DETERMINAN PERJANJIAN UTANG BERBASIS AKUNTANSI (ACCOUNTING - BASED COVENANT) PADA OBLIGASI YANG DITERBITKAN OLEH PERUSAHAAN YANG TERDAFTAR INDEKS KOMPAS 100
Keywords:
maturity, collateral, firm size, profitability, leverage, spread, firm reputation, bond quality, accounting based convenant, kompas 100Abstract
The objective of this study is to examine the influence of maturity, collateral, firm size, profitability, leverage, spread, firm reputation, and bond quality toward the accounting-based convenant. The sample of this study was index kompas 100 during the period of 2014- 2016, so that sample total is 114. This research was conducted based on documentation, while data is acquired through the Indonesian Capital Market Directory (ICMD) and Indonesia Stock Exchange (IDX) Fact. Data were analyzed based on multiple linear regression, and t-test using the e-views. The results of the analysis in this study indicate that the collateral spread,firm reputation and bond quality, have significant influence on the accounting-based convenant while maturity, firm size profitability, and leverage does not
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Asquith, P., Beatty dan J. Weber. 2005. Performance pricing in bank debt contracts, Journal of Accounting & Economics, 40 (1-3):101-128.
Bharath, ST., Sunder, J. dan Sunder, SV. 2008. Accounting quality and debt contracting, The Accounting Review, 83(1), 1-28.
Begley, J. dan S. Chamberlain. 2005. The use of debt covenant in pulbic debt : the role of accounting quality and reputation, Working Paper University of British Columbia, 20 februari.
Billet, M.T., T.D. King, dan D.C. Mauer. 2007. Growth opportunities and the coice of leverage, debt maturity and covenants, The Journal of Finance, 62(2), 697-730.
Chatterge, R.A. 2006. Performance pricing and covenants in debt contracts in the UK, European Accoutning Assosiation Congress, Juli, 1-24
Darmadji, T dan F. Hendry . 2008. Pasar Modal di Indonesia Pendekatan Tanya Jawab, Edisi kedua, Salemba Empat, Jakarta.
Frankel, R., Seethamraju, C. dan Zach T. 2006. GAAP Goodwill dan debt contrating efficiency: evidence from net worth covenants, Olin School of Business Working Paper, 1-36
Ghozali, Imam. 2011. Aplikasi Analisis Multivariate Dengan Program IBM SPSS 19 (edisi kelima.) Semarang: Universitas Diponegoro.
Graham, J.R., S. Li dan J. Qiu. 2008. Corporate misreporting and bank loan contracting , Journal of Financial Economics, 89(1), 44-61.
Hall S.C. dan L.S. Swinney. 2004. Accounting policy change and debt contracts, Management Research Views, Vol. 27 No. 7, 34-48
Haryono, Slamet. 2005. Struktur kepemilikan dalam bingkai teori keagenan, Jurnal Akuntansi & Bisnis, Vol 5, No. 1, 63-71.
Hasibuan, Malayu S.P. 2009. Manajemen: Dasar, Pengertian, dan Masalah Edisi Revisi . Jakarta : Bumi Aksara.
Hulwati, 2004. Obligasi Syariah Di Malaysia: Legitimasi Kontrak Bay AL Inah dan Bay Al-Dayn, Simposium Nasional Sistem Ekonomi Islam II, h. 235-248.
Inamura, Y. 2009. The determinants of accounting-based covenants in public debt contracts, Journal of international Business Research, 8(2), 1-15.
Mariano, B. dan J.A. Tribo. 2009. Debt covenant and corporate investment, University Carlos III of Madrid Working Paper Series.
Mazumdar S.C. dan P. Sengupta. 2005. Disclosure and the loan spread on private debt, Financial Analysis Journal, 61(3), 83-95
Moir, L. dan S. Sudarsanam. 2007. Determinants of financial covenants and pricing of debt in private debt contracts : the UK evidence, Accounting and Business Research, 37(2), 151-166.
Raharja dan M. P. Sari. 2008. Kemampuan Rasio Keuangan dalam memprediksi Peringkat Obligasi (PT Kasnic Credit Rating). Jurnal Maksi. 8(2).
Rachman. 2006. Skripsi Universitas Kristen Petra, www.wikipedia.org, diunduh 27 september 2010.
Sartono, A. 2002. Manajemen Keuangan Teori dan Aplikasi, Edisi keempat. Yogyakarta: BPFE.
Sawir, Agnes 2008. Kebijakan Pendanaan dan Restrukturisasi Perusahaan. Jakarta: Pt Gramedia Pustaka Utama.
Schimdt, K.M. 2006. The economics of covenants as a means of efficient creditor protection, European Business Organization Law Review, 7:89-94.
Siddiqi, N.A. 2007. The determinants of private debt source, Research in Finance, ISSN, vol 23, 245-278.
Sugiyono. 2011. Metode Penelitian Kuantitatif Kualitatif dan R&D. Bandung:
Alfabeta.
Sulistiani, dkk. 2014. Faktor-faktor yang mempengaruhi perjanjian utang berbasis akuntansi (accounting - based covenant) pada obligasi yang diterbitkan oleh perusahaan yang terdaftar di bursa efek Indonesia. SNA XVII Lombok.
Wijayanti, Arum. 2008. Faktor-faktor yang mempengaruhi yield spread obligasi yang tercatat di Bursa Efek Surabaya periode 2001-2005, www.lib.unair.ac.id.
www.bisnis.com
www.idx.co.id
www.sahamok.com
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Published
2018-01-24
How to Cite
Nurabiah, N., Pusparini, H., Alamsyah, A., Fitriyah, N., & Isnawati, I. (2018). DETERMINAN PERJANJIAN UTANG BERBASIS AKUNTANSI (ACCOUNTING - BASED COVENANT) PADA OBLIGASI YANG DITERBITKAN OLEH PERUSAHAAN YANG TERDAFTAR INDEKS KOMPAS 100. Valid: Jurnal Ilmiah, 15(1), 30–45. Retrieved from https://journal.stieamm.ac.id/valid/article/view/48
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