Corporate Governance Dan Rasio Hutang (original) (raw)

Jurnal Ekonomi Dan Bisnis, 2009

Abstract

The Purpose of this research is to examine the effect between corporate governance implementation quality and dabt ratio. The samples of this research is non banking companies which include Swa sembada’s rating of CGPI (Corporate Governance Perception Index) score in 2003, 2004, 2005 and 2006. The number of samples are 33 companies. A measure of corporate governance implementation quality is CGPI score by IICG (Indonesian Institute of Corporate Governance). A measure of debt ratio are current debt to total asset (CD/TA), non current debt to total asset (NCD/TA), total debt to total asset (TD/TA), current debt to shareholder’s equity (CD/E), non current debt to shareholder’s equity (NCD/E) and total debt to shareholder’s equity (TD/E). The result of regression analysis shows significantly there are positive effect between CGPI score and TD/TA and between CGPI score and TD/E. This result consistent with finding of Litov (2005) but controverse with findings of Harford (2005), Black et.al (2003) and Salman & Farid (2007). Key word: good corporate governance, leverage

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