Analisis Pengaruh Mekanisme Corporate Governance terhadap Kemungkinan Terjadinya Financial Distress

Bernadin Arum Sekar Budiningsih(1*), Agustinus Tri Kristanto(2), Gien Agustinawansari(3),

(1) Gardena Departement Store and Supermarket, Yogyakarta, Indonesia
(2) Jurusan Akuntansi, Fakultas Ekonomi, Universitas Sanata Dharma, Indonesia
(3) Jurusan Akuntansi, Fakultas Ekonomi, Universitas Sanata Dharma, Indonesia
(*) Corresponding Author

Abstract


This study aims to clarify the impact of corporate governance mechanisms on the potential financial distress of manufacturing companies listed on the Indonesia Stock Exchange from 2016 to 2018. The corporate governance mechanisms considered in this study are management ownership, institutional ownership, percentage of independent commissioners, board size, and audit committee financial experts. The sampling method used purposive sampling and the data was taken from 108 samples. The analytical method was performed using logistic regression analysis. The results of this study show that institutional ownership is actively associated with potential financial difficulties. Other corporate governance mechanisms, such as management ownership, percentage of independent committee members, board size, and audit committee financial experts, are known to influence the potential for financial distress. do not have.

Keywords


Good Corporate Governance, Financial Distress, Manufacture

Full Text:

PDF

References


Adnan, Muhammad Akhayar, dan Muhammad Imam Taufiq. 2001. Analisis Ketepatan Prediksi Metode Altman Terhadap Terjadinya Likuidasi Pada Lembaga Perbankan. JAAI Volume 5 No 2 ISSN:1410-2420. Yogyakarta: Fakultas Ekonomi Universitas Islam Indonesia.

Alves, Sandra. 2012. Ownership Structure and Earnings Management: Evidence from Portugal. Australasian Accounting, Business and Finance Journal 6(1), 2012, 57-74.

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

Ayuningtias. 2013. Analisis Pengaruh Struktur Kepemilikan, Board Composition, dan Agency Cost Terhadap Financial Distress. Jurnal Manajemen Vol 1 Nomor 1 Januari 2013: Universitas Negri Surabaya.

Babic, Verica M , Jelena D. Nikolic, Milena S. Stanivljevic. 2016. “Corporate Governance Mechanisms Effectiviness: The Case of Transition Countries.” Ekonomist and Organization Journal Vol. 13 No.2 2016 pp. 161-175. Faculty of Economics University of Kragujevac: Serbia.

BAPEPAM. 2006. Studi Penerapan Prinsip-Prinsip OECD 2004 dalam Peraturan BAPEPAM Mengenai Corporate Governance. Diunduh pada 9 September 2019, dari https:atauatauwww.academia.eduatau5264229/STUDI_PENERAPAN_PRINSIPPRINSIP_OECD_2004_DALAM_PERATURAN_BAPEPAM_MENGENAI_CORPORATE_GOVERNANCE?auto=download

Bhojraj, S. dan Sengupta, P. 2003. Effect of Corporate Governance on Bond Ratings and Yields. The Role of Institusional Investors and Outside Directors.

Bublykova, Polina. 2014. The Impact of Board Size on Firm Performance : Evidance from Hungary. Central European University Departmen of Economics: Budapest, Hungary.

Bushee, Brian J. 1998. The Influence of Institutional Investors on Myopic R&D Investment Behavior. The Accounting Review Vol. 73 No.3 pp 305-333. American Accounting Association.

Chang, Kiyoung, Kang, Eun, dan Ying Li. 2015. Effect of Institutional Ownership on Dividend: An Agency Theory Based Analysis. Journal of Business Research JBR 08656 No Pages 9.

Chaganti, R., Mahajan, V., & Sharma, S. (1985). Corporate board size,

composition,and corporate failures in retailing industry. Journal of

Managment Studies, 22,400–417.

Cinantya, I gsti A.A.P, dan Ni Ketut A. Merkusiwati. 2015. Pengaruh Corporate Governance, Financial Indicators, dan Ukuran Perusahaan Pada inancial Distress. E-Jurnal Akuntansi Universitas Udayana 10.3 (2015) Halaman 897-915 ISSN: 2302-8556.

CLSA. 2018. CG WATCH 2018: Hard Decisions Asia Faces Tough Choices in CG Reform. Hongkong : Asian Corporate Governance Association and CLSA Limited 2018.

Davies, J.R, avid Hiler, dan Patrict Mc. Lolgan. 2005. Ownership Structure, Manageria Behavior, and CorporateValue. Journal of Corporate Finance 11 (2005) 645-660.

Deng, X & Wang Z. (2006). Ownership Structure and Financial Distress: Evidence from Public-listed Companies in chuna international journal of management, 23 (23), 486-502

Deviacita, A. W. 2012 Analisis Pengaruh Mekanisme CG terhadap financial distree. Skripsi Fakultas Ekonomika dan bisnis. Diponegoro Journal of Accounting: Universitas Diponegoro, Semarang.

Explosure Draft PSAK No.15.(2013). Investasi Pada Entitas Asosiasi dan Ventura Bersama. Jakarta: Dewan Standar Akuntansi Keuangan IAI

Explosure Draft PSAK No.65.(2013). Laporan Keuangan Konsolidasi. Jakarta: Dewan Standar Akuntansi Keuangan IAI

Donker, H., Santen, B., & Zahir, S. (2009). Ownership structure and the likelihood of financial distress in the Netherlands. Applied Financial Economics, 19, 1687–1696

Diarista, Maria Rosa Ayu. 2017. “Hubungan Antara Mekanisme Corporate Governance Financial Distress dan Nilai Perusahaan”. Skripsi tidak dipublikasikan. Universitas Sanata Dharma.

Dwiridotjahjono, Jojok. 2009. Penerapan Good Corporate Governance: Manfaat dan Tantangan Serta Kesempatan Bagi Perusahaan Publik di Indonesia. Jurnal Administrasi Bisnis FISIP-UPN: Jawa Timur. Vol.5 No.2 hal 101-112 ISS 0216-1249

Fuad, dan Dian Sastriana. 2013. “Pengaruh Corporate Governance dan Firm Size Terhadap Perusahaan yang Mengalami Kesulitan Keuangan (Financial Distress)”. Diponegoro Journal of Accounting Vol.2 No.3 Tahun 2013: 1-10 ISSN (Online): 2337-3806.

Gitman, L. J. dan Zutter, C. j. 2012. Principles of managerial finance, 13th edition. England: pearson.

Ghozali, Imam. 2006. Application Analysis with SPSS Multivariate Matter IV. Semarang: Board Publisher Diponegoro University

Hanafi, Jeffry dan Breliastiti Ririn. 2016. Peran Mekanisme Good Corporate Governance dalam Mencegah Perusahaan Mengalami Financial Distress. Jurnal Online Insan Akuntan Vol 1 No1 Juni 2016 PP 195-220 E-ISSN: 2528-0165.

Haziro, A.L, Bramanti G.W, dan Negoro N.P. 2017. Pengaruh Karakteristik Komite Audit terhadap Financial Distress Perbankan Indonesia. Jurnal Sains dan Seni ITS Vol.6 No.1

Helena, Svera, dan Muhammad Saifi. 2018. Pengaruh Cororate Terhadap Financial Distress (Studi Kasus Pada Perusahaan Transportasi yang Terdaftar di Bursa Efek Indonesia Periode 2013-2016). Jurnal Administrasi Bisnis Vol. 60 No.2 : Universitas Brawijaya.

Hidayat, Agung. 2019. Menperin: Industri Manufaktur Dinilai Masih Ekspansif. https://www.google.com/amp/amp.kontan.co.id/news/menperin-industrimanufaktur-dinilai-masih-ekspansif. Diakses tanggal 22 Juni 2020.

Hidayat, Athalia Ariati, dan Utama, Sidharta. 2016. Board Characteristics and Firm Performance: Evidence from Indonesia. International Research Journal: Universitas Indonesia. Vol 8 No. 3 ISSN: 2089-6271

Jensen ,M. C., &Meckling, W.H. 1976. “Theory of the firm: Managerial behavior Agency Cost and Ownership Structure”. Journal of Financial Ecomnomics Vol 3 (4): 305-360.

JASICA. 2019. JASICA; Jakarta Stock Industrial Classification. https://dataidx.com/jasica/. Diakses Tanggal 22 Juni 2020.

John, Kose, dan Lemma W. Senbet. 1998. Corporate Governance and Board Effectiviness. Journal of Banking and Finance 22 (1998) 371-403.

Kemenperin.co.id. (2019, 9 Januari). Industri Manufaktur Nasional Sumbang PDB Tertinggi di ASEAN. http://kemenperin.go.id/artikel/20093/industriManufaktur-Nasional-Sumbang-PDB-Tertinggi-di-Asean. Diakses tanggal 22 Juni 2020.

Kemenperin.co.id. (2019, 17 Januari). Kemenperin Beberkan Data Keunggulan Industri Manufaktur Nasional. https://kemenperin.go.id.artikel/20128/Kemenperin-Beberkan-DataKeunggulan-Industri-Manufaktur-Nasional. Diakses tanggal 22 Juni 2020.

Khan, Humera. 2011. “A Literature Review of Corporate Governance”. International Conference on E-bussiness, Management and Economics IPEDR Vol. 25. LACSIT Press: Singapore KNKG. 2006. “Pedoman Umum Corporate Governance Indonesia”. Komite Nasional Kebijakan Governance.

Komite Cadbury . 1992. Report of The Committee on The Financial Aspects of Corporate Governance. London: Gee.

Kusumawati, Synthia Madya, dan Hermawan, Acella A. 2013. Jurnal Akuntansi dan Keuangan Indonesia Vol 10 No 1 Juni 2013.

Manzaneque, Montserrat,etc. 2015. Corporate Governance Effect on Financial Distress Likelihood: Evidence from Spain. Spain Accounting Review.

Mintara, Y.H. 2010. Pengaruh Implementasi Coropare Governance Terhadap Kinerja Perusahaan. Thesis Sarjana Strata 2, tidak dipubblikasikan, Yogyakarta: Magister Akuntansi Terapan Universitas Gajahmada.

Mokarami, Maryam dan Zeinab Motafares. 2013. A Study of The Relationship Between Corporate Governance Features and Bangkruptcy by Using Survival Analysis. European Online Journal of Natral and Social Science 2013 Vol.2 No.3(s), pp 881-887 ISSN:1805-3602.

Munggaran, Andri, Mukaram,dan Ira Siti S. 2017. Pengaruh EPS Terhadap Harga Saham Perusahaan Sektor Property, Real Estate, dan Building Construction yang Terdaftar di Bursa Efek Indonesia. Jurnal Riset Bisnis dan Investasi Vol3 No2. ISSN: 2460-8211.

Ombaba, Mwengei, Lidya M., dan Innocent M.M. 2017. Bi or Small? Does Board Size Matter in Times of Financial Distress? Evidence from Kenyan Listed Firm-A Panel Approach. Africa International Journal of Multidisciplinary Research Vol 2 (2) 40-52 ISS:2523-9430.

Panda, Brahmadev, dan Leepsa. 2017. Agency Theory: Review of Theory and Evidence on Problem and Prespctives. Indian Journal of Corporate Governance 10 (1) 74-95: Institute of Public Enerprise SAGE Publications.

Pembayun, a. g., dan januarti, I. 2011. Pengaruh karateristik komite audit terhadap financial distress. Diponegoro journal of accounting 1 (1), 1-15.

Peraturan Otoritas Jasa Keuangan Nomor 8/POJK.04/2017. Bentuk dan Isi Prospektus Ringkas Dalam Rangka Penawaran Umum Efek Bersifat Ekuitas.

Peraturan Otoritas Jasa Keuangan Nomor 33/POJK.04/2014. Tentang Direksi dan Dewan Komisaris Emiten atau Perusahaan Publik.

Peraturan Otoritas Jasa Keuangan Nomor 55/POJK.04/2015. Tentang Pembentukan dan Pedoman Pelaksanaan Kerja Komite Audit.

Pfeffer, J. 1972. Size and Composition of Corporate Board of Directors : The Organization and its Enviroment. Administrative Science Quarterly 17 (2)218-228.

Platt, H. D., dan Marjorie B.P. 2006. Understanding Differences Between Financial Distress and Bangkruptcy. Review of Applied Economics 2 (2) 141-157

Pratiwi, Rafika, dan Arief Yulianto. 2016. Pengaruh Struktur Kepemilikan dan Komisaris Independen Terhadap Biaya Keagenan Perusahaan yang Masuk dalam Indonesia Most Trusted Companies. Management Analysis Journal 5 (3). Universitas Negri Semarang.

Primadhyta, Safyra. (2017, 20 September). OJK: Praktik GCG Perusahaan Indonesia Masih Tertinggal. https://m.cnnindonesia.com/ekonomi/20170920070153-78-

/ojk-praktik-gcg-perusahaan-indonesia-masih-tertinggal. Diakses tanggal 22 Juni 2020.

Rahayu, Arfyana Citra. (2019,1 Oktober). Industri Manufaktur Melemah, Emiten Farmasi Ikut Tertekan. https://investasi.kontan.co.id/news/industrimanufaktur-melemah-emiten-farmasi-ikut-tertekan?page=all. Diakses tanggal 22 Juni 2020.

Rahma, Alfiarti. 2014. Pengaruh Kepemilikan Manajerial, Kepemilikan

Institusional,dan Ukuran Perusahaan Terhadap Keputusan Pendanaan dan Nilai Perusahaan. Jurnal Bisnis Strategi Vol 23 No. 2.

Rahmat, M. M., dan Iskandar, T. M. 2009. Audit Committee Characteristics in Financial Distressed and Non-Distressed Companies, Managerial Auditing. Journal, Vol. 24 (7) pp. 624 – 638. Emerald Group Publishing Limited.

Rahmawati, Evi dan Prasetya Herlambang. 2018. Pengaruh Efektifitas Komite Audit Terhadap Financial Distress (Studi Empiris Pada Perusahaan Manufaktur yang Terdapat Pada BEI, Malaysia, dan Singapura Periode 2014-2015).

Jurnal Reviu Akuntansi dan Keuangan Vol 8 No 1 April 2018 PP 53-68 ISSN 2615-2223.

Santoso, Singgih. 2018. Mahir Statistik Multivariat dengan SPSS. PT. Gramedia: Jakarta.

Sari, Mia Permata, Vince Ratnawati, dan Meilda Wiguna.2014. The Effect of Current Ratio, Managerial Ownership, Asset Grwth and The Size of undig Policy in Real Estate and Property Company Listed in 2009-2012 Periode. JOM FEKOM Vol.1 No.2 Oktober 2014.

Setiawati, Lilis, dan Ainun Na’im. 2000. Manajemen Laba. Jurnal Ekonomi dan Bisnis Indonesia Vol. 15, No. 4 424-441: Universitas Gajah Mada.

Setyarini, Yulia, dan Melvie Paramita. 2011. Pengaruh Mekanisme Good Corporate Governance Terhadap Corporate Social Responsility. Jurnal Kewirausahaan

Siregar. M. M Ir. Syofian. 2013. Statistik Parametik untuk Penelitian Kuantitatif.Edisi 1. Jakarta: Bumi Aksara.

Simpson, W., & Gleason, A. (1999). Board structure, ownership, and financial distressin banking firms. International Review of Economics and Finance, 8, 281–292.

Sugiyono, 2013. Metodologi Penelitian Kuantitatif, Kualitatif dan R&D. Bandung: Alfabeta

Suliyanto. 2018. Metode Penelitian Bisnis untuk Skripsi, Thesis, dan Disertasi. Yogyakarta: CV Andi Offset.

Sunarwijaya, Ketut.2017 “Pengaruh Likuiditas, Leverage, Kepemilikan Manajerial, dan Kepemilikan Institusional Terhadap Kemungkinan Terjadinya Financial Distress”. Jurnal Ilmu Manajemen Mahasaraswati.

Swantari, Anita, dan Habibie, Fachrul Husain. 2012. Prediksi Financial Distress berdasarkan kemampuan kinerja keuangan pada Industri property. Mice, Tour, and Travel. Vol.3 No.1. ISSN 208 - 5430

Tahir, Safdar Husain. 2018. The Impact of Corporate Governance on The Likelihood of Financial Distress Evidence from Non Financial Firm of Pakistan. Pasific Business Review International Vol 11 Issue 4.

Tesfamariam, Yohannes. 2014. The Determinants of Financial Distress in The Case of Manufacturing Share Companies in Addis Ababa-Ethiopia. Tesis Submitted to The Department of Accounting and Finance. Addis Ababa University.

Ujiyantho, Muh. Arief, dan Bambang Agus Pramuka. 2007. Mekanisme Corporate Governance Manajemen Laba dan Kinerja Keuangan. Simposium Nasional Akuntansi X. Unhas Makassar.

Wahyudi, Sugeng dan Christiana Dharmastuti. 2013. “The Effectivity of Internal and External Corporate Governance Mechanisms Towards Corporate Performance”. Research Journal of Finnace and Accounting Vol. 4 No. 4, ISSN 2222-1697.

Widhiarso, Wahyu. 2011. Analisis Data Penelitian dengan Variabel Kontrol. Jogjakarta: Universitas Gajah Mada.

Wirabrajanti, Empiris. 2006. Manajemen Laba: Praktik Perilaku Disfungsional Manajemen. Skripsi Program Studi Akuntansi: Universitas Sanata Dharma.

Witiastuti, dan Suryandari, Dhini. 2016. The Influence of Good Corporate Governance Mechanism on The Possibiity of Financial Distress. Journal Integrative Business and Economics Vol 5 No1 PP 118-128 ISSN: 2304-1013.

Yuyetta, Etna Nur Afri, dan Rusdan Radifan. 2015. Analisis Pengaruh Mekanisme Good Corporate Governance Terhadap Kemungkinan Financial Distress. Diponegoro Journal of Accounting Vol. 4 No.3 tahun 2015: 1-11 ISSN (Online): 2337-3806




DOI: https://doi.org/10.24071/exero.v4i1.5027

Refbacks

  • There are currently no refbacks.


Copyright (c) 2022 EXERO : Journal of Research in Business and Economics