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ANALISIS PENGUNGKAPAN INFORMASI BERBASIS WEB PADA PERUSAHAAN PUBLIK DI BURSA EFEK INDONESIA (SEBUAH STUDI ANALISIS KONTEN ATAS IMPLEMENTASI POJK NO. 8 TAHUN 2015) Liza Alvia; Retno Yuni Nur Susilowati; R. Weddie Andriyanto
Jurnal Akuntansi dan Keuangan (JAK) Vol 29 No 2 (2024): JAK Volume 29 No 2 Tahun 2024
Publisher : Faculty of Economics and Business

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.23960/jak.v29i2.2577

Penelitian ini dilatarbelakangi oleh pesatnya perkembangan teknologi digital dan sosial media yang berimplikasi pada perubahan lingkungan pengungkapan konvensional (paper based) ke pengungkapan digital (internet of things) (Miller & Skinner, 2015). Otoritas Jasa Keuangan Republik Indonesia (OJK-RI) merespon pesatnya perubahan teknologi tersebut dengan menerbitkan POJK No. 8 Tahun 2015 tentang kewajiban emiten mengungkapkan informasi melalui situs web emiten di laman web perusahaan. Penelitian ini bertujuan untuk mengonfirmasi compliance theory atas implementasi POJK No. 8 Tahun 2015 terhadap kinerja pengungkapan informasi korporasi berbasis web. Secara khusus, penelitian ini akan mengevaluasi ketaatan perusahaan publik di Bursa Efek Indonesia dalam mengungkapkan (1) informasi umum emiten atau perusahaan publik; (2) informasi bagi pemodal atau investor; (3) informasi tata kelola perusahaan; dan (4) informasi tanggung jawab sosial pada laman website perusahaan pasca 5 (lima) tahun implementasi POJK No. 8 Tahun 2015. Penelitian ini mengembangkan Indeks Pengungkapan Informasi Korporasi (IPIK) berbasis website melalui pendekatan analisis konten (content analysis) sesuai item pengungkapan POJK No. 8 Tahun 2015 pada 649 perusahaan go publik di Indonesia. Hasil studi menunjukkan bahwa secara umum kinerja IPIK perusahaan masih relatif rendah, yaitu 52%. Fenomena rendahnya kinerja IPIK menunjukkan bahwa respon managerial terhadap regulasi pengungkapan informasi korporasi berbasis web masih rendah. Lemahnya penegakan hukum (law enforcement) dari pihak regulator menjadi salah satu penyebab rendahnya kinerja IPIK. Studi ini mengonfirmasi compliance theory atas respon managerial terhadap implementasikan POJK No. 8 Tahun 2015.

Pengaruh Carbon Emission Disclosure dan Good Corporate Governance terhadap Nilai Perusahaan: Studi Empiris pada Perusahaan Sektor Transportasi dan Logistik yang Terdaftar di Bursa Efek Indonesia Periode 2017-2022 Fasya, Muhammad; Susilowati, Retno Yuni Nur; Septiyanti, Ratna; Kusumawardani, Niken
Jurnal Studi Pemerintahan dan Akuntabilitas Vol. 4 No. 1 (2024): Juli
Publisher : Penerbit Goodwood

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.35912/jastaka.v4i1.3403

Purpose: This study aims to identify the impact of carbon emission disclosure, independent commissioners, and institutional ownership on firm value. Research methodology: The population used in this study consists of transportation and logistics sector business entities registered on the Indonesia Stock Exchange during the period of 2017-2022, quatitative methods, and SPSS applications. Result: This study concludes that carbon emission disclosure has an effect on firm value. Meanwhile, independent commissioners have no effect on firm value and institutional ownership has an effect on firm value. Limitations: This study identified limitations, specifically in the examination where several business entities were not included in the research sample, resulting in an incomplete sample. Contribution: This study provides empirical evidence that contributes to the literature on the impact of carbon emission disclosures, independent commissioners, and institutional ownership on firm value. Additionally, this study is expected to inform policies related to environmental responsibility in compliance with the Republic of Indonesia Presidential Regulation Number 98 of 2021 on greenhouse gas emission control in national development and OJK Regulation No. 30/SEOJK.04/2016 on corporate obligations to include environmental disclosures in annual reports.

PENGARUH KEPEMILIKAN INSTITUSIONAL, KEBIJAKAN DIVIDEN, DAN KEPUTUSAN HUTANG TERHADAP NILAI PERUSAHAAN : (STUDI EMPIRIS PADA PERUSAHAAN SUBSEKTOR KONSTRUKSI DAN BANGUNAN YANG TERDAFTAR DI BURSA EFEK INDONESIA PERIODE 2018-2022) M. Adam Majid Aditama; Retno Yuni Nur Susilowati
Jurnal Akuntansi, Ekonomi dan Manajemen Bisnis Vol. 4 No. 1 (2024): Maret : Jurnal Akuntansi, Ekonomi dan Manajemen Bisnis
Publisher : Pusat Riset dan Inovasi Nasional

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.55606/jaemb.v4i1.3020

This research aims to determine the influence of institutional ownership, dividend policy and decisions on the value of construction and building subsector companies listed on the Indonesian stock exchange for the 2018-2022 period. This research uses quantitative methods, data collection techniques with documentation methods, which involve collecting and evaluating secondary data from companies in the construction and building subsector which have been published by the Indonesian stock exchange for the 2018-2022 period. Data were analyzed using descriptive statistical methods and classification assumption tests. The results of the research show that institutional ownership has no effect on company value, dividend policy calculated using the dividend payout ratio method has a positive effect, and debt decisions calculated using the debt to equity ratio method have a positive effect on the value of construction and construction subsector companies listed on the Indonesian Stock Exchange period 2018-2022.

Pengaruh Leverage, Profitabilitas, dan Manajemen Laba Terhadap Tax Avoidance Dengan Ukuran Perusahaan Sebagai Variabel Kontrol Ashar Rahmanda, Fadel; Yuni Nur Susilowati, Retno
Jurnal Manajemen, Ekonomi, Hukum, Kewirausahaan, Kesehatan, Pendidikan dan Informatika Vol 3 No 1 : September (2024): Jurnal Manajemen, Ekonomi, Hukum, Kewirausahaan, Kesehatan, Pendidika
Publisher : Shofanah Media Berkah

Show Abstract | Download Original | Original Source | Check in Google Scholar

This research examines the influence of leverage, profitability, and earnings management on tax avoidance, with firm size as a control variable. The population used in this study consists of manufacturing companies listed on the Indonesia Stock Exchange from 2018 to 2022. The sample selection was done using purposive sampling, resulting in a sample of 50 companies. The type of data used in this study is secondary data, and the data collection method is documentation. The data analysis method employed is multiple linear regression analysis, which was analyzed using SPSS 25. The results of this study conclude that leverage does not have an effect on tax avoidance. However, profitability and earnings management do have an effect on tax avoidance. This study has limitations, namely in the testing of this research, the sample size was determined using specific criteria (purposive sampling). Additionally, the use of outlier processes in the normality test reduced the amount of data available. The results of this study are expected to enhance understanding and insight regarding tax avoidance and the influence of leverage, profitability, and earnings management on tax avoidance. Additionally, this research is hoped to serve as a consideration for lawmakers in clarifying the provisions in the taxation regulations as stated in Law No. 36 of 2008.

Impact of Fair Value Measurement and Disclosure of Biological Assets Based on PSAK 69 on Agricultural Firm Value (2018-2022) Fidelys Grecia Hutabarat; Retno Yuni Nur Susilowati; Liza Alvia; Widya Rizky Eka Putri
International Journal of Economics, Commerce, and Management Vol. 1 No. 4 (2024): October : International Journal of Economics, Commerce, and Management
Publisher : Asosiasi Riset Ekonomi dan Akuntansi Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.62951/ijecm.v1i4.252

The agricultural sector plays an important role in Indonesia's capital markets, making a significant contribution to the economy despite facing the challenges of the COVID-19 pandemic. The consistent growth of this sector, marked by an increase in contribution to GDP by 2.20% in 2020 and 12.4% in 2022, has attracted investor interest. To support better investment decisions, agricultural companies need to improve the quality of the financial information they present. The implementation of PSAK 69, which requires disclosure of the fair value of biological assets, is an important step in increasing corporate transparency and accountability. This research aims to empirically test the influence of the fair value of biological assets and disclosure of biological assets on firm value in the Indonesian agricultural sector for the 2018-2022 period. The research was conducted using multiple linear regression analysis. The research results show that disclosure of biological assets has a positive effect on increasing firm value, while the fair value of biological assets does not have a significant effect.

Pengaruh Kepemilikan Institusional, Kepemilikan Manajerial, Dewan Komisaris Independen, Komite Audit, dan Konflik Bondholders-Shareholders Terhadap Konservatisme Akuntansi Naufal, M. Fakhri Adli; Susilowati, Retno Yuni Nur; Sudrajat, Sudrajat; Azhar, Rialdi
Management Studies and Entrepreneurship Journal (MSEJ) Vol. 5 No. 2 (2024): Management Studies and Entrepreneurship Journal (MSEJ)
Publisher : Yayasan Pendidikan Riset dan Pengembangan Intelektual (YRPI)

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.37385/msej.v5i2.5879

This study aims to examine the effect of institutional ownership, managerial ownership, independent board of commissioners, audit committee, and bondholders-shareholders conflict on property and real estate companies listed on the Indonesia Stock Exchange in 2018-2022. This research is a type of quantitative research using secondary data from the Indonesia Stock Exchange and the official website of each company. The sample determination method used purposive sampling and obtained a sample of 23 companies with an observation period of 5 years so that the total research sample was 111 data. The data analysis technique used is multiple linear regression using SPSS 27 software. Based on the research results, it was found that institutional ownership, managerial ownership, independent board of commissioners, audit committee and bondholders-shareholders conflict simultaneously affect accounting conservatism. Partially, the independent board of commissioners has a positive effect on accounting conservatism and the audit committee has a negative effect on accounting conservatism. However, this study did not find any influence between the variables of institutional ownership, managerial ownership, and bondholders-shareholders conflict on accounting conservatism.

PENGARUH KEPEMILIKAN INSTITUSIONAL, KEBIJAKAN DIVIDEN, DAN KEPUTUSAN HUTANG TERHADAP NILAI PERUSAHAAN : (STUDI EMPIRIS PADA PERUSAHAAN SUBSEKTOR KONSTRUKSI DAN BANGUNAN YANG TERDAFTAR DI BURSA EFEK INDONESIA PERIODE 2018-2022) M. Adam Majid Aditama; Retno Yuni Nur Susilowati
Jurnal Akuntansi, Ekonomi dan Manajemen Bisnis Vol. 4 No. 1 (2024): Maret : Jurnal Akuntansi, Ekonomi dan Manajemen Bisnis
Publisher : Pusat Riset dan Inovasi Nasional

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.55606/jaemb.v4i1.3020

This research aims to determine the influence of institutional ownership, dividend policy and decisions on the value of construction and building subsector companies listed on the Indonesian stock exchange for the 2018-2022 period. This research uses quantitative methods, data collection techniques with documentation methods, which involve collecting and evaluating secondary data from companies in the construction and building subsector which have been published by the Indonesian stock exchange for the 2018-2022 period. Data were analyzed using descriptive statistical methods and classification assumption tests. The results of the research show that institutional ownership has no effect on company value, dividend policy calculated using the dividend payout ratio method has a positive effect, and debt decisions calculated using the debt to equity ratio method have a positive effect on the value of construction and construction subsector companies listed on the Indonesian Stock Exchange period 2018-2022.

The Relationship between Sustainability Reports, Firm Size, and Company Value: The Moderating Role of Profitability in Oil and Gas Issuers Listed on the Indonesia Stock Exchange from 2019 to 2023: Hubungan antara Laporan Keberlanjutan, Ukuran Perusahaan, dan Nilai Perusahaan: Peran Moderasi Keuntungan pada Emiten Minyak dan Gas yang Terdaftar di Bursa Efek Indonesia dari Tahun 2019 hingga 2023 Megawati Megawati; Usep Syaipudin; Retno Yuni Nur Susilowati
Academia Open Vol. 11 No. 1 (2026): June
Publisher : Universitas Muhammadiyah Sidoarjo

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21070/acopen.11.2026.13071

General Background: The oil and gas sector in Indonesia holds a strategic economic role while simultaneously facing increasing environmental, social, and governance demands from regulators and investors. Specific Background: Listed oil and gas companies are required to disclose sustainability reports alongside maintaining financial performance amid commodity price volatility during the 2019–2023 period. Knowledge Gap: Prior empirical studies report inconsistent findings regarding the relationships between sustainability reporting, firm size, and firm value, as well as the moderating role of profitability, particularly within capital-intensive and environmentally sensitive sectors. Aims: This study examines the relationships between sustainability reporting and firm size with firm value, and analyzes profitability as a moderating variable among oil and gas companies listed on the Indonesia Stock Exchange. Results: Using panel data regression on 50 firm-year observations, the findings show that sustainability reporting and firm size are positively and significantly associated with firm value. Profitability demonstrates a direct positive association with firm value and moderates the relationships between sustainability reporting and firm size with firm value. Novelty: The study extends prior research by integrating firm size as an explanatory variable and profitability as a moderating factor within the specific context of Indonesian oil and gas listed firms over a recent multi-year period. Implications: The results highlight the relevance of sustainability disclosure, corporate scale, and financial performance in shaping market valuation, offering insights for corporate management, investors, and policymakers concerned with sustainable corporate strategies in the oil and gas industry. Highlights: Sustainability disclosure shows a significant positive association with corporate valuation. Corporate scale demonstrates a statistically significant relationship with market-based value measures. Financial performance strengthens the relationships between disclosure practices, corporate scale, and valuation. Keywords: Pressure, ESG, Profitability

Cash Holdings, Investment Efficiency, and the Russia–Ukraine War: Evidence from Indonesian Energy Firms Mikha Valentino; Retno Yuni Nur Susilowati
Studi Akuntansi dan Bisnis Indonesia Vol 2 No 2 (2026): April
Publisher : Lembaga Penelitian dan Pengabdian kepada Masyarakat (LPPM), Sekolah Tinggi Ilmu Ekonomi Krakatau

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.61401/sabi.v2i2.481

Purpose: This study examines the effect of cash holdings on corporate investment efficiency in energy sector companies listed on the Indonesia Stock Exchange (IDX) from 2016 to 2023, with the Russian invasion of Ukraine as a moderating variable. Methodology: Using a quantitative approach, secondary data from 62 energy firms (389 observations) were analyzed using Stata through descriptive statistics, panel model selection, classical assumptions, and hypothesis testing. Results: The results indicate that cash holdings positively and significantly affect investment efficiency, while the Russian invasion of Ukraine does not moderate this relationship and only acts as a predictor moderator that shows a direct effect on investment efficiency. Conclusions: The level of cash holdings plays an important role in influencing investment efficiency, whereas the Russian invasion of Ukraine does not affect this relationship in the Indonesian energy sector. Limitations: This study is limited to Huang’s (2020) model, which may vary in accuracy from alternatives, and a temporal dummy proxy for the Russian Invasion of Ukraine that fails to capture geopolitical shock intensity. Contribution: This study contributes to the literature and corporate decision-making by providing empirical evidence on how cash holdings affect investment efficiency and highlighting the moderating role of the Russian invasion of Ukraine in this relationship.

Indonesian Stock Market Reaction to U.S. Liberation Day Tariff on Export Firms Arya Nurhasan; Retno Yuni Nur Susilowati
Studi Akuntansi dan Bisnis Indonesia Vol 2 No 2 (2026): April
Publisher : Lembaga Penelitian dan Pengabdian kepada Masyarakat (LPPM), Sekolah Tinggi Ilmu Ekonomi Krakatau

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.61401/sabi.v2i2.495

Purpose: This study examines the reaction of Indonesia's capital market to the U.S. Liberation Day Tariff announcement on April 2, 2025, focusing on export-exposed firms listed on the Indonesia Stock Exchange (IDX). Methodology: An event study is applied across 62 IDX-listed firms over a 21-trading-day window, analyzing abnormal returns and trading volume activity using the market-adjusted model and Wilcoxon signed rank test. Results: The tariff announcement produced a significant negative difference in abnormal returns, with investors perceiving the policy as bad news for export-oriented firms. The average abnormal return was partially significant, with an immediate event-day response and persistent negative reactions post-announcement. Trading volume activity showed no significant difference, reflecting the caution of investors. Conclusions: Price movements support semi-strong market efficiency, while the absence of a volume response confirms that price and volume reactions do not always co-move under the same informational events. Limitations: The Market Adjusted Model assumes homogeneous firm risk, sector-level comparative analysis was not conducted, and domestic macroeconomic variables were not controlled for. Contribution: This study provides novel multisector evidence on how an emerging market responds to unilateral trade protectionism, contributing to the literature on event studies, signaling theory, and trade policy reactions.

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