FORWARD LOOKING INFORMATION DISCLOSURE: ASPEK TATA KELOLA PERUSAHAAN
Keywords:
Forward-Looking Information Disclosure, Ukuran Dewan Direksi dan Komisaris Independent, Kepemilikan Institusional dan Manajerial
Abstract
Penelitian ini membahas terkait pengaruh ukuran dewan direksi, ukuran komisaris independen, kepemilikan institusional, dan kepemilikan manajerial terhadap forward looking information disclosure (FLID) berdasarkan pada laporan keuangan atau annual report yang telah diaudit perusahaan manufaktur yang telah terdaftar di Bursa Efek Indonesia (BEI) periode 2020-2022. Teknik pengambilan sampel menggunakan purposive sampling, sehingga didapat 143 sampel yang telah memenuhi kriteria sebagai unit observasi. Metode analisis yang digunakan adalah analisis regresi linear berganda. Hasil penelitian memberikan bukti empiris bahwa ukuran dewan direksi dan kepemilikan manajerial berpengaruh terhadap forward-looking information disclosure. Sedangkan ukuran komisaris independen dan kepemilikan institusional tidak berpengaruh terhadap forward-looking information disclosure.
References
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Alkhatib, K. (2014). The determinants of forward-looking information disclosure. Procedia - Social and Behavioral Sciences, 109, 858–864.
Anam, H. dan L. W. Liyanto. (2019). Proporsi Komisaris Independen, Dewan Komisaris, Kompetensi Komite Audit, Frekuensi Rapat Komite Audit Terhadap Konservatisme Akuntansi. Jurnal Geo Ekonomi, 10(1):130–49. doi: 10.36277/geoeko nomi.v10i1.53.
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Buertey, S., & Pae, H. (2021). “Corporate Governance and Forward-Looking Information Disclosure: Evidence from a Developing Country”. Journal of African Business, 22(3), 293–308. https://doi.org/10.1080/15228916.2020.1752597
Chen, L., Kim, J. B., & Luo, S. (2018). "Institutional ownership and corporate social performance: Evidence from the Korean market." Journal of Business Research, 82, 253-263.
Cheng, E. C., & Courtenay, S. M. (2006). "Board composition, regulatory regime and voluntary disclosure." The International Journal of Accounting, 41(3), 262–289.
Clarkson, M. E. (1995). "A Stakeholder Framework for Analyzing and Evaluating Corporate Social Performance." Academy of Management Review, 20(1), 92–117.
Dalton, D. R., & Dalton, C. M. (2011). "Boards of Directors: Utilizing Empirical Evidence in Developing Practical Prescriptions." British Journal of Management, 22(5), 607–617.
Davies, J. R., Hillier, D., & McColgan, P. (2005). Ownership structure, managerial behavior and corporate value. Journal of Corporate Finance, 11(4), 645–660. https://doi.org/10.1016/j.jcorpfin.2004.07.001
Donaldson, T., & Davis, J. H. (1991). "Stewardship Theory or Agency Theory: CEO Governance and Shareholder Returns." Australian Journal of Management, 16(1), 49–64.
Dzaraly, M., Lokman, N., & Othman, S. (2018). Corporate governance mechanisms and voluntary disclosure of strategic and forward looking information in annual reports. International Journal of Accounting, Finance and Business, 3(15), 86–104.
Eisenhardt, K. M. (1989). "Agency Theory: An Assessment and Review." Academy of Management Review, 14(1), 57-74.
Farag, H., Mallin, C., & Ow-Yong, K. (2019). "Board characteristics and the quality of forward-looking information in annual reports." Journal of Business Ethics, 154(4), 1057-1082.
Ghozali, I. (2011) Aplikasi Analisis Multivariate dengan Program IBM SPSS 20 (6th ed.). Available at: https://www.academia.edu/86315138/Ghozali_Imam_2011_Aplikasi_Analisis_Multivariate_Dengan_Program_SPSS_versi_19_Semarang_Universitas_Diponegoro.
Hermalin, B. E., & Weisbach, M. S. (2003). "Boards of directors as an endogenously determined institution: A survey of the economic literature." Economic Policy Review, 9(1), 7–26.
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.
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.
Kilic, M. dan Kuzey, C. (2018). Determinants of forward-looking disclosures in integrated reporting. Managerial Auditing Journal, 33(1), 115—144.
KNKG. (2006). Pedoman Umum Good Corporate Governance Indonesia.
Li, J., & Li, Y. (2018). "Institutional Ownership and Corporate Forward-looking Information Disclosure." Journal of Corporate Finance, 48, 784–803.
Kusumawati, E., & Fauziah, F. F. (2020). PENGARUH LIKUIDITAS, LEVERAGE, DEWAN KOMISARIS INDEPENDEN, KINERJA LINGKUNGAN, DAN KEPEMILIKANSAHAM PUBLIK TERHADAP PENGUNGKAPANCORPORATE SOCIAL RESPOSIBILITY (Studi Empiris pada Perusahaan Sektor Pertanian dan Pertambangan yang terdaftar di Bursa Efek Indonesia Periode 2013-2018).
Lu, W., & Archambault, J. J. (2018). "The impact of board monitoring on earnings management through marketing actions: Evidence from a quasi-experiment." Journal of Accounting and Economics, 65(1), 141–168.
Lukviarman, N. (2004). Etika bisnis tak berjalan di Indonesia: Ada apa dalam corporate governance? Jurnal Siasat Bisnis, 2(9), 139–156.
Maghfira, A., & Tresnaningsih, E. (2018). An analysis of forward-looking disclosures, corporate governance and the ability to anticipate future earnings: Empirical evidence from Indonesia. 55(Iac 2017), 130–135.
Malik, M. A., & Ali, I. (2017). "Institutional Ownership and Forward-looking Information Disclosure: Evidence from an Emerging Market." Journal of Applied Accounting Research, 18(2), 178–196.
McLean, D. R., & Pontiff, J. (2016). "Does Academic Research Destroy Stock Return Predictability?" The Journal of Finance, 71(1), 5–32.
Menicucci, E. (2013). Firms’ characteristics and forward-looking information in management commentaries of Italian listed companies. African Journal of Business Management 7(17), 1667– 1674.
Mensah, B. K. A. (2017). The relationship between corporate governance, corruption, and forward-looking information disclosure: a comparative study. Corporate Governance, 17(2), 284—304.
Mitton, T. (2002). “A cross-firm analysis of the impact of corporate governance on the East Asian financial crisis”, Journal of Financial Economics, Vol. 64, pp. 215-41.
Nugraheni, B.D. (2018). Faktor-faktor yang berpengaruh terhadap luas pengungkapan sukarela dalam laporan tahunan. EKUITAS (Jurnal Ekonomi dan Keuangan), 16(3), 352– 367.
Oktafiyani, H., Puspawati, D., & Permatasari, W. D. (2024). Faktor-Faktor Yang Mempengaruhi Pengungkapan ESG Pada Perusahaan Di Indonesia. YUME: Journal of Management, 7(2), 92–106.
Otoritas Jasa Keuangan. (2014). Peraturan Otoritas Jasa Keuangan Nomor 33/POJK .04/2014 Tentang Direksi dan Dewan Komisaris Emiten Atau Perusahaan Publik. Otoritas Jasa Keuangan, 1–21.
Putra, Robby H. dan Fidiana. (2017). Pengaruh Tata Kelola Perusahaan Terhadap Kinerja Keuangan Perusahaan. Jurnal Ilmu dan Riset Akuntansi, 6(8):1–17.
Qu, W., Ee, M. S., Liu, L., Wise, V., & Carey, P. (2015). Corporate governance and quality of forward-looking information: Evidence from the Chinese stock market. Asian Review of Accounting, 23(1), 39–67.
Ross, S. A. (1977). The Determination of Financial Structure: The Incentive-Signalling Approach. Bell Journal of Economics, 8(1), 23-40.
Sabrinna, Anindhita Ira. (2010). Pengaruh Corporate Governance dan Struktur Kepemilikan Terhadap Kinerja Perusahaan. Skripsi. Semarang: Universitas Diponegoro.
Scott, W.R., & O’Brien, P.C. (2019). Financial accounting theory (8th ed.). Prentice Hall.
Senge, P. M. (1990). "The Fifth Discipline: The Art & Practice of The Learning Organization." Doubleday.
Setiawan, A. (2017). Analisis faktor-faktor yang mempengaruhi pengungkapan informasi sukarela pada bank umum di Bursa Efek Indonesia. Jurnal SIKAP (Sistem Informasi, Keuangan, Auditing Dan Perpajakan), 1(1), 90.
Shleifer, A., & Vishny, R. W. (1997). “A survey of corporate governance”, The Journal of Finance, Vol. 52 No. 2, 737-783.
Sintyawati, Ni Luh Ary, dan Made Rusmala D. (2018). Pengaruh Kepemilikan Manajerial, Kepemilikan Institusional dan Leverage Terhadap Biaya Keagenan Pada Perusahaan Manufaktur. E-Jurnal Manajemen Universitas Udayana 7(2):933. doi: 10.24843/EJMUNUD.2018.v7.i02.p16.
Spence, M. (1973). "Job Market Signaling." Quarterly Journal of Economics, 87(3), 355-374.
Wahyudi, Untung dan Hartini P. Pawestri. 2006. Implikasi Struktur Kepemilikan terhadap Nilai Perusahaan; dengan Keputusan Keuangan Sebagai Variabel Intervening. Padang: Simposium Nasional Akuntansi IX, IAI, 2006.
Yasser, Q. R. (2018). "The impact of corporate governance on forward-looking information disclosure." Journal of Applied Accounting Research, 19(1), 1-18.
Yermack, D. (1996). "Higher Market Valuation of Companies with a Small Board of Directors." Journal of Financial Economics, 40(2), 185-211.
Agyei-Mensah, B. K. (2017). The relationship between corporate governance, corruption and forward-looking information disclosure: a comparative study. Corporate Governance (Bingley), 17(2), 284–304. https://doi.org/10.1108/CG-11-2015-0150
Agyei-Mensah, B. K. (2018). Forward-Looking Information Disclosure and Corporate Governance: Empirical Evidence from Year 2013 Listed Firms in Ghana. African and Asian Studies, 17(4), 311–339. https://doi.org/10.1163/15692108-12341120
Dzaraly, M., Lokman, N., & Othman, S. (2018). Corporate Governance Mechanism and Voluntary Disclosure of Strategic and Forward-Looking Information in Annual Reports. In International Journal of Accounting, Finance and Business (Vol. 3, Issue 15). www.ijafb.com
Imelda, E., Oktavia, E., & Cindy, D. N. (2022). DETERMINAN FORWARD-LOOKING DISCLOSURE PADA PERUSAHAAN MANUFAKTUR.
Muliawati, A. C., & Rohman, A. (2018). PENGARUH TATA KELOLA PERUSAHAAN TERHADAP KETEPATAN DAN KEAKURATAN PENGUNGKAPAN FORWARD-LOOKING INFORMATION. DIPONEGORO JOURNAL OF ACCOUNTING, 7(4), 1–15. http://ejournal-s1.undip.ac.id/index.php/accounting
Novia, I., Lukviarman, N., & Setiany, E. (2102). PENGARUH CORPORATE GOVERNANCE TERHADAP PENGUNGKAPAN FORWARD LOOKING INFORMATION. Jurnal Akuntansi Dan Bisnis, 21(2), 190–210.
Adams, R. B., & Ferreira, D. (2007). "A Theory of Friendly Boards." The Journal of Finance, 62(1), 217–250.
Alkhatib, K. (2014). The determinants of forward-looking information disclosure. Procedia - Social and Behavioral Sciences, 109, 858–864.
Anam, H. dan L. W. Liyanto. (2019). Proporsi Komisaris Independen, Dewan Komisaris, Kompetensi Komite Audit, Frekuensi Rapat Komite Audit Terhadap Konservatisme Akuntansi. Jurnal Geo Ekonomi, 10(1):130–49. doi: 10.36277/geoeko nomi.v10i1.53.
Bhagat, S., Bolton, B., & Romano, R. (2008). "The Promise and Peril of Corporate Governance Indices." Columbia Law and Economics Working Paper No. 322.
Buertey, S., & Pae, H. (2021). “Corporate Governance and Forward-Looking Information Disclosure: Evidence from a Developing Country”. Journal of African Business, 22(3), 293–308. https://doi.org/10.1080/15228916.2020.1752597
Chen, L., Kim, J. B., & Luo, S. (2018). "Institutional ownership and corporate social performance: Evidence from the Korean market." Journal of Business Research, 82, 253-263.
Cheng, E. C., & Courtenay, S. M. (2006). "Board composition, regulatory regime and voluntary disclosure." The International Journal of Accounting, 41(3), 262–289.
Clarkson, M. E. (1995). "A Stakeholder Framework for Analyzing and Evaluating Corporate Social Performance." Academy of Management Review, 20(1), 92–117.
Dalton, D. R., & Dalton, C. M. (2011). "Boards of Directors: Utilizing Empirical Evidence in Developing Practical Prescriptions." British Journal of Management, 22(5), 607–617.
Davies, J. R., Hillier, D., & McColgan, P. (2005). Ownership structure, managerial behavior and corporate value. Journal of Corporate Finance, 11(4), 645–660. https://doi.org/10.1016/j.jcorpfin.2004.07.001
Donaldson, T., & Davis, J. H. (1991). "Stewardship Theory or Agency Theory: CEO Governance and Shareholder Returns." Australian Journal of Management, 16(1), 49–64.
Dzaraly, M., Lokman, N., & Othman, S. (2018). Corporate governance mechanisms and voluntary disclosure of strategic and forward looking information in annual reports. International Journal of Accounting, Finance and Business, 3(15), 86–104.
Eisenhardt, K. M. (1989). "Agency Theory: An Assessment and Review." Academy of Management Review, 14(1), 57-74.
Farag, H., Mallin, C., & Ow-Yong, K. (2019). "Board characteristics and the quality of forward-looking information in annual reports." Journal of Business Ethics, 154(4), 1057-1082.
Ghozali, I. (2011) Aplikasi Analisis Multivariate dengan Program IBM SPSS 20 (6th ed.). Available at: https://www.academia.edu/86315138/Ghozali_Imam_2011_Aplikasi_Analisis_Multivariate_Dengan_Program_SPSS_versi_19_Semarang_Universitas_Diponegoro.
Hermalin, B. E., & Weisbach, M. S. (2003). "Boards of directors as an endogenously determined institution: A survey of the economic literature." Economic Policy Review, 9(1), 7–26.
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.
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.
Kilic, M. dan Kuzey, C. (2018). Determinants of forward-looking disclosures in integrated reporting. Managerial Auditing Journal, 33(1), 115—144.
KNKG. (2006). Pedoman Umum Good Corporate Governance Indonesia.
Li, J., & Li, Y. (2018). "Institutional Ownership and Corporate Forward-looking Information Disclosure." Journal of Corporate Finance, 48, 784–803.
Kusumawati, E., & Fauziah, F. F. (2020). PENGARUH LIKUIDITAS, LEVERAGE, DEWAN KOMISARIS INDEPENDEN, KINERJA LINGKUNGAN, DAN KEPEMILIKANSAHAM PUBLIK TERHADAP PENGUNGKAPANCORPORATE SOCIAL RESPOSIBILITY (Studi Empiris pada Perusahaan Sektor Pertanian dan Pertambangan yang terdaftar di Bursa Efek Indonesia Periode 2013-2018).
Lu, W., & Archambault, J. J. (2018). "The impact of board monitoring on earnings management through marketing actions: Evidence from a quasi-experiment." Journal of Accounting and Economics, 65(1), 141–168.
Lukviarman, N. (2004). Etika bisnis tak berjalan di Indonesia: Ada apa dalam corporate governance? Jurnal Siasat Bisnis, 2(9), 139–156.
Maghfira, A., & Tresnaningsih, E. (2018). An analysis of forward-looking disclosures, corporate governance and the ability to anticipate future earnings: Empirical evidence from Indonesia. 55(Iac 2017), 130–135.
Malik, M. A., & Ali, I. (2017). "Institutional Ownership and Forward-looking Information Disclosure: Evidence from an Emerging Market." Journal of Applied Accounting Research, 18(2), 178–196.
McLean, D. R., & Pontiff, J. (2016). "Does Academic Research Destroy Stock Return Predictability?" The Journal of Finance, 71(1), 5–32.
Menicucci, E. (2013). Firms’ characteristics and forward-looking information in management commentaries of Italian listed companies. African Journal of Business Management 7(17), 1667– 1674.
Mensah, B. K. A. (2017). The relationship between corporate governance, corruption, and forward-looking information disclosure: a comparative study. Corporate Governance, 17(2), 284—304.
Mitton, T. (2002). “A cross-firm analysis of the impact of corporate governance on the East Asian financial crisis”, Journal of Financial Economics, Vol. 64, pp. 215-41.
Nugraheni, B.D. (2018). Faktor-faktor yang berpengaruh terhadap luas pengungkapan sukarela dalam laporan tahunan. EKUITAS (Jurnal Ekonomi dan Keuangan), 16(3), 352– 367.
Oktafiyani, H., Puspawati, D., & Permatasari, W. D. (2024). Faktor-Faktor Yang Mempengaruhi Pengungkapan ESG Pada Perusahaan Di Indonesia. YUME: Journal of Management, 7(2), 92–106.
Otoritas Jasa Keuangan. (2014). Peraturan Otoritas Jasa Keuangan Nomor 33/POJK .04/2014 Tentang Direksi dan Dewan Komisaris Emiten Atau Perusahaan Publik. Otoritas Jasa Keuangan, 1–21.
Putra, Robby H. dan Fidiana. (2017). Pengaruh Tata Kelola Perusahaan Terhadap Kinerja Keuangan Perusahaan. Jurnal Ilmu dan Riset Akuntansi, 6(8):1–17.
Qu, W., Ee, M. S., Liu, L., Wise, V., & Carey, P. (2015). Corporate governance and quality of forward-looking information: Evidence from the Chinese stock market. Asian Review of Accounting, 23(1), 39–67.
Ross, S. A. (1977). The Determination of Financial Structure: The Incentive-Signalling Approach. Bell Journal of Economics, 8(1), 23-40.
Sabrinna, Anindhita Ira. (2010). Pengaruh Corporate Governance dan Struktur Kepemilikan Terhadap Kinerja Perusahaan. Skripsi. Semarang: Universitas Diponegoro.
Scott, W.R., & O’Brien, P.C. (2019). Financial accounting theory (8th ed.). Prentice Hall.
Senge, P. M. (1990). "The Fifth Discipline: The Art & Practice of The Learning Organization." Doubleday.
Setiawan, A. (2017). Analisis faktor-faktor yang mempengaruhi pengungkapan informasi sukarela pada bank umum di Bursa Efek Indonesia. Jurnal SIKAP (Sistem Informasi, Keuangan, Auditing Dan Perpajakan), 1(1), 90.
Shleifer, A., & Vishny, R. W. (1997). “A survey of corporate governance”, The Journal of Finance, Vol. 52 No. 2, 737-783.
Sintyawati, Ni Luh Ary, dan Made Rusmala D. (2018). Pengaruh Kepemilikan Manajerial, Kepemilikan Institusional dan Leverage Terhadap Biaya Keagenan Pada Perusahaan Manufaktur. E-Jurnal Manajemen Universitas Udayana 7(2):933. doi: 10.24843/EJMUNUD.2018.v7.i02.p16.
Spence, M. (1973). "Job Market Signaling." Quarterly Journal of Economics, 87(3), 355-374.
Wahyudi, Untung dan Hartini P. Pawestri. 2006. Implikasi Struktur Kepemilikan terhadap Nilai Perusahaan; dengan Keputusan Keuangan Sebagai Variabel Intervening. Padang: Simposium Nasional Akuntansi IX, IAI, 2006.
Yasser, Q. R. (2018). "The impact of corporate governance on forward-looking information disclosure." Journal of Applied Accounting Research, 19(1), 1-18.
Yermack, D. (1996). "Higher Market Valuation of Companies with a Small Board of Directors." Journal of Financial Economics, 40(2), 185-211.
Agyei-Mensah, B. K. (2017). The relationship between corporate governance, corruption and forward-looking information disclosure: a comparative study. Corporate Governance (Bingley), 17(2), 284–304. https://doi.org/10.1108/CG-11-2015-0150
Agyei-Mensah, B. K. (2018). Forward-Looking Information Disclosure and Corporate Governance: Empirical Evidence from Year 2013 Listed Firms in Ghana. African and Asian Studies, 17(4), 311–339. https://doi.org/10.1163/15692108-12341120
Dzaraly, M., Lokman, N., & Othman, S. (2018). Corporate Governance Mechanism and Voluntary Disclosure of Strategic and Forward-Looking Information in Annual Reports. In International Journal of Accounting, Finance and Business (Vol. 3, Issue 15). www.ijafb.com
Imelda, E., Oktavia, E., & Cindy, D. N. (2022). DETERMINAN FORWARD-LOOKING DISCLOSURE PADA PERUSAHAAN MANUFAKTUR.
Muliawati, A. C., & Rohman, A. (2018). PENGARUH TATA KELOLA PERUSAHAAN TERHADAP KETEPATAN DAN KEAKURATAN PENGUNGKAPAN FORWARD-LOOKING INFORMATION. DIPONEGORO JOURNAL OF ACCOUNTING, 7(4), 1–15. http://ejournal-s1.undip.ac.id/index.php/accounting
Novia, I., Lukviarman, N., & Setiany, E. (2102). PENGARUH CORPORATE GOVERNANCE TERHADAP PENGUNGKAPAN FORWARD LOOKING INFORMATION. Jurnal Akuntansi Dan Bisnis, 21(2), 190–210.
Published
2024-07-05
How to Cite
Widia Puspayanti, & Dewita Puspawati. (2024). FORWARD LOOKING INFORMATION DISCLOSURE: ASPEK TATA KELOLA PERUSAHAAN. Journal of Social and Economics Research, 6(1), 810-824. https://doi.org/10.54783/jser.v6i1.454
Section
Articles
