PENGARUH GOOD CORPORATE GOVERNANCE TERHADAP CAPITAL STRUCTURE PERUSAHAAN SEKTOR PERTANIAN YANG TERDAFTAR DI BEI PERIODE 2012-2016
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Abstract
Abstrak - Penelitian ini bertujuan untuk meneliti pengaruh good corporate governance terhadap capital structure perusahaan sektor pertanian yang terdaftar di Bursa Efek Indonesia (BEI) periode 2012-2016. Variabel yang digunakan adalah commissioner independence, board size, managerial ownership, institutional ownership, CEO tenure, firm size dan tangible asset. Teori yang terkait ialah capital structure, agency theory, pecking order theory dan tata kelola perusahaan. Penelitian ini menggunakan pendekatan kuantitatif dengan metode regresi linear berganda untuk melakukan analisis data. Target populasi dalam penelitian ini adalah seluruh perusahaan non-keuangan yang terdaftar di Bursa Efek Indonesia periode 2012-2016 yang berjumlah sebanyak 70 observasi. Temuan dari penelitian ini adalah bahwa commissioner independence, board size, CEO tenure dan tangible asset berpengaruh negatif signifikan terhadap capital structure dan firm size berpengaruh signifikan negatif terhadap capital structure. Sedangkan managerial ownership dan institutional ownership ridak memiliki pengaruh terhadap capital structure.
Kata Kunci: struktur modal, agency theory, pecking order theory dan tata kelola perusahaan
Abstract - This research aim to analyse the influence of good corporate governance on capital structure for agriculture companies in Indonesia Stock Exchange in 2012-2016. Variable which use are commissioner independence, director size, managerial ownership, institutional ownership, CEO tenure, firm size and tangible asset. This research uses the quantitative approach and multiple linear regression to analyze the data. The target populations of this study are agriculture companies registered in Indonesia Stock Exchange in 2012-2016 which are equal to 70 year obsevations. The research finds that commissioner independence, board size, CEO tenure and tangible asset affect capital structure positively. Firm size affect capital structure negatively. On the other hand, managerial ownership and institutional ownership are not affect on capital structure.
Keywords: capital structure, agency theory, pecking order theory, and corporate governance
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