Voluntary Corporate Governance Disclosure (VCGR) Versi Investor dan Determinan VCGR di Indonesia
ABSTRACT: The purposes of this
research are (1) to know the importance level of voluntary corporate governance
disclosure (VCGD) in investor version and (2) to know the factual VCGD which is
done by public companies in Indonesia and (3) to test determinants of VCGD
existence in annual reports of public companies in Indonesia. The determinant
of VCGD is a set of corporate governance mechanisms i.e. ownership structure
and control mechanisms of the organ of the company, in-cluding (1) the
concentration of ownership, (2) institutional ownership, (3) the percentage of tradable
shares, (4) the proportion of independent commissioners, and (5) the
independence of the audit committee.
To know the rate of VCGD’s importance, the questionaires was distributed
to investors by e-mail. The mean score was used to indicate the importance
level of each VCGD’s item in investors version. Based on this result then the
relative disclosure index was calculated.
A total of 74 annual reports of companies which was chosen by purposive
sampling method. To test the determinants of level of VCGD, regression analysis
was used.
The results show that: (1)The capability and integrity of board of
director and public access of companies’ information are the two most important
items based on investor ’s opinions; (2) As a whole, public companies in
Indonesia have higher level of VCGD then China’s which has shown by Yuen, et al. (2009); (3) The percentage of
tradable shares (public ownership) is the only independent variable that has a
positive and significant, while the other independent variables show no
significant effect. This study provides empirical evidence for policy makers
and regulators of Indonesia to improve the corporate governance mechanisms and
transparency of public companies. These findings also contribute to improving
the understanding of disclosure behav-ior among companies listed in Indonesia
Stock Exchange (BEI).
Keywords: Corporate
Governance, Voluntary Disclosure, Annual Report, Relative Disclosure Index
Penulis: Anyta, Siti Mutmainah
Kode Jurnal: jpakuntansidd120004
