FORMULASI LAPORAN KEUANGAN TERINTEGRASI BERBASIS GOOD CORPORATE GOVERNANCE BAGI EMITEN PASAR MODAL UNTUK MENCEGAH MANIPULASI PASAR
DOI:
https://doi.org/10.15575/jb.v5i2.58312Keywords:
Asimetri Informasi, Good Corporate Governance, Laporan Keuangan Terintegrasi, Manipulasi Pasar, Pengendalian Internal, Pengawasan Pasar Modal.Abstract
Penelitian ini membahas secara menyeluruh faktor-faktor yang memungkinkan emiten melakukan praktik manipulasi pasar serta formulasi dan implementasi kebijakan laporan keuangan terintegrasi berbasis Good Corporate Governance sebagai instrumen pencegahan dan penanggulangannya. Penelitian menggunakan pendekatan kualitatif deskriptif-analitis dengan studi kasus dokumenter. Data bersumber dari laporan keuangan dan laporan tahunan emiten, laporan audit, keterbukaan informasi, publikasi regulator, dokumen kasus, serta literatur akuntansi, pasar modal, dan tata kelola perusahaan. Analisis tematik menunjukkan bahwa manipulasi pasar tidak disebabkan oleh satu faktor tunggal, melainkan interaksi konflik keagenan, asimetri informasi berlapis, diskresi akuntansi, transaksi pihak berelasi, pengendalian internal yang lemah, penyalahgunaan informasi material, dan penerapan GCG yang formalistik. Penelitian merumuskan model kebijakan lima lapisan yang meliputi governance direction; transaction and data integrity; integrated review and assurance; connected disclosure; serta regulatory and market feedback. Model diimplementasikan melalui diagnosis, standardisasi, integrasi sistem, penguatan assurance, dan optimalisasi berbasis early warning. Efektivitasnya dinilai menggunakan leading dan lagging indicators yang mencakup integritas data, ketepatan waktu pengungkapan, kualitas pengawasan, perilaku pasar, koreksi laporan, dan respons regulator. Model tersebut mengintegrasikan akuntansi, pengendalian, governance, keterbukaan informasi, dan pengawasan pasar dalam satu kerangka preventif yang komprehensif.
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