Kesulitan Keuangan: Efek Struktur Kepemilikan, Karakteristik Dewan Direksi, dan Indeks Tata Kelola Perusahaan
DOI:
https://doi.org/10.37253/gfa.v6i2.6901Keywords:
Financial distress, CGI, ownership structure, characteristics of directorsAbstract
Purpose – This study aims to examine the effect of the corporate governance on the firm financial distress. The independent variables consisted of ownership structure (managerial, foreign, institutional, family, and block holder’s), board characteristics (size, independent, educational background, meeting, and gender) and corporate governance index.
Research Method – This study uses 168 sample companies selected by purposive sampling method. The hypotheses testing uses panel regression method.
Findings – The result shows 116 of 168 sample companies (IDX) experienced financial distress. It has been proven that financial distress can be significantly reduced by increasing concentrated ownership and board education. In addition, foreign ownership and board size have a significant and positive impact on financial distress. However, managerial ownership, family ownership, institutional ownership, board independence, board meetings, board gender, and corporate governance index do not have an impact on financial distress.
Implication – The findings of this study imply that financial distress occurs by the presence of foreign ownership because of rarely involved in company management. In addition, to avoid the risk of financial distress the company can be anticipated by improving the quality board of directors (education, expertise, CEO tenure) and strengthening the internal control.
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References
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Khurshid, M. K., Sabir, H. M., Tahir, S. H., & Abrar, M. (2018). Impact of corporate governance on the likelihood of financial distress: Evidence from non-financial firms of pakistan. Pacific Business Review International, 11(4), 143–149. www.pbr.co.in
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Mangena, M., Priego, A. M., & Manzaneque, M. (2020). Bank power, block ownership, boards and financial distress likelihood: An investigation of Spanish listed firms. Journal of Corporate Finance, 64(May), 101636. https://doi.org/10.1016/j.jcorpfin.2020.101636
Manzaneque, M., Priego, A. M., & Merino, E. (2016). Corporate governance effect on financial distress likelihood: Evidence from Spain. Revista de Contabilidad-Spanish Accounting Review, 19(1), 111–121. https://doi.org/10.1016/j.rcsar.2015.04.001
Mardnly, Z., Mouselli, S., & Abdulraouf, R. (2018). Corporate governance and firm performance: an empirical evidence from Syria. International Journal of Islamic and Middle Eastern Finance and Management, 11(4), 591–607. https://doi.org/10.1108/IMEFM-05-2017-0107
Mariano, S. S. G., Izadi, J., & Pratt, M. (2019). Can we predict the likelihood of financial distress in companies from their corporate governance and borrowing? International Journal of Managerial Finance, 15, 1–26.
Meiliana, M., & Julia, I. (2022). Analisis pengaruh struktur dewan direksi terhadap kinerja perusahaan. 06(01), 170–185.
Mishra, R. K., & Kapil, S. (2018). Effect of board characteristics on firm value: evidence from India. South Asian Journal of Business Studies, 7(1), 41–72. https://doi.org/10.1108/SAJBS-08-2016-0073
Mittal, S., & Lavina. (2018). Females’ representation in the boardroom and their impact on financial distress: An evidence from family businesses in India. Indian Journal of Corporate Governance, 11(1), 35–44. https://doi.org/10.1177/0974686218763857
Mohd Ali, M., & Mohd Nasir, N. (2018). Corporate governance and financial distress: Malaysian perspective. Asian Journal of Accounting Perspectives, 11(1), 108–128. https://doi.org/10.22452/ajap.vol11no1.5
Munene, H. nguta, N., J. N., A., T. S., & Mugambi, K. (2020). Influence of board characteristics on financial distress of deposit taking SACCOs in Nairobi county, Kenya. International Journal of Finance & Banking Studies (2147-4486), 9(4), 97–110. https://doi.org/10.20525/ijfbs.v9i4.948
Munene, H. nguta, & Ndegwa, J. (2021). The mediating effect of firm revenue on the relationship between board characteristics on financial distress of deposit taking Saccos in Nairobi County, Kenya. International Journal of Finance & Banking Studies (2147-4486), 10(1), 34–47. https://doi.org/10.20525/ijfbs.v10i1.1080
Muñoz-Mendoza, J. A., Sepúlveda-Yelpo, S. M., Veloso-Ramos, C. L., & Delgado-Fuentealba, C. L. (2019). Effects of foreign ownership and International Financial Reporting Standards on debt maturity in Chilean firms. Estudios Gerenciales, 35(153), 416–428. https://doi.org/10.18046/j.estger.2019.153.3374
Pramudena, S. M. (2017). Impact of good corporate governance on financial distress in the consumer goods sector company. GATR Journal of Finance and Banking Review, 2(4), 46–55. https://doi.org/10.35609/jfbr.2017.2.4(6)
Prashar, A., & Gupta, P. (2020). Corporate boards and firm performance: a meta-analytic approach to examine the impact of contextual factors. International Journal of Emerging Markets, 16(7), 1454–1478. https://doi.org/10.1108/IJOEM-10-2019-0860
Pujakusum, D. P., & Sinarti, S. (2019). The Effect of Good Corporate Governance Mechanism On The Financial Performance of Banking Companies Listed In Stock Exchange Indonesia 2012-2016. Journal of Applied Managerial Accounting, 3(2), 273–287. https://doi.org/10.30871/jama.v3i2.1552
Puni, A., & Anlesinya, A. (2020). Corporate governance mechanisms and firm performance in a developing country. International Journal of Law and Management, 62(2), 147–169. https://doi.org/10.1108/IJLMA-03-2019-0076
Ramachandran, J., Alam, N., & Goh, C. E. (2020). A win-win situation for both managers and shareholders: A study of ASEAN corporate governance. Managerial Finance, 46(8), 977–1000. https://doi.org/10.1108/MF-07-2018-0308
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