Risiko Ekspropriasi Oleh Pemilik Pengendali Dan Tata Kelola Perusahaan Terhadap Tingkat Penggunaan Utang Bank

Abstract

This study aimed to analyze the effect of the expropriation risk by controller shareholders and corporategovernance (GCG) to the use level of bank loan owned by the company. The samples used in this study were thedata 226 manufacturing companies listed in Indonesia Stock Exchange in period 2010-2012. The resultsshowed that the magnitude of expropriation risk that could be done by controlling shareholders adverselyaffected the level of bank loan. This showed two things: in making loans to the company, banks considered thepossibility of the expropriation. The companies that had the expropriation risk would have less loan to thebank because the company avoided scrutiny which was higher than banks. This study could not prove theinfluence of corporate governance on the level of bank loan. The result on the audit quality variable showed apositive correlation between KAP size and bank loan levels