MASIHKAH INFORMASI AKUNTANSI RELEVAN? PENGUJIAN EMPIRIS TERHADAP HARGA SAHAM PROPERTI DAN KONSTRUKSI BEI DI TENGAH GUNCANGAN PANDEMI COVID-19 (2019–2023)

Abstract

Pandemi COVID-19 tidak hanya mengguncang sendi-sendi kehidupan sosial, tetapi juga memporakporandakan stabilitas pasar modal Indonesia, khususnya sektor properti dan konstruksi yang sangat sensitif terhadap perubahan kondisi ekonomi. Di tengah turbulensi tersebut, muncul pertanyaan mendasar: apakah informasi akuntansi yang tersaji dalam laporan keuangan masih mampu menjadi sinyal yang andal bagi investor dalam menentukan harga saham, ataukah guncangan makroekonomi telah menggeser dominasinya? Penelitian ini bertujuan untuk menguji pengaruh informasi akuntansi yang diproksikan melalui Return on Assets (ROA), Return on Investment (ROI), Debt to Equity Ratio (DER), dan Earning Per Share (EPS), serta variabel makroekonomi yang meliputi inflasi, nilai tukar rupiah, dan suku bunga terhadap harga saham perusahaan sektor properti dan konstruksi yang terdaftar di Bursa Efek Indonesia (BEI) pada periode 2019–2023. Penelitian ini menggunakan pendekatan kuantitatif dengan metode analisis regresi data panel yang mencakup delapan perusahaan sampel selama lima tahun pengamatan, sehingga diperoleh 40 unit observasi. Data sekunder diperoleh dari laporan keuangan tahunan perusahaan, publikasi Bank Indonesia, dan Badan Pusat Statistik. Hasil penelitian diharapkan memberikan bukti empiris mengenai tingkat relevansi informasi akuntansi dalam kondisi krisis, sekaligus mengungkap sejauh mana tekanan makroekonomi mampu mereduksi atau memperkuat daya prediksi informasi keuangan terhadap pergerakan harga saham. Temuan penelitian ini diharapkan berkontribusi pada pengembangan literatur sistem informasi akuntansi, khususnya dalam konteks nilai relevansi informasi keuangan di pasar modal yang sedang menghadapi guncangan eksternal, serta memberikan implikasi praktis bagi investor, manajemen perusahaan, dan regulator pasar modal dalam pengambilan keputusan berbasis informasi akuntansi di era ketidakpastian ekonomi.

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