Investor Overconfident Dalam Penilaian Saham: Perspektif Gender Dalam Eksperimen Pasar Mahatma Kufepaksi
147
Panel B
Paired Samples Test
.0180545 .0246282
.0026254 .0128363
.0232728 6.877
87 .000
-.0959523 .0378574
.0040356 -.1039735
-.0879310 -23.776
87 .000
Pdmn Prediksi_1 - Berita Bagus_1
Pair 1
Pdmn Prediksi_2 - Berita Bagus_2
Pair 2
Mean Std. Deviation
Std. Error Mean
Lower Upper
95 Confidence Interval of the
Difference Paired Differences
t df
Sig. 2-tailed
Sumber: Hasil Pengolahan
Panel A dalam Tabel 9 menunjukkan bahwa berita bagus menyebabkan penurunan rata-rata kesalahan harga investor pria dari 0,3724 posisi awal menjadi 0,3544 posisi akhir atau menurun sebesar 4,83 dan
peningkatan rata-rata kesalahan harga investor wanita dari 0,2972 posisi awal menjadi 0,3931 posisi akhir atau meningkat sebesar 32,27.
Panel B menunjukkan adanya perbedaan yang signiikan antara rata-rata kesalahan harga awal dan akhir dari investor pria dan investor wanita yang dicerminkan oleh p-value sebesar 0,000. Panel B mengindikasikan
bahwa berita bagus secara signiikan telah menurunkan rata-rata kesalahan harga investor pria sehingga garis rata-rata kesalahan harga bergerak kebawah. Hal ini mencerminkan bahwa berita bagus telah meningkatkan
akurasi prediksi investor pria. Selanjutnya, berita bagus secara signiikan meningkatkan rata-rata kesalahan harga investor wanita sehingga garis rata-rata kesalahan harga bergerak keatas. Hal ini berarti bahwa berita bagus telah
menurunkan tingkat akurasi prediksi harga dari investor wanita.
5. SIMPULAN
Ketika pasar tidak menyediakan informasi apapun seperti pada sesi Pra-Pembukaan, investor pria dan wanita yang masuk dalam kategori investor yang berinformasi kurang less informed investor ternyata memiliki
tingkat overconident yang relatif sama sehingga tidak mengkonirmasi hipotesis yang diajukan. Pada kelompok
investor berinformasi lebih more informed investors, investor pria lebih overconident dibandingkan dengan
investor wanita karena memiliki rata-rata kesalahan prediksi yang lebih tinggi sehingga temuan ini mengkonirmasi hipotesis yang yang diajukan.
Pada kelompok investor berinformasi kurang less informed investors, pedoman prediksi meningkatkan
rata-rata kesalahan harga investor pria dan menurunkan rata-rata kesalahan harga investor wanita. Pedoman prediksi menyebabkan investor pria menjadi lebih
overconident dibandingkan dengan investor wanita dan hasil ini mengkonirmasi hipotesis yang diajukan. Pada kelompok investor berinformasi lebih more informed investors,
pedoman prediksi mampu menurunkan rata-rata kesalahan harga investor pria dan investor wanita secara signiikan. Meskipun demikian, rata-rata kesalahan harga investor pria lebih tinggi dibandingkan dengan investor
wanita sehingga dapat disimpulkan bahwa investor pria lebih overconident dibandingkan dengan investor wanita.
Dikalangan kelompok investor berinformasi kurang less informed investors , berita bagus secara signiikan
menurunkan rata-rata kesalahan harga investor pria dan meningkatkan rata-rata kesalahan harga investor wanita sehingga investor wanita lebih
overconident dibandingkan dengan investor pria. Pada kelompok investor berinformasi lebih more informed investors, berita bagus menyebabkan rata-rata kesalahan harga investor pria
sama dengan investor wanita sehingga dapat disimpulkan bahwa kedua investor memiliki tingkat overconidence
relatif sama. Hasil ini menunjukkan bahwa hipotesis yang diajukan tidak terbukti.
KINERJA, Volume 14, No.2, Th. 2010: Hal. 131-150
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Pengaruh Corporate Governance, Etnis, dan Latar Belakang Pendidikan Terhadap Environmental Disclosure: Djoko Suhardjanto dan Novita Dian Permatasari
151
PENGArUH CORPORATE GOVERNANCE, EtNIS, DAN LAtAr BELAKANG PENDIDIKAN tErHADAP ENVIRONMENTAL DISCLOSURE:
StUDI EMPIrIS PADA PErUSAHAAN LISTING DI BUrSA EFEK INDONESIA
Djoko Suhardjanto
Jurusan Akuntansi FE Universitas Sebelas Maret, Surakarta
E-mail: suhardjanto04yahoo.com
Novita Dian Permatasari
Jurusan Akuntansi FE Universitas Sebelas Maret, Surakarta
Abstract
The purpose of this study is to examine relationship between corporate governance and its environmental disclosures. Corporate governance are identified as the proportion of independent
commissioner, the ethnic of commissioner president, the educational background of commissioner president, the number of commissary board meeting, the proportion of independent audit
committee, and the number of audit committee meeting. This study includes industry type and firm size as control variable. Companies’ environmental disclosures are measured by using the
Indonesian Environmental Reporting index that developed by Suhardjanto, Tower and Brown 2007.
Under proportional random sampling method, 90 Indonesian listed companies’ annual reports are selected. From the sample, there is fourthy nine percent 49 disclosed environmental
information with level of five point four percent 5.4. This study employed a data testing technique: classical assumption, descriptive statistic, and hypothesis test using logistic
regression, multiple regression, t-test, and ANOVA. Analysis of statistical results the proportional of independent commissioner, the ethnic of
commissioner president and the firm size are as significant predictors to environmental disclosure.
Keywords: corporate governance, independent commissioners, independent audit committee,
environmental disclosure.
1. PENDAHULUAN
