Pengaruh tingkat pengungkapan aktiva tidak berwujud dalam laporan tahunan terhadap reaksi investor dalam harga saham studi pada emiten-emiten indeks LQ45 di Bursa Efek Jakarta

Abstract

The purpose of this research was to analyze the influence of intangible assets disclosure level in published annual report toward the investor reaction in stock price of LQ45 index companies listing in Jakarta Stock Exchange. The documentation of data for 45 companies used disclosure checklist as the research instrument. Tha data were taken from published 2004 annual report, Indonesian Capital Market Directory published in 2005, and Reference Center of Capital Market in Jakarta Stock Exchange. The data were analyzed by anaysis method of multiple regression and hypotheses were tested by statistic test. Kruskall Wallis Test F. Test and t Test Tha data were processed by Statistical Program of Social Science (SPSS). Based on variance analysis between industries there were significant differences in intagible assets disclosure level for processes, technology, human capital, and innovation, research and development among nine industry clasification. Based on simultanous analysis, there was significant influence of intangible assets disclosure level in annual report toward investor reaction in LQ45 index stock price. Based on partial analysis, there were significant influences of intangible assets disclosure level in annual report for technology and human capital toward investor reaction in stock price.