Pengaruh Kinerja Keuangan, Tata Kelola Perusahaan Dan Penggunaan Derivatif Terhadap Risiko Perusahaan
Abstract
This study aims to determine the effect of financial performance, corporate governance and derivatives usage on firm risk of non-financial companies listed in Kompas100 index at Indonesia Stock Exchange (IDX). This study employs six important independent variables that influence the firm risk, including liquidity, leverage, profitability, the proportion of independent commissioners and derivatives usage. The population in this study are all non-financial companies listed on the Kompas100 index in 2017 which amounted to 85 companies. This study uses purposive sampling method and the final sample is 74 companies. Data analysis technique used in this study is multiple linear regression analysis. Key research findings in this study indicate that leverage has significant and positive effect on firms risk, profitability has significant and negative effect on firms risk and derivatives usage has negative and significant effect on firms risk.
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References
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Beaver, H., Kettler, P., Scholes, M. 1970. The association between market determined and accounting determined risk measures. The Accounting Review, Vol. 45 (3), pp. 654-682.
Biase, P., D’Apolito, E. 2012. The Determinants of Systematic Risk in the Italian Banking System: A Cross-Sectional Time Series Analysis. International Journal of Economics and Finance, Vol. 4(11), pp. 152-164.
Borokhovich, K., Brunarski, K.R., Crutchley, C.E., Simskins, B.J. 2004. Board Composition and Corporate Use of Interest Rate Derivatives. Journal of Financial Research. Vol. 27, pp. 199-216.
Brealey, R.A., Myers, S.C., Marcus, A.J. 2014. Fundamentals of Corporate Finance. 8th Edition. New York: McGraw-Hill Company.
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Capozza, D.R., Seguin, P.J. 2003. Inside Ownership, Risk Sharing and Tobin’s q-Ratios: Evidence from REITs. Real Estate Economics, Vol. 31(3), pp.367-404.
Chen, C.R., Steiner, T.I., Whyte, A.M. 1998. Risk-Taking Behavior and Management Ownership in Depository Institutions. Journal of Financial Research, 19 (Spring1998), pp.1-16.
Chen, C.L, Fan, H.S., Yang, Y.M. 2014. The Effects of Corporate Governance and Accounting Rule Changes on Derivatives Usage. Review of Derivatives Research, Vol. 17, pp. 323-353.
Chiou, C.C., Su, R.K. 2007. On the Relation of Systematic Risk and Accounting Variables. Managerial Finance, Vol.33(8), pp.517-533.
Chun, L.S., Meharani R., 1999. Accounting variabel as Determinants of Systematic Risk in Malaysian Common Stocks, Asian Pasific Journal of Management, Vol. 6(2), pp.339-350.
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Daily, C.M., Dalton, D.R., Cannella, A.A. 2003. Corporate Governance: Decades of Dialogue and Data. The Academy of Management Review, Vol. 28(3), pp. 371-382.
Elloumi, F., Gueyié, J.P. 2001, Financial Distress and Corporate Governance: an Empirical Analysis. Corporate Governance, Vol. 1(1), pp. 15-23.
Fahmi, I. 2011. Analisis Laporan Keuangan. Lampulo: ALFABETA.
Fletcher, J., Forbes, D., Marshall, A. 2002. An Investigation of the Impact of Derivative Use on the Risk and Performance of UK Unit Trusts. Financial Services Review, Vol. 11(2002), pp. 173-187.
Hardwick, P., Adams, M. 1999. The Determinants of Financial Derivatives Use in the United Kingdom Life Insurance Industry, Abacus, Vol.35, No.2, pp.163-184.
Jensen, M., Murphy, K. 1990. Performance pay and top management incentives. Journal of Political Economy, Vol.98, pp.225-264.
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Mandelker, Gershon N., Rhee S. Ghon, 1984. The Impact of the Degree of Operating and Financial Leverage on the Systematic Risk of Common Stock, Journal of Financial and Quantitative Analysis, Vol. 19(March), pp.45-57.
McDonald, R.L. 2006. Derivatives Markets, Second Edition. Pearson Education, Inc: US.
McNulty, T., Florackis, C., Ormrod, P. 2012. Corporate Governance and Risk: A Study of Board Structure and Process. University of Liverpool Management School.
Modigliani, F., M.H. Miller 1958. The Cost of Capital, Corporation Finance, and the Theory of Investment. The American Economic Review, Vol. 48(3), pp. 261-297.
Modigliani, F., Miller, M.H. 1963. Corporate Income Taxes and The Cost of Capital: A Correction. The American Economic Review, Vol. 53(3), pp. 433-443.
Mulyadi. 2008. Sistem Akuntansi. Cetakan Keempat. Jakarta : Salemba Empat.
Munawir. 2010. Analisis Laporan Keuangan. Edisi 4. Yogyakarta: Liberty.
Ross, S., Westerfield, R., Jaffe, J. 2012. Corporate Finance, 10th edition. US: The McGraw-Hill Companies.
OECD. 2014. Risk Management and Corporate Governance, Corporate Governance, OECD Publishing.
Osuoha J. 2013. Financial engineering, corporate governance and Nigeria economic development. Journal of Financial Risk Management, Vol. 2(4), pp. 61-66. Scientific Research Publishers, (SCIRP) United States of America.
Saunders, A., Cornett, M.M. 2014, Financial Institution Management : A Risk Management Approach, New York: Mc Graw Hill
Saunders, M., Lewis, F., Thornhil, A. 2016. Research Methods for Business Students, Italy: Pearson Education.
Smith, C.W., Jr., Stulz, R.M. 1985. The Determinants of Firms’ Hedging Policies. Journal of Financial and Quantitative Analysis, Vol. 20(4), pp. 391-406.
Subramanian, T., Paramasivan, C. 2009. Financial Management. India: New Age International (P) Limited, Publisher.
Trinh, T.H., Duyen, T.T.T., Thao, N.T. 2015. The Impact of Corporate Governance on Financial Risk in Vietnamese Commercial Banks. International Journal of Economics and Finance, Vol. 7(7), pp. 123-130.
Tsorhe, J. S., Aboagye, A. Q. Q., Kyereboah-Coleman, A. 2011. Corporate Governance and Bank Risk Management in Ghana. University of Ghana Business School.
Van Horne, J.C., Wachowicz Jr., J.M. 2008. Fundamentals of Financial Management. 13th Edition. England: Pearson Education Limited.
Welker, M. 1995. Disclosure policy, information asymmetry, and liquidity in equity markets. Contemporary Accounting Research, Vol. 11(2), pp. 801-82.
www.idx.co.id
www.yahoofinance.com
Beaver, H., Kettler, P., Scholes, M. 1970. The association between market determined and accounting determined risk measures. The Accounting Review, Vol. 45 (3), pp. 654-682.
Biase, P., D’Apolito, E. 2012. The Determinants of Systematic Risk in the Italian Banking System: A Cross-Sectional Time Series Analysis. International Journal of Economics and Finance, Vol. 4(11), pp. 152-164.
Borokhovich, K., Brunarski, K.R., Crutchley, C.E., Simskins, B.J. 2004. Board Composition and Corporate Use of Interest Rate Derivatives. Journal of Financial Research. Vol. 27, pp. 199-216.
Brealey, R.A., Myers, S.C., Marcus, A.J. 2014. Fundamentals of Corporate Finance. 8th Edition. New York: McGraw-Hill Company.
Brickley, J. A., Lease, R. C., Smith Jr., C. W. 1988, Ownership structure and voting on antitakeover amendments, Journal of Financial Economics, Vol.20, pp. 267–91.
Brigham, E.F., Daves, P.R. 2007. Intermediate Financial Management. 9th edition. USA: Thomson Higher Education.
Capozza, D.R., Seguin, P.J. 2003. Inside Ownership, Risk Sharing and Tobin’s q-Ratios: Evidence from REITs. Real Estate Economics, Vol. 31(3), pp.367-404.
Chen, C.R., Steiner, T.I., Whyte, A.M. 1998. Risk-Taking Behavior and Management Ownership in Depository Institutions. Journal of Financial Research, 19 (Spring1998), pp.1-16.
Chen, C.L, Fan, H.S., Yang, Y.M. 2014. The Effects of Corporate Governance and Accounting Rule Changes on Derivatives Usage. Review of Derivatives Research, Vol. 17, pp. 323-353.
Chiou, C.C., Su, R.K. 2007. On the Relation of Systematic Risk and Accounting Variables. Managerial Finance, Vol.33(8), pp.517-533.
Chun, L.S., Meharani R., 1999. Accounting variabel as Determinants of Systematic Risk in Malaysian Common Stocks, Asian Pasific Journal of Management, Vol. 6(2), pp.339-350.
Chung, K.H., Pruitt, S.W. 1994. A Simple Approximation of Tobin’s Q. Financial Management, Vol.23(3), pp.70–74.
Creswell, J.W. 2014. Research Design, Qualitative, Quantitativem and Mixed Methods Approaches. USA: Sage Publications, Inc.
Daily, C.M., Dalton, D.R., Cannella, A.A. 2003. Corporate Governance: Decades of Dialogue and Data. The Academy of Management Review, Vol. 28(3), pp. 371-382.
Elloumi, F., Gueyié, J.P. 2001, Financial Distress and Corporate Governance: an Empirical Analysis. Corporate Governance, Vol. 1(1), pp. 15-23.
Fahmi, I. 2011. Analisis Laporan Keuangan. Lampulo: ALFABETA.
Fletcher, J., Forbes, D., Marshall, A. 2002. An Investigation of the Impact of Derivative Use on the Risk and Performance of UK Unit Trusts. Financial Services Review, Vol. 11(2002), pp. 173-187.
Hardwick, P., Adams, M. 1999. The Determinants of Financial Derivatives Use in the United Kingdom Life Insurance Industry, Abacus, Vol.35, No.2, pp.163-184.
Jensen, M., Murphy, K. 1990. Performance pay and top management incentives. Journal of Political Economy, Vol.98, pp.225-264.
Gatopoulos, G., Louberge, H. 2013. Combined Use of Foreign Debt and Currency Derivatives Under The Threat of Currency Crises: The Case of Latin American Firms. Journal of International Money and Finance. Vol. 35, pp. 54-75
Gitman, L. J., Michael D.J. 2004. Fundamentals of Investing, 8th edition, Eddison Wiley, New York.
Gu, Z., Kim, H. 2002. Determinants of Restaurant Systematic Risk: A Reexamination. Journal of Hospitality Financial Management, Vol. 10(1), pp.1-13
Guay, W.R. 1999. The Impact of Derivatives on Firm Risk: An Empirical Examination of New Derivatives Users. Journal of Accounting and Economics, Vol. 26, pp. 319-351.
Hanafi, M.M. 2014. Manajemen Risiko, Edisi Ketiga, Yogyakarta: UPP STIM YKPN.
Hull, J.C. 2009. Options, Futures, and other Derivatives. 7th edition. US: Pearson Education, Inc.
Kaplan, R.S., Mikes, A. 2012. Managing Risks: A New Framework. Harvard Business Review, June 2012 issue.
Lantara, I.W.N. 2010. A Survey on the Use of Derivatives in Indonesia. Gajah Mada International Journal of Business, Vol. 12(3), pp. 295-323.
Mandelker, Gershon N., Rhee S. Ghon, 1984. The Impact of the Degree of Operating and Financial Leverage on the Systematic Risk of Common Stock, Journal of Financial and Quantitative Analysis, Vol. 19(March), pp.45-57.
McDonald, R.L. 2006. Derivatives Markets, Second Edition. Pearson Education, Inc: US.
McNulty, T., Florackis, C., Ormrod, P. 2012. Corporate Governance and Risk: A Study of Board Structure and Process. University of Liverpool Management School.
Modigliani, F., M.H. Miller 1958. The Cost of Capital, Corporation Finance, and the Theory of Investment. The American Economic Review, Vol. 48(3), pp. 261-297.
Modigliani, F., Miller, M.H. 1963. Corporate Income Taxes and The Cost of Capital: A Correction. The American Economic Review, Vol. 53(3), pp. 433-443.
Mulyadi. 2008. Sistem Akuntansi. Cetakan Keempat. Jakarta : Salemba Empat.
Munawir. 2010. Analisis Laporan Keuangan. Edisi 4. Yogyakarta: Liberty.
Ross, S., Westerfield, R., Jaffe, J. 2012. Corporate Finance, 10th edition. US: The McGraw-Hill Companies.
OECD. 2014. Risk Management and Corporate Governance, Corporate Governance, OECD Publishing.
Osuoha J. 2013. Financial engineering, corporate governance and Nigeria economic development. Journal of Financial Risk Management, Vol. 2(4), pp. 61-66. Scientific Research Publishers, (SCIRP) United States of America.
Saunders, A., Cornett, M.M. 2014, Financial Institution Management : A Risk Management Approach, New York: Mc Graw Hill
Saunders, M., Lewis, F., Thornhil, A. 2016. Research Methods for Business Students, Italy: Pearson Education.
Smith, C.W., Jr., Stulz, R.M. 1985. The Determinants of Firms’ Hedging Policies. Journal of Financial and Quantitative Analysis, Vol. 20(4), pp. 391-406.
Subramanian, T., Paramasivan, C. 2009. Financial Management. India: New Age International (P) Limited, Publisher.
Trinh, T.H., Duyen, T.T.T., Thao, N.T. 2015. The Impact of Corporate Governance on Financial Risk in Vietnamese Commercial Banks. International Journal of Economics and Finance, Vol. 7(7), pp. 123-130.
Tsorhe, J. S., Aboagye, A. Q. Q., Kyereboah-Coleman, A. 2011. Corporate Governance and Bank Risk Management in Ghana. University of Ghana Business School.
Van Horne, J.C., Wachowicz Jr., J.M. 2008. Fundamentals of Financial Management. 13th Edition. England: Pearson Education Limited.
Welker, M. 1995. Disclosure policy, information asymmetry, and liquidity in equity markets. Contemporary Accounting Research, Vol. 11(2), pp. 801-82.
www.idx.co.id
www.yahoofinance.com
Published
2019-08-28
How to Cite
CANDRADEWI, Made Reina; RAHYUDA, Henny.
Pengaruh Kinerja Keuangan, Tata Kelola Perusahaan Dan Penggunaan Derivatif Terhadap Risiko Perusahaan.
Matrik : Jurnal Manajemen, Strategi Bisnis dan Kewirausahaan, [S.l.], p. 243-256, aug. 2019.
ISSN 2302-8890.
Available at: <https://ojs.unud.ac.id/index.php/jmbk/article/view/47437>. Date accessed: 27 apr. 2024.
doi: https://doi.org/10.24843/MATRIK:JMBK.2019.v13.i02.p12.
Section
Articles
This work is licensed under a Creative Commons Attribution-ShareAlike 4.0 International License.
