PENGARUH INVESTMENT OPPORTUNITY SET TERHADAP PENGUNGKAPAN SUKARELA DENGAN STRUKTUR KEPEMILIKAN SEBAGAI VARIABEL INTERVENING DAN ATAU MODERATING PADA PERUSAHAAN MANUFAKTUR DI INDONESIA

Abstract

This study aims to provide empirical evidence about the effect of investment opportunity set (IOS) on voluntary disclosure with ownership structure as an intervening and or moderating variables in Indonesian manufacturing companies, uses purposive sampling method with requirement those companies publish complete annual reports and have positive income in 2008. Samples selected in accordance with the criteria amount to 59 manufacturers. This secondary data is obtained from the Indonesian Capital Market Directory, IDX site www.idx.co.id, and other publications that support this research. Data analysis technique used in this research is a multiple linear regression. Classical assumption test results indicate no violations of classical assumption which consists of multicollinearity, heteroscedasticity, and autocorrelation tests. Thus, the regression models have met the criteria BLUE (Best Linear Unbiased Estimations). The test result of hypothesis 1 indicates that IOS and control variables have positive and significant impact on voluntary disclosure (32.1%) at level of significance 0.001, while partially, independent variable IOS also has positive and significant impact on voluntary disclosure with level of significance 0.021 which is below 0.05. Test results of hypothesis 2 and 4 show that outside ownership structure variable (SKL) is not an intervening variable concerning with the effect of IOS on voluntary disclosure. This is indicated by a significance level of IOS to SKL (0.816) and significance level of SKL to voluntary disclosure (0.069). Test results of hypothesis 3 and 5 do not show either that management ownership structure variable (SKM) is an intervening variable relating with the effect of IOS on voluntary disclosure. This can be seen from level of significance of IOS to SKM 0.816 which is greater than 0.05 and level of significance of SKM to voluntary disclosure 0.069. The test result of hypothesis 6 also evidences that outside ownership structure variable (SKL) is not a moderating variable on the relationship of IOS and voluntary disclosure, indicated by number of absolute residual with a significance level of 0.107. These results indicate that high growth firms are not dominated by high structure of share ownership by outsider (SKL) and low growth firms are not dominated by the high structure of share ownership by management (SKM). Next researcher is expected to use more IOS proxies so that they can comprehensively reflect company's growth.