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Pengaruh Corporate Governance terhadap Dynamic Capital Structure: Indonesia Real Estate
Muhammad Farhan Aziz, Arief Wibisono Lubis
Abstract
Capital structure merupakan strategi yang dilakukan oleh suatu perusahaan untuk dapat menyusun struktur permodalan dalam melakukan kegiatan usaha. Untuk dapat menciptakan pembiayaan yang optimal, speed of adjustment akan dilihat untuk melihat kondisi dari penyesuaian yang dilakukan oleh perusahaan. Penelitian ini memiliki tujuan untuk melihat pengaruh dari corporate governance yang dimiliki terhadap speed of adjustment (SOA) capital structure. Penelitian ini menggunakan pendekatan kuantitatif dengan penarikan sampel menggunakan purposive sampling dengan objek yang dimiliki yaitu Perusahaan Real Estat dan Properti di Bursa Efek Indonesia Periode 2015 – 2019. Penelitian ini menggunakan aplikasi software Eviews dan Stata untuk melakukan pengolahan data dengan metode regresi data panel. Berdasarkan kriteria dari pemilihan sampel tersebut, diperoleh 29 perusahaan dalam sektor real estat dan properti yang terdaftar di Bursa Efek Indonesia. Hasil dari penelitian ini menunjukkan bahwa perusahaan-perusahaan real estat dan properti di Indonesia memiliki kecepatan penyesuaian struktur modal yang relatif kurang cepat dengan beberapa faktor lainnya yang dapat mempengaruhi. Managerial ownership memiliki hubungan positif dan pengaruh signigfikan terhadap speed of adjustment capital structure. Untuk board size, board independence, dan women proportion tidak memiliki pengaruh yang signifikan terhadap speed of adjustment capital structure. Penelitian ini diharapkan dapat menjadi implikasi untuk pengembangan ilmu pengetahuan khususnya di bidang keuangan dan struktur modal, serta dapat membantu perusahaan dalam membentuk keputusan pembiayaan dan investor dalam melihat prospek ke depan perusahaan secara efektif.Â
Keywords
Capital Structure, Speed of Adjustment, Corporate Governance, Leverage, Board Size, Managerial Ownership
References
Abor, J., & Biekpe, N. (2007). Corporate governance, ownership structure and performance of SMEs in Ghana: Implications for financing opportunities. Corporate Governance, 7(3), 288–300. https://doi.org/10.1108/14720700710756562 Adusei, M., & Obeng, E. Y. T. (2019). Board gender diversity and the capital structure of microfinance institutions: A global analysis. Quarterly Review of Economics and Finance, 71, 258–269. https://doi.org/10.1016/j.qref.2018.09.006 Alnori, F., & Alqahtani, F. (2019). Capital structure and speed of adjustment in nonfinancial firms: Does sharia compliance matter? Evidence from Saudi Arabia. Emerging Markets Review, 39, 50–67. https://doi.org/10,1016/j.ememar.2019.03.008 Berger, P. G., Ofek, E., & Yermack, D. L. (1997). Managerial Entrenchment and Capital Structure Decisions. In Source: The Journal of Finance (Vol. 52, Issue 4). Chang, Y. K., Chen, Y. L., Chou, R. K., & Huang, T. H. (2015). Corporate governance, product market competition and dynamic capital structure. International Review of Economics and Finance, 38, 44–55. https://doi.org/10.1016/j.iref.2014.12.013 Chow, Y. P., Muhammad, J., Bany-Ariffin, A. N., & Cheng, F. F. (2018). Macroeconomic uncertainty, corporate governance and corporate capital structure. International Journal of Managerial Finance, 14(3), 301–321. https://doi.org/10.1108/IJMF-08-2017-0156 Cooper, D.R. & Schindler, P.S. (2014). Business Research Methods. Twelve ed Feng, Y., Hassan, A., & Elamer, A. A. (2020). Corporate governance, ownership structure and capital structure: evidence from Chinese real estate listed companies. International Journal of Accounting and Information Management, 28(4), 759–783. https://doi.org/10.1108/IJAIM-04-2020-0042 Fitzgerald, J., & Ryan, J. (2019). The impact of firm characteristics on speed of adjustment to target leverage: a UK study. Applied Economics, 51(3), 315–327. https://doi.org/10.1080/00036846.2018.1495822 G20/OECD Principles of Corporate Governance 2015. (2015). In G20/OECD Principles of Corporate Governance 2015. OECD Publishing. https://doi.org/10,1787/9789264236882-en Grabinska, B., Kedzior, M., Kedzior, D., & Grabinski, K. (2021). The impact of corporate governance on the capital structure of companies from the energy industry. The case of Poland. Energies, 14(21). https://doi.org/10.3390/en14217412 Gyimah, D., Kwansa, N. A., Kyiu, A. K., & Sikochi, A. (Siko). (2021). Multinationality and capital structure dynamics: A corporate governance explanation. International Review of Financial Analysis, 76. https://doi.org/10.1016/j.irfa.2021.101758 Gujarati, D. (2003). Basic Econometrics. USA: McGraw-HilI. Haque, F., Arun, T. G., & Kirkpatrick, C. (2011). Corporate governance and capital structure in developing countries: A case study of Bangladesh. Applied Economics, 43(6), 673–681. https://doi.org/10,1080/00036840802599909 Javaid, A., Nazir, M. S., & Fatima, K. (2021). Impact of corporate governance on capital structure: mediating role of cost of capital. Journal of Economic and Administrative Sciences. https://doi.org/10.1108/jeas-09-2020-0157 Jensen, Michael C. & Meckling, William H. 1976. "Theory of the firm: Managerial behavior, agency costs and ownership structure," Journal of Financial Economics, Elsevier, vol. 3(4), pages 305-360 Kieschnick, R., & Moussawi, R. (2018). Firm age, corporate governance, and capital structure choices. Journal of Corporate Finance, 48, 597–614. https://doi.org/10.1016/j.jcorpfin.2017.12.011 Mbulawa, S., Okurut, N. F., Ntsosa, M., & Sinha, N. (2020). Optimal Capital Structure and Speed of Adjustment under Hyperinflation and Dollarization. Global Journal of Emerging Market Economies, 12(2), 158–177. https://doi.org/10,1177/0974910120919023 Neuman, W. L. (William L. (2014). Social research methods : qualitative and quantitative approaches. Nguyen, T., Bai, M., Hou, Y., & Vu, M. C. (2021). Corporate governance and dynamics capital structure: evidence from Vietnam. Global Finance Journal, 48. https://doi.org/10.1016/j.gfj.2020.100554 Ross, S. A., Westerfield, R. W., & Jordan, B. D. (n.d.). Fundamentals of CORPORATE FINANCE. Worldbank. (2017, 24 Februari). Indonesia - National Affordable Housing Program Project. Retrieved from https://documents.worldbank.org/en/publication/documents-reports/documentdetail/121201489975262694/indonesia-national-affordablehttps://documents.worldbank.org/en/publication/documents-reports/documentdetail/121201489975262694/indonesia-national-affordable-housing-program-projecthousing-program-project Zhou, M., Li, K., & Chen, Z. (2021). Corporate governance quality and financial leverage: Evidence from China. International Review of Financial Analysis, 73. https://doi.org/10.1016/j.irfa.2020.101652
DOI: https://doi.org/10.24967/ekombis.v8i1.1987
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Muhammad Farhan Aziz, Arief Wibisono LubisAbstract
Capital structure merupakan strategi yang dilakukan oleh suatu perusahaan untuk dapat menyusun struktur permodalan dalam melakukan kegiatan usaha. Untuk dapat menciptakan pembiayaan yang optimal, speed of adjustment akan dilihat untuk melihat kondisi dari penyesuaian yang dilakukan oleh perusahaan. Penelitian ini memiliki tujuan untuk melihat pengaruh dari corporate governance yang dimiliki terhadap speed of adjustment (SOA) capital structure. Penelitian ini menggunakan pendekatan kuantitatif dengan penarikan sampel menggunakan purposive sampling dengan objek yang dimiliki yaitu Perusahaan Real Estat dan Properti di Bursa Efek Indonesia Periode 2015 – 2019. Penelitian ini menggunakan aplikasi software Eviews dan Stata untuk melakukan pengolahan data dengan metode regresi data panel. Berdasarkan kriteria dari pemilihan sampel tersebut, diperoleh 29 perusahaan dalam sektor real estat dan properti yang terdaftar di Bursa Efek Indonesia. Hasil dari penelitian ini menunjukkan bahwa perusahaan-perusahaan real estat dan properti di Indonesia memiliki kecepatan penyesuaian struktur modal yang relatif kurang cepat dengan beberapa faktor lainnya yang dapat mempengaruhi. Managerial ownership memiliki hubungan positif dan pengaruh signigfikan terhadap speed of adjustment capital structure. Untuk board size, board independence, dan women proportion tidak memiliki pengaruh yang signifikan terhadap speed of adjustment capital structure. Penelitian ini diharapkan dapat menjadi implikasi untuk pengembangan ilmu pengetahuan khususnya di bidang keuangan dan struktur modal, serta dapat membantu perusahaan dalam membentuk keputusan pembiayaan dan investor dalam melihat prospek ke depan perusahaan secara efektif.Â
Keywords
References
Abor, J., & Biekpe, N. (2007). Corporate governance, ownership structure and performance of SMEs in Ghana: Implications for financing opportunities. Corporate Governance, 7(3), 288–300. https://doi.org/10.1108/14720700710756562 Adusei, M., & Obeng, E. Y. T. (2019). Board gender diversity and the capital structure of microfinance institutions: A global analysis. Quarterly Review of Economics and Finance, 71, 258–269. https://doi.org/10.1016/j.qref.2018.09.006 Alnori, F., & Alqahtani, F. (2019). Capital structure and speed of adjustment in nonfinancial firms: Does sharia compliance matter? Evidence from Saudi Arabia. Emerging Markets Review, 39, 50–67. https://doi.org/10,1016/j.ememar.2019.03.008 Berger, P. G., Ofek, E., & Yermack, D. L. (1997). Managerial Entrenchment and Capital Structure Decisions. In Source: The Journal of Finance (Vol. 52, Issue 4). Chang, Y. K., Chen, Y. L., Chou, R. K., & Huang, T. H. (2015). Corporate governance, product market competition and dynamic capital structure. International Review of Economics and Finance, 38, 44–55. https://doi.org/10.1016/j.iref.2014.12.013 Chow, Y. P., Muhammad, J., Bany-Ariffin, A. N., & Cheng, F. F. (2018). Macroeconomic uncertainty, corporate governance and corporate capital structure. International Journal of Managerial Finance, 14(3), 301–321. https://doi.org/10.1108/IJMF-08-2017-0156 Cooper, D.R. & Schindler, P.S. (2014). Business Research Methods. Twelve ed Feng, Y., Hassan, A., & Elamer, A. A. (2020). Corporate governance, ownership structure and capital structure: evidence from Chinese real estate listed companies. International Journal of Accounting and Information Management, 28(4), 759–783. https://doi.org/10.1108/IJAIM-04-2020-0042 Fitzgerald, J., & Ryan, J. (2019). The impact of firm characteristics on speed of adjustment to target leverage: a UK study. Applied Economics, 51(3), 315–327. https://doi.org/10.1080/00036846.2018.1495822 G20/OECD Principles of Corporate Governance 2015. (2015). In G20/OECD Principles of Corporate Governance 2015. OECD Publishing. https://doi.org/10,1787/9789264236882-en Grabinska, B., Kedzior, M., Kedzior, D., & Grabinski, K. (2021). The impact of corporate governance on the capital structure of companies from the energy industry. The case of Poland. Energies, 14(21). https://doi.org/10.3390/en14217412 Gyimah, D., Kwansa, N. A., Kyiu, A. K., & Sikochi, A. (Siko). (2021). Multinationality and capital structure dynamics: A corporate governance explanation. International Review of Financial Analysis, 76. https://doi.org/10.1016/j.irfa.2021.101758 Gujarati, D. (2003). Basic Econometrics. USA: McGraw-HilI. Haque, F., Arun, T. G., & Kirkpatrick, C. (2011). Corporate governance and capital structure in developing countries: A case study of Bangladesh. Applied Economics, 43(6), 673–681. https://doi.org/10,1080/00036840802599909 Javaid, A., Nazir, M. S., & Fatima, K. (2021). Impact of corporate governance on capital structure: mediating role of cost of capital. Journal of Economic and Administrative Sciences. https://doi.org/10.1108/jeas-09-2020-0157 Jensen, Michael C. & Meckling, William H. 1976. "Theory of the firm: Managerial behavior, agency costs and ownership structure," Journal of Financial Economics, Elsevier, vol. 3(4), pages 305-360 Kieschnick, R., & Moussawi, R. (2018). Firm age, corporate governance, and capital structure choices. Journal of Corporate Finance, 48, 597–614. https://doi.org/10.1016/j.jcorpfin.2017.12.011 Mbulawa, S., Okurut, N. F., Ntsosa, M., & Sinha, N. (2020). Optimal Capital Structure and Speed of Adjustment under Hyperinflation and Dollarization. Global Journal of Emerging Market Economies, 12(2), 158–177. https://doi.org/10,1177/0974910120919023 Neuman, W. L. (William L. (2014). Social research methods : qualitative and quantitative approaches. Nguyen, T., Bai, M., Hou, Y., & Vu, M. C. (2021). Corporate governance and dynamics capital structure: evidence from Vietnam. Global Finance Journal, 48. https://doi.org/10.1016/j.gfj.2020.100554 Ross, S. A., Westerfield, R. W., & Jordan, B. D. (n.d.). Fundamentals of CORPORATE FINANCE. Worldbank. (2017, 24 Februari). Indonesia - National Affordable Housing Program Project. Retrieved from https://documents.worldbank.org/en/publication/documents-reports/documentdetail/121201489975262694/indonesia-national-affordablehttps://documents.worldbank.org/en/publication/documents-reports/documentdetail/121201489975262694/indonesia-national-affordable-housing-program-projecthousing-program-project Zhou, M., Li, K., & Chen, Z. (2021). Corporate governance quality and financial leverage: Evidence from China. International Review of Financial Analysis, 73. https://doi.org/10.1016/j.irfa.2020.101652
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