Pengaruh Praktek Corporate Governance Terhadap Resiko Kredit, Yield Surat Hutang (Obligasi)




PENGARUH PRAKTEK CORPORATE GOVERNANCE TERHADAP RESIKO KREDIT, YIELD SURAT HUTANG (OBLIGASI)

RINANINGSIH
Universitas Indonesia
ABSTRACT

The purposes of this study are to investigate whether there are a relationship between corporate governance practices and credit risk and bond yields. This study takes sample from the companies that published bonds in 2006.

First we investigate the relationship between corporate governance practices and credit risk. Credit risk (default risk) can be measured by bond ratings (Billings, 1999). Using ordered probit regressions, we find evidence that the quality of transparency and financial information disclosure that proxied by big-4 auditors and audit committee have significant influence on bond ratings, but the relationship between blockholders and institutional ownership is not significant on bond ratings.

Second, we investigate the relationship between corporate governance practice and bond yields. Using multiple regressions, we find that corporate governance practices is not significant on bondyields. Then we put bond ratings in the equation, we find that bond ratings give incremental effect to the evidence. This evidence is consistent to Bradley et.al, 2007, that bond ratings are the prominent determinant for bond yields. Together with the bond ratings, the corporate governance practices (blockholders, institutional ownership, big-4 auditors) have significant influence on bond yields.

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