Pengaruh Corporate Governance Terhadap Struktur Modal Pada Perusahaan Manufaktur


Adang Kurniawan


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.



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.  


How to Cite
Kurniawan, A., & Setiawan. (2020). Pengaruh Corporate Governance Terhadap Struktur Modal Pada Perusahaan Manufaktur. Jurnal Financia : Akuntansi Dan Keuangan, 1(1), 1-8. Retrieved from


Anderson, R. C., & Reeb, D. M. (2004). Board composition: Balancing family influence in S&P 500 firms. Administrative Science Quarterly, 49(2), 209-237.

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.

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.‐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

Cornett, M. M. et al. (2007). The impact of institutional ownership on corporate operating performance. Journal of Banking & Finance, 31(6), 1771–1794. doi:

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.

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:

Harris, M., & Raviv, A. (2008). A theory of board control and size. Review of Financial Studies, 21(4), 1797-1832.

Hussainey, K., & Aljifri, K. (2012). Corporate governance mechanisms and capital structure in UAE. Journal of Applied Accounting Research, 13(2), 145–160.

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.

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.

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.

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.

OECD. (2004). OECD Principles of Corporate Governance 2004. OECD Principles of Corporate Governance 2004. 9789264015999-en

Paligorova, T., & Xu, Z. (2012). Complex ownership and capital structure. Journal of Corporate Finance, 18(4), 701-716.

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.

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).

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

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:

Stulz, R. (1990). Managerial discretion and optimal financing policies. Journal of Financial Economics, 26(1), 3–27.

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.

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.