Paper Title
The Moderation Impact of Financial Statement Comparability in Enhancing Firm Value

Abstract
This paper analyzed the role of financial statement comparability in moderating the impact of capital expenditure on the firm value. Past research showed that capital expenditure does not enhance firm value for non-comparable firms while it enhances firm value for comparable firms. The data of 1,199 publicly listed Indonesian manufacturing companies from 2009-2019 was analyzed with dynamic panel regression method to know the moderation impact of financial statement comparability on the relationship between capital expenditure and firm value. Abnormal stock returns over the year were used to represent firm value. The interest expense, R&D expenses, earnings before extraordinary items, non-cash items, and dividend payment as well the leverage ratio and net financing acted as control variables. Different from the previous research, the result shows that there is a significant negative moderation impact of financial statement comparability on the relationship between capital expenditure and firm value. This means that the more comparable the financial statements are, the weaker the role of capital expenditure in enhancing the firm value. Keywords - Capital expenditure, Cash holding, Financial statement comparability, Manufacturing, Indonesia.