Analisis Mekanisme Corporate Governance Terhadap Potensi Kesulitan Keuangan (Financial Distress) Perusahaan Publik

2020 ◽  
Vol 10 (1) ◽  
pp. 56
Author(s):  
Rumanintya Lisaria Putri ◽  
Dyah Agustin Widhi Yanti ◽  
Mahmud
Keyword(s):  
Corporate Governance ◽  
Financial Distress

Penelitian ini bertujuan untuk mengetahui mekanisme <em>corporate governance</em> (komisaris independen, kepemilikan manajerial, kepemilikan institusional, komite audit dan kualitas audit) berpengaruh terhadap potensi kesulitan keuangan (<em>financial distress</em>) perusahaan publik. Metode penelitian yang digunakan regresi linear berganda dengan uji asumsi klasik, dan pengujian hipotesis yang menghasilkan analisa sebagai berikut: Nilai F pada statistik hitung sebesar 11,731 dan nilai sig sebesar 0,014 karena α &gt; 0,014 artinya signifikan Ho1 ditolak dan Ha diterima. Hasil penelitian membuktikan bahwa mekanisme <em>corporate governance</em> berpengaruh terhadap potensi <em>financial distress</em> perusahaan publik. Hasilnya menunjukkan bahwa komisaris independen (nilai t<sub>hitung </sub>sebesar -3,139. Nilai ini lebih besar dari t<sub>tabel</sub> -2,500) secara statistik berpengaruh signifikan terhadap potensi kesulitan keuangan. Hasil uji t menunjukkan bahwa kepemilikan manajerial (memiliki  nilai t<sub>hitung </sub>sebesar -4,236. Nilai ini lebih kecil dari t<sub>tabel</sub>  2,500) secara statistik berpengaruh signifikan terhadap potensi kesulitan keuangan. Hasil uji t menunjukkan bahwa kepemilikan saham institusional (memiliki nilai t<sub>hitung </sub>sebesar 2,747. Nilai ini lebih besar dari t<sub>tabel</sub> 2,500) secara statistik berpengaruh signifikan terhadap potensi kesulitan keuangan. Hasil uji t menunjukkan bahwa komite audit (memiliki  nilai t<sub>hitung </sub>sebesar -2,615. Nilai ini lebih kecil dari t<sub>tabel</sub> -2,500) secara statistik berpengaruh signifikan terhadap potensi kesulitan keuangan. Hasil uji t menunjukkan bahwa kualitas audit (memiliki  nilai t<sub>hitung </sub>sebesar 7,426. Nilai ini lebih kecil dari t<sub>tabel</sub>  -2,500) secara statistik berpengaruh signifikan terhadap potensi kesulitan keuangan. Koefisien determinasi yang ditunjukkan dari nilai <em>adjusted</em><em> R<sup>2</sup> </em>sebesar 0,054 berarti 5,4% variasi potensi kesulitan keuangan dapat dijelaskan oleh ke-5 prediktor yang digunakan dalam penelitian ini, sedangkan sisanya sebesar 94,6% potensi kesulitan keuangan dapat dijelaskan oleh variabel lainnya.

scholarly journals Is corporate governance of private equity targets more effective for risk mitigation?

2021 ◽  
Author(s):  
Vladimiro Marini ◽  
Massimo Caratelli ◽  
Gian Paolo Stella ◽  
Ilaria Barbaraci
Keyword(s):  
Corporate Governance ◽  
Agency Theory ◽  
Financial Distress ◽  
Private Equity ◽  
Risk Mitigation ◽  
Governance Mechanisms ◽  
Active Monitoring ◽  
Industry Expert ◽  
Corporate Governance Mechanisms

AbstractPrivate equity is a source of finance and a governance device characterised by active monitoring through sponsors that intervene in targets’ corporate governance. As sponsors are skilled and motivated acquirors, we investigated whether corporate governance mechanisms mitigate leveraged targets’ risk of financial distress differently compared to non-acquired companies through the lenses of agency theory and resource-based theories. We found that targets and non-acquired companies are not significantly different in terms of corporate governance features, but sponsors are skilled enough to choose corporate governance members to mitigate risk more, especially when boards are smaller, have busier industry expert directors, and mandate execution to more managers. These results can be useful to targets, targets’ investors and lenders, and policymakers.

Taiwan as a Regional Laboratory for Corporate Governance

Asian Survey ◽  
2015 ◽  
Vol 55 (4) ◽  
pp. 793-821
Author(s):  
Vincent C. Ma ◽  
John S. Liu
Keyword(s):  
Corporate Governance ◽  
Financial Distress ◽  
Information Disclosure ◽  
Listed Companies ◽  
Statistical Analyses ◽  
Legal Capital ◽  
Regional Laboratory ◽  
American Style ◽  
Anglo American

Taiwan is a regional laboratory for Anglo-American-style corporate governance; we examine it from legal, capital, labor, and management perspectives. Statistical analyses of Taiwanese-listed companies show that independent directorship reduces financial distress and improves information disclosure.

The Impact of Financial Distress, Corporate Governance, and Auditor Switching on Audit Delay

2021 ◽  
Vol 6 (2) ◽  
pp. 108-117
Author(s):  
Sylvi Angelia ◽  
Rizal Mawardi
Keyword(s):  
Corporate Governance ◽  
Financial Services ◽  
Financial Distress ◽  
Audit Committee ◽  
Stock Exchange ◽  
Linear Regression Analysis ◽  
Multiple Linear Regression Analysis ◽  
Auditor Switching ◽  
Analysis Technique ◽  
The Impact

Objective – The purpose of this study is to examine the effect between financial distress, corporate governance, auditor switching and audit delay. This research sample using data on a manufacturing company on the Indonesia Stock Exchange. Methodology – The analysis technique used is multiple linear regression analysis technique. Findings– The research finding show that financial distress and the size of the audit committee have a significant effect on audit delay, while the concentration of ownership, managerial ownership, change of directors, and auditor switching has no significant effect on audit delay. Second finding explain that consideration for companies listed on the Indonesia Stock Exchange to pay attention to the timeliness of submitting financial reports and independent auditor reports so as not to get sanctions from the Financial Services Authority. Novelty – Our novelty research using the relationship of Financial Distress, Corporate Governance and Auditor Switching on new research model to Audit Delay. Type of Paper: Empirical JEL Classification: M41, M42 Keywords: Financial Distress, Corporate Governance, Auditor Switching, Audit Delay

scholarly journals The Impact of Corporate Governance Characteristics on the of Financial Distress

2016 ◽  
Vol 3 (2) ◽  
pp. 162
Author(s):  
Mahdi Filsaraei ◽  
Reza Jarrahi Moghaddam
Keyword(s):  
Corporate Governance ◽  
Board Of Directors ◽  
Financial Distress ◽  
Financial Statements ◽  
Multivariate Regression Analysis ◽  
Company Stock ◽  
Governance Indicators ◽  
The Board Of Directors ◽  
Qualified Audit Opinion ◽  
The Impact

Given the importance of corporate governance for increasing the monitoring of company operations, i.e., reducing information asymmetry and increasing control over operations, in this study, we investigate some indicators of corporate governance and financial distress as one of the most important criteria in the decisions of the users of financial statements. Corporate governance Indicators that have been mentioned in this study, including the independence of the board of directors (the ratio of non-executive members), institutional investors and duality of CEO and Chairman of the Board of Directors. This study is applied research and the required information is gathered from financial statements of listed companies on the TSE. Using a sample of 82 company stock during the period 2010-2014 and multivariate regression analysis, the results of the analysis of information gathered indicates that institutional ownership reduces the financial distress. However, there was no significant relationship between board independence (proportion of outside board members) and the duality of CEO and Chairman of the Board with the financial distress. The results also indicate that financial leverage and a qualified audit opinion increases financial distress and firm size and management performance reduces it.

scholarly journals PENGARUH GOOD CORPORATE GOVERNANCE TERHADAP FINANCIAL DISTRESS DENGAN KUALITAS AUDIT SEBAGAI PEMODERASINYA

2019 ◽  
pp. 2
Author(s):  
Arifin Syofyan ◽  
Vinola Herawaty
Keyword(s):  
Corporate Governance ◽  
Financial Distress ◽  
Purposive Sampling ◽  
Good Corporate Governance

<p>Penelitian ini bertujuan untuk menguji dan menganalisisis hubungankepemilikan institusi, kepemilikan manajerial, proporsi dewan komisaris, ukuran dewan direksi, dan ukuran komite audit terhadap <em>financial distress</em> dengan kualitas audit sebagai variabel moderasinya. Penelitian ini menggunakan data sekunder yaitu laporan tahunan dan laporan keuangan. Sampel yang digunakan adalah perusahaan perbankan yang terdaftar di Bursa Efek Indonesia pada rentang waktu 2014 - 2018. Total sampel yang terpilih adalah 160. Teknik pengambilan sampel yang digunakan adalah <em>purposive sampling.</em> Metode yang digunakan dalam penelitian ini adalah analisis regresi logistik.Hasil analisis penelitian ini menunjukkan bahwa variabel kepemilikan manajerial dan ukuran dewan direksiberpengaruh negatifterhadap kemungkinan suatu perusahaan terjadinya <em>financial distress, </em>dan variabel kualitas audit dapat meperkuat pengaruh dari kepemilikan manajerial terhadap terjadinya <em>financial distress </em>pada perusahaan perbankan.</p>

scholarly journals The effect of financial distress and earnings management on tax aggressiveness with corporate governance as the moderating variable

2020 ◽  
Vol 9 (7) ◽  
pp. 167-176
Author(s):  
Ratih Pujirahayu Nugroho ◽  
Sutrisno T Sutrisno ◽  
Endang Mardiati
Keyword(s):  
Corporate Governance ◽  
Earnings Management ◽  
Financial Distress ◽  
Stock Exchange ◽  
Real Earnings Management ◽  
Audit Committees ◽  
Manufacturing Companies ◽  
Sample Collection ◽  
Financial Reports ◽  
Tax Aggressiveness

This study aims to verify the correlation between financial distress and earnings management of tax aggressiveness moderated by corporate governance. This study uses a population of manufacturing companies that publish their financial statement on the Indonesia Stock Exchange from 2017 until 2018. Sample collection was performed using a purposive sampling method, resulting in a total of 212 populations that published complete financial reports. This study was tested by using the Multiple Regression Analysis test. This research gave empirical proofs that financial distress and real earnings management positively influenced the tax aggressiveness was supported, the proportion of independent commissioners weakened the financial distress and negatively impacted the tax aggressiveness was supported, the total audit committees weakened the financial distress and negatively influenced the tax aggressiveness was not supported, the proportion of independent commissioners and total audit committees weakened the real earnings management and negatively affected the tax aggressiveness was not supported

scholarly journals Corporate governance in the context of the recovery of distressed firms: A case study in Brazilian air transportation sector

2011 ◽  
Vol 9 (1) ◽  
pp. 621-627
Author(s):  
Vinicio de Souza Almeida ◽  
Patrícia Ribeiro Romano
Keyword(s):  
Corporate Governance ◽  
Financial Distress ◽  
Governance Structure ◽  
Governance System ◽  
Transportation Sector ◽  
Governance Practices ◽  
Distressed Firms ◽  
Theoretical Evidence ◽  
The Cost ◽  
And Control

Corporate governance is a set of practices and processes of board and executives’ coordination and control that aims at protecting the interests of shareholders and others affected by the value of the company. The discussions and disputes involving shareholders in Brazil and a new corporate law aimed at improving governance practices in the country, reducing the cost of capital of the company and contributing to national economic growth. In this study, we compared the theoretical evidence on the governance structure of airlines with the reality of a large company in the sector in Brazil. The results indicate that a wrong architecture of ownership and control combined with the non-corporate governance system may result in financial distress for an organization.

scholarly journals Corporate governance and capital structure in the periods of financial distress. Evidence from Greece

2017 ◽  
Vol 14 (1) ◽  
pp. 254-262 ◽  
Author(s):  
George Kyriazopoulos
Keyword(s):  
Corporate Governance ◽  
Capital Structure ◽  
Financial Distress ◽  
Sovereign Debt ◽  
Negative Impact ◽  
Stock Exchange ◽  
Debt Crisis ◽  
Outside Directors ◽  
Listed Firms ◽  
Athens Stock Exchange

This study examines the relationship between corporate governance and capital structure employing data from the Athens Stock Exchange for the period 2005-2014. This period encompasses the sovereign debt crisis erupted in Greece at the end of 2009 and still continues to hit households and businesses alike. The results from the panel regression analysis signify the role of corporate governance structures in determining the capital structure of the Greek listed firms. In particular, the empirical results reveal a negative impact of board size on debt levels, which is weakened during the debt crisis period. In contrast, the presence of outside directors provides the appropriate certification to use more debt. Finally, growth opportunities and profitability are the two firm-specific factors which effect was weakened during the financially-constraint period.

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