An Investigation on the Information Transparency and Disclosure in Indonesian Stock Market

印尼股票市場財務資訊透明度之檢核

資訊透明與揭露是衡量公司治理的重點之一，本研究探討全世界人口第四多的新興國家---印尼的股票市場資訊透明與揭露程度。研究期間為2007年至2010年，研究對象為印尼前100大公司，資訊透明度使用Standarda & Poor’s (S&P)公司所發展的指標，以迴歸分析探討資訊透明度與各項財務變數之關係。研究結果顯示研究對象公司揭露了110項的資訊指標中的76.9%，此比率比過去類似文獻結果為高。2008金融危機之後，資訊透明度呈現顯著的提升。此外，負債比率、市值規模、以及股利發放率對資訊揭露也有顯著的影響。

The issue of transparency and disclosure is one of the key factors for corporate governance. This study investigates the practices of transparency and disclosure in Indonesia, which has the fourth largest population in the world. Using data from the 100 largest Indonesian companies from 2007 to 2010, the measures of transparency and disclosure proposed by the Standard & Poor’s (S&P) and the methodology of regression, this study finds that the 100 largest Indonesian firms disclosed 76.9% of the 110 S&P information attributes, which is higher than the percentages obtained in previous studies. The level of transparency and disclosure following the 2008 financial crisis is significantly higher than in the pre-crisis period. In addition, this study shows that debt ratio, market capitalization, and the dividend payout ratio have significant effects on the level of information disclosure.