PENGARUH TRANSPARANSI TERHADAP NILAI PERUSAHAAN: STUDI EMPIRIS DI PASAR MODAL INDONESIA
ABSTRACT: The objective of
this study is to investigate the effect of company’s transparency on the
company value. The company’s transparency consists of two variables, which are
the level of voluntary disclosures and the level of non-compliance mandatory
disclosures. The company value is measured based on the Tobin’s Q. In this
study, have been developed two hypotheses. All hypotheses are developed based
on the relationship between of two constructs, which are the company’s transparency
and the company value. This study uses the sample of 284 company listed at the
Jakarta Stock Exchange and the Surabaya Stock Exchange in 2003. The hypotheses
are tested by using ordinary least squares regressions. The results of this
study are as follows: (1) the effect of non-compliance mandatory disclosures on
company value is negative and statistically significant and (2) the effect of
voluntary disclo-sures on company value is positive and statistically significant.
Keywords: the company’s
transparency (the level of non-compliance mandatory disclosures and the level of
voluntary disclosures) and the company value (Tobin’s Q)
Penulis: Dody Hapsoro
Kode Jurnal: jpmanajemendd090079
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