Browse > Article
http://dx.doi.org/10.13106/jafeb.2021.vol8.no3.0383

The Effects of Shareholders' Rights, Disclosures, and Transparency on Firm Value  

SUMATRIANI, Sumatriani (Commercial Administration Department, Politeknik Negeri Ujung Pandang)
PAGULUNG, Gagaring (Accounting Department, Faculty of Economics and Business, Universitas Hasanuddin)
SAID, Darwis (Accounting Department, Faculty of Economics and Business, Universitas Hasanuddin)
PONTOH, Grace T. (Accounting Department, Faculty of Economics and Business, Universitas Hasanuddin)
JAMALUDDIN, Jamaluddin (Accounting Department, Faculty of Economics and Business, Universitas Tadulako)
Publication Information
The Journal of Asian Finance, Economics and Business / v.8, no.3, 2021 , pp. 383-390 More about this Journal
Abstract
This study investigates the effect of shareholders' rights, disclosure, and transparency on firm value. This study also investigates whether corporate social responsibility (CSR) is pure moderation or quasi moderation in the effect of shareholders' rights, disclosure, and transparency on firm value. This study's novelty is building a model framework to increase firm value and the role of CSR in increasing firm value. This study used secondary data provided by Indonesia, Malaysia, and Thailand Stock Exchanges. The sample of this study is 142 companies with four years of observations from 2012-2015. Firm value is measured by Tobin's Q. While shareholder's rights, disclosure, and transparency are measured using the ASEAN scorecard. The analysis method used in this study is a fixed effect model using a panel data approach. The result of this study shows that shareholders' rights have a significant positive effect on firm value. However, disclosure and transparency do not affect firm value significantly. In comparison, the CSR disclosure has a moderation effect on the relationship between shareholders' rights and firm value. The CSR disclosure does not have a moderation effect on the relationship between disclosure and transparency and firm value.
Keywords
Shareholders' Rights; Disclosure; Transparency; Corporate Social Responsibility; Firm Value;
Citations & Related Records
연도 인용수 순위
  • Reference
1 Kurnia, P., Darlis, E., & Putra, A. A. (2020). Carbon emission disclosure, good corporate governance, financial performance, and firm value. The Journal of Asian Finance, Economics, and Business, 7(12), 223-231. https://doi.org/10.13106/JAFEB.2020.VOL7.NO12.223   DOI
2 Kurniasari, W., & Warastuti, Y. (2015). The relationship between CSR and profitability to firm value in the Sri-Kehati index. International Journal of Economic Behavior, 5(1), 31-41. http://ijeb.faa.ro/en/article/The-Relationship-Between-CSRand-Profitability-to-Firm-Value-in-SRI-KEHATI-Index-496.html
3 Ridwan, R., & Mayapada, A. G. (2020). Does sharia governance influence corporate social responsibility disclosure in Indonesia Islamic banks? Journal of Sustainable Finance & Investment, 4(5),1-20. https://doi.org/10.1080/20430795.2020.1749819   DOI
4 Schaefer, A., & Kerrigan, F. (2008). Trade associations and corporate social responsibility: Evidence from the UK water and film industries. Business Ethics: A European Review, 17(2), 171-195. https://doi.org/10.1111/j.1467-8608.2008.00530.x   DOI
5 Sekaran, U., & Bougie, R. (2016). Research methods for business: A skill-building approach (7th ed.). Hoboken, NJ: Wiley & Sons.
6 Sharif, S. P., & Ming Lai, M. (2015). The effects of corporate disclosure practices on firm performance, risk, and dividend policy. International Journal of Disclosure and Governance, 12(4), 311-326. https://doi.org/10.1057/jdg.2015.2   DOI
7 Soedjatmiko, S., Tjahjadi, B., & Soewarno, N. (2021). Do environmental performance and environmental management have a direct effect on firm value? The Journal of Asian Finance, Economics, and Business, 8(1), 687-696. https://doi.org/10.13106/JAFEB.2021.VOL8.NO1.687   DOI
8 Stiglbauer, M. (2010). Transparency and disclosure on corporate governance as a key factor of companies' success: A simultaneous equations analysis for Germany. Problems and Perspectives in Management, 8(1), 161-173. https://businessperspectives.org/images/pdf/applications/publishing/templates/article/assets/3202/PPM_EN_2010_01_cont_Stiglbauer.pdf
9 Todorovic, I. (2013). Impact of corporate governance on the performance of companies. Montenegrin Journal of Economics, 9(2), 47-54. http://repec.mnje.com/mje/2013/v09-n02/mje_2013_v09-n02-a15.pdf
10 Wiwattanakantang, Y. (2001). Controlling shareholders and corporate value: Evidence from Thailand. Pacific-Basin Finance Journal, 9(4), 323-362. https://doi.org/10.1016/S0927-538X(01)00022-1   DOI
11 Zhuang, J. (2000). Corporate governance and finance in East Asia: A study of Indonesia, Republic of Korea, Malaysia, Philippines, and Thailand. Mandaluyong, Philippines: Asian Development Bank.
12 Alipour, M. (2013). An investigation of the association between ownership structure and corporate performance: Empirical evidence from the Tehran Stock Exchange (TSE). Management Research Review, 36(11), 1137-1166. https://doi.org/10.1108/MRR-08-2012-0188   DOI
13 Cheung, Y. L., Jiang, P., & Tan, W. (2010). A transparency disclosure index measuring disclosures: Chinese listed companies. Journal of Accounting and Public Policy, 29(3), 259-280. https://doi.org/10.1016/j.jaccpubpol.2010.02.001   DOI
14 Connelly, J. T., Limpaphayom, P., & Nagarajan, N. J. (2012). Form versus substance: The effect of ownership structure and corporate governance on firm value in Thailand. Journal of Banking & Finance, 36(6), 1722-1743. https://doi.org/10.1016/j.jbankfin.2012.01.017   DOI
15 Donaldson, T., & Preston, L. E. (1995). The stakeholder theory of the corporation: Concepts, evidence, and implications. Academy of Management Review, 20(1), 65-91. https://doi.org/10.5465/amr.1995.9503271992   DOI
16 Gregory, A., Tharyan, R., & Whittaker, J. (2014). Corporate social responsibility and firm value: Disaggregating the effects on cash flow, risk, and growth. Journal of Business Ethics, 124(4), 633-657. https://doi.org/10.1007/s10551-013-1898-5   DOI
17 Halabi, A. K., Kazi, A. U., Dang, V., & Samy, M. (2006). Corporate social responsibility: How the top ten stack up. Monash Business Review, 3(2), 4-20.
18 Hardiyansah, M., Agustini, A. T., & Purnamawati, I. (2021). The effect of carbon emission disclosure on firm value: Environmental performance and industrial type. The Journal of Asian Finance, Economics, and Business, 8(1), 687-696. https://10.13106/JAFEB.2021.VOL8.NO1.123   DOI
19 Isik, O., & Soykan, M. E. (2013). Large shareholders and firm performance: Evidence from Turkey. European Scientific Journal, 9(25), 12-26. https://doi.org/10.19044/esj.2013.v9n25p%p   DOI
20 James, H. (1998). From grandmotherliness to governance: The evolution of IMF conditionality. Finance and Development, 35(4), 44-48. https://www.imf.org/external/pubs/ft/fandd/1998/12/james.htm
21 Krechovska, M., & Prochazkova, P. T. (2014). Sustainability and its integration into corporate governance focusing on corporate performance management and reporting. Procedia Engineering, 69, 1144-1151. https://doi.org/10.1016/j.proeng.2014.03.103   DOI