Paper Title
Disclosure and Transparency between Top Family-Owned and State-Owned Firms: What Makes it Different? Comparative Analysis in Indonesia Stock Exchange

Abstract
Disclosure by firms is one mechanism to conduct good corporate governance, which can reduce the agency conflict between shareholders and management. The objective of this study is to compare the disclosure level between top family-owned and state-owned firms in Indonesia Stock Exchange, included in LQ45 Index during 2016. This is the first study that directly compare disclosure of family-owned and state-owned firms in Indonesia. The indicator used is Principle of Disclosure and Transparency in ASEAN Corporate Governance (ACG) Scorecard which consist of 9 sub-principles. The method used are qualitative descriptive and mean-comparison test using STATA 14. We break down the findings into mandatory and voluntary disclosure. The findings show overall the aggregate disclosure of family-owned firms is significantly lower than state-owned firms. The interesting findings that characterize the difference is placed on sub-principle “Quality of Annual Report”, especially on remuneration disclosure and corporate governance compliance statement. It confirms that family-owned firms are more likely to disclose financial than governance disclosure, compared to state-owned firms. Other causes of difference are exploitation of family control to hold information and inability to empower the firm’s website. This paper motivates the government to put more emphasize on regulation since the information disclosure is crucial to shareholders, even for minority shareholders. Index Terms - ACG Scorecard, Disclosure, Corporate Governance, Ownership.