PENGARUH TRANSPARANSI TERHADAP KONSEKUENSI EKONOMIK: STUDI EMPIRIS DI PASAR MODAL INDONESIA

Abstract: The objective of this study is to investigate the effectof company’s transparency on the economic consequences. The company’s transparency consists of two variables, which are the level of non-compliance mandatory disclosures and the level of voluntary disclosures. The economic consequences consist of three variables, which are the bid-ask spreads, the trading volume, and the share price volatility. In this study, have been developed 6 hypotheses. All hypotheses are developed based on the relationship between of two constructs, which are the company’s transparency and the economic consequences. This study uses the sample of 285 firms 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 the non-compliance mandatory disclosures on the bid-ask spreads is statistically significant, (2) the effect of the voluntary disclosures on the bid-ask spreads is statistically significant, (3) the effect of the non-compliance mandatory disclosures on the trading volume is statistically significant, (4) the effect of the voluntary disclosures on trading volume is statistically significant, (5) the effect of the non-compliance mandatory disclosures on the share price volatility is statistically not significant, (6) the effect of the voluntary disclosures on the share price volatility is statistically not significant.
Keywords: the company’s transparency (non-compliance mandatory disclosures and voluntary disclosures) and the economic consequences (bid-ask spreads, trading volume, and share price volatility)
Penulis: Dody Hapsoro
Kode Jurnal: jpmanajemendd060051

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