Pengaruh Corporate Governance, Earning Management dan Leverage terhadap Likuiditas Pasar Saham
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Abstract
Tujuan dari penelitian ini adalah untuk mengetahui pengaruh secara parsial variabel corporate governance, earning management, dan leverage terhadap likuiditas pasar saham. Corporate governance diproksikan dengan komisaris independen dan kepemilikan institusional, earning management diproksikan dengan discretionary accrual model modified Jones (1991), dan leverage diproksikan dengan debt to equity ratio. Penelitian ini merupakan penelitian kausal dengan data kuantitatif dan pengambilan sampel menggunakan teknik purposive sampling. Jumlah sampel pada penelitian ini adalah 16 perusahaan manufaktur sub sektor infrastruktur yang terdaftar di bursa efek indonesia periode 2017-2021 dengan 80 jumlah data observasi. Metode yang digunakan adalah analisis regresi berganda dengan menggunakan data panel model random effect dan diolah menggunakan software Eviews12. Hasil penelitian ini menunjukkan bahwa Komisaris Independen memiliki pengaruh negatif yang tidak signifikan terhadap likuiditas pasar saham, Kepemilikan Institusional memiliki pengaruh negatif yang signifikan terhadap likuiditas pasar saham, earning management memiliki pengaruh negatif yang signifikan terhadap likuiditas pasar saham, dan leverage memiliki pengaruh negatif yang tidak signifikan terhadap likuiditas pasar saham.
The purpose of this study was to determine the partial effect of corporate governance, earning management, leverage on stock market liquidity. Corporate governance are proxied by independent commissioner and institutional ownership, earning management is proxied by discretionary accrual model modified Jones (1991), and leverage is proxied by debt to equity ratio. This research method used causal research with quantitative data and sampling using purposive sampling technique. The number of samples in this study were 16 manufacturing companies in the infrastructure sub-sector listed on the Indonesian stock exchange for the 2017-2021 period with 80 total observation data. The method used is multiple regression analysis using panel data random effects model and processed using Eviews 12 software. The results of this study indicate that the Independent Commissioner has an insignificant negative effect on stock market liquidity, Institutional Ownership has a significant negative effect on stock market liquidity, Earning Management has a significant negative effect on stock market liquidity, and Leverage has an insignificant negative effect on stock market liquidity.
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