INFLUENCE OF FINANCIAL REPORT QUALITY, AUDIT QUALITY, AND ENVIRONMENTAL, SOCIAL, AND GOVERNANCE ON INVESTMENT EFFICIENCY
Kata Kunci:
Audit Quality, ESG, Financial Statement Quality, Investment Efficiency
Abstrak
Research was conducted to identify and analyze the impact of financial report quality, audit quality, and Environmental, Social, and Governance (ESG) on investment efficiency with company size, leverage, and industry type as control variables. The data in this research are quantitative data obtained secondarily from the annual reports of non-financial companies listed on the IDX for the 2020-2022 period and ESG scores published by Bloomberg Terminal. The data were analyzed with multiple linear regression models and processed using SPSS software version 23. The findings of this research are that financial report quality and audit quality have a significant and positive impact on investment efficiency, while ESG has no impact on investment efficiency. These findings are expected to provide additional knowledge and empirical evidence related to factors that have an impact on investment efficiency and provide knowledge for companies and investors in order to make the right decisions regarding efficient investment. This research has limitations, namely using ESG scores from Bloomberg where the data obtained is the final result so that the value of its various aspects, namely environmental, social, and governance, is unknown. This means that it is not known specifically what aspects of the company are good. This research does not classify investment efficiency into overinvestment, underinvestment, and efficient conditions.
Referensi
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Arens, A. A., Elder, R. J., Beasley, M. S., & Hogan, C. E. (2017). Auditing and Assurance Services (Sixteenth Edition). Pearson.
Aryonanto, F. A., & Dewayanto, T. (2022). Pengaruh Pengungkapan Environmental, Social, and Governance (ESG) dan Kualitas Laporan Keuangan pada Efisiensi Investasi. Diponegoro Journal of Accounting, 11(3), 1–9.
Assad, N. F., & Alshurideh, M. T. (2020). Financial Reporting Quality, Audit Quality, and Investment Efficiency: Evidence from GCC Economies. Waffen-Und Kostumkunde Journal, XI(III), 194–208.
Biddle, G. C., Hilary, G., & Verdi, R. S. (2009). How Does Financial Reporting Quality Relate to Investment Efficiency? Journal of Accounting and Economics, 48(2–3), 112–131. https://doi.org/10.1016/j.jacceco.2009.09.001
Boubaker, S., Houcine, A., Ftiti, Z., & Masri, H. (2018). Does Audit Quality Affect Firms’ Investment Efficiency? Journal of the Operational Research Society, 69(10), 1688–1699. https://doi.org/10.1080/01605682.2018.1489357
Ellili, N. O. D. (2022). Impact of ESG Disclosure and Financial Reporting Quality on Investment Efficiency. Corporate Governance: The International Journal of Business in Society, 22(5), 1094–1111. https://doi.org/10.1108/CG-06-2021-0209
Faruq, N. A., Syukra, R., & Nuky, E. (2021, September 10). 144 Emiten Sudah Implementasikan ESG. investor.id. https://investor.id/market-and-corporate/262737/144-emiten-sudah-implementasikan-esg
Firawan, P. A., & Dewayanto, T. (2021). Pengaruh Kualitas Audit dan Kualitas Pelaporan Keuangan Terhadap Efisiensi Investasi pada Perusahaan Manufaktur yang terdaftar di BEI pada Tahun 2017-2019. Diponegoro Journal of Accounting, 10(4), 1–8.
Firmansyah, A., Priscilia, G., Sandra, S., & Trisnawati, E. (2022). Efisiensi Investasi Perusahaan Barang Konsumsi di Indonesia: Kualitas Laporan Keuangan Dan Kecurangan Dalam Akuntansi. Jurnal Wahana Akuntansi, 17(1), 1–24. https://doi.org/10.21009/wahana.17.011
Gibran, D. M. (2022, April 6). Apa itu ESG? Apa Keuntungan Perusahaan Menerapkan ESG? Simak! InvestasiKu. https://www.investasiku.id/eduvest/saham/esg-adalah
Hammami, A., & Zadeh, M. H. (2019). Audit Quality, Media Coverage, Environmental, Social, and Governance Disclosure and Firm Investment Efficiency: Evidence from Canada. International Journal of Accounting & Information Management, 28(1), 45–72. https://doi.org/10.1108/IJAIM-03-2019-0041
Hariyanto, N. S., Suganda, T. R., & Lembut, P. I. (2020). Dampak Kualitas Laporan Keuangan Perusahaan Badan Usaha Milik Negara Terhadap Efisiensi Investasi. Jurnal Akuntansi, 12(2), 337–349. https://doi.org/10.28932/jam.v12i2.2525
Indonesia Stock Exchange. (2023). What is ESG? Google Docs. https://esg.idx.co.id/
Jensen, M. C., & Meckling, W. H. (1976). Theory of The Firm: Managerial Behavior, Agency Costs and Ownership Structure. Journal of Financial Economics, 3(4), 305–360. https://doi.org/10.1016/0304-405X(76)90026-X
Kothari, S. P., Leone, A. J., & Wasley, C. E. (2005). Performance Matched Discretionary Accrual Measures. Journal of Accounting and Economics, 39(1), 163–197. https://doi.org/10.1016/j.jacceco.2004.11.002
Kresna. (2021, August 11). Ukuran KAP. https://konsultasiskripsi.com/2021/08/11/ukuran-kap-skripsi-dan-tesis-4/
Marsya, M., & Dewi, R. (2022). Pengaruh Kualitas Laporan Keuangan, Debt Maturity, dan Kinerja Profitabilitas Terhadap Efisiensi Investasi. Neraca Keuangan : Jurnal Ilmiah Akuntansi dan Keuangan, 17(1), 43. https://doi.org/10.32832/neraca.v17i1.6916
Putri, B. W. (2012). Penentuan Kualitas Audit Berdasarkan Ukuran Kantor Akuntan Publik dan Biaya Audit. Jurnal Ilmiah Mahasiswa Akuntansi, 1(4). https://doi.org/10.33508/jima.v1i4.248
Sari, M. (2023, May 21). Peran Investasi dalam Pertumbuhan Ekonomi di Indonesia. KOMPASIANA. https://www.kompasiana.com/mayangsari2645/646a242337cb2a6f057daa43/peran-investasi-dalam-pertumbuhan-ekonomi-di-indonesia
Shahzad, F., Rehman, I. U., Hanif, W., Asim, G. A., & Baig, M. H. (2019). The Influence of Financial Reporting Quality and Audit Quality on Investment Efficiency: Evidence from Pakistan. International Journal of Accounting & Information Management, 27(4), 600–614. https://doi.org/10.1108/IJAIM-08-2018-0097
Sipahutar, M. A. (2023, February 15). Selayang Pandang ICOR Indonesia Dibanding di Asean. investor.id. https://investor.id/opini/321927/selayang-pandang-icor-indonesia-dibanding-di-asean
Siregar, S. V., & Nuryanah, S. (2019). Financial Reporting Quality, audit Quality, and Investment Efficiency: Evidence from Indonesia. Proceedings of the First International Conference on Technology and Educational Science. First International Conference on Technology and Educational Science, Bali, Indonesia. https://doi.org/10.4108/eai.21-11-2018.2282299
Umiyati, I., & Riyanto, R. (2019). Financial Statement Quality and Investment Efficiency. ACCRUALS, 3(1), 131–138. https://doi.org/10.35310/accruals.v3i1.45
Wang, W., Yu, Y., & Li, X. (2022). ESG Performance, Auditing Quality, and Investment Efficiency: Empirical Evidence from China. Frontiers in Psychology, 13, 948674. https://doi.org/10.3389/fpsyg.2022.948674
Widowati, A., & Lasdi, L. (2021). Pengaruh Kualitas Laporan Keuangan, Konservatisma Akuntansi dan Debt Maturity pada Efisiensi Investasi. Jurnal Ilmiah Mahasiswa Akuntansi (JIMA), 10(1). https://doi.org/10.33508/jima.v10i1.3452
Wijaya, V. P., & Cahyati, A. D. (2021). Determinan Efisiensi Investasi pada Perusahaan di Indonesia. Jurnal Akuntansi dan Keuangan, 10(2), 183–198. http://dx.doi.org/10.36080/jak.v10i2.1551
Yu, E. P., Luu, B. V., & Chen, C. H. (2020). Greenwashing in Environmental, Social and Governance Disclosures. Research in International Business and Finance, 52, 101192. https://doi.org/10.1016/j.ribaf.2020.101192
Arens, A. A., Elder, R. J., Beasley, M. S., & Hogan, C. E. (2017). Auditing and Assurance Services (Sixteenth Edition). Pearson.
Aryonanto, F. A., & Dewayanto, T. (2022). Pengaruh Pengungkapan Environmental, Social, and Governance (ESG) dan Kualitas Laporan Keuangan pada Efisiensi Investasi. Diponegoro Journal of Accounting, 11(3), 1–9.
Assad, N. F., & Alshurideh, M. T. (2020). Financial Reporting Quality, Audit Quality, and Investment Efficiency: Evidence from GCC Economies. Waffen-Und Kostumkunde Journal, XI(III), 194–208.
Biddle, G. C., Hilary, G., & Verdi, R. S. (2009). How Does Financial Reporting Quality Relate to Investment Efficiency? Journal of Accounting and Economics, 48(2–3), 112–131. https://doi.org/10.1016/j.jacceco.2009.09.001
Boubaker, S., Houcine, A., Ftiti, Z., & Masri, H. (2018). Does Audit Quality Affect Firms’ Investment Efficiency? Journal of the Operational Research Society, 69(10), 1688–1699. https://doi.org/10.1080/01605682.2018.1489357
Ellili, N. O. D. (2022). Impact of ESG Disclosure and Financial Reporting Quality on Investment Efficiency. Corporate Governance: The International Journal of Business in Society, 22(5), 1094–1111. https://doi.org/10.1108/CG-06-2021-0209
Faruq, N. A., Syukra, R., & Nuky, E. (2021, September 10). 144 Emiten Sudah Implementasikan ESG. investor.id. https://investor.id/market-and-corporate/262737/144-emiten-sudah-implementasikan-esg
Firawan, P. A., & Dewayanto, T. (2021). Pengaruh Kualitas Audit dan Kualitas Pelaporan Keuangan Terhadap Efisiensi Investasi pada Perusahaan Manufaktur yang terdaftar di BEI pada Tahun 2017-2019. Diponegoro Journal of Accounting, 10(4), 1–8.
Firmansyah, A., Priscilia, G., Sandra, S., & Trisnawati, E. (2022). Efisiensi Investasi Perusahaan Barang Konsumsi di Indonesia: Kualitas Laporan Keuangan Dan Kecurangan Dalam Akuntansi. Jurnal Wahana Akuntansi, 17(1), 1–24. https://doi.org/10.21009/wahana.17.011
Gibran, D. M. (2022, April 6). Apa itu ESG? Apa Keuntungan Perusahaan Menerapkan ESG? Simak! InvestasiKu. https://www.investasiku.id/eduvest/saham/esg-adalah
Hammami, A., & Zadeh, M. H. (2019). Audit Quality, Media Coverage, Environmental, Social, and Governance Disclosure and Firm Investment Efficiency: Evidence from Canada. International Journal of Accounting & Information Management, 28(1), 45–72. https://doi.org/10.1108/IJAIM-03-2019-0041
Hariyanto, N. S., Suganda, T. R., & Lembut, P. I. (2020). Dampak Kualitas Laporan Keuangan Perusahaan Badan Usaha Milik Negara Terhadap Efisiensi Investasi. Jurnal Akuntansi, 12(2), 337–349. https://doi.org/10.28932/jam.v12i2.2525
Indonesia Stock Exchange. (2023). What is ESG? Google Docs. https://esg.idx.co.id/
Jensen, M. C., & Meckling, W. H. (1976). Theory of The Firm: Managerial Behavior, Agency Costs and Ownership Structure. Journal of Financial Economics, 3(4), 305–360. https://doi.org/10.1016/0304-405X(76)90026-X
Kothari, S. P., Leone, A. J., & Wasley, C. E. (2005). Performance Matched Discretionary Accrual Measures. Journal of Accounting and Economics, 39(1), 163–197. https://doi.org/10.1016/j.jacceco.2004.11.002
Kresna. (2021, August 11). Ukuran KAP. https://konsultasiskripsi.com/2021/08/11/ukuran-kap-skripsi-dan-tesis-4/
Marsya, M., & Dewi, R. (2022). Pengaruh Kualitas Laporan Keuangan, Debt Maturity, dan Kinerja Profitabilitas Terhadap Efisiensi Investasi. Neraca Keuangan : Jurnal Ilmiah Akuntansi dan Keuangan, 17(1), 43. https://doi.org/10.32832/neraca.v17i1.6916
Putri, B. W. (2012). Penentuan Kualitas Audit Berdasarkan Ukuran Kantor Akuntan Publik dan Biaya Audit. Jurnal Ilmiah Mahasiswa Akuntansi, 1(4). https://doi.org/10.33508/jima.v1i4.248
Sari, M. (2023, May 21). Peran Investasi dalam Pertumbuhan Ekonomi di Indonesia. KOMPASIANA. https://www.kompasiana.com/mayangsari2645/646a242337cb2a6f057daa43/peran-investasi-dalam-pertumbuhan-ekonomi-di-indonesia
Shahzad, F., Rehman, I. U., Hanif, W., Asim, G. A., & Baig, M. H. (2019). The Influence of Financial Reporting Quality and Audit Quality on Investment Efficiency: Evidence from Pakistan. International Journal of Accounting & Information Management, 27(4), 600–614. https://doi.org/10.1108/IJAIM-08-2018-0097
Sipahutar, M. A. (2023, February 15). Selayang Pandang ICOR Indonesia Dibanding di Asean. investor.id. https://investor.id/opini/321927/selayang-pandang-icor-indonesia-dibanding-di-asean
Siregar, S. V., & Nuryanah, S. (2019). Financial Reporting Quality, audit Quality, and Investment Efficiency: Evidence from Indonesia. Proceedings of the First International Conference on Technology and Educational Science. First International Conference on Technology and Educational Science, Bali, Indonesia. https://doi.org/10.4108/eai.21-11-2018.2282299
Umiyati, I., & Riyanto, R. (2019). Financial Statement Quality and Investment Efficiency. ACCRUALS, 3(1), 131–138. https://doi.org/10.35310/accruals.v3i1.45
Wang, W., Yu, Y., & Li, X. (2022). ESG Performance, Auditing Quality, and Investment Efficiency: Empirical Evidence from China. Frontiers in Psychology, 13, 948674. https://doi.org/10.3389/fpsyg.2022.948674
Widowati, A., & Lasdi, L. (2021). Pengaruh Kualitas Laporan Keuangan, Konservatisma Akuntansi dan Debt Maturity pada Efisiensi Investasi. Jurnal Ilmiah Mahasiswa Akuntansi (JIMA), 10(1). https://doi.org/10.33508/jima.v10i1.3452
Wijaya, V. P., & Cahyati, A. D. (2021). Determinan Efisiensi Investasi pada Perusahaan di Indonesia. Jurnal Akuntansi dan Keuangan, 10(2), 183–198. http://dx.doi.org/10.36080/jak.v10i2.1551
Yu, E. P., Luu, B. V., & Chen, C. H. (2020). Greenwashing in Environmental, Social and Governance Disclosures. Research in International Business and Finance, 52, 101192. https://doi.org/10.1016/j.ribaf.2020.101192
Diterbitkan
2024-06-25
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Chandra, J. A., Handoko, J., & Mokoginta, D. D. (2024). INFLUENCE OF FINANCIAL REPORT QUALITY, AUDIT QUALITY, AND ENVIRONMENTAL, SOCIAL, AND GOVERNANCE ON INVESTMENT EFFICIENCY. Assets: Jurnal Ekonomi, Manajemen, Dan Akuntansi, 14(1), 108-124. https://doi.org/10.24252/assets.v14i1.46990
Bagian
Volume 14 Nomor 1, Juni 2024
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