RISIKO EKSPROPRIASI OLEH PEMILIK PENGENDALI DAN TATA KELOLA PERUSAHAAN TERHADAP TINGKAT PENGGUNAAN UTANG BANK

Ratna Wardhani

Abstract


Penelitian ini bertujuan untuk menganalisis pengaruh dari risiko ekspropriasi oleh pemegang saham pengendali dan tata kelola perusahaan (tata kelola perusahaan) terhadap tingkat penggunaan utang bank yang dimiliki oleh perusahaan.This study aimed to analyze the effect of the expropriation risk by controller shareholders and corporate governance (GCG) to the use level of bank loan owned by the company. Sampel yang digunakan dalam penelitian ini adalah 226 data perusahaan manufaktur yang terdaftar di Bursa Efek Indonesia pada periode 2010-2012. The samples used in this study were the data 226 manufacturing companies listed in Indonesia Stock Exchange in period 2010-2012. Hasil penelitian ini menunjukkan bahwa besarnya risiko ekspropriasi yang dapat dilakukan oleh pemegang saham pengendali berpengaruh secara negatif terhadap tingkat hutang bank. The results showed that the magnitude of expropriation risk that could be done by controlling shareholders adversely affected the level of bank loan. Hal ini menunjukkan dua hal yaitu bahwa bank dalam memberikan hutang kepada perusahaan mempertimbangkan adanya kemungkinan ekspropriasi tersebut dan perusahaan yang memiliki risiko ekspropriasi akan lebih sedikit berhutang ke bank karena perusahaan menghindari adanya pengawasan yang lebih tinggi dari bank. Penelitian ini tidak dapat membuktikan pengaruh tata kelola perusahaan terhadap tingkat utang bank. Sedangkan hasil atas variabel kualitas audit menunjukkan adanya hubungan positif antara ukuran KAP dengan tingkat utang bank. This showed two things: in making loans to the company, banks considered the possibility of the expropriation. The companies that had the expropriation risk would have less loan to the bank because the company avoided scrutiny which was higher than banks. This study could not prove the influence of corporate governance on the level of bank loan. The result on the audit quality variable showed a positive correlation between KAP size and bank loan levels.


Keywords


bank loan, controller shareholders, corporate governance, information risk, the risk of expropriation,

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DOI: https://doi.org/10.26905/jkdp.v19i2.843

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Jurnal Keuangan dan Perbankan (Journal of Finance and Banking)

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