Implementation of PSAK 69 – Abnormal Return and Financial Statement Disclosure Content Analysis


This study analyze market reaction after annual financial statement release post-PSAK 69 implementation. Abnormal return is a way to investigate market reaction. This study uses event study method with 15 days before and after 2017 financial statements release date for 27 sample companies are used as normal window period and 5 days before and after 2018 financial statements release date for each companies are used as observation period. The result shows that there is no significant difference of abnormal return after the first annual financial statements post-PSAK 69 implementation were released. In addition, this study analyze disclosure contents of 2018 quarterly financial statements for every sample companies. The result concludes that at least 50% of the 27-sample companies did not show PSAK 69 characteristics in their financial statement disclosure. The turning point happened at the last quarter of 2018 as only three companies’ disclosure did not present PSAK 69 characteristics accordingly. The lack of appropriate disclosure regarding this new standard inhibit significant information that supposedly can trigger market reaction. This finding can be considered as an evidence of why market did not significantly react to the PSAK 69 implementation.


PSAK 69, event study, disclosure content analysis, agriculture assets, market reaction


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