An Examination of Voluntary Disclosure, Independent Board, Independent Audit Committee and Institutional Ownership: Firm Size as a Moderator

Abstract

: This study examines the impact of the independent board, independent audit committee and institutional ownership on voluntary disclosure (by placing company size as a moderating variable) in Indonesia banking companies. Data collected from the annual report of banking companies listed on the Indonesia Stock Exchange throughout the year of study. Hypotheses developed to be tested with a variance based approach and the results were interpreted. The result has shown that the increase of independent board members and independent audit committee members tend to decrease the level of voluntary disclosure (although the impact is not significant). Independent board and independent audit committee performed this to reduce cost due to a high disclosure and to avoid the threat of high competition in banking companies. The other result has shown that institutional investors are considered more professional and powerful in supervising management to disclose more information to the public. The final section of the study's findings indicated that firm size cannot be as a moderating variable on the impact of the independent board, independent audit committee and institutional ownership toward voluntary disclosure.

Suatu Model Pengungkapan Informasi Modal Intelektual, Nilai Perusahaan dan Harga Saham

“…Teori sinyal mengungkapkan bahwa suatu informasi yang diberikan perusahaan yang berguna untuk suatu pengungkapan dapat menjadi sinyal bagi para pemegang saham maupun calon pemegang saham dan pihak lainnya dalam mengambil keputusan guna kebaikan perusahaan (Aida & Rahmawati, 2015). Sekalipun pengungkapan informasi yang tinggi dipandang baik bagi berbagai pihak, namun atas pertimbangan biaya dan ancaman persaingan, sehingga ada kecenderungan pihak pengawas independen perusahaan lebih memilih untuk tidak terlalu tinggi dalam melakukan pengungkapan informasi kepada publik (Pangaribuan, 2019). Apabila pengungkapan yang dilakukan mempengaruhi kenaikan harga saham, berarti bahwa pengungkapan memberikan sinyal yang positif.…”