Abstract
The objective of this study is to analyze the effect of company’s ownership through pyramid structure, and related party transaction disclousure, on expropriation practices, with corporate governance asmoderating variable. The concept of expropriation practices in this study is measured by related partytransaction assets, liabilities (RPT AL) and related party transaction sales, expenses (RPT SE).Analytical technique used is hierarchical regression analysis for testing hypotheses developed in thisstudy. Research population is a manufacturing company listed in Indonesia Stock Exchange (IDX) during years 2014-2016, and the sample is selected using purposive sampling method. The results of this studyfails to prove effect of company’s ownership through pyramid structure, and related party transactiondisclousure on expropriation practices. Furthermore, this study indicates the corporate governance canto increase the level of related party transactions disclosure, but has not been to reduce the expropriationpractices caused by company’s ownership through pyramid structure. This study contributes to the theory of agency type II which discusses conflict of interest between controlling and non-controllingshareholders, especially the problem of information asymmetry, which can be minimized by the role ofcorporate governance.
Highlights
The objective of this study is to analyze the effect of company’s ownership through pyramid structure, and related party transaction disclousure, on expropriation practices, with corporate governance as moderating variable
Secara probabilitas tindakan ekspropriasi didalam perusahaan akan dilakukan karena kecenderungan pemegang saham pengendali memiliki hak kontrol yang lebih besar dari pada hak arus kasnya melalui mekanisme kepemilikan terkonsentrasi
A., & Diyanty, V., 2016, Efek Entrenchment dan Alignment Pengendali Akhir Keluarga dan Peran Dewan Komisaris Terhadap Biaya Utang, Simposium Nasional Akuntansi XIX, Lampung
Summary
Penelitian sebelumnya yang mendeteksi tunneling sebagai akibat dari tindakan ekspropriasi melalui RPT, antara lain; Ying & Wang (2013), Kang et al (2014), Dewi, (2014), Pozzoli & Venuti, (2014), dan Utama & Utama (2014). Dalam penelitian ini akan diuji efektifitas peran mekanisme tata kelola perusahaan sebagai upaya mereduksi kosentrasi kepemilikan melalui pyramid of structure dan meningkatkan transparansi laporan keuangan, khususnya pengungkapan transaksi pihak berelasi. Secara probabilitas tindakan ekspropriasi didalam perusahaan akan dilakukan karena kecenderungan pemegang saham pengendali memiliki hak kontrol yang lebih besar dari pada hak arus kasnya melalui mekanisme kepemilikan terkonsentrasi. Dalam penelitian yang dilakukan oleh Cheung et al (2006), Siregar (2007; 2008), Kang et al (2014) Lin et al (2014), dan Yodhianto & Diyanty (2016), menyatakan bahwa kepemilikan terkonsentrasi dapat diproksikan dengan deviasi antara hak kontrol dan hak arus kas pengendali akhir dalam rantai kepemilikan, sehingga dapat diketahui adanya upaya peningkatan kontrol melalui mekanisme pyramid of structure. Maka dapat dirumuskan hipotesis penelitian sebagai berikut : H1: Pyramid of structure berpengaruh positif terhadap tindakan ekspropriasi
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