Pengaruh Kinerja Keuangan, Good Corporate Governance Dan Struktur Aset Terhadap Kebijakan Hutang (Studi Pada Perusahaan Yang Terdaftar Dalam Indeks Lq-45 Di Bursa Efek Indonesia)

Abstract

<p><em>This research aimed to examine the effect of financial performance, good corporate governance and asset structure on debt policy of LQ-45 companies which were listed on Indonesia Stock Exchange 2014-2018. The research was quantitave. While, the population was all LQ-45 companies which were listed on Indonesia Stock Exchange 2014-2018. Moreover, the data collection technique used purposive sampling, in which the sample was based on criteria given. In line with, there were 14 companies as sample. Furthermore, the data analysis technique used multiple regression with Statistical Product and Service Solution (SPSS). The research result concluded Return on Asset (ROA) had negative effect on debt policy. It meant, companies had prefer to internal funds for its companyoperation. On the other hand, Return on Equity (ROE) had positive effect on debt policy. In other words, companies had prefer funding from debt, since it was used to reduce misuse of funds by management. Meanwhile, managerial pwnership had negative effect on debt policy. It meant, the greater the shares owned by managers, the smaller the debt proportion of corporate funding. In contrast, institusional ownership had high authority in the company. In addition, the asset structure did not affect the debt policy since the company won’t guarantee its assets to obtain debt.</em></p>

The influence of capital structure and operational performance on financial performance with governance and financial risk as mediation in Insurance Companies in Indonesia

“…The results of this study are in line with those of Novita and Ardini (2020), who stated that governance influences debt policy (Rohmah et al ., 2018;Hestiningtyas and Widyawati, 2019). Capital structure is a policy that can determine the amount of funds that need to be financed by company debt.…”

“…Debt holders are interested in protecting their investments in the company and always monitor the level of debt in the company. Novita and Ardini (2020) state that governance influences debt policies (Hestiningtyas & Widyawati, 2018;Hestiningtyas & Widyawati, 2019). Based on the above description, the hypotheses in this study are as follows: H3: Capital structure influences governance…”

Rentang kisah literatur tata kelola perusahaan Indonesia

“…Sebagian besar penelitian menemukan bahwa tata kelola yang bagus berpengaruh positif ke kinerja keuangan sehingga meningkatkan nilai perusahaan (Djamilah & Surenggono, 2017;Gustiana, Nor, & Hudaya, 2019;Yuliusman & Kusuma, 2020). Tata kelola yang baik juga dapat meningkatkan integritas laporan keuangan (Mais & Nuari, 2016), kebijakan dividen perusahaan (Bangun, Yuniarwati, & Santioso, 2018) dan kebijakan pendanaan baik internal maupun eksternal (Novita & Ardin, 2020) dalam mengurangi pinjaman bermasalah (Widiastuty, 2018). Selain itu, penerapan tata kelola yang baik mampu meminimalisir terjadinya kecurangan dan kesulitan keuangan karena mekanisme tata kelola berhasil mengawasi manajemen untuk menjalankan aktivitas operasional perusahaan secara efektif dan efisien (Fathonah, 2016;Jannah, 2016).…”