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"One principle of corporate governance is disclosure and transparancy. This principle stipulates that reliable disclosure is made on all material matters regarding the corporation. By applying this principle, information asymmetry can be reduced and thus negative consequences of adverse selection and moral hazard problems can minimized. This paper assesses the extent of regulation on disclosure in Indonesia and reviews the evidence on the disclosure level among publicity listed companies in Indonesia. In Indonesia, private mechanism to control the negative consequences on information asymemetry is not effective since the roe of board of directors / commissioners and banks / creditors is minimum in monitoring the firms' actions. Further the capital and labor markets are not well developed. Without proper regulation the amount of information produced by these companies as expected is in adwquate. In recent years, there has been significant improvement in the regulation of disclosure in Indonesia. Badan Pengawas Pasar Modal (Capital Market Monitoring Agency) has issued a number of rules that enforce disclosure and that protect the interest of minority shareholers. The accounting standards are harmonized with the international Accounting Standards while the due process in preparing the standards has been intensified. Empirical evidences, however, find that in general the disclosure level among publicitu listed companies in Indonesia is low. Even for mandatory disclosure, the compliance rate is not satisfactory. This low level of disclosure despite the enhancement of disclosure requirement by the regulating bodies suggests that the enforcement of the disclosure requirements by the regulating bodies suggests that the enforcement of the regulations needs to be improves. The paper concludes with some policy recommendations to improve the disclosure level in Indonesia. "

"Penelitian ini menguji pengaruh pengungkapan Environmental, Social, Governance (ESG) terhadap kinerja dan nilai pasar perusahaan sektor energi di ASEAN+6, pandemi Covid-19 sebagai faktor pemoderasi. Penelitian ini menggunakan metode regresi data panel untuk 53 perusahaan dengan periode 2011 hingga 2022. Temuan menunjukkan bahwa skor penilaian pengungkapan ESG kombinasi berefek negatif terhadap kinerja (ROA dan ROE), namun tidak memiliki dampak signifikan terhadap nilai pasar (Tobin's Q dan price-to-book). Dimana, Governance berdampak negatif terhadap profitabilitas, menunjukkan upaya perusahaan untuk mencapai kepatuhan Good Corporate Governance (GCG) dapat menyebabkan pengambilan risiko yang konservatif, berpotensi mengakibatkan peluang bisnis yang terlewatkan. Terakhir, pandemi Covid-19 terbukti memiliki dampak positif pada hubungan antara ESG dan kinerja, menunjukkan bahwa praktik ESG dapat perusahaan lebih dapat bertahan pada periode krisis.

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This study examines the impact of Environmental, Social, Governance (ESG) disclosures on the performance and market value of companies in the energy sector in the ASEAN+6, with Covid-19 serving as a moderating factor. Using panel data regression to 53 companies, this research period spanning from 2011 to 2022. Findings indicate that the overall ESG disclosures has a negative effect on profitability (ROA and ROE) and does not exhibit a significant impact on market value (Tobin's Q and price-to-book). Governance disclosure has a negative impact on profitability, indicating that efforts to achieve Good Corporate Governance (GCG) compliance may lead to conservative risk-taking, potentially resulting in missed business opportunities. Lastly, Covid-19 demonstrates a positive impact on the ESG-performance relationship, suggesting that ESG practices enable companies to better withstand crisis periods."

"Indonesian firms are characterized by conglomeration that tends to conduct related party transaction (RPT). Extant academic literature provides two competing views on RPTs: the efficient transaction hypothesis and the conflict of interest hypothesis. The purpose of this study is to investigate RPT from the point of view of the conflict of interest hypothesis. Specifically, this study examines the size of RPT which is performed by majority shareholders to expropriate minority shareholders. The size of RPT measures the direct influence of RPT on shareholders? wealth. In this study, the size of RPT is measured by RPT transactions of assets plus liabilities (RPTAL) and sales plus expenses (RPTSE) relative to book value of equity. Furthermore, this study investigates whether RPTAL and RPSE are determined by CG practices, disclosure of RPT, and ownership structure. This study cannot find the influence of CG on size of RPTAL and RPTSE.

The results of the study also show that only disclosure of RPT and ownership structure that have positive impact on size of RPTSE. Disclosure of RPT increases more efficient RPTSE than abusive RPTSE. This study find that the relationship between the disclosure and RPTAL is insignificant as efficient RPTAL does not dominate abusive RPTAL, while concentrated ownership has a positive impact on abusive RPTSE.

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Karakteristik perusahaan di Indonesia bercirikan konglomerasi yang cenderung untuk melakukan praktik transaksi pihak berelasi (related party transaction atau RPT). Studi empiris menunjukkan terdapat dua teori yang bertolak-belakang mengenai RPT, yaitu ?the efficient transaction hypothesis? dan ?the conflict of interest hypothesis?. Penelitian ini bertujuan untuk menginvestigasi RPT dari sisi ?the conflict of interest hypothesis?. Secara spesifik, penelitian ini meneliti besaran RPT yang dilakukan oleh pemegang saham mayoritas untuk melakukan ekspropriasi terhadap pemegang saham minoritas. Besaran RPT dapat mengukur pengaruh langsung RPT pada kesejahteraan pemegang saham. Pada penelitian ini, besaran ini diukur berdasarkan besaran transaksi aset dan liabilitas (RPTAL), serta sales dan expenses (RPTSE) secara relatif terhadap nilai buku ekuitas. Lebih lanjut, penelitian ini menguji apakah besaran RPTAL dan RPTSE dipengaruhi oleh praktik CG, tingkat pengungkapan RPT, dan struktur kepemilikan.Hasil penelitian menunjukkan bahwa praktik CG tidak berpengaruh pada RPTSE dan RPTAL. Hanya tingkat pengungkapan RPT dan struktur kepemilikan yang berpengaruh positif pada besaran RPTSE. Pengungkapan RPT meningkatkan RPT yang efisien dibandingkan RPT yang merugikan. Penelitian ini menemukan bahwa hubungan antara pengungkapan RPT dan RPTAL tidak signifikan dengan argumentasi bahwa RPTAL yang efisien tidak mendominasi RPTAL yang merugikan. Namun demikian, konsentrasi kepemilikan berpengaruh positif terhadap RPTSE yang merugikan."

"Skripsi ini membahas tentang pengaruh mekanisme tata kelola perusahaan terhadap pengungkapan Enterprise Risk Management (ERM) pada perusahaan manufaktur di Indonesia dengan periode 2010 hingga 2012. Pengungkapan ERM dinilai berdasarkan kerangka yang dikembangkan oleh COSO, yang terbagi menjadi 8 dimensi dengan total item pengungkapan sebanyak 108 item. Sedangkan tata kelola perusahaan terbagi menjadi 7 variabel utama, yaitu ukuran dewan komisaris, proporsi komisaris independen, proporsi kehadiran dewan komisaris dalam rapat, keberadaan komite manajemen risiko, reputasi auditor eksternal, konsentrasi kepemilikan dan berlakunya PSAK 60 (revisi 2010). Berlakunya PSAK 60 (revisi 2010) juga diteliti sebagai variabel pemoderasi terhadap hubungan antara variabel utama dengan pengungkapan ERM. Penelitian dilakukan dengan metode kuantitatif serta pengujian hipotesis dengan mengunakan regresi data pooled. Hasil penelitian ini menunjukkan bahwa ukuran dewan komisaris, keberadaan komite manajemen risiko, reputasi auditor eksternal, konsentrasi kepemilikan, dan berlakunya PSAK 60 (revisi 2010) berpengaruh positif terhadap pengungkapan ERM. Sedangkan penggunaan PSAK 60 (revisi 2010) sebagai variabel moderasi tidak mempengaruhi hubungan antara variabel lainnya terhadap pengungkapan ERM.

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This thesis discusses the influence of corporate governance mechanisms on the disclosure of Enterprise Risk Management (ERM) at a manufacturing company in Indonesia with the period 2010 to 2012. Disclosures ERM assessed based on a framework developed by COSO, which is divided into 8 dimensions with a total of 108 items of disclosure items. While corporate governance is divided into 7 main variables, namely board size, the proportion of independent directors, the proportion of the presence of the commissioners at the meeting, the existence of a risk management committee, external auditor reputation, concentration of ownership and the implementation of SFAS 60 (revised 2010). Applicability of SFAS 60 (revised 2010) also studied as a moderating variable in the relationship between the main variables with ERM disclosures. The study was conducted with quantitative methods and hypothesis testing using the pooled data regression. The results of this study indicate that the board size, the existence of a risk management committee, external auditor reputation, concentration of ownership, and the implementation of SFAS 60 (revised 2010) has a positive effect on the disclosure of ERM. While the use of FRS 60 (revised 2010) as a moderating variable does not affect the relationship between the other variables on the disclosure of ERM."