Pengaruh struktur kepemilikan dan corporate governance terhadap struktur modal perushaan yang terdaftar pada index LQ-45

Mulyani, Yenny (2016) Pengaruh struktur kepemilikan dan corporate governance terhadap struktur modal perushaan yang terdaftar pada index LQ-45. Masters thesis, Universitas Pelita Harapan.

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Abstract

On the thesis, writer observed the impact of ownership structure and corporate governance on capital structure of companies listed in LQ-45 index. The observation was made on companies listed in LQ-45 index with data from yearly financial report with sampling period from year 2012 to year 2014. The observation was using multiple linear regression with balanced panel data for measuring the dependence of capital structure on ownership structure and corporate governance variables. Observation of independent variables are on board size, proportion of Non-Executive Directors, institutional shareholding, managerial shareholding, and CEO-Chair duality. Control variables are also observed, Return on Assets and size of firm. Result from statistic test is that variables board size, non-executive directors, institutional shareholding, and ROA have significant impact to Leverage, that is debt to equity ratio. Board size, non-executive directors, and institutional shareholding are positively significant to Leverage. While return on assets is negatively significant to Leverage. Result from statistic test also found that ownership structure and corporate governance are simultaneously have significant effect to capital structure. / Pada tesis ini penulis meneliti pengaruh dari struktur kepemilikan dan corporate governance terhadap struktur modal dari perusahaan yang terdaftar pada index LQ-45. Penelitian dilakukan terhadap perusahaan yang terdaftar pada index LQ-45 dengan data dari laporan keuangan tahunan dengan periode sampling dari tahun 2012 sampai dengan tahun 2014. Penelitian tesis ini menggunakan analisis regresi berganda dengan menggunakan data balanced panel untuk mengukur ketergantungan struktur modal terhadap variabel struktur kepemilikan dan corporate governance. Variabel independen yang diteliti adalah jumlah dewan direksi, proporsi komisaris independen, proporsi institusi sebagai pemegang saham, proporsi manajemen sebagai pemegang saham, dualitas CEO-Direksi Utama. Variabel kontrol juga diteliti, yaitu ROA dan ukuran besar perusahaan. Dari hasil dari pengujian statistik diperoleh hasil bahwa variabel jumlah dewan direksi, proporsi komisaris independen, proporsi institusi sebagai pemegang, dan ROA secara parsial berpengaruh signifikan terhadap variabel dependen Leverage, yaitu rasio debt to equity. Untuk variabel jumlah dewan direksi, proporsi komisaris independen, dan proporsi institusi sebagai pemegang saham berpengaruh dengan arah positif sedangkan variabel kontrol return on assets berpengaruh dengan arah negatif. Kemudian dari hasil pengujian diperoleh hasil bahwa struktur kepemilikan dan corporate governance secara simultan berpengaruh signifikan terhadap struktur modal perusahaan.

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