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All Journal Jurnal Akuntansi Keuangan Dan Perpajakan
Sutri Handayani
Universitas Islam Darul ‘Ulum Lamongan
Economics, Econometrics & Finance

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Pengaruh Kualitas Laporan Keuangan, Asimetri Informasi, Free Cash Flow, Dan Carbon Emission Disclosure Terhadap Efisiensi Investasi Pada Perusahaan Sektor Barang Konsumen Non-Primer Yang Terdaftar Di Bursa Efek Indonesia (BEI) Periode 2021-2025 Novi Dwi Rahmawati; Sutri Handayani; Have Zulkarnaen
Jurnal Akuntansi Keuangan Dan Perpajakan | E-ISSN : 3063-8208 Vol. 3 No. 1 (2026): Juli - September
Publisher : GLOBAL SCIENTS PUBLISHER

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Abstract

This study examines the effect of financial reporting quality, information asymmetry, free cash flow, and carbon emission disclosure on investment efficiency in Consumer Cyclicals sector companies listed on the Indonesia Stock Exchange (IDX) for 2021–2025. Using purposive sampling, 13 companies with 65 panel-data observations were obtained. Investment efficiency is measured using the Richardson, (2006) model, while financial reporting quality is measured using the Dichev & Dechow, (2005) model modified by McNichols. Data were analyzed using panel data regression with EViews 12. The Chow and Hausman tests consistently select the Fixed Effect Model, which was re-estimated using the EGLS cross-section weights method to address heteroscedasticity. The results show that, partially, only free cash flow has a significant negative effect on investment efficiency, while financial reporting quality, information asymmetry, and carbon emission disclosure show no significant effect. Simultaneously, all four variables significantly affect investment efficiency, with an Adjusted R² of 95.28%. These findings indicate that controlling free cash flow is a necessary precondition for investment efficiency, while information and legitimacy mechanisms remain complementary but individually insufficient factors
Co-Authors Have Zulkarnaen Novi Dwi Rahmawati