PENILAIAN BUMN DI INDONESIA: KUALITAS PELAPORAN KEUANGAN, TATA KELOLA PERUSAHAAN, DAN INEFISIENSI INVESTASI
Abstract
The aim of this study is to determine how the quality of financial statements and corporate governance affect investment inefficiency. Indonesian state-owned enterprises are the object of this study. Quantitative method is used in this study, with secondary data sourced from state-owned enterprises in the period 2018-2022. This research uses quantitative methodology, with investment inefficiency as the dependent variable and audit committee, board of commissioners, and quality of financial statements as independent factors. Data analysis conducted by researchers using binary logistic regression, where the dependent variable is a dummy categorized as 0 and 1, using the help of SPSS software version 25. Based on the partial test results, this study concluded that the significance value (0.690) is more than the probability of 0.05, indicating that there is no significant relationship between investment inefficiency and the quality of financial statements. Considering that the probability of 0.05 is more than the significance value of 0.010, it can be concluded that the audit committee has a considerable influence on investment inefficiency. In addition, the board of commissioners has a significant effect on investment inefficiency ( at 0.027).
Downloads
Download data is not yet available.
References
Adiputra, I.M.P., Utama, S. and Siregar, S.V.NP. (2018) ‘Kualitas laporan keuangan dan pengendalian internal, terhadap efisiensi investasi’, Ekuitas: Jurnal Ekonomi dan Keuangan, 2(3), pp. 293–312. Available at: https://doi.org/10.24034/j25485024.y2018.v2.i3.3965.
Al ‘Alam, M.P.A. and Firmansyah, A. (2019) ‘The effect of financial reporting quality, debt maturity, political connection, and corporate governance on investment efficiency: Evidence from Indonesia’, International Journal of Innovation, Creativity and Change, 7(6), pp. 39–56. Available at: https://doi.org/10.20885/jaai.vol21.iss1.art3.
Alaydrus, H. (2023) Pak Jokowi, infrastruktur jor-joran tapi ekonomi kok seret?, CNBC Indonesia. Available at: https://www.cnbcindonesia.com/market/20210618104824-19-254116/tak-efisien-buruknya-manajemen-sebabkan-bumn-merugi (Accessed: 31 October 2023).
Aryonanto, F.A. and Dewayanto, T. (2022) ‘Pengaruh pengungkapan environmental, social, and governance (ESG) dan kualitas laporan keuangan pada efisiensi investasi’, Diponegoro Journal Accounting, 11(3), pp. 1–9. Available at: http://ejournal-s1.undip.ac.id/index.php/accounting.
Butar, S.B. (2015) ‘Dampak kualitas laporan keuangan, regulasi pengendalian internal dan keterbatasan keuangan terhadap inefisiensi investasi’, Jurnal Akuntansi dan Keuangan, 17(1), pp. 57–70. Available at: https://doi.org/10.9744/jak.17.1.57-70.
Cheng, M., Dhaliwal, D. and Zhang, Y. (2013) ‘Does investment efficiency improve after the disclosure of material weaknesses in internal control over financial reporting?’, Journal of Accounting and Economics, 56(1), pp. 1–18. Available at: https://doi.org/10.1016/j.jacceco.2013.03.001.
Chen, N., Sung, H.-C. and Yang, J. (2017) ‘Ownership structure, corporate governance and investment efficiency of Chinese listed firms’, Pacific Accounting Review, 29(3), pp. 266–282. Available at: https://doi.org/10.1108/PAR-12-2015-0046.
Churet, C. and Eccles, R.G. (2014) ‘Integrated reporting, quality of management, and financial performance’, Journal of Applied Corporate Finance, 26(1), pp. 56–64. Available at: https://doi.org/10.1111/jacf.12054.
Cutillas Gomariz, M.F. and Sánchez Ballesta, J.P. (2014) ‘Financial reporting quality, debt maturity and investment efficiency’, Journal of Banking & Finance, 40, pp. 494–506. Available at: https://doi.org/10.1016/j.jbankfin.2013.07.013.
Delgado-Domonkos, L. and Zeng, A.-M. (2023) ‘Reporting quality, stock market integration, and investment efficiency in Latin America’, Borsa Istanbul Review, 23(4), pp. 779–803. Available at: https://doi.org/10.1016/j.bir.2023.01.012.
Fajriani, A., Wijaya, S.Y. and Widyastuti, S. (2021) ‘Determinasi efisiensi investasi’, Konferensi Riset Nasional Ekonomi, Manajemen, dan Akuntansi, 2, pp. 1541–1554. Available at: https://conference.upnvj.ac.id/index.php/korelasi/article/view/1150.
Firmansyah, A. and Triastie, G.A. (2020) ‘The role of corporate governance in emerging market: Tax avoidance, corporate social responsibility disclosures, risk disclosures, and investment efficiency’, Journal of Governance and Regulation, 9(3), pp. 8–26. Available at: https://doi.org/10.22495/jgrv9i3art1.
Ghozali, I. (2020) 25 Teori besar (grand theory) ilmu manajemen, akuntansi, dan bisnis. Available at: http://www.library.usd.ac.id/web/index.php?pilih=search&p=1&q=0000154888&go=Detail.
Hammami, A. and Hendijani Zadeh, M. (2020) ‘Audit quality, media coverage, environmental, social, and governance disclosure and firm investment efficiency: Evidence from Canada’, International Journal of Accounting and Information Management, 28(1), pp. 45–72. Available at: https://doi.org/10.1108/IJAIM-03-2019-0041.
Hanifah, K. (2013) ‘Pengaruh karakteristik dewan komisaris dan karakteristik perusahaan terhadap risk management committee’, Accounting Analysis Journal, 2(4), pp. 439–446. Available at: http://journal.unnes.ac.id/sju/index.php/aaj.
Hariyanto, N.S., Suganda, T.R. and Lembut, P.I. (2020) ‘Dampak kualitas laporan keuangan perusahaan badan usaha milik negara terhadap efisiensi investasi’, Jurnal Akuntansi, 12(2), pp. 337–349. Available at: http://journal.maranatha.edu.
Hope, O.-K., Thomas, W.B. and Vyas, D. (2013) ‘Financial reporting quality of U.S. private and public firms’, American Accounting Association, 88(5), pp. 1715–1752. Available at: https://doi.org/10.2308/accr-50494.
Houcine, A. (2017) ‘The effect of financial reporting quality on corporate investment efficiency: Evidence from the tunisian stock market’, Research in International Business and Finance, 42, pp. 321–337. Available at: https://doi.org/10.1016/j.ribaf.2017.07.066.
Kamalina, A.R. (2023) Investasi belum efisien, Airlangga sebut tingkat ICOR masih tinggi, Bisnis. Available at: https://ekonomi.bisnis.com/read/20230816/9/1685659/investasi-belum-efisien-airlangga-sebut-tingkat-icor-masih-tinggi (Accessed: 31 October 2023).
Komite Nasional Kebijakan Governance (2015) Pedoman umum good corporate governance Indonesia. Available at: www.governance-indonesia.or.id (Accessed: 31 October 2023).
Larcker, D. and Tayan, B. (2016) Corporate governance matters: a closer look at organizational choices and their consequences (2nd ed.).
Leuz, C. and Wysocki, P.D. (2016) ‘The Economics of Disclosure and Financial Reporting Regulation: Evidence and Suggestions for Future Research’, Journal of Accounting Research, 54(2), pp. 525–622. Available at: https://doi.org/10.1111/1475-679X.12115.
Mardika, R. (2021) Terancam pailit, stafsus BUMN: Manajemen Garuda Indonesia yang buruk. Available at: https://www.kompas.tv/nasional/225821/terancam-pailit-stafsus-bumn-manajemen-garuda-indonesia-yang-buruk (Accessed: 21 December 2023).
OECD (2015) G20/OECD principles of corporate governance. Available at: https://doi.org/10.1787/9789264236882-en.
Peri, A.O., Wijaya, H. and Kristina, N. (2022) ‘Pengaruh komite audit, kepemilikan institusional, dan kualitas laporan keuangan terhadap efisiensi investasi perusahaan manufaktur yang terdaftar di BEI tahun 2019-2021’, Jurnal Ilmiah Mahasiswa Akuntansi, 11(2). Available at: https://doi.org/10.33508/jima.v11i2.4572.
Priscilia, G. et al. (2022) ‘Efisiensi investasi perusahaan barang konsumsi di Indonesia: Kualitas laporan keuangan dan kecurangan dalam akuntansi’, Jurnal Ilmiah Wahana Akuntansi, 17(1), pp. 1–24. Available at: https://doi.org/10.21009/wahana.17.011.
Saputra, A.A.D. and Wardhani, R. (2017) ‘Pengaruh efektivitas dewan komisaris, komite audit dan kepemilikan institusional terhadap efisiensi investasi’, Jurnal Akuntansi & Auditing Indonesia, 21(1), pp. 25–36. Available at: https://doi.org/10.24034/j25485024.y2018.v2.i3.3965.
Sari, luh I.N. and Suaryana, I.G.N.A. (2014) ‘Pengaruh kualitas laporan keuangan pada efisiensi Investasi perusahaan pertambangan’, E-Jurnal Akuntansi Universitas Udayana, 8(3), pp. 524–537. Available at: https://ojs.unud.ac.id/index.php/Akuntansi/article/view/8321.
Simanungkalit, E.R. (2017) ‘Pengaruh tata kelola perusahaan dan struktur kepemilikan terhadap efisiensi investasi perusahaan’, Jurnal Akuntansi Bisnis, 15(2), pp. 2541–5204. Available at: https://journal.unika.ac.id/index.php/jab/article/view/1361.
Siregar, D.N. and Prabowo, T.J.W. (2022) ‘Analisis faktor-faktor yang mempengaruhi investasi yang efisien pada perusahaan manufaktur yang terdaftar di Bursa Efek Indonesia periode 2017-2019’, Diponegoro Journal of Accounting, 11(4), pp. 1–15. Available at: http://ejournal-s1.undip.ac.id/index.php/accounting.
Tanjaya, A. and Kwarto, F. (2022) ‘Tata kelola perusahaan dalam mengurangi kecurangan laporan keuangan (systematic literature review dengan metode meta sintesis)’, Jurnal Akademi Akuntansi, 5(3), pp. 312–332. Available at: https://doi.org/10.22219/jaa.v5i3.21248.
Wareza, M. (2021) Utang segunung Rp 128 T, sederet ‘Biang Kerok’ masalah Garuda. Available at: https://www.cnbcindonesia.com/market/20211110125959-17-290424/utang-segunung-rp-128-t-sederet-biang-kerok-masalah-garuda/2 (Accessed: 21 December 2023).
Wells, J.T. (2018) International fraud handbook: prevention and detection. Available at: https://books.google.co.id/books?hl=id&lr=&id=gLZpDgAAQBAJ&oi=fnd&pg=PR11&dq=International+fraud+handbook:+prevention+and+detection&ots=A9N_c9ia2J&sig=Tpb0XgVwx24PCyqNO0AECl4VHqM&redir_esc=y#v=onepage&q&f=true.
Yapono, D.A. and Khomsatun, S. (2018) ‘Peranan tata kelola sebagai pemoderasi atas pengaruh manajemen laba terhadap efisiensi investasi’, Jurnal Dinamika Akuntansi dan Bisnis, 5(2), pp. 179–194. Available at: https://doi.org/10.24815/jdab.v5i2.10873.
Al ‘Alam, M.P.A. and Firmansyah, A. (2019) ‘The effect of financial reporting quality, debt maturity, political connection, and corporate governance on investment efficiency: Evidence from Indonesia’, International Journal of Innovation, Creativity and Change, 7(6), pp. 39–56. Available at: https://doi.org/10.20885/jaai.vol21.iss1.art3.
Alaydrus, H. (2023) Pak Jokowi, infrastruktur jor-joran tapi ekonomi kok seret?, CNBC Indonesia. Available at: https://www.cnbcindonesia.com/market/20210618104824-19-254116/tak-efisien-buruknya-manajemen-sebabkan-bumn-merugi (Accessed: 31 October 2023).
Aryonanto, F.A. and Dewayanto, T. (2022) ‘Pengaruh pengungkapan environmental, social, and governance (ESG) dan kualitas laporan keuangan pada efisiensi investasi’, Diponegoro Journal Accounting, 11(3), pp. 1–9. Available at: http://ejournal-s1.undip.ac.id/index.php/accounting.
Butar, S.B. (2015) ‘Dampak kualitas laporan keuangan, regulasi pengendalian internal dan keterbatasan keuangan terhadap inefisiensi investasi’, Jurnal Akuntansi dan Keuangan, 17(1), pp. 57–70. Available at: https://doi.org/10.9744/jak.17.1.57-70.
Cheng, M., Dhaliwal, D. and Zhang, Y. (2013) ‘Does investment efficiency improve after the disclosure of material weaknesses in internal control over financial reporting?’, Journal of Accounting and Economics, 56(1), pp. 1–18. Available at: https://doi.org/10.1016/j.jacceco.2013.03.001.
Chen, N., Sung, H.-C. and Yang, J. (2017) ‘Ownership structure, corporate governance and investment efficiency of Chinese listed firms’, Pacific Accounting Review, 29(3), pp. 266–282. Available at: https://doi.org/10.1108/PAR-12-2015-0046.
Churet, C. and Eccles, R.G. (2014) ‘Integrated reporting, quality of management, and financial performance’, Journal of Applied Corporate Finance, 26(1), pp. 56–64. Available at: https://doi.org/10.1111/jacf.12054.
Cutillas Gomariz, M.F. and Sánchez Ballesta, J.P. (2014) ‘Financial reporting quality, debt maturity and investment efficiency’, Journal of Banking & Finance, 40, pp. 494–506. Available at: https://doi.org/10.1016/j.jbankfin.2013.07.013.
Delgado-Domonkos, L. and Zeng, A.-M. (2023) ‘Reporting quality, stock market integration, and investment efficiency in Latin America’, Borsa Istanbul Review, 23(4), pp. 779–803. Available at: https://doi.org/10.1016/j.bir.2023.01.012.
Fajriani, A., Wijaya, S.Y. and Widyastuti, S. (2021) ‘Determinasi efisiensi investasi’, Konferensi Riset Nasional Ekonomi, Manajemen, dan Akuntansi, 2, pp. 1541–1554. Available at: https://conference.upnvj.ac.id/index.php/korelasi/article/view/1150.
Firmansyah, A. and Triastie, G.A. (2020) ‘The role of corporate governance in emerging market: Tax avoidance, corporate social responsibility disclosures, risk disclosures, and investment efficiency’, Journal of Governance and Regulation, 9(3), pp. 8–26. Available at: https://doi.org/10.22495/jgrv9i3art1.
Ghozali, I. (2020) 25 Teori besar (grand theory) ilmu manajemen, akuntansi, dan bisnis. Available at: http://www.library.usd.ac.id/web/index.php?pilih=search&p=1&q=0000154888&go=Detail.
Hammami, A. and Hendijani Zadeh, M. (2020) ‘Audit quality, media coverage, environmental, social, and governance disclosure and firm investment efficiency: Evidence from Canada’, International Journal of Accounting and Information Management, 28(1), pp. 45–72. Available at: https://doi.org/10.1108/IJAIM-03-2019-0041.
Hanifah, K. (2013) ‘Pengaruh karakteristik dewan komisaris dan karakteristik perusahaan terhadap risk management committee’, Accounting Analysis Journal, 2(4), pp. 439–446. Available at: http://journal.unnes.ac.id/sju/index.php/aaj.
Hariyanto, N.S., Suganda, T.R. and Lembut, P.I. (2020) ‘Dampak kualitas laporan keuangan perusahaan badan usaha milik negara terhadap efisiensi investasi’, Jurnal Akuntansi, 12(2), pp. 337–349. Available at: http://journal.maranatha.edu.
Hope, O.-K., Thomas, W.B. and Vyas, D. (2013) ‘Financial reporting quality of U.S. private and public firms’, American Accounting Association, 88(5), pp. 1715–1752. Available at: https://doi.org/10.2308/accr-50494.
Houcine, A. (2017) ‘The effect of financial reporting quality on corporate investment efficiency: Evidence from the tunisian stock market’, Research in International Business and Finance, 42, pp. 321–337. Available at: https://doi.org/10.1016/j.ribaf.2017.07.066.
Kamalina, A.R. (2023) Investasi belum efisien, Airlangga sebut tingkat ICOR masih tinggi, Bisnis. Available at: https://ekonomi.bisnis.com/read/20230816/9/1685659/investasi-belum-efisien-airlangga-sebut-tingkat-icor-masih-tinggi (Accessed: 31 October 2023).
Komite Nasional Kebijakan Governance (2015) Pedoman umum good corporate governance Indonesia. Available at: www.governance-indonesia.or.id (Accessed: 31 October 2023).
Larcker, D. and Tayan, B. (2016) Corporate governance matters: a closer look at organizational choices and their consequences (2nd ed.).
Leuz, C. and Wysocki, P.D. (2016) ‘The Economics of Disclosure and Financial Reporting Regulation: Evidence and Suggestions for Future Research’, Journal of Accounting Research, 54(2), pp. 525–622. Available at: https://doi.org/10.1111/1475-679X.12115.
Mardika, R. (2021) Terancam pailit, stafsus BUMN: Manajemen Garuda Indonesia yang buruk. Available at: https://www.kompas.tv/nasional/225821/terancam-pailit-stafsus-bumn-manajemen-garuda-indonesia-yang-buruk (Accessed: 21 December 2023).
OECD (2015) G20/OECD principles of corporate governance. Available at: https://doi.org/10.1787/9789264236882-en.
Peri, A.O., Wijaya, H. and Kristina, N. (2022) ‘Pengaruh komite audit, kepemilikan institusional, dan kualitas laporan keuangan terhadap efisiensi investasi perusahaan manufaktur yang terdaftar di BEI tahun 2019-2021’, Jurnal Ilmiah Mahasiswa Akuntansi, 11(2). Available at: https://doi.org/10.33508/jima.v11i2.4572.
Priscilia, G. et al. (2022) ‘Efisiensi investasi perusahaan barang konsumsi di Indonesia: Kualitas laporan keuangan dan kecurangan dalam akuntansi’, Jurnal Ilmiah Wahana Akuntansi, 17(1), pp. 1–24. Available at: https://doi.org/10.21009/wahana.17.011.
Saputra, A.A.D. and Wardhani, R. (2017) ‘Pengaruh efektivitas dewan komisaris, komite audit dan kepemilikan institusional terhadap efisiensi investasi’, Jurnal Akuntansi & Auditing Indonesia, 21(1), pp. 25–36. Available at: https://doi.org/10.24034/j25485024.y2018.v2.i3.3965.
Sari, luh I.N. and Suaryana, I.G.N.A. (2014) ‘Pengaruh kualitas laporan keuangan pada efisiensi Investasi perusahaan pertambangan’, E-Jurnal Akuntansi Universitas Udayana, 8(3), pp. 524–537. Available at: https://ojs.unud.ac.id/index.php/Akuntansi/article/view/8321.
Simanungkalit, E.R. (2017) ‘Pengaruh tata kelola perusahaan dan struktur kepemilikan terhadap efisiensi investasi perusahaan’, Jurnal Akuntansi Bisnis, 15(2), pp. 2541–5204. Available at: https://journal.unika.ac.id/index.php/jab/article/view/1361.
Siregar, D.N. and Prabowo, T.J.W. (2022) ‘Analisis faktor-faktor yang mempengaruhi investasi yang efisien pada perusahaan manufaktur yang terdaftar di Bursa Efek Indonesia periode 2017-2019’, Diponegoro Journal of Accounting, 11(4), pp. 1–15. Available at: http://ejournal-s1.undip.ac.id/index.php/accounting.
Tanjaya, A. and Kwarto, F. (2022) ‘Tata kelola perusahaan dalam mengurangi kecurangan laporan keuangan (systematic literature review dengan metode meta sintesis)’, Jurnal Akademi Akuntansi, 5(3), pp. 312–332. Available at: https://doi.org/10.22219/jaa.v5i3.21248.
Wareza, M. (2021) Utang segunung Rp 128 T, sederet ‘Biang Kerok’ masalah Garuda. Available at: https://www.cnbcindonesia.com/market/20211110125959-17-290424/utang-segunung-rp-128-t-sederet-biang-kerok-masalah-garuda/2 (Accessed: 21 December 2023).
Wells, J.T. (2018) International fraud handbook: prevention and detection. Available at: https://books.google.co.id/books?hl=id&lr=&id=gLZpDgAAQBAJ&oi=fnd&pg=PR11&dq=International+fraud+handbook:+prevention+and+detection&ots=A9N_c9ia2J&sig=Tpb0XgVwx24PCyqNO0AECl4VHqM&redir_esc=y#v=onepage&q&f=true.
Yapono, D.A. and Khomsatun, S. (2018) ‘Peranan tata kelola sebagai pemoderasi atas pengaruh manajemen laba terhadap efisiensi investasi’, Jurnal Dinamika Akuntansi dan Bisnis, 5(2), pp. 179–194. Available at: https://doi.org/10.24815/jdab.v5i2.10873.
Published
2023-12-30
How to Cite
RIDWAN, Rizky.
PENILAIAN BUMN DI INDONESIA: KUALITAS PELAPORAN KEUANGAN, TATA KELOLA PERUSAHAAN, DAN INEFISIENSI INVESTASI.
Jurnal Akuntansi, [S.l.], v. 11, n. 2, p. 102-116, dec. 2023.
ISSN 2540-9646.
Available at: <https://jurnalfe.ustjogja.ac.id/index.php/akuntansi/article/view/4042>. Date accessed: 12 july 2025.
doi: https://doi.org/10.30738/ja.v11i2.4042.
Section
Artikel
This work is licensed under a Creative Commons Attribution-NonCommercial-ShareAlike 4.0 International License.
This work is licensed under a CC-BY-NC-SA.
