The Effect of Voluntary Disclosure on Company Performance with the Effectiveness of the Board of Commissioners as a Moderating Variable

This research was conducted on 140 manufacturing companies listed on the Indonesia Stock Exchange (IDX) Period 2012 - 2017, the research data used in this study is secondary data in the form of annual report The number of samples analyzed was 104 respondents because the companies that met the sample criteria, because there were several samples that did not meet the research criteria using purposive sampling technique. The analysis technique used in this study is Moderated regression analysis (MRA). The results of the study prove that the effectiveness of the board of directors strengthens the relationship between the level of voluntary disclosure on the performance of manufacturing companies. The higher the level of effectiveness of the board of commissioners in a company and the company has a level of voluntary disclosure, the company's performance will tend to increase. Keywords: Voluntary disclosure; Company performance; Effectiveness of the board of commissioners.