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Abstract

In making decisions, stakeholders utilize not only quantitative information but also qualitative information, such as annual reports. However, annual reports in narrative form are often used to exaggerate company performance data. One aspect that influences stakeholders’ decision is tone. This study aims to examine the impact of positive tone disclosure in management analysis reports and discussions on company value. This study was conducted on 166 financial and property companies listed on the IDX. Management analysis and discussion reports were categorized according to their tone. Using linguistic inquiry and word count software (LIWC-22), the procedure yielded more precise and consistent analysis. Financial data used to determine the value of company was the price-to-book-value (PBV) ratio. The results of the test using robust regression analysis showed that the positive tone disclosure with an informative nature had a positive influence on the company’s value. This finding suggests that managers must use positive tones when regulating the company's situation in order to maintain the expected value of company.

Bahasa Abstract

Stakeholders tidak hanya menggunakan informasi kuantitatif, tetapi juga informasi kualitatif dalam mengambil keputusan, seperti melalui penggunaan laporan tahunan. Namun, laporan tahunan dalam bentuk tekstual naratif sering disalahgunakan oleh manajemen untuk melebih-lebihkan informasi kinerja perusahaan. Salah satu yang dapat memengaruhi keputusan stakeholders adalah tone (gaya menarasikan suatu kalimat). Penelitian ini bertujuan untuk menganalisis pengaruh pengungkapan positive tone di laporan analisis dan pembahasan manajemen terhadap nilai perusahaan. Sampel penelitian adalah 166 perusahaan sektor keuangan dan properti yang terdaftar di Bursa Efek Indonesia. Laporan analisis dan pembahasan manajemen diklasifikasikan berdasarkan tone-nya. Proses tersebut dilakukan dengan memanfaatkan software linguistic inquiry and word count agar menghasilkan analisis yang lebih akurat dan konsisten. Data keuangan digunakan untuk mengukur nilai perusahaan yang dihitung menggunakan rasio price book value. Hasil penelitian diuji menggunakan analisis regresi robust dan hasilnya menunjukkan bahwa pengungkapan positive tone yang bersifat informatif berpengaruh positif pada nilai perusahaan. Dari temuan ini, manajer perlu memperhatikan penggunaan positive tone dalam menarasikan keadaan perusahaan agar dapat menjaga nilai perusahaan sesuai yang diharapkan.

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