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"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 andKasnic. 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."

"Penelitian ini bertujuan untuk mengetahui apakah mekanisme corporate governance mempengaruhi peringkat surat utang perusahaan di Indonesia. Secara lebih khusus, penelitian ini menguji apakah komponen corporate governance yaitu struktur dan pengaruh kepemilikan, transparansi dan pengungkapan laporan keuangan serta struktur dewan komisaris berpengaruh terhadap peringkat surat utang penasahaan di Indonesia.Penelitian ini menggunakan beberapa mekanisme corporate governance yang dikembangkan oleh BEJ dan klasifikasi peringkat surat utang yang dikeluarkan oleh Pefindo dan Kasnic. Sedangkan pengujian permasalahan penelitian dilakukan dengan menggunakan model ordered logit.Dengan menggunakan karakteristik perusahaan sebagai variabel kontrol, penelitian ini menemukan bahwa peringkat surat utang perusahaan: (1) berhubungan negatif dengan jumlah block holders dengan kepemilikan paling sedikit 5%; (2) berhubungan positif dengan persentase kepemilikan institusional dalam perusahaan; (3) berhubungan positif dengan ukuran kantor akuntan publik, dan (4) berhubungan positif dengan keberadaan komite audit. Data dalam penelitian ini tidak mendukung hubungan yang signifikan antara persentase kepemilikan saham oleh orang dalam, ukuran dewan komisaris dan persentase dewan komisaris independen dengan peringkat surat utang perusahaan.

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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."

"Penelitian ini menguji pengaruh mekanisme corporate governance terhadap peringkat surat utang yang diterbitkan oleh perusahaan di Indonesia yang bergerak pada sektor industri perbankan dan keuangan. Tata kelola perusahaan dilihat dari segi efektivitas peran organ dewan komisaris dan komite audit yang dinilai menggunakan checklist scoring. Komponen yang dinilai terdiri atas segi independensi, aktivitas, ukuran, dan kompetensi. Penelitian ini menggunakan peringkat surat utang yang dikeluarkan PT Pefindo sebagai lembaga pemeringkat. Berdasarkan sampel perusahaan tahun 2010-2015 sebanyak 130 observasi, hasil pengujian dari model ordererd logit menunjukkan terdapat hubungan positif signifikan peringkat surat utang dengan tata kelola perusahaan.

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This research examined the effect of corporate governance mechanism on the firms bond rating in Indonesia, specifically on banking and financial industries. The corporate governance viewed in terms of board of commissioners and audit committee's effectiveness then assessment based on questions checklist scoring. Scoring components consisted of independence, activity, size, and competence.

This study used bond rating issued by PT Pefindo as a rating agency. Based on sample of 130 firm-year during 2010-2015, the results of ordered logit model showed strong evidence for a positive relationship between bond rating and corporate governance."

"Penelitian ini menginvestigasi efek dari mekanisme corporate governance terhadap rating sukuk. Proksi dari mekanisme corporate governance adalah blockholders, kepemilikan institusional, kepemilikan insider, kualitas audit, komite audit, jumlah dewan komisaris dan persentase dewan komisaris independen. Proksi tersebut merupakan variable independen dimana variable dependen nya merupakan rating sukuk. Model ordered logistic regression (logit) digunakan untuk menguji hipotesis. Sampel penelitian adalah sukuk yang dikeluarkan perusahaan pada periode 2005 - 2012, dan data diambil dari Bursa Efek Indonesia dan PT Pefindo. Hasil penelitian empiris menemukan bahwa komite audit mempengaruhi secara signifikan pada rating sukuk perusahaan. Untuk meningkatkan rating dari sukuk, penelitian ini merekomendasikan bahwa keberadaan dari komite audit menjadi perhatian serius bagi perusahaan yang mengeluarkan sukuk dalam meningkat kan rating sukuk

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This study investigated the effect of corporate governance mechanism to sukuk ratings. The proxies of corporate governance are blockholders, institutional ownership, insider ownership, quality of audit external, audit committees, number of commissioner, and percentage of independent commissioners. Those proxies are independent variables, and the dependent variables are sukuk rating. Ordered Logistic regression (logit) is used to examine the hipothesis. The samples are sukuk that issued on period 2005-2012, and data are collected from Indonesia Stock Exchange and PT Pefindo.

The results of empirical studies have found that the audit committee as an indicator of corporate governance mechanisms affect the rating of corporate sukuk significantly. To be able to increase the rating of the sukuk is the study recommends that the existence of audit committees must be a serious concern for companies that issue a sukuk in improving the rating of the sukuk."

"Penelitian ini bertujuan untuk melihat apakah penerpan corporate governance berpengaruh terhadap peringkat kredit perusahaan Dengan sampel 168 perusahaan yang terdaftar di Bursa Efek Indonesia selama periode 2009 2013 penelitian ini membuktikan penerapan corporate governance berpengaruh terhadap peringkat Kredit dan komponen yang berpengaruh positif adalah jumlah direksi proporsi komisaris independen kepemilikan instirusional komite audit dan audit eksternal Sementara itu jumlah blockholders berpengaruh negatif terhadap peringkat kredit perusahaan Penelitian ini juga menemukan bahwa jumlah komisaris tidak berpengaruh terhadap peringkat kredit perusahaan.

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This study aims to examine whether implemented in corporate governance affect firm rsquo s credit rating With a sample of 168 firms listed in Indonesia Stock Exchange IDX during 2009 2013 this study finds that implemented in corporate governance affect on firm rsquo s credit rating and the components positively affect are board size institutional ownership audit committee and external auditor While proportion of outside director and size of blockholders negatively affect firm rsquo s credit rating This study also finds that independent commissioner insignificantly associated with firm rsquo s credit rating."

"Penelitian ini bertujuan untuk menganalisis pengaruh mekanisme corporate governance yang diproksikan dengan kepemilikan institusional, kepemilikan block (lebih dari 5%), dewan komisaris independen, kepemilikan manajerial, ukuran dewan komisaris, komite audit, dan kualitas audit berpengaruh terhadap peringkat obligasi korporasi pada perusahaan yang terdaftar di bursa efek indonesia periode 2007 - 2011. Penelitian ini menggunakan data panel sejumlah 70 observasi dengan pengujian model menggunakan ordered probit. Penelitian ini membuktikan bahwa blockholder (dengan kepemilikan saham minimal 5%), ukuran dewan komisaris, ukuran perusahaan, dan return on asset berpengaruh signifikan terhadap peringkat obligasi. Penelitian tidak membuktikan adanya pengaruh signifikan di antara kepemilikan saham institusional, kepemilikan saham manajerial, persentase dewan komisaris independen, ukuran komite audit, kualitas audit, dan leverage terhadap peringkat obligasi.

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This study analyzes the effect of corporate governance mechanisms are proxied by institutional ownership, block ownership (more than 5%), independent board, managerial ownership, board size, audit committee, and audit quality effect on corporate bond ratings of companies listed on the Indonesian Stock Exchange in 2007-2011 period. This study uses panel data to test a number of 70 observations using an ordered probit models.

This study proves that blockholder (own at least 5% of shares), board size, firm size, and return on assets have significant effect on bond ratings. This study does not prove the existence of significant effect among institutional ownership, managerial ownership, the percentage of independent board, audit committee size, audit quality, and leveraged on bond rating."

"ABSTRAKThis study investigated the effect of ownership structure and also the practice of corporate governance on bond ratings of the companies that was registered in Studi ini menyelidiki pengaruh struktur kepemilikan dan praktek corporate governance terhadap peringkat surat utang menggunakan sampel perusahaan yang terdaftar dalam Bursa Efek Indonesia pada tahun 2007 sampai tahun 2012. Hasil penelitian menunjukkan bahwa struktur kepemilikan secara linear berpengaruh positif terhadap peringkat surat utang. Lebih lanjut penelitian mencoba meneliti hubungan non monotonik antara struktur kepemilikan terhadap peringkat surat utang dan mendapatkan bahwa struktur kepemilikan sedang menyebabkan peringkat surat utang perusahaan menjadi lebih tinggi dibandingkan dengan struktur kepemilikan rendah. Hasil lainnya menunjukkan bahwa praktek corporate governance berpengaruh positif terhadap peringkat surat utang. Lebih lanjut studi ini memfokuskan untuk menyelidiki hubungan antara struktur kepemilikan dengan melihat hanya pada struktur kepemilikan keluarga terhadap peringkat surat utang, selain itu studi ini juga melihat adanya pengaruh dari perwakilan keluarga baik founder maupun descendant sebagai CEO atau komisaris terhadap peringkat surat utang. Hasil penelitian konsisten dengan hipotesa yang menyatakan bahwa adanya struktur kepemilikan keluarga dapat mengurangi agency conflicts antara pemegang saham pengendali dengan bondholders. Hal ini mengindikasikan bahwa bondholders menganggap adanya struktur kepemilikan keluarga dapat melindungi kepentingannya sehingga perusahaan menikmati peringkat surat utang yang lebih baik. Hasil lainnya menunjukkan bahwa founder yang bertindak sebagai CEO atau komisaris berpengaruh positif terhadap peringkat surat utang.

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ABSTRACTIndonesia Stock Exchange in 2007 until 2012 . The results showed that the ownership structure had a positive effect on bond ratings linearly. Further this research try to examining the non monotonic relationship between ownership structure and bond rating, result show the medium ownership structure prompt the bond rating higher than the low ownership structure. Other results showed that the existence of corporate governance practices positively affect on bond ratings. Moreover, this study investigated the effect with focuses the family ownership structure in family firms on bond ratings. In addition, this study also test the interaction a family member as either the founder or descendant as a CEO or commissioner affect the bond ratings. The results are consistent with the hypothesis that the presence of family ownership structure can reduce agency problems between controlling shareholders to bondholders. This indicates that the bondholders have assumed the family ownership structure can protect its interests so the company can enjoy the better bond ratings. Other results showed that the founder who acts as a CEO or commissioner have a positive effect on bond ratings."

"Penelitian ini bertujuan untuk menguji hubungan antara corporate governance, managerial incentives, dan corporate tax avoidance. Untuk melihat kesimpulan yang berbeda di sepanjang distribusi tax avoidance, penelitian ini menggunakan quantile regression untuk menunjukkan hubungan antara corporate governance dengan tax avoidance. Penelitian ini menemukan hubungan positif antara corporate governance dan tax avoidance pada tingkat yang rendah, tetapi ditemukan hubungan sebaliknya pada tingkat tax avoidance yang tinggi. Hasil ini menunjukkan bahwa terdapat hubungan yang lebih kuat antara corporate governance dengan tax avoidance pada tingkat yang ekstrim. Selain itu penelitian ini juga menemukan hubungan negatif antara managerial incentives dan tax avoidance.

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The aim of the research is examine the link between corporate governance, managerial incentives, and corporate tax avoidance. Agency problems may lead managers to make difference decisions regarding tax compliance. Manager may see tax avoidance as an investment like other similar opportunity. To see a broaden view along the level of tax avoidance, this research use quantile regression to exhibit link between corporate governance and tax avoidance. This research find a positive relation between corporate governance mechanism for low level of tax avoidance, but a negative relation for high levels of tax avoidance. These results indicate that these governance mechanism have a stronger relation with more extreme levels of tax avoidance. Meanwhile this research find a negative influence between managerial incentives and tax avoidance."

"Penelitian ini bertujuan untuk meneliti pengaruh mekanisme Good Corporate Governance (GCG) dan kualitas audit terhadap biaya utang. Sampel yang digunakan dalam penelitian ini adalah 44 perusahaan yang terdaftar di Bursa Efek Indonesia pada tahun 2008-2010 yang memiliki skor indeks Corporate Governance (CG). Penelitian ini menemukan bahwa indeks CG tidak berpengaruh terhadap biaya utang, sedangkan kualitas audit terbukti memiliki pengaruh negatif signifikan terhadap biaya utang. Hasil penelitian ini mengindikasikan perusahaan dan regulator perlu mengevaluasi kembali praktik CG yang telah dilaksanakan. Di sisi lain perusahaan dan regulator perlu mempertahankan dan meningkatkan kualitas audit sebab terbukti dapat berperan menurunkan biaya utang.

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This study aims to investigate the influence of the mechanisms of Good Corporate Governance (GCG) and quality audit on the cost of debt. The sample used in this study are 44 companies listed in Indonesia Stock Exchange in the year 2008-2010 which has an index score of Corporate Governance (CG). This study found that the CG index does not affect the cost of debt, while the quality of the audit proved to have a significant negative impact on the cost of debt. Results of this study indicate the company and regulators need to reevaluate the CG practices that have been implemented. On the other hand companies and regulators need to maintain and improve the quality of audit because it is proven to lower the cost of debt."

"[Penelitian ini bertujuan untuk menganalisis pengaruh peringkat corporate governance terhadap kinerja keuangan periode 2008-2012. Pengujian ini dilakukan menggunakan metode regresi data panel, dimana variabel dependen adalah kinerja keuangan yang diproksikan oleh earning per share, Return on Assets, dan Return on Equity sedangkan peringkat corporate governance sebagai variabel independen. Terdapat tiga model dalam penelitian ini, yaitu menggunakan nilai dari masing-masing variabel dependen. Hasil penelitian pada model pertama menunjukkan bahwa peringkat corporate governance tidak memiliki pengaruh yang signifikan terhadap kinerja keuangan perusahaan. Model kedua dan ketiga memiliki pengaruh yang signifikan terhadap kinerja keuangan.

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The aim of this study is to analyze the effect of the corporate governance rating on firm performance in 2008-2012. Hypotheses were tested using the estimation

method of panel data whereby the dependent variable is the firm performance, which uses earning per share, return on assets, and return on equity as indicator, while the corporate governance rating as the independent variable. There are three models in this study, which uses the value of each variable dependent. The results of the study on the first model indicate that the corporate governance rating do not have an influence on the firm performance while on the second and third models indicate that the corporate governance rating have an influence on the firm

performance.;The aim of this study is to analyze the effect of the corporate governance rating on

firm performance in 2008-2012. Hypotheses were tested using the estimation

method of panel data whereby the dependent variable is the firm performance,

which uses earning per share, return on assets, and return on equity as indicator,

while the corporate governance rating as the independent variable. There are three

models in this study, which uses the value of each variable dependent. The results

of the study on the first model indicate that the corporate governance rating do not

have an influence on the firm performance while on the second and third models

indicate that the corporate governance rating have an influence on the firm

performance., The aim of this study is to analyze the effect of the corporate governance rating on

firm performance in 2008-2012. Hypotheses were tested using the estimation

method of panel data whereby the dependent variable is the firm performance,

which uses earning per share, return on assets, and return on equity as indicator,

while the corporate governance rating as the independent variable. There are three

models in this study, which uses the value of each variable dependent. The results

of the study on the first model indicate that the corporate governance rating do not

have an influence on the firm performance while on the second and third models

indicate that the corporate governance rating have an influence on the firm

performance.]"