• Endang Dwi Wahyuni Universitas Muhammadiyah Malang



Application of Integrated Reporting, Stock Returns, and Information Asymmetry


This research aims to find empirical evidence about the Effect of the Application of Integrated Reporting on Stock Returns and whether Information Asymmetry can strengthen or weaken the Effect of the Application of Integrated Reporting on Stock Returns. This research was conducted on financial sector companies that are listed on the Indonesia Stock Exchange in 2019. The research samples were 74 companies; and the data collected were data on the application of Integrated Reporting, data of the Stock Returns, and data of Information Asymmetry. The data collection technique was conducted by using the documentation method, whole the data analysis technique was conducted by a simple regression test, followed by MRA (Moderating Regression Analysis) and hypothesis testing using the t test (partial test). Based on the results of hypothesis testing, it can be concluded that the Application of Integrated Reporting has no effect on Stock Returns, and Information Asymmetry can strengthen the relationship between the Application of Integrated Reporting and Stock Returns.


Download data is not yet available.


Azam, Et Al. 2011. “One Report: Bringing Change In Corporate Reporting Through

Integration Of Financial And Non-Financial Performance Diclosure”. International Journal Of Accounting And Financial Reporting Vol. 1, No. 1,Hal. 50-71

Badan Pengawas Pasar Modal. Keputusan Ketua Bapepam dan LK Nomor: Kep –

/BL/2012 tentang Penyajian dan Pengungkapan Laporan Keuangan Emiten atau Perusahaan Publik

Botosan, CA, & Plumlee, MA 2012, ‘A Reexamination of Disclosure Level and Expected

Cost Of Equity Capital’, Journal of Accounting Research, vol, 40, no. 3, pp. 21-40.

Darmadi, S 2013, ‘Corporate Governance Disclosure In The Annual Report: An Exploratory

Study on Indonesian Islamic banks’, Humanomics vol. 29 No. 1, pp. 14-23.

Easley, D & O’Hara, M 2004, ‘Information and the cost of capital’, The Journal of

Finance, vol. 59, no. 01, pp. 18-32.

Gelb, DS., & Zarowin, P 2002, ‘Corporate Disclosure Policy and The Informativeness of

Stock Prices’, Review of Accounting Studies, vol. 7, no. 03, pp. 14-29.

Levi, S & Zhang, XJ 2008, ‘Information Asymmetry and the Increase in Expected Stock

Returns Before Earnings Announcements’, Review of Quantitative Finance and Accounting, vol. 11, no2 , pp 165-182.

Lundholm, RJ & Myers, L 2002, ‘Bringing the Future Forward: The Effect of Disclosure on

The Returns Earnings Relation’, Journal of Accounting Research, vol. 40, no. 02, pp. 809–839.

Manurung, AH, 2013, ‘Teori Investasi : Konsep dan Empiris’, PT. Adler Manurung Press,

Jakarta, Indonesia.

O’donovan, G., 2002. Environmental Disclosure In The Annual Report, Extending The Applicability And Predictive Power Of Legitimacy Theory. Account. Audit. Account. J. 15, 344–371.

Sugiyono 2012, ‘Statistik Untuk Penelitian’, Alfabeta, Bandung, Indonesia.

The International Integrated Reporting Council (IIRC). 2013. The International

Framework. (diakses pada 2 November 2019).