Abstract
This study used data of manufacturing companies listed on the Jakarta Stock Exchange (JSX) as unit of analysis. The purpose of this study is to find out the influence of voluntary disclosures and audit quality on information asymmetry. This study also aims to determine the effect of voluntary disclosure, audit quality and information asymmetry on stock return. In addition, this study aims to find out the ability of information asymmetry to mediate the effect of voluntary disclosure and audit quality on information asymmetry.This research used verificative-descriptive method with quantitative approach. The analytical method used in statistical data processing was path analysis. There are 132 manufacturing companies listed on JSX became the research samples of this study.The testing results shows that there are significant impact of voluntary disclosure and audit quality on information asymmetry. The testing results also show that there are significant impact of voluntary disclosure and information asymmetry on stock return, while the audit quality has no significant impact on stock return. At the same time, information asymmetry is significant to be the mediating variable on the impact of voluntary disclosure and audit quality towards stock return. Voluntary disclosure, audit quality and information asymmetry can be the determinant variables on Stock Return of manufacturing companies, listed on JSX.
Highlights
Abstrak: Penelitian ini menggunakan data perusahaan manufaktur yang terdaftar di Bursa Efek Jakarta (BEJ) sebagai unit analisis
The purpose of this study is to find out the influence of voluntary disclosures and audit quality on information asymmetry
This study also aims to determine the effect of voluntary disclosure, audit quality and information asymmetry on stock return
Summary
Pada pengujian dengan path analysis mempunyai asumsi yang mendasari, yakni bahwa data haruslah bersifat normal dan juga linier (Riduwan and Kuncoro, 2011). Berdasarkan hal tersebut maka data dari penelitian ini terlebih dahulu diuji normalitas dan liniaritasnya. Gambar 2 hasil uji normalitas data (normal plot) menunjukkan bahwa data telah terdistribusi normal, dimana titik-titik menyebar dekat disekitar garis diagonal, ini menunjukkan bahwa data telah berdistribusi normal dan telah memenuhi syarat normalitas. Uji linearitas bertujuan untuk melihat apakah spesifikasi model yang digunakan sudah benar atau tidak, atau apakah antar variabel memiliki hubungan linearitas yang baik atau tidak. Seharusnya memiliki hubungan linier antara variabel prediktor atau eksogen dengan variabel kriterium atau endogen (Ghozali, 2012)
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