FINANCIAL REPORTING QUALITY, DEBT MATURITY and INVESTMENT EFFICIENCY Evidence from Manufacturing Companies Based on Per-Sector Listed on Indonesia Stock Exchange for Period 2010-2014

DHITA TRIAPRILIA, Zaki Baridwan, Prof. Dr., M.Sc.

2016 | Tesis | S2 Manajemen

Tujuan dari penelitian ini adalah untuk mengetahui peran kualitas pelaporan keuangan, hutang jatuh tempo mempengaruhi investasi secara efisien dari perusahaan-perusahaan manufaktur yang terdaftar di Bursa Efek Indonesia selama periode 2010 hingga 2014. Uji regresi berganda digunakan dalam penelitian ini. Untuk mencapai tujuan tersebut, model analisis regresi berganda digunakan untuk menganalisis apakah kualitas pelaporan keuangan dan hutang jatuh tempo meningkatkan efisiensi dalam investasi untuk perusahaan-perusahaan manufaktur dengan menganalisis 85 perusahaan manufaktur yang terdaftar di Bursa Efek Indonesia selama periode 2010 hingga 2014. Penulis melakukan pengujian asumsi klasik untuk memastikan bahwa model regresi tersebut telah bebas dari adanya multicollinearity, autocorrelation, and heteroscedasticity. Oleh karena itu, penulis memiliki 425 observasi yang digunakan dalam model ini. Hasil dari regresi akhir menunjukkan bahwa FRQ dengan menggunakan model McNichols and Stubben, Kaznik, Age of firm, Tangibility, dan St-Debt maturity berpengaruh signifikan dan positif mempengaruhi investment efficiency. Model regresi dapat menjelaskan 61.5% varians dalam investment efficiecny dapat dijelaskan oleh FRQ, Age of firm, Tangibility, and St-Debt. Hasil pengujian ini meenunjukkan bahwa perusahaan dapat me-mitigasi investment inefficiency dengan mempersiapkan kualitas pelaporan keuangan (FRQ) dengan sangat baik atau menggunakan short-term debt maturity.

This study examines the role of financial reporting quality, debt maturity in investment efficiency evidence from manufacturing companies of Indonesian Stock Exchange during the period 2010 � 2014. Multiple regressions test is employed in this study. The multiple regression model is performed to examine whether financial reporting quality (FRQ) and debt maturity improve investment efficiency for manufacturing companies by analyzing 85 companies listed on Indonesian Stock Exchange (ISE) within the period from 2010 to 2014. The writer did classical assumption testing to make sure that the model is free from multicollinearity, autocorrelation, and heteroscedasticity. Finally, I had a total of 425 observations for this model. The result of final regression analysis shows that FRQ by McNichols and Stubben, FRQ by Kaznik, Age of firm, Tangibility, and St-Debt maturity have significant and positive linear relation on improving investment efficiency. The regression model can explain 61.5% of variance in investment efficiency is explained by financial reporting quality (FRQ), Age of firm, Tangibility, and St-Debt. The findings prove that a firm mitigates investment inefficiency by preparing information with higher quality or by using short-term debt maturity.

Kata Kunci : multiple regressions model, multicollinearity, autocorrelation, and heteroscedasticity, financial reporting quality (FRQ), short-term debt maturity, age of firm, tangibility, investment efficiency.