmini nanden kostini. (2021). Pengaruh Earning Per Share dan Deviden Per Share terhadap Harga Saham. Jurnal Riset Akuntansi, 1(2), 76–81. https://doi.org/10.29313/jra.v1i2.417
Lestari, & Munandar, A. (2017). Pengaruh Intellectual Capital & Kepemilikan Institusional Terhadap Nilai Perusahaan. Jurnal Dinamika Ekonomi & Bisnis, 14(1), 17–39.
Lindra, F. R., Suparlinah, I., Ayu, R., Wulandari, S., Sunarmo, A., Akuntansi, J., Soedirman, U. J., Manajerial, K., Institusional, K., Independen, D. K., & Audit, K. (2022). Pengaruh Good Corporate Governance Terhadap Manajemen Laba. Jurnal Ekonomi, Bisnis Dan Akuntansi (JEBA), 24(2), 1–16.
Martin Clarke, Dyna Seng, and, & Whiting, R. H. (2011). Intellectual capital and firm performance in Australia. Journal of Intellectual Capital, 12(4), 505–530. Intellectual capital and firm performance in Australia
Mo’o, O., Mangantar, M., & Tulung, J. E. (2018). Pengaruh struktur modal, kepemilikan manajerial dan kebijakan dividen terhadap harga saham (studi kasus pada perusahaan manufaktur subsektor food and beverages yang terdaftar di BEI periode 2012-2016). Jurnal EMBA: Jurnal Riset Ekonomi, Manajemen, Bisnis Dan Akuntansi, 6(3), 1138–1147.
Naimah, Z. (2014). Relevansi Nilai Informasi Akuntansi: Suatu Kajian Teoritis. Jurnal Buletin Studi Ekonomi, 19(1), 105–117.
Ntim, C.G. and Soobaroyen, T. (2013). Corporate Governance and Performance in Socially Responsible Corporations: New Empirical Insights from a Neo-Institutional Framework. An International Review, 468–494. https://doi.org/10.1111/corg.12026
Nugroho, N. A., & Hatane, S. E. (2017). Pengaruh Board Independent Terhadap Value Relevance Dengan Intellectual Capital Disclosure Sebagai Variabel Mediasi Pada Perusahaan Manufaktur Di Indonesia. Business Accounting Review, 5(2), 577–588. http://publication.petra.ac.id/index.php/akuntansi-bisnis/article/view/6634/6016
Pertiwi, D. B., & Suhardianto, N. (2016). Relevansi Nilai Selisih Loans Book Value dan Loans Fair Value, Book Value Per Share, Earnings Per Share dan Ukuran Perusahaan. Jurnal Akuntansi Dan Keuangan, 17(2), 82–90. https://doi.org/10.9744/jak.17.2.82-90
Pratama, R. F., & Ismawati, K. (2021). Pengaruh Dewan Direksi, Dewankomisaris Dan Komite Audit Terhadap Harga Saham Perusahaan Manufakturyang Terdaftardi Bei Periode2016-2018. Surakarta Accounting Review (SAREV), 3 No. 1 Ju(1), 11–17.
Puspa, D. F., Minovia, A. F., & Zaitul. (2022). Relevansi Nilai Informasi Akuntansi, Pengungkapan Upaya Digitalisasi dan Modal Intelektual Dengan Modal Manusia Sebagai Variabel Moderasi. 22(1), 19–40.
Puspa, D. F., Nazaruddin, I., M, R. Y., & Minovia, A. F. (2023). Relevansi Nilai Laba, Nilai Buku dan Arus Kas Operasi pada Perusahaan Manufaktur di Indonesia. Jurnal of Accounting and Invesment. https://doi.org/10.18196/jai.v24i1.16193
Putri, D. A. R., Rahmawati, E., & Sofyani, H. (2018). Asimetri Informasi Dan Mandatory Disclosure Konvergensi International Financial Reporting Standard: Efek Terhaadap Relevansi Nilai Informasi Laba Dan Nilai Buku. Media Riset Akuntansi, Auditing & Informasi, 18(1), 1–18. https://doi.org/10.25105/mraai.v18i1.2807
Putri, S. E., & Panggabean, R. R. (2020). the Effects of Corporate Governance, Firm Size, Profitability, and Growth Opportunities on the Value Relevance of Accounting Earnings – a Study of the Indonesia Stock Exchange. Ultimaccounting : Jurnal Ilmu Akuntansi, 12(2), 174–193. https://doi.org/10.31937/akuntansi.v12i2.1702
Rahma Nurul Aida dan Evi Rahmawati. (2015). Pengaruh Modal Intelektual dan Pengungkapannya Terhadap Nilai Perusahaan: Efek Intervening Kinerja Perusahaan. Jurnal Akuntansi & Investasi, 16, 96–109.
Rahmadewi, P. W., & Abundanti, N. (2018a). Pengaruh Eps, Per, Cr Dan Roe Terhadap Harga Saham Di Bursa Efek Indonesia. E-Jurnal Manajemen Universitas Udayana, 7(4), 2106. https://doi.org/10.24843/ejmunud.2018.v07.i04.p14
Rahmadewi, P. W., & Abundanti, N. (2018b). Pengaruh EPS, PER, CR, Dan ROE Terhadap Harga Saham. E-Jurnal Manajemen Unud, 7(4), 2106–2133.
Randy Kuswanto, Prima Aprilyani Rambe, S. R. (2017). Relevansi Nilai Informasi Akuntansi Dengan Model Valuasi Ohlson. Jurnal Ilmiah Akuntansi Dan Finansial Indonesia, 1(1), 45–58. https://doi.org/10.31629/jiafi.v1i1.1238
Robert S. Kaplan, D. P. N. (2004). The strategy map: guide to aligning intangible assets. 32, 10–17. The strategy map: guide to aligning intangible assets
Rosalita Rachma Agusti & Aulia Fuad Rahman. (2011). Relevansi Informasi Akuntansi : Peran Pengungkapan Corporate Social Responsibility Dan Dewan Komisaris Independen. JAAI, 15, 121–129.
Safira, I. F., & Dillak, V. J. (2021). Pengaruh Eva, Retention Ratio, Dan Proporsi Dewan Komisaris Independen Terhadap Harga Saham. Jurnal Ilmiah MEA (Manajemen, Ekonomi, Dan Akuntansi), 5(1), 1000. www.koran-jakarta.com
Santoso, G. (2015). Determinan Koefisien Respon Laba. Accounting Analysis Journal, 5(1), 69–85.
Sari, E. P., Handajani, L., & AM, S. (2016). Corporate Governance dan Relevansi Nilai Dari Penghindaran Pajak: Bukti Empiris Dari Pasar Modal Indonesia. Jurnal Dinamika Akuntansi Dan Bisnis, 3(2), 33–48. https://doi.org/10.24815/jdab.v3i2.5385
Simbolon, H. A. (2010). Value Relevance. https://akuntansiterapan.com/2010/06/16/value-relevance/
Sondokan, N. V, Koleangan, R., Karuntu, M. M., Dewan, P., Independen, K., Direksi, D., Komite, D. A. N., Sondokan, N. V, & Karuntu, M. M. (2019). Pengaruh Dewan Komisaris Independen, Dewan Direksi, Dan Komite Audit Terhadap Nilai Perusahaan Yang Terdaftar Dibursa Efek Indonesia Periode 2014-2017. Jurnal EMBA: Jurnal Riset Ekonomi, Manajemen, Bisnis Dan Akuntansi, 7(4), 5821–5830.
Sri Mulyani, Nur Fadjrih Asyik, A. (2007). Faktor – Faktor Yang Memengaruhi Earnings Response Coefficient. Jurnal Paradigma Akuntansi, 11(1), 35–45. https://doi.org/10.24912/jpa.v4i1.17016
Subramanyam, K. R. (2014). Financial Statement Analysis (11th ed.). https://omidfa.ir/uploads/files/K.R._Subramanyam_-_Financial_Statement_Analysis-McGraw_Hill_(2014).pdf
Sunardi, N. (2019). Relevansi Intelectual Capital terhadap Harga dan Retun Saham di Industri Perbankan Pemerintah di Indonesia. Jurnal Ilmiah Manajemen Forkamma, 3(1), 95–108.
Sutedi, A. (2011). Good Corporate Governance. https://opac.perpusnas.go.id/DetailOpac.aspx?id=814014#
Udayana, I. M. D., & Miartana, I. P. (2018). Komisaris Independen, Komite Audit, Struktur Modal, Profitabilitas dan Harga Saham. Jurnal Manajemen Dan Bisnis, 15(2), 1–17.
Widyatama, J., & Hatane, S. E. (2017). Pengaruh Board Structure dan Ownership Structure Terhadap Value Relevance of Accounting Information Melalui Intellectual Capital Disclosure Sebagai Variabel Mediasi. Business Accounting Review, 5(2), 145–156. http://publication.petra.ac.id/index.php/akuntansi-bisnis/article/view/6544
Copyright (c) 2023 Claudya Hutauruk, Dwi Fitri Puspa
This work is licensed under a Creative Commons Attribution-NonCommercial 4.0 International License.
Please find the rights and licenses in Jurnal Kajian Akuntansi dan Auditing (JKAA). By submitting the article/manuscript of the article, the author(s) agree with this policy. No specific document sign-off is required.
1. License
The non-commercial use of the article will be governed by the Creative Commons Attribution license as currently displayed on Creative Commons Attribution-NonCommercial 4.0 International License.
2. Author(s)' Warranties
The author warrants that the article is original, written by stated author(s), has not been published before, contains no unlawful statements, does not infringe the rights of others, is subject to copyright that is vested exclusively in the author and free of any third party rights, and that any necessary written permissions to quote from other sources have been obtained by the author(s).
3. User/Public Rights
JKAA's spirit is to disseminate articles published are as free as possible. Under the Creative Commons Attribution-NonCommercial 4.0 International License, JKAA permits users to copy, distribute, display, and perform the work for non-commercial purposes only. Users will also need to attribute authors and JKAA on distributing works in the journal and other media of publications. Unless otherwise stated, the authors are public entities as soon as their articles got published.
4. Copyrights Holder
With the receipt of the article by Editorial Board of the Jurnal Kajian Akutansi dan Auditing (JKAA) and it was decided to be published, then the copyright regarding the article will be diverted to Jurnal Kajian Akutansi dan Auditing (JKAA).
Jurnal Kajian Akutansi dan Auditing (JKAA) hold the copyright regarding all the published articles and has the right to multiply and distribute the article under