On Wednesday, June 19, 2024, the Faculty of Economics and Business at Trisakti University held an Open Session of Doctoral Promotion in Economics with a concentration in Accounting at Campus A, Hendriawan Sie (S) building, 8th floor. During the event, Dr. Susi Susilawati, S.E., M.M. was declared to have graduated as a doctor with the distinction of “Very Satisfactory,” becoming the 137th graduate of this doctoral program.

Dr. Susilawati’s dissertation, titled “The Effect of Financial Reporting Quality, Debt Maturity, and Environmental, Social, Governance, and Prosperity (ESGP) Disclosure on Investment Efficiency Moderated by Information Asymmetry,” introduces a novel approach to measuring information asymmetry. This new measurement refers to moral hazard using financial report restatement as a proxy.

The session was chaired by Prof. Dr. Yolanda Masnita Siagian, MM., CIRR., CMA, CPMA (Asia), with Dr. Titik Aryati, Ak., M.Sc., CA serving as the promoter, and Dr. Vinola Herawaty, Ak., M.Sc., CA as the co-promoter. The examination team included Prof. Juniati Gunawan., Ph.D; Dr. Murtanto, Ak., M.Sc., CA., CPIA., CCFA; Dr. Susilawati Muslimah, M.Sc., CMA., CSRS; and Prof. Dr. Wiwik Utami, Ak, MS, CA., CMA, CSRS.

The research introduced a new measurement for information asymmetry variables, referring to moral hazard using a restatement proxy in financial statements. This was measured using a categorical scale of 1-3: 1 for no restatement, 2 for restatement not affecting total assets, and 3 for restatement affecting total assets.

The study’s findings indicate that the quality of financial reporting has a positive effect on investment efficiency. However, debt maturity and ESGP disclosure have no significant effect on investment efficiency. Information asymmetry negatively impacts investment efficiency, weakens the positive effect of financial reporting quality on investment efficiency, does not moderate the effect of debt maturity on investment efficiency, but strengthens the effect of ESGP disclosure on investment efficiency.

With this achievement, Dr. Susi Susilawati, SE., M.M is expected to make significant contributions to the field of accounting. Her work aims to help companies improve their investment efficiency by ensuring they have adequate controls to prevent information asymmetry, particularly moral hazard by managers. This is crucial in detecting errors in financial reporting and encouraging companies to commit to sustainable development goals (SDGs) and take real action towards these programs.