Abstract:
This research sets out 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 (currently called Indonesia Stock Exchange). The
documentation of data for 45 companies uses the disclosure checklist as research instrument.
The data are taken from 2004 annual reports, Indonesian Capital Market Directory
published in 2005, and Reference Center of Capital Market in Jakarta Stock Exchange. The
data are analyzed by multiple regression and hypotheses are tested by statistic test: Kruskoll
Wallis Test, F Test, and t Test. The data are processed by Statistical Program of Social
Science (SPSS).
Based on variance analysis between industries, there are significant differences in intangible assets disclosure level for processes, technology, human capital, and innovation, research and development among nine industry classification. Simultaneously, there is significant influence of intangible assets disclosure level in annual report toward investor reaction in LQ45 index stock price. Partially, there are significant influences of intangible assets disclosure level in annual report for technologyt and human capital toward investor reaction in stock price.
