Model Penerapan Good Corporate Governance dalam Praktik Tunneling di Indonesia
Abstract
Konflik keagenan yang terjadi di Indonesia adalah konflik keagenan tipe II yaitu antara pemegang saham mayoritas dan minoritas karena sifat kepemilikan perusahaan yang terkonsentrasi yang berpotensi terjadinya tunneling. Penelitian ini bertujuan menguji pengaruh corporate governance, ukuran perusahaan, leverage, dan profitabilitas terhadap tunneling sebagai bentuk konflik keagenan serta peran kebijakan dividen dalam memoderasi pengaruh corporate governance terhadap tunneling. Teknik analisis yang digunakan adalah analisis regresi moderasi menggunakan aplikasi IBM SPSS versi 18. Populasi penelitian adalah perusahaan publik yang terdaftar di Bursa Efek Indonesia (BEI) selama tahun 2013-2017 dan sampel dipilih menggunakan teknik judgement sampling. Hasil penelitian menunjukkan bahwa corporate governance mampu meminimalkan terjadinya tunneling, serta ukuran perusahaan dan profitabilitas justru memperbesar terjadinya praktik tunneling, namun leverage tidak berpengaruh terhadap tunneling. Kebijakan dividen sebagai variabel moderasi dalam penelitian ini tidak mampu memoderasi pengaruh corporate governance dalam mengatasi masalah tunneling. Hal ini disebabkan kebijakan dividen di Negara berkembang seperti Indonesia merupakan bentuk substitusi dari perusahaan dalam mengatasi masalah agensi seperti tunneling. Hasil penelitian ini berkontribusi pada pada teori keagenan tipe II yang membahas konflik antara pemegang saham mayoritas dan minoritas, yang dapat diatasi dengan penggunaan mekanisme corporate governance yang baik serta penggunaan kebijakan dividen sebagai substitusi dari mekanisme corporate governance.
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