Pengaruh Corporate Governance Terhadap Likuiditas Keuangan Perusahaan

Abstract

Penelitian ini bertujuan untuk melihat pengaruh corporate governance terhadap likuiditas keuangan perusahaan pada perusahaan non keuangan yang terdaftar di Bursa Efek Indonesia. Variabel corporate governance yang digunakan adalah kepemilikan institusional, kepemilikan manajerial, komisaris independen, dan komite audit. Pendanaan operasional perusahaan jangka pendek menggunakan proksi cash holdings dan loan commitment. Sampel data yang diteliti adalah perusahaan non keuangan yang terdaftar di Bursa Efek Indonesia periode 2007-2014 yang diseleksi menggunakan purposive sampling. Metode analisis data dilakukan dengan menggunakan regresi data panel.Hasil penelitian ini menunjukkan bahwa kepemilikan institusional dan komisaris independen secara parsial berpengaruh signifikan terhadap cash holdings dan loan commitmentsedangkan kepemilikan manajerial dan komite audit secara parsial tidak berpengaruh signifikan terhadap cash holdings dan loan commitment. Kepemilikan institusional, kepemilikan manajerial, komisaris independen, dan komite audit secara bersama-sama berpengaruh signifikan terhadap cash holdings dan loan commitment.

This study aims to look at the effect of corporate governance on firm’s financial liquidity on non financial companies listed in Indonesia Stock Exchange. In this thesis, variable corporate governance used Institutional Ownership, Managerial Ownership, Independent Commissioners, and Audit Committee. Firm’s operational financing in short term used cash holdings and loan commitment. Data sample studied were enrolled in non financial companies listed in Indonesia Stock Exchange during the period 2007-2014 selected by purposive sampling method. The method of data analysis is done by using panel data regression. The results show that investor institutional and independent commissioners partially have significant effect on cash holdings and loan commitment, while managerial ownershipand audit committee partially have no significant effect on cash holdings and loan commitment. Investor institutional, managerial ownership, independent commissioner, and audit committee together have significant effect on cash holdings and loan commitment.