Perlindungan Hukum Bagi Investor Pada Perseroan Terbatas Yang Pailit

Perlindungan hukum investor pada Perseroan Terbatas yang pailit adalah diterapkannya prinsip full and fair disclosure atau transparansi. Prinsip keterbukaan merupakan pengungkapan data perusahaan yang menyeluruh dan lengkap mengenai data keuangan, pengurus dan sebagainya dengan tujuan diketahui secara luas oleh masyarakat umum. Hal ini diperlukan sebagai upaya untuk memberikan informasi kepada masyarakat untuk menilai sekuritas yang diterbitkan dan dijual oleh PT yang bersangkutan dan dapat juga mengajukan gugatan terhadap perseroan ke pengadilan negeri yang diatur dalam pasal 61 ayat (1) Undang-Undang Perseroan Terbatas apabila terdapat tindakan perseroan yang dianggap tidak adil terhadap pemegang saham.

U.S. Securities and Exchange Commission (SEC) brings regulation FD enforcement action against AT&T Inc.

Purpose To explain and analyze the U.S Securities and Exchange Commission’s complaint filed in the U.S. District Court for the Southern District of New York against AT&T Inc. alleging repeated violations of Regulation FD (Fair Disclosure), and against three of AT&T’s Investor Relations executives for aiding and abetting those violations. Design/Methodology/Approach Describes the SEC’s allegations and AT&T’s response and recommends practice points that issuers and their legal counsel can draw from the enforcement action. Findings The SEC’s suit against AT&T and its three IR executives serves as an important reminder that the SEC remains committed to ensuring the full and fair disclosure of information by issuers and is willing to litigate Regulation FD-based enforcement actions when it deems necessary. Practical Implications Every public company must develop systems to manage selective disclosure risks in its investor relations program. Originality/Value Practical guidance from experienced corporate governance, litigation, capital markets, securities enforcement and regulation lawyers.

Pengaruh IFR dan Tingkat Pengungkapan Informasi terhadap Nilai Perusahaan dengan Relevansi Nilai sebagai Variabel Intervening

This research is conducted to investigate Internet Financial Reporting (IFR) and the level of information disclosure on firm value with the value relevance of accounting information as an intervening variable. This research used secondary data for the period 2008-2019 on banking companies listed on the Indonesia Stock Exchange. The sampling technique used saturated sampling. Tools for processing data using SPSS 22. Data analysis using path analysis. The results showed that IFR and the level of information disclosure had a positive effect on value relevance when tested simultaneously. The higher the application of IFR and the level of information disclosure the higher the value relevance. Meanwhile, IFR and the level of information disclosure have a negative effect on firm value. The results show that the application of IFR is good and the level of disclosure of the information is fair disclosure, but the market reaction is down, as evidenced by the value of the stock market value is smaller than the book value (undervalue). Value relevance has no effect on firm value. The results showed that the value relevance is high, but the market value is low. So that it has no value for investors in the company to get capital gains. This means that accounting information has lost its function to influence investors in making decisions. However, value relevance itself is a variable that intervenes between IFR and the level of information disclosure simultaneously on firm value.Keywords: IFR; value of the firm; value relevance; disclosure. AbstrakPenelitian ini bertujuan untuk menguji pengaruh Internet Financial Reporting (IFR) dan tingkat pengungkapan informasi terhadap nilai perusahaan dengan relevansi nilai informasi akuntansi sebagai variabel intervening. Penelitian ini menggunakan data sekunder periode tahun 2008-2019 pada perusahaan perbankan yang terdaftar di Bursa Efek Indonesia. Teknik pengambilan sampel menggunakan sampling jenuh. Alat untuk mengolah data menggunakan SPSS 22. Analisis data menggunakan analisis jalur atau path analysis. Hasil penelitian menunjukkan IFR dan tingkat pengungkapan informasi mempunyai pengaruh positif terhadap relevansi nilai bila diuji secara simultan. Semakin tinggi penerapan IFR dan tingkat pengungkapan informasi semakin tinggi pula relevansi nilainya. Sedangkan IFR dan tingkat pengungkapan informasi memiliki pengaruh negatif terhadap nilai perusahaan. Hasil penelitian menunjukan bahwa penerapan IFR nya baik dan tingkat pengungkapan informasinya pun fair disclosure, namun reaksi pasar nya turun, ini terbukti dari nilai nilai pasar saham lebih kecil dari nilai bukunya (under value). Relevansi nilai tidak memiliki pengaruh terhadap nilai perusahaan. Hasil penelitian menunjukan bahwa relevansi nilai tinggi, namun nilai pasarnya rendah. Sehingga tidak mempunyai value bagi investor di perusahaan untuk mendapatkan capital gain. Hal ini berarti informasi akuntansi telah kehilangan fungsinya mempengaruhi investor dalam pengambilan keputusan. Namun relevansi nilai sendiri merupakan variabel intervening antara IFR dan tingkat pengungkapan Informasi secara simultan terhadap nilai perusahaan.Kata kunci: IFR; nilai perusahaan; relevansi nilai; disclosure.

Disclosure Frequency, Information Environment, and Cost of Capital under Regulation Fair Disclosure in the Korean Market

Disclosure policy contributes to improve sustainable corporate information environment by mitigating information asymmetry surrounding companies. Economic theories generally support that more disclosures reduce the level of information asymmetry, increase stock liquidity, and thus decrease the costs of equity capital. However, the effect of corporate disclosure in emerging markets is not clearly predictable because of the potential information leakage prior to disclosure. Considering this issue, this study focuses on the Regulation Fair Disclosure which prohibits selective disclosure. Using the earnings-to-price ratio as a proxy of the costs of equity, the study finds that disclosure frequency is negatively related to the cost of equity capital. However, I do not find evidence that disclosure is negatively related to the implied costs of equity capital (ICOE). The results of the quintile analysis suggest that this inconsistency is attributable to the better information environment of the ICOE sample. The findings of this study have implications for disclosure regulations in emerging markets, given that the existing literature casts doubt on the effectiveness of corporate disclosure in such markets.