机构所有权对印尼公司环境信息披露的影响

IF 5.5 Q1 BUSINESS
A. Wicaksono, H. Kusuma, Fitra Roman Cahaya, Anis Al Rosjidi, Arief Rahman, I. Rahayu
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引用次数: 1

摘要

本研究旨在探讨机构股东原籍国分类(国内、发达和发展中国家)及其在证券交易所的地位(上市和非上市)对印尼公司环境披露水平的影响。该数据集包括2017年至2019年期间在印度尼西亚证券交易所(IDX)上市的474家非金融公司。该研究使用环境披露清单来衡量公司报告中环境披露的程度。采用面板回归分析技术,考察基于原籍国分类和证券交易所地位的机构股东总持股比例与环境信息披露程度之间的关系。研究发现:环境信息披露程度与国内机构投资者、发达国家机构投资者、上市机构投资者和非上市机构投资者呈显著正相关。进一步的分析显示了有趣的结果,即发展中国家的机构与非敏感行业的环境信息披露存在显著的负相关关系。研究局限/启示作者认识到作者在环境信息披露测量过程中的主观性问题。本研究的样本包括印尼上市公司。因此,研究结果可能不适用于印尼非上市公司和其他国家或地区。本研究建议管理者与机构股东进行更多的接触,因为他们更关注环境披露实践。目前的研究还建议管理者制定强有力的环境政策,因为它们对确保机构股东的投资安全很重要。鉴于机构股东对环境信息披露水平的积极影响,这间接表明机构股东具有使世界变得更美好的强烈动机。原创性/价值本研究基于对原籍国的分类和机构投资者的上市地位,深入探讨了机构所有权对环境披露的影响。
本文章由计算机程序翻译,如有差异,请以英文原文为准。
Impact of institutional ownership on environmental disclosure in Indonesian companies
Purpose This study aims to investigate the effect of the classification of origin country of institutional shareholder (domestic, developed and developing country) and its status on stock exchange (listed and unlisted) on environmental disclosure level in Indonesian companies. Design/methodology/approach The data set comprises 474 non-financial firms listed in Indonesian Stock Exchange (IDX) for the period of 2017 to 2019. The study uses an environmental disclosure checklist to measure the extent of environmental disclosure in companies’ reports. Panel regression analysis technique is adopted to investigate the association between total percentage of shares held by institutional shareholders based on the classification of origin country and the status in stock exchange, and the extent of environmental disclosure. Findings The study reveals that the extent of environmental disclosure is positively and significantly associated with institutional investors from domestic, developed countries, listed and unlisted institutional investors. Further analysis shows interesting results that institutions from developing countries have a negative and significant relationship with environmental disclosure in non-sensitive industries. Research limitations/implications The authors recognize the issue of authors’ subjectivity in the measurement process of environmental disclosure. The sample for this study encompasses Indonesian listed firms. Thus, the results may not be generalized to Indonesian unlisted firms and other countries or regions. Practical implications This study suggests managers to engage more with institutional shareholders because they have greater concern for environmental disclosure practices. The current study also suggests managers to make strong environmental policies as they are important to ensure that institutional shareholders’ investments are safe. Social implications Given the positive impact institutional shareholders have on the level of environmental disclosure, it indirectly indicates that institutional shareholders have a strong motivation to make the world a better place. Originality/value This study offers in-depth insights into the effect of institutional ownership on environmental disclosure based on the classification of origin country and listing status of institutional investors.
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来源期刊
CiteScore
11.20
自引率
33.90%
发文量
68
期刊介绍: Providing a consistent source of in-depth information, analysis and advice considering corporate governance on an international scale, Corporate Governance: The International Journal of Business in Society focuses on knowledge development, practice and performance standards for scholars and Boards of Directors/ Governors of companies throughout the world. The journal publishes a diverse range of substantive theoretical and methodological debates as well as practical developments in the field of corporate governance worldwide. The journal particularly encourages attention to the impact of changes of business/corporate governance forms and practices on people, and the sustainability of different governance models. Articles that highlight models and structures that advance the interests, dignity and well being of all stakeholders, in a sustainable manner, are particularly welcome. The journal covers a broad spectrum of governance-related themes including: -Effective boardroom performance -Control and regulation -Executive leadership -The role and contribution of external (non-executive) directors -The growing importance of governance in the wake of ever-greater corporate scandals -Redefinitions and reassessments of corporate governance models -The role of business in society -The changing nature of the relationship and responsibilities of the firm towards various stakeholders -The incentives required to encourage more socially- and environmentally-responsible corporate action -The role and impact of local and international regulatory agencies and regimes on corporate behaviour.
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