Tata Kelola Perusahaan yang Melakukan Penawaran Umum Perdana Saham Disertai Waran (Unit-IPO Firms)

Suherman Suherman; Gatot Ahmad

doi:10.26905/jmdk.v5i1.1363

Tata Kelola Perusahaan yang Melakukan Penawaran Umum Perdana Saham Disertai Waran (Unit-IPO Firms)

Suherman Suherman, Gatot Ahmad

Abstract

The purpose of this research is to determine the difference of corporate governance between unit-IPO firms dan share-only IPO firms. Corporate governance is measured with number of directors, number of outsider directors and debt. Sample of this research covers 40 unit-IPO firms listed in Indonesia Stock Exchange between 2007 and 2014. The results show that there is no difference of corporate governance between unit-IPO firms dan share-only IPO firms.

https://doi.org/10.26905/jmdk.v5i1.1363

Keywords

corporate governance, units-IPO firms

Full Text:

pdf

References

Diamond, D., 1984. “Financial Intermediation And Delegated Monitoring”. Review Of Economic Studies 51, Pp.393-414.

Fama, E., 1985. “What’s Different About Banks?” Journal Of Monetary Economics 15, Pp.29-39.

Ghazali, N. A. M. 2010. “Ownership Structure, Corporate Governance, And Corporate Performance In Malaysia”. International Journal Of Commerce And Management, 20, 2, Pp.109-119.

Guest, P. M. 2009. “The Impact Of Board Size On Firm Performance: Evidence From UK”. European Journal Of Finance, 15, 4, Pp.385-404.

Hermalin, B., dan Weisbach, M., 1998. “Endogenously Chosen Boards Of Directors And Their Monitoring Of The CEO”. American Economic Review 88, Pp.96-118.

How, J., dan Howe, J., 2001. “Warrants In Initial Public Offerings: Empirical Evidence”. Journal Of Business 74, Pp.433-457.

Howe, J. dan Olsen, B. 2009. “Security Choice And Corporate Governance”. European Financial Management, 15, 4, Pp.814-843

Jain, B.A., 1994. “Unit IPOs: A Mechanism For Small Businesses To Go Public”. Journal Of Small Business Management 32, 57-68.

James, C., 1987. “Some Evidence On The Uniqueness Of Bank Loans”. Journal Of Financial Economics 15, Pp.29-39.

Jensen, M., 1986. “Agency Costs Of Free Cash Flow, Corporate Finance, And Takeovers”. American Economic Review 76, Pp.323-329.

Jensen, M., 1993. “The Modern Industrial Revolution, Exit, And The Failure Of Internal Control Systems”. Journal Of Finance 48, Pp.831-880.

Lam, K.C.K. Mcguiness, P B., dan Vieito, J. P. 2013. “CEO Gender, Executive Compensation And Firm Performance In Chinese-Listed Entreprises”. Pacific-Basin Finance Journal, 21, Pp.1136-1159.

Latief, R., Raza, S. H., dan Gillani, S. A. H. 2014. “Impact Of Corporate Governance On Performance Of Privatized Firms: Evidence From Non-Financial Sector Of Pakistan”. Middle-East Journal Of Scientific Research, 19, 3, Pp.360-366.

Lee, K. W. 2014. “Compensation Committee And Executive Compensation In Asia”. International Journal Of Business, 19, 3, Pp.213-236.

Officer, M.S., 2006. “Dividend Policy, Dividend Initiations, And Governance”. Unpublished Working Paper. University Of Southern California.

Peni, E. dan Vahamaa, S. 2012. “Did Good Corporate Governance Improve Bank Performance During The Financial Crisis?”. Journal Of Financial Services Research, 41, 1, Pp.19-35

Schultz, P., 1993. “Unit Initial Public Offerings: A Form Of Staged Financing”. Journal Of Financial Economics 34, Pp.199-229.

Suherman, Wulan Rahmawati, dan Agung D. Buchdadi. 2010. “Firm Performance, Corporate Governance, And Executive Compensation In Financial Firms Evidence In Indonesia”. Working Paper, www.ssrn.com

Suherman, Fitriawan, R., dan Ahmad, G. N. 2015. “Pengaruh Kinerja Perusahaan, Kepemilikan Institusi, Dan Komisaris Independen Terhadap Total Kompensasi: Studi Pada Perusahaan Yang Terdaftar Di LQ45 Tahun 2009-2012”. Jurnal Aplikasi Manajemen, Pp.516-526.

Velnampy, T. 2013. “Corporate Governance And Firm Performance: A Study Of Sri Lankan Listed Manufacturing Companies”. Journal Of Economics And Sustainable Development, 4, 3, Pp.228-236.

Weisbach, M., 1988. “Outside Directors And CEO Turnover”. Journal Of Financial Economics 20, Pp.431-460.

Yang, F., Dolar, B., dan Mo, Lun. 2014. “CEO Compensation And Firm Performance: Did The 2007-2008 Financial Crisis Matter?” Journal Of Accounting And Finance, 14, 1, Pp.137-146.

Yawson, A. “Evaluating The Characteristics Of Corporate Boards Associated With Layoff Decisions”, Corporate Governance: An International Review, vol.14, no.2, Pp.75-84

Yermack, D., 1996. “Higher Market Valuation Of Companies With A Small Board Of Directors”. Journal Of Financial Economics 40, Pp.185-211

Vemala, P., Nguyen L., Nguyen, D, dan Kommasani, A. 2014. “CEO Compensation: Does Financial Crisis Matter?” International Business Research, 7, 4, Pp.125-131.

DOI: https://doi.org/10.26905/jmdk.v5i1.1363