PENGARUH GOOD CORPORATE GOVERNANCE TERHADAP CAPITAL STRUCTURE PERUSAHAAN SEKTOR PERTANIAN YANG TERDAFTAR DI BEI PERIODE 2012-2016
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
Downloads
References
Acaravci, Songul Kalili, 2015, “The Determinants of Capital Structure: Evidence from the Turkish Manufacturing Sector”, International Journal of Economics and Financial Issues, Vol. 5, No. 1, 2015, pp.158-171
Ahmad, S. R. B. Z. S. N., 2015, “CEO Characteristics and Audit Report Timeliness: do CEO tenure and Financial Expertise Matter?”, Managerial Autiding Journal, Vol. 30: 998-1022
Ariyanto, W., & Setyorini, D., 2013, “Pengaruh Kepemilikan Manajerial, Institusional dan CSR Terhadap Nilai Perusahaan Manufaktur di BEI 2008-2010”, Jurnal Profita: Kajian Ilmu Akuntansi, No. 1, pp.209-228
Asian Development Bank, 1999, “Corporate Governance in Asia”, Manila, 22-26 November 1999, Asian Development Bank Institue Executif Summary of Proceedings, Series No. S515/100
Baatwah, Saeed Rabea, Zalailah S., Norsiah A., 2015, "CEO Characteristics and Audit Report Timeliness: do CEO Tenure and Financial Expertise Matter?", Managerial Auditing Journal, Vol. 30 Issue: 8/9, pp. 998-1022
Boateng, Ageynim., Huifen Cai, Daniel Borgia, Xiao Gang Bi., Franklin N. N., 2017, "The Influence of Internal Corporate Governance Mechanisms on Capital Structure Decisions of Chinese Listed Firms", Review of Accounting and Finance, Vol. 16 Issue: 4, pp.444-461
Budiman dan Helena, 2017, “Pengaruh Tata Kelola Perusahaan terhadap Struktur Modal dengan Kualitas Laporan Keuangan sebagai Mediator pada Perusahaan yang Terdaftar di Bursa Efek Indonesia”, Jurnal Manajemen Maranatha, Vol. 16 No. 2, pp.133-212
Chadha, Saurabh, Anil K. Sharma, 2015, "Determinants of Capital Structure: an Empirical Evaluation From India", Journal of Advances in Management Research, Vol. 12 Issue: 1, pp.3-14
Detthamrong, Umawadee. et al., 2017, “Corporate Governance, Capital Structure and Firm Performance Evidance from Thailand”, Research in International Business and Finance 42, pp. 689-709
Dewi, Laurensia Chintia, Yeterina Widi Nugrahanti, 2014, “Pengaruh Struktur Kepemilikan dan Dewan Komisaris Independen terhadap Nilai Perusahaan (Studi Pada Perusahaan Industri Barang Konsumsi di BEI Tahun 2011-2013), Kinerja, Vol. 18 No.1, pp.64-80
Dimitropoulus, Panagiotis, 2014, “Capital Structure and Corporate Governance of Soccer Clubs”, Management Research Riview, Vol. 37 Iss pp.658-678
Ghozali, H. I., 2009, Aplikasi Analisis Multivariate dengan Program SPSS, Badan Penerbit Universitas Diponegoro
Gujarati, D.N. (2004) Basic Econometrics. 4th Edition, McGraw-Hill Companies
Gujarati, D. N., 1995, Ekonometrika Dasar, Alih Bahasa Sumarno Zain, Erlangga.
Gujarati, D. N., 2010, Dasar Ekonometrika Buku 1, Salemba Empat.
Harjito, D. Agus, 2011, Teori Pecking Order dan Trede-Off dalam Analisis Struktur Modal di Bursa Efek Indonesia, Jurnal Siasat Bisnis, Vol. 15 No. 2, pp.187-196
Hartono, 2015, Pengaruh Current Ratio dan Debt to Equity Ratio Terhadap Profitabilitas pada Perusahaan Manufaktur Sektor Logam dan Sejenisnya yang Terdaftardi Bursa Efek Indonesia Periode 2009- 2013, Jurnal Wira Ekonomi Mikroskil, Vol. 5 No. 01
Haruman, Tendi, 2008, Pengaruh Struktur Kepemilikan terhadap Keputusan Pendanaan (Prespektif Agency Theory)”, National Conference on Management Research, ISBN 979-442-242-8
Hasan, Arshad, dan Safdar Ali Butt, 2009, “Impact of Ownership Structure and Corporate Governance on Capital Structure of Pakistani Listed Companies”, International Journal of Business and Management, Vol. 4 No. 2, pp.50-57
Hussainey, Khaled, Khaled Aljifri, 2012, "Corporate Governance Mechanisms and Capital Structure in UAE", Journal of Applied Accounting Research, Vol. 13 Issue: 2, pp.145-160
Indrajaya, Glenn, Herlina, Rini Setiadi, 2011, Pengaruh Struktur Aktiva, Ukuran Perusahaan, Tingkat Pertumbuhan, Profitabilitas dan Risiko Bisnis Terhadap Struktur Modal: Studi Empiris pada Perusahaan Sektor Pertambangan yang Listing di Bursa Efek Indonesia Periode 2004- 2007, Akurat Jurnal Ilmiah Akuntansi, No. 6
Jati, Agustinus Kismet., 2017, “Faktor-Faktor yang Mempengaruhi Struktur Modal pada Industri Hotel, Restoran, dan Pariwisata”, Journal of Business and Banking, Vol. 6 No. 1, pp.1-14
Martono & Harjito Agus. 2010. Manajemen Keuangan. Yogyakarta: Penerbit Ekonisia.
Myers. S and Majluf. 1984. Corporate Financing and Investment Decision When Firms Have Information Investors Do not Have. Journal of Finance Economics 13: 187-221
Nanda, Desty Widya dan Endang Dwi Retnani, 2017, “Pengaruh Profitabilitas, Kepemilikan Manajerial, Kepemilikan Institutional dan Resiko Bisnis terhadap Struktur Modal”, Jurnal Ilmu dan Riset Akuntansi, Vol.6 No.3, pp.945-962
Peasnell, K.V., Pope, P.F. and Young, S, (2005), “Board Monitoring and Earnings Management: Do Outside Directors’ Influence Abnormal Accruals?”, Journal of Business Finance and Accounting, Vol.32 Nos.7/8, pp.1311-1346.
Primadhanny, Risty, 2016, “Pengaruh Struktur Kepemilikan terhadap Struktur Modal pada Perusahaan Sektor Pertambangan yang Tercatat di BEI Periode 2010-2014”, Jurnal Ilmu Manajemen, Vol. 4 No. 3, pp.1-9
Putri, Meidera Elsa Dwi, 2012, “Pengaruh Profitabilitas,Struktur Aktiva dan Ukuran Perusahaan terhadap Struktur Modal pada Perusahaan Manufaktur Sektor Industri Makanan dan Minuman yang Terdaftar di Bursa Efek Indonesia (BEI)”, Jurnal Manajemen, Vol. 1 No. 1
Rahadian, Andhika. dan Paulus Basuki Hadiprajitno., 2014, “Pengaruh Good Corporate Governance terhadap Struktur Modal Perusahaan (Studi Empiris pada Perusahaan Manufaktur yang Terdaftar di Bursa Efek Indonesia Tahun 2010-2012), Diponegoro Journal of Accounting, Vol. 03 No. 02, pp. 1-12, ISSN: 2337-3806
Sartono, R. Agus. 2001. “Manajemen Keuangan: Teori dan Aplikasi.” Edisi Empat. Yogyakarta: BPFE
Su, Larry D., 2010 "Ownership Structure, Corporate Diversification and Capital Structure: Evidence from China's Publicly Listed Firms", Management Decision, Vol. 48 Issue: 2, pp.314-339
Sukanti, Ni Ketut dan Ni Luh Wiagustini, 2015,“Pengaruh Kepemilikan Institutional Terhadap Free Cash Flow dan Struktur Modal Perusahaan Consumer Goods di Bursa Efek Indonesia”, E-Journal Ekonomi dan Bisnis Universitas Udayana 4.06, pp. 412-429, ISSN: 2337-3067
Tarus, Daniel Kipkirong dan Ezekiel Ayabei, 2016, "Board Composition and Capital Structure: Evidence from Kenya", Management Research Review, Vol. 39 Issue: 9, pp.1056-1079
Ting, Irene Wei Kiong, Hooi Hooi Lean, Qian Long Kweh, Noor Azlinna Azizan, 2016, "Managerial Overconfidence, Government Intervention and Corporate Financing Decision", International Journal of Managerial Finance, Vol. 12 Issue: 1, pp.4-24
Wahab, Siti Nur Aqilah Ab dan Nur Ainna Ramli, 2014, The Determinantsof Capital Structure: An Empirical Investigation of Malaysian Listed Government Linked Companies, International Journal of Economics and Financial Issues, Vol. 4, No.4, pp.930-945
www.idx.co.id, diunduh pada tanggal 28 Agustus 2017
www.acga-asia.org, diunduh pada tanggal 1 Oktober 2017
- Articles published in CALYPTRA are licensed under a Creative Commons Attribution-ShareAlike 4.0 International license. You are free to copy, transform, or redistribute articles for any lawful purpose in any medium, provided you give appropriate credit to the original author(s) and the journal, link to the license, indicate if changes were made, and redistribute any derivative work under the same license.
- Copyright on articles is retained by the respective author(s), without restrictions. A non-exclusive license is granted to CALYPTRA to publish the article and identify itself as its original publisher, along with the commercial right to include the article in a hardcopy issue for sale to libraries and individuals.
- By publishing in CALYPTRA, authors grant any third party the right to use their article to the extent provided by the Creative Commons Attribution-ShareAlike 4.0 International license.