Keluarga dalam Bisnis dan Biaya Utang: Bukti dari Perusahaan Keluarga di Indonesia
DOI:
https://doi.org/10.33603/jka.v8i1.9281Kata Kunci:
Biaya utang, Data panel, Keterlibatan keluarga, Perusahaan keluargaAbstrak
Isu efisiensi dalam memilih pendanaan menjadi perhatian para peneliti, terlebih selama pandemic covid 19. Penelitian kami berupaya menginvestigasi apakah keterlibatan keluarga dalam bentuk kepemilikan berkontribusi terhadap struktur pendanaan perusahaan keluarga dan meningkatkan efisieni dalam pendanaan. Kemudian kami juga memperluas pengujian untuk melihat bagaimana aktivitas manajemen laba mempengaruhi keterlibatan keluarga tersebut. Kami mengumpulkan perusahaan keluarga yang terdaftar di Bursa Efek Indonesia selama periode 2005-2020. Kemudian kami menganalisis data dengan menggunakan regresi data panel. Hasil penelitian memberikan bukti empiris yang cukup kuat bahwa keterlibatan keluarga dan kepemilikan keluarga dalam manajemen mapu menurunkan dan memberikan efisiensi dalam pendanaan dari skema utang selama pandemic covid 19. Hasil penelitian kami juga memberikan bukti empiris bahwa manajemen laba yang dilakukan melalui arus kas abnormal tidak mempengaruhi keterlibatan dan kepemilikan keluarga dalam berkontribusi menurunkan biaya utang. Penelitian ini diharapkan memberikan implikasi yang cukup luas bagi perusahaan keluarga terutam adlaam menentukan keputusan pendanaan dari skema utang.
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