Pengaruh Mekanisme Corporate Governance Terhadap Peringkat Surat Utang Perusahaan di Indonesia  

Oleh:

Setyaningrum, Dyah

Jenis: Article from Journal - ilmiah nasional - terakreditasi DIKTI
Dalam koleksi: Jurnal Akuntansi dan Keuangan Indonesia vol. 2 no. 2 (Dec. 2005), page 73-102.
Topik: Corporate Governance; Bond Rating; Block Holders; Institutional Ownership; Audit Committee; Independent Board
Fulltext: AA71_02-02_Dyah Setyaningrum.pdf (735.03KB)

Ketersediaan

Perpustakaan Pusat (Semanggi) Nomor Panggil: AA71.2 Non-tandon: 1 (dapat dipinjam: 0) Tandon: tidak ada

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Isi artikel

This research investigated whether corporate governance mechanisms affects the firm's bond rating in Indonesia. Specifically, investigation on whether corporate governance components, which are represented by ownership structure and influence, financial transparency and disclosure and board structure, affect the firm's bond rating. This research used several corporate governance mechanisms developed by Bursa Efek jakarta and bond rating classification developed by Pefindo and Kasnic. Ordered logit model is selected to test the research problem. Using firm's characteristic as controlling variable, this research found that the firm's bond rating is: (1) negatively associated with the nubmer of block holders that own at elast 5% ownership on the firm; (2) positively associated with percentage of institutional ownerships; (3) positively associated with the size of public accounting firm, and (4) positively associated with existence of audit committee. The relationship between percentage of insider, board size and percentage of independent board with bond rating is not supported by empirical data.

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