Pengungkapan Perusahaan: Finansial atau Non-Finansial Studi Kasus pada Emiten Syariah di Indonesia

Mochamad Edman Syarief


This study investigates how investors' perceptions of disclosures made by companies. The disclosure referred to non-financial exposures represented by corporate governance disclosures (GCGs) and financial disclosures denoted by ROA and ROE. The stock price is a proxy for investor perceptions. Furthermore, this study also tries to see whether the regulations issued by the Financial Services Authority have an economic impact on the company that implements these rules. This research using WarpPLS as a tool to find out the influence of GCGs on ROA and ROE, and on Share Prices, using path analysis before and after 2014. The results of the study state that GCGs has a positive and significant effect on ROA before and after 2014. GCGs does not affect ROE before 2014, but it had a significant positive impact on ROE after 2014. GCGs did not affect stock prices before and after 2014. ROA had a significant effect on stock prices before 2014, did not affect stock prices after 2014. ROE does not influence the Share Price before and after 2014. The conclusion is that the investors on sharia stock still acknowledge that financial information is more decisive for buying shares of sharia stocks compared to non-financial information, and non-financial disclosures made by the company, adding to the burden of the company. The rules issued by OJK relating to disclosure of corporate governance do not appear to have had an economic effect on Islamic issuers in Indonesia.


Corporate Disclosure, Corporate governance disclosure, Return on Assets, Return on Equity, Share Prices

Full Text:



Abdallah, A. A.-N., & Ismail, A. K. (2016). Corporate governance practices, ownership structure, and corporate performance in the GCC countries. Journal of International Financial Markets, Institutions & Money, 98-115.

Blomme, H. (2018). Towards Better Corporate Reporting: Core & More. Schmalenbach Bus Rev, -.

Buijink, W. F., Sellhorn, T., & Wagenhofer, A. (2019). Special Issue: Regulation of Corporate Disclosure. Schmalenbach Business Review, 131-136.

Dewi, M., Agustia, D., & Ardianto. (2019). Integrated Reporting dan Keputusan Investasi: Prinsip Konektivitas dan Time Horizon Investasi. Ekuitas: Jurnal Ekonomi dan Keuangan, 3(2), 244-259.

Hamdani, M., & Nupikso, G. (2016). Peningkatan Kinerja Keuangan dan Harga Saham melalui Pengungkapan Penerapan Good Corporate Governance (GCG) dan Ukuran Perusahaan pada BUMN Go Publik. Jurnal Manajemen dan Organisasi Vol. VII No. 1, 63-71.

Harisa, E., Adam, M., & Meutia, I. (2019). Effect of Quality of Good Corporate Governance Disclosure, Leverage and Firm Size on Profitability of Isalmic Commercial Banks. International Journal of Economics and Financial Issues, 9(4), 189-196.

Komite Nasional Kebijakan Governance. (2011). Pedoman Umum Good Governance Bisnis Syariah. Jakarta: Komite Nasional Kebijakan Governance.

Kusuma, H., & Ayumardani, A. (2016). The Corporate Governance Efficiency and Islamic Bank Performance: An Indonesian Evidence. Polish Journal of Management Studies Vol. 13 No. 1, 111-120.

Latifah, S. W., Rosyid, M. F., Purwanti, L., & Oktavendi, T. W. (2019). Good Corporate Governance, Kinerja Keuangan dan Sustainability Report (BUMN yang listed di BEI). JRAK, 200-213.

Malik, S. U. (2012). Relationship between Corporate Governance Score and Stock Prices: Evidence from KSE- 30 Index Companies. International Journal of Business and Social Science Vol. 3 No. 4, 239-249.

Mohamad, Z. Z., Salleh, H. M., Ismail, N. D., & Chek, I. T. (2014). Does Quality of Non-Financial Information Disclosure Influence Firms Profitability in Malaysia? International Journal of Academic Research in Accounting, Finance and Management Sciences, 4(4), 297-306.

Mohamed, W. S., & Elewa, M. M. (2016). The Impact of Corporate Governance on Stock Price and Trade Volume. International Journal of Accounting and Financial Reporting Vol. 6, No. 2, 27-44.

Otoritas Jasa Keuangan. (2014, Desember 8). Peraturan Otoritas Jasa Keuangan Nomor 32 / POJK.04 / 2014 tentang Rencana dan Penyelengaraan Rapat Umum Pemegang Saham. Jakarta.

Otoritas Jasa Keuangan. (2014, Desember 8). Peraturan Otoritas Jasa Keuangan Nomor 33 / POJK.04 / 2014 tentang Direksi dan Dewan Komisaris Emiten atau Perusahaan Publik. Jakarta.

Otoritas Jasa Keuangan. (2014, Desember 8). Peraturan Otoritas Jasa Keuangan Nomor 34 / POJK.04 / 2014 tentang Komite Nominasi dan Remunerasi Emiten atau Perusahaan Publik. Jakarta.

Otoritas Jasa Keuangan. (2014, Desember 8). Peraturan Otoritas Jasa Keuangan Nomor 35 / POJK.04 / 2014 tentang Sekretaris Perusahaan Emiten atau Perusahaan Publik. Jakarta.

Rahayu, S. S., & Yuniati, T. (2017). Pengaruh Profitabilitas Terhadap Harga Saham pada Perusahaan Manufaktur yang Terdaftar di BEI. Jurnal Ilmu dan Riset Manajemen Vol. 6 No. 3, 1-18.

Safira, Z., & Riduwan, A. (2015). Pengruh Corporate Social Responsibility dan Kinerja Keuangan pada Harga Saham. Jurnal Ilmu & Riset Akuntansi Vol. 4 No. 6, 1-15.

Tariq, Y. B., & Abbas, Z. (2013). Compliance and multidimensional firm performance: Evaluating the efficacy of rule-based code of corporate governance. Economic Modelling 35, 565-575.

Tumandung, C. O., Murni, S., & Baramuli, D. N. (2017). Analisis Pengaruh Kinerja Keuangan Terhadap Harga Saham pada Perusahaan Makanan dan Minuman yang Terdaftar di BEI PEriode 2011 - 2015. EMBA Vol 5 No. 2, 1728-1737.

Urquiza, F. B., Navarro, M. C., & Trombetta, M. (2010). Disclosure theories and disclosure measures. REVISTA ESPAÑOLA DE FINANCIACIÓN Y CONTABILIDAD, 393-415.

Y.Chung, D., Hrazdil, K., Novak, J., & Suwanyangyuan, N. (2019). Does the large amount of information in corporate disclosures hinder or enhance price discovery in the capital market. Journal of Contemporary Accounting & Economics, 35-52.



  • There are currently no refbacks.

Creative Commons License

Jurnal ASET (Akuntansi Riset) is licensed under a Creative Commons Attribution-ShareAlike 4.0 International License

View My Stats Visitor