PENGARUH HORIZONTAL INTERLOCKING DIRECTORATE TERHADAP KINERJA KEUANGAN DAN KINERJA PASAR PADA PERUSAHAAN PUBLIC YANG TERDAFTAR DI BURSA EFEK INDONESIA (BEI) TAHUN 2011-2014
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Institusion
Sekolah Tinggi Ilmu Ekonomi Perbanas Surabaya
Author
KAUTSAR, BENIZAR JANNATA
Subject
657.042 - FINANCIAL ACCOUNTING
Datestamp
2017-07-03 02:46:26
Abstract :
This study was aimed at empirically determine to the effect of Horizontal Interlocking Directorate on Return On Asset, Price to Book Value and Tobin's Q to public companies at BEI. This study also reconfirm the status of Horizontal Interlocking Directorate to public companies at BEI. In previous research by Ahmar, 2013 has provided evidence that 47.5% of public companies in Indonesia are interlock status. The average of interlock score during the 10 years of observation is 0,41 (41%) the board of directors on public company have interlock status. Explicitly in accordance with an Article 26 of Ordinance No. 5 In 1999, the dual position is not prohibited, but these conditions are prohibited when the board of directors or directors holding the same office if: operates in the same market, have business linkages with each other in the production (upstream downstream), with a market share of goods or services, and result in monopolistic practices and unfair business competition. This study used sample of public companies in the Indonesia Stock Exchange 2011-2014 period. The independent variable of this research is Horizontal Interlocking Directorate, the dependent variable in this study is the financial performance and market performance. This study uses a control variable, Leverage, Firm Size and Firm Age. Test equipment of this research is multiple linear regression to test the normality of the data and also one way ANOVA test for descriptive test data. The results of this study are Horizontal Interlocking Directorate significant effect on Return On Assets, but had no significant effect on Price to Book Value and Tobin's Q, however Return On Assets significantly influence the control variable Leverage, Firm Size and Firm Age. The control variable Firm Size is not significant effect on Price to Book Value and Tobin's Q but the control variable Leverage, and Firm Age significant effect on Price to Book Value and Tobin's Q. This caused by the uneven Horizontal Interlocking Directorate data, this can be seen at the Horizontal Interlocking Directorate description based on years of research period 2011- 2014. Keywords: Horizontal Interlocking Directorate, financial performance, market performance
This study was aimed at empirically determine to the effect of Horizontal Interlocking Directorate on Return On Asset, Price to Book Value and Tobin's Q to public companies at BEI. This study also reconfirm the status of Horizontal Interlocking Directorate to public companies at BEI. In previous research by Ahmar, 2013 has provided evidence that 47.5% of public companies in Indonesia are interlock status. The average of interlock score during the 10 years of observation is 0,41 (41%) the board of directors on public company have interlock status. Explicitly in accordance with an Article 26 of Ordinance No. 5 In 1999, the dual position is not prohibited, but these conditions are prohibited when the board of directors or directors holding the same office if: operates in the same market, have business linkages with each other in the production (upstream downstream), with a market share of goods or services, and result in monopolistic practices and unfair business competition. This study used sample of public companies in the Indonesia Stock Exchange 2011-2014 period. The independent variable of this research is Horizontal Interlocking Directorate, the dependent variable in this study is the financial performance and market performance. This study uses a control variable, Leverage, Firm Size and Firm Age. Test equipment of this research is multiple linear regression to test the normality of the data and also one way ANOVA test for descriptive test data. The results of this study are Horizontal Interlocking Directorate significant effect on Return On Assets, but had no significant effect on Price to Book Value and Tobin's Q, however Return On Assets significantly influence the control variable Leverage, Firm Size and Firm Age. The control variable Firm Size is not significant effect on Price to Book Value and Tobin's Q but the control variable Leverage, and Firm Age significant effect on Price to Book Value and Tobin's Q. This caused by the uneven Horizontal Interlocking Directorate data, this can be seen at the Horizontal Interlocking Directorate description based on years of research period 2011- 2014. Keywords: Horizontal Interlocking Directorate, financial performance, market performance
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