Blockholders Ownership dan Transaksi Pihak Berelasi Pada Industri Manufaktur

Abstract

This study aims to find empirical evidences about the effect of blockholders ownership on related party transactions in manufacturing companies. This study used 140 samples of manufacturing companies listed on the Indonesia Stock Exchange during 2017-2019. Tunneling related party transactions are measured based on the number of related party transactions of trade receivables or assets other than trade receivables reported in the financial statements divided by the company's total assets, while propping related party transactions are measured based on the number of related party transactions accounts payable or liabilities other than trade payables divided with the company's total liabilities. This hypothesis was tested using panel data regression. The results shows that blockholders ownership has a positive effect on propping related party transactions, namely trade payables and other than trade payables, but has a negative effect on related party transactions other than accounts receivable. The effect of blockholders ownership on related party transactions is propping greater than tunneling. This finding is in line with agency theory that blockholders ownership encourages related party transactions by companies Penelitian ini bertujuan untuk mendapatkan bukti empiris dampak blockholders ownership terhadap transaksi pihak berelasi pada perusahaan manufaktur. Penelitian ini menggunakan sampel 140 perusahaan manufaktur yang terdaftar di BEI tahun 2017-2019. Transaksi pihak berelasi yang bersifat tunneling diukur berdasarkan jumlah transaksi pihak berelasi piutang usaha atau aset selain piutang usaha yang dilaporkan dalam laporan keuangan dibagi dengan total asset perusahaan, sedangkan transaksi pihak berelasi bersifat propping diukur berdasarkan jumlah transaksi pihak berelasi utang usaha atau liabilitas selain utang usaha dibagi dengan total liabilitas perusahaan. Hipotesis ini diuji dengan menggunakan regresi data panel. Hasil penelitian ini menunjukkan bahwa blockholders ownership memiliki pengaruh positif terhadap transaksi pihak berelasi bersifat propping, yaitu utang usaha dan selain utang usaha namun berpengaruh negatif terhadap transaksi pihak berelasi selain piutang usaha. Pengaruh blockholders ownership terhadap transaksi pihak berelasi berisfat propping lebih besar dari tunneling. Temuan ini sejalan dengan teori agensi bahwa blokholders ownership mendorong adanya transaksi pihak berelasi yang dilakukan perusahaan. DOI: https://doi.org/10.26905/afr.v4i1.5941

Keywords

• agency theory, blockholders ownership
• propping, related party transactions, and tunneling