PENGARUH MEKANISME CORPORATE GOVERNANCE TERHADAP PERINGKAT SURAT UTANG PERUSAHAAN DI INDONESIA
ABSTRACT: This research
investigated whether corporate governance mechanism 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 number of
block holders that own at least 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.
Keywords: corporate
governance, bond rating, block holders, institutional wnership, audit
committee, independent board
Penulis: Dyah Setyaningrum
Kode Jurnal: jpakuntansidd050023
