PENGARUH KONTRAK UTANG, BIAYA POLITIK, DAN ASIMETRI INFORMASI TERHADAP KEPUTUSAN REVALUASI ASET TETAP

Abstract

The revaluation model had been regulated in PSAK Number 16 and is believed to be more relevant as it presents the asset value according to its true value so it is expected to generate a market response due to an increase in asset value. Therefore this research aims to examine and analyze the effect of debt contracts, political costs, and information asymmetry on fixed asset revaluation decisions. Additional tests were conducted to analyze differences in market responses of firms that revalued fixed assets and did not revalue fixed assets. The research design is based on quantitative research using hypothesis and used quantitative data in the form of financial statements, announcement date of financial statements, closing prices, and Indonesia Composite Index. The research object is all manufacturing companies listed on the IDX in 2012-2016. Data analysis technique for the main model is logistic regression and data analysis technique for the additional test is the Mann-Whitney U test. The result of the research indicates that debt contract has no effect on fixed asset revaluation, political costs have a positive effect on fixed asset revaluation, and information asymmetry has a negative effect on fixed asset revaluation. The additional test proves that there is no difference in the market response of the company that did the revaluation and did not revalue because the increase in asset value was not due to the increase in performance so that the revaluation of the fixed asset is not considered as useful information.

Keywords

• debt contract, political cost, in-formation asymmetry, fixed asset revaluation, market response