Pengaruh Good Corporate Governance, Voluntary Disclosure terhadap Biaya Hutang (Costs of Debt)

Juniarti

Fakultas Ekonomi Unversitas Kristen Petra

Agnes Andriyani Sentosa

Alumni Fakultas Ekonomi Universitas Krsiten Petra

Abstrak

Penelitian ini bertujuan untuk mengetahui apakah good corporate governance dan voluntary disclosure berpengaruh signifikan terhadap cost of debt. Good corporate governance diproksikan dengan proporsi dewan komisaris independen, kepemilikan manajerial, kepemilikan institusional dan kualitas audit. Voluntary disclosure diukur dengan menggunakan metode scoring atas kriteria voluntary disclosure yang telah ditetapkan. Penelitian ini menggunakan debt to equity ratio dan firm size sebagai variabel kontrol. Hasil penelitian membuktikan bahwa secara parsial kepemilikan institusional dan kualitas audit berpengaruh signifikan terhadap cost of debt. Sementara itu proporsi komisaris independen kepemilikan manajerial, voluntary disclosure dan variabel kontrol tidak berpengaruh signifikan terhadap cost of debt.

Kata Kunci : Good corporate governance, voluntary disclosure, costs of debt.

Abstract

This study is aimed to investigate the influences of good corporate governance and voluntary disclosure conducted by a company on its costs of debt.. Good corporate governance would be estimated by using the proportion of independent commissionare; managerial ownership; institutional ownership; and audit quality. Voluntary disclosure would however be calculated based on the scoring method of some selected criterias. The study also includes debt equity ratio and firm size as controlled variables in its estimated model. The result proves that institutional ownership and quality audit negative-significantly affect the companies’ costs of debt. In contrast the other variables as well as the both controlled variables do not contribute to the to costs of debt.

Keywords : Good corporate governance, voluntary disclosure, costs of debt.