Reaksi Investor atas Pengungkapan Internet Financial Reporting

Abstract

The purpose of this research was to examine investor reactions on internet financial reporting. This research also examined the factors that affect investor reactions on internet financial reporting, by examining the influence of the degree of information disclosure and the scope of internet reporting. In addition, this research also compared the speed of investor reactions between a company that provides a greater degree of IFR disclosure and a company that provides a less degree of IFR disclosure. The samples were selected by purposive sampling criteria. The number of samples were 295 companies listed on the Indonesian Stock Exchange in 2012. The research was conducted using event studies, multiple regression analysis techniques, and final prediction error (FPE) methodology. The results showed that investors react to the presence of internet financial reporting disclosures, as indicated by the presence of abnormal return in the event window. The results also showed that the investor reaction is influenced by the level of information in the IFR disclosure. While the scope of the disclosure IFR can’t explain the cause of the reaction of investors. In addition, the results also showed that there was no difference the speed of investor reactions between a company that provides a greater degree of IFR disclosure and a company that provides a less degree of IFR disclosure. Keywords: internet financial reporting, investor reaction, abnormal return.

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