PENGUNGKAPAN DAN TRANSPARANSI

Efficient Securities Market Efficient securities market is one where the prices of securities traded on that market at all times fully reflect all information that is publicly known about those securities

Efficient Securities Market 3 broad categories: –Weak form Past security prices and/or past trading volume. –Semistrong form All published information –Strong form All information

Information Asymmetry Information asymmetry: some parties to business transactions may have an information advantage over others Two major types of information asymmetry –Adverse selection –Moral hazard

Information Asymmetry (Cont’d) Adverse selection –One or more parties (managers and other insiders) to a business transaction, or potential transaction, have an information advantage over other parties (investors) –This may affect the ability of investors to make good investment decisions –Financial accounting and reporting as a mechanism to control the adverse selection problem by converting inside information into outside information

Information Asymmetry (Cont’d) Moral Hazard –One or more parties to a business transaction, or potential transaction, can observe their actions in fulfillment of the transaction but other parties cannot. –Occurs because of the separation of ownership and control –Accounting net income as a measure of managerial performance

Agency Theory Agency relationship is a contract under which one or more persons (principal(s)) engage another person (agent) to perform some service on their behalf which involves delegating some decision making authority to the agent.

Agency Problem The essence of agency problem is separation of ownership and control Principal have difficulties in assuring that their funds are not expropriated or wasted on unattractive projects

Conflict of Interests Insiders have an information advantage over other parties (i.e. outsiders). –Insiders: Management, Majority Stockholders –Outsiders: Creditors, Minority Stockholders, Government, Employees, Public These parties pursue their own interests (i.e., self interest), which can be conflicting As a result, the parties whose action is unobservable tend to shirk (i.e., insiders), which is detrimental to the other parties

10 The Lemons Problem

11 The Lemons Problem Can lead to the breakdown in the functioning of the capital market Investors can’t differentiate between good ideas and bad ideas. –Value all ideas as average. Corporate disclosures and external audits play an important role in mitigating this problem

Signaling Theory Akerlof's market for lemons –High-types signal that they are not low-types –Signal must be credible –Cost to high-types < cost to low-types –Irrational for low-types to issue a costly signal Example: –Voluntary disclosures

Regulasi BAPEPAM-LK Kewajiban bagi Emiten dan Perusahaan Publik untuk menyampaikan Laporan Tahunan: –Ikhtisar data keuangan penting –Laporan dewan komisaris –Laporan direksi –Profil perusahaan –Analisis dan pembahasan manajemen –Tata kelola perusahaan –Tanggung jawab direksi atas laporan keuangan –Laporan keuangan yang telah diaudit

Regulasi BAPEPAM-LK (Cont’d) Peraturan Nomor VIII.G.7 Tentang Pedoman Penyajian Laporan Keuangan –Peraturan ini menetapkan bentuk, isi, dan persyaratan dalam penyajian laporan keuangan yang harus disampaikan oleh Emiten atau Perusahaan Publik

Regulasi BAPEPAM-LK (Cont’d) Pedoman Penyajian dan Pengungkapan Laporan Keuangan Emiten atau Perusahaan Publik (P3LKEPP): –Untuk memberikan suatu panduan penyajian dan pengungkapan yang terstandarisasi dengan mendasarkan pada prinsip-prinsip pengungkapan penuh (full disclosure), sehingga dapat memberikan kualitas penyajian dan pengungkapan yang memadai bagi pengguna informasi yang disajikan dalam pelaporan keuangan Emiten atau Perusahaan Publik. –Aturan yang lebih detil sebagai acuan untuk pelaksanaan guna melaksanakan Peraturan Nomor VIII.G.7 tentang Pedoman Penyajian Laporan Keuangan

Regulasi BAPEPAM-LK (Cont’d) Peraturan Nomor X.K.1 : Keterbukaan Informasi yang Harus Segera Diumumkan kepada Publik