Analisis Pengaruh Opini Audit BPK terhadap Tingkat Imbal Hasil (Yield) Surat Berharga Negara

Abstract

This paper analyzes the effect of BPK's audit opinion on SBN Yield, with two approaches: Financial market reaction with Signaling Theory and Multiple Linear Regression. Based on the first approaches, the analysis shows that SBN Yield is influenced by the level of LKPP audit opinion. It shows that there is a "Before and After" correlation of reactions to the announcement of the Unqualified audit opinion, on the other hand, there is no significant difference on Qualified and Disclaimer audit opinions. The second approach using Multiple Linear Regression shows that audit opinions have a negative correlation and significant effects on SBN Yield, in addition to Inflation, Exchange Rates, and US Treasury Yield. A good level of audit opinion will affect the level of confidence of both domestic and foreign investors in buying government bonds and will likely reduce SBN Yield.