TINGKAT KELUASAN PENGUNGKAPAN SUKARELA DALAM LAPORAN TAHUNAN DAN HUBUNGANNYA DENGAN CURRENT EARNINGS RESPONSE COEFFICIENT (ERC)
ABSTRACT: This study examines
whether voluntary corporate disclosure level that is published in annual report
affects the return-earnings relationship. The study hypothesizes that the
informativeness of earnings and voluntary disclosure is complementary to each
other. This hypothesis implicitly presumes that investor will use the
information provided in annual report disclosures together with information in
earnings as one of the guidance in investment decisions. To test the
hypothesis, current stock returns are regressed against current earnings
changes. The sample consists of 90 annual reports of companies listed on the
JSX as of December 31, 1998. The amount of voluntary disclosure provided in
annual reports is measured by disclosure items and weighted scores developed by
Botosan (1997), Sitanggang (2002), and Suripto (1999). Before deciding to use
the weighted score, this study examines the differences between weighted scores
and the equally weighted ones. The findings of the test of differences support
the hypothesis that the two kinds of score measurement are statistically
different, meaning that investors place different interests to each disclosure
items. The findings of regression test support the hypothesis of complementary
relationship, which remain consistent after controlling for other factors that
have been identified in previous studies influence the earnings response
coefficients. The findings are also robust with respect to different holding
period returns and different earnings measurement.
Penulis: Desi Adhariani
Kode Jurnal: jpakuntansidd050027
