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All Journal JIMAT (Jurnal Ilmiah Mahasiswa Akuntansi) Undiksha Juara: Jurnal Riset Akuntansi Jurnal Equity Accounting and Management Journal EAJ (ECONOMICS AND ACCOUNTING JOURNAL) Journal of Contemporary Accounting Dialektika: Jurnal Ekonomi dan Ilmu Sosial Riset: Jurnal Aplikasi Ekonomi Akuntansi dan Bisnis Jurnal Revenue : Jurnal Ilmiah Akuntansi International Journal of Social and Management Studies (IJOSMAS) Pengmasku Journal of Law, Administration, and Social Science Jurnal Akuntansi dan Keuangan Golden Ratio of Auditing Research International Journal of Contemporary Accounting Indonesian Journal of Emerging Trends in Community Empowerment Equity
Riyan Harbi Valdiansyah
Universitas Budi Luhur
Religion Agriculture, Biological Sciences & Forestry Humanities Chemistry Decision Sciences, Operations Research & Management Economics, Econometrics & Finance Education Environmental Science Industrial & Manufacturing Engineering Languange, Linguistic, Communication & Media Law, Crime, Criminology & Criminal Justice Library & Information Science Social Sciences

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Journal : Accounting and Management Journal

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Independent Commissioners as Gatekeepers: Influences on Debt Policies and Ownership in Coal Mining Firms Siti Nurjanah, Novia; Valdiansyah, Riyan
JURNAL AKUNTANSI DAN MANAJEMEN Vol 9 No 1 (2025): Accounting and Management Journal
Publisher : Universitas Nahdlatul Ulama Surabaya

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.33086/amj.v9i1.7199

Abstract

This study analyzes the role of governance mechanisms in moderating the effect of share ownership status (managerial and institutional) on debt policy in coal mining companies in Indonesia for the 2019-2023 period. Utilizing secondary data from 13 companies (65 company-years) and employing the panel regression method with EViews 13 tools, the study's findings are as follows: Firstly, managerial ownership has been found to exert a significant positive influence on debt policy, as indicated by the Debt-to-Equity Ratio (DER). Secondly, institutional ownership has been demonstrated to possess a substantial negative effect, reflecting investors' propensity for a conservative capital structure. Thirdly, the presence of independent commissioners has been observed to diminish the positive effect of managerial ownership, underscoring the significance of supervision in balancing risk. Finally, independent commissioners have been found to mitigate the negative effect of institutional ownership, highlighting the importance of transparency. The study's findings offer guidance for various stakeholders, including management, investors, and regulators, in financial decision-making and the implementation of Good Corporate Governance. The study's limitations stem from its narrow focus on the coal mining subsector and the exclusion of additional variables, such as profitability. Suggestions for future research include expanding the study to include additional sectors and incorporating contextual variables.
Co-Authors Amalia, Meby Amrie Firmansyah Andi Neneng Sugi Hartati Annisa Salsabila Safanah Ari Iswahyudi Ariani, Ade Desy Anggraeni Diana Puspitasari Diana Puspitasari Etty Murwaningsari Giffary Ramadhan Hartati, Andi Neneng Sugi Hendra, H Herlina Lusmeida Indirman, Veri Juanita Agustina R Karim, Muhammad Karjono, Karjono Lorensa, Roro Lonita Maharani, Neni Meidijati, M Muhammad Ferdian, Saputra Mulyadi, Nanda Pramayasti Nanda Pramayasti Mulyadi Neni Maharani Novia Widyastuti NOVITASARI, DESI NURHADINAH, NURHADINAH Nurjanah, Novia Siti Putri, Sarah Widyana Rahayu, Sri Rizal, Josse Saparudin, Muhammad Sekar Mayangsari Siti Nurjanah, Novia SRI RAHAYU Sugi, Andi Neneng Widiyati, Dian Widya Apriana Rahayu