PENGUNGKAPAN CORPORATE SOCIAL RESPONSIBILITY DAN ASIMETRI INFORMASI: PERAN KEPEMILIKAN KELUARGA
Abstract
Asymmetric Information is caused by differences in information between shareholders and management. The more information that’s having by management, makes management free to manage the company in order to increase the compensation obtained. The way to reduce Asymmetric Information is transparency through disclosure, one of which is Corporate Social Responsibility (CSR). This study aims to examine the effect of corporate social responsibility (CSR) and Asymmetric Information with the role of family ownership as a moderating variable. The research sample is manufacturing companies that went public in Indonesia from 2014 - 2017 and who met the requirements to be sampled as many as 68 observations. Hypothesis testing uses MRA (Moderated Regression Analysis) using EVIEWS 11. The results shown that companies incur CSR costs in the previous period increase information asymmetry in the current period but the Asymmetric Information period is not related to CSR in the next period. Family ownership does not moderate the relationship between the previous period's CSR with the current period's Asymmetric Information and the current period's Asymmetric Information with the next period's CSR. The family ownership variable has two functions, namely as a predictive variable (independent) and a moderator homologiser, which means the family ownership variable has the potential to be a moderating variable.
References
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.
García-Lara, J.M., García-Osma, B., Penalva, F., 2016. Accounting Conservatism And firm Investment Efficiency. Journal of Accounting and Economics. 61 (1), 221 - 238
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
Kasznik, R., 1999. On The Association Between Voluntary Disclosure And Earnings Management. Journal of Accounting Research. 37 (1), 57–81.
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),
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
Winarno, Wing Wahyu. 2011. Analisis Ekonometrika dan Statistika dengan EVIEWS. Edisi Ketiga. Yogyakarta: Unit Penerbit dan Percetakan (UPP STIM YKPN).
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
