Abstract
This study aims to prove empirically the influence of corporate governance proxied by the size of the board of commissioners, the independence of the board of commissioners, the size of the audit committee, managerial share ownership and institutional share ownership as well as its impact on stock prices. The data used in this research is secondary data. The population in this study is a public listed company listed on the Indonesia Stock Exchange period 2013-2015. The analysis technique used is logistic regression analysis. The test results prove that the size of the board of commissioners, the size of the audit committee and managerial share ownership, negatively negatively affect the restatement, while the independence of the board of commissioners and institutional ownership have no significant significant effect on the restatement and restatement negatively effect on stock prices. Keywords: Board size, board independence, audit committee , managerial share ownership, institutional share ownership, restatement, stock priceÂ
Highlights
This study aims to prove empirically the influence of corporate governance proxied by the size of the board of commissioners, the independence of the board of commissioners, the size of the audit committee, managerial share ownership and institutional share ownership as well as its impact on stock prices
Analisis Hubungan Antara Strong Boards dan External Governance terhdap Accounting Restatement.Jurnal Siasat Bisnis Hal 89-114
Summary
Dalam perekonomian modern, manajemen dan pengelolaan perusahaan makin banyak dipisahkan. Hal ini sejalan dengan agency theory yang menekankan pentingnya pemilik perusahaan (pemegang saham) menyerahkan pengelolaan perusahaan kepada tenaga-tenaga professional (disebut agency) yang lebih mengerti dalam menjalankan bisnis sehari-hari. Jasen dan Meckling (1976) mendefinisikan teori keagenan sebagai hubungan antara manajemen suatu usaha dan pemegang saham. Teori ini mengasumsikan bahwa dewan komisaris independen dan manajemen puncak bersikap netral terhadap resiko, sedangkan karyawan bersikap menolak pada usaha dan resiko. Hal tersebutlah yang akhirnya menimbulkan terbenturnya tujuan yang berbeda antara pemegang saham dengan manajemen. Pihak pemegang saham selalu memandang dari hasil/output perusahaan yang diharapkanselalu meningkat, sedangkan agen mengharapkan usaha yang dilakukannya juga dinilai oleh atasannya. Penyajian kembali laporan keuangan (restatement) umumnya dipandang sebagai koreksi yang dilakukan terhadap laporan keuangan karena tidak sesuai dengan prinsip akuntansi yang berlaku umum (GAO, 2006).
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