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
The Lemons Problem
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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
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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:
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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