What Factors Affecting Information Disclosure? The Case of Indonesian Universities

Sustainability disclosure can be used as a tool for measurable impact, risk reduction, and long-term progress – potentially turning it into a competitive advantage. Meanwhile, in Indonesia, sustainability disclosures made by universities are still relatively low. Based on the legitimacy theoretical framework and previous research studies, this study aims to explain the effect of the gender of female university leaders, rector's gender, and university size and age (independent variables) on the level of university information disclosure (dependent variable). The study is based on data (such as financial reports, performance reports, annual reports, sustainability reports, and rector's reports) published by 74 universities on their websites from 2018 to 2021. Information in the financial statements was used to measure control variables – revenue growth and liquidity. Control variables are used to avoid omitted variable bias. This study's data analysis used multiple regression analysis to explain the effect of leadership gender diversity, rector gender, university size and age on university information disclosure. The results show that gender diversity in university leaders positively affects university information disclosure, but the gender of the university rector does not affect information disclosure. These results differ somewhat from those of other studies in countries such as Spain and the United Kingdom, possibly due to fewer opportunities for women to hold leadership positions in Indonesia. In addition, the variables of university size and age have a positive impact on information disclosure. Therefore, these factors contribute to the increased image and reputation of the universities. Additionally, giving women more opportunities to hold leadership positions at universities in countries like Indonesia will positively impact sustainability disclosure. The authors hope that the results of this study will encourage universities in Indonesia to actively disclose information about sustainable development to be more competitive in the educational environment.