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"[ABSTRAK Penelitian ini bertujuan untuk mengetahui pengaruh family business, corporate governance, related party transactions dan competition terhadap biaya utang. Variabel family business dibagi menjadi tiga model penelitian dengan masing- masing metode sebagai berikut: ditentukan berdasarkan persentase kepemilikan keluarga, menggunakan hubungan non-linear kepemilikan keluarga, menggunakan dummy variable pemegang saham keluarga di atas 20% yang terlibat dalam manajemen. Variabel corporate governance menggunakan skor yang dikeluarkan oleh The Indonesian Institute for Corporate Directorship, related party transactions menggunakan dummy variable transaksi berelasi pinjaman dan competition menggunakan 1-Herfindahl Index. Penelitian menggunakan sampel 111 perusahaan tahun 2005, 2008, dan 2011. Hasil penelitian menunjukkan persentase kepemilikan keluarga, hubungan non-linear kepemilikan keluarga, dan pemegang saham keluarga di atas 20% yang terlibat dalam manajemen tidak terbukti berpengaruh terhadap biaya utang. Sebagai variabel moderasi, persentase kepemilikan keluarga dan kepemilikan keluarga di atas 20% yang terlibat dalam manajemen tidak terbukti mempengaruhi hubungan corporate governance dan biaya utang, namun kepemilikan keluarga di atas 50% terbukti memperlemah hubungan corporate governance dan biaya utang. Penelitian ini juga membuktikan corporate governance dan related party transactions tidak berpengaruh terhadap biaya utang namun competition terbukti berpengaruh signifikan terhadap biaya utang.

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ABSTRACT The purpose of this study is to investigate the impact of family business, corporate governance, related party transactions and competition to cost of debt. Family business is divided into three models which each methods are: percentage of family ownership, non-linear relationships of family ownership, dummy variable of family ownership more than 20% involved in management. This study employs scorecard which is issued by The Indonesian Institute for Corporate Directorship, dummy variable of related loan transactions and 1-Herfindahl Index as a proxy for corporate governance, related party transactions and competition. This study employs 111 samples in 2005, 2008, and 2011. This study proves that family ownership, non-linear relationships of family ownership, and family ownership more than 20% involved in management have no impact to cost of debt. As moderating variables, family ownership and family ownership more than 20% involved in management do not influence relationship between corporate governance and cost of debt, but this study proves that family ownership more than 50% made relationship between corporate governance and cost of debt is weak. This study also proves that corporate governance and related party transactions have no impact to cost of debt but competition has a significant impact to cost of debt.;The purpose of this study is to investigate the impact of family business, corporate governance, related party transactions and competition to cost of debt. Family business is divided into three models which each methods are: percentage of family ownership, non-linear relationships of family ownership, dummy variable of family ownership more than 20% involved in management. This study employs scorecard which is issued by The Indonesian Institute for Corporate Directorship, dummy variable of related loan transactions and 1-Herfindahl Index as a proxy for corporate governance, related party transactions and competition. This study employs 111 samples in 2005, 2008, and 2011. This study proves that family ownership, non-linear relationships of family ownership, and family ownership more than 20% involved in management have no impact to cost of debt. As moderating variables, family ownership and family ownership more than 20% involved in management do not influence relationship between corporate governance and cost of debt, but this study proves that family ownership more than 50% made relationship between corporate governance and cost of debt is weak. This study also proves that corporate governance and related party transactions have no impact to cost of debt but competition has a significant impact to cost of debt.;The purpose of this study is to investigate the impact of family business, corporate governance, related party transactions and competition to cost of debt. Family business is divided into three models which each methods are: percentage of family ownership, non-linear relationships of family ownership, dummy variable of family ownership more than 20% involved in management. This study employs scorecard which is issued by The Indonesian Institute for Corporate Directorship, dummy variable of related loan transactions and 1-Herfindahl Index as a proxy for corporate governance, related party transactions and competition. This study employs 111 samples in 2005, 2008, and 2011. This study proves that family ownership, non-linear relationships of family ownership, and family ownership more than 20% involved in management have no impact to cost of debt. As moderating variables, family ownership and family ownership more than 20% involved in management do not influence relationship between corporate governance and cost of debt, but this study proves that family ownership more than 50% made relationship between corporate governance and cost of debt is weak. This study also proves that corporate governance and related party transactions have no impact to cost of debt but competition has a significant impact to cost of debt., The purpose of this study is to investigate the impact of family business, corporate governance, related party transactions and competition to cost of debt. Family business is divided into three models which each methods are: percentage of family ownership, non-linear relationships of family ownership, dummy variable of family ownership more than 20% involved in management. This study employs scorecard which is issued by The Indonesian Institute for Corporate Directorship, dummy variable of related loan transactions and 1-Herfindahl Index as a proxy for corporate governance, related party transactions and competition. This study employs 111 samples in 2005, 2008, and 2011. This study proves that family ownership, non-linear relationships of family ownership, and family ownership more than 20% involved in management have no impact to cost of debt. As moderating variables, family ownership and family ownership more than 20% involved in management do not influence relationship between corporate governance and cost of debt, but this study proves that family ownership more than 50% made relationship between corporate governance and cost of debt is weak. This study also proves that corporate governance and related party transactions have no impact to cost of debt but competition has a significant impact to cost of debt.]"

"Penelitian ini bertujuan untuk mengetahui pengaruh praktik corporate governance dan struktur kepemilikan keluarga terhadap kebijakan dividen. Variabel-variabel utama yang digunakan dalam penelitian ini adalah corporate governance index, kepemilikan keluarga, kepemilikan institusional, dan kepemilikan asing. Sampel di dalam penelitian ini adalah perusahaan-perusahaan publik yang terdaftar di BEI kecuali perusahaan yang bergerak di bidang keuangan untuk periode 2007-2011 yang berjumlah 420 perusahaan. Hasil penelitian ini membuktikan bahwa kualitas corporate governance yang diukur dengan corporate governance index berpengaruh signifikan negatif terhadap kebijakan dividen. Kepemilikan keluarga mempunyai pengaruh signifikan positif terhadap kebijakan dividen. Kepemilikan institusional dan kepemilikan asing tidak berpengaruh signifikan terhadap kebijakan dividen.

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This study aims to examine the effect of corporate governance, family ownership, institusional ownership, and foreign ownership on dividend payout policy. The main variables in this study is corporate governance index, family ownership, institusional ownership, and foreign ownership. The samples of this study is public company listed on Indonesia Stock Exchange, except financial firms, for years 2007-2011 with a total 420 companies.

The results of this study show that the quality of corporate governance as measured by corporate governance index have a significant negative impact on dividend payout policy. Family ownership has a significant positive effect on dividend payout policy. Institusional ownership and foreign ownership has no significant effect on dividend payout policy."

"ABSTRAKPenelitian ini bertujuan untuk mengetahui jenis manajemen laba yang dilakukan oleh perusahaan manufaktur yang terdaftar di Bursa Efek Indonesia. Jenis manajemen laba yang akan diuji adalah manajemen laba yang bersifat efisien dan oportunistik. Penelitian ini juga bertujuan untuk melihat pengaruh kontrak hutang, penerapan corporate governance dan kepemilikan manajerial dalam mempengaruhi diskresi manajer menggunakan akrual diskresioner terkait dengan profitabilitas mendatang. Dalam menentukan akrual diskresioner, penelitian ini menggunakan metode akrual yang dikemukakan oleh Kasznik (1999). Dengan menggunakan data panel dan analisis regresi berganda, penulis menggunakan dua model penelitian dan belum menemukan bukti yang kuat bahwa jenis manajemen laba yang digunakan oleh perusahaan manufaktur yang terdaftar di BEI cenderung bersifat efisien (efficient contracting). Penelitian ini juga menemukan bukti bahwa kontrak hutang dan penerapan corporate governance seperti kualitas audit dan keberadaan komite audit memiliki pengaruh yang signifikan terhadap hubungan akrual diskresioner dengan profitabilitas mendatang. Akan tetapi, penelitian ini juga menemukan bukti bahwa proporsi komisaris independen dan kepemilikan manajerial dalam suatu perusahaan tidak memiliki pengaruh yang signifikan terhadap hubungan antara akrual diskresioner dengan profitabilitas mendatang.

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ABSTRACTThe purpose of this study is to determine the types of earnings management of manufacturing companies listed on the Indonesia Stock Exchange. Types of earnings management to be tested are efficient and opportunistic earnings management. This study also aimed to see the effect of the debt contract, the implementation of corporate governance and managerial ownership in influencing managers? discretion on discretionary accruals related to future profitability. In determining the discretionary accruals, this study uses the accrual method proposed by Kasznik (1999). By using panel data and multiple regression analysis, the authors use two research models and have not found strong evidence that the type of earnings management used by manufacturing companies listed on the Indonesia Stock Exchange tends to be efficient. The study also found evidence that the debt contracts and the implementation of corporate governance - audit quality and audit committee - has a significant effect on discretionary accruals relationships with future profitability. However, the study also found evidence that the proportion of independent boards and managerial ownership in a company does not have a significant effect on the relationship between discretionary accruals and future profitability."

"Penelitian ini bertujuan untuk mengetahui pengaruh antara corporate governance dan karakteristik keuangan terhadap CSR disclosure pada perusahaan-perusahaan Indonesia tahun 2010 - 2014. Pada penelitian ini ESGD score menjadi proxi untuk CSR disclosure sebagai variabel dependen sedangkan variabel independen dari sisi corporate governance dan karakteristik keuangan adalah company's size, financial leverage, profitabilitas (ROE dan ROS), board's size, board's meetings, board's age, kehadiran women on board, board's composition, dan board's commitment to CSR. Sampel pada penelitian ini diwakili oleh 52 perusahaan di 9 sektor industri yang secara konsisten memiliki ESGD score yang telah dihitung oleh Bloomberg setiap tahunnya. Teknik regresi yang digunakan adalah regresi linear sederhana.Hasil dari penelitian ini menunjukkan bahwa board's meeting, board's average age, dan board's composition secara positif dan signifikan mempengaruhi CSR disclosure dimana ROS secara negatif signifikan mempengaruhi CSR disclosure. Namun, company's size, board's size, dan kehadiran women on board secara positif namun tidak signifikan mempengaruhi CSR disclosure, selebihnya financial leverage, ROE, dan board's commitment to CSR berpengaruh negatif dan tidak signifikan terhadap CSR disclosure.

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This study aims to investigate the influence between corporate governance and financial characteristics on CSR disclosure in Indonesia 2010 - 2014.ESGD score was used to be the proxy of CSR disclosure calculated by Bloomberg as a dependent variable where independent variables represented by corporate governance and financial characteristics consist of company's size, financial leverage, profitability (ROE and ROS), board's size, board's meetings, board's average age, presence of women on board, board's composition, and board's commitment to CSR. The samples of the study are from 52 companies in 9 different sectors that consistently publish its ESGD score. A simple regression is incorporated to investigate the association of corporate characteristics with CSR disclosure.

The results indicate that board's meetings, board's average age, and board's composition were found to have a positive, significant influence on CSR disclosure where ROS has a negative, significant influence on CSR disclosure. However, company's size, board's size, and presence of women on board positively and insignificantly influence CSR disclosure and financial leverage, ROE as well as board's commitment to CSR have a negative, insignificant influence on CSR disclosure."

"Penelitian ini bertujuan untuk melihat bagaimana pengaruh transaksi pihak berelasi terhadap nilai perusahaan. Penelitian ini juga bertujuan untuk mengetahui apakah tata kelola perusahaan dan kepemilikan keluarga berpengaruh terhadap hubungan antara transaksi pihak berelasi dengan nilai perusahaan. Penelitian ini menggunakan rasio price to book value (PBV) untuk mengukur nilai perusahaan. Lebih lanjut, penelitian ini hanya fokus pada transaksi pihak berelasi terkait dengan aset dan liabilitas. Penelitian ini mengambil sampel 267 perusahaaan yang terdaftar di Bursa Efek Indonesia tahun 2010-2012.Hasil penelitian ini menyatakan bahwa (1) transaksi pihak berelasi terkait dengan aset dan liabilitas berpengaruh positif terhadap nilai perusahaan (2) efektivitas dewan komisaris yang merupakan komponen penting tata kelola perusahaan memperkuat pengaruh positif transaksi pihak berelasi terkait aset dan liabilitas terhadap nilai perusahaan sedangkan efektivitas kinerja komite audit terbukti tidak berpengaruh signifikan terhadap hubungan transaksi pihak berelasi terkait aset dan liabilitas dengan nilai perusahaan (3) Kepemilikan keluarga memperlemah pengaruh positif transaksi pihak berelasi terkait dengan aset dan liabilitas terhadap nilai perusahaan.

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The purpose of this study is to examine the impact of related party transactions on the firm value. This study also examines the impact of corporate governance and family ownership on the correlation between related party transactions with firm value. This study uses price to book value ratio (PBV) as a proxy for firm value. Furthermore, this study only focuses on related party transactions in asset and liabilities. The sample for this study is 267 companies that listed in Indonesian Stock Exchange on 2010-2012.

The results for this study are (1) related party transactions that related to asset and liabilities has positive and significant impact on firm value (2) the effectiveness of board of commissioners? work as a major component of corporate governance strengthens the positive impact of related party transactions that related to asset and liabilities on firm value. On the other hand, the effectiveness of audit committee?s work has no impact on the correlation of related party transactions that related asset and liabilities with firm value (3) family ownership weakens the positive impact of related party transactions that related to asset and liabilities on firm value."

"Tujuan dari penelitian ini adalah untuk menguji pengaruh mekanisme corporate governance (CG) terhadap kualitas laba serta menguji pengaruh mekanisme CG dan kualitas laba terhadap biaya ekuitas pada perusahaan manufaktur yang terdaftar di Bursa Efek Indonesia tahun 2009. Mekanisme CG dalam penelitian ini diproksikan dengan efektivitas dewan komisaris dan efektivitas komite audit serta kualitas audit (ukuran KAP dan tenure KAP). Kualitas laba dalam penelitian ini diukur dengan kualitas akrual diskresioner dengan model Francis et al. (2005) dan Kothari et al. (2005) serta earnings variability dan common factor untuk uji tambahan.Hasil penelitian menunjukkan bahwa efektivitas komite audit cenderung berpengaruh signifikan dan positif terhadap kualitas laba yang diukur dengan model Francis. Sedangkan, efektivitas dewan komisaris dan ukuran KAP tidak berpengaruh secara signifikan terhadap kualitas laba dan biaya ekuitas. Efektivitas komite audit dan tenure KAP cenderung berpengaruh positif terhadap biaya ekuitas. Selain itu, kualitas laba yang diproksikan dengan kualitas akrual, earnings variability dan common factor cenderung berpengaruh negatif terhadap biaya ekuitas.

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The purpose of this study is to examine the impact of corporate governance (CG) mechanisms on earnings quality as well as the impact of corporate governance and earnings quality on cost of equity capital of listed manufacturing firms at Indonesian Stock Exchange in year 2009. CG mechanism is measured by the effectiveness of board of commissioners and the effectiveness of audit committee and audit quality (audit firm size and audit firm tenure). This study uses discretionary accruals developed by Francis et al. (2005) and Kothari et al. (2005) as the proxy of earnings quality. In addition, this study also uses earnings variability and common factor as the proxy of earnings quality.

The results show that the effectiveness of audit committee tends to impact positively and significantly on earnings quality measured by Francis model. However, effectiveness of board of commissioners and auditor size do not have significant impact on earnings quality and on cost of equity capital. The effectiveness of audit committee and auditor tenure tend to impact positively and significantly on cost of equity. In addition, accruals quality, earnings variability and common factor as the proxy for earnings quality tend to have negative impact on cost of equity."

"Penelitian ini bertujuan untuk menganalisis pengaruh corporate governance struktur kepemilikan dan struktur modal terhadap agency cost pada perusahaan sektor non keuangan yang terdaftar di Bursa Efek Indonesia periode 2008 2012 Corporate governance diproksikan dengan board of commissioner size dan proporsi dewan komisaris Struktur kepemilikan diproksikan dengan kepemilikan manajerial dan kepemilikan institusional Sedangkan struktur modal diproksikan dengan debt to asset ratio Agency cost pada penelitian ini diproksikan dengan asset utilisation ratio Penelitian ini merupakan penelitian kuantitatif dengan menggunakan regresi data panel dengan uji analisis Random Effect Model REMHasil penelitian ini menunjukan bahwa secara simultan corporate governance struktur kepemilikan dan struktur modal berpengaruh secara signifikan terhadap agency cost Selanjutnya secara parsial hasil penelitian ini menunjukan bahwa board of commissioner size kepemilikan manajerial kepemilikan institusional dan debt to asset ratio memiliki pengaruh yang negatif signifikan terhadap agency cost Kata Kunci Agency cost corporate governance struktur kepemilikan dan struktur modal.

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This study aims to analyze the effect of corporate governance, ownership structure, and capital structure on agency cost of non-financial companies listed on the Indonesia Stock Exchange in 2008-2012. Corporate governance is proxied by board of commissioner size and proportion of independent commissioners. Ownership structure is proxied by managerial ownership and institutional ownership. Whereas, capital structure is proxied by debt-to-asset ratio. In this study, agency cost is measured by asset utilisation ratio. This research is a quantitative research by using panel data regression. This research is analyzed with Random Effect Model (REM).

The result shows that corporate governance, ownership structure, and capital structure simultaneously have significant effect on agency cost. Furthermore, board of commissioner size, managerial ownership, institutional ownership, and debt-to-asset ratio significantly affect agency cost and have negative correlation with agency cost."

"Indonesia merupakan salah satu negara yang menganut two-tiersystem, dimana terdapat pemisahan fungsi antara direksi dan juga komisaris. Indonesia juga merupakan negara yang sebagian besar struktur kepemilikan perusahaannya adalah perusahaan keluarga. Dalam kaitanya dengan agency problem, adanya konsentrasi kepemilikan oleh keluarga dalam perusahan serta keberadaan direktur independen dalam struktur direksi perusahaan merupakan dua hal yang dianggap penting pada corporate governance perusahaan. Penelitian ini bertujuan untuk mengetahui bagaimana kepemilikan keluarga di Indonesia mempengaruhi tuntutan praktik corporate governance, dan juga memperhitungkan bagaimana direksi independen memoderasi hubungan tersebut. Penelitian ini menggunakan 69 perusahaan yang terdaftar dalam Asean Corporate governance Scorecard dengan periode penelitian selama empat tahun dari tahun 2012 hingga 2015. Dengan menggunakan metode regresi data panel, penelitian ini menemukan bahwa semakin besar kepemilikan keluarga pada perusahaan di Indonesia, maka semakin kecil tuntutan perusahan tersebut terhadap praktik corporate governance yang baik. Sedangkan independensi direksi dan juga ukuran direksi memoderasi hubungan tersebut secara positif.

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Indonesia is one of the countries that adopt the two-tier system, where there are separation functions between directors and commissioners. Indonesia is also is dominated by family firms. In relation to the agency problem, the concentration of ownership by the family in the company and the existence of independent directors in the company's board of directors are two things that are importantly considered as corporate governance practices. This study aims to find out how family ownership in Indonesia influences the demands of corporate governance practices, and also examines how independent directors moderate those relationships. The study used 69 companies listed in the Asean Corporate governance Scorecard with a four-year study period from 2012 to 2015. Using the panel data regression method, this study found that the greater the family ownership of firms in Indonesia, the smaller the company's demands to good corporate governance practices. While the independence of directors and also the size of the board moderate the relationship positively."

"Penelitian ini mengkaji penerapan dari corporate governance terhadap biaya modal dan nilai perusahaan. Corporate governance merupakan seperangkat aturan yang mengatur relasi antara staekholders, pemerintah, pihak internal maupun eksternal, karyawan, dan manajemen yang memiliki keterkaitan dengan hak dan kewajiban mereka. Proksi yang digunakan untuk variabel corporate governance adalah komisaris independen, board size, kepemilikan manajerial, kepemilikan institusional dan kepemilikan non-institusional Tujuan dari penelitian ini adalah untuk menganalisis pengaruh corporate governance terhadap biaya modal dan nilai perusahaan. Metode penelitian yang digunakan adalah regresi data panel. Sampel yang digunakan dalam penelitian ini adalah non-keuangan yang tercatat di BEI pada periode tahun 2006-2016.Hasil penelitian ini menunjukkan bahwa variabel dari corporate governance seperti, komisaris independen, boardsize, managerial ownership dan institusional ownership memiliki pengaruh secara signifikan terhadap biaya modal. Selain itu, hasil penelitian ini juga menemukan bahwa variabel dari corporate governance seperti, boardsize, institusional ownership, dan non- institusional ownership berpengaruh secara signifikan terhadap nilai perusahaan Tobins Q.

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This study examines the use of corporate governance to the cost of capital and corporate value. Corporate governance is a set of rules which manages the relationships between stakeholders, government, internal and external parties, employees, and management that are related to their rights and obligations. The proxies used for corporate governance variables are independent commissioners, board size, managerial ownership, institutional ownership and non institutional ownership. The purpose of this study is to analyze the influence of corporate governance on the cost of capital and firm value. The research method used is panel data regression. The sample used in this study is non financial listed on the IDX in the period 2006 2016.The results of this study indicate that variables of corporate governance such as, independent commissioner, boardsize, managerial ownership and institutional ownership have a significant influence on capital costs. In addition, the results of this study also found that variables of corporate governance such as boardsize, institutional ownership, and non institutional ownership significantly influence the firm 39s value Tobin 39s Q."

"Penelitian ini bertujuan untuk menguji bagaimana pengaruh corporate governance Terhadap Cost of Debt Pada Perusahaan Manufaktur di BEI Periode 2006-2010. Corporate governance pada penelitian ini difokuskan pada beberapa karakteristik yaitu Proporsi Komisaris Independen, Kepemilikan Managerial, Kepemilikan Institusional dan Kualitas Komite Audit. Penelitian ini menggunakan pendekatan kuantitatif dengan sampel penelitiannya perusahaan-perusahaan yang termasuk ke dalam sektor manufaktur di Bursa Efek Indonesia periode 2006-2010. Hasil penelitian ini menunjukkan bahwa terdapat Pengaruh signifikan antara proporsi Komisaris Independen, Kepemilkan Managerial dan Kepemilikan Institusional dengan Cost of Debt. Sedangkan Kualitas Komite Audit tidak memiliki pengaruh signifikan terhadap cost of debt.

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This study aims to examine how corporate governance effect Cost of debt on Manufacturing Company in the Stock Exchange Period 2006-2010. Corporate governance in this study focused on several characteristics, specifically are the number of independent commissioners, the number of managerial ownership, institutional ownership and the quality of the audit committee.

This study uses a quantitative approach to the study sample included companies in the manufacturing sector in Indonesia Stock Exchange 2006-2010 period.

The results indicate that there are significant relationship between the proportion of independent commissioners, managerial ownership and institutional ownership with cost of debt. Whereas the quality of the audit committee does not have a significant effect on the cost of debt."