Pengaruh Mekanisme Corporate Governance Terhadap Financial Distress
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Abstract
The purpose of this research is to analyze the effect of corporate governance mechanism on financial distress likelihood. This research using instituonal ownership, managerial ownership, independent commissioner, and board of directors size to explain corporporate governance mechanism. The population of this research are all firms listed in Indonesia Stock Exchange. Sample was selected using purposive sampling method amounted to 346 firms for 8 years from 2010-2017. Data processing techniques using STATA 14.2. Logistic regression was applied to test the hypothesis. The results of this study are institutional ownership, managerial ownership, and independent commissioner has no effect on financial distress likelihood. Board of directors size are found to have negative and significant impact toward financial distress likelihood.
Tujuan dari penelitian ini adalah untuk menganalisis pengaruh mekansisme corporate governance terhadap kemungkinan terjadinya financial distress. Penelitian ini menggunakan kepemilikan institusional, kepemilikan manajerial, komisaris independen, dan ukuran dewan direksi untuk menjelaskan mekanisme corporate governance. Populasi dari penelitian ini adalah seluruh perusahaan yang tercatat di Bursa Efek Indonesia. Sampel dipilih menggunakan metode purposive sampling dengan jumlah 346 perusahaan selama 8 tahun periode 2010-2017. Teknik pengolahan data menggunakan program STATA 14.2. Regresi logistik digunakan dalam penelitian untuk menguji hipotesis. Hasil dari penelitian ini adalah kepemilikan institusional, kepemilikan manajerial, dan komisaris independen tidak berpengaruh terhadap kemungkinan terjadinya financial distress. Ditemukan pengaruh negatif dan signifikan dari ukuran dewan direksi terhadap kemungkinan terjadinya financial distress.
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