Relevansi Nilai Informasi Akuntansi: Studi Perbandingan Antara Perusahaan BUMN dan Perusahaan Non-BUMN yang Terdaftar di Bursa Efek Indonesia

Abstract

This study compares value relevance of accounting information of state-owned companies (BUMN Persero Terbuka) and that of non-state-owned companies, especially state-owned companies listed on the Indonesia Stock Exchange (IDX). The accounting information examined in this study includes earnings per share (EPS) and book equity value per share (BVPS). This study uses an unbalanced panel data sample that includes 97 state-owned companies and 97 non-state-owned companies. By using multiple regression analysis, the results of this study indicate that the value relevance of EPS (or the effect of EPS on stock prices) and the value relevance of the book equity value per share (BVPS) of state-owned companies is not different from the value relevance EPS and BVPS of non-state-owned companies, after controlling for sustainability reporting award (SRA), debt financing (DAR), company size. The implication of the findings of this research is that state-owned companies (BUMN Persero Terbuka) need to improve the quality of accounting information especially EPS and BVPS in order to compete with non-non-state-owned companies.