Pengaruh Corporate Governance Terhadap Struktur Modal Pada Perusahaan Manufaktur
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Abstract
Penelitian ini bertujuan untuk mengksplorasi pengaruh corporate governace terhadap struktur modal. Sampel penelitian adalah perusahaan yang terdaftar pada sektor manufaktu Bursa Efek Indonesia yaitu sebanyak 493 perusahaan. Analisis menggunakan pendekatan Partial Least Square. Hasil penelitian menunjukkan bahwa semua variabel corporate governance berpengaruh secara signifikan terhadap struktur modal. Variabel corporate governance tersebut adalah board size, board independence, audit committee size, dan ownership concentration.
ABSTRACT
This study aims to explore the effect of corporate governance on capital structure. The research sample was companies that were approved in the Indonesian Stock Exchange manufacturing sector totaling 493 companies. Analysis using Partial Least Square. The results showed that all corporate governance variables were significant on capital structure. The corporate governance variables are board size, board independence, audit committee size, and ownership concentration.
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How to Cite
Kurniawan, A., & Setiawan. (2020). Pengaruh Corporate Governance Terhadap Struktur Modal Pada Perusahaan Manufaktur. Jurnal Financia, 1(1), 1-8. Retrieved from https://ejurnal.ars.ac.id/index.php/financia/article/view/257
References
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Azizkhani, M., Monroe, G.S. and Shailer, G. (2010). The value of Big 4 audits in Australia. Accounting & Finance, 50: 743-766. doi:10.1111/j.1467-629X.2010.00346.x
Berger, P.G., Ofek, E. and Yermack, D.L. (1997). Managerial entrenchment and capital structure decisions. The Journal of Finance, 52(4), 1411-38.
Çekrezi, A. (2013). Impact of Firm Level Factors on Capital. European Journal of Sustainable Development, 2(4), 135–148.
Chancharat, N., Krishnamurti, C. and Tian, G. (2012). Board structure and survival of neweconomy IPOfirms. Corporate Governance: An International Review, 20(2), 144-163.
Chang, C., Chen, X., & Liao, G. (2014). What are the reliably important determinants of capital structure in china? Pacific-Basin Finance Journal, 30, 87–113. https://doi.org/https://doi.org/10.1016/j.pacfin.2014.06.001
Chen, L., Srinidhi, B., Tsang, A., & Yu, W. (2016). Audited Finansial Reporting and Voluntary Disclosure of Corporate Social Responsibility (CSR) Reports. Journal of Management Accounting Research, 28(2),53–76. https://doi.org/10.2308/jmar‐51411
Claessens, Stijn and Fan, Po Hung Joseph P. H. (2003). Corporate Governance in Asia: A Survey. International Review of Finance, 3(2), 71-103 http://dx.doi.org/10.2139/ssrn.386481
Cornett, M. M. et al. (2007). The impact of institutional ownership on corporate operating performance. Journal of Banking & Finance, 31(6), 1771–1794. doi: https://doi.org/10.1016/j.jbankfin.2006.08.006.
Detthamrong, U., Chancharat, N., & Vithessonthi, C. (2017). Corporate governance, capital structure and firm performance: Evidence from Thailand. Research in International Business and Finance, 42, 689–709. https://doi.org/https://doi.org/10.1016/j.ribaf.2017.07.011
Dey, A., Engel, E. and Liu, X. (2011). CEO and board chair roles: To split or not to split?. Journal of Corporate Finance, 17(5), 1595–1618. doi: https://doi.org/10.1016/j.jcorpfin.2011.09.001.
Harris, M., & Raviv, A. (2008). A theory of board control and size. Review of Financial Studies, 21(4), 1797-1832. https://doi.org/10.1093/rfs/hhl030
Hussainey, K., & Aljifri, K. (2012). Corporate governance mechanisms and capital structure in UAE. Journal of Applied Accounting Research, 13(2), 145–160. https://doi.org/10.1108/09675421211254849
Huang, G., & Song, F.M. (2006). The determinants of capital structure: Evidence from China. China Economic Review, 17(1), 14-36.
Jensen, M. (1986). Agency Costs of Free Cash Flow, Corporate Finance, and Takeovers. American Economic Review, 76(2), 323–329. https://doi.org/10.2307/1818789
Jensen, M. C., & Meckling, W. H. (1976). Theory of the firm: Managerial behavior, agency costs and ownership structure. Journal of Financial Economics, 3(4), 305–360. https://doi.org/10.1016/0304-405X(76)90026-X
Jiraporn, P., Kim, J. C., Kim, Y. S., & Kitsabunnarat, P. (2012). Capital structure and corporate governance quality: Evidence from the Institutional Shareholder Services (ISS). International Review of Economics & Finance, 22(1), 208-221.
Mai, Muhamad Umar. (2020). Pengaruh Struktur Modal Terhadap Kinerja Perusahaan Pada Industri Manufaktur Kriteria Syariah Di Bursa Efek Indonesia. Jurnal Riset Akuntansi dan Keuangan, 8(1), 1-13
Margaritis, D., & Psillaki, M. (2010). Capital structure, equity ownership and firm performance. Journal of Banking & Finance, 34(3), 621–632.
Modigliani, F., & Miller, M. H. (1958). The Cost of Capital, Corporation Finance, and the Theory of Investment. The American Economic Review, 48(3), 261–297. https://doi.org/10.1136/bmj.2.3594.952
Myers, S. C., & Majluf, N. S. (1984). Corporate financing and investment decisions when firms have information that investors do not have. Journal of Financial Economics, 13(2), 187–221. https://doi.org/https://doi.org/10.1016/0304-405X(84)90023-0
OECD. (2004). OECD Principles of Corporate Governance 2004. OECD Principles of Corporate Governance 2004. https://doi.org/10.1787/ 9789264015999-en
Paligorova, T., & Xu, Z. (2012). Complex ownership and capital structure. Journal of Corporate Finance, 18(4), 701-716. https://doi.org/10.1016/j.jcorpfin.2012.05.001
Sadeghian, N. S., Latifi, M. M., Soroush, S., & Aghabagher, Z. T. (2012). Debt Policy and Corporate Performance: Empirical Evidence from Tehran Stock Exchange Companies. International Journal of Economics and Finance, 4(11), 217–224. https://doi.org/10.5539/ijef.v4n11p217
Setiawan, S., Setyowati, D. H., & Tripuspitorini, F. A. (2020). Dimensi Risiko bagi Konsumen dalam Membeli Produk Halal. Amwaluna: Jurnal Ekonomi Dan Keuangan Syariah, 4(1). https://doi.org/10.29313/amwaluna.v4i1.5220
Simpson, W.G. & Gleason, A.E. (1999). Board structure, ownership, and financialdistress in banking firms. International Review of Economics and Finance, 8, 281–292.
Strebulaev, I. (2007). Do Tests of Capital Structure Theory Mean What They Say? Journal of Finance, 62(4), 1747–1787. Retrieved from https://econpapers.repec.org/RePEc:bla:jfinan:v:62:y:2007:i:4:p:1747-1787
Strøm, R. Ø., D’Espallier, B., & Mersland, R. (2014). Female leadership, performance, and governance in microfinance institutions. Journal of Banking & Finance, 42(0), 60-75. doi:http://dx.doi.org/10.1016/j.jbankfin.2014.01.014
Stulz, R. (1990). Managerial discretion and optimal financing policies. Journal of Financial Economics, 26(1), 3–27. https://doi.org/https://doi.org/10.1016/0304-405X(90)90011-N
Suto, M. (2003). Capital structure and investment behaviour of Malaysian firms in the 1990s: a study ofcorporate governance before the crisis. Corporate Governance: An International Review, 11(1), 25-39.
Uchida, K. (2011). Does Corporate Board Downsizing Increase Shareholder Value? Evidence from Japan. Internasional Review of Economics and Finance, 20, 562–573.
Vo, X. V., & Ellis, C. (2017). An empirical investigation of capital structure and firm value in Vietnam. Finance Research Letters, 22, 90–94. https://doi.org/https://doi.org/10.1016/j.frl.2016.10.014
Wiwattanakantang, Y. (1999). The Equity Ownership Structure of Thai Firms, In J.P.H. Fan, M. Hanazaki, and J. Teranishi (Eds.), Designing Financial Systems in East Asia and Japan -Toward a Twenty-First Century Paradigm, Routledge.
Zelechowski, D. D. and Bilimoria, D. (2004). The Experience of Women Corporate Inside Directors on the Boards of Fortune 1000 Firms, Women in Management Review, 18(7), 376–381.
Azizkhani, M., Monroe, G.S. and Shailer, G. (2010). The value of Big 4 audits in Australia. Accounting & Finance, 50: 743-766. doi:10.1111/j.1467-629X.2010.00346.x
Berger, P.G., Ofek, E. and Yermack, D.L. (1997). Managerial entrenchment and capital structure decisions. The Journal of Finance, 52(4), 1411-38.
Çekrezi, A. (2013). Impact of Firm Level Factors on Capital. European Journal of Sustainable Development, 2(4), 135–148.
Chancharat, N., Krishnamurti, C. and Tian, G. (2012). Board structure and survival of neweconomy IPOfirms. Corporate Governance: An International Review, 20(2), 144-163.
Chang, C., Chen, X., & Liao, G. (2014). What are the reliably important determinants of capital structure in china? Pacific-Basin Finance Journal, 30, 87–113. https://doi.org/https://doi.org/10.1016/j.pacfin.2014.06.001
Chen, L., Srinidhi, B., Tsang, A., & Yu, W. (2016). Audited Finansial Reporting and Voluntary Disclosure of Corporate Social Responsibility (CSR) Reports. Journal of Management Accounting Research, 28(2),53–76. https://doi.org/10.2308/jmar‐51411
Claessens, Stijn and Fan, Po Hung Joseph P. H. (2003). Corporate Governance in Asia: A Survey. International Review of Finance, 3(2), 71-103 http://dx.doi.org/10.2139/ssrn.386481
Cornett, M. M. et al. (2007). The impact of institutional ownership on corporate operating performance. Journal of Banking & Finance, 31(6), 1771–1794. doi: https://doi.org/10.1016/j.jbankfin.2006.08.006.
Detthamrong, U., Chancharat, N., & Vithessonthi, C. (2017). Corporate governance, capital structure and firm performance: Evidence from Thailand. Research in International Business and Finance, 42, 689–709. https://doi.org/https://doi.org/10.1016/j.ribaf.2017.07.011
Dey, A., Engel, E. and Liu, X. (2011). CEO and board chair roles: To split or not to split?. Journal of Corporate Finance, 17(5), 1595–1618. doi: https://doi.org/10.1016/j.jcorpfin.2011.09.001.
Harris, M., & Raviv, A. (2008). A theory of board control and size. Review of Financial Studies, 21(4), 1797-1832. https://doi.org/10.1093/rfs/hhl030
Hussainey, K., & Aljifri, K. (2012). Corporate governance mechanisms and capital structure in UAE. Journal of Applied Accounting Research, 13(2), 145–160. https://doi.org/10.1108/09675421211254849
Huang, G., & Song, F.M. (2006). The determinants of capital structure: Evidence from China. China Economic Review, 17(1), 14-36.
Jensen, M. (1986). Agency Costs of Free Cash Flow, Corporate Finance, and Takeovers. American Economic Review, 76(2), 323–329. https://doi.org/10.2307/1818789
Jensen, M. C., & Meckling, W. H. (1976). Theory of the firm: Managerial behavior, agency costs and ownership structure. Journal of Financial Economics, 3(4), 305–360. https://doi.org/10.1016/0304-405X(76)90026-X
Jiraporn, P., Kim, J. C., Kim, Y. S., & Kitsabunnarat, P. (2012). Capital structure and corporate governance quality: Evidence from the Institutional Shareholder Services (ISS). International Review of Economics & Finance, 22(1), 208-221.
Mai, Muhamad Umar. (2020). Pengaruh Struktur Modal Terhadap Kinerja Perusahaan Pada Industri Manufaktur Kriteria Syariah Di Bursa Efek Indonesia. Jurnal Riset Akuntansi dan Keuangan, 8(1), 1-13
Margaritis, D., & Psillaki, M. (2010). Capital structure, equity ownership and firm performance. Journal of Banking & Finance, 34(3), 621–632.
Modigliani, F., & Miller, M. H. (1958). The Cost of Capital, Corporation Finance, and the Theory of Investment. The American Economic Review, 48(3), 261–297. https://doi.org/10.1136/bmj.2.3594.952
Myers, S. C., & Majluf, N. S. (1984). Corporate financing and investment decisions when firms have information that investors do not have. Journal of Financial Economics, 13(2), 187–221. https://doi.org/https://doi.org/10.1016/0304-405X(84)90023-0
OECD. (2004). OECD Principles of Corporate Governance 2004. OECD Principles of Corporate Governance 2004. https://doi.org/10.1787/ 9789264015999-en
Paligorova, T., & Xu, Z. (2012). Complex ownership and capital structure. Journal of Corporate Finance, 18(4), 701-716. https://doi.org/10.1016/j.jcorpfin.2012.05.001
Sadeghian, N. S., Latifi, M. M., Soroush, S., & Aghabagher, Z. T. (2012). Debt Policy and Corporate Performance: Empirical Evidence from Tehran Stock Exchange Companies. International Journal of Economics and Finance, 4(11), 217–224. https://doi.org/10.5539/ijef.v4n11p217
Setiawan, S., Setyowati, D. H., & Tripuspitorini, F. A. (2020). Dimensi Risiko bagi Konsumen dalam Membeli Produk Halal. Amwaluna: Jurnal Ekonomi Dan Keuangan Syariah, 4(1). https://doi.org/10.29313/amwaluna.v4i1.5220
Simpson, W.G. & Gleason, A.E. (1999). Board structure, ownership, and financialdistress in banking firms. International Review of Economics and Finance, 8, 281–292.
Strebulaev, I. (2007). Do Tests of Capital Structure Theory Mean What They Say? Journal of Finance, 62(4), 1747–1787. Retrieved from https://econpapers.repec.org/RePEc:bla:jfinan:v:62:y:2007:i:4:p:1747-1787
Strøm, R. Ø., D’Espallier, B., & Mersland, R. (2014). Female leadership, performance, and governance in microfinance institutions. Journal of Banking & Finance, 42(0), 60-75. doi:http://dx.doi.org/10.1016/j.jbankfin.2014.01.014
Stulz, R. (1990). Managerial discretion and optimal financing policies. Journal of Financial Economics, 26(1), 3–27. https://doi.org/https://doi.org/10.1016/0304-405X(90)90011-N
Suto, M. (2003). Capital structure and investment behaviour of Malaysian firms in the 1990s: a study ofcorporate governance before the crisis. Corporate Governance: An International Review, 11(1), 25-39.
Uchida, K. (2011). Does Corporate Board Downsizing Increase Shareholder Value? Evidence from Japan. Internasional Review of Economics and Finance, 20, 562–573.
Vo, X. V., & Ellis, C. (2017). An empirical investigation of capital structure and firm value in Vietnam. Finance Research Letters, 22, 90–94. https://doi.org/https://doi.org/10.1016/j.frl.2016.10.014
Wiwattanakantang, Y. (1999). The Equity Ownership Structure of Thai Firms, In J.P.H. Fan, M. Hanazaki, and J. Teranishi (Eds.), Designing Financial Systems in East Asia and Japan -Toward a Twenty-First Century Paradigm, Routledge.
Zelechowski, D. D. and Bilimoria, D. (2004). The Experience of Women Corporate Inside Directors on the Boards of Fortune 1000 Firms, Women in Management Review, 18(7), 376–381.