PENGARUH MEKANISME CORPORATE GOVERNANCE TERHADAP PERINGKAT OBLIGASI

Abstract

This study attempts to investigate the relations between corporate governance mechanisms to bond ratings. Sample are bonds that issued by public companies for the periode of 2001-2007 The study use bond rating categories provided by Pefindo Rating Agency. Logistic regression is used to examine whether corporate governance mechanism ajfect to bond ratings. The mainfindings are, first, that the existence ofmanagerial ownership are significantly negative effect to bond rating. Second thefirms with existence ofaudit committee, enjoy higher rating on their bond issues. Next, audit quality that measured by big 4 auditor have significant influence to bond rating. The results also indicate that board of commissioner size have a significant negative relationship to bond rating. On the other hand, this study cannotfind the evidence that concentrated institutional ownership and proportion of independent commissioner have a significant association to bond rating. Keywords : Corporate governance, bond rating, managerial ownership, audit committee, audit quality, board size.