PENGUNGKAPAN NON FINANCIAL MEASURES: PENILAIAN VALUE RELEVANCE BAGI INVESTOR DAN PENGARUHNYA TERHADAP COST OF EQUITY DAN PERFORMANCE BAGI PERUSAHAAN PUBLIK

TERHADAP COST OF EQUITY DAN PERFORMANCE BAGI PERUSAHAAN PUBLIK

Ludovicus Sensi Wondabio

S t a f P e n g a ja r F a k u lta s E k o n o m i U n iv er sita s In d o n e sia s e n s i@ in d o s a t.n e t.i d

Abstract

R e s e a r c h ha s c a lle d f o r in c r e a s e d d e m a n d o f n o n fin a n c ia l m e a su re s (N F M )

d isc lo su re . T h is r e se a r c h e x a m in e s th e a s so c ia tio n b e tw e e n f ir m c h a r a c te ris tic s a n d th e e x te n t o f N F M disc lo su re . F u rth e rm o re , w e in v e stig a te th e v a lu e r e le v a n c e o f N F M d isc lo s u re a n d its e ffe c ts to c o s t o f e q u ity a n d fir m s p e r fo r m a n c e . T he re su lts

o f th is r e se a r c h are: (1) f ir m s tr a te g y (p r o s p e c to r / de fe nd er ), r e g u la to r y fa c to r s , fir m s ’ a g e a n d fo r e ig n o w n e r s h ip a re s ig n ific a n tly p o s itiv e ly a s s o c ia te d w ith the le v e l o f N F M d isc lo s u re (2) N F M d isc lo s u re is a g o o d s ig n a l f o r inv estors, w h ic h is r e le v a n t f o r e a r n in g p e r s is te n c y valu ation . (3) th e le v e l o f N F M d is c lo s u r e is s ig n ific a n tly n e g a tiv e ly a s s o c ia te d w ith c o s t o fe q u ity (4) th e le v e l o f N F M d isc lo s u re is s ig n ific a n tly p o s itiv e ly a s s o c ia te d w ith f ir m p e r fo r m a n c e .

Keywords: n o n f i n a n c i a l m e a s u r e s d is c lo s u r e , v a lu e r e le v a n c e , c o s t o f e q u ity , firm performance.

48 J u r n a l A k u n ta n s i d a n K e u a n g a n In d o n e s ia , J u n i 2 0 0 7 , V ol.4, N o . ] , h a l. 4 7 - 7 6

PENDAHULUAN

P e n e litia n - p e n e litia n y a n g d ila k u k a n d a la m s is te m p e n g e n d a lia n m a n a je m e n

b a n y a k m e m b u k tik a n a d a n y a k e le m a h a n d a la m p e n g u k u r a n k i n e r ja s u a tu p e r u s a h a a n k a r e n a le b ih m e n e k a n k a n p a d a p e n g u k u r a n k e u a n g a n s e d a n g k a n p e n g u k u r a n y a n g

b e r s i f a t N F M b a n y a k d ia b a ik a n p a d a h a l d a la m j a n g k a p a n j a n g b e r p e r a n s a n g a t p e n t i n g s e b a g a i m e k a n is m e k o n tr o l b a g i p e r u s a h a a n ( O tle y 2 0 0 1 ) S a la h s a tu p e n e litia n m e n g e n a i p e n g g u n a a n a l a t u k u r k i n e r ja g a b u n g a n a n ta r a p e n g u k u r a n fin a n s ia l d a n N F M d i la k u k a n o le h S a id e t al. 2 0 0 3 . H a s il p e n e litia n S a id m e n u n ju k k a n b a h w a p e r u s a h a a n y a n g m e n g g u n a k a n a la t u k u r f in a n s ia l

d a n n o n f in a n s ia l s e c a r a b e r s a m a a n b e r k in e r ja le b ih b a ik d ib a n d in g k a n d e n g a n p e r u s a h a a n y a n g h a n y a m e n g g u n a k a n a la t u k u r f in a n s ia l s a ja . S e la n ju tn y a , p a d a pertemuan r o u n d ta b le c o rp o ra te g o v e r n a n c e y a n g k e d u a d i H o n g k o n g , A d a m s (2000) mengemukakan bahwa perusahaan-perusahaan yang unggul ( le a d e r) m u la i membangun kepercayaan s ta k e h o ld e r d e n g a n s e c a r a te r u s m e n e r u s m e n in g k a tk a n kinerja bisnis mereka dengan mengukur ( m e a su re ) d a n m e n g u n g k a p k a n {d isclo se) indikator-indikator

i n d ik a to r - in d ik a to r fin a n s ia l. Pengungkapan NFM bagi s ta k e h o ld e r s a n g a t p e n tin g k a r e n a a d a n y a k e te r b a ta s a n d a r i p e n g u k u r a n fin a n s ia l y a n g b e lu m d a p a t m e n g h itu n g d a m p a k r is ik o v a n g m u n g k in t e i j a d i b a g i p e r u s a h a a n , n a m u n tid a k d a p a t d iu k u r s e c a r a m e m a d a i. P e n g u n g k a p a n N F M d ih a r a p k a n d a p a t m e n je la s k a n s e c a r a le b ih b a ik m a s a la h - m a s a la h te r s e b u t

d i a ta s . ( S id d h a r ta , Is tin i d a n B a r id w a n 2 0 0 0 ) . P e n tin g n y a p e n g u n g k a p a n N F M y a n g s e m a k in m e n in g k a t j u g a te la h d ite g a s k a n d a la m p e r t e m u a n p a r a C E O d a r i enam In te r n a tio n a l A u d it N e tw o r k ( P w C , K P M G , D e lo itte , E & Y , G T d a n B D O

I n te r n a t i o n a l ) d i E r o p a b u l a n N o v e m b e r 2 0 0 6 .

B e r d a s a r k a n p e n je la s a n te r s e b u t d i a ta s , s a n g a t m e n a r ik u n tu k d ik a ji le b ih j a u h ( i) f a k to r - f a k to r a p a s a ja y a n g m e m p e n g a r u h i p e r u s a h a a n m e n g u n g k a p k a n p e n g u k u r a n n o n f in a n s ia l ( n on fin a n c ia l d isc lo s u re ) (ii) a p a k a h in f o r m a s i p e n g u k u r a n n o n fin a n s ia l te r s e b u t m e m p u n y a i n ila i y a n g r e l e v a n b a g i in v e s to r (iii)

a p a k a h m a s u k n y a a la t u k u r n o n f in a n s ia l {non fin a n c ia l m e a su re s) d a la m k o n tr a k k e r j a p e r u s a h a a n , y a n g s e la n ju tn y a d i u n g k a p k a n {d isclos e) d a la m la p o r a n ta h u n

b e r k o r e l a s i p o s i t i f d e n g a n b ia y a m o d a l {co st o f e q u ity ) d a n k in e r ja p e r u s a h a a n ( p e r fo r m a n c e )

D e n g a n m e m p e r ti m b a n g k a n a d a n y a a s p e k m a s a la h a g e n s i y a n g tim b u l d i s e t i a p p e r u s a h a a n , p e n e litia n in i j u g a m e m p e r tim b a n g k a n u n tu k m e m a s u k k a n tig a v a r i a b e l t a m b a h a n y a itu (i) v a r ia b e l

c o rp o ra te g o v e r n a n c e ( C G ) y a n g d i-p ro x y

d e n g a n k o m p o s is i b e s a r n y a k o m is a r is in d e p e n d e n d a n (ii) v a r ia b e l k u a lita s a u d it

S e n s i, P e n g u n g k a p a n N o n F in a n c ia l M e a s u r e s ( N F M D is c lo s u r e ) . 49

o le h in d e p e n d e n a u d ito r. K e d u a v a ria b le te r s e b u t b e r f u n g s i s e b a g a i m e k a n is m e m o n ito r in g d a r i p e r u s a h a a n d a la m r a n g k a m e n g u r a n g i d a m p a k agency cost yang m u n g k in tim b u l.

P e n e li ti a n m e n g e n a i p e n g u n g k a p a n p a d a la p o r a n ta h u n a n t e la h b a n y a k

d ila k u k a n d i I n d o n e s ia . P e n e litia n y a n g m e n g a n a lis is p e n g u n g k a p a n w a ji b d a n s u k a r e l a d i a n ta r a n y a : E d i S u b iy a n to r o ( 1 9 9 7 ) , Y u n ia ti ( 2 0 0 0 ) , M a r w a ta ( 2 0 0 1 ),

F itr ia n y (2 0 0 1 ), S im a n ju n ta k & W id ia s t u ti (2 0 0 4 ). P e n e litia n y a n g m e n g a n a lis is p e n g u n g k a p a n s o s i a l d i a n ta r a n y a : S e m b iri n g (2 0 0 5 ), S u r a tn o (2 0 0 6 ). P e n e litia n mengenai pengungkapan

g o o d c o rp o ra te g o v e r n a n c e d i a n ta r a n y a : K u s u m a w a ti & R iy a n to ( 2 0 0 5 ), K u s u m a w a ti (2 0 0 6 ). N a m u n p e n e litia n te n ta n g a n a lis is p e n g a r u h tingkat pengungkapan (le v e l o f d is c lo su re ) p e n g u k u r a n n o n f in a n s ia l (n o n fin a n c ia l m e a su re s) te r h a d a p k in e r ja p e r u s a h a a n b e lu m p e r n a h d ila k u k a n d i I n d o n e s ia .

2 0 0 3 ) . S e la n ju tn y a , p a d a p e n e litia n C o r a m e t a l. ( 2 0 0 5 ), in d ik a to r - in d ik a to r N F M y a n g te r c e r m in p a d a p e n g u n g k a p a n m e m p u n y a i d a m p a k y a n g s a n g a t s ig n if ik a n p a d a

e s tim a s i h a r g a s a h a m o le h p e n g g u n a la p o r a n k e u a n g a n . P e n e litia n y a n g d i la k u k a n

C o r a m m e n y im p u lk a n b a h w a in f o r m a s i n o n fin a n s i a l m e m p u n y a i v a lu e re le v a n c e

b a g i in v e s to r d a n p e r u s a h a a n a k a n m e m p e r o le h k e u n tu n g a n j i k a m e n g u n g k a p k a n

d a la m la p o r a n ta h u n a n . P e n e litia n - p e n e litia n la in j u g a s e p e n d a p a t d e n g a n C o r a m y a n g m e n u n ju k k a n k e u n g g u la n p e n g u k u r a n n o n fin a n s i a l b a g i p e r u s a h a a n d i

a n t a r a n y a p e n e litia n D e m p s e y e t a l. ( 1 9 9 7 ), H o q u e a n d J a m e s (2 0 0 0 ), I tt n e r & L a r c k e r (2 0 0 2 ).

D a la m p e n e li ti a n in i d i r u m u s k a n b e b e r a p a p e r ta n y a a n s e b a g a i tu ju a n d a r i p e n e litia n , y a itu (i) k a r a k te r is tik p e r u s a h a a n y a n g s e p e r ti a p a , y a n g m e m p e n g a r u h i lu a s n y a p e n g u n g k a p a n p e n g u k u r a n n o n f in a n s ia l s u a tu p e r u s a h a a n d ilih a t d a ri

s tr a te g y (p ro sp e c to r/d e fe n d e r), j e n i s in d u s tr i (re g u la te d /n o n r e g u la te d ), u m u r (a g e ) d a n s tr u k tu r k e p e m ilik a n (o w n e r s h ip ) (ii) A p a k a h lu a s n y a p e n g u n g k a p a n n o n

f in a n s ia l d a r i s u a tu p e r u s a h a a n m e m p u n y a i d a m p a k t e r h a d a p b i a y a m o d a l ( cost o f e q u ity ) d a n k in e r ja (p e rfo r m a n c e ) d a r i s u a tu p e r u s a h a a n (iii) A p a k a h lu a s n y a p e n g u n g k a p a n n o n fin a n s i a l m e m p u n y a i n ila i r e le v a n u n tu k in v e s to r d i p a s a r modal.

P e n e litia n in i d ih a r a p k a n d a p a t m e m b e r ik a n m a n f a a t b a g i p i h a k - p ih a k y a n g te r k a it s e p e r ti e m ite n , re g u la to r, p r o fe s i a k u n ta n , d a n p a r a s ta k e h o ld e r s e r ta m e m p e r k a y a p e n e litia n d i b id a n g a k u n ta n s i d a n p a s a r m o d a l.

50 J u r n a l A k u n ta n s i d a n K e u a n g a n In d o n e s ia , J u n i 2 0 0 7 , V ol.4, N o . 1, h a l. 4 7 - 7 6

PENGEMBANGAN TEORI DAN PERUMUSAN HIPOTESIS

Teori Kontrak

( C o n tr a c tin g T h e o ry ), Teori Keagenan (Agency Theory) dan

Teori Signaling (S ig n a lin g T h e o ry )

J e n s e n & M e c k lin g (1 9 7 6 ) m e n d e f in is ik a n h u b u n g a n k e a g e n a n s e b a g a i k o n tr a k

d i m a n a s a tu o r a n g a ta u le b ih (p rin c ip a l, y a itu s h a re h o ld e rs) m e n u n ju k o r a n g la in ( a g e n , y a itu m a n a je r ) u n tu k m e la k u k a n j a s a u n tu k k e p e n tin g a n p r in c ip a l. P e r u s a h a a n m e r u p a k a n k u m p u la n k o n tr a k - k o n tr a k (n e x u s o f c o n tra c t). A p a b ila m a s in g - m a s in g p i h a k te r s e b u t b e r tin d a k s e n d ir i- s e n d ir i u n tu k m e m a k s im a lk a n k e p e n tin g a n n y a ,

m a k a a k a n t im b u l k o n flik . M a s a la h m u n c u l k e tik a te r d a p a t

a s y m m e tr ic in fo rm a tio n , baik yang berupa

h id d e n a c tio n m a u p u n h id d e n in fo rm a tio n . H id d e n a c tio n a k a n memunculkan m o r a l h a z a rd d a n h id d e n in fo rm a tio n a k a n m e m u n c u lk a n a d v e rse s e le c tio n . J e n s e n & M e c k lin g m e n g id e n tif ik a s i a d a d u a c a r a u n tu k m e n g u r a n g i

k e s e m p a t a n m a n a je r m e la k u k a n tin d a k a n y a n g m e r u g ik a n in v e s to r , y a itu : m o n ito r in g (pengawasan) dan

b o n d in g (p e m b a ta s a n ) .

T e o ri s ig n a lin g j u g a d i s u s u n b e r d a s a r k a n a s u m s i a d a n y a a s y m m e tric in fo r m a tio n a n ta r a m a n a je r d a n p e m e g a n g s a h a m . K a r e n a ada.asym m e:ric in fo rm a tio n maka manajer berusaha memberi s ig n a l ( s in y a l) k e p a d a in v e s to r. S in y a l te r s e b u t

h a r u s l a h b e r u p a s e s u a tu y a n g d a p a t d ip e r c a y a d a n tid a k m u d a h d itir u a ta u m a h a l u n t u k m e n ir u n y a . S in y a l d id e f in is ik a n s e b a g a i t in d a k a n y a n g d ia m b il o le h

h ig h -ty p e m a n a g e r , y a n g tid a k a k a n r a s io n a l j i k a d ia m e r u p a k a n lo w -ty p e m a n a g e r ( S c o o t

2 0 0 3 ) . B e b e r a p a s in y a l te la h d is a r a n k a n r e le v a n d e n g a n a k u n ta n s i. S a la h s a tu n y a adalah

d ir e c t d isclo sure. H u g h e s (1 9 8 6 ) m e n u n ju k k a n b a g a im a n a p e n g u n g k a p a n

d a p a t m e n ja d i s in y a l y a n g d a p a t d ia n d a lk a n , s e h in g g a n ila i p a s a r s a h a m p e r u s a h a a n

d a p a t m e n c e r m in k a n n il a i p e r u s a h a a n .

V a lu e R e le v a n c e T h e o r y dari Suatu Informasi

P e n g u j ia n v a lu e re le v a n c e p a d a p e n e litia n in i d ila k u k a n d e n g a n m e n g g u n a k a n pendekatan

e a r n in g y a itu d e n g a n E R C (E a r n in g R e sp o n s e C o effic ie n t) M e n u r u t S c o o t ( 2 0 0 3 ),

e a r n in g re sp o n se c o e ffic ie n t m e n g u k u r p e r u b a h a n re tu rn t id a k n o r m a l s e b u a h s e k u r ita s s e b a g a i r e s p o n te r h a d a p p e r u b a h a n l a b a y a n g t id a k te r d u g a d a r i p e r u s a h a a n y a n g m e n e r b itk a n s e k u r it a s te r s e b u t. M o d e l r e g r e s i y a n g d i g u n a k a n u n t u k m e lih a t p e n g a r u h p e n g u n g k a p a n n o n fin a n s i a l a d a la h s e b a g a i b e r ik u t:

CAR.= a +

b jU E .t + bJV F M D t + b 3U E { *N F M D + £

S e m i , P e n g u n g k a p a n N o n F in a n c ia l M e a s u r e s ( N F M D is c lo s u r e ) .. 51

D e n g a n p e n je la s a n s e b a g a i b e r ik u t: CAR.( =

c u m u la tiv e a b n o r m a l re tu rn s e k u r ita s k e - i p a d a p e r io d e p e r is tiw a k e -t, NFMD=

N F M disc lo su re

e a r n in g re sp o n se co e ffic ie n t UE.t

= u n e x p e c te d e a r n in g s , y a n g d ip e r o le h d a r i E P S . t d ik u r a n g i E P S . ( , d ib a g i

P,,-.

M o d e l y a n g d ig u n a k a n , s a m a d e n g a n m o d e l y a n g t e la h d ig u n a k a n o le h

A d h a r ia n i (2 0 0 5 ). H u b u n g a n ti n g k a t p e n g u n g k a p a n d a la m l a p o r a n ta h u n a n te r h a d a p

E R C d ite n tu k a n d e n g a n m e l i h a t a r a h d a n s ig n if ik a n s i k o e f is ie n r e g r e s i b 3. A d h a r ia n i, ( 2 0 0 5 ) m e n e m u k a n b a h w a t in g k a t k e lu a s a n p e n g u n g k a p a n s u k a r e la d a la m la p o r a n t a h u n a n b e r h u b u n g a n p o s i t i f d e n g a n E R C d e n g a n t i n g k a t s ig n if ik a n 5 % . P e n e litia n

la in y a n g m e n g h u b u n g k a n p e n g u n g k a p a n d e n g a n E R C , j u g a d i la k u k a n o l e h G e lb & Z a r o w i n (2 0 0 2 ) . G e lb & Z a r o w in m e n e m u k a n b a h w a fu tu r e E R C u n tu k p e r u s a h a a n - p e r u s a h a a n y a n g t e r m a s u k d a la m k a te g o r i

h ig h d is c lo s e r s s e c a r a s ig n if ik a n le b ih

b e s a r d a r ip a d a fu tu r e E R C lo w d isc lo se rs. S e la n ju tn y a d a la m p e n e litia n in i p e r h itu n g a n C A R m e n g g u n a k a n

re tu rn

b u l a n a n d a r i b u la n M e i 2 0 0 5 s a m p a i d e n g a n A p r il 2 0 0 6 (1 2 b u la n ) . P e n e litia n in i m e m p r e d ik s i b a h w a p e n g u n g k a p a n N F M d a r i s u a tu p e r u s a h a a n m e r u p a k a n c e r m in a n t e r h a d a p k e b ija k a n m a n a je m e n d a la m m e n e r a p k a n p e n g u k u r a n N F M b e r d a s a r k a n p e r s p e k t i f B S C . D ih a r a p k a n d e n g a n a d a n y a p e n g u n g k a p a n N F M , in v e s to r le b ih m e m ilik i in f o r m a s i y a n g k u a t d a la m m e n ila i p e r s i s te n s i la b a ( e a r n in g ) y a n g

e a r n in g p e r u s a h a a n itu a k a n b e r ta h a n (p e r s is t in to the fu tu r e ) d i m a s a y a n g a k a n d a ta n g , m a k a E R C a k a n le b ih tin g g i.

d ila p o r k a n o le h p e r u s a h a a n . M e n u r u t S c o o t ( 2 0 0 3 ) , k e t i k a in v e s to r m e n ila i

Pengungkapan N o n F in a n c ia l M e a s u r e s

B a la n c e d scorecard/.B S C ( K a p la n & N o r to n 2 0 0 4 ) , te r d ir i a ta s e m p a t p e r s p e k t i f p e n g u k u r a n y a itu p e r s p e k t i f fin a n s i a l

(fin a n c ia l), p e la n g g a n (c u sto m e r), b is n is

i n te r n a l (in te r n a l b u sin e ss), p e m b e la ja r a n d a n p e r tu m b u h a n (le a r n in g & g ro w th ).

I n d e k s p e n g u n g k a p a n N F M y a n g d i g u n a k a n d a la m p e n e l i t i a n in i, d ik e m b a n g k a n s e n d ir i d a r i p e r s p e k t i f n o n fin a n s i a l p a d a k e r a n g k a B S C , p e n g u n g k a p a n m e n u r u t P S A K d a n p e r a tu r a n B a p e p a m . S e te la h m e la lu i u ji r e lia b ilita s d a n v a lid ita s , s e r ta p e n y e s u a ia n u n tu k k e -2 3 s e k to r in d u s tr i y a n g d i g u n a k a n p a d a p e n e litia n in i, m a k a

d ip e r o le h 9 5 s /d 103 item p e n g u n g k a p a n y a n g d a p a t d ig u n a k a n ( ju m la h item y a n g

d ig u n a k a n b e r v a ri a s i k a r e n a t id a k s e m u a item p e n g u n g k a p a n a p p lic a b le p a d a s e tia p s e k to r in d u s tr i). S e la n ju tn y a ti n g k a t p e n g u n g k a p a n N F M o le h s e ti a p p e r u s a h a a n ( p a d a s e b u a h la p o r a n t a h u n a n y a n g d ite la a h ) a k a n d i b a n d in g k a n d e n g a n to ta l

52 J u r n a l A k u n ta n s i d a n K e u a n g a n I n d o n e s ia , J u n i 2 0 0 7 , V ol.4, N o . I, h a l. 4 7 - 7 6

p e n g u n g k a p a n m a k s im u m d a r i s e lu r u h item ( s e b a n y a k j u m l a h item y a n g a p p lic a b le p a d a i n d u s tr i d i m a n a p e r u s a h a a n te r s e b u t b e r a d a ).

Strategi Organisasi

D a la m p e n e litia n in i, p e n e liti m e m b a g i s tr a te g i p e r u s a h a a n y a n g b e r d a s a r k a n k r it e r i a p r o s p e c to r d a n d e fe n d e r d e n g a n a la t u k u r p r o p o r s i p e n g e lu a r a n b ia y a m o d a l {c a p ita l e x p e n d itu re ) te r h a d a p to ta l a s s e t s e b a g a i p r o x y p e n e litia n . P ro s p e c to r

a d a l a h o r g a n is a s i y a n g h a m p ir s e tia p s a a t s e c a r a te r u s m e n e r u s m e n g a m a ti p e lu a n g p a s a r , d a n s e c a r a r e g u le r m e la k u k a n p e r c o b a a n - p e r c o b a a n u n t u k m e m u n c u lk a n k e c e n d e r u n g a n d a la m lin g k u n g a n k o n s u m e n , b ia s a n y a o r g a n is a s i- o r g a n is a s i in i k u r a n g e f is ie n . S e d a n g k a n

d e fe n d e r a d a la h o r g a n is a s i- o r g a n is a s i y a n g m e m p u n y a i domain p r o d u c t m a r k e t y a n g s e m p it. O r g a n is a s i tip e in i m e m b a ta s i d a e r a h

Kinerja Perusahaan

c re a tio n o f s h a r e h o ld e r v a lu e , y a itu a c c o u n tin g m o d e l d a n m a r k e t m o d e l ( d is c o u n te d c a s h f l o w m o d e l). P e n ila ia n k in e r ja a k u n ta n s i (a c c o u n tin g m o d e l) m e r u p a k a n a la t u k u r k i n e i j a y a n g m e m f o k u s k a n a n g k a - a n g k a a k u n ta n s i d a la m l a p o r a n k e u a n g a n p e r u s a h a a n .

S e c a r a u m u m te r d a p a t d u a m a c a m m o d e l p e n ila ia n u n tu k m e n g u k u r

D a l a m p e n e l i t i a n in i, p e n e liti m e n g g u n a k a n R O A s e b a g a i proxy kineija keuangan p e r u s a h a a n . P e n ila ia n k i n e r ja p a s a r d a r i s u d u t p a n d a n g in v e s to r p a d a p e n e litia n

i n i d in ila i d e n g a n m e n g g u n a k a n p r ic e to b o o k v a lu e (P B V ) . P B V m e r u p a k a n p e r b a n d i n g a n a n ta r a h a r g a p a s a r s a h a m d a n n ila i b u k u p e r s a h a m .

C o s t o f E q u ity (COE)

P e r h i t u n g a n C O E d a la m p e n e litia n in i m e n g g u n a k a n m o d e l

C a p ita l A s s e t P r ic in g M o d e l ( C A P M ) . R u m u s C A P M ( J o g iy a n to 2 0 0 3 ) a d a la h :

E ( R } = R f +flu ( RM, - R f)

Di mana: R ft

= re tu rn a s s e t b e b a s r is ik o u n tu k p e r io d e t

Kerangka Pemikiran

B e r d a s a r k a n l a n d a s a n te o r i d a n p e n e litia n - p e n e litia n s e b e lu m n y a , d is u s u n la h k e r a n g k a p e m ik ir a n u n tu k p e n e litia n in i. S e p e r ti y a n g t e la h d iu r a ik a n d i a ta s , p e n g u n g k a p a n n o n f in a n s ia l y a n g d ite liti k a li in i, d ia d a p ta s i d a r i p e n g u k u r a n k i n e r ja n o n f in a n s ia l p a d a

b a la n c e d score card. N a m u n p e n e litia n k a li in i tid a k menghubungkan

b a la n c e d s c o r e c a r d d e n g a n s tr a te g i, j u g a tid a k b e r m a k s u d m e n e liti a p a k a h s e b u a h p e r u s a h a a n m e n e r a p k a n

b a la n c e d sc o re c a rd , s e r ta p e n g a r u h penerapan

b a la n c e d s c o re c a r d p a d a n ila i p e r u s a h a a n .

Hipotesis Pemikiran

D a r i u r a ia n d i a t a s , d a p a t d ilih a t h u b u n g a n h u b u n g a n a n ta r a v a r ia b e l- v a r ia b e l in d e p e n d e n y a n g m e m p e n g a r u h i l u a s n y a p e n g u n g k a p a n n o n f in a n s ia l d a n p e n g a r u h lu a s n y a tin g k a t p e n g u n g k a p a n n o n f in a n s ia l, r e p u ta s i a u d ito r d a n p e r a n g k a t C G t e r h a d a p k i n e i j a p e r u s a h a a n . B e r d a s a r k a n p e n je la s a n te r s e b u t d i a t a s , u n tu k m e n g u ji p e n g a r u h v a r ia b e l i n d e p e n d e n t e r h a d a p d e p e n d e n s e p e r ti y a n g t e l a h d ig a m b a r k a n p a d a m o d e l p e n e litia n d i a ta s d ib u a tk a n h ip o te s is p e n e litia n b e r ik u t in i:

P e n g e m b a n g a n H ip o te s is P e n e litia n d a r i M O D E L - 1

P e n g u jia n h ip o te s is d a r i M O D E L - 1 a d a la h u n tu k m e n il a i a p a k a h f a k to r-

f a k to r k a r a k te r is tik p e r u s a h a a n y a n g d i-p ro x y o le h s tr a te g i {p ro sp e c to r/d e fe n d e r), j e n i s in d u s tr i ( re g u la te d /n o n r e g u la te d ), u m u r d a n s tr u k tu r k e p e m ilik a n a s in g d a p a t m e m p e n g a r u h i lu a s a ta u t id a k n y a p e n g u n g k a p a n p e n g u k u r a n n o n fin a n s ia l s u a tu p e r u s a h a a n . S e la n ju tn y a m o d e l in i j u g a a k a n m e n g u ji a p a k a h te r d a p a t k o r e la s i

a n ta r a s tr a te g i y a n g d ija la n k a n o le h s u a tu p e r u s a h a a n te r h a d a p tin g g i r e n d a h n y a p e n g u n g k a p a n y a n g d ila k u k a n o l e h p e r u s a h a a n te r s e b u t (h ig h a n d lo w d isc lo se rs). K e r a n g k a p e m ik ir a n M o d e l - 1 H ap at d i lih a t p a d a G a m b a r 1.

54 J u r n a l A k u n ta n s i d a n K e u a n g a n I n d o n e s ia , J u n i 2 0 0 7 , V ol.4, N o . l , h a l. 4 7 - 7 6

Gambar 1 K e r a n g k a P e m ik ir a n : M o d e l - 1

Hl :

Strategi perusahaan (d e fe n d e r vs. p r o s p e c to r ) mempengaruhi luas tidaknya

pengungkapan pengukuran non finansial suatu perusahaan. H2: Jenis industri

( r e g u l a t e d v s. n o n r e g u l a t e d ) dari suatu perusahaan mempengaruhi luasnya tingkat pengungkapan pengukuran non finansial

suatu perusahaan H3:

Umur perusahaan

(age) dapat mempengaruhi luasnya tingkat

pengungkapan non finansial suatu perusahaan. H4:

Struktur kepemilikan asing pada suatu perusahaan (OWNF) dapat mempengaruhi luasnya tingkat pengungkapan non finansial suatu

perusahaan H5:

Faktor karakteristik perusahaan yang di -p r o x y oleh strategi, jenis industri (r e g u la te d ), umur dan struktur kepemilikan asing secara bersama-sama dapat mempengaruhi luas pengungkapan pengukuran non finansial suatu

perusahaan H6:

Apakah terdapat korelasi antara strategi yang dijalankan oleh suatu perusahaan terhadap tinggi rendahnya pengungkapan yang dilakukan

perusahaan tersebut (h ig h a n d lo w d is c lo s e r s ) .

Prediksi Pengaruh

( P r e d ic tiv e S ig n )

N F D is c lo s u r e (NFD) HI S tr a te g i P R O S P E C T O R (S T R A )

Positif (+) H2 J e n is I n d u s tr i ( R E G )

P o s i t i f (+ ) H3 U m u r (A G E )

P o s i t i f (+ ) H4 S tr u k tu r k e p e m ilik a n ( O W N F )

P o s i t i f (+ ) H6 S tr a te g i te r h a d a p d is c lo s u r e N F M (H ig h

? and Low)

P e n g e m b a n g a n H ip o te s is P e n e litia n d a r i M O D E L - 2

PengujianhipotesisdariMODEL-2adalahuntukmenilaiapakah pengungkapan p e n g u k u r a n n o n fin a n s i a l s u a tu p e r u s a h a a n m e m p u n y a i v a lu e re le v a n c e te r h a d a p in v e s t o r y a n g d iu k u r d e n g a n E R C d a r i m a s in g - m a s in g p e r u s a h a a n te r s e b u t.

K e r a n g k a p e m ik ir a n M o d e l - 2 d a p a t d il ih a t p a d a G a m b a r 2.

Gambar 2 K e r a n g k a P e m ik ira n : M o d e l - 2

Hl:

Tingkat pengungkapan pengukuran non finansial mempunyai

v a lu e r e le v a n c e bagi investor yang diukur dengan

E a r n in g R e s p o n s e C o e f f ic ie n t (ERC)

Hipotesis

Variabel

Prediksi Pengaruh ( P r e d ic tiv e S ig n )

CAR

HI D is c lo s u r e N F M

P o s i t i f (+ )

56 J u r n a l A k u n ta n s i d a n K e u a n g a n I n d o n e s ia , J u n i 2 0 0 7 , Vol.4, N o . l , h a l. 4 7 - 7 6

P e n g e m b a n g a n H ip o te s is P e n e litia n d a r i M O D E L - 3

P e n g u jia n h ip o te s is d a r i M O D E L - 3 a d a la h u n tu k m e n ila i a p a k a h p e n g u n g k a p a n p e n g u k u r a n n o n fin a n s i a l s u a tu p e r u s a h a a n /

c o r p o ra te g o v e r n a n c e , k u a lita s a u d it d a p a t m e m p u n y a i p e n g a r u h te r h a d a p

C o st O f E q u ity s u a tu p e r u s a h a a n . K e r a n g k a p e m ik ira n M o d e l - 3 d a p a t d il ih a t p a d a G a m b a r 3.

Gambar 3 K e r a n g k a P e m ik ira n : M o d e l - 3

Hl: Tingkat pengungkapan pengukuran non finansial suatu perusahaan pengukuran non finansial berkorelasi negatif terhadap COE

perusahaan H2:

Faktor

c o r p o r a te g o v e r n a n c e perusahaan (di -proxy dengan komposisi

komisaris independen) dapat mempengaruhi COE perusahaan.

H3: Kualitas audit dari independen auditor dapat berpengaruh terhadap COE

suatu perusahaan H4:

Tingkat pengungkapan pengukuran non finansial,kualitas audit,

c o r p o ra te

governance secara bersama-sama dapat mempengaruhi COE suatu

Prediksi Pengaruh (.P r e d ic tiv e S ig n )

P o s itiv e (-)

H3 A u d it

P o s itiv e (-)

S e n s i, P e n g u n g k a p a n N o n F in a n c ia l M e a s u r e s ( N F M D is c lo s u r e ) . 57

P e n g e m b a n g a n H ip o te s is P e n e litia n d a r i M O D E L - 4

P e n g u jia n h ip o te s is d a r i M O D E L - 4 a d a la h u n tu k m e n ila i a p a k a h p e n g u n g k a p a n p e n g u k u r a n n o n fin a n s i a l s u a tu p e r u s a h a a n , k u a lita s a u d it, d a n

c o r p o ra te g o v e r n a n c e d a p a t b e r p e n g a r u h te r h a d a p k i n e i j a a k u n ta n s i y a n g d i -p ro xy o le h R O A d a n k i n e i j a p a s a r y a n g

6 \-p r o x y o le h P B V d a r i s u a tu p e r u s a h a a n . K e r a n g k a p e m ik ir a n M o d e l - 4 d a p a t d i l i h a t p a d a G a m b a r 4 .

Gambar 4 K e r a n g k a P e m ik ir a n : M o d e l - 4

H1:

Pengungkapan pengukuran non finansial suatu perusahaan,kualitas audit,

dan

c o r p o r a te g o v e r n a n c e dapat berpengaruh terhadap kinerja akuntansi (di -proxy terhadap ROA) dan kinerja pasar yang & \-p ro xy oleh PBV dari

suatu perusahaan.

Hipotesis

Variabel

Prediksi Pengaruh (P r e d ic tiv e S ig n )

N F D is c lo s u r e (NFD)

HI Performance (ROA dan PBV) P o s i t i f (+ )

PENGUMPULAN DATA PENELITIAN

Populasi dan Sampel Penelitian

P o p u la s i p a d a p e n e litia n in i a d a la h s e lu r u h p e r u s a h a a n y a n g t e r d a f ta r d i B u r s a

E f e k J a k a r ta p a d a ta h u n 2 0 0 5 . P o p u la s i d a n s a m p e l p e n e litia n d a p a t d ilih a t p a d a ta b e l 1 b e r ik u t:

58 J u r n a l A k u n ta n s i d a n K e u a n g a n I n d o n e s ia , J u n i 2 0 0 7 , V ol.4, N o . I, h a l. 4 7 - 7 6

Tabel 1 P o p u la s i d a n S a m p e l P e n e litia n

T o ta l p o p u la s i 336 P eru sah aan y a n g m elak u k an p en g g ab u n g an u saha

-4 P eru sah aan y a n g delisting p ad a triw ulan I tahun 2006

-3 P eru sah aan y a n g m en g h en tik an usahanya/di-.sw.s/?e7J£/

-5 P eru sah aan y an g b eru b ah k eg iatan u sah an y a

D ata laporan tah u n an tid ak len g k ap /tid ak tersed ia -6 Outlier * ) T o ta l sam ple

*) Catatan: Jumlah o u tlie r yang akan berdampak dalam penelitian ini akan sangat tergantung ke­ pada variabel-variabel dari keempat model yang akan diteliti.

U n tu k a n a lis is p e r in d u s tr i, k e - 3 1 4 p e r u s a h a a n te r s e b u t d ib a g i k e d a la m 2 3 s e k to r. P e n g k la s if ik a s ia n k e d a la m 2 3 s e k to r in d u s t r i in i m e n g ik u ti p e m b a g ia n m e n u r u t I n d o n e s ia n C a p ita l M a r k e t D ir e c to ry 2 0 0 6 , d ik a ji d a n d is e s u a ik a n k e m b a li m e n u r u t d e s k r ip s i k e g ia ta n u s a h a p e r u s a h a a n y a n g te r d a p a t p a d a c a ta ta n a ta s l a p o r a n keuangan.

Operasionalisasi Variabel

O p e r a s io n a li s a s i v a r ia b e l p e n e litia n d a p a t d ilih a t d a la m ta b e l b e i i k u t in i:

Tabel2 O p e ra s io n a lis a s i V a ria b e l

Variabel

Konsep Variabel

Indikator Skala

Pengungkapan

Non Finansial Diungkapkan atau tidak Tingkat pengungkapan Rasio CNFD)

Strategi (STRA) Prospector/ defender c a p i t a l e x p e n d itu r e /

Jenis Industri Regulated/ non regulated

Nominal (REG)

Dummy variable

Persentase yang dimiliki Kepemilikan Kepemilikan oleh badan usaha, asing, dibandingkan dengan

Asing (OWNF) perorangan, institusi asing Rasio jumlah saham beredar

S e n s i, P e n g u n g k a p a n N o n F in a n c ia l M e a s u r e s ( N F M D is c lo s u r e ) .. 59

lanjutan Tabel 2

Variabel

Konsep Variabel

Indikator Skala

C o s t o f E q u ity Biaya modal yang dimiliki oleh Capital Asset Pricing Model Rasio (COE)

setiap perusahaan

(CAPM)

Ukuran Perusahaan

Nominal (SIZE)

Dilihat dari total asset

perusahaan

L o g T o ta l A s s e t

Dilihat dari KAP yang mengaudit

Kualitas Audit perusahaan tersebut (

Nominal 4)

B ig 4 1 N o n B ig

Dummy variable

Komisaris

J u m la h k o m i s a r i s i n d e p e n d e n d a la m

Nominal tiap perusahaan

Dummy variable

Independen

C o s t o f E q u ity Biaya modal yang dimiliki oieh Capital Asset Pricing Model Rasio (COE)

setiap perusahaan

(CAPM)

Kinerja Kinerja perusahaan yang dilihat dari

R e tu r n o n A s s e t s (ROA) akuntansi dan pasar (

a c c o u n tin g dan ( Rasio

performance ) market based variable)

Price-tc-book value (PBV)

Prosedur Pengumpulan Data

P e n e litia n in i m e n g g u n a k a n d a ta s e k u n d e r b e r u p a la p o r a n t a h u n a n d a n la p o r a n k e p e m ilik a n s a h a m d a r i s e lu r u h p e r u s a h a a n y a n g te r d a f t a r d i B u r s a E f e k J a k a r t a p a d a t a h u n 2 0 0 5 , s e r ta d a ta h a r g a s a h a m y a n g d ia m b il d a r i w w w .js x .c o .i d

d a n P R P M ( P u s a t R e f e r e n s i P a s a r M o d a l) d i B u r s a E f e k J a k a rt a . D a ta b e ta s a h a m koreksi dan

a b n o r m a l re tu rn d a r i P u s a t D a ta P a s a r M o d a l U n iv e r s ita s G a d ja h M a d a ( P D P M U G M ). S e m u a d a ta y a n g d ig u n a k a n p a d a p e n e l i t i a n k a li in i b e r s if a t p u b lic ly

a v a ila b le .

ANALISIS HASIL DAN PEMBAHASAN

Deskripsi Statistik Sample Pengungkapan Non Finansial

D e s k r ip s i s ta tis tik s a m p le u n tu k k e s e lu r u h a n v a r i a b e l p e n g u n g k a p a n n o n f in a n s ia l

c u s to m e r p e r s p e c tiv e ( C P ) , in te rn a l p e r s p e c tiv e (IP ) d a n le a r n in g g r o w th (L G ) d a p a t d ilih a t p a d a la m p ir a n p e n e litia n in i. D a la m ta b e l t e r s e b u t r a t a - r a t a to ta l sco re p e n g u n g k a p a n

b a ik s e c a r a to ta l m a u p u n p e r b a g ia n p e r s p e k t i f n o n f in a n s ia l p a d a B S C , y a i t u

u n tu k s e lu r u h in d u s t r i y a n g a d a la h s e b e s a r 3 2 % . S e d a n g k a n r a ta - r a ta m in im u m sco re

60 J u r n a l A k u n ta n s i d a n K e u a n g a n I n d o n e s ia , J u n i 2 0 0 7 , V ol.4, N o .I , h a l. 4 7 - 7 6

bahwa sc o re N F M a d a la h r e n d a h . I n d u s tr i- in d u s tr i y a n g m e m ilik i sco re m a k s im u m

d i a ta s 7 0 % a d a la h in d u s tr i te le k o m u n ik a s i d a n o il & g a s. S e d a n g k a n in d u s tr i y a n g di bawah s c o re r a ta - r a ta (3 2 % ) a d a la h in d u s tr i a n im a l f e e d d a n h u sb a n d ry .

Hasil Pengujian Hipotesis

NFMD =

0 .0 5 2 OWN_F

0 ,1 7 7 S T R A +

0 .0 3 8 R E G + 0 .0 0 2 A G E +

D a la m H ip o te s is 6 (H 6 ) d a ri M o d e l - 1 , p e n e liti in g in m e n g u ji a p a k a h te r d a p a t

h u b u n g a n k o r e la s i a n ta r a s tr a te g i y a n g d ig u n a k a n o le h p e r u s a h a a n - p e r u s a h a a n

d e n g a n t in g g i r e n d a h n y a s u a tu p e n g u n g k a p a n N F M y a n g d ila k u k a n o l e h p e r u s a h a a n t e r s e b u t , a t a s H a s il o u tp u t S P S S d a p a t d ilih a t p a d a la m p ir a n p e n e litia n in i. D a r i h a s il p e n g u j i a n s ta tis tik ( cr o ssta b u la tio n d a n c hi-squ ar e test), d a p a t d is im p u lk a n b a h w a p e r u s a h a a n y a n g m e n e r a p k a n s tr a te g i p r o s p e c to r c e n d e r u n g m e m ilik i d isc lo su re N F M y a n g tin g g i (h ig h d isc lo se rs), s e d a n g k a n p e r u s a h a a n y a n g m e n e r a p k a n s tr a te g i

d e fe n d e r c e n d e r u n g m e m ilik i d isc lo su re N F M y a n g r e n d a h (lo w d isc lo s e rs ) (ch i- s q u a r e te s t y a n g s ig n if ik a n d e n g a n a lf a 5 - 1 0 % ). P e n g e lo m p o k k a n h ig h & lo w

d is c lo s e r s d ila k u k a n d e n g a n m e m b a n d in g k a n score d isclos u re N F M m a s in g - m a s in g

d isclo sure p e r in d u s tr in y a . S e la n ju tn y a , h a s il p e n g u jia n p e n g u n g k a p a n N F M d a r i p e r s p e k t i f B S C (C P , I P d a n L G P ) u n tu k m e lih a t k o r e la s i

e m i t e n d e n g a n r a ta - r a ta

a n t a r a s tr a te g i d a n lu a s n y a p e n g u n g k a p a n j u g a m e n d u k u n g h ip o te s is te r s e b u t.

H a s i l P e n g u jia n H ip o te s is M o d e l - 2

P e n g u j i a n h ip o te s is d a r i M O D E L - 2 a d a la h u n tu k m e n i l a i a p a k a h p e n g u n g k a p a n p e n g u k u r a n n o n fin a n s ia l s u a tu p e r u s a h a a n m e m p u n y a i va lue

S e n s i, P e n g u n g k a p a n N o n F in a n c ia l M e a s u r e s ( N F M D is c lo s u r e ) .. 61

re le v a n c e te r h a d a p in v e s to r y a n g d iu k u r d e n g a n E R C d a r i m a s in g - m a s in g p e r u s a h a a n . H a s il o u tp u t S P S S u n tu k m e n g u ji h ip o te s is p a d a M o d e l - 2 te r s e b u t

d a p a t d ilih a t p a d a la m p ir a n p e n e litia n in i. P e r s a m a a n r e g r e s i d a r i M o d e l - 2 te r s e b u t

d i a ta s a d a la h s e b a g a i b e r ik u t:

C A R = (a) - 0 ,2 5 0 + ( b ) 0 ,57 3 N F M D - (b J 0 ,2 5 3 U E + ( b ) 1 ,3 7 5 NFMD*UE

U ji s ta tis tik a ta s M o d e l - 2 (U ji F d a n U ji T ) s e c a r a s ta tis tik te r b u k ti s ig n ifik a n .

H a s il p e n g u jia n h ip o te s is M o d e l - 2 te r s e b u t d i a ta s m e n d u k u n g h ip o te s is y a n g d ik e m b a n g k a n d a la m p e n e litia n in i. H a s il p e n g u jia n s e ja la n d e n g a n p e n e litia n s e b e lu m n y a y a n g d ila k u k a n o le h A d h a r ia n i (2 0 0 5 ) .

H a s il o u tp u t S P S S u n tu k m e n g u ji H ip o te s is p a d a M o d e l - 3 te r s e b u t d a p a t d ilih a t p a d a la m p ir a n p e n e litia n in i. U ji s ta tis tik a ta s M o d e l - 3 (U ji F d a n U ji T ) s e c a r a s ta tis tik te r b u k ti s ig n if ik a n

d e n g a n p r e d ik s i y a itu n e g a tif.

62 J u r n a l A k u n ta n s i d a n K e u a n g a n I n d o n e s ia , J u n i 2 0 0 7 , V ol.4, N o .I , h a l. 4 7 - 7 6

H a s i l P e n g u jia n H ip o te s is M o d e l - 4

P e n g u k u r a n K in e r ja A k u n ta n s i d e n g a n R O A

H a s il o u tp u t S P S S u n tu k m e n g u ji h ip o te s is p a d a M o d e l - 4 u n tu k m e n g u ji a p a k a h t e r d a p a t h u b u n g a n a n ta r a tin g k a t p e n g u n g k a p a n N F M d e n g a n k in e r ja a k u n ta n s i ( R O A ) d a p a t d ilih a t d a r i h a s il o u tp u t S P S S p a d a la m p ir a n p e n e litia n in i. D a r i

p e n g u j i a n m o d e l s ta tis tik (U ji F ) m e n u n ju k k a n b a h w a m o d e l te r s e b u t d a p a t

d ite r im a . S e la n ju tn y a h a s il p e n g u jia n m a s in g - m a s in g v a r ia b e l in d e p e n d e n ( U ji T ) m e n u n j u k k a n b a h w a p e n g u n g k a p a n N F M ( N F M D ) d a n k u a lita s a u d it ( A U D ) te r b u k ti

b e r h u b u n g a n p o s i t i f d a n s ig n if ik a n te r h a d a p k i n e i j a p e r u s a h a a n ( R O A ) . S e d a n g k a n v a r ia b e l c o rp o ra te g o v e r n a n c e y a n g d i-p ro x y d e n g a n p r o p o rs i k o m is a r is in d e p e n d e n t i d a k t e r b u k ti s ig n if ik a n b e r h u b u n g a n d e n g a n k in e r ja p e r u s a h a a n ( R O A ).

P e n g u jia n ro b u stn e ss u n tu k v a r ia b e l la in s e p e r ti R O E d a n E P S te r n y a ta m e n u n j u k k a n h a s il y a n g s a m a d e n g a n p e n g u ji a n R O A s e b a g a im a n a d ije la s k a n d i

a ta s . H a s il p e n g u jia n le n g k a p d a p a t d ilih a t d a la m la m p ir a n p e n e litia n in i.

P e n g u k u r a n K in e r ju P a s a r d e n g a n P B V

Hasil o u tp u t S P S S u n tu k m e n g u ji h ip o te s is p a d a M o d e l - 4 u n tu k m e n g u ji a p a k a h t e r d a p a t h u b u n g a n a n ta r a t in g k a t p e n g u n g k a p a n N F M d e n g a n k i n e i j a p a s a r ( P B V )

d a p a t d ilih a t d a r i h a s il o u tp u t S P S S p a d a la m p ir a n p e n e litia n in i. D a r i p e n g u j ia n m o d e l s ta t i s t i k (U ji F ) m e n u n ju k k a n b a h w a m o d e l te r s e b u t d a p a t d ite ri m a . S e la n ju tn y a

h a s i l p e n g u jia n m a s in g - m a s in g v a r ia b e l in d e p e n d e n ( U ji T ) m e n u n ju k k a n b a h w a p e n g u n g k a p a n N F M ( N F M D ) d a n k u a lita s a u d it ( A U D ) te r b u k ti b e r h u b u n g a n p o s i t i f d a n s ig n if ik a n te r h a d a p k i n e r ja p e r u s a h a a n (R O A ). S e d a n g k a n v a r ia b e l

c o r p o r a te g o v e r n a n c e y a n g d i-p r o x y d e n g a n p r o p o r s i k o m is a r is in d e p e n d e n j u g a t e r b u k ti b e r h u b u n g a n s ig n if ik a n s e c a r a s ta tis tik d e n g a n k i n e i j a p a s a r (P B V ) . N a m u n demikian p r e d ic tiv e sig n b e r b e d a d e n g a n h ip o te s is y a n g d iu ji. H a s il in v e s tig a s i le b ih

j a u h te r h a d a p d a ta y a n g a d a m e n u n ju k k a n b a h w a p e r u s a h a a n y a n g m e m ilik i k in e r ja P B V y a n g k u r a n g b a ik t e r n y a t a m e m p u n y a i j u m l a h p r o p o r s i k o m is a r is in d e p e n d e n

y a n g le b ih b a n y a k d i b a n d in g k a n d e n g a n p e r u s a h a a n - p e r u s a h a a n y a n g m e m p u n y a i P B V c u k u p b a ik .

KESIMPULAN DAN KETERBATASAN PENELITIAN

B e r d a s a r k a n h a s il p e n e litia n d i a ta s , d a p a t d ita r ik k e s im p u la n s e b a g a i b e r ik u t

a. F a k t o r - f a k t o r k a r a k te r is tik p e r u s a h a a n y a n g

d \-p ro x y o le h s tr a te g i (p ro s p e c to r/

d e fe n d e r ) j e n i s in d u s tr i (r e g u la te d /n o n re g ulated ), u m u r d a n s tr u k tu r k e p e m ilik a n d e fe n d e r ) j e n i s in d u s tr i (r e g u la te d /n o n re g ulated ), u m u r d a n s tr u k tu r k e p e m ilik a n

d a r i s u a tu p e r u s a h a a n te r n y a ta d a p a t d ija d ik a n s e b a g a i p e le n g k a p (c o m p le m e n t)

d a l a m p e r tim b a n g a n i n v e s to r u n tu k m e n ila i e a r n in g s u a tu p e r u s a h a a n .

c. L u a s p e n g u n g k a p a n N F M s u a tu p e r u s a h a a n d a n k u a lita s a u d it te r b u k ti s e c a r a s ta tis tik s ig n if ik a n te r h a d a p C O E s u a tu p e r u s a h a a n . S e d a n g k a n u n tu k v a r ia b e l

g o v e r n a n c e y a n g d i -p ro x y d e n g a n p r o p o rs i b a n y a k n y a k o m is a r is tid a k te r b u k ti s ig n if ik a n s e c a r a s ta tis ti k m e m p e n g a r u h i C O E d a r i s u a tu p e r u s a h a a n w a la u p u n t a n d a k o e f is ie n r e g re s i s e s u a i d e n g a n p r e d ik s i y a itu n e g a tif .

d . L u a s p e n g u n g k a p a n N F M , k u a lita s a u d it, d a n

d e n g a n h ip o te s is y a n g d iu ji. H a s il in v e s tig a s i le b ih j a u h te r h a d a p d a t a y a n g a d a m e n u n ju k k a n b a h w a p e r u s a h a a n y a n g m e m ilik i k i n e i j a P B V y a n g k u r a n g b a ik te r n y a t a m e m p u n y a i j u m l a h p r o p o rs i k o m is a r is in d e p e n d e n y a n g le b ih b a n y a k

d ib a n d in g k a n d e n g a n p e r u s a h a a n - p e r u s a h a a n y a n g m e m p u n y a i P B V c u k u p

b a ik . P e n e litia n in i j u g a m e m ilik i b e b e r a p a k e le m a h a n y a n g m u n g k in d a p a t

d i s e m p u r n a k a n d a la m p e n e litia n - p e n e lit ia n b e r ik u tn y a , y a itu :

a. F a k to r - f a k to r k a r a k te r is tik p e r u s a h a a n y a n g d i -p ro x y o le h s tr a te g i (p r o s p e c to r /

d e fe n d e r) j e n is in d u s tr i (re g u la te d /n o n re g u la te d ), u m u r d a n s tr u k tu r k e p e m ilik a n

a s in g te r b u k ti s e c a r a s ta tis tik s ig n if ik a n m e m p e n g a r u h i lu a s p e n g u n g k a p a n N F M s u a tu p e r u s a h a a n . S e la n ju tn y a d a la m h ip o te s is p e n g u jia n j u g a te r b u k ti b a h w a te r d a p a t k o r e la s i a n ta r a s tr a te g i (p ro sp e c to r vs. d e fe n d e r) y a n g d ija la n k a n o le h s u a tu p e r u s a h a a n te r h a d a p tin g g i r e n d a h n y a (h ig h a n d low ) p e n g u n g k a p a n N F M y a n g d i la k u k a n o le h p e r u s a h a a n te r s e b u t.

b . D a l a m m e m b e r ik a n p e n ila ia n (scoring) b e s a r n y a tin g k a t p e n g u n g k a p a n h a n y a

m e n g g u n a k a n k r it e r ia 1 u n tu k d iu n g k a p k a n d a n 0 a p a b i l a t id a k d iu n g k a p k a n . P e n ila ia n s e p e r ti in i b e lu m m e m p e r ti m b a n g k a n a s p e k p e m b o b o ta n b e r d a s a r k a n

64 J u r n a l A k u n ta n s i d a n K e u a n g a n I n d o n e sia , J u n i 2 0 0 7 , Vol. 4, N o .I , h a l. 4 7 - 7 6

in f o r m a s i m e n u r u t u r u ta n p r io r ita s p e n tin g n y a s u a tu item p e n g u n g k a p a n N F M

b a g i p e n g g u n a la p o r a n ta h u n a n .

c . K u a lita s a u d it y a n g d ip a k a i m e n g g u n a k a n p r o x y K A P B ig 4 d a n N o n B ig 4.

P e r lu d i p e r tim b a n g k a n u n tu k m e m b a g i k u a lit a s a u d it b e r d a s a r k a n p e m b a g ia n K A P B ig 4 , K A P A f ilia s i A s in g N o n B ig 4 d a n K A P lo k a l.

d . D a la m p e n e litia n in i m o d e l- m o d e l p e n e litia n y a n g d iu ji b e lu m b a n y a k m e n e liti k e m u n g k in a n a d a n y a p e n g a r u h in te r a k s i a n ta r a m a s in g - m a s in g v a r ia b e l p e n e l i t i a n , s e p e rt i in te ra k s i m a s in g - m a s in g in d e k s

d isclo sure d a la m p e r s p e k t i f BSC {custom er, in te rn a l b u sin e ss p r o c e s s d a n le a r n in g a n d g r o w th ) d e n g a n m a s in g - m a s in g v a r ia b e l in d e p e n d e n y a n g d iu ji. P e n e litia n d i m a s a y a n g a k a n

d a ta n g d ih a r a p k a n d a p a t le b ih b a n y a k m e n g g a li p o te n s i in fo r m a s i y a n g m u n g k in

a d a d a r i in te r a k s i te r s e b u t.

DAFTAR PUSTAKA

B u s in e s s 7 , n o . l ( S e p te m b e r 2 0 0 5 ) : 3 1 0 . BAPEPAM. P e ra tu ra n N o V III.G .2 te n ta n g L a p o ra n T ahunan K ep -3 8 /P M J1 9 9 6 ta n g g a l 17 J a n u a r i 1996. 1 9 9 6 . w w w .b a p e p a m .g o .id . BAPEPAM. P e ra tu ra n N o VIII. G. 7 te n ta n g P e d o m a n P e n y a jia n L a p o ra n K e u a n g a n

A c c o u n tin g R e v ie w 72,:n o .3 (J u l 1 9 9 7 ): 3 2 3 .

C o r a m , P a u l, G a ry M o n ro e , a n d D a v id W o o d c liff. “ T h e J o in t E f f e c t o f V o lu n ta ry N o n - f in a n c ia l D is c lo s u r e a n d A s s u r a n c e o n C o m p a n y V a lu a tio n J u d g e m e n ts .”

2 0 0 5 . h ttp ://a a a h q .o r g /a u d it/m id y e a r /0 5 m id y e a r /p a p e r s

D e m p s e y , S te p h e n J ., J a m e s F G a tti, D J a c q u e G r in n e ll, a n d W illia m L C a ts -

B a r il. “ T h e U s e o f S tra te g ic P e r f o r m a n c e V a r ia b le s a s L e a d in g I n d ic a to r s in

S e n s i, P e n g u n g k a p a n N o n F in a n c ia l M e a s u r e s ( N F M D is c lo s u r e ) .. 65