This research aims to empirically examine the effect of anti-corruption disclosures on firm value and investigate the role of female CEOs and CFOs as a moderating variable in strengthening that influence. The sample consists of 302 companies in five selected sectors (mining, building construction, transportation, communication, and manufacturing) listed on the Indonesian Stock Exchange, which published annual reports for the period of 2016-2017. This research is a quantitative empirical research using a panel regression technique. The results show that the presence of women as President Directors (CEOs) has a positive effect on anti-corruption disclosures, while the presence of women as Financial Directors (CFOs) does not affect the corporate anti-corruption disclosure. The results also show that anti-corruption disclosure has a negative effect on firm value. Female CEOs and CFOs are found to be unable to strengthen the positive impact of anti-corruption disclosures on firm value. Corruption is a rampant problem in Indonesia, hence this research can provide valuable information to strengthen the market forces to demand more meaningful disclosures of anti-corruption efforts, as well as to strengthen the role of female executives in combatting corruption.
|Number of pages||24|
|Journal||International Journal of Innovation, Creativity and Change|
|Publication status||Published - 1 Jan 2020|
- Firm value