Tugas 12

The Decision Usefulness

Approach to Financial
Reporting
ADYUTA CANDAKARA F0316003
LAILATUL FITRI F0316054
ROHMAD ROMADHON F0316092
 Deskripsi Tugas

1 THE DECISION USEFULNESS APPROACH TO FINANCIAL REPORTING

Mahasiswa diminta:

• Menjelaskan pengertian “The Decision Usefulness Approach to Financial Reporting”;

• Menjelaskan peran akuntansi dan penelitian akuntansi dalam konteks “The Decision Usefulness Approach to Financial Reporting” tersebut dengan mengacu
Figure 1.1.

• Mendapatkan dan menjelaskan secara singkat sebuah artikel penelitian yang mendasarkan “The Decision Usefulness Approach to Financial Reporting”.
Lampirkan artikel tersebut.

EFFICIENT SECURITIES MARKETS

• Menjelaskan pengertian “Efficient Securities Markets” ;

• Menjelaskan implikasi “Efficient Securities Markets” terhadap pelaporan akuntansi serta perannya pada penelitian akuntansi.

• Menjelaskan bentuk pasar efisien (kuat/strong, setengah kuat/semi strong, atau lemah/weak) yang paling relevan dengan penelitian akuntansi.

• Dapatkan sebuah artikel yang menguji “Efficient Securities Markets” dan jelaskan secara singkat bagaimana cara mengujinya. Lampirkan artikel tersebut.

KOMENTAR

 Tulis komentar tentang materi pertemuan ini (Pengetahuan dan ketrampilan yang anda dapat dari mempelajari topik ini dalam rangka mendukung
kapabilitas melakukan penelitian, kendala yang anda hadapi dalam memahami materi topik ini, dll.).
 “ THE DECISION USEFULNESS
APPROACH TO FINANCIAL
REPORTING
PENGERTIAN
”
Pelaporan keuangan adalah komunikasi informasi keuangan yang berguna untuk membuat investasi, kredit, dan keputusan
bisnis lainnya (Chiappetta et al., 2009) The Decision Usefulness approach adalah pendekatan untuk mengambil sebuah
pengambilan keputusan yang bermanfaat.
Sehingga “The Decision Usefullness Approach to Financial Reporting” adalah Suatu pendekatan yang biasanya diadopsi untuk
memenuhi kebutuhan informasi para pengguna utama laporan keuangan entitas yakni investor dan kreditor.
 The Decision Usefulness Approach to
Financial Reporting

The
information
System

Decision
The Decision Single-person The rational, The Optimal
usefulness
Useful decision risk-averse investment
applied:
Approach theory investor decision
MD&A

Information
defined
Perintah

Menjelaskan peran akuntansi dan penelitian

akuntansi dalam konteks “The Decision
Usefulness Approach to Financial Reporting”
tersebut dengan mengacu Figure 1.1
 Information User Decision Accounting
Ideal Conditions Mediation
Asymmetry Problem Reaction

Adverse Decision
Rational
selection usefulness,
investment
(inside full
decision
information) disclosure
Current
value- Standard
based setting
accounting
Moral Motivate and Precise
hazard evaluate versus
(manager manager sensitive
effort) performance information
 Peran Akuntansi dan Penelitian Akuntansi dalam
Konteks “The Decision Usefulness Approach
to Financial Reporting”
Peran Akuntansi:
Sebagai akibat dari adanya user decision problem di sisi investor dan kreditor,
mereka menginginkan informasi yang bermanfaat dalam rangka mengambil
keputusan.
1. Membuat keputusan investasi lebih baik & mengoperasikan lebih baik atas
pasar modal
2. Mengontrol/ mengendalikan adverse selection dan mengendalikan moral
hazard

Informasi yang harus disediakan oleh manager adalah informasi yang memberikan
kebermanfaatan keputusan (decision usefulness) dan informasi tersebut disajikan
secara penuh (full disclosure). Informasi disajikan dalam laporan keuangan, hasil
dari proses akuntansi yang dijalankan oleh perusahaan.
 ABSTRACT
For more than four decades, the standard by which Mendapatkan Dan Menjelaskan
financial reporting policy making and related Secara Singkat Sebuah Artikel
academic research has been centred on decision Penelitian Yang Mendasarkan
usefulness of the report prepared and presented by the “The Decision Usefulness
reporting entities. There is the need to make a case Approach To Financial
for financial reporting to be decision useful to the
members of the general public, just as the general
Reporting”. Lampirkan Artikel
purpose financial reports are submitted to Tersebut.
adjustments for the information therein to be decision
useful to investors. This is the objective of the present
study. The population of the study consists of some staff
and students of UUM, in their capacity as members of
the general public. For the purpose of the study 100
questionnaires were distributed. Data were analysed
using descriptive statistics that include mean and
standard deviation, with the use of SPSS. Respondents
indicated that they would prepare to have financial
information that is skewed to their needs for DECISION USEFULNESS
performance evaluation of the reporting entities rather
than using financial information prepared to serve
APPROACH TO FINANCIAL
general purpose. Respondents further identified that the REPORTING: A CASE FOR
information provided by companies financial
statements does not meet their specific needs. Hence THE GENERAL PUBLIC
financial information of reporting entities should be
adjusted towards satisfying the information needs of the
general public, just as it is being adjusted to satisfy the
specific needs of investors and creditors. Keywords:
Financial Reporting, Decision Usefulness, policy making,
Generalpublic
1.0 INRODUCTION

For more than four decades, the standard by which financial reporting policy making and
related academic research has been centred on decision usefulness of the report
prepared and presented by the reporting entity. For example, when selecting among data
and alternative ways to present the chosen data, policy makers select reporting method,
which produces information needed by users to enable them make effective economic,
social and political decisions. Despite this, history of financial reporting revealed that
market participants, using financial reports, seem to have made and rather hide bad
decisions in relation to the current happenings. The debate and power about the framework
of financial reporting remained unabated (Williams, 2009).
 Nevertheless, the adoption of decision usefulness framework for the general public has no
global support. A general purpose financial reporting model predicated on “decision
usefulness” is essentially a market based model, which assumes that the making of rational
decisions facilitated by the availability of appropriate information will result in efficient
allocation of resources (Coy, Fischer & Gordon, 2001). The concern voice was whether or not a
financial reporting model based on reporting profit could adequately explain the
performance of public sector entities as well as discharging the entity’s accountability
obligations. However, the overriding quality that makes information useful lays in its
contributions to more accurate forecasting of future economic conditions. Anthony (1978)
argued that for financial reporting information to be useful, every user group must be briefed.
He identifies six groups of user: Investors, Creditors Governing bodies, Resources providers,
Constituents and Oversight bodies. Information is communicated by means of annual report
and of it domain of financial accounting. Furthermore, in a broader sense, the
International Accounting Standard Board framework stated that financial statements
provide useful information to a wide range of users.
 Investors or owners is also refers to as primary users of financial information. Investors are
concerned with the risk and return to their investments, and assess the overall effectiveness and
efficiency of the managers in running the entity’s affairs. Employees and their
representative groups (e.g. trade unions) need information about the stability and
profitability of the business. Lenders banks and other financial institutions who lend money to
the entity require information in order to assess its ability to meets its financial obligations as at
when due, to pay interest and to repay the amount borrowed. Suppliers and creditors
require information that enables them to determine whether amounts owed to them will be
paid when due. Creditors need information that helps them to understand and assess theshort
term liquidity of a business. Customers and trade debtors have an interest in information
about the ability of the business to prosper and survive. Government and their agencies require
information in order to regulate the activities on entities to assess whether they comply with the
pricing policies, how much tax they should pay and whether financial support is needed. They
also need information in order to determine taxation policies and national income and
statistics.
 A Statement of Basic Accounting Theory (ASOBAT, 1966, p.1) defines accounting as: “the
process of identifying, measuring, and communicating economic information to permit
informed judgments and decisions by users of the information." The concept of economics
referred to in the preceding sentence holds that economics is concerned with any situation in
which a choice must be made involving scarce resources. The term "measurement" includes
the choice of an accounting method, as last in first out (LIFO) or first in first out (FIFO) to
measure inventory or deferral of federal income taxes to measure income”. General purpose
financial reporting provides a mechanism to enable management and governing bodies
accountable to those who provide resources to the entity for planning and controlling the
operations of the entity. In a broader sense, because of the influence reporting entities exert
on members of the community at both the microeconomic and macroeconomic levels,
they are accountable to the public at large. General purpose financial reporting provides a
means by which this responsibility can be discharged (SAC 2). According to the International
Public Sector Accounting Standard Board (IPSASB, 2008) General purpose financial
information is defined as follows:
 “General purpose financial report (GPFR) is a financial report that is required by the
government or accounting professional groups to be prepared by every firm. The aim
of this is to give general information about the firm, and it could give some information for
the user to make decision, as there are many different info-based users who depend on
the GPFR, which definitely could not give the comprehensive information to help those
people to make decisions. But the objective is to make it a little useful to every potential
user, that's why it's called general purpose financial report”.
 Public interest is in financial stability in GPFR that provides useful information
necessary to make capital allocation decisions. In this sense the investors’ and
creditors’ interests are distinct from the public interest but achieved incidental to the
satisfaction of their interests. Sutton, Zijl and Cordery (n.d p.17) contended that “The
public are effectively free-riders on a system that serves, and aims to serve investors”. He
further urged that based on the research literature conducted by (Wilton & Tab, 1978; Lee
& Tweedie, 1980; Epstein &Pava, 1993; Anderson & Epstein, 1996; Bartlett & Chandler,
1997) significant number of investors do not directly use GPFR and thus, similarly free
ride on the effect of GPFR regulations. In view of this, it is very important to understand
the statement prepared to satisfy the needs of all users of financial statement as against
satisfying the needs of only a particular group such as the creditors, investors,
regulatory bodies or management, based on Generally Accepted Accounting
Principles (GAAP).
 What motivates the current study was lack of sufficient empirical evidence on decision
usefulness of financial report to members of the general public. The facts are that previous
empirical literatures focused on the decision usefulness of financial report to some specific
interest group, mainly the investors and creditors. Therefore, current study aim to
investigate various decision usefulness of financial report issues as they relate to
members of the general public as well as the financial information needs of the general
public. Hence, to achieve this aim, the study is designed to attain the following
objectives: 1) To find out the uses of the general purpose financial report to the
general public. 2) To find out the information needs of members of the general public. 3)
To find out whether or not the information provided by GPFR influence the general public
decision making on the reporting entity.
 2.0 LITERATURE REVIEW

2.1 Theoretical Framework The provision of useful information necessary for decision making is presently
recognised as the purpose of accounting information. The decision usefulness is an approach to the
preparation of financial reporting information that study the theory of investors decision making in order
to understand the nature and types of information needed by the investors. Financial statement plays an
important role to various users, which mainly consist of the creditors, investors, employees, customers,
government and their agencies, as well as the public, in making vital financial decisions. For accounting
information to be useful to this group of users, the financial information chosen has to fulfil the qualitative
features of relevance and reliability, while subsequent presentation should be both understandable and
comparable (Henderson et al., 2006). Decision theory is interdisciplinary approaches which determine how
decisions are made given an unknown and uncertain decision environment. Single person decision theory
takes the viewpoint on how a rational individual makes an optimal decision in the presence of
 an uncertainty. It enables us to understand the concept of information, which
makes it possible for decision makers to update their subjective beliefs on future payoffs
from their action (decision). Stinchcombe (2000) contended that single person decision
theory has three parts thus, producer theory, consumer theory and choice under
uncertainty. Single person decision theory set out a formal procedure whereby individual
can make the best decision by selecting from a set of alternatives. This procedure
requires the identification of a set of states of nature and the subjective assessment of
these states. Therefore, an optimal decision is the one that actually maximizes the
decision maker based on the possibilities of the states of nature. This theory is
supported by Laffant (1989) and Scott (2009).
 Rational decision theory model in financial reporting helps in investment decision to investors. It helps to
predict future investment returns and the good or bad news they contain will persist into the future. If
current earnings and liquidity are high, it could be predicted that future performance would be high,
thereby resulting to high payoff on investment. The reverse would be the case with low current
earnings and liquidity. Similarly, Setyorini and Ishak (2012) stated that positive accounting research played
a vital role in the concept of risk. That is, companies that disclose less or poor quality information
relative to other companies of the same size and risk characteristics are consider by lenders as secretive
and less helpful in providing useful information for decision purposes and hence considered more risky.
However, Hibbit 2003 argued that the higher the level of disclosure the lower the cost of capital.
Therefore, financial statements can still be useful to investors even though they do not report directly on
future cash flows by means of present value-based calculations (Scott, 2009). However, muddling
through is another approach to decision making. It involves little changes (increments) in the existing
situation. Lindblom (1993) differentiated between completely rational decision making and
incrementalizing, which is based on successive limited comparisons. On the one hand, rational
approach to decision making involves determining objective, and considering all necessary
solutions, exploring all conceivable effects of the alternative solutions. Finally, the theory advocates
that selecting the best alternative will maximize goal achievement (Lunenburg, 2010).
 2.2 Conceptual Framework The International Accounting Standard Board (IASB, 2008)
highlighted the importance of financial reporting stating that “the purpose of financial
statements is to provide information about the financial position, performance and changes in
financial position of anentity that is useful to a wide range of users in making economic
decisions.” In a related study, the Canadian Institute of Chartered Accountants (CICA,
1992) remarked that the purpose of financial statement is to identify and communicate
useful information to the investors, contributors, members, creditors and other users in
making their respective resource allocation decisions. IASB (2007) recognises that providers of
funds and financial supporters may use the information to determine whether to maintain or
commence supporting an organization. However, other users such as the taxpayers and
general public do not have the same ability to make direct economic decisions. Furthermore, by
voting at election they may have an indirect influence over the level of resources contributed
to the organizations. It further identified assessing stewardship, effective and efficient
utilization of funds and other resources.
 However, IPSASB (2008, P.8) stated that information provided in financial reporting of an
entity is useful to users of GPFRs for two different uses; accountability purposes and
decision making purposes. But, the problem lies on the need of these users. Accountability
is related with the past or specifically, with the control of managerial actions taken in the
past whilst decision usefulness is related with the future, that is, with usefulness of
information in forecasting relevant outcomes of certain phenomena. There is conflicting
interest between these two perspectives. It is not practicable to produce financial
statement of an entity without giving priority to one perspective or the other. It
should be clearly said which perspective is used in preparing these general purpose
financial statements and which perspective is then accounted for by supplying
additional information. Basically using the term general purpose is concealing the
problem and is therefore somewhat misleading.
 2.3 Review of Empirical Studies American Institute of Certified Public Accountant (AICPA,
1973) suggested that the objective for non-profit making organization is to provide useful
information for evaluating the effectiveness of management of the organization.
Henderson et al. (2006) emphasis that for accounting information to be useful to it user(s),
the financial information selected has to fulfil the qualitative features of relevance and
reliability, while subsequent presentation should be both understandable and
comparable. Staubus (2004) stated that decision usefulness starts with an inquiry
regarding the objectives of financial reporting which eventually leads to the usefulness of
the reports in decisions making of the investors, thus, focusing on wealth held by financial
markets participants. . However, Lennard (2007) stated that an exclusive focus on decision
usefulness objectives resulted in more emphasis on the forecasting of future
 cash flow and less emphasis on reliability, which is an essential qualitative feature
of financial statement. To ensure the usefulness of accounting information general public,
it should have the qualitative features of relevance and reliability (or freedom from
error) under the general constraint of sufficiency. For relevance they are; predictive
values, confirmatory value, understand ability, timeliness and comparability. Similarly
for reliability the enhancing qualitative features are; supportability and verifiability. The
two fundamental features are not absolute but show in degree. Hence the general
constraint of sufficiency must be introduced. It consist of the need to achieve a balance
between the ideal need of completeness and the following moderating factors of
materiality, neutrality and cost benefit reasonableness IASB, (2008, P.38-41). Information is
decision usefulness if it assists the general public in making an investment decision
 “The usefulness of accounting information is made up of many factors which,
according to Ijiri and Jaedicke (1966), Buys (2008) and Dzinkowski (2010), as cited in
Dandago and Hassan (2013) include the timeliness, reliability, relevancy and materiality
of the presented accounting data. Financial statements are to provide information for
decision making purposes and to show the results of stewardship of the management”.
Ryan and Mack (2006) found that the GPFR are used to satisfy financial
accountability and public accountability rather than decision making. Indicative users
having an accountability focus rather than decision usefulness focus, they further argued
that it is important that policy makers to re-examine the financial statement provided to
the users as it has the capacity to affect the information of the report due to its flexibility.
This view was supported by Williams (2009), stating that the current concept of
decision usefulness is inconsistent because scholars and policy makers fails to dealt with
deeply-flawed ontological inherent in its definition and justification.
 Funnell (2003) contended that the adoption of private sector decision useful reporting
model is unreliable with the discharge of public accountability and transparency. In a
related study Karan (2003) stated that the introduction of private sector accountability
standards into the public sector has resulted in decrease in public accountability.
According to Loftus and Purcell (2006) a research conducted on global reporting initiative
to public sector found that there is an evident gap and need to develop a more
comprehensive level of stakeholders disclosure to assist in decision making by the users.
3.0 METHODOLOGY

This section explained the population, sampling and instrument used to obtain
data. The data are used to answer the research questions stated in section one of
the paper. Staff and student in the Universiti Utara Malaysia (UUM) were used as
respondents to this study. In the words of Scott (1992, p.4) “population is the set of
all individual or object under study”. Population can also be the theoretically
specified aggregation of study elements. The population of this study consist of
staff and students of UUM. For the purpose of the study, 100 questionnaires were
distributed. Data were analysed using descriptive statistics that include mean
and standard deviation, with the use of SPSS.
4.0 RESULTS AND DISCUSSION

This section explained the findings of the study. All findings were based on the
questionnaires administered to the respondents. The data were analysed using SPSS. About 100
copies of the questionnaires were distributed to the respondents, but only 77 copies were
completed and returned.

As can be see, the result of factor analysis showed that the variable is to be measured with
seven items. Due to factor analysis, one measure had to be deleted hence leaving the variable
with six items from its original items. The result reveals that all the items recorded an Eigen value
of above 1.
 4.1 Factor analysis
 The summary of the table above presented the mean and standard deviations of the variables
that are considered in this study. It revealed that all the six variables were well presented.
Based on this result, it showed that Q1 had (M = 4.3506, SD = .66424) Q3 (M = 4.3506, SD =
.68376), Q4 (M = 3.8701, SD = .71360) Q5 (M = 3.8701, SD = .61453) Q6 (M = 3.5844, SD = .81678)
and Q7 (M = 3.7013, SD = .65020). The result showed that Q4 and Q5 are having the highest
response while Q1 and Q3 are having the lower response. Findings shown that Q4 have the
highest mean of 3.8701 and SD = .71360 as shown in table 4.3 indicating that most of the
respondents agreed that financial information of an entity has relevance in decision making
needs of the user(s). Q5 have a high mean of M 3.8701 and SD .61453, it indicated that
financial information users are interested in performance information rather than general
purpose financial information. While Q1 having the lower response of M 4.3506 and SD .66424
indicated that financial reporting does not provide information needs of the general public. Q3
M 4.3506 and SD .68376 also indicated that decision usefulness is not the purpose of accounting
information.
 5.0 CONCLUSIONS AND RECOMMENDATIONS The study reports findings on decision usefulness
of financial reporting of companies to the general public. The result from the survey indicates
that financial reports are used by variety of users, including investors, creditors, government,
employees and other groups of users who make use of this financial accounting information for
various decisions making. To make the financial reports more useful to each group of users, the
report is to be adjusted to suit the specific needs of that user group. Reporting entities
carry their existing and prospective investors along by providing them with decision useful
financial report, apart from the general purpose financial report. Respondents, as members of
the general public, indicate that they use financial information for performance evaluation
of an entity (especially the CSR projects execution information) rather than for general
assessment of the quality of the report. For this reason, it become necessary for reporting
entities to be mindful of the information needs of the general public so as to carry them along
in the course of achieving their set objectives of maximizing patronage from prospective
investors and customers, who are all drawn from the general public. Hence the following
recommendations are made:
 1. Financial reporting should be designed in such a way that assists the general public in
assessing the level of services (corporate social responsibility) provided by the
reporting entities.
 2. Financial reporting should provide information to general public to assist in
evaluating the operating result of the reporting entities.
 3. Financial reporting should provide relevant, reliable and timely information to the
general public to aid their decision making on the profitability, liquidity and CSR
performance of the reporting entities.
 4. Financial report should be designed and presented in a format and language that is
easily understood by the general public. This suggest that for a general purpose financial
reports to be meaningful to the general public, they are too be translated and translated
into the language of the general public.
 PENJELASAN ARTIKEL SECARA SINGKAT

Selama lebih dari empat dekade, standar di mana pembuatan kebijakan pelaporan keuangan dan
penelitian akademik terkait telah dipusatkan pada kegunaan keputusan dari laporan yang disiapkan dan
disajikan oleh entitas pelaporan. Ada kebutuhan untuk membuat suatu kasus agar pelaporan keuangan
menjadi keputusan yang bermanfaat bagi anggota masyarakat umum, seperti halnya laporan keuangan
tujuan umum disampaikan kepada penyesuaian untuk informasi yang ada di dalamnya untuk menjadi
keputusan yang bermanfaat bagi investor. Ini adalah tujuan dari penelitian ini.
Populasi penelitian terdiri dari beberapa staf dan mahasiswa UUM, dalam kapasitas mereka sebagai
anggota masyarakat umum. Untuk tujuan penelitian, 100 kuesioner dibagikan. Data dianalisis menggunakan
statistik deskriptif yang mencakup mean dan standar deviasi, dengan menggunakan SPSS. Responden
mengindikasikan bahwa mereka akan bersiap untuk memiliki informasi keuangan yang condong ke
kebutuhan mereka untuk evaluasi kinerja entitas pelapor daripada menggunakan informasi keuangan yang
disiapkan untuk melayani tujuan umum. Responden selanjutnya mengidentifikasi bahwa informasi yang
diberikan oleh laporan keuangan perusahaan tidak memenuhi kebutuhan spesifik mereka. Oleh karena itu,
informasi keuangan entitas pelapor harus disesuaikan untuk memenuhi kebutuhan informasi masyarakat
umum, seperti halnya disesuaikan untuk memenuhi kebutuhan spesifik investor dan kreditor.
EFFICIENT SECURITIES MARKETS
 Pengertian Efficient Securities Markets

• Efficient securities market adalah sebuah pasar modal dimana harga sekuritas yang diperdagangkan dalam
pasar tersebut, sepanjang waktu merefleksikan semua informasi yang tersedia.
• Pasar modal efisien dapat terjadi jika:
• Pertama, Harga sekuritas efisien relatif terhadap informasi yang dipubikasi atau diketahui publik definisi ini
tidak mengatur tentang inside information atau informasi yang tidak dipublikasi. Artinya bahwa jika terdapat
insider yang memiliki pengetahuan lebih banyak dari market, jika mereka ingini memanfaatkan kondisi
tersebut, mereka bisa saja menerima return diatas return normal (excess return) disaat yang sama mungkin
pihak eksternal yang tidak memiliki keunggulan informasi mungkin saja dirugikan.
• Kedua, efisiensi pasar adalah konsep yang relatif. Definisi ini tidak menjelaskan bahwa semua harga-harga
saham dipasar selalu sesuai dengan underlying value, akan selalu ada harga saham yang overstated dan
understated.
• Ketiga, aktifitas investasi adalah sebuah “fair game” jika pasar efisien. Konsep fair game mengandung arti
bahwa investor tidak akan memperoleh excess return terhadap sebuah sekuritas atau portfolio sekuritas
diatas ekspektasi return normal atas sebuah investasi atau portfolio investasi.
• Keempat, pada tingkat efisiensi tertentu, harga sekuritas akan selalu berfluktuasi secara random sepanjang
waktu. Informasi baru bersifat tidak terprediksi. Karena itu, perubahan harga dari waktu ke waktu terjadi
secara independen satu dengan lainnya.
 Menjelaskan implikasi “Efficient Securities Markets”
terhadap pelaporan akuntansi serta perannya pada
penelitian akuntansi.

Menurut teori efficient market, accounting sebagai komoditas informasi dipandang berkompetisi
dengan sumber informasi yang lain seperti media masa maupun financial analist. Sebagai vehicle
untuk memberikan informasi kepada investor, accounting hanya akan survive jika memiliki kualitas
relevance, reliable, timely, dan cost effective yang lebih baik dari source of information lainnya. Teori
ini juga memberi peringatan dini (alerts) terhadap gejala information asymetry yang dianggap
sebagai alasan utama dari keberadaan akuntansi.
Mengapa information asymetry dianggap sebagai alasan utama dari keberadaan akuntansi?
Ketika sejumlah market partisipan dalam hal ini insider trading mengetahui lebih banyak informasi
dibandingkan pihak yang lain, muncul presure untuk mencari mekanisme dimana pihak yang
megetahui lebih banyak informasi (insider) dapat secara kredibel mengkomunikasikan informasi
yang mereke miliki kepada pihak lain sehingga pihak yang kurang memiliki informasi ini dapat
melindungi diri mereka dari kemungkinan kerugian akibat pihak insider memanfaatkan keunggulan
informasi yang dimilikinya untuk mencari keuntungan sepihak. Akuntansi dipandang sebagai
mekanisme untuk memungkinkan komunikasi dari insider ke pihak eksternal.
Menjelaskan bentuk pasar efisien (kuat/strong, setengah
kuat/semi strong, atau lemah/weak) yang paling relevan
dengan penelitian akuntansi.
Efisiensi pasar bentuk
lemah (weak form)
Pasar dikatakan efisien dalam
bentuk yang lemah adalah
apabila harga-harga dari saham
atau sekuritas mencerminkan
secara penuh (fully
reflect) informasi masa lalu.
Bentuk efisiensi pasar secara
lemah ini sangat berkaitan
dengan teori langkah
acak (random walk theory) yang
menyatakan bahwa data masa
lalu tidak dapat dihubungkan
dengan nilai yang sekarang.
Dengan begini nilai-nilai di masa
lalu tidak dapat digunakan untuk
memprediksi harga sekarang.
Efisiensi pasar bentuk setengah
kuat (semistrong form)
Pasar dapat dikatakan efisien
setengah kuat jika harga-harga
sekuritas saham secara penuh
mencerminkan semua informasi
yang dipublikasikan (all publicly
available information) termasuk
informasi yang berada di laporan-
laporan keuangan.
Efisiensi pasar bentuk
kuat (strong form)
Pasar dapat dikatakan efisien
dalam bentuk yang kuat apabila
harga-harga sekuritas saham
secara penuh mencerminkan
seluruh informasi yang tersedia
termasuk informasi yang sangat
rahasia sekalipun. Jika pasar
efisien dalam bentuk ini memang
ada, maka individual investor
atau grup dari investor yang
mendapatkan keuntungan yang
tidak normal (abnormal return).
 Dapatkan sebuah artikel yang menguji “Efficient
Securities Markets” dan jelaskan secara singkat
bagaimana cara mengujinya. Lampirkan artikel tersebut.

 ANALISIS REAKSI PASAR MODAL TERHADAP KENAIKAN HARGA BBM (Studi Kasus: di Bursa Efek
Jakarta untuk Saham-Saham LQ 45) PROGRAM STUDI MAGISTER MANAJEMEN PROGRAM PASCA
SARJANA UNIVERSITAS DIPONEGORO SEMARANG 2006
 Selama tahun 2005 harga minyak dunia mengalami kenaikan dari kisaran 40 dolar AS per barel
hingga kisaran 60 dolar AS per barel. Mengingat minyak berfungsi sebagai bahan bakar dan
bahan proses produksi bagi industri, maka kenaikan harga minyak menyebabkan beban biaya
produksi bagi industri sehingga akan melemahkan aspek fundamental perusahaan.
Dampaknya harga saham perusahaan akan cenderung mengalami penurunan. Dalam
penelitian ini peristiwa kenaikan BBM terjadi dua kali yaitu 1 Maret 2005 dan 1 Oktober 2005 dan
diduga mempengaruhi terciptanya pergerakan harga saham dan volume perdagangan di
BEJ.
 Penelitian ini menggunakan metode analisis event study yang banyak dipakai dalam penelitian-
penelitian event study, antara lain oleh Suryawijaya dan Setiawan (1998), Affandi, et al (1998), dan
Paultje (2001). Langkah pertama yang dilakukan adalah menentukan periode penelitian. Periode
penelitian yang digunakan adalah 70 hari bursa yang terdiri dari periode estimasi (estimation period)
dan periode peristiwa (event period). Periode estimasi yang digunakan dalam penelitian ini adalah
selama 60 hari, yaitu t-65 hingga t-6 sebelum event day tanggal 1 Maret 2005 (kenaikan harga BBM 1)
dan 1 Oktober 2005 (kenaikan harga BBM 2).
 Hasil penelitian pada kenaikan harga BBM tanggal 1 Maret 2005 dan 1 Oktober 2005 menyebabkan
adanya fluktuasi harga saham di Bursa Efek Jakarta. Reaksi pasar modal terhadap adanya kenaikan
harga BBM memang bisa diduga mengingat isu seputar kenaikan BBM sudah beredar sebelum
tanggal kenaikan. Harga saham bereaksi saat ada pengumuman tentang kenaikan harga BBM,
tetapi berdasarkan hasil penelitian menunjukkan perbedaan abnormal return dan total volume
perdagangan tidak signifikan pada sebelum dan sesudah pengumuman kenaikan harga BBM. Selain
itu tidak terdapat perbedaan rata-rata abnormal return yang signifikan kenaikan harga BBM 1 Maret
2005 dengan 1 Oktober 2005.
Manfaat pengerjaan tugas

 Mampu menjelaskan pengertian “The Decision Usefulness Approach to

Financial Reporting”;
 Mampu menjelaskan peran akuntansi dan penelitian akuntansi dalam
konteks “The Decision Usefulness Approach to Financial Reporting”
tersebut dengan mengacu Figure 1.1.
 Mampu menjelaskan pengertian “Efficient Securities Markets” ;
 Mampu menjelaskan implikasi “Efficient Securities Markets” terhadap
pelaporan akuntansi serta perannya pada penelitian akuntansi.
“
TERIMA KASIH
”