Article
FINANCIAL INFORMATION QUALITY IN THE CONTEMPORARY ERA: THE IMPACT OF GOVERNANCE AND THE MODERATING ROLE OF LEVERAGE ON INDONESIAN NBFI ISSUERS
JURNAL AKUNTANSI DAN KEUANGAN, Vol. 11 No. 02 (2026), hlm. 108–128
Abstrak
This study examines the effect of corporate governance mechanisms on the quality of financial information disclosed by non-bank financial institution (NBFI) issuers listed on the Indonesia Stock Exchange during the contemporary period (2020-2024), and tests the moderating role of leverage. Grounded in agency theory and stakeholder theory, the study analyzes board size, the proportion of independent commissioners, and audit committee meeting frequency as governance proxies, with leverage (debt-to-equity ratio) as a moderator and profitability and firm size as control variables. Using purposive sampling, 50 NBFI issuers (250 firm-year observations) were selected, and financial information quality was measured through a disclosure compliance index based on 25 items of Financial Services Authority (OJK) Circular Letter No. 32/SEOJK.04/2015. Data were analyzed using panel data regression with a Fixed Effect Model (FEM), selected based on Chow and Hausman test results, and Moderated Regression Analysis (MRA). The results show that board size and audit committee meeting frequency positively affect financial information quality at the baseline level, whereas the proportion of independent commissioners has no significant effect; the audit committee effect loses significance once interaction terms are introduced, indicating a substitution effect, and an auxiliary diagnostic further suggests a possible reverse-causality channel for this variable. Leverage is classified as a non-moderator, rejecting the debt discipline hypothesis in this sector, a pattern plausibly reinforced by the conglomerate/bank-group affiliation common among NBFI issuers. Profitability is negatively associated with disclosure quality, consistent with a managerial-entrenchment interpretation, while firm size is positively associated with it. A supplementary analysis shows that financial information quality rose significantly following the enactment of the 2023 Financial Sector Development and Strengthening Law (UU PPSK). These findings suggest that improving financial transparency among NBFIs requires strengthening substantive board structures and regulatory oversight rather than relying on formal compliance quotas or creditor discipline mechanisms.