Tata Kelola Internal Perusahaan dan Risiko Jatuhnya Harga Saham Perbankan di Indonesia
Abstract
Stock price crash risk is defined as the risk of an extreme decline in stock prices. Stock price crash risk destroys the value of investors' portfolios and significantly affects their wealth. A number of literatures find that corporate governance systems can reduce stock price collapse risk. Departing from previous literature, there has been no study of the influence of internal corporate governance on stock price crash risk in the banking sector, especially in developing countries like Indonesia where the banking sector is a very crucial sector in driving Indonesia's economic growth. This study uses panel data on conventional banks listed on the Indonesia Stock Exchange from 2013 to 2020. This study employs panel regression analysis with a fixed effect estimator. The results show that the proportion of independent commissioners has a negative and significant effect on stock price crash risk of conventional banks in Indonesia. Gender diversity has a positive but not significant effect on stock price collapse risk. Institutional ownership has a negative and significant impact on stock price crash risk. The audit committee has a negative and significant effect on the stock price crash risk. For the regression estimation results on the control variable, firm size has a negative and significant effect on stock price crash risk. Return on assets shows a negative and significant effect on stock price crash risk. Meanwhile, leverage has a positive and insignificant effect on stock price collapse risk
Abstrak
Risiko jatuhnya harga saham didefinisikan sebagai risiko penurunan harga saham yang ekstrim. Risiko jatuhnya harga saham menghancurkan nilai portofolio investor dan secara signifikan memengaruhi kekayaan mereka. Sejumlah literatur menemukan bahwa sistem tata kelola dapat mengurangi risiko jatuhnya harga saham. Berangkat dari literatur sebelumnya, belum ada kajian tentang pengaruh tata kelola internal perusahaan terhadap risiko jatuhnya harga saham pada sektor perbankan, khususnya di negara berkembang seperti Indonesia dimana sektor perbankan merupakan sektor yang sangat krusial dalam mendorong pertumbuhan ekonomi Indonesia. Penelitian ini menggunakan data panel pada bank konvensional yang terdaftar di Bursa Efek Indonesia dari 2013 hingga 2020. Penelitian ini menggunakan analisis regresi panel dengan estimator fixed effect. hasil penelitian menunjukkan bahwa proporsi komisaris independen berpengaruh negatif dan signifikan terhadap risiko jatuhnya harga saham bank konvensional di Indonesia. Keberagaman gender berpengaruh positif namun tidak signifikan terhadap risiko jatuhnya harga saham. Kepemilikan institusional berpengaruh negatif dan signifikan terhadap risiko jatuhnya harga saham. Komite audit berpengaruh negatif dan signifikan terhadap risiko jatuhnya harga saham. Untuk hasil estimasi regresi pada variabel kontrol, ukuran perusahaan berpengaruh negatif dan signifikan terhadap risiko jatuhnya harga saham. Return on assets menunjukkan pengaruh negatif dan signifikan terhadap risiko jatuhnya harga saham. Sementara itu, leverage berpengaruh positif dan tidak signifikan terhadap risiko jatuhnya harga saham.
Kata Kunci: Keberagaman Gender, Kepemilikan Institusional, Komite Audit, Proporsi Komisaris Independen, Risiko Jatuhnya Harga Saham
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