Peran Tata Kelola Perusahaan Dalam Respon Investor Atas Penerapan Nilai Wajar Properti Investasi Dan Aset Tetap di Indonesia

Much. Rizal P.  Geno; Amrie Firmansyah

doi:10.33395/owner.v6i2.671

Authors

Much. Rizal P. Geno Politeknik Keuangan Negara STAN
Amrie Firmansyah Politeknik Keuangan Negara STAN

DOI:

10.33395/owner.v6i2.671

Abstract

Investors consider the good firm value of the company in the hope of providing additional wealth in the future. Company information announced to the public provides a signal for investors regarding company policies. Fair value accounting provides more timely and transparent information to investors to assess the financial position and the entity performance if it refers to the prevailing values. This study examines the association of applying fair value to investment properties and fixed assets with firm value. This research method employs a quantitative approach. In addition, this study examines the role of corporate governance in the relationship between the application of the fair value of investment properties and fixed assets with firm value. The research data sources from the financial statements of property and real estate sub-sector companies listed on the Indonesia Stock Exchange (IDX) are from www.idx.co.id. Moreover, stock price information is sourced from www.finance.yahoo.com from 2016 to 2019. Based on purposive sampling, the total sample of this study amounted to 52 observations. This study indicates that the implementation of fair value to investment properties is positively associated with firm value, while the application of fair value to fixed assets is negatively associated with firm value. Meanwhile, corporate governance cannot moderate the positive effect of implementing the fair value of investment properties and fixed assets with firm value. This research indicates that the Financial Services Authority needs to improve its corporate governance policies and monitor the implementation of corporate governance applied to companies listed on the IDX.

Downloads

Download data is not yet available.

Plum-X Analityc

References

Apriliyanti, V., Hermi, H., & Herawaty, V. (2019). Pengaruh kebijakan hutang, kebijakan dividen, profitabilitas, pertumbuhan penjualan dan kesempatan investasi terhadap nilai perusahaan dengan ukuran perusahaan sebagai variabel moderasi. Jurnal Magister Akuntansi Trisakti, 6(2), 201. https://doi.org/10.25105/jmat.v6i2.5558

Arham, A., & Firmansyah, A. (2021). Kebijakan pajak selama pandemi covid-19 di kawasan Asia Tenggara. Jurnal Pajak Dan Keuangan Negara, 3(1), 1–9. https://doi.org/10.31092/jpkn.v3i1.1258

Bahrun, M. F., Tifah, T., & Firmansyah, A. (2020). Pengaruh keputusan pendanaan, keputusan investasi, kebijakan dividen, dan arus kas bebas terhadap nilai perusahaan. Jurnal Ilmiah Akuntansi Kesatuan, 8(3), 263–276. https://doi.org/10.37641/jiakes.v8i3.358

Buchanan, B., Cao, C. X., & Chen, C. (2018). Corporate social responsibility, firm value, and influential institutional ownership. Journal of Corporate Finance, 52, 73–95. https://doi.org/10.1016/j.jcorpfin.2018.07.004

Budiyono, B., & Wulansari, F. A. (2018). Good corporate governance management on corporate values (empirical study on chemical companies listed on the Indonesia Stock Exchange Period 2013-2015). International Journal of Economics, Business and Accounting Research, 2(1), 46–56. http://jurnal.stie-aas.ac.id/index.php/IJEBAR/article/view/301

Cheryta, A. M., Moeljadi, M., & Indrawati, N. K. (2018). Leverage, asymmetric information, firm value, and cash holdings in Indonesia. Jurnal Keuangan Dan Perbankan, 22(1), 83–93. https://doi.org/10.26905/jkdp.v22i1.1334

Christanti, N., & Mahastanti, L. A. (2011). Faktor-faktor yang dipertimbangkan investor dalam melakukan investasi. Jurnal Manajemen Teori Dan Terapan, 4(3), 37–51.

Christiani, L., & Herawaty, V. (2019). Pengaruh kepemilikan manajerial, komite audit, leverage, profitabilitas, dan ukuran perusahaan terhadap nilai perusahaan dengan manajemen laba sebagai variabel moderasi. Seminar Nasional Cendekiawan, 5(2), 2.35.1-1.35.7. https://doi.org/10.25105/semnas.v0i0.5824

Fajriana, N., & Aviyanti, R. D. (2019). Akuntansi nilai wajar: perdebatan yang tidak berujung. Assets: Jurnal Akuntansi Dan Pendidikan, 8(1), 10–20. https://doi.org/10.25273/jap.v8i1.3486

Fatimah, F., Mardani, R. M., & Wahono, B. (2019). Pengaruh good corporate governance terhadap nilai perusahaan dengan kinerja keuangan sebagai variabel intervening (studi kasus pada perusahaan manufaktur subsektor barang). E-Jurnal Riset Manajemen Prodi Manajemen, 8(15), 51–69. http://riset.unisma.ac.id/index.php/jrm/article/view/4449

Fatmasari, F., Sulistyo, S., & Mustikowati, R. I. (2016). Penggunaan informasi keuangan untuk memprediksi keuntungan investasi bagi investor di pasar modal (studi kasus pada perusahaan manufaktur barang konsumsi sub sektor makanan dan minuman di BEI Periode 2011-2012). Jurnal Riset Mahasiswa Akuntansi, 4(1), 1–20. https://ejournal.unikama.ac.id/index.php/jrma/article/view/1214

Firmansyah, A., Andriani, A. F., & Mahrus, M. L. (2021). Biaya modal perusahaan di Indonesia?: tanggung jawab sosial dan tata kelola perusahaan. Jurnal Ekonomi, 26(3), 361–378. https://doi.org/10.24912/je.v26i3.796

Firmansyah, A., Febrian, W., Jadi, P. H., Husna, M. K., & Putri, M. A. (2021). Respon investor atas tanggung jawab sosial tata kelola perusahaan di Indonesia: perspektif resource based view. E-Jurnal Akuntansi, 31(8), 1918–1935. https://doi.org/10.24843/EJA.2021.v31.i08.p04

Firmansyah, A., Husna, M. C., & Putri, M. A. (2021). Corporate social responsibility disclosure, corporate governance disclosures, and firm value in Indonesia chemical, plastic, and packaging sub-sector companies. Accounting Analysis Journal, 10(1), 9–17. https://doi.org/10.15294/aaj.v10i1.42102

Firmansyah, A., Jadi, P. H., Febrian, W., & Fasita, E. (2021). Respon pasar atas pengungkapan emisi karbon di Indonesia: bagaimana peran tata kelola perusahaan? Jurnal Magister …, 8(2), 151–170. https://trijurnal.lemlit.trisakti.ac.id/jmat/article/view/9789

Firmansyah, A., & Purnama, E. B. D. (2020). Do derivatives instruments ownership decrease firm value in Indonesia? Riset Akuntansi Dan Keuangan Indonesia, 5(1), 1–9. https://doi.org/10.23917/reaksi.v5i1.9817

Firmansyah, A., Setiawan, T. A., & Fathurahman, F. (2020). Nilai perusahaan: kebijakan utang, good corporate governance, cash holding. Jurnal Akuntansi Dan Bisnis, 20(2), 237. https://doi.org/10.20961/jab.v20i2.568

Gaol, G. A. L., Firmansyah, A., & Irawati, A. D. (2021). Intellectual capital, corporate social responsibility, and firm value in Indonesia’s banking industries. Jurnal Riset Akuntansi Terpadu, 14(1), 76–87. https://doi.org/110.35448/jrat.v14i1.10229

Haryono, U., & Paminto, A. (2015). Corporate governance and firm value?: the mediating effect of financial performance and firm risk. European Journal of Business and Management, 7(35), 18–24. https://www.iiste.org/Journals/index.php/EJBM/article/view/27492

Huang, P., Lu, Y., & Wee, M. (2020). Corporate governance analysts and firm value: Australian evidence. Pacific Basin Finance Journal, 63, 101430. https://doi.org/10.1016/j.pacfin.2020.101430

Ikatan Akuntan Indonesia. (2015a). PSAK 16 Aset Tetap. In Standar Akuntansi Keuangan. Ikatan Akuntan Indonesia.

Ikatan Akuntan Indonesia. (2015b). PSAK 68 Pengukuran Nilai Wajar. In Standar Akuntansi Keuangan. Ikatan Akuntan Indonesia.

Ikatan Akuntan Indonesia. (2017). PSAK 13 Properti Investasi. In Standar Akuntansi Keuangan. Ikatan Akuntan Indonesia.

Jamil, H. H., & Utami, E. D. (2016). Analisis investasi saham subsektor properti dan real estate di Indonesia. Jurnal CICES, 2(1), 32–41. https://doi.org/10.33050/cices.v2i1.195

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

Josephine, K., Trisnawati, E., & Setijaningsih, H. T. (2019). Pengaruh modal intelektual dan tata kelola perusahaan terhadap nilai perusahaan melalui kinerja keuangan (studi empiris pada perusahaan LQ45 di Bursa Efek Indonesia Periode 2015-2017). Jurnal Muara Ilmu Ekonomi Dan Bisnis, 3(1), 59–70. https://doi.org/10.24912/jmieb.v3i1.2474

Juwita, R., & Angela, A. (2016). Pengaruh intellectual capital terhadap nilai perusahaan pada perusahaan indeks kompas 100 di bursa efek Indonesia. Jurnal Akuntansi, 8(1), 1–15. https://www.neliti.com/publications/75605/pengaruh-intellectual-capital-terhadap-nilai-perusahaan-pada-perusahaan-indeks-k

Juwono, T. C., & Feliana, Y. K. (2016). Relevansi informasi nilai wajar aset tetap dan properti investasi (studi empiris pada badan usaha yang terdaftar di BEI periode 2008-2013). Calyptra?: Jurnal Ilmiah Mahasiswa Universitas Surabaya, 5(1), 1–20. https://journal.ubaya.ac.id/index.php/jimus/article/view/2492

Kayo, E. S. (2020). Beda real estate dengan property (fisik & kepemilikan). https://www.sahamok.net/beda-real-estate-dengan-property/

Khairudin, K., & Wandita, W. (2017). Analisis pengaruh rasio profitabilitas, debt to equity ratio (der) dan price to bookvalue (pbv) terhadap harga saham perusahaan pertambangan di Indonesia. Jurnal Akuntansi Dan Keuangan, 8(1), 68–84. https://doi.org/10.36448/jak.v8i1.826

Kieso, D. E., Weygandt, J. J., & Warfield, T. D. (2018). Intermediate accounting: IFRS Edition, 3rd Edition. John Wiley & Sons, Inc. https://www.google.co.id/books/edition/Intermediate_Accounting/VXH5twEACAAJ?hl=en

Languju, O., Mangantar, M., & Tasik, H. H. D. (2016). Pengaruh return on equity, ukuran perusahaan, price earning ratio dan struktur modal terhadap nilai perusahaan property and real estate terdaftar di Bursa Efek Indonesia. Jurnal Berkala Ilmiah Efisiensi, 16(2), 387–398. https://ejournal.unsrat.ac.id/index.php/jbie/article/view/12530

Mabruroh, V., Riswan, R., & Lestari, S. (2015). Pengaruh price earning ratio, leverage, dividend payout ratio, profitabilitas dan cash holdings terhadap nilai perusahaan pada perusahaan non-keuangan yang terdaftar dalam indeks LQ45. Monex: Journal of Accounting Research-Politeknik Harapan Bersama Tegal, 4(1), 82–90. https://doi.org/10.30591/monex.v4i1.263

Makarau, V. H. (2011). Penduduk, perumahan pemukiman perkotaan dan pendekatan kebijakan. Sabua: Jurnal Lingkungan Binaan Dan Arsitektur, 3(1), 53–57. https://ejournal.unsrat.ac.id/index.php/SABUA/article/view/239

Mandalika, A. (2016). Pengaruh struktur aktiva, struktur modal, dan pertumbuhan penjualan terhadap nilai perusahaan pada perusahaan publik yang terdaftar di bursa efek indonesia (studi pada sektor otomotif). Jurnal Berkala Ilmiah Efisiensi, 16(1), 207–218. https://ejournal.unsrat.ac.id/index.php/jbie/article/view/10629

Menicucci, E., & Paolucci, G. (2016). Fair value accounting and the financial crisis?: a literature-based analysis. Journal of Financial Reporting and Accounting, 14(1), 49–71. https://doi.org/10.1108/JFRA-05-2014-0049

Morris, R. D. (1987). Signalling, agency theory and accounting policy choice. Accounting and Business Research, 18(69), 47–56. https://doi.org/10.1080/00014788.1987.9729347

Mudjijah, S., Khalid, Z., & Astuti, D. A. S. (2019). Pengaruh kinerja keuangan dan struktur modal terhadap nilai perusahaan yang dimoderasi variabel ukuran perusahaan. Jurnal Akuntansi Dan Keuangan, 8(1), 41–56. https://journal.budiluhur.ac.id/index.php/akeu/article/view/839

Muhammad, G. I., & Aryani, Y. A. (2021). The impact of carbon disclosure on firm value with foreign ownership as a moderating variable. Jurnal Dinamika Akuntansi Dan Bisnis, 8(1), 1–14. https://doi.org/10.24815/jdab.v8i1.17011

Novari, P. M., & Lestari, P. V. (2016). Pengaruh ukuran perusahaan, leverage, dan profitabilitas terhadap nilai perusahaan pada sektor properti dan real estate. E-Jurnal Manajemen Unud, 5(9), 5671–5694. https://ojs.unud.ac.id/index.php/Manajemen/article/view/22690

Novianti, T., & Firmansyah, A. (2020). The effect of tax risk, hedging, income smoothing, and cash flows volatility on firm value. Test Engineering and Management, 83(April), 9675–9686. https://www.testmagzine.biz/index.php/testmagzine/article/view/5362

Pascayanti, Y., Rahman, A. F., Andayani, W., & Andayani, R. (2017). Relevansi nilai atas nilai wajar aset dan liabilitas dengan mekanisme good corporate governance sebagai variabel pemoderasi. Jurnal InFestasi, 13(1), 227–242. https://doi.org/10.21107/infestasi.v13i1.3045

Permatasari, M., Melyawati, M., Firmansyah, A., & Trisnawati, E. (2021). Peran konsentrasi kepemilikan?: respon investor, penghindaran pajak, manajemen laba. Studi Akuntansi Dan Keuangan Indonesia, 4(1), 17–29. https://doi.org/10.21632/saki.4.1.17-29

Putri, M. M., Firmansyah, A., & Labadia, D. (2020). Corporate social responsibility disclosure, good corporate governance, firm value: evidence from Indonesia’s food and beverage companies. The Accounting Journal of Binaniaga, 5(2), 113. https://doi.org/10.33062/ajb.v5i2.398

Putri, V. R., & Rachmawati, A. (2017). The effect of profitability, dividend policy, debt policy, and firm age on firm value in the non-bank financial industry. Jurnal Ilmu Manajemen & Ekonomika, 10(1), 14–21. https://doi.org/10.35384/jime.v10i1.59

Putri, Z. B., & Budiyanto, B. (2018). Pengaruh corporate social responsibility terhadap nilai perusahaan dengan kepemilikan manajerial sebagai variabel moderating. Jurnal Ilmu Dan Riset Manajemen, 7(3), 1–16. http://jurnalmahasiswa.stiesia.ac.id/index.php/jirm/article/view/1124

Rahardjo, B. T., & Murdani, R. (2016). Pengaruh kinerja keuangan dan pengungkapan corporate social responsibility terhadap nilai perusahaan (studi kasus pada perusahaan bumn yang terdaftar di BEI tahun 2010-2014). Jurnal Akuntansi Dan Bisnis, 3(1), 1–9. https://doi.org/10.35137/jabk.v3i01.54

Rahman, A. (2019). Pengaruh pertumbuhan perusahaan, risiko bisnis terhadap struktur modal dan nilai perusahaan pada industri perbankan di Bursa Efek Indonesia sebelum dan sesudah krisis global. Jurnal Ilmiah Manajemen & Akuntansi, 25(1), 114–129. http://triatmamulya.ejurnal.info/index.php/triatmamulya/article/view/129

Rjiba, H., Jahmane, A., & Abid, I. (2020). Corporate social responsibility and firm value: Guiding through economic policy uncertainty. Finance Research Letters, 35, 101553. https://doi.org/10.1016/j.frl.2020.101553

Ronald, S., Ng, S., & Daromes, F. E. (2019). Corporate social responsibility as economic mechanism for creating firm value. Indonesian Journal of Sustainability Accounting and Management, 3(1), 22. https://doi.org/10.28992/ijsam.v3i1.69

Salman, I., Firmansyah, A., & Widyaningrum, M. R. (2020). Peran leverage sebagai pemoderasi: revaluasi aset tetap, kebijakan dividen, nilai perusahaan. Jurnal Magister Akuntansi Trisakti, 7(2), 171. https://doi.org/10.25105/jmat.v7i2.7810

Scott, W. R. (2015). Financial accounting theory seventh edition. Prentice-Hall, Inc.

Sirojudin, G. A., & Nazaruddin, I. (2014). engaruh modal intelektual dan pengungkapannya terhadap nilai dan kinerja perusahaan. Journal of Accounting and Investment, 15(2), 77–89. https://journal.umy.ac.id/index.php/ai/article/view/1328

Song, C. J., & Thomas, W. B. (2010). Value relevance of FAS No. 157 fair value hierarchy information and the impact of corporate governance mechanism. The Accounting Review, 85(4), 1375–1410. https://doi.org/10.2308/accr.2010.85.4.1375

Suastini, N. M., Purbawangsa, I. B. A., & Rahyuda, H. (2016). Pengaruh kepemilikan manajerial dan pertumbuhan perusahaan terhadap nilai perusahaan pada perusahaan manufaktur di Bursa Efek Indonesia (struktur modal sebagai variabel moderasi). E-Jurnal Ekonomi Dan Bisnis Universitas Udayana, 5(1), 143–172. https://ojs.unud.ac.id/index.php/EEB/article/view/17817

Suranto, V. A. H. M., Nangoi, G. B., & Walandoum, S. K. (2017). Analisis pengaruh struktur modal dan kinerja keuangan terhadap nilai perusahaan pada perusahaan perbankan di Bursa Efek Indonesia. Jurnal EMBA: Jurnal Riset Ekonomi, Manajemen, Bisnis Dan Akuntansi, 5(2), 1031–1040. https://doi.org/10.35794/emba.v5i2.16059

Suwardika, I. N. A., & Mustanda, I. K. (2017). Pengaruh leverage, ukuran perusahaan, pertumbuhan perusahaan, dan profitabilitas terhadap nilai perusahaan pada perusahaan properti. E-Jurnal Manajemen Unud, 6(3), 1248–1277. https://ojs.unud.ac.id/index.php/Manajemen/article/view/27276

Toly, A. A., Claudya, C., Santoso, R., & Grace, F. (2019). AAnalisa pengaruh corporate governance, ownership structure, dan cash on hand terhadap nilai perusahaan. Jurnal Riset Keuangan Dan Akuntansi, 5(2), 31–51. https://doi.org/10.25134/jrka.v5i2.2006

Wijoyo, A. (2018). Faktor-faktor yang mempengaruhi nilai perusahaan pada perusahaan property dan real estate di Bursa Efek Indonesia. Jurnal Ekonomi, 23(1), 48–61. https://doi.org/10.24912/je.v23i1.333