Pengungkapan Sukarela Berdasarkan Karakteristik Perusahaan dan Kepemilikan Institusional

Abstract

This study analyses the effect's degree of firm characteristics and institutional ownership on voluntary disclosure. Firm characteristics in this study are measured based on size and leverage. This study's panel data are from financial reports of 23 companies in the consumer goods industry listed on the Indonesia Stock Exchange for the 2014 to 2018 reporting period. By using panel data regression analysis, this study finds that company size does not affect voluntary disclosure. On the other hand, leverage positively affects voluntary disclosure, while institutional ownership has a negative effect. This study implies that voluntary disclosure is more determined by the need to win the competition and rationalize investors regarding their leverage. The company's size does not determine the voluntary disclosure level. The government needs to encourage the companies to reveal more information for better market within the pandemic through the Financial Services Authority. On the other hand, institutional ownership that has a negative effect on voluntary corporate disclosure shows that investors from other institutions tend not to have healthy controls in encouraging companies to make voluntary disclosures. Future research is expected to reexamine corporate voluntary disclosure determinants through other variables and use more than one method to ensure their robustness results. Keywords: Firm Characteristic; Institutional Ownership; Voluntary Disclosure AbstrakPenelitian ini bertujuan untuk menganalisis besarnya pengaruh karakteristik dan kepemilikan institusional terhadap pengungkapan sukarela yang dilakukan perusahaan. Karakteristik perusahaan dalam penelitian ini diukur berdasarkan ukuran dan leverage. Data dalam penelitian ini yakni laporan keuangan dari 23 perusahaan sektor industri barang konsumsi yang terdaftar di Bursa Efek Indonesia periode laporan 2014 hingga 2018. Dengan menggunakan analisis regresi data panel, penelitian ini menemukan bahwa ukuran perusahaan tidak mempengaruhi pengungkapan sukarela. Di sisi lain, leverage berpengaruh positif terhadap pengungkapan sukarela, sedangkan kepemilikan institusional berpengaruh negatif. Implikasi penelitian ini adalah bahwa pengungkapan sukarela lebih ditentukan oleh kebutuhan untuk memenangkan persaingan serta keperluan memberikan rasionalisasi terhadap para investor terkait besarnya leverage yang dimiliki. Besar kecilnya ukuran perusahaan tidak menentukan tingkat pengungkapan sukarela sehingga pemerintah melalui OJK perlu mendorong pengungkapan sukarela perusahaan. Di sisi lain, kepemilikan institusional yang justru berpengaruh negatif terhadap pengungkapan sukarela menunjukan investor dari institusi lain cenderung belum memiliki pengendalian yang kuat dalam mendorong perusahaan agar melakukan pengungkapan sukarela. Penelitian selanjutnya diharapkan dapat menelaah kembali determinan pengungkapan sukarela melalui variabel-variabel lain serta menggunakan lebih dari satu metode untuk memastikan hasil yang robust. Kata Kunci: Karakteristik Perusahaan; Kepemilikan Institusional; Pengungkapan Sukarela

How the ownership structure and firm size effect on intellectual capital disclosure?

“…The presence of these institutional shareholders in a company is considered to be able to control every strategic decision and action taken by company managers effectively. However, the results of this study are in line with the results of Suhendar & Hakim's (2021), study which also obtained the results that institutional ownership has a negative effect on voluntary disclosure. The reason for the negative influence of institutional ownership on voluntary disclosure is the lack of institutional investor power in terms of company control.…”

“…In the banking sub-sector, there were also differences in performance before and during COVID-19 as presented in the research by Soko & Harjanti (2022); Sullivan & Widoatmodjo (2021). Of course, this crisis condition also influences the company's strategy, so voluntary disclosure is a consequence as well as one of the company's competitive strategies in maintaining its share price (Suhendar & Hakim, 2021). According to the theory of resource dependency, a company's strategy in overcoming crises by disclosing intellectual capital information can also create a competitive advantage.…”

“…Disclosure of such information can also be in the form of disclosure of information that is voluntary, such as intellectual capital disclosure. The COVID-19 conditions that occurred in 2020 and 2021 also certainly influenced the company's strategy, so voluntary disclosure became a consequence as well as one of the company's competitive strategies in maintaining its share price (Suhendar & Hakim, 2021). Companies also tend to increase the level of disclosure during times of crisis, because companies want to capture the momentum of the crisis to increase legitimacy and influence public perceptions (Nawangsari et al, 2021).…”

“…The COVID-19 pandemic that hit the whole world including Indonesia has caused economic uncertainty. Of course, this crisis condition also influences the company's strategy, so voluntary disclosure is a consequence as well as one of the company's competitive strategies in maintaining its share price (Suhendar & Hakim, 2021). Investor sentiment towards banking companies included in the financial sector on the Indonesia Stock Exchange at the time of COVID-19 was quite good as seen from the Sectoral Stock Price Index for the financial sector which has constantly increased since the first quarter of 2020, although it is still negative.…”

Kualitas Laporan Keberlanjutan: Eksistensi dari Media dan Industri

“…Akses ke informasi sangat penting bagi investor untuk membuat pilihan investasi yang baik (Suhendar & Hakim, 2021). Pengungkapan wajib serta pengungkapan sukarela keduanya merupakan metode pengungkapan informasi yang dapat diterima.…”