GDL

Jurnal Keuangan dan Perbankan, Volume 16, Nomor 1, Januari 2012
Journal from JIPTUNMERPP / 2012-08-13 11:04:31
Oleh : Tarmizi Achmad, Diploma 3 of Finance and Banking Merdeka University Malang (jurkeubank@yahoo.com)
Dibuat : 2012-01-01, dengan file

Keyword : Voluntary disclosure, board of commissioners, agency theory, stewardship theory, corporate governance

This paper examined the impact of the board of commissioners on voluntary disclosures provided by listed firms
in Indonesia for the period of year 2004 to 2010. The board of commissioners were characterized by board
composition, board size, board role and board intensity. Voluntary disclosure was proximate by an aggregated
disclosure score of non-mandatory, non-financial and financial information. The results indicated that board
size, board intensity (number of board meetings), or board role (number of audit committe members) was signifi-
cantly and positively related to the extent of voluntary disclosure as predicted by the agency theory, while board
composition (number of insiders) was significantly and negatively related to the extent of voluntary disclosure as
predicted by the stewardship theory. The result showed that independent board members did not conduct their
monitoring function on management effectively. Alternatively, insiders were involved in operating firmÂ’s activi-
ties. This phenomena might be because most firms were owned by family that tended to appoint the board and
management team based on the family ties. Hence, using the stewardship theory was more appropriate to analyze
the boardÂ’s composition than that of using the agency theory.

Deskripsi Alternatif :

This paper examined the impact of the board of commissioners on voluntary disclosures provided by listed firms
in Indonesia for the period of year 2004 to 2010. The board of commissioners were characterized by board
composition, board size, board role and board intensity. Voluntary disclosure was proximate by an aggregated
disclosure score of non-mandatory, non-financial and financial information. The results indicated that board
size, board intensity (number of board meetings), or board role (number of audit committe members) was signifi-
cantly and positively related to the extent of voluntary disclosure as predicted by the agency theory, while board
composition (number of insiders) was significantly and negatively related to the extent of voluntary disclosure as
predicted by the stewardship theory. The result showed that independent board members did not conduct their
monitoring function on management effectively. Alternatively, insiders were involved in operating firmÂ’s activi-
ties. This phenomena might be because most firms were owned by family that tended to appoint the board and
management team based on the family ties. Hence, using the stewardship theory was more appropriate to analyze
the boardÂ’s composition than that of using the agency theory.

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