scholarly journals PENGARUH STRUKTUR MODAL DAN STRUKTUR KEPEMILIKAN TERHADAP KINERJA PERUSAHAAN DENGAN CORPORATE GOVERNANCE SEBAGAI VARIABEL MODERASI

2021 ◽  
Vol 10 (2) ◽  
pp. 100
Author(s):  
Maretha Kris Dwi Anggreni ◽  
Robiyanto Robiyanto
Keyword(s):  
Corporate Governance ◽  
Regression Analysis ◽  
Capital Structure ◽  
Capital Market ◽  
Stock Exchange ◽  
Analysis Tool ◽  
Company Performance ◽  
Optimal Point ◽  
Purposive Sampling

ABSTRACT This study aims to examine the effect of capital structure and ownership on company performance with moderation of corporate governance in trade, service and investment sector companies in 2016- 2019. The research data was obtained from the Indonesian Capital Market Directory (ICMD) and the annual financial reports listed on the Indonesia Stock Exchange. The total sample obtained based on the purposive sampling method was 76 samples and tested using the Eviews 9 analysis tool. The analysis technique used panel data regression analysis and Moderated Regression Analysis (MRA). Capital structure and corporate governance as proxied by the role of independent commissioners are proven to improve company performance. The implication of this research is to provide empirical evidence regarding the role of corporate governance in moderating capital structure and ownership structure on company performance. The use of debt in the capital structure can have a positive influence on the company's performance. So the applied implication for the company is that it can increase debt in its capital structure by taking into account the optimal point. In addition, companies can optimize the role of independent commissioners as corporate governance to improve supervision within the company so as to improve company performance. ABSTRAKPenelitian ini bertujuan menguji pengaruh struktur modal dan kepemilikan terhadap kinerja perusahaan dengan moderasi corporate governance pada perusahaan sektor perdagangan, jasa dan investasi tahun 2016-2019. Data penelitian ini diperoleh dari Indonesian Capital Market Directory (ICMD) dan laporan keuangan tahunan yang tercatat pada Bursa Efek Indonesia. Total sampel diperoleh berdasarkan metode pengumpulan data purposive sampling adalah sebanyak 76 sampel dan diuji menggunakan alat analisis Eviews 9. Teknik analisis pada penelitian ini menggunakan analisis regresi data panel dan Moderated Regression Analysis (MRA). Variabel struktur modal serta variabel moderasi corporate governance yang diproksikan dengan peran komisaris independen terbukti dapat meningkatkan kinerja perusahaan. Implikasi dari penelitian ini adalah memberikan bukti secara empiris terkait peran corporate governance dalam memoderasi struktur modal dan struktur kepemilikan terhadap kinerja perusahaan. Penggunaan utang pada struktur modal mampu memberikan pengaruh positif terhadap kinerja perusahaan. Maka implikasi terapan bagi perusahaan yaitu dapat meningkatkan utang pada struktur modalnya dengan memperhatikan titik optimal. Selain itu, perusahaan dapat mengoptimalkan peran komisaris independen sebagai corporate governance untuk meningkatkan pengawasan dalam perusahaan sehingga meningkatkan kinerja perusahaan.JEL : G30, G32, G34

scholarly journals PERAN TATA KELOLA PERUSAHAAN PADA PENGUNGKAPAN MODAL INTELEKTUAL

2019 ◽  
Vol 14 (1) ◽  
pp. 104-114
Author(s):  
Totok Dewayanto
Keyword(s):  
Regression Analysis ◽  
Capital Structure ◽  
Intellectual Capital ◽  
Sampling Method ◽  
Stock Exchange ◽  
Total Sample ◽  
Company Performance ◽  
Manufacturing Companies ◽  
Government Ownership

The purpose of this study is to examine the role of corporate governance on the imposition of intellectual capital. This study uses company performance, capital structure and firm size as a control variable.The population in this study consisted of all manufacturing companies in the Indonesia Stock Exchange in the period 2015-2017. Sampling was carried out using the purposive sampling method. The total sample of this study was 381 companies.This study uses multiple regression analysis to test hypotheses. The results of this study indicate that board size, the proportion of independent commissioners, block holder ownership, and government ownership have a positive and significant effect on IC disclosure. Meanwhile, the board's tenure has no effect on IC disclosure.

scholarly journals Corporate Governance, Firm Performance and Capital Structure: Evidence From Indonesia

2020 ◽  
Vol 11 (1) ◽  
pp. 48
Author(s):  
M. Chabachib ◽  
Bahrain Pasha Irawan ◽  
H. Hersugondo ◽  
Riskin Hidayat ◽  
Imang Dapit Pamungkas
Keyword(s):  
Corporate Governance ◽  
Capital Structure ◽  
Board Of Directors ◽  
Stock Exchange ◽  
Institutional Ownership ◽  
Managerial Ownership ◽  
Analysis Tool ◽  
Company Performance ◽  
The Board Of Directors ◽  
Negative Effect

This study aims to examine the good corporate governance which is proxied with managerial ownership, the proportion of independent board of commissioners, the size of the board of directors and institutional ownership of corporate performance through capital structure. The sample is a non-financial corporation listed on the Indonesia Stock Exchange in 2018 and obtained the number of samples as many as 120. The analysis tool uses a path analysis. The results show that managerial ownership, the proportion of board of commissioners, and the size of the board of directors have a significant positive effect on the company performance. Meanwhile, an institutional ownership has a significant negative effect on the company performance. The result also finds that capital structure can mediate the effect of managerial ownership, the proportion of independent board of commissioners and the size of the board of directors on the company performance company. However, it cannot mediate the influence of institutional ownership on the company performance.

scholarly journals PENGARUH FREE CASH FLOW DAN LEVERAGE TERHADAP MANAJEMEN LABA DENGAN GOOD CORPORATE GOVERNANCE SEBAGAI VARIABEL MODERASI

AKUNTABILITAS ◽  
2019 ◽  
Vol 13 (1) ◽  
pp. 69-82
Author(s):  
Erma Setiawati ◽  
Mujiyati Mujiyati ◽  
Erma Marga Rosit
Keyword(s):  
Corporate Governance ◽  
Regression Analysis ◽  
Earnings Management ◽  
Cash Flow ◽  
Free Cash Flow ◽  
Leverage Effect ◽  
Purposive Sampling ◽  
Good Corporate Governance

This research aimed to examine the effect of free cash flow and leverage to earnings management.This study also examines the role of good corporate governance as measured by the index Government in moderating influence of free cash flow and leverage on earnings management. This research was conducted in the company are listed in the JakartaIslamicIndex(JII)from2015-2017 and unlisted in the Bursa Efek Indonesia(BEI).The sample is determined by purposive sampling with 45 samples. This analysis uses regression analysis moderation (MRA). The results of the research indicate where (1) free cash flow significant effect on earnings management, (2) no leverage effect on earnings management, (3) good corporate governance as measured by the index of corporate governance is not able to moderate the influence of free cash flow and earnings management

scholarly journals PENGARUH TATA KELOLA PERUSAHAAN TERHADAP PREDIKTABILITAS LABA BANK UMUM KONVENSIONAL DI INDONESIA SELAMA PANDEMI COVID 19 DENGAN GENDER SEBAGAI VARIABEL MODERATING

2021 ◽  
Vol 14 (2) ◽  
Author(s):  
Sri Rahayu ◽  
Ken Sabardiman ◽  
Afrizal Afrizal
Keyword(s):  
Corporate Governance ◽  
Sexual Orientation ◽  
Good Governance ◽  
Stock Exchange ◽  
Total Sample ◽  
Governance Mechanism ◽  
Purposive Sampling ◽  
Conventional Banks ◽  
Relationship Of

<pre><strong><em>ABSTRACT:</em></strong><em> This study expects to dissect and acquire observational proof of the concussion of corporate administration on benefit consistency at conventional banking company in Indonesia during the Covid 19 pandemic and the concussion of sexual orientation (gender) on the causality connection between corporate administration and benefit consistency. Corporate administration is advanced by the piece of the leading group of chiefs, the amount of the leading body of magistrates, institutional possession, administrative proprietorship and review panels, while sex is the rasio of ladies on the leading body of organizations. Conventional commercial banks that recorded in Indonesia Stock Exchange are 43 banks, comprise of this investigation populace. Total sample</em><em>to</em><em>s are 33 conventional banks with purposive sampling as a sampling method. Moderated Regression Analysis is utilized as information investigation procedure. The outcomes acquired in this study showed that the amount of the leading body of magistrates, institutional possession, administrative proprietorship demonstrated to altogether influence benefit consistency. Sexual orientation (gender) altogether supports the concussion of administrative possession on benefit consistency. </em><em>This research shows that it is </em><em>compulsory </em><em>to implement a good governance mechanism, the problems that will occur can be recognized early by the bank and the follow-up is done more quickly, </em><em>in order</em><em> that the bank can survive in a state of crisis.</em><em> </em><em>Affirmation of the </em><em>concussion</em><em> and role of </em><em>ladies</em><em> on the </em><em>council</em><em> can influence the causal relationship of corporate governance on earnings predictability.</em></pre><pre><em><br /></em></pre><pre><em> </em></pre><p><strong><em>Keywords</em></strong><em> : Corporate Governance, Gender, Profit Predictability</em></p><p><strong>ABSTRAK:</strong> Penelitian ini bertujuan untuk menganalisis dan mendapatkan bukti empiris pengaruh tata  kelola perusahaan terhadap prediktabilitas laba bank umum konvensional di Indonesia selama masa pandemi Covid 19 dan pengaruh <em>gender</em> terhadap hubungan kausalitas antara tata kelola perusahaan dan prediktabilitas laba. Tata kelola diproksikan dengan komposisi dewan komisaris, <em>size</em> dewan komisaris, kepemilikan institusional, kepemilikan manajerial dan komite audit, sedangkan <em>gender</em> merupakan rasio perempuan dalam dewan eksekutif perusahaan. Seluruh bank umum konvensional yang tertera di Bursa Effek Indonesia berjumlah 43 bank dan merupakan populasi dalam riset ini. Sampel diperoleh sebanyak 33 bank dengan metode pengambilan sampel menggunakan <em>purposive sampling. </em>Analisis Regresi Moderasi digunakan sebagai<em> </em>teknik analisis data. Hasil yang diperoleh dalam penelitian ini yaitu bahwa ukuran dewan komisaris, kepemilikan institusional, kepemilikan manajerial terbukti berpengaruh terhadap prediktabilitas laba. G<em>ender</em> secara signifikan memperkuat pengaruh kepemilikan manajerial terhadap prediktabilitas laba. Penelitian ini menunjukkan bahwa perlunya penerapan mekanisme tata kelola yang baik, permasalahan yang akan terjadi dapat dikenali lebih awal oleh bank dan dilakukan tindak lanjut  penyempurnaan yang lebih cepat, sehingga bank dapat bertahan dalam keadaan krisis. Penegasan dampak dan peran perempuan di dalam dewan dapat mempengaruhi hubungan kausalitas tata kelola perusahaan terhadap prediktabilitas laba.</p><p><strong>Kata kunci</strong> : Tata Kelola Perusahaan, Gender, Prediktabilitas Laba</p>

scholarly journals Pengaruh Kepemilikan Pemerintah, Strategi Bisnis, dan Good Coprorate Governance Terhadap Kinerja Perusahaan

2020 ◽  
Vol 21 (1) ◽  
pp. 17-45
Author(s):  
Ferry Hendro Basuki
Keyword(s):  
Corporate Governance ◽  
Business Strategy ◽  
Stock Exchange ◽  
Quantitative Approach ◽  
Company Performance ◽  
Government Ownership ◽  
Purposive Sampling ◽  
Good Corporate Governance

This study aims to examine the effect of government ownership, business strategy, and good corporate governance on company performance. This study uses a quantitative approach. The population in this study is state-owned companies listed on the Indonesia Stock Exchange. Determination of the sample is done by method purposive sampling and obtained 10 companies. The results showed (1) government ownership affects company performance, (2) business strategy does not affect company performance, (3) good corporate governance affects company performance.Keywords: Government Ownership, Business Strategy, Good Corporate Governance, Company Performance

scholarly journals The Effect of Firm Size and Profitability on Firm Value with Capital Structure as Intervening Variables in Indonesia

2019 ◽  
Vol 4 (2) ◽  
pp. 55
Author(s):  
Indra Arifin Djashan
Keyword(s):  
Capital Structure ◽  
Firm Size ◽  
Firm Value ◽  
Stock Exchange ◽  
Company Performance ◽  
Purposive Sampling ◽  
The Impact ◽  
The Relationship ◽  
Intervening Variables ◽  
The Capital Structure

This study examines the impact of firm size and profitability on firm value with capital structure as an intervening variable in financial companies listed on the Indonesia Stock Exchange during three years. The method used for sampling is purposive sampling based on predetermined criteria. The number of samples in this study were 73 companies. Measurement of profitability is using ROA and ROE as one indicator to see company performance. The main purpose of companies that have gone public is to increase the prosperity of the owners or shareholders through increasing the value of the company. The results showed that the improvement of profitability and firm size may improve its capital structure. The improvement of profitability and the firm size may increase significantly the firm value. The results of mediating test showed that the capital structure is not able to mediate the relationship between the profitability and firm size to firm value

scholarly journals Capital structure, corporate performance, and life cycle: Evidence from Indonesia

2017 ◽  
Vol 14 (4) ◽  
pp. 449-461
Author(s):  
Eko Suyono ◽  
Subba Reddy Yarram ◽  
Riswan Riswan
Keyword(s):  
Regression Analysis ◽  
Life Cycle ◽  
Interest Rate ◽  
Capital Structure ◽  
Institutional Ownership ◽  
Managerial Ownership ◽  
Company Performance ◽  
The Relationship ◽  
Moderating Role

This study aims to investigate firstly, the influences of company life cycle (i.e., pioneer, growth, mature, and decline) and set of control variables (i.e, tax level, interest rate, institutional ownership, and managerial ownership) on capital structure; secondly, the influence of capital structure on company performance; and thirdly, the moderating role of each stage of the company life cycle on the relationship between capital structure and company performance. Implementing quantitative approach by using OLS Regression Analysis and Moderated Regression Analysis (MRA) on a set of the sample that consists of 157 Indonesian non-financial listed firms for 2010-2015 periods (942 firm years), findings show that company life cycle has a significant influence on capital structure. While for control variables, tax level and institutional ownership have a positive influence on the capital structure, wherein interest rate and managerial ownership have a negative effect on capital structure. Moreover, capital structure ratio influences positively on company performance. Finding also documents that pioneer and growth stages have a moderating role in strengthening the influence of capital structure on company performance, while mature and decline stages have a moderating role in weakening the influence of capital structure on company performance. This study provides important implications for corporations and business practitioners with regard to the best choice in the composition of capital structure which is able to improve company performance. On the best of our knowledge, it is the first study testing the moderating role of company life cycle on the relationship between capital structure and company performance.

scholarly journals PENGARUH FAKTOR-FAKTOR FUNDAMENTAL TERHADAP HARGA SAHAM PADA PERUSAHAAN ASURANSI DI BEI 2009-2012

2014 ◽  
Vol 3 (2) ◽  
pp. 28
Author(s):  
Robert Lambey
Keyword(s):  
Regression Analysis ◽  
Multiple Regression Analysis ◽  
Multiple Regression ◽  
Capital Market ◽  
Stock Price ◽  
Stock Exchange ◽  
Financial Statements ◽  
Coefficient Of Determination ◽  
Analysis Tool ◽  
Food And Beverage

The purpose of this study to know the influence of fundamental factors that ROA, DER, TATO, and CR on stock price. In this case the researchers used data in the form of financial statements food and beverage companies listed in Indonesia Stock Exchange (IDX). Researchers used a population of 10 companies listed on the Stock Exchange period 2009-2012. The data used financial statements are the financial statements that have been published in the Indonesian Capital Market Directory (ICMD) in 2013 and in www.idx.co.id. The analysis tool used is multiple regression analysis, t test, F test and the coefficient of determination was tested with the classical assumption. Based on the analysis of data it can be concluded that the variable DER and CR have a significant effect on stock price.

Impact of corporate governance on capital structure: mediating role of cost of capital

2021 ◽  
Vol ahead-of-print (ahead-of-print) ◽  
Author(s):  
Aisha Javaid ◽  
Mian Sajid Nazir ◽  
Kaneez Fatima
Keyword(s):  
Corporate Governance ◽  
Capital Structure ◽  
Cost Of Capital ◽  
Stock Exchange ◽  
Institutional Ownership ◽  
Managerial Ownership ◽  
Content Type ◽  
Mediating Role ◽  
The Relationship

PurposeThis paper contributes to the existing literature by extending the empirical work on the relationship between corporate governance and capital structure by analyzing the mediating role of cost of capital in the non-financial firms listed on the Pakistan Stock Exchange (PSX).Design/methodology/approachThe sample for this study includes non-financial firms listed on the Pakistan Stock Exchange (formerly Karachi Stock Exchange) for the period of 2004–2016. Based on 1800 firm-year observations, three approaches of panel data analysis are applied for the step-wise analysis of the underlying study. Firstly, Pooled OLS is applied. Secondly, fixed and random effect panel regression followed by the Hausman test to check the unobservable individual heterogeneity of the data. Hausman test indicates that the fixed-effects model is the most appropriate model for the sample panel data.FindingsThe study's findings are that board size, board composition, CEO/Chair duality, institutional ownership and managerial ownership have statistically significant direct effect on the firm's financing decisions. However, CEO/Chair duality, institutional ownership and managerial ownership have significant indirect effect on firm's capital structure decisions. The interesting finding of the paper is on the evidence of mediating role of cost of capital in the nexus of corporate governance and capital structure. Moreover, some conventional determinants of capital structure, including the firm's size, asset structure of the firm, profitability, business risk and growth, are found as determinants of capital structure decisions of the firms.Research limitations/implicationsThere are a few limitations to our study which could be addressed by upcoming research. We did not include all the four mechanisms of corporate governance including board structure, audit structure, compensation structure and ownership structure. However, we used only five important attributes including board size, board composition and CEO/Chair duality form board structure, managerial ownership and institutional ownership form ownership structure of corporate governance as our explanatory variables to examine their impact on the capital structure choices of the firms. Future studies may fill this research gap by involving some other attributes of corporate governance and analyzing their effectiveness and impact on value relevant capital structure decisions. Further, due to limited time and resources, we only tested the mediating role of cost of capital, hence, future researchers can analyze the mediating and moderating roles of different variables which may influence the relationship between corporate governance and capital structure choices of the firms.Practical implicationsThe study has many valuable guidelines and practical implications for the financial managers of the corporations. Our results will facilitate the policymakers in setting their corporate governance policies and practices and making the value relevant capital structure decisions in compliance with the implications of corporate governance mechanism. In addition, our study provides the empirical evidence in accordance with the argument that good governance practices, particularly the voluntary disclosures by the firm may reduce the information asymmetry which, ultimately, reduces the agency cost and the cost of capital for the firm. However, while deciding the financial policy of the corporations, managers can use our findings in order to assess the effectiveness of corporate governance practices employed by the firm in achieving the optimal capital structure at which the weighted average cost of capital is at its minimum level.Originality/valueThis paper contributes to the literature by investigating the mediating role of the cost of capital in the relationship between corporate governance and capital structure decisions of the firms. This paper provides empirical evidence that corporate governance indirectly affects capital structure decisions through the mediating role of cost of capital.

scholarly journals Dampak Struktur Modal dan Profitabilitas terhadap Nilai Perusahaan pada Sub Sektor Perkebunan yang Go Publik di Bursa Efek Indonesia

2021 ◽  
Vol 2 (2) ◽  
pp. 101-113
Author(s):  
Gaffar Gaffar ◽  
Ariawan Ariawan
Keyword(s):  
Capital Structure ◽  
Capital Market ◽  
Firm Value ◽  
Stock Exchange ◽  
Sampling Technique ◽  
Financial Statements ◽  
Total Sample ◽  
Quantitative Approach ◽  
Annual Reports ◽  
Purposive Sampling

This study aims to determine the effect of capital structure (X1), profitability (X2) simultaneously and partially on firm value in plantation sub-sector companies that go public on the Indonesia Stock Exchange. This study uses a quantitative approach. Determining the sample of companies using purposive sampling technique by considering companies that are listed and no listed on the Indonesia Stock Exchange and have financial statements from 2015-2019, so the total sample is 7 companies in the plantation sub-sector. Sources data of research are from audited company annual reports and from the Indonesia Stock Exchange (www.idx.co.id) and ICMD (Indonesia Capital Market Directory). The result of the study shows that the capital structure and profitability simultaneously have a significant effect on firm value. Capital structure partially has no significant effect on firm value in plantation sub-sector companies listed on the Indonesia Stock Exchange.  

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