SKRIPSI Jurusan Manajemen - Fakultas Ekonomi UM, 2019

Ukuran Huruf:  Kecil  Sedang  Besar

PENGARUH STRUKTUR KEPEMILIKAN, KOMISARIS INDEPENDEN DAN KOMITE AUDIT TERHADAP KONDISI TERJADINYA FINANCIAL DISTRESS DALAM PERSPEKTIF AGENCY THEORY (Studi pada Perusahaan Pertambangan Batubara yang Terdaftar di Bursa Efek Indonesia Tahun 2013-2017)

SARI NURMA YULIKA

Abstrak


ABSTRAK

Sari, N.Y. 2019. Pengaruh Struktur Kepemilikan, Komisaris Independen dan Komite Audit Terhadap Kondisi Terjadinya Financial Distress Dalam Perspektif Agency Theory (Studi pada Perusahaan Pertambangan Batubara yang Terdaftar di Bursa Efek Indonesia Tahun 2013-2017). Skripsi, Jurusan Manajemen, Fakultas Ekonomi, Universitas Negeri Malang. Pembimbing: Hj. Fadia Zen, S.E., M.M.

 

Kata Kunci: financial distress, kepemilikan manajerial, kepemilikan institusional, komisaris independen, komite audit.

Financial Distress merupakan kondisi kesulitan keuangan perusahaan yang diawali dari ketidakmampuan perusahaan dalam melunasi hutang lancarnya saat jatuh tempo, dan apabila kinerja perusahaan tersebut tidak dapat ditangani maka akan mengakibatkan kebangkrutan. Financial distress dipengaruhi oleh faktor internal salah satunya adalah tata kelola perusahaan yang buruk. Tata kelola perusahaan meliputi serangkaian hubungan antara manajemen perusahaan, dewan direksi, para pemegang saham dan stakeholders. Perspektif hubungan keagenan merupakan dasar yang digunakan untuk memahami tata kelola perusahaan. Dalam teori keagenan, hubungan agensi terjadi ketika satu orang atau lebih principal memperkerjakan orang lain agent untuk memberikan suatu jasa dan kemudian mendelegasikan wewenang pengambilan keputusan kepada agent.

Tujuan penelitian ini adalah untuk mengetahui kondisi financial distress, kondisi kepemilikan manajerial, kondisi kepemilikan institusional, kondisi komisaris independen, kondisi komite audit, pengaruh kepemilikan manajerial terhadap financial distress, pengaruh kepemilikan institusional terhadap financial distress, pengaruh komisaris independen terhadap financial distress, dan pengaruh komite audit terhadap financial distress. Jenis penelitian ini adalah penelitian kuantitatif yang bersifat explanatory research. Variabel bebas yang digunakan adalah kepemilikan manajerial, kepemilikan institusional, komisaris independen, dan komite audit, sedangkan variabel terikatnya adalah financial distress. Populasi penelitian ini adalah seluruh perusahaan pertambangan batubara yang listing di BEI tahun 2013-2017. Teknik sampel yang digunakan adalah purposive sampling, sehingga diperoleh sampel sebanyak 11 perusahaan. Teknik analisis yang digunakan adalah analisis regresi linier berganda.

Hasil penelitian ini adalah:

(1) Kondisi financial distress perusahaan mengalami trend naik,

(2) Kondisi kepemilikan manajerial perusahaan mengalami trend turun,

(3) Kondisi kepemilikan institusional perusahaan mengalami trend naik,

(4) Kondisi komisaris independen perusahaan mengalami trend naik,

(5) Kondisi komite audit perusahaan mengalami trend turun,

(6) kepemilikan manajerial berpengaruh negatif signifikan terhadap financial distress,

(7) kepemilikan institusional tidak berpengaruh signifikan terhadap financial distress,

(8) komisaris independen berpengaruh negatif signifikan terhadap financial distress,

(9) komite audit berpengaruh positif signifikan terhadap financial distress.

 

ABSTRACT

Sari, N.Y. 2019. Effects of Ownership Structure, Independent Commissioner and Audit Committee on the Conditions of Financial Distress Occurrence in the Agency Theory Perspective (An Empirical Study of Coal Mining Companies Listed on the Indonesia Stock Exchange 2013-2017). Sarjana’s Thesis, Department of Management, Faculty of Economics, Universitas Negeri Malang. Advisor: Hj. Fadia Zen, S.E., M.M.

 

Keywords: financial distress, managerial ownership, institutional ownership, independent commissioner, audit committee.

Financial Distress is a condition of the company's financial difficulties which begins with the inability of the company to pay off its current debt at maturity, and if the company's performance cannot be handled it will result in bankruptcy. Financial distress is influenced by internal factors, one of which is poor corporate governance. Corporate governance includes a series of relationships between company management, the board of directors, shareholders and stakeholders. The agency relationship perspective is the basis used to understand corporate governance. In agency theory, agency relations occur when one person or more principal employs another agent to provide a service and then delegates decision-making authority to the agent.

The purpose of this study was to determine the conditions of financial distress, managerial ownership conditions, institutional ownership conditions, the condition of independent commissioners, audit committee conditions, the influence of managerial ownership on financial distress, the influence of institutional ownership on financial distress, the influence of independent commissioners on financial distress, and the influence of committees audit of financial distress. This type of research is quantitative research that is explanatory research. The independent variables used are managerial ownership, institutional ownership, independent commissioners, and audit committees, while the dependent variable is financial distress. The population of this study was all coal mining companies that were listed on the IDX in 2013-2017. The sample technique used was purposive sampling, so that a sample of 11 companies was obtained. The analysis technique used is multiple linear regression analysis.

The results of this study are:

(1) The condition of corporate financial distress has an upward trend,

(2) The condition of managerial ownership of the company has a downward trend,

(3) The condition of corporate ownership experiences an upward trend,

(4) The condition of independent commissioners experiences an upward trend

(5) The condition of the company's audit committee experiences a downward trend,

(6) managerial ownership has a significant negative effect on financial distress,

(7) institutional ownership does not significantly affect financial distress,

(8) independent commissioners have a significant negative effect on financial distress,

 

(9) committee audit has a significant positive effect on financial distress.