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Studi Peristiwa Pada Perusahaan Publik Di Indonesia

(Jurnal Simposium Nasional Akuntansi – SNA 13)

Jennie Sir
(Politeknik Negeri Kupang)

Bambang Subroto
(Universitas Brawijaya Malang)

Grahita Chandrarin
(Universitas Merdeka Malang)


The objective of this study to examine information content of intellectual capital disclosure in corporate annual reports. Tests on the information content of intellectual capital disclosure (ICD) can be seen from the abnormal stock return around the date obtained ICD, which refers to the date of issuance of the company’s annual report. This study also examines the differences in average abnormal stock returns before and after the ICD, and to classify the sample companies based on the widely reported ICD, and test the difference in average abnormal return for companies that disclose information in a comprehensive IC and non-comprehensive.

The results of this study show that the market responds to the ICD company, which the impact of ICD on cumulative abnormal stock return is statistically significant. Although this research has not succeeded in proving the existence of differences in average abnormal return obtained before and after the disclosure, but this study found the differences in average abnormal return for companies that disclose IC information in a comprehensive and non-comprehensive. The results show that firms with a comprehensive level of IC disclosures will obtain average abnormal return which is higher than companies that do not disclose information in a comprehensive IC.

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Keywords: information content, cumulative abnormal return, average abnormal returns, intellectual capital disclosure.


The information contained in the financial statements of the company plays an important role in capital markets, both for individual investors, as well as for the overall market. 2 For investors, the information was instrumental in making investment decisions, while the market utilize the information to reach a new equilibrium price. Efficient markets hypothesis (EMH) became one of the themes that discusses market reaction to information presented in the capital market. EMH states that stock market is an efficient market, a condition in which security prices fully reflect all available information. In these conditions, the market will process the relevant information then the market will evaluate the stock price based on such information.

Related to the importance of information in the context of efficient markets, disclosure of intangible assets (intangible assets) play an important role in recent years. This is confirmed by the emergence of IAS 38 (in Indonesia SFAS 19), which aims to determine the accounting treatment for intangible assets owned by the company. Issuance of IAS 38 (SFAS 19), at least have answered some of the discontent as users of information, due to limitations in the disclosure of company information is sourced only from the tangible assets.

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Holland (2002) revealed that financial information is not sufficient basis for an award against the company’s markets, mainly because it is more dominated by the output of financial data showing the performance of value creation. Nevertheless, there is agreement that the recognition of intangible assets in the current accounting system is not enough, because some elements of intangible assets such as: human capital, innovation, customer, or technology, which can not be included in the financial statements due to problems of identification, recognition, and measurements. One alternative proposed is to expand the disclosure of intangible assets through the disclosure of intellectual capital (hereinafter abbreviated to IC), to give more comprehensive information that enables a company to have the same view toward value creation.

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