Pyramid of Structure, Pengungkapan Transaksi Pihak Berelasi, dan Tata Kelola Perusahan : Indikasi Ekspropriasi
Article Sidebar
Main Article Content
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 as moderating variable. Analytical technique used is hierarchical regression analysis for testing hypotheses developed in this study. 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 study fails to prove effect of company’s ownership through pyramid structure, and related party transaction disclousure on expropriation practices. Furthermore, this study indicates the corporate governance can to increase the level of related party transactions disclosure, but has not been to reduce the expropriation practices 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-controlling shareholders, and especially the problem of information asymmetry, which can be minimized by the role of corporate governance.
Downloads
Article Details
Authors who submit a manuscript understand that if the manuscript is accepted for publication, the copyright of the article shall be assigned to Jurnal Ekonomi Modernisasi (JEM).
References
Agustina, I. (2016). Pengaruh corporate Governance terhadap Nilai Perusahaan Melalui Enterprise Risk Management (ERM) Dan Sustainability Management. (Tesis), Universitas Brawijaya, Malang.
Akmyga, S. F., & Mita, A. F. (2015). Pengaruh Struktur Corporate Governance Dan Kualitas Audit Terhadap Luas Pengungkapan Kompensasi Manajemen Kunci Di Laporan Keuangan. Jurnal Akuntansi dan Keuangan Indonesia., 12(1), 19-36. doi:10.21002/jaki.2015.02
Apriani, H. W. (2015). Pengaruh Corporate Governance dan Karakteristik Perusahaan Terhadap Luas Pengungkapan Transaksi Pihak Berelasi Di Indonesia. JAI (Jurnal Akuntansi Indonesia), 4(1), 36-50.
Chang, S. J. (2003). Ownership Structure, Expropriation, and Performance of Group-Affiliated Companies in Korea. The Academy of Management Journal, 46(2), 238-253. doi:10.2307/30040617
Cheung, Y.-L., Rau, P. R., & Stouraitis, A. (2006). Tunneling, propping, and expropriation: evidence from connected party transactions in Hong Kong. Journal of Financial Economics, 82(2), 343-386. doi:https://doi.org/10.1016j.jfineco.2004.08.012
Dewi, N. A. C. (2014). Faktor-Faktor yang Mempengaruhi Ekspropriasi di Indonesia. (Skripsi), Universitas Brawijaya, Malang.
Ding, Y., Zhang, H., & Zhang, J. (2007). Private vs State Ownership and Earnings Management: evidence from Chinese listed companies. Corporate Governance: An International Review,15(2),223-238. doi:http://doi.org/10.1111j.1467m8683.2007.00556.x
Diyanty, V., Utama, S., Rossieta, H., & Siregar, S. (2012). Pengaruh Kepemilikan Pengendali Akhir terhadap Transaksi Pihak Berelasi. Paper presented at the Simposium Nasional Akuntansi (SNA) XV, Banjarmasin.
Du, J., He, Q., & Yuen, S. W. (2013). Tunneling and the decision to go private: Evidence from Hong Kong. Pacific-Basin Finance Journal, 22, 50-68. doi:https://doi.org/10.1016/j.pacfin.2012.10.001
Fama, E. F., & Jensen, M. C. (1983). Separation of Ownership and Control. The Journal of Law & Economics, 26(2), 301-325.
Fernando, G. D., Schneible, R. A., & Suh, S. (2013). Family Firms and Institutional Investors. Family Business Review, 27(4), 328-345. doi:10.1177/0894486513481474
Fitri, N. (2015). Dampak Struktur Kepemilikan Terhadap Risiko Ekspropriasi. (Tesis), Universitas Brawijaya,
Friedman, E., Johnson, S., & Mitton, T. (2003). Propping and Tunneling. Journal of Comparative Economics, 31(4), 732-750. doi:10.1016/j.jce.2003.08.004
Glaeser, E., Johnson, S., & Shleifer, A. (2001). Coase Versus the Coasians. The Quarterly Journal of Economics, 116(3), 853-899. doi:https://doi.org/10.1162/00335530152466250
Grossman, S. J., & Hart, O. D. (1987). One Share/ One Vote and the Market For Corporate Control (Working Paper No. 2347). Retrieved from National Bureau Of Economic Research:
Henry, E., Gordon, E., Reed, B., & Louwers, T. (2012). The Role of Related Party Transactions in Fraudulent Financial Reporting. Journal of Forensic & Investigative Accounting, 4(1), 186-213.
Hwang, N.-C. R., Chiou, J.-R., & Wang, Y.-C. (2013). Effect of disclosure regulation on earnings management through related-party transactions: Evidence from Taiwanese firms operating in China. Journal of Accounting and Public Policy, 32(4), 292-313. doi:https://doi.org/10.1016/j.jaccpubpol.2013.04.003
Ikatan Akuntan Indonesia. (2015). Pernyataan Standar Akuntansi Keuangan Nomor 7 tentang Pengungkapan Pihak-Pihak Berelasi. Jakarta: Ikatan Akuntan Indonesia.
Jensen, M. C., & Meckling, W. H. (1976). Theory of the firm: Managerial behavior, agency costs and ownership structure. Journal of Financial Economics, 3(4), 305-360. doi:https://doi.org/10.1016/0304-405X(76)90026-X
Johnson, S., La Porta, R., Lopez-de-Silanes, F., & Shleifer, A. (2000). Tunnelling. Retrieved from Harvard - Institute of Economic Research: https://EconPapers.repec.org RePEc:fth:harver:1887
Juvita, D., & Siregar, S. V. (2013). Pengaruh Corporate Governance Terhadap Hubungan Besaran Dan Pengungkapan Hubungan Pihak Berelasi Dengan Manajemen Laba : Studi Empiris Perubahan PSAK no. 7. Jurnal Akuntansi dan Auditing, 10(1), 45-67.
Kang, M., Lee, H.-Y., Lee, M.-G., & Park, J. C. (2014). The association between related-party transactions and control–ownership wedge: Evidence from Korea. Pacific-Basin Finance Journal, 29, 272-296. doi:https://doi.org/10.1016.j.pacfin.2014.04.006
La Porta, R., Lopez-de-Silanes, F., Shleifer, A., & Vishny, R. (2000). Investor protection and corporate governance. Journal of Financial Economics, 58(1), 3-27. doi:https://doi.org/10.1016/S0304-405X(00)00065-9
Lin, C.-Y., Chen, Y.-S., & Yen, J.-F. (2014). On the determinant of bank loan contracts: The roles of borrowers’ ownership and board structures. The Quarterly Review of Economics and Finance, 54(4), 500-512. doi:https://doi.org/10.1016/j.qref.2014.04.005
Liu, Q., & Lu, Z. (2007). Corporate governance and earnings management in the Chinese listed companies: A tunneling perspective. Journal of Corporate Finance, 13(5), 881-906. doi:https://doi.org/10.1016/j.jcorpfin.2007.07.003
Lukviarman, N. (2016). Corporate Governance. Solo: PT Era Adicitra Intermedia.
Nekhili, M., & Cherif, M. (2011). Related parties transactions and firm's market value: the French case. Review of Accounting and Finance, 10(3), 291-315.doi:doi:10.1108/14757701111155806
Oktaviani, D. P. (2016). Determinan Voluntary Disclosure Level: Studi Empiris Pada Perusahaan Manufaktur Yang Terdaftar Di Bursa Efek Indonesia. Akuntabilitas: Jurnal Ilmu Akuntansi, 9(2), 243-254. doi:10.15408/akt.v9i2.4027
Otoritas Jasa Keuangan. (2012). Peraturan Otoritas Jasa Keuangan Nomor VIII.G.7 tentang Pedoman Penyajian Laporan Keuangan. Jakarta: Otoritas Jasa Keuangan.
Pagano, M., & Roell, A. (1998). The Choice of Stock Ownership Structure: Agency Costs, Monitoring, and the Decision to go Public. The Quarterly Journal of Economics, 113(1), 187-225.
Panggabean, E. (2013, 30 Maret 2017). Diduga Corporate Crime, Sumalindo Digugat Bayar Rp 18,7 Triliun. Retrieved from https://www.liputan6.com/news/read/729338/diduga-corporate-crime-sumalindo-digugat-bayar-rp-187-triliun
Peng, W. Q., Wei, K. C. J., & Yang, Z. (2011). Tunneling or propping: Evidence from connected transactions in China. Journal of Corporate Finance, 17(2), 306-325. doi:https://doi.org/10.1016j.jcorpfin.2010.08.002
Pozzoli, M., & Venuti, M. (2014). Related Party Transactions and Financial Performance: Is There a Correlation? Empirical Evidence from Italian Listed Companies. Open Journal of Accounting, 03(01), 28-37. doi:10.4236/ojacct.2014.31004
Siregar, B. (2007). Pengaruh Pemisahan Hak Aliran Kas Dan Hak Kontrol Terhadap Dividen. Paper presented at the Simposium Nasional Akuntansi X, Makasar.
Siregar , B. (2008). Ekspropriasi Pemegang Saham Minoritas dalam Struktur Kepemilikan Ultimat. Jurnal Riset Akuntansi Indonesia, 11(3), 237-263.
Utama, C., & Utama, S. (2014). Corporate governance, size and disclosure of related party transactions, and firm value: Indonesia evidence. International Journal of Disclosure and Governance, 11(4), 341-365. doi:10.1057/jdg.2013.23
Utama, C. A. (2015). Penentu Besaran Transaksi Pihak Berelasi: Tata Kelola, Tingkat Pengungkapan, dan Struktur Kepemilikan. Jurnal Akuntansi dan Keuangan Indonesia., 12(1), 37-54.
Ying, Q., & Wang, L. (2013). Propping by controlling shareholders, wealth transfer and firm performance: Evidence from Chinese listed companies. China Journal of Accounting Research, 6(2), 133-147. doi:https://doi.org/10.1016/j.cjar.2013.02.001
Yodhianto, A., & Diyanty, V. (2016). Efek entrenchment alignment pengendalian akhir keluarga dan peran dewan komisaris terhadap biaya utang. Paper presented at the Simposium Nasional Akuntansi XIX, Lampung.