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THE EFFECT OF LIQUIDITY, PROFITABILITY, COMPANY

SIZE, LEVERAGE AND AGE OF COMPANY LISTINGS ON THE

COMPLETENESS OF INTERNET FINANCIAL REPORTING

INFORMATION

Yoel Adinata Tenardi

Universitas Katolik Widya Mandala Surabaya, Indonesia

Email: yoeladina[email protected]m

Abstract

Company as an entity has an obligation to conduct financial reporting, along with the

rapid growth of information technology in recent years, manual financial reporting is no

longer adequate. Companies that have been listed on the Indonesia Stock Exchange

(IDX) are required to conduct financial reporting either manually (hardcopy) or

electronically (softcopy) through the company's official website. Financial reporting

through the company's website is also known as Internet Financial Reporting (IFR).

Therefore, this study aims to test and analyze the factors that affect the completeness of

the company's IFR information. This research was conducted quantitatively using

independent variables namely liquidity, profitability, company size, leverage and

company listing age, while the dependent variable of this research is Internet Financial

Reporting. The type of data used is quantitative data in the form of financial statements

on the IDX website and the website of each company. The method of data collection is

documentation. The research object is a service sector company registered in the IDX in

2017-2019. Data analysis is performed with multiple linear regression analysis. The

results showed that the size of the company has a positive effect on the completeness of

IFR information. This means that the larger the size of the company, the company will

present IFR with more adequate information on the company's website. The test results

also proved that leverage negatively affects the completeness of IFR information. This

indicates that the greater the leverage of the company, the company will present IFR

with lower completeness of information on the company's website. The test results also

showed that liquidity, profitability and listing life had no effect on the completeness of

IFR information.

Keywords

: Internet financial reporting; liquidity; profitability; company size; leverage and

listing age

INTRODUCTION

The development of information technology in recent years has grown very quickly

in various countries in the world. Advances in information technology bring many

benefits in aspects of human life, and have been recognized as contributing greatly in

simplifying and easing the workload borne (Dwiningrum, 2012). The internet has an

important role as one of the joints in the development of information technology, the

Injuruty: Interdiciplinary Journal and Humanity

Volume 2, Number 9, September 2023

e-ISSN: 2963-4113 and p-ISSN: 2963-3397

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fundamental role of the internet has a good impact on streamlining daily human activities.

Some characteristics of the internet such as being able to connect information and being

able to communicate globally on a broad scale (interconectivity with enormous scale),

being able to interact and be accessed by various devices or service platforms and through

different networks (heterogeneity) (Patel et al., 2016).

Internet users in the world are increasing from year to year, where in 2016 internet

users in the world amounted to 3.37 billion users or equivalent to 46.4% of the total world

population and in 2019 the number of internet users in the world amounted to 4.54 billion

users or equivalent to 58.8% of the total world population (Stats, 2020). In Indonesia,

internet users now number 150 million users, with a penetration rate of 56% while the

number of mobile internet users is 142.8 million users with a penetration percentage of

53%, with the largest distribution of users in Sumatra and Java (Kominfo, 2019).

Accessibility and the large number of internet users make the internet an attractive

communication channel for companies to disseminate information for interested parties.

In general, a business activity or company is formed with the aim of obtaining profit

(profit oriented). Companies with the aim of making a profit are the most common

companies found in various business sectors, in carrying out their business activities there

are two important parts of the company. According to Scott, (2015), the first party,

namely the owner of the company (principal), employs the second party, namely company

management (agent) to achieve company goals. Company management has the duty to

carry out orders from company owners in order to achieve company goals in the hope of

receiving rewards in the form of salaries or bonuses, while company owners have the

right to give instructions or targets that company management wants to carry out but

company owners also have the obligation to provide rewards commensurate with the

obligations borne by management and its achievements.

The Company has the obligation to provide information through financial reporting

containing both financial and non-financial data to stakeholders, especially for investors.

The change in the presentation of company information from a paper-based reporting

system to a paperless reporting system is commonplace, this is made possible by the

development of the internet where companies can utilize internet media as a means of

delivering financial statements or commonly referred to as Internet Financial Reporting

(IFR). IFR is defined as a combination of ability and performance with internet media

that can be applied interactively to communicate financial statements Oyelere et al.,

(2003) while according to Dewi, (2017) in simple terms IFR can be interpreted as a

medium for disclosing company financial statements through internet facilities or

specifically contained in the company's managed website.

Since 2012 regulations related to the implementation of IFR have been regulated

in Indonesia by independent state institutions. Referring to the regulation issued by the

Capital Market and Financial Institutions Supervisory Agency (BAPEPAM-LK) in

Number Kep-431 / BL / 2012 concerning "Submission of Annual Report of Issuers or

Public Companies", this regulation was then updated with the Financial Services

Authority Regulation (POJK) Number 31 / POJK.04 / 2015 concerning "Disclosure of

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Information or Material Facts by Issuers or Public Companies" in article 2 paragraph (1)

instructing companies to announce material facts or information to the public and disclose

this to the Financial Services Authority, article 4 paragraph (1) also instructs public

companies listed on the stock exchange to make information announcements at least

through the issuer's website, stock exchange website or daily newspaper circulated

nationally and in Indonesian (Financial Services Authority, 2015). Other regulations are

contained in POJK Number 7 / POJK.04 / 2018 concerning "Submission of Reports

Through the Electronic Reporting System of Issuers or Public Companies" in article 2

paragraph (1) public companies are required to submit reports in the form of Electronic

Reporting Systems (SPE) to OJK., in article 2 paragraph (3) also described reports that

must be submitted, namely reports in accordance with the provisions of capital market

legislation (Financial Services Authority, 2018). The existence of these regulations

makes IFR an important part that is inseparable for public companies that have been listed

on the stock exchange and have an obligation to disclose information disclosure both to

interested parties and the wider community (Kumara, 2015).

Research conducted by Rahayu et al., (2020) suggests that companies that can

survive and grow are companies that can take advantage of technological developments

and apply them within the company. The rapid development of technology and the

internet is one of the attractions for companies to report financial and non-financial

information to the public, namely through IFR. Arfianda, (2017) revealed that IFR can be

a medium of communication and provision of information for investors or interested

parties who need information related to the company that can be used as investor

consideration before making decisions. Providing balanced information to interested

parties and company management is a must for a company to reduce the level of

information asymmetry. Financial reporting through the internet or IFR is one of the

instruments that companies can use to reduce information gaps.

Previous research by Arfianda, (2017) stated that the level of company size and

profitability have a significant effect on IFR, while leverage and percentage of ownership

by the public do not have a significant effect on IFR. Dewi, (2017) states that company

size and leverage have a significant positive effect of 1 on IFR, while profitability has a

significant negative effect on IFR and Liquidity does not have a significant 1 effect on

IFR. Research conducted by Mahendri & Irwandi, (2017) revealed that liquidity, leverage

profitability, auditor reputation and listing age do not have a significant effect on IFR,

while company size has a significant effect on IFR. Previous studies that still have

inconsistent results between one study and another, therefore this study will focus more

on five factors that will be the subject of liquidity, profitability, company size, leverage,

and listing age (Christ, 2017; Ginting, 2018; Mahendri & Irwandi, 2017).

The object of this study is a service sector company listed on the Indonesia Stock

Exchange for the period 2017-2019. Considerations in choosing service sector companies

because research related to IFR in this sector has not been carried out and the service

sector in question is a service sector listed on the IDX because it has the obligation to

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report information related to companies on the company's website which is also regulated

in the Financial Services Authority Regulation, the selection of the 2017-2019 period is

also relevant to IFR-related regulations that require public companies listed on the IDX

to carry out disclosure of information through the company's website that conforms to the

definition of IFR.

RESEARCH METHOD

This study was conducted with the aim of testing and analyzing the effect of

liquidity, profitability, company size, leverage and company listing age on the

completeness of IFR information on service sector companies on the Indonesia Stock

Exchange for the 2017-2019 period (Zuhroh, 2019).

This research data collection method is in the form of secondary data collection

methods with documentation techniques. The data used in this study are the financial

statements of service sector companies listed on the Indonesia Stock Exchange for the

period 2017-2019 and have gone through an audit process.

The data analysis technique in this study uses multiple linear regression analysis

with one dependent variable and more than one independent variable. When multiple

linear regression analysis techniques are used, a classical assumption test consisting of a

normality test, heteroscedasticity test, autocorrelation test and multicollinearity test is

required which must be statistically met. In this study, descriptive statistical methods in

SPSS (Statistical Product and Solutions) software version 23 were used to assist the data

analysis technique.

RESULT AND DISCUSSION

Classical Assumption Test

1. Normality Test

The test was conducted using One Sample Kolmogorov-Smirnov Test with a

significant level of 5% which can be seen in table 1

Table 1 One Sample Normality Test Kolmogorov-Smirnov Test.

Significance

Information

Data (n=283)

0.092

Normally distributed

Source: Data processed (2020)

The results of data processing in table 4.3. indicates that Sig ≥ 0.05, meaning

that the data has been normally distributed because the significance level of 0.0092

has met the significance level ≥ 0.05.

2. Heteroscedasticity Test

Heteroscedasticity testing with glacier test can be observed in table 2

Table 2 Glejser Normality Test

Significance

Information

Data (n=283)

0.000

There are symptoms of heterokedasticity

Source: Data processed (2020)

The results of data processing in table 2 show that Sig < 0.05, while the data

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requirements to pass the glejser heteroscedasticity test if Sig > 0.05, even though

outliers and data transformation have been carried out, but the results of the

significance level do not meet the Sig requirements > 0.05, it can be concluded if there

are symptoms of heteroscedasticity.

3. Autocorrelation Test

Autocorrelation testing with Durbin-Watson (DW Test) can be observed in

table 3

Table 3 Durbin-Watson Autocorrelation Test

4-DU

Information

1.833

2.102

2.167

No Autocorrelation Occurs

Source: Data processed (2020)

The results of data processing in table 3. shows that the Durbin-Watson test

requirement that DW is between dU and (4-dU) has been met, because dU 1.833 < DW

2.102 < 4-DU so it can be concluded that autocorrelation does not occur.

4. Multicollinearity Test

Multicollinearity testing by looking at tolerance values and Variance Inflation

Factors (VIF) values can be observed in table 4

Table 4 Multicollinearity Test

Independent Variables

Tolerance

VIF

Information

ROA

.850

1.177

Multicollinearity

PROF

.909

1.100

LEV

.843

1.186

SIZE

.947

1.056

LIST

.997

1.004

Source: Data processed (2020)

The results of data processing in table 4.6. show that the requirements for the

multicollinearity test, namely a tolerance value of more than 0.10 and a Variance

Inflation Factor (VIF) of less than 10, have been met so that it can be concluded that

there is no multicollinearity.

Model Due Diligence

1. Test Coefficient of Determination (R2)

Testing the coefficient of determination by looking at the value of variation in

the coefficient of determination can be observed in table 5

Table 5 Coefficient of Determination Test

R Square

Adjusted R Square

Std. Error of the Estimate

.468a

.219

.205

.03706

Source: Data processed (2020)

The results of data processing in table 6. show that the adjusted R square value

is 0.205, meaning that the dependent variables (LIK, PROF, SIZE, LEV, and LIST)

have an influence on the dependent variable (IFR) by 20.5%, while 79.5% is explained

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by other factors outside the dependent variable in this study.

2. Statistical Test F

Statistical testing of F by looking at the comparison of F values obtained with

significance levels at the level of α = 0.05 can be observed in table 6.

Table 6. Test F

Significance

15.552

.000b

Source: Data processed (2020)

The results of data processing in table 4.8. shows that the significance level has

a value below 0.05 which is 0.000 so that it can be concluded that the regression model

used is said to be feasible based on the F test.

3. Test the hypothesis

The results of the hypothesis to see the significant influence of the independent

variable on the dependent variable using the t test can be seen in table 7

Table 7 Test t

Variable

Unstandardized

Coefficients

Standardized

Coefficients

Sig.

Std. Error

Beta

Constant

-0.455

.042

-10.734

.000

LIK

-0.00008

.000

-.012

-.202

.840

PROF

-.008

.004

-.109

-1.950

.052

LEV

-.031

.010

-.174

-3.016

.003

SIZE

.013

.001

.459

8.411

.000

LIST

0.00006

.000

.016

.297

.767

Source: Data processed (2020)

Testing table 7 produces the following regression equation model:

IFR = -0.455– 0.00008LIK – 0.008PROF – 0.031LEV + 0.013SIZE + 0.00006LIST

+ ɛ

The regression equation can be explained as:

1. The constant (indicates a value of β

) -0.455 which means IFR is -0.455 if LIK, PROF,

LEV, SIZE and LIST are 0.

2. Regression coefficient (for LIK shows a value of -0.00008 β

)which means if the LIK

value increases by one unit then the IFR value will decrease by -0.00008

3. Regression coefficient (for PROF shows a value of -0.008 β

)which means if the

PROF value increases by one unit then the IFR value will decrease by -0.008

4. Regression coefficient (for SIZE shows a value of 0.013 β

)which means if the SIZE

value increases by one unit then the IFR value will increase by 0.013

5. Regression coefficient (for LEV shows a value of -0.031 β

)which means if the value

of LEV increases by one unit then the IFR value will decrease by -0.031

6. Regression coefficient (for LIST shows a value of 0.00006 β

)which means if the

LIST value increases by one unit then the IFR value will increase by 0.00006

The results of statistical testing t in table 4.9 can be described as follows:

1. The liquidity variable (LIK) has no effect on IFR, this is indicated by the level of

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significance which shows a value of 0.840 which is greater than 0.05 and a coefficient

value of B of -0.00008. Therefore, it can be concluded that stating that LIK has a

positive effect on IFR is rejected.H

2. The profitability variable (PROF) has no effect on IFR, this is indicated by the level

of significance which shows a value of 0.520 which is greater than 0.05 and a

coefficient value B of -0.008. Therefore it can be concluded that the statement that

PROF has a positive effect on IFR is rejected.H

3. The variable company size (SIZE) has a positive effect on IFR, this is shown by the

level of significance which shows a value of 0.000 which is smaller than 0.05 and a

coefficient value of B of 0.013. Therefore it can be concluded that stating that SIZE

has a positive effect on IFR is accepted.H

4. Variable leverage (LEV) negatively affects IFR, this is indicated by the level of

significance which shows a value of 0.003 which is smaller than 0.05 and a coefficient

value B of -0.031. Therefore it can be concluded that the state that LEV has a positive

effect on IFR H

is rejected.

5. The listing age variable (LIST) has no effect on IFR, this is indicated by the level of

significance which shows a value of 0.767 which is greater than 0.05 and a coefficient

value of B of 0.00006. Therefore it can be concluded that the state that LIST has a

positive effect on IFR is rejected.H

The Effect of Liquidity on the Completeness of Internet Financial Reporting

Information

The results showed that liquidity did not affect the completeness of Internet

Financial Reporting (IFR) information, this result was in line with previous studies that

found that liquidity did not affect IFR (Christ, 2017; Mahendri & Irwandi, 2017; Putri &

Setiawan, 2022). This research is different from the results of research conducted by

Marwati, (2016) which states that liquidity has a positive effect on IFR.

This study illustrates conditions where high or low liquidity will actually not affect

the completeness of IFR information. High liquidity does not necessarily indicate the

company's ability to manage current assets and short-term credit policies have been

carried out well, this can also indicate poor management performance because it shows

idle cash balances, relatively excessive inventories, and bad credit policies resulting in

high trade receivables so that the company's liquidity appears high (Dewi, 2017).

Companies with low liquidity also do not show more effort in carrying out IFR practices

with adequate information.

The level of company liquidity according to Mahendri & Irwandi, (2017) does not

affect principal and public confidence in the agent's ability to fulfill the company's short-

term obligations, so companies with low and high liquidity do not feel the need to carry

out IFR with adequate information. The results in this study are also in accordance with

agency theory where agents will not provide reduced or exaggerated information to the

principal so that information asymmetry does not occur (Pratiwi et al., 2022). Therefore

it can be concluded that liquidity has no effect on the completeness of IFR information,

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The Effect of Profitability on the Completeness of Internet Financial Reporting

Information

The results showed that profitability did not affect the completeness of IFR

information, this result was in line with previous studies that found that profitability did

not have a significant effect on IFR (Christ, 2017; Jao et al., 2019; Mahendri & Irwandi,

2017; Putri & Setiawan, 2022). This research is different from the results of research

conducted by Arfianda, (2017) which states that profitability has a significant effect on

IFR and research conducted by Budianto & Suyono, (2020) states profitability has a

positive effect on IFR.

This study shows that profitability does not affect the completeness of a company's

IFR information. High company profitability does not make company management try

more in doing adequate IFR, this can be because high profitability can make the company

more supervised by external parties and other considerations are that companies are

reluctant to convey good company conditions due to company tax burden which can be a

problem for the company if exposed (Mahendri & Irwandi, 2017).

Marwati, (2016) explained that agency theory seeks to prevent disparities of interest

between principals and agents by disseminating relevant and transparent financial

reporting, therefore companies with low and high profitability levels do not try to avoid

their obligations in conducting financial reporting but also do not do more, so that in the

end it can be concluded that profitability has no effect on the completeness of IFR

information.

The Effect of Company Size on the Completeness of Internet Financial Reporting

Information

The results showed that company size had a positive effect on the completeness of

IFR information, this result was in line with previous research which found that company

size had a significant positive effect on IFR (Putri & Setiawan, 2022) (Arfianda, 2017;

Budianto & Suyono, 2020; Christ, 2017; Mahendri & Irwandi, 2017). This research is

different from the results of research conducted by Jao et al., (2019) which states that

company size has no effect on IFR.

Companies must have different agency costs, according to Oyelere et al., (2003)

agency costs are the costs of disseminating financial statements, where these costs are

related to the cost of printing and disseminating financial statements to interested parties

intended by the company. Large companies have greater agency costs than small

companies because large companies have more complex obligations in submitting

complete and fast financial statements to shareholders and stakeholders as a form of

corporate responsibility. Capital market supervisors tend to focus their attention on large

companies compared to small companies, because large companies have a higher level of

complexity, so the agency costs incurred in large companies will be much higher when

compared to small companies.

As a result, large companies will have obligations or be demanded by interested

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parties to report all company information completely (Diatmika & Yadnyana, 2017). One

of the means that can be used by management in disseminating company information is

IFR, because IFR is able to minimize the costs incurred by the company (agency costs)

in meeting the information needs of various interested parties. Therefore, the larger the

size of the company, the company will carry out IFR with adequate information.

The Effect of Leverage on the Completeness of Internet Financial Reporting

Information

The results showed that leverage negatively affects the completeness of IFR

information, this result is in line with previous research which found that leverage has a

significant negative effect on IFR (Agustina, 2017). This research is different from the

results of research conducted by Dewi,(2017) which states that leverage has a significant

positive effect on IFR.

Companies with high leverage are considered unable to meet their obligations so

that the sustainability (going concern) of the company is doubtful, of course this is not

good news for the company if disclosed to investors. Research conducted by Mahendri &

Irwandi, (2017) in revealed that companies with high leverage tend to do IFR with low

completeness of information. The results of this study are in line with the agency theory

expressed by Jensen and Meckling (1976) which explains that agents (managers) and

principals (shareholders) have asymmetrical goals, where in conditions of high leverage

company management will limit the information that can be obtained by external parties

while investors will try to find as complete information as possible before making

investment decisions. Therefore, it can be concluded that leverage negatively affects the

completeness of IFR information.

The Effect of Listing Age on the Completeness of Internet Financial Reporting

Information

The results showed that the age of the listing did not affect the completeness of

IFR information, this result was in line with previous research which found that the age

of listing did not have a significant effect on IFR (Mahendri & Irwandi, 2017). This

study is different from the results of research conducted by Abdullah et al., (2017) which

states that the age of listing has a significant positive effect on IFR.

This study shows that the completeness of IFR information on companies that

have been listed for a long time and new listings has no difference. Some companies

that have websites only expose information in the form of products or services offered

by the company. This can happen because the company's human resources determine

the company's ability to carry out IFR with adequate information. Companies that have

been listed for a long time or have a new listing do not necessarily have human resources

that are able to assist companies in conducting IFR with adequate information.

Therefore, it can be concluded that the age of the company listing is not a guarantee

that the company will have IFR with adequate information completeness.

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CONCLUSION

Based on the test results, the conclusion in this study is that the size of the company

has a positive effect on the completeness of Internet Financial Reporting (IFR)

information on service sector companies on the Indonesia Stock Exchange (IDX) for the

2017-2019 period. This means that the larger the size of the company, the company will

present IFR with more adequate information on the company's website. The test results

also prove that leverage negatively affects the completeness of IFR information on service

sector companies on the IDX for the 2017-2019 period. This shows that the greater the

company's leverage, the company will present IFR with lower completeness of

information on the company's website

The test results also show that liquidity, profitability and listing age do not affect

the completeness of IFR information on service sector companies on the IDX for the

2017-2019 period. This shows that the amount of liquidity, profitability and listing age

do not affect the completeness of IFR information presented on the company's website.

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Yoel Adinata Tenardi (2023)

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