PENGARUH PENERAPAN CORPORATE GOVERNANCE TERHADAP TINGKAT FINANCIAL DISTRESS (STUDI PADA PERUSAHAAN SEKTOR PERTAMBANGAN YANG TERDAFTAR DI BURSA EFEK INDONESIA PERIODE 2013-2017) - Veninda Annisa Putri; Ely Siswanto (Jurnal Manajemen Indonesia, 2019)
The objective of this study is to get empirical evidence that corporate governance implementation which proxied by disclosure and transparency (DC), board of directors’ characteristics (BOD), shareholders’ rights and investor relation (SI), andownership and control structure (OC) has significant effect to the degree offinancial distress. Sample determined by purposive sampling method and itobtained 31 companies or 155 companies data as studied sample. Logistic regression analysis was conducted using SPSS23 program to analyze the data. The findings of this study showed that DC, SI, and OC partially has significant negative effect on the degree of financial distress, while BOD partially has significant positive effect on the degree of financialdistress. Simultaneously, DC, BOD, SI and OC has significant effect on the degree of financial distress.As the research implication,companies can prevent the occurance of finacial distress by improving several aspects of corporate governance. As the originality, this study was developed from previous study by addingother indicators of corporate governance measurements so the result is moreaccurate and the object of the research is spesificallyfor the mining sector in Indonesia period 2013-2017. Keywords—Board Characteristics, Disclosure, Financial Distress, Ownership Structure, Shareholders’ Rights Abstrak Penelitian ini bertujuan untuk mendapatkan bukti empiris bahwa penerapan corporate governance, yang diproksikan melalui disclosure and transparency (DC), board of directors’ characteristics (BOD), shareholders’ rights and investor relation (SI), serta ownership and control structure (OC) berpengaruh signifikan terhadap tingkat financial distress. Sampel ditentukan melalui metode purposive sampling dan diperoleh hasil bahwa31 perusahaan atau 155 data perusahaansebagai sampel yang akan diteliti. Analisis regresi logistik dilakukan dengan menggunakan program SPSS 23 untuk menganalisis data. Hasil penelitian menunjukkan bahwa variabel DC, SI, dan OC secara parsial berpengaruh negatif signifikan terhadap tingkat financial distresssedangakan variabel BOD secara parsial berpengaruh positif signifikan terhadap tingkat financial distress. Secara simultan, variabel DC, BOD, SI, dan OC berpengaruh signifikan terhadap tingkat financial distress.Implikasi dari hasil penelitian ini, yaitu perusahaan dapat mencegah financial distress dengan melakukan perbaikan maupun peningkatan pada beberapa aspek-aspekcorporate governance.Originalitas penelitian ini merupakan pengembangan dari penelitian sebelumnya dengan menambahkan indikator-indikator pengukuran corporate governance yang lain sehingga hasil pengukuran lebih akurat serta objek penelitian dikhususkan pada sektor pertambangan di Indonesia periode 2013-2017. Kata kunci—Karakteristik Dewan Komisaris, Keterbukaan Informasi, Financial Distress, Struktur Kepemilikan, Hak Pemegang Saham