PENGARUH CORPORATE GOVERNANCE TERHADAP PERINGKAT DAN YIELD OBLIGASI DI BEI

2011 ◽  
Vol 6 (1) ◽  
pp. 11
Author(s):  
Sihotang Dikson Terry
Keyword(s):  
Corporate Governance ◽  
Logistic Regression ◽  
Multivariate Regression ◽  
Negative Impact ◽  
Institutional Ownership ◽  
Variable Result ◽  
Multivariate Logistic Regression ◽  
Bond Rating ◽  
Bond Yield

The purpose of this study is to examine weather corporate governance impact on bond yield and rating. This study analyses sample 27 of bonds made of Indonesian Stock Exchangelisted finance firms over the period 2004-2008. Data is analysed by using multivariate logistic regression dan multivariate regression. Multivariate logistic regres-sion is used to analyse the effect of corporate governance impact on bond rating. Meanwhile, multivariateregres-sion is used to analyse the effect of corporate governance impact on bond yield. The analyses show two main findings. First, Independent board have negative impact on bond rating. How-ever, the coefficient of the variable result is not consistent with the prediction.  Second, institutional ownership have negative impact on bond yield.Keywords: Corporate Governance, Bond Rating, Bond Yield

scholarly journals Ownership Structure, Corporate Governance and Capital Structure of Non-Financial Firms of Pakistan

2018 ◽  
Vol 10 (1) ◽  
pp. 31-46
Author(s):  
Hassan Ahmad ◽  
Nasreen Akhter ◽  
Tariq Siddiq ◽  
Zahid Iqbal
Keyword(s):  
Corporate Governance ◽  
Capital Structure ◽  
Ownership Structure ◽  
Negative Impact ◽  
Institutional Ownership ◽  
Board Independence ◽  
Managerial Ownership ◽  
Debt Ratio ◽  
Significant Negative Impact ◽  
The Impact

This study is undertaken with the purpose of investigating the impact of ownership structure and corporate governance on the capital structure of Pakistani listed firms from 2011-2014, feasible general least square is used to investigate the impact of ownership structure and corporate governance on capital structure of KSE 100 index firms. Explanatory variables include ownership concentration, managerial ownership, foreign ownership, institutional ownership, board size, board independence and CEO duality along with the three control variables namely firm size, firm profitability and liquidity. There is insignificant positive relationship between ownership concentration and capital structure, managerial ownership has a significant negative impact on debt ratio. Foreign ownership has also a significant negative impact on firm capital structure and institutional ownership has significant positive impact on capital structure. Board size is positively related to capital structure, board independence also positively related to firm’s debt ratio but CEO duality negatively related to the dependent variable, all these variables have significant impact on capital structure of Pakistani firms. 

scholarly journals Associations of vascular calcification, calcium phosphate disturbances, FGF 23 and Matrix Gla protein with mortality of hemodialysis patients: one center cohort study

2018 ◽  
Vol 26 (4) ◽  
pp. 451-460
Author(s):  
Vaida Petrauskiene ◽  
Ruta Vaiciuniene ◽  
Vytautas Kuzminskis ◽  
Edita Ziginskiene ◽  
Saulius Grazulis ◽  
...  
Keyword(s):  
Logistic Regression ◽  
Calcium Phosphate ◽  
Vascular Calcification ◽  
Odds Ratio ◽  
Negative Impact ◽  
Matrix Gla Protein ◽  
Multivariate Logistic Regression ◽  
Risk Of Death ◽  
Calcification Score ◽  
Fgf 23

Abstract Background and objectives: Vascular calcification (VC) is one of the factors associated with mortality in hemodialysis (HD) patients. The purpose of the study was to assess associations between prevalent VC and disturbances of calcium-phosphate metabolism as well as changes in vitamin D (25(OH)D), FGF 23 and MGP levels and to evaluate the possible impact of VC and changes of these biomarkers on survival in HD patients. Methods: The study population consisted of 81 prevalent patients in the hemodialysis unit of Hospital of Lithuanian University of Health Sciences Kaunas Clinics. A simple vascular calcification score (SVCS) was evaluated as it is described by Adragao et al. 25(OH)D (nmol/L), FGF 23 (ng/L) and MGP (ng/mL) were measured and analysed. Results: Patients were divided into two groups: SVCS<3 (31 patient (38.3%) and SVCS ≥3 (50 patients (61.7%)). In multivariate logistic regression, age (odds ratio 1.062, 95% CI [1.024-1.1] p=0.001) and diabetes (odds ratio 6.9, 95% CI [1.5-31], p=0.012) were associated with SVCS ≥3. The multivariate logistic regression revealed the highest negative impact of SVCS ≥3, age and 25(OH)D level for death risk. Conclusion: VC in HD patients is highly influenced by age and presence of diabetes and associated with higher risk of death. No significant association was found between MGP and FGF 23 and VC as well as between these two biomarkers and risk of death. Lower 25(OH)D levels were associated with mortality in this dialysis patients cohort.

scholarly journals FAKTOR DETERMINAN FINANCIAL DISTRESS UNTUK PERUSAHAAN PERTAMBANGAN DI INDONESIA DAN MALAYSIA

2021 ◽  
Vol 10 (2) ◽  
pp. 168-187
Author(s):  
Arief Bagas Prasetyo ◽  
Farida Titik Kristanti
Keyword(s):  
Logistic Regression ◽  
Financial Distress ◽  
Negative Impact ◽  
Institutional Ownership ◽  
Managerial Ownership ◽  
Descriptive Research ◽  
Mining Companies ◽  
Operating Capacity ◽  
Processing Techniques ◽  
The Impact

Abstrak: Faktor determinan Financial Distress Untuk Perusahaan Pertambangan Di Indonesia dan Malaysia. Studi ini bermaksud untuk mengetahui dampak likuiditas, leverage, operating capacity, instittutional ownership, managerial ownership, sertakomisaris independen padaFinancial Distress. Penelitian ini memakai penelitian deskriptif. Populasi serta sampel pada studi ialah perseroan sektor pertambangan yang tercatat di BursaEfek Indonesia dan Bursa Malaysia 2014-2018. Studi ini memakai purposive sampling serta diperoleh 12 perseoran di Indonesia dan 22 perseroan di Malaysia. Olah data yang dipakai studi ini memakai logistic regression. Studi menunjukkan pada perseroan pertambangan di Indonesia bahwa operatingcapacity scara parsial mempunyai pengaruh signifikan negatif pada financial distress. Sedangkan liquidity ,leverage, institutional ownership, managerial ownership, dan independent comissioner secara parsial tidak mempunyai pengaruh pada financial distress. Kemudian pada perseroan pertambangan di Malaysia menunjukkan bahwa liquidity, Managerial Ownership, dan Independent Commissioner secara parsial mempunyai pengaruh signifikan negatif pada financial distress. Sedangkan operating capacity,leverage, dan  Institutional Ownership secara parsial tidak mempunyai pengaruh pada financial distress.Kata kunci: Liquidity, Leverage, OperatingCapacity, Institutional Ownership, Managerial Ownership, Independent Commissioner, Financial DistressAbstract: Determinants ofFinancial Distressfor Mining Companies in Indonesia and Malaysia. Research intend todetermine the impact ofliquidity, leverage, operatingcapacity, institutional ownership, managerialownership, and independent commissioner onfinancial distress. This research uses descriptive research. Thepopulation and sample are miningsector firm registered onthe IDX and Malaysia Exchange 2014-2018. This study uses purposivesamplingmethod acquired 12 companies in Indonesia and 22 companies in Malaysia. The data processing techniques used logisticregression. Research showed mining companies in Indonesia that their operating capacityhas a negative impact on financial distress. Whereas, liquidity,leverage, institutionalownership, managerialownership, and the independentcommissioner didn’t have affects onfinancial distress. Then the mining companies in Malaysia showed that liquidity, Managerial Ownership, and Independent Commissionerhave a negative impact onfinancial distress. Meanwhile, operating capacity, leverage, and institutional ownership didn’t have affects on financial distress.Keywords: Liquidity, Leverage, OperatingCapacity, Institutional Ownership, Managerial Ownership, Independent Commissioner, Financial Distress

scholarly journals The Effect of IAS-24 Disclosures on Governance Mechanisms and Ownership Structures in Pakistan

2016 ◽  
Vol 5 (1) ◽  
pp. 15-36
Author(s):  
Abdul Rafay Abdul Rafay ◽  
Ramla Sadiq ◽  
Mobeen Ajmal
Keyword(s):  
Corporate Governance ◽  
Firm Performance ◽  
Financial Reporting ◽  
Negative Impact ◽  
Positive Impact ◽  
Stock Exchange ◽  
Institutional Ownership ◽  
Governance Mechanisms ◽  
Ownership Structures ◽  
The Impact

IAS-24 of the International Financial Reporting Standards focuses on the concept and disclosures of related party transactions (RPTs) for a reporting entity. This study examines the interrelationship between RPTs (as disclosed under IAS-24), agency theory, ownership structures and firm performance. Our sample includes nonfinancial companies indexed by the KSE-100 of the Pakistan Stock Exchange during 2006–15. To run the regression models, we determine the regression assumptions, normality, heteroskedasticity, autocorrelation and multicollinearity. We investigate the impact of different RPTs, including cash inflows and outflows, whereas other studies generally look at the impact of RPTs on firm performance in totality. The empirical analysis suggests that institutional ownership has a positive, significant impact on firm performance. Related party purchases have a significant, negative impact on performance, resulting in the expropriation of institutional ownership. RPTs that generate revenues have a significant, positive impact on performance, such that institutional ownership has a propping-up effect with respect to the related parties. In practice, institutional ownership leads to strong corporate governance and contributes to firm performance. While other studies find family ownership responsible for the expropriation effect, we argue that institutional ownership has a propping-up and expropriation effect on related parties. Our study also suggests that certain ownership structures lead to weaker corporate governance mechanisms, resulting in greater agency problems. This, in turn, badly affects company performance and leads to the exploitation of minority shareholders.

scholarly journals PENGARUH GOOD CORPORATE GOVERNANCE DAN DEBT MATURITY TERHADAP PREDIKSI BOND RATING

2018 ◽  
Vol 20 (4) ◽  
pp. 434-454
Author(s):  
Marfuah Marfuah ◽  
Hermin Endaryati
Keyword(s):  
Corporate Governance ◽  
Audit Committee ◽  
Audit Quality ◽  
Institutional Ownership ◽  
Debt Maturity ◽  
Managerial Ownership ◽  
Bond Rating ◽  
Good Corporate Governance ◽  
Negative Effect ◽  
Rating Prediction

The objective of this study is examine the effect of good corporate governance and debt maturity towards bond rating prediction. Good corporate governance is proxied by institutional ownership, managerial ownership, board size, independent directors, audit committee, and audit quality. The sample in this study consist of 229 bonds issued by financial companies listed on the Indonesia Stock Exchange from 2011 to 2013 and was ranked by PT PEFINDO. This study uses ordinal regression analysis model to test the effect of good corporate governance and debt maturity towards bond rating prediction. The results of this study showed that institutional ownership and audit committee have significant positive effect towards bond rating prediction while independent commissioner have  significant negative effect towards bond rating prediction. Managerial ownership, board size, audit quality and maturity haven’t significantly affect toward bond ratings. The findings of this study indicated that companies with the bigger institutional ownership and the bigger audit committees, then predicted the company has bonds with higher ratings. The findings that the independent commissioner has  significant negative effect toward bond rating prediction indicate that the presence of independent commissioner haven’t been able to role effectively so expected the quality of independent commissioner should be improved.

scholarly journals PENGARUH GOOD CORPORATE GOVERNANCE DAN DEBT MATURITY TERHADAP PREDIKSI BOND RATING

2016 ◽  
Vol 20 (4) ◽  
pp. 434 ◽  
Author(s):  
Marfuah Marfuah
Keyword(s):  
Corporate Governance ◽  
Audit Committee ◽  
Audit Quality ◽  
Institutional Ownership ◽  
Debt Maturity ◽  
Managerial Ownership ◽  
Bond Rating ◽  
Good Corporate Governance ◽  
Negative Effect ◽  
Rating Prediction

The objective of this study is examine the effect of good corporate governance and debt maturity towards bond rating prediction. Good corporate governance is proxied by institutional ownership, managerial ownership, board size, independent directors, audit committee, and audit quality. The sample in this study consist of 229 bonds issued by financial companies listed on the Indonesia Stock Exchange from 2011 to 2013 and was ranked by PT PEFINDO. This study uses ordinal regression analysis model to test the effect of good corporate governance and debt maturity towards bond rating prediction. The results of this study showed that institutional ownership and audit committee have significant positive effect towards bond rating prediction while independent commissioner have  significant negative effect towards bond rating prediction. Managerial ownership, board size, audit quality and maturity haven’t significantly affect toward bond ratings. The findings of this study indicated that companies with the bigger institutional ownership and the bigger audit committees, then predicted the company has bonds with higher ratings. The findings that the independent commissioner has  significant negative effect toward bond rating prediction indicate that the presence of independent commissioner haven’t been able to role effectively so expected the quality of independent commissioner should be improved.

scholarly journals Corporate governance effect on financial distress: evidence from In-donesian public listed companies

2019 ◽  
Vol 21 (3) ◽  
pp. 415
Author(s):  
Rahmasari Ibrahim
Keyword(s):  
Corporate Governance ◽  
Financial Distress ◽  
Sampling Method ◽  
Negative Impact ◽  
Stock Exchange ◽  
Binary Logistic Regression ◽  
Institutional Ownership ◽  
Binary Logistic Regression Analysis ◽  
Managerial Ownership ◽  
Significant Negative Impact

The study aims to determine the effect of corporate governance structures: managerial ownership, institutional ownership, independent commissioners, board of commissioners’ size, and board of directors’ size on financial distress. It used the sample taken from non-financial companies listed on the Indonesia Stock Exchange (IDX) for period 2012-2016. This study used a purposive sampling method involving 605 observations using binary logistic regression analysis techniques. The results show that there are significant negative impact between institutional ownership, size of board of commissioners and directors on financial distress. However, the results confirm that managerial ownership and independent commissioners had no significant impact on financial distress

scholarly journals PENGARUH GOOD CORPORATE GOVERNANCE, UKURAN PERUSAHAAN, DAN LEVERAGE TERHADAP INTEGRITAS LAPORAN KEUANGAN

2017 ◽  
Vol 6 (2) ◽  
Author(s):  
Rimi Gusliana Mais ◽  
Fadlan Nuari
Keyword(s):  
Corporate Governance ◽  
Firm Size ◽  
Negative Impact ◽  
Stock Exchange ◽  
Institutional Ownership ◽  
Financial Statements ◽  
Financial Statement ◽  
Mining Company ◽  
Good Corporate Governance ◽  
Total Observation

The purpose of this study is to examine the effect of good corporate governance being inspected toindependent commissioners and institutional ownership, firm size and influence on the integrity of financial statements. The population of this study is a mining company listed on theIndonesia Stock Exchange (BEI) in 2012-2015. The sample is determined by purposive samplingmethod, with total samples of 11 mining companies for total observation in this research are 44observations. The results of this study prove that independent commissioners have a positiveimpact on the integrity of financial statements. As for institutional ownership and leverage havea negative impact on the integrity of financial statements. And firm size proved not to affect theintegrity of financial statements.Ke y wo rds: Company Size, Good Corporate Governance, Integrity of Financial Statement,Leverage

scholarly journals The Effect of Good Corporate Governance, Free Cash Flow, and Tax Planning on Earnings Management

At-Taqaddum ◽  
2021 ◽  
Vol 13 (1) ◽  
pp. 1-20
Author(s):  
Ratno Agriyanto ◽  
Azizah Setiyawati ◽  
Dessy Noor Farida
Keyword(s):  
Corporate Governance ◽  
Earnings Management ◽  
Cash Flow ◽  
Audit Committee ◽  
Negative Impact ◽  
Institutional Ownership ◽  
Tax Planning ◽  
Free Cash Flow ◽  
Assessment Tools ◽  
Good Corporate Governance

Earnings is one of the management assessment tools as a form of responsibility to investors, thus allowing opportunistic behavior to do earnings management. The study aims to determine the effect of good corporate governance, free cash flow, and tax planning on earnings management. In this study, the independent variables are the board of independent commissioners, institutional ownership, audit committee, free cash flow, and tax planning. The dependent variable is earnings management which is projected through discretionary accruals using the modified Jones model. Data collected in this study used the documentation method and library method. The object of this study is state-owned companies listed in the 2014-2018 period of the Indonesian Stock Exchange. The sampling technique used purposive sampling, and the analysis technique used multiple linear. This study shows that a partial board of independent commissioners, institutional ownership, audit committee, and tax planning do not significantly affect earnings management. In contrast, free cash flow has a significant negative impact on earnings management. Therefore, implementing good corporate governance, free cash flow, and tax planning which is not just to fulfill existing regulations, will increase performance and company value and trust of investors.

Pengaruh Penerapan Corporate Governance Terhadap Kondisi Kesulitan Keuangan

2018 ◽  
Vol 9 (2) ◽  
pp. 50-64
Author(s):  
Stephanus Andi Adityaputra
Keyword(s):  
Corporate Governance ◽  
Logistic Regression ◽  
Significant Influence ◽  
Financial Distress ◽  
Boards Of Directors ◽  
Audit Committee ◽  
Stock Exchange ◽  
Institutional Ownership ◽  
Managerial Ownership ◽  
Manufacturing Companies

This study examined the effect ofthe implementation of corporate governance on the condition of the financial distress of manufacturing companies listed on the Indonesia Stock Exchange (IDX). The implementation of corporate governance proxied with the proportion of managerial ownership, proportion of institutional ownership, number of the boards of directors, proportion of independent commissioners, and existence of the audit committee. Samples used in this study was manufacturing companies listed on the Indonesia Stock Exchange (IDX) with 2012 up to 2016 as an observation period. The total study samples was 48 firms with 96 firm year are determined by the method of purposive sampling. This study used Logistic Regression to examine the effect of the implementation of corporate governance of the condition of the company's financial distress. The results of this study indicated that The number of the boards of directors and the proportion of independent commissioners variables were not proven to have significant influence on the condition of the company's financial distress. The proportion of managerial ownership, the proportion of institutional ownership, and the existence of the audit committee variables proved to have a significant influence on the condition of the company's financial distress with a positive influence. Keywords: board of directors, independent commissioners, managerial ownership, institutional ownership, audit committee, financial distress, logistic regression

Sign in / Sign up

Export Citation Format

Share Document