* Corresponding Author
Analisis Tingkat Pengungkapan Transaksi Pihak Berelasi dan Pengaruhnya terhadap Nilai Perusahaan (Studi pada Industri Manufaktur)
https://doi.org/10.22146/abis.v7i4.58861 Revmianson Naibaho(1*), Indra Wijaya Kusuma(2)
(1) Universitas Gadjah Mada, Yogyakarta
(2) Departemen Akuntansi, Fakultas Ekonomika dan Bisnis, Universitas Gadjah Mada, Yogyakarta
(*) Corresponding Author
Abstract
Abstrak
Tujuan – Penelitian ini bertujuan untuk mendeskripsikan tingkat pengungkapan transaksi pihak berelasi pada industri manufaktur dan membandingkan antar-sektornya serta menguji dan menganalisis pengaruhnya terhadap nilai perusahaan pada industri manufaktur yang terdaftar di Bursa Efek Indonesia.
Metode Penelitian – Peneliti melakukan penelitian pada industri manufaktur yang terdaftar di Bursa Efek Indonesia dengan menggunakan teknik analisis konten dan melakukan uji analisis regresi linear berganda. Teknik analisis konten digunakan untuk mengetahui tingkat pengungkapan transaksi pihak berelasi dan uji analisis regresi linear berganda digunakan untuk mengetahui pengaruh di antara tingkat pengungkapan transaksi pihak berelasi dengan nilai perusahaan.
Temuan – Hasil penelitian menunjukkan bahwa rata-rata tingkat pengungkapan transaksi pihak berelasi yang bersifat wajib pada industri manufaktur sebesar 77,87%, yang bersifat sukarela sebesar 58,28%, dan bersifat keseluruhan (oscore) sebesar 68,46%. Berdasarkan kepatuhan tingkat pengungkapan menurut Samaha dan Stapleton (2008), tingkat pengungkapan transaksi pihak berelasi yang bersifat wajib dan keseluruhan termasuk ke dalam kategori tingkat kepatuhan sedang dan tingkat pengungkapan transaksi pihak berelasi yang bersifat sukarela termasuk ke dalam kategori tingkat kepatuhan rendah. Peneliti juga menemukan hubungan positif di antara keempat model yang digunakan untuk menguji tingkat pengungkapan transaksi pihak berelasi dengan nilai perusahaan.
Originalitas – Penelitian ini menganalisis tingkat pengungkapan transaksi pihak berelasi dengan menggunakan analisis konten dan menguji pengaruhnya terhadap nilai perusahaan karena belum terdapat penelitian yang menggunakan analisis konten tingkat pengungkapan transaksi pihak berelasi dan menguji pengaruhnya terhadap nilai perusahaan.
Keywords
Full Text:
PDFReferences
Referensi Al-Shammari, B., dan W. Al-Sultan. 2010. “Corporate Governance and Voluntary Disclosure in Kuwait.” International Journal of Disclosure and Governance 7, 262-280. Barnea, A, R. A. Haugen, dan L. W. Senbet. 1985. “Agency problems and financial contracting.” New Jersey: Prentice Hall.Inc. Barokah, Z. 2013. An Analysis of Corporate Related Party Disclosure in The Asia-Pacific Region. PhD Thesis, Brisbane, Australia: The School of Accountancy Faculty of Business Queensland University of Technology. Berk, J., P. De Marzo, J. Harford, G. Ford, V. Mollica, dan N. Finch. 2013. Fundamentals of Corporate Finance 2nd. French Forest: NSW : Pearson Education. Bertomeu, J., dan R. P. Magee. 2015. “Mandatory Disclosure and Asymmetry in Financial Reporting.” Journal of Accounting and Economics Vol. 59, 284-299. Chaghadari, M.F., dan Z. A. Shukor. 2011. “Corporate Governance and Disclosure of Related Party Transactions.” Proceedings of The 2nd International Confrence on Business and Economic Research. Chen, J. J., X. Cheng, S. X. Gong, dan Y. Tan. 2014. “Do Higher Value Firms Voluntarily Disclose More Information? Evidence From China.” The British Accounting Review Vol. 46, 18-32. Chowdhury, D. 2004. Incentives, Control and Development: Governance in Private and Public Sector with Special Reference to Bangladesh. Thesis, Dhaka, Bangladesh: Dhaka Viswavidyalay Prakashana Samstha, University of Dhaka. Chung, H., W. Q. Judge, dan Y. H. Li. 2015. “Voluntary Disclosure, Excess Executive Compensation, and Firm Value.” Journal of Corporate Finance, 64-90. Cooke, T. E. 1996. “The Influence of The Keiretsu on Japanese Corporate Disclosure.” Journal of International Financial Management and Accounting, Vol. 7, 191-214. Creswell, J. W. 2007. Qualitative Inquiry & Research Design Choosing Among Five Approaches. Thousand Oaks: SAGE Publications. —. 2014. Research Design : Qualitative, Quantitative, and Mixed Methods Approaches 4th Edition. Thousand Oaks, California: SAGE Publications, Inc. DSAK-IAI. 2016. "PSAK 7: Pengungkapan Pihak-Pihak Berelasi." Standar Akuntansi Keuangan. Jakarta: Ikatan Akuntan Indonesia. Duchin, R., J. G. Matsusaka, dan O. Ozbas. 2010. “When Are Outside Directors Effective?” Journal of Financial Economics Vol. 96, 195-214. El-Helaly, M., I. Georgiou, A. D. Lowe. 2018. “The Interplay Between Related Party Transactions and Earnings Management: The Role of Audit Quality.” Journal of International Accounting, Auditing, & Taxation Vol 32. 47-60. Erlina. 2011. Metodologi Penelitian. Medan: USU Press. Fama, E. F., dan M. J. Jensen. 1983. “Agency Problem and Residual Claims.” The Journal of Law and Economics 26, 327-349. Feliana, Y. K. 2007. “Pengaruh Struktur Kepemilikan Perusahaan Dan Transaksi Dengan Pihak-Pihak Yang Memiliki Hubungan Istimewa Terhadap Daya Informasi Akuntansi.” Prosiding Simposium Nasional Akuntansi X. Ghozali, I. 2018. Aplikasi Analisis Multivariate dengan Program IBM SPSS 25 Edisi IX. Semarang: Badan Penerbit Universitas Diponegoro. Gordon, E., Henry, E., dan Palia, D. (2004a). "Related Party Transactions: Associations with Corporate Governance and Firm Value. Diambil dari http://ssrn.com/abstract=558993. Harjoto, M. A., dan H. Jo. 2015. “Legal vs Normative CSR: Differential Impact on Analyst Dispersion, Stock Return Volatility, Cost of Capital, and Firm Value.” Journal of Business Ethics Vol. 128, No: 1, 1-20. Hasnan, S., M. S. Daie, dan A. R. M. Hussain. 2016. “Related Party Transactions and Earnings Quality: Does Corporate Governance Matter?” International Journal of Economics and Management, 189-219. Hastuti, T. D. 2005. “Hubungan antara Good Corporate Governance dan Struktur Kepemilikan dengan Kinerja keuangan (Studi Kasus pada Perusahaan yang Listing di Bursa Efek Jakarta).” Prosiding Simposium Nasional Akuntansi VII. Healy, P. M. dan K. G. Palepu. 2001. “Information Asymmetry, Corporate Disclosure, and The Capital Markets: A Review of The Empirical Disclosure Literature.” Journal of Accounting and Economics Vol. 33, 405-440. Henry, E., E. A. Gordon, B. Reed, dan T. Louwers. 2007. “The Role of Related Party Transactions in Fraudulent Financial Reporting.” SSRN, 1-39. Jensen, M., dan W. Meckling. 1976. “Theory of The Firm: Managerial Behavior, Agency Costs, and Ownership Structure.” Journal of Financial Economics, 305-360. Kang, H. C., Anderson R. M., K. S. Eom, dan S. K. Kang. 2017. “Controlling Shareholders Value, Long-Run Firm Value and Short-Term Performance.” Journal of Corporate Finance Vol. 43, 340-353. Kang, M., H. Y. Lee, M. G. Lee, dan J. C. Park. 2014. “The Association Between Related Party Transactions and Control Ownership Wedge: Evidence from Korea.” Pacific-Basin Finance Journal 29 (C), 272-296. Khasawneeh, A. Y., dan S. K. Staytieh. 2017. “Impact of Foreign Ownership on Capital Structure and Firm Value in Emerging Market: Case of Amman Stock Exchange Listed Firms.” Afro-Asian J. Finance and Accounting, Vol. 7, No. 1, 35-64. Kohlbeck, M., dan B. W. Mayhew. 2017. “Are Related Party Transactions Red Flags?” Contemporary Accounting Research, Vol. 34, No. 2: 900-928. Kohlbeck, M., dan B. W. Mayhew. 2010. “Valuation of Firms that Disclose Related Party Transactions.” Journal of Accountancy in Public Policy, 115-137. Krippendorff, K. 2003. Content Analysis: An Introduction to Its Methodology. London: SAGE Publications. Li, Y., M. Gong, X. Y. Zhang, dan L. Koh. 2018. “The Impact of Environmental, Social, and Governance Disclosure on Firm Value: The Role of CEO Power.” The British Accounting Review, 60-75. Loon, L., dan A. D. Ramos. 2009. “Related-Party Transactions: Cautionary Tales for Investors in Asia Asia-Pacific.” The CFA Institute Centre Publication. Marchini, P. L., T. Mazza, dan A. Medioli. 2018. “Related Party Transactions, Corporate Governance and Earnings Management.” The International Journal of Business in Society, 1124-1146. Martono, dan A. Harjito. 2003. Manajemen Keuangan. Yogyakarta: Ekonisia. Melis, A. 2005. “Corporate governance failures: to what extent is parmalat a particularly Italian case?” Corporate Governance Journal, 478-488. Monks, R. A. G, dan N. Minow. 2004. Corporate Governance. Malden: MA: Blackwell. Morris, R. D., B. U. S. Ho, T. Pham, dan S. J. Gray. 2004. “Financial Reporting Practices of Indonesian Companies Before and After the Asian Financial Crisis.” Asia-Pacific Journal of Accounting and Economics, 193-221. Munir, S., N. M. Saleh, R. Jaffar, dan P. Yatim. 2013. “Family Ownership, Related Party Transactions and Earnings Quality.” Asian Academy of Management Journal of Accounting and Finance, 129-153. Mustafa, N.H., R. A. Latif, dan Taliyang. 2011. “Expropriation of Minority Shareholders Rights: Evidence from Malaysia.” International Journal of Business and Social Science, 215-220. Neuendorf, K. 2002. The Content Analysis Guidebook. Thousand Oaks: SAGE Publications. Park, K. 2002. “Foreign Ownership and Firm Value: Evidence from Japan.” CEI Working Paper Series, 15-35. Phung, N. D., dan T. P. V. Le. 2013. “Foreign Ownership, Capital Structure, and Firm Performance: Empirical Evidence from Vietnamese Listed Firms.” The IUP Journal of Corporate Governance Vol. XII, No. 2, 40-58. Purwohandoko. 2017. “The Influence of Firm's Size, Growth, and Profitability on Firm Value with Capital Structure as the Mediator: A Study on The Agricultural Firms Listed in The Indonesian Stock Exchange.” International Journal of Economics and Finance, Vol. 9, No. 8, 103-110. Ross, S. 1973. “The Economic Theory of Agency: The principal’s problem.” American Economic Review, 134-139. Salvatore, D. 2005. Ekonomi Manajerial dalam Perekonomian Global. Jakarta: Salemba Empat. Samaha, K. dan P. Stapleton. 2008. “Compliance with Internasional Accounting Standards in a National Context: Some Empirical Evidence from The Cairo and Alexandria Stock Exchanges.” Afro-Asian J. Finance and Accounting Vol. 1, 40-66. Sekaran, U., dan R. Bougie. 2013. Research Method for Business. West Sussex United Kingdom: Wiley. Shehata, N. F., 2014. “Theories and Determinants of Voluntary Disclosure.” Accounting and Finance Research Vol. 3, 18-26. Siagian, F., S. V. Siregar, dan Y. Rahadian. 2013. “Corporate Governance, Reporting Quality, and Firm Value: Evidence From Indonesia.” Journal of Accounting in Emerging Economies Vol.3, No. 1, 4-20. Silviana, L. 2012. “Pengaruh Struktur Kepemilikan dan Transaksi Pihak Berelasi terhadap Daya Informasi Akuntansi pada Perusahaan yang terdaftar di BEI.” Berkala Ilmiah Mahasiswa Akuntansi Vol. 1, No. 2, 50-62. Smith, H. J. 2003. “The Shareholders vs. Stakeholders Debate.” MIT Sloan Management Review, 85-90. Subramanyam, K.R. 2014. Financial Statement Analysis. Eleventh Edition. New York: McGraw-Hill Education. Sucuahi, W., dan J. M. Cambarihan. 2016. “Influence of Profitability to the Firm Value of Diversified Companies in the Philiphines.” Accounting and Finance Research Vol:5, 149-153. Suwardjono. 2014. Teori Akuntansi Perekayasaan Pelaporan Keuangan. Yogyakarta: BPFE Fakultas Ekonomika dan Bisnis Universitas Gadjah Mada. Thomas, W.C. 2002. “The Rise and Fall of Enron.” Journal of Accountancy, 41-48. Utama, C.A., S. Utama. "Determinants of Disclosure Level of Related Party Transactions in Indonesia." Internasional Journal of Disclosure and Governance, 74-98. Utama, C. A. 2015. “Penentu Besaran Transaksi Pihak Berelasi: Tata Kelola, Tingkat Pengungkapan, dan Struktur Kepemilikan.” Jurnal Akuntansi dan Keuangan Indonesia, 37-54. Utama, C. A., S. Utama, dan F. Amarullah. 2017. “Corporate Governance and Ownership Structure : Indonesia Evidence.” The International Journal of Business in Society, 165-191. Vanza, S., P. Wells, dan A. Wright. 2018. “Do Asset Impairments and The Associated Disclosure Resolve Uncertainty about Future Return and Reduce Information Asymmetry?” Journal of Contemporary Accounting and Economics 14, 22-40. Wasserman, N. 2006. “Stewards, Agents, and The Founder Discount: Executive Compensation in New Ventures.” Academy of Management Journal, 960-976. Wei, Z, F Xie, dan S Zhang. 2005. “Ownership Structure and Firm Value in China's Privatized Firms: 1991-2001.” Journal of Financial and Quantiative Analysis, Vol. 40, No. 1, 87-108. Yin, R. K. 2014. Case Study Research : Design and Methods. Thousand Oaks, California: SAGE Publications, Inc.
DOI: https://doi.org/10.22146/abis.v7i4.58861
Article Metrics
Abstract views : 1334
| 
views : 4065
Refbacks
- There are currently no refbacks.
This work is licensed under a Creative Commons Attribution 4.0 International License.
______________________________________________________________________________________________________
2302 - 1500