DAMPAK STRUKTUR KEPEMILIKAN TERHADAP KEINFORMASIAN LABA STUDI EMPIRIS PADA PERUSAHAAN MANUFAKTUR GO PUBLIK DI INDONESIA

Abstract

Penelitian ini bertujuan (1) menganalisis dampak kepemilikan manajer terhadap keinformasian laba, dan (2) menganalisis dampak kepemilikan institusi terhadap keinformasian laba. Penelitian ini akan menjawab dua pertanyaan penelitian (1) bagaimana dampak kepemilikan manajer terhadap keinformasian laba, dan (2) bagaimana dampak kepemilikan institusi terhadap keinformasian laba. Untuk menjawab dua pertanyaan penelitian tersebut dikembangkan dua hipotesis penelitian. Pengujian hipotesis didasarkan pada sampel 136 observasi dari 35 perusahaan manufaktur yang terdaftar di Bursa Efek Jakarta tahun buku 2000 sampai dengan 2004, dengan tehnik purposive sampling. Temuan penelitian ini sebagai berikut (1) semakin tinggi kepemilikan manajer semakin kuat keinformasian laba, (2) semakin tinggi kepemilikan institusi semakin kuat keinformasian laba, (3) persistensi laba tidak mempengaruhi keinformasian laba, (4) pertumbuhan laba tidak mempengaruhi keinformasian laba, (5) semakin tinggi leverage semakin lemah keinformasian laba, dan (6) semakin besar ukuran perusahaan semakin kuat keinformasian laba. Penelitian ini mempunyai beberapa keterbatasan (1) sampel hanya terbatas pada perusahaan manufaktur sehingga hasil penelitian ini tidak dapat digeneralisir untuk perusahaan non-manufaktur, (2) sulit untuk mendeteksi fluktuasi kepemilikan manajer secara konsisten setiap tahun, (3) tidak memenuhi asumsi regresi tentang multikolinearitms. Saran untuk penelitian berikutnya (1) penelitian berikutnya secara khusus dapat mengevalusi hasil penelitian ini dengan sampel perusahaan non¬manufaktur, (2) penggunaan deflator lain mungkin dapat meningkatkan kemampuan model, misalnya nilai pasar ekuitas, dan (3) penelitian berikutnya dapat melengkapi data dengan menggunakan metode survei untuk memperoleh sumber data primer. The aims of the research are as follows (1) to analyze the impact manager ownership on the informativeness of earnings and (2)to analyze the impact of institutional ownership on the informativeness of earnings. To answer two questions it is necessary to develop two hypotheses of the study. The hypothesis test are based on a sample of 136 observed of 35 manufacturing firm years registered at the Jakarta Stock Exchange during the years from 2000 to 2004 with technique of purposive sampling. Multiple linter regression analysis with interaction model is used to confirm the hypothesis. The result of the research are as follows (1) the manager ownership has a positive and statistically significant effect on the informativeness of earnings; (2) the institutional ownership has a positive and statistically significant effect on the informativeness of earnings; (3) earnings persistence has a negative and statistically insignificant on the informativeness of earnings; (4) earnings growth has a positive and statistically insignificant on the informativeness of earnings; (5) leverage has a negative and statistically significant on the informativeness of earnings; and (6) size has a positive and statistically significant on the informativeness of earnings. The limitations of this research are as follows (1) the sampel firms are limited to manufacture frims so that the conclusion may not be generalized for non-manufacturing firms (2) it had to predict the manajer ownership every years consistenly, (3) the model is unfullfil with multicollinearity assumption. Suggestion of the research are as follow (1) further research could specifically study non-manfacturing firms, (2) the used of other deflator may increase the power of the model, and (3) are the research a suggested to use survey model to get the primary data. Keywords: informativeness of earnings, manager ownership, institutional ownership.