Email this article Pengaruh tata kelola perusahaan terhadap struktur modal pada perusahaan di bei tahun 2014-2018
Abstract
Penelitian ini bertujuan untuk menganalisa pengaruh tata kelola perusahaan terhadap struktur modal. Tata kelola perusahaan diukur dengan variabel konsentrasi kepemilikan, komisaris independen, dan ukuran dewan komisaris. Objek dalam penelitian ini yaitu laporan keuangan perusahaan yang telah diaudit dan terdaftar di Bursa Efek Indonesia pada periode 2014 hingga 2018. Metode pengumpulan data yaitu purposive sampling, yaitu dimana sampel di ambil secara acak dengan pertimbangan beberapa kriteria. Sampel data penelitian sebanyak 460 perusahaan dan diolah dengan teknik analisa data regresi panel dengan menggunakan software SPSS dan Eviews. Hasil penelitian menunjukkan bahwa ukuran dewan komisaris berpengaruh signifikan negatif terhadap struktur modal. Sedangkan komisaris independen dan konsentrasi kepemilikan tidak berpengaruh secara signifikan terhadap struktur modal. Keberadaan komisaris independen dianggap belum efektif karena keberadaan komisaris independen hanya untuk mematuhi aturan. Sedangkan konsentrasi kepemilikan tidak berpengaruh signifikan karena berapapun jumlah saham yang dimiliki blockholder tidak mempengaruhi kebijakan pendanaan perusahaan. Penelitian ini juga memasukkan ukuran perusahaan, tangibilitas aset, profitabilitas, non-debt tax shield, growth opportunities, dan volatilitas laba sebagai variabel kontrol. Hasil penelitian konsisten dengan penelitian sebelumnya yang menunjukkan adanya pengaruh signifikan variabel-variabel kontrol tersebut terhadap struktur modal.
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DOI: https://doi.org/10.30872/jfor.v23i2.8078
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