PENGARUH DEWAN KOMISARIS TERHADAP TRANSPARANSI PERUSAHAAN (TINJAUAN DARI AGENCY THEORY DANSTEWARDSHIP THEORY)

Abstract

Weakness in corporate governance and lack of transparency are often considered causes of, or contributors to, the Asian Financial Crisis for years ago. Companies in Indonesia got effect it. This study aims to compare between agency theory and stewardship theory that be used in Indonesia by board of commissioners. Both ofthem has different side, although has same purpose for company. Sampling data is used from Indonesia Stock Exchange (BEI) for the year 20042007 including in the annual report of 100 Indonesia Firms and their relationship to various board attribute such as: board compositition, board size, frequency board's meeting and board function. The results mostly support the notion that agency theory more affects the extent of disclosure than stewardship theory in annual reports because corporate needs board of commissioners who has independent characteristic. First, the result showed that, a significant positive relationship between board independent and voluntary disclosure . Second, the result showed that, significant.positive relationship between frequency board's meeting and voluntary disclosure. Third, the result showed that, significant positive relationship between board function and voluntary disclosure. For stewardship theory, the result showed that, significant negative relationship between board size and voluntary disclosure. The results mean agency theory can be used in Indonesia. The stewardship theory is implicated by board size. Keywords : corporate governance, transparency, voluntary disclosure, board compositition, board size, frequency board's meeting and board function.