Cultural Heritage Disclosure in Indonesia: An Agency Theory Perspective

Abstract

This study examines the effect of corporate governance arrangements on the disclosure of cultural heritage in all companies in Indonesia. The effect of this corporate governance arrangement is analyzed using the agency theory framework. The research sample is 257 companies listed on the IDX in 2018-2021. This study uses five independent variables which are proxies for corporate governance. Cultural heritage disclosure data is measured using a weighted index taken from the company’s annual and sustainability reports. Block holder ownership and government ownership were found to be significant predictors of cultural heritage disclosure. In contrast, foreign ownership, board size, and the presence of female commissioners were not seen as drivers of corporate cultural heritage disclosure in Indonesia.