文章基本信息

标题：The effect of board governance and debt policy on value of non-financial firms
本地全文：下载
作者：Zainal Abidin Sahabuddin ; Bram Hadianto,
期刊名称：Investment Management & Financial Innovations
印刷版ISSN：1810-4967
电子版ISSN：1812-9358
出版年度：2019
卷号：16
期号：2
页码：37-46
DOI：10.21511/imfi.16(2).2019.04
语种：English
出版社：LLC “Consulting Publishing Company “Business Perspectives”
摘要：Supervisory board plays an essential role to implement good governance in firm.If this governance is implemented well,the increase in firm value will occur.Related to this state ment,the main question that appears is about the number and independence rate of su pervisory board members needed to enhance firm value.Besides supervisory board,debt policy holds an important role for firm because of bankruptcy issue.Firm with good gov ernance tries to avoid this issue by decreasing the amount of its debt to create high value. The aim of this study is to test and analyze the effect of board governance,consisting of size and independence of supervisory board,and debt policy on value of non-financial firms forming the Kompas 100 Index on Indonesia Stock Exchange.To be able to generalize results on all non-financial firms forming this index,stratified random sam?pling method is used to take firms as the sample from the population.Method of data analysis used is fixed effect regression model. This study infers that the number of supervisory board members has no effect on firm value,whereas board independence and debt policy have the effect on firm value:firm with high portion of supervisory board independence and the amount of debt signifi?cantly tends to have low value.
关键词：debt policy;firm value;supervisory board independence