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Mandatory And Voluntary Disclosure Of Annual Report On Investor Reactionon

The First International Conference on Engineering, Technology and Applied Business 2014
Batam-Indonesia, 4th December 2014

Paper-SH- 014: Mandatory and Voluntary Disclosure of Annual Report on Investor
Reaction
Hendra Gunawana*, Evelyn Octa Linaa
a

Department of Managerial Accounting, Batam State Polytechnic, Batam, 29461, Indonesia
*
Corresponding author: hendra@gmail.com

ABSTRACT
This study aims to obtain empirical evidence about the influence of mandatory disclosure, voluntary disclosure on
investor reaction to either partially or simultaneously. The study was conduct on 38 manufactured companies listed
on Indonesian Stock Exchange. There are five variables that mandatory disclosure, voluntary disclosure as the
independent variabel, cash flow operating activities (AKOp), cash flows investing activities (AKIn), cash flows
financing activities (AKDa) as the control variable and the investor reaction was measured by using trading volume
activity as the dependent variable. The result indicates that mandatory disclosure partially affect the investor
reaction mandatory disclosure, voluntary disclosure simultaneously affect the investor reaction. Limitations are
mandatory disclosure, voluntary disclosure, cash flow operating activities (AKOp), cash flow investing activities

(AKIn), cash flow financing activities (AKDa) are less able to measure the volume of stock trading prediction of the
future.
Keywords: investor reaction, mandatory disclosure, voluntary disclosure, cash flow operating activities (AKOp),
cash flows investing activities (AKIn), cash flows financing activities (AKDa)

Politeknik Negeri Batam, ICC Universiti Teknologi Malaysia, Asian Fellowship of Academic Professionals (AFAP)

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