RESPON PASAR TERHADAP PENGUNGKAPAN AKUNTANSI: TINJAUAN LITERATUR SISTEMATIS GLOBAL
DOI:
https://doi.org/10.24252/isafir.v7i1.68543Keywords:
pengungkapan akuntansi, respons pasar, relevansi nilai, event study, tinjauan literatur sistematisAbstract
This systematic literature review (SLR) examines how capital markets respond to accounting disclosures globally, analysing 39 open access Scopus indexed articles (2016–2026) via the PRISMA 2020 protocol. Three analytical dimensions are investigated: (1) institutional context developed versus emerging markets; (2) disclosure type mandatory versus voluntary; and (3) dominant methodology. Findings show that value relevance models (Ohlson) and event study methods dominate the literature. Developed market firms exhibit stronger disclosure price relationships than emerging market counterparts, where concentrated ownership and weak governance attenuate information transmission. Voluntary sustainability and CSR disclosures produce heterogeneous market reactions contingent on disclosure quality and credibility. Governance mechanisms, information asymmetry, and regulatory environment are identified as critical moderators. The review synthesises global evidence, identifies research gaps, and provides a roadmap for future inquiry in developing country contexts.
References
Agbodjo, S., Seny Kan, K. A., Zori, S. G., & Hussainey, K. (2022). Unraveling the existence of the necessity and sufficiency of accounting information. Journal of Applied Accounting Research, 23(5), 1095–1113. https://doi.org/10.1108/JAAR-03-2021-0077
Ahmadi, A., & Bouri, A. (2024). Corporate governance in relationship to value relevance and accounting conservatism: SBF 120 firms. Review of Applied Socio-Economic Research, 27(1), 61–78. https://doi.org/10.54609/reaser.v27i1.269
Alduais, F., Ali Almasria, N., Samara, A., & Masadeh, A. (2022). Conciseness, Financial Disclosure, and Market Reaction: A Textual Analysis of Annual Reports in Listed Chinese Companies. International Journal of Financial Studies, 10(4), 104. https://doi.org/10.3390/ijfs10040104
Alomair, A., & Al Naim, A. (2025). The role of audit committee attributes in enhancing financial reporting value relevance in Saudi Arabia. Cogent Business & Management, 12(1). https://doi.org/10.1080/23311975.2025.2583763
ALSARTAWI MUSLEH, A. M. A. (2019). ASSESSING THE RELATIONSHIP BETWEEN INFORMATION TRANSPARENCY THROUGH SOCIAL MEDIA DISCLOSURE AND FIRM VALUE. Management and Accounting Review (MAR), 18(2), 1. https://doi.org/10.24191/mar.v18i2.697
Alshehabi, A., Halabi, H., Adwan, S., & Boubaker, S. (2024). The impact of industry competition on the value relevance of goodwill impairments across different information environments. Journal of International Accounting, Auditing and Taxation, 56, 100639. https://doi.org/10.1016/j.intaccaudtax.2024.100639
Altin, M., Al Ani, M. K., Hussainey, K., & Streimikiene, D. (2026). The Impact of Sustainability Expenditures on ESG Performance: The Moderating Role of Financial Reporting Quality. Corporate Social Responsibility and Environmental Management. https://doi.org/10.1002/csr.70588
Asyik, N. F., Agustia, D., & Muchlis, M. (2023). Valuation of financial reporting quality: is it an issue in the firm’s valuation? Asian Journal of Accounting Research, 8(4), 387–399. https://doi.org/10.1108/AJAR-08-2022-0251
Badenhorst, W. M., & von Well, R. (2026). Abnormal ownership concentration and the value-relevance of accounting information. Journal of Accounting in Emerging Economies, 16(1), 1–30. https://doi.org/10.1108/JAEE-09-2024-0399
Bi, X., Tang, J., & Tharyan, R. (2020). Switching due diligence auditor in Chinese mergers and acquisitions. Research in International Business and Finance, 54, 101244. https://doi.org/10.1016/j.ribaf.2020.101244
Boudt, K., Thewissen, J., & Torsin, W. (2018). When does the tone of earnings press releases matter? International Review of Financial Analysis, 57, 231–245. https://doi.org/10.1016/j.irfa.2018.02.002
Brunelli, S., Carlino, C., Castellano, R., & Giosi, A. (2021). Going concern modifications and related disclosures in the Italian stock market: do regulatory improvements help investors in capturing financial distress? Journal of Management and Governance, 25(2), 433–473. https://doi.org/10.1007/s10997-020-09537-7
Chen, C., Dou, Y., Kuang, Y. F., & Naiker, V. (2023). Do professional ties enhance board seat prospects of independent directors with tainted reputations? Journal of Banking & Finance, 154, 106972. https://doi.org/10.1016/j.jbankfin.2023.106972
Chen, Z., & Loftus, S. (2019). Multi-method evidence on investors’ reactions to managers’ self-inclusive language. Accounting, Organizations and Society, 79, 101071. https://doi.org/10.1016/j.aos.2019.101071
Dinh, T., & Seitz, B. (2020). The Information Content of Hedge Accounting—Evidence from the European Banking Industry. Journal of International Accounting Research, 19(2), 91–115. https://doi.org/10.2308/jiar-18-045
Elmahgoub, M., Smith, J. A., Elamer, A. A., & Abdelfattah, T. (2026). Expanded audit report and the value relevance of goodwill impairment. Journal of Accounting Literature, 1–28. https://doi.org/10.1108/JAL-01-2025-0041
Etengu, R. O., Sonko, G., Ebwonyu, R., Opio, P. P., Odongo, B., & Abongo, R. (2026). Corporate governance mechanisms and financial reporting quality: Evidence from quoted manufacturing firms. Journal of Governance and Regulation, 15(1), 94. https://doi.org/10.22495/jgrv15i1art9
Fama, E. F. (1970). Efficient Capital Markets: A Review of Theory and Empirical Work. The Journal of Finance, 25(2), 383. https://doi.org/10.2307/2325486
Franke, B., Huang, A. H., Li, R. Z., & Wang, H. (2024). Securities law precedents, legal liability, and financial reporting quality. Review of Finance, 28(2), 413–445. https://doi.org/10.1093/rof/rfad032
Gabrielli, G., Marchini, P. L., & Baldini, D. (2026). Do Sustainable Development Goal Disclosure Matter? Unpacking Value Relevance in the European Context. Business Strategy and the Environment, 35(2), 1610–1626. https://doi.org/10.1002/bse.70254
Haley, S., Shaffer, M., & Sloan, R. (2026). Do sustainability reports contain financially material information? Review of Accounting Studies, 31(1), 1–36. https://doi.org/10.1007/s11142-025-09912-5
Hong, J. Y., Ahn, Y., & Jang, K. (2025). Dynamic Accounting Information Uncertainty Following CFO Turnover. Australian Accounting Review, 35(3), 257–276. https://doi.org/10.1111/auar.70004
Jensen, M. C., & Meckling, W. H. (1976). Theory of the firm: Managerial behavior, agency costs and ownership structure. Journal of Financial Economics, 3(4), 305–360. https://doi.org/10.1016/0304-405X(76)90026-X
Kareem AL Ani, M. (2021). Corporate social responsibility disclosure and financial reporting quality: Evidence from Gulf Cooperation Council countries. Borsa Istanbul Review, 21, S25–S37. https://doi.org/10.1016/j.bir.2021.01.006
Lagasio, V., & Brogi, M. (2021). Market reaction to banks’ interim press releases: an event study analysis. Journal of Management and Governance, 25(1), 95–119. https://doi.org/10.1007/s10997-020-09516-y
MacKinlay, A. C. (1997). Event studies in economics and finance. Journal of Economic Literature, 35(1), 13–39.
Marquez-Illescas, G., Zebedee, A. A., & Zhou, L. (2019). Hear Me Write: Does CEO Narcissism Affect Disclosure? Journal of Business Ethics, 159(2), 401–417. https://doi.org/10.1007/s10551-018-3796-3
MURDAYANTI, Y., ULUPUI, I. G. K. A., PAHALA, I., INDRIANI, S., & SUHERMAN, S. (2020). Corporate Governance and Value Relevance in Indonesia Manufacturing Companies. The Journal of Asian Finance, Economics and Business, 7(11), 335–346. https://doi.org/10.13106/jafeb.2020.vol7.no11.335
Mustafa Hussain, S., Alaya, A., & Azizi, T. A. (2023). The impact of financial accounting disclosures on investors’ reactions towards bad news: The moderating role of investors’ sentiments. Cogent Economics & Finance, 11(2). https://doi.org/10.1080/23322039.2023.2228087
Nikhil, M. N., Shenoy, S. S., Chakraborty, S., & Abhilash. (2024). Unraveling the determinants and consequences of mandatory IFRS convergence in India: insights from systematic literature review. Cogent Business & Management, 11(1). https://doi.org/10.1080/23311975.2024.2411446
OHLSON, J. A. (1995). Earnings, Book Values, and Dividends in Equity Valuation*. Contemporary Accounting Research, 11(2), 661–687. https://doi.org/10.1111/j.1911-3846.1995.tb00461.x
Page, M. J., McKenzie, J. E., Bossuyt, P. M., Boutron, I., Hoffmann, T. C., Mulrow, C. D., Shamseer, L., Tetzlaff, J. M., Akl, E. A., Brennan, S. E., Chou, R., Glanville, J., Grimshaw, J. M., Hróbjartsson, A., Lalu, M. M., Li, T., Loder, E. W., Mayo-Wilson, E., McDonald, S., … Moher, D. (2021). The PRISMA 2020 statement: an updated guideline for reporting systematic reviews. BMJ, n71. https://doi.org/10.1136/bmj.n71
Park, S. (2016). Differential Effect Of The Sarbanes-Oxley Act On Individual And Institutional Investors. Journal of Applied Business Research (JABR), 32(2), 517. https://doi.org/10.19030/jabr.v32i2.9593
Pirgaip, B., & Uyar, M. (2025). Impact of Tax- and IFRS-based financial disclosures on stock prices in Borsa Istanbul. Journal of Capital Markets Studies, 9(1), 79–98. https://doi.org/10.1108/JCMS-09-2024-0059
Qizam, I., & Fong, M. (2019). Developing financial disclosure quality in sukuk and bond market: Evidence from Indonesia, Malaysia, and Australia. Borsa Istanbul Review, 19(3), 228–248. https://doi.org/10.1016/j.bir.2019.05.002
Downloads
Published
How to Cite
Issue
Section
License
This work is licensed under a Creative Commons Attribution-NonCommercial-NoDerivatives 4.0 International License.
