BIDANG ILMU : EKONOMI
LAPORAN HASIL PENELITIAN DISERTASI DOKTOR TAHUN ANGGARAN 2010
Judul
Peneliti
: Pengungkapan Pro Forma Dan Keputusan Investor Pengujian Empiris Di Bursa Efek Indonesia :::: Yohanis Putra
Dibiayai Oleh Direktorat Jenderal Pendidikan Tinggi, Kementerian Pendidikan Nasional sesuai dengan Surat Perjanjian Penugasan Dalam Rangka Pelaksanaan Penugasan Penelitian Disertasi Doktor Tahun Anggaran 2010 Nomor : 492/SP2H/PP/DP2M/VI/2010, tanggal 11 Juni 2010.
Universitas Brawijaya Malang 2010
SUMMARY This study has been motivated by the existence of phenomenon that firm with low information value contained in their profit number has fulfill and give expectation for investors through pro forma disclosure. This study has the objective to test signaling theory about whether ‘qualified’ firm has marketed their firm using pro forma disclosure and not mislead their investors. Pro forma inside information disclosure has the aim to validated agency theory therefore investor is out of the danger of adverse selection. This study also has the objective to test whether stakeholder theory, that the bigger an organization (a firm) therefore concerned a lot of stakeholder with various need of information. In the end, whether pro forma disclosure has information content viewed from efficient market theory. Study’s approach is using quantitative approach, multiple regression analysis with helping aid using SPSS version 15. Samples of this study consists of 113 years firm started in 2001 until 2008 which done pro forma disclosure, publishing their reports in national newspaper and the report has disclosed explicitly about research and development expenditure. This study has also conducting sensitivity test model 1 by changing proxy ROS into ROA from firm’s performance variable and sensitivity analysis model 2 by widening observation periods from 2 days (0 and +1) becoming 3 days (-1, 0, and +1) and 15 days (-7 until +7); also narrowing observation periods into 1 day (0). Result of this study has shown that signaling theory is relevant enough to explain about pro forma disclosure phenomenon, and to predict the practice of pro forma disclosure. Other important result shows that pro forma disclosure has proved to have ‘natural’ response by investor, therefore it is answered that pro forma disclosure didn’t mislead those investor, thus this result is supporting the agency theory. Results of this study also give support toward stakeholder theory that the bigger size of an organization (a firm) would involve more stakeholders with various kinds of information needs. Efficient market theory also confirmed with the proof that market has giving reaction during information publication day and determinant coefficient will weaken if observation period is widened, which means market has quick response toward the available information. Keywords: pro forma disclosure, signaling theory, agency theory, stakeholder theory, efficient market theory, investor response.
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