본 연구는 중소기업에 근무하는 일반 노동자를 대상으로 조직 내 공식적인 윤리프로그램의 실행이 노 동자들의 조직시민행동에 미치는 영향과 최고경영자의 윤리적 리더십과 개인-조직가치 적합성의 3차항 상호작용 효과를 실증분석하였다. 일반 노동자 357명을 대상으로 한 본 연구의 결과를 정리하면 다음과 같다. 첫째, 공식적인 윤리프로그램 실행에 대한 구성원들의 높은 지각은 조직시민행동에 유의미한 정(+)의 영향을 주었다. 둘째, 윤리프로 그램의 실행과 조직시민행동의 긍정적인 관계는 CEO의 윤리적 리더십에 의해 조절되었다. 즉, 조직시민 행동에 대한 윤리프로그램 실행의 긍정적인 효과는 CEO의 윤리적 리더십이 높은 집단이 낮은 집단에 비해 전반적으로 높게 나타났다. 셋째, 윤리프로그램 실행, CEO의 윤리적 리더십 및 개인-조직가치 적합 성의 3차항 조절효과가 실증되었다. ① 개인-조직가치 적합성이 낮은 집단은 CEO의 윤리적 리더십을 높 게 지각하는 구성원들이 그렇지 않은 집단에 비해 조직시민행동이 전반적으로 높게 나타났다. ② 개인-조 직가치 적합성이 높은 집단은 CEO의 윤리적 리더십에 대한 구성원들의 지각에 따라서 조직 내 공식적인 윤리프로그램의 실행이 조직시민행동에 미치는 영향이 다르게 나타났다. 예를 들어, CEO의 윤리적 리더 십을 높게 지각하고 조직 내 공식적인 윤리프로그램의 실행이 강화될 때, 구성원들의 조직시민행동은 가장 높게 나타났다. 그러나 조직구성원들이 CEO의 윤리적 리더십을 낮게 지각할 경우, 공식적인 윤리프로그램의 실행이 강화되어도 조직시민행동은 일정한 수준으로 유지되었다. 특히, CEO의 윤리적 리더십이 높더라도 조직 내 윤리프로그램의 실행이 낮은 경우, 구성원들의 조직시민행동은 가장 낮은 수준으로 나타났다. 마지막으로 본 연구결과를 바탕으로 시사점과 연구의 한계점 및 향후 연구방향을 제시하였다

This research aims to examine (1) the effect of carbon emission disclosure on firm value, (2) the effect of good corporate governance on firm value, (3) the mediating role of financial performance between carbon emission disclosure and firm value, and (4) the mediating role of financial performance between good corporate governance and firm value. The research sample includes 43 mining, agro, and manufacturing firms listed in the Indonesian Stock Exchange over the 2015-2017 period. Carbon emission disclosure is measured by an indicator of the Global Reporting Initiative Series of Environmental Aspect. Good corporate governance is measured by the corporate governance score of shareholder rights, boards of directors, outside directors, audit committee and internal auditor, and disclosure to investors. Financial performance is measured by return on assets, while firm value is measured by Tobin’s Q. Data analysis uses the structural equation modeling. The result shows carbon emission disclosure and good corporate governance have no direct effect on firm value. On the other hand, financial performance mediates the effect of carbon emission disclosure and good corporate governance on firm value. It shows that higher carbon emission disclosure and good corporate governance are meaningless for the investor if they do not give any financial performance improvement.

This study aims to describe the role of corporate governance as a moderator in electronic financial disclosure that adopts Extensible Business Reporting Language (XBRL) and Company Characteristics on value relevance. The population in this study was all manufacturing companies listed on the Indonesia Stock Exchange from 2017 to 2018, totaling 166 companies. The sampling technique used purposive sampling method, namely, manufacturing companies that publish fully audited financial statements by December 31 of the year 2017-2018. The method used in this research is a quantitative description using the financial statements of manufacturing companies listed on the Indonesia Stock Exchange that have adopted XBRL during the 2017-2018 period. The data analysis method used is multiple regression analysis with moderating variables. The results of this study show a negative and insignificant effect of XBRL on value relevance, a significant negative effect of size on value relevance, a positive and insignificant effect of growth on value relevance, and a significant positive effect of profit on value relevance; meanwhile, corporate governance moderation variable has an insignificant effect in all hypotheses. Suggestions are to increase the number of variables that have an important role in value relevance and expand the number of research objects to be compared.

This study aims to test empirically whether the ASEAN Corporate Governance Scorecard (ACGS) has a positive effect on Sustainability Reporting (SR) and whether the ACGS and Sustainability Reporting (SR) have a positive effect on Firm Value (FV). The study was conducted in five ASEAN countries - Indonesia, Malaysia, Singapore, Philippines, and Thailand from 2014 - 2017. The research sample was collected from companies with the ACGS data and obtained with the help of 359 company observations. Hypothesis testing was performed using the Ordinary Least Square (OLS). The results of the study do not support all hypotheses. The ACGS has no effect on sustainability reporting. The ACGS has a significant negative effect on firm value, while sustainability reporting has a negative and insignificant effect on firm value. The ACGS and sustainability reporting are not good news for investors. This research’s limitation is that companies rarely disclose the final value of the ACGS in their annual reports, so this research uses content analysis. The weakness of content analysis is the researchers’ subjectivity so that the point of view between researchers is different. Besides, sustainability reporting for several ASEAN countries is voluntary, so not all companies can be sampled, which ultimately affects interpretation.

The aim of this paper is to investigate the level of intellectual capital disclosure (ICD) in commercial banks listed on the Indonesian Stock Exchange. This paper also observed the effects of ICD and corporate governance mechanism on market value. This study uses content analysis techniques to measure ICD. The paper provides a novel approach to measure the ICD quality in developing countries using a fournumerical coding system. Secondary data were obtained from the financial statements and annual reports of the banks for the period 2011- 2014. The data from 31 banks were analyzed using ordinary least square regression. The study reports that the quality of intellectual capital disclosure in Indonesian commercial banks increase steadily. Narrative disclosure dominates the report of intellectual capital in Indonesian banks. The results indicate that the size of audit committee, frequency of audit committee meeting, and intellectual capital disclosure affect positively the market value. Overall, the results indicate intellectual capital disclosure is associated with the market capitalization; these findings indicate that the ICD is a consideration in a stock investment decision. While regulations in Indonesia regarding intellectual capital reporting are not conclusive yet, the information needs of stakeholders have encouraged companies to expand voluntary disclosure.

The intention of this research is to identify the effect of corporate social responsibility (CSR) disclosure on firm value with profitability as a moderating variable. Data collection is carried out with data documentation that is based on financial reports and sustainability reports. All companies listed on the Indonesia Stock Exchange (IDX) during the 2013-2017 period are considered as the population of this study. Samples were selected using the purposive sampling method. The following are criteria that would be used in this study: 1) publish a sustainability report using the GRI G4 standard as a reference in preparing reports for 2013-2016, 2) publish a complete financial report for the 2014- 2017 observation period, 3) not experience a loss during the 2014-2017 period. The total sample of the study was 109 companies. The study uses path analysis assisted with WarpPLS software version 6.0. The results show that the disclosure of corporate social responsibility has a positive and significant effect on firm value, and profitability moderates the effect of corporate social responsibility disclosure on firm value. The implication of the research is that implementing corporate social responsibility is very important to increase firm’s value and firm’s sustainability in the future.

This study investigates, first, whether the extent of corporate social and environmental responsibility disclosure (CSERD) differs between 2010 and 2014; second, whether government regulation affects the extent of CSERD; and, third, whether the CSERD is valued by investors. Content analysis method was used to extract 466 companies’ annual reports to measure the extent of social and environmental responsibility disclosure based on the Global Reporting Initiative (GRI) checklist. Independent sample t-test and multivariate regression analysis were also conducted to test the differences of the extent of CSERD as well as determinants and consequence of CSERD. Our results show that the extent of CSERD in 2014 is 21.60 percent higher than in 2010 (13.39 percent). Government regulation has a significant effect on the extent of CSERD. This study also finds that market values positively CSER information disclosed by company. Given that government regulation has a positive impact, however, the findings of this study suggests that the extent of CSERD is still low. To enhance CSERD, government should continuously encourage companies to abide by the regulations as mandated. This study provides a more comprehensive insights of CSRED practices from an emerging country and the effect of government regulation in enhancing CSERD.

The study examines lagged economic effects of research and development (R&D) investment on the market value of manufacturing firms listed on the Shanghai Stock Exchange or the Shenzhen Stock Exchange in China. This study applies panel data analysis methods to address the following issues: 1) There might be an adjustment lag in the impact of R&D investment on corporate market value, and 2) Unobserved firm effects must be taken into account. The balanced panel data includes a total of 1,462 observations with 34 cross-sections of manufacturing firms listed on Chinese stock markets and with 27 time-specific quarterly periods from 2007 to 2017. The results indicate that the R&D investment of Chinese manufacturing firms tends to yield favorable market value of the firm with some adjustments to time. The results show that R&D investment exhibits a strong positive impact on their market value of manufacturing firms in Chinese stock markets. Moreover, R&D investment has a positive time-lag effect on the market value of the firm. Interestingly, the R&D investment of Chinese manufacturing firms generate a relatively constant positive effect on their market value, supporting the notion that the corresponding returns of R&D investment for such firms yield lagged but added market values.

The paper examines the influence of corporate governance (CG) and earning quality (EQ) on corporate value (FV) of Vietnamese enterprises. The study uses GLS regression and linear structure model using data collected from companies listing on the stock market in Vietnam during 2008- 2018, with a total of 2,937 observations. The research results indicate that EQ and CG represented by the Integrated Board of Directors and the Integrated Supervisory Board have a positive effect on FV directly and indirectly. The results show that the Integrated Board of Directors has a positive effect on EQ, whereas the Integrated Supervisory Board has a negative effect on EQ. Based on the research results, we suggest that companies need to strictly comply and implement GC, so to bring down the agency cost and consequently to increase performance. The companies also should establish the Board of Director of a proper size, with financial and accounting specialty, and including women board members. The government also needs to improve the management mechanism asking for firms to prepare and publish financial statements with reliable company information, which could be provided to users. These recommendations are a useful basis to help businesses improve FV via changes in the corporate governance factors in each enterprise.

Based on the financial report data from 2007 to 2014 reported by non-financial listing Corporations which listed on China's A shares, studying the impact the M&As' goodwill on the corporation performance and analyzing the regulation effects the acquirer’s property right played on the relationship between the goodwill and the company performance. We found that M&As' goodwill has significant effects on the performance of the combined party in current and lagged period, with no obvious correlation between the company's performance of the second, three or four and five period, but in the sixth period both have a significant negative correlation. Further studies have found that comparing with state-owned enterprises, the goodwill cost paid by the private listed enterprises has a bigger impact to improve the performance of the acquire.