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THE IMPACT OF IFRS ADOPTION ON VALUE RELEVANCE OF FINANCIAL REPORTING AND ASYMMETRY INFORMATION
The aim of this study is to investigate the effect of IFRS adoption on accounting quality, more specifically on value relevance and asymmetry information. This study uses the value relevance model of Chua’s et al. (2012) and motivated by the contradictory results on this issue. In addition, review paper by Elias (2012) to the two of three measurements of accounting quality employed by Chua et al. (2012). This study uses two measurements of accounting quality, namely value relevance and asymmetry information. This study uses 61 companies listed in the Indonesian Stock Exchange during six years of observations that consists of 3 years before and 3 years after period of adoption of IFRS. The financial data were analyzed using Eviews. The results show that: (1) there is an improvement of value relevance after adoption of IFRS (consistent with Chua’s et al (2012) study, except for “bad news” event), and (2) there is a decrease asymmetry information after adoption of IFRS (consistent with Healy et al., 1999, Daske et al., 2008, and Armstrong et al., 2010). Furthermore, these results adds practical point of view that financial information is more relevance after IFRS adoption and asymmetry information decreased between agent and principal implying a decrease in investor’s capital loss. Keyword: IFRS, fair value, full disclosure, value relevance, asymmetry information, and bid – ask spread. Penelitian ini bertujuan untuk meneliti pengaruh adopsi IFRS terhadap kualitas akuntansi khususnya relevansi nilai dan asimetri informasi. Penelitian ini menggunakan model relevansi nilai dari Chua et al. (2012) dan termotivasi oleh kontradiksi hasil penelitian terdahulu mengenai relevansi nilai dan asimetri informasi. Selain itu, penelitian ini juga termotivasi oleh kritik Elias (2012) terhadap 2 dari 3 ukuran kualitas akuntansi yang digunakan Chua et al., 2012. Penelitian ini menggunakan dua ukuran kualitas akuntansi, yaitu relevansi nilai dan asimetri informasi. Penelitian ini menggunakan 61 sampel perusahaan selama 6 tahun observasi, yang terdiri dari periode 3 tahun sebelum dan periode 3 tahun sesudah adopsi IFRS. Data keuangan selanjutnya dianalisis menggunakan Eviews. Hasil dari penelitian ini menunjukkan: (1) terjadi peningkatan relevansi nilai sesudah adopsi IFRS (konsisten dengan penelitian Chua et al., 2012), kecuali untuk peristiwa “bad news”, (2) terjadi penurunan asimetri informasi sesudah adopsi IFRS (konsisten dengan penelitian Healy et al., 1999, Daske et al., 2008, dan Armstrong, 2010). Hasil penelitian ini berimplikasi praktik bahwa informasi keuangan sesudah adopsi IFRS terbukti lebih relevan serta terjadi penurunan asimetri informasi antara agent dan principal yang berimplikasi terhadap penurunan kerugian dari investor itu sendiri. Kata kunci: IFRS, fair value, full disclosure, relevansi nilai, asimetri informasi, dan bid – ask spread.
Fkultas Ekonomi dan Bisnis, Universitas Lampung
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HF5601 Accounting