Relevansi Nilai Revaluasi Aset Tetap Dengan Tingkat Utang Sebagai Variabel Moderasi (original) (raw)

Abstract

This study aims to analyze the value relevance of fixed asset revaluation and whether debt levels moderate value relevance of fixed asset revaluation. Signaling theory states that the company revalues its assets with the aim to provide credible signals about favorable future prospects; whereas debt contracting theory suggests that firms with high debt levels have opportunistic motives in doing the revaluation of fixed. This study uses 54 data of nonfinancial companies listed on the Indonesian Stock Exchange and have revalued its fixed assets in the period 2012-2015. The results shows that the revaluation of fixed asset has a value relevance, and leverage moderates this value relevance. Companies are trying to show the fair value of assets and an overview of the actual…

Loading...

Loading Preview

Sorry, preview is currently unavailable. You can download the paper by clicking the button above.

References (16)

  1. Aboody, D., Barth, M. E., & Kasznik, R. (1999). Revaluations of Fixed Assets and Future Firm Performance: Evidence from the UK. Journal of Accounting and Economics, 26(1-3), 149-178. https://doi.org/10.1016/S0165- 4101(98)00040-8
  2. Andison. (2015). Fixed Asset Revaluation : Market Reactions (No. 29). Simposium Nasional Akuntansi XVIII. Retrieved from lib.ibs.ac.id/materi/SNA XVIII/makalah/029.pdf
  3. Barth, M. E., & Clinch, G. (1998). Revalued Financial, Tangible, and Intangible Assets: Associations with Share Prices and Non-Market-Based Value Estimates. Journal of Accounting Research, 36(3), 199- 233. https://doi.org/10.2307/2491314
  4. Beaver, W. H. (1968). The Information Content of Annual Content The Information Announcements Earnings. Journal of Accounting Research, 6, 67-92.
  5. Brown, P., Izan, H. Y., & Loh, A. L. (1992). Fixed Asset Revaluations and Managerial Incentives. Abacus, 28(1), 36-57. https://doi.org/10.1111/j.1467- 6281.1992.tb00268.x
  6. Cahan, S. F., Courtenay, S. M., Gronewoller, P. L., & Upton, D. R. (2000). Discussion of Value Relevance of Mandated Comprehensive Income Disclosures. Journal of Business and Accounting, 27(9), 1303-1309.
  7. Choi, T. H., Pae, J., Park, S., & Song, Y. (2012). Asset Revaluations: Motives and Choice of Items to Revalue. Asia- Pacific Journal of Accounting & Economics, (March 2014), 1-28. https://doi.org/10.1080/16081625.201 2.719858
  8. Courtenay, S. M., & Cahan, S. F. (2004). The Impact of Debt on Market Reactions to the Revaluation of Noncurrent Assets. Pacific-Basin Finance Journal, 12, 219-243. https://doi.org/10.1016/S0927- 538X(03)00021-0
  9. Easton, P. D., Eddey, P. H., & Harris, T. S. (2011). An Investigation of Revaluations of Tangible Long-Lived Assets, 31(1993), 1-38.
  10. Ghozali, I. (2011). Aplikasi Analisis Multivariate dengan Program IBM SPSS 19 (5th ed.). Semarang: Universitas Diponegoro.
  11. Gu, Z. (2007). Across-sample Incomparability of R 2 s and Additional Evidence on Value Relevance Changes Over Time. Journal of Business Finance & Accounting, 34(7 & 8), 1073-1098. https://doi.org/10.1111/j.1468- 5957.2007.02044.x Horn, V., & Wachowicz. (2007). Prinsip- Prinsip Keuangan 2 (12th ed.). Retrieved from https://books.google.co.id/books?id= 6ILNYYk4- vkC&pg=PP3&dq=van+horne+dan+ wachowicz+2007&hl=ban&sa=X&re dir_esc=y#v=onepage&q=van horne dan wachowicz 2007&f=false IAI. (2011). Pernyataan Standar Akuntansi Keuangan 16. Retrieved September 20, 2016, from https://staff.blog.ui.ac.id/martani/files /2011/04/ED-PSAK-16.pdf IAIglobal. (2015). IAI Dukung Kebijakan Pemerintah Terkait Revaluasi.
  12. Keluarkan Paket Kebijakan Ekonomi Jilid 5. Retrieved September 20, 2016, from http://www.kemenkopmk.go.id/artike l/pemerintah-keluarkan-paket- kebijakan-ekonomi-jilid-5
  13. Maruli. (2014). Pengertian, Konsep Leverage Menurut Para Ahli. Retrieved March 1, 2017, from http://xerma.blogspot.co.id/2014/04/p engertian-konsep-leverage-menurut- ahli.html
  14. Missonier-Piera, F. (2007). Motives for Fixed-Asset Revaluation: An Empirical Analysis with Swiss Data. International Journal of Accounting, 42(2), 186-205. https://doi.org/10.1016/j.intacc.2007\. 04.006
  15. Sawir, A. (2004). Kebijakan Pendanaan dan Restrukturisasi Perusahaan. Retrieved September 23, 2016, from https://books.google.co.id/books?id= y-cTv8LG- oAC&pg=PR3&dq=sawir+2004+Keb ijakan+Pendanaan+dan+Restrukturisa si+Perusahaan.&hl=ban&sa=X&redir _esc=y#v=onepage&q=sawir 2004 Kebijakan Pendanaan dan Restrukturisasi Perusahaan.&f=false Simbolon, H. A. (2010). Value Relevance. Retrieved October 28, 2016, from https://akuntansiterapan.com/2010/06 /16/value-relevance/#more-71
  16. Whittred, G., & Chan, Y. K. (1992). Asset Revaluations and the Mitigation of Underinvestment. Abacus, 28(1), 58- 74. https://doi.org/10.1111/j.1467- 6281.1992.tb00269.x