PENGUNGKAPAN DAN TRANSPARANSI

OECD Principles Disclosure and Transparency The corporate governance framework should ensure that timely and accurate disclosure is made on all material matters regarding the corporation, including the financial situation, performance, ownership, and governance of the company.

Information Asymmetry Information asymmetry: some parties to business transactions may have an information advantage over others Two major types of information asymmetry Adverse selection Moral hazard

Information Asymmetry (Cont’d) Adverse selection One or more parties (managers and other insiders) to a business transaction, or potential transaction, have an information advantage over other parties (investors) This may affect the ability of investors to make good investment decisions Financial accounting and reporting as a mechanism to control the adverse selection problem by converting inside information into outside information

Information Asymmetry (Cont’d) Moral Hazard One or more parties to a business transaction, or potential transaction, can observe their actions in fulfillment of the transaction but other parties cannot. Occurs because of the separation of ownership and control Accounting net income as a measure of managerial performance

Important Role Independent audit Accounting and disclosure standards Corporate governance – board and audit committee

Regulasi BAPEPAM-LK Kewajiban bagi Emiten dan Perusahaan Publik untuk menyampaikan Laporan Tahunan: Ikhtisar data keuangan penting Laporan dewan komisaris Laporan direksi Profil perusahaan Analisis dan pembahasan manajemen Tata kelola perusahaan Tanggung jawab direksi atas laporan keuangan Laporan keuangan yang telah diaudit

Regulasi BAPEPAM-LK (Cont’d) Peraturan Nomor VIII.G.7 Tentang Pedoman Penyajian Laporan Keuangan Peraturan ini menetapkan bentuk, isi, dan persyaratan dalam penyajian laporan keuangan yang harus disampaikan oleh Emiten atau Perusahaan Publik

Regulasi BAPEPAM-LK (Cont’d) Pedoman Penyajian dan Pengungkapan Laporan Keuangan Emiten atau Perusahaan Publik (P3LKEPP): Untuk memberikan suatu panduan penyajian dan pengungkapan yang terstandarisasi dengan mendasarkan pada prinsip-prinsip pengungkapan penuh (full disclosure), sehingga dapat memberikan kualitas penyajian dan pengungkapan yang memadai bagi pengguna informasi yang disajikan dalam pelaporan keuangan Emiten atau Perusahaan Publik. Aturan yang lebih detil sebagai acuan untuk pelaksanaan guna melaksanakan Peraturan Nomor VIII.G.7 tentang Pedoman Penyajian Laporan Keuangan

Regulasi BAPEPAM-LK (Cont’d) P3LKEPP (Cont’d) Industri Manufaktur Industri Investasi Industri Rumah Sakit Industri Jalan Tol Industri Perhotelan Industri Restoran Industri Telekomunikasi Industri Konstruksi Industri Perdagangan Industri Transportasi Industri Real Estate Industri Peternakan Industri Perkebunan

Regulasi BAPEPAM-LK (Cont’d) P3LKEPP (Cont’d) Industri Pertambangan Umum Industri Minyak dan Gas Bumi Industri Perbankan

Regulasi BAPEPAM-LK (Cont’d) Peraturan Nomor X.K.1 : Keterbukaan Informasi yang Harus Segera Diumumkan kepada Publik

Empirical Evidence Botosan (1997) Sengupta (1998) For a sample of firms with relatively low analyst following, greater disclosure is associated with a lower cost of equity capital Sengupta (1998) Documents a statistically significant negative association between a measure of a firm’s overall quality disclosure and two alternative measures of a firm’s incremental borrowing cost