Corporate Signaling dengan Pengungkapan AKuntansi dan Dividen Berdasarkan Konsentrasi Industri di Perusahaan Manufaktur

Paula F.I.T., Maria, Wiwin Rahmanti, S.E., M.Com.

2007 | Skripsi | S1 Accounting

Firms with certain industry concentration sales ratio (either low or high) choose signaling mechanisms which support competitiveness in market (Gelb, 2000). Firms in industries with high concentration ratio disclose relatively more items in Annual Report while those in industries with low concentration ratio prefer dividend increase signaling (Darrough and Stoughton, 1990). This empirical study in Jakarta Stock Exchange aims to find evidence whether: there is a difference in concentration ratio level between firms with disclosures and dividend signaling (hypothesis 1) and firms in industries with high concentration ratio prefer signaling through disclosures to dividend (hypothesis 2). This empirical study supports neither hypothesis 1 nor hypothesis 2. Regression model with disclosures index as dependent variable shows that concentration ratio is solely the insignificant independent variable. The conclusions are: first, sampling firms operate in oligopolies market indicated by concentration ratio above 40% (Martin, 1994). Second, most sampling firms rely on dividend signaling which are more favorable to investors. Third, extensive disclosures which convey publicly available information are not reliable enough to investors due to inability to reflect private information. (Keywords: signaling, disclosures, dividend, concentration ratio)

Kata Kunci : Corporate Signaling, Pengungkapan Akuntansi, Dividen, Rasio Konsentrasi, Perusahaan Manufaktur