Kualitas Pelaporan Keuangan, Hutang Jangka Pendek dan Efisiensi Investasi
Abstract
The quality of financial reporting and short-term debt affect investment efficiency. The more quality financial reporting shows there is no information asymmetry between managers and shareholders so that managers will make decisions that benefit shareholders, namely the efficiency of investment. Short-term debt is one mechanism to control the performance of managers. More use of short-term debt will reduce overinvestment and underinvestment. This study aims to empirically examine the effect of financial reporting quality and short-term debt on investment efficiency. The sample used in this study is a manufacturing company that went public on the Indonesia Stock Exchange in 2016 based on purposive sampling obtained a sample of 149 companies. The results showed that the financial reporting measurement model of Dechow and Dichev (2002) had an effect on investment efficiency. This means that the higher the financial reporting, the higher the investment efficiency. The quality of reporting models of McNichols and Stubben (2008) and short-term debt have no effect on investment efficiency. Short-term debt is not able to prove that the actions taken by management can be controlled by short-term debt so that it does not affect the efficiency of investment.
References
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Bagaeva, A., 2008. An examination of the effect of international investors on accounting information quality in Russia. Advances in Accounting, 24 (2), 157–161.
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Bushman, R.M., Smith, A.J., 2001. Financial accounting information and corporate governance. Journal of Accounting and Economics. 32 (1-3), 237–333.
Chan, A.L.C., Lee, E., 2009. The impact of accounting information quality on the mispricing of accruals: the case of FRS3 in the UK. Journal of Accounting and Public Policy. 28 (3), 189–206.
Chen, F., Hope, O., Li, Q., Wang, X., 2011. Financial reporting quality and investment efficiency of private firms in emerging markets. Accounting Review. 86 (4), 1255–1288.
Childs, P.D., Mauer, D.C. Ott, S.H., 2005. Interactions of corporate financing and investment decisions: the effects of agency conflicts. Journal of Financial Economics. 76 (3), 667–690.
D’Mello, R., Miranda, M.,2010. Long-term debt and overinvestment agency problem. Journal of Banking and Finance. 34 (2), 324–335.
DeBoskey, D.G., Jiang, W., 2012. Earnings management and Auditor Specialization In The Post-Sox Era: An Examination Of The Banking Industry. Journal of Banking and Finance. 36 (2), 613–623.
Dechow, P., Dichev, I., 2002. The Quality Of Accruals And Earnings: The Role Of Accrual Estimation Errors. Accounting Review. 77, 35–59.
Elaoud, Assawer and Jarboui, Anis. 2017. Auditor Specialization, Accounting Information Quality And Investment Efficiency. Research in International Business and Finance. 42 (2017) 616–629.
Gomariz, M Fuesta Cutillas, Ballesta, Juan Pedro Sanchez. 2014. Financial Reporting Quality, Debt Maturity And Invesment Efficiency. Journal of Banking Finance. 40; 494-506.
Healy, P.M., Palepu, K.G, 2001.Information Asymmetry, Corporate Disclosure, And The Capital Markets: A Review Of The Empirical Disclosure Literature. Journal of Accounting and Econonomics. 31 (1-3), 405–440.
Hirshleifer, D., Hou, K., Teoh, S., Zhang, Y., 2004. Do investors overvalue firms with bloated balance sheets? Journal of Accounting Economics. 38, 297–331.
Hope, O., Thomas, W.B., 2008. Managerial Empire Building And firm Disclosure. Journal of Accounting Research. 46 (3), 591–626.
Jafari, Halle. 2016. Financial Reporting Quality, Debt Maturity Investment Efficiency; Case Study: Stock Market Listed Chemical and Pharmaceutical Industries. Bulletin de la Société des Sciences de Liège, Vol. 85, 2016, p. 1283 – 1296.
Jensen, Michael C. and Meckling, William H. Theory of the Firm: Managerial Behavior, Agency Costs and Ownership Structure. Journal of Financial Economics, October, 1976 (3), 305-360.
Joen, Heung Joo and Oh Hyun Min. 2017. Debt maturity and Investment Efficiency Evidence From Korea. The Journal of Applied Business Research. 33 (6). 1081 - 1094
Lai, K.W., 2011. The cost of debt when all-equity firms raise finance: the role of investment opportunities, audit quality and debt maturity. Journal of Banking and Finance. 35 (8), 1931–1940.
Magri, S., 2010. Debt Maturity Choice Of Non Public Italian Firms. Journal of Money, Credit and Banking. 42 (2–3), 443–463.
Martinez, J., Garcia, I., Cuadrado, B., 2015. Effect Of financial Reporting Quality On Sustainability Information Disclosure. Corporate Social Responsibility And Environmental Management. 22 (1), 45–64.
Mcnichols, M., Stubben, S., 2008. Does Earnings Management Affect firms’ Investment Decisions? Accounting Review. 83 (6), 1571–1603.
Ortiz-Molina, H., Penas, M.F., 2008. Lending To Small Businesses: The Role Of The Loan Maturity In Addressing Information Problems. Small Business Economics. 30 (4), 361–383.
Ran, G., Fang, Q., Luo, S., Chan, K.C., 2015. Supervisory Board Characteristics And Accounting Information Quality: Evidence From China. International Review Of Economics And Finance. 37, 18–32.
Suwardjono. 2006. Teori Akuntansi Perekayasaan Pelaporan Keuangan. Edisi Ketiga. BPFE, Yogyakarta
Yaghoobnezhada, A., Royaeeb, R., Geraylic, M.S., 2014. The Effect of Audit Quality on Information Asymmetry: Empirical Evidence from Iran. Asian Journal of Research in Banking and Finance 4 (1), 128–139.
Zhiying, H., Weixing, C., Jinjin, H., Rula, S., 2012. An Empirical Study Of The Effect Of Venture Capital Participation On The Accounting Information Quality Of IPO firms. China Journal Of Accounting Research. 5 (3), 251–268.
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Bagaeva, A., 2008. An examination of the effect of international investors on accounting information quality in Russia. Advances in Accounting, 24 (2), 157–161.
Biddle, G., Hilary, G., 2006. Accounting quality and firm-level capital investment. Accounting Review. 81(5), 963–982.
Biddle, G., Hilary, G., Verdi, R.S., 2009. How does financial reporting quality relate to investments efficiency? Journal of Accounting and Economics. 48 (2-3), 112–131.
Bushman, R.M., Smith, A.J., 2001. Financial accounting information and corporate governance. Journal of Accounting and Economics. 32 (1-3), 237–333.
Chan, A.L.C., Lee, E., 2009. The impact of accounting information quality on the mispricing of accruals: the case of FRS3 in the UK. Journal of Accounting and Public Policy. 28 (3), 189–206.
Chen, F., Hope, O., Li, Q., Wang, X., 2011. Financial reporting quality and investment efficiency of private firms in emerging markets. Accounting Review. 86 (4), 1255–1288.
Childs, P.D., Mauer, D.C. Ott, S.H., 2005. Interactions of corporate financing and investment decisions: the effects of agency conflicts. Journal of Financial Economics. 76 (3), 667–690.
D’Mello, R., Miranda, M.,2010. Long-term debt and overinvestment agency problem. Journal of Banking and Finance. 34 (2), 324–335.
DeBoskey, D.G., Jiang, W., 2012. Earnings management and Auditor Specialization In The Post-Sox Era: An Examination Of The Banking Industry. Journal of Banking and Finance. 36 (2), 613–623.
Dechow, P., Dichev, I., 2002. The Quality Of Accruals And Earnings: The Role Of Accrual Estimation Errors. Accounting Review. 77, 35–59.
Elaoud, Assawer and Jarboui, Anis. 2017. Auditor Specialization, Accounting Information Quality And Investment Efficiency. Research in International Business and Finance. 42 (2017) 616–629.
Gomariz, M Fuesta Cutillas, Ballesta, Juan Pedro Sanchez. 2014. Financial Reporting Quality, Debt Maturity And Invesment Efficiency. Journal of Banking Finance. 40; 494-506.
Healy, P.M., Palepu, K.G, 2001.Information Asymmetry, Corporate Disclosure, And The Capital Markets: A Review Of The Empirical Disclosure Literature. Journal of Accounting and Econonomics. 31 (1-3), 405–440.
Hirshleifer, D., Hou, K., Teoh, S., Zhang, Y., 2004. Do investors overvalue firms with bloated balance sheets? Journal of Accounting Economics. 38, 297–331.
Hope, O., Thomas, W.B., 2008. Managerial Empire Building And firm Disclosure. Journal of Accounting Research. 46 (3), 591–626.
Jafari, Halle. 2016. Financial Reporting Quality, Debt Maturity Investment Efficiency; Case Study: Stock Market Listed Chemical and Pharmaceutical Industries. Bulletin de la Société des Sciences de Liège, Vol. 85, 2016, p. 1283 – 1296.
Jensen, Michael C. and Meckling, William H. Theory of the Firm: Managerial Behavior, Agency Costs and Ownership Structure. Journal of Financial Economics, October, 1976 (3), 305-360.
Joen, Heung Joo and Oh Hyun Min. 2017. Debt maturity and Investment Efficiency Evidence From Korea. The Journal of Applied Business Research. 33 (6). 1081 - 1094
Lai, K.W., 2011. The cost of debt when all-equity firms raise finance: the role of investment opportunities, audit quality and debt maturity. Journal of Banking and Finance. 35 (8), 1931–1940.
Magri, S., 2010. Debt Maturity Choice Of Non Public Italian Firms. Journal of Money, Credit and Banking. 42 (2–3), 443–463.
Martinez, J., Garcia, I., Cuadrado, B., 2015. Effect Of financial Reporting Quality On Sustainability Information Disclosure. Corporate Social Responsibility And Environmental Management. 22 (1), 45–64.
Mcnichols, M., Stubben, S., 2008. Does Earnings Management Affect firms’ Investment Decisions? Accounting Review. 83 (6), 1571–1603.
Ortiz-Molina, H., Penas, M.F., 2008. Lending To Small Businesses: The Role Of The Loan Maturity In Addressing Information Problems. Small Business Economics. 30 (4), 361–383.
Ran, G., Fang, Q., Luo, S., Chan, K.C., 2015. Supervisory Board Characteristics And Accounting Information Quality: Evidence From China. International Review Of Economics And Finance. 37, 18–32.
Suwardjono. 2006. Teori Akuntansi Perekayasaan Pelaporan Keuangan. Edisi Ketiga. BPFE, Yogyakarta
Yaghoobnezhada, A., Royaeeb, R., Geraylic, M.S., 2014. The Effect of Audit Quality on Information Asymmetry: Empirical Evidence from Iran. Asian Journal of Research in Banking and Finance 4 (1), 128–139.
Zhiying, H., Weixing, C., Jinjin, H., Rula, S., 2012. An Empirical Study Of The Effect Of Venture Capital Participation On The Accounting Information Quality Of IPO firms. China Journal Of Accounting Research. 5 (3), 251–268.
www.bapepam.go.id
www.Idx.co.id
www.sahamok.com
Published
2019-06-27
How to Cite
Cahyaningtyas, S. R., Husnaini, W., & Isnaini, Z. (2019). Kualitas Pelaporan Keuangan, Hutang Jangka Pendek dan Efisiensi Investasi. Jurnal Riset Akuntansi Aksioma, 18(1), 57-83. https://doi.org/10.29303/aksioma.v18i1.54
Section
Articles
