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Journal : E-Jurnal Ekonomi dan Bisnis Universitas Udayana

PENGARUH STRUKTUR CORPORATE GOVERNANCE PADA YIELD TO MATURITY OBLIGASI MELALUI PERINGKAT OBLIGASI I Gusti Agung Pramesti Dwi Putri; Ni Ketut Rasmini; Ni Putu Sri Harta Mimba
E-Jurnal Ekonomi dan Bisnis Universitas Udayana VOLUME.06.NO.06.TAHUN 2017
Publisher : Fakultas Ekonomi dan Bisnis Universitas Udayana

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Abstract

This study aims to examine the effect of Corporate Governance (CG) structure on bond Yield To Maturity (YTM) using bond rating as the intervening variable. The population of this research covered all corporate bonds that listed in Indonesia Stock Exchange in 2013 to 2015. The sampling technique is purposive sampling method. Data analysis techniques used in this study is the path analysis. This research proves that institutional ownership, board size, audit committee, and bond rating negatively affects bond YTM. Managerial ownership positively affects bond YTM. Institutional ownership, board size, and audit committee positively affects bond rating. Managerial ownership negatively affects bond ratings. Bond rating shown mediated the association of institutional ownership on bond YTM, the association of board size on bond YTM, and the association of the audit committee on bond YTM. However, bond rating can not mediate the effect of managerial ownership on bond YTM. Keywords: corporate governance structure, bond yield to maturity, bond rating