Dipresentasikan di Forum Manajemen Indonesia 2010 di Unair Surabaya, 2-3 November 2010
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ASOSIASI RELATED PARTY TRANSACTION DAN KINERJA PERUSAHAAN (Studi pada Lembaga Keuangan yang Terdaftar di BEI Tahun 2008)
Kelompok Paper : Manajemen Keuangan
Supatmi
Anastasia Ayu Tya Pratiwi Ronny Prabowo
Fakultas Ekonomika dan Bisnis Universitas Kristen Satya Wacana, Salatiga
patmie@staff.uksw.edu
Abstract
In Indonesia, many of the companies have concentrated ownership, dominant family control, and high related party transactions (Feliana, 2007). The related party transactions (RPT) are a tool of earnings management (Gordon et al., 2004), so it will influence the company performance, especially in profitability performance. This research investigates association between RPT in receivable and payable to the company performance was measured by ROE and Tobin’s Q.
The research uses 60 samples was drawn from listed credit agency companies in BEI on 2008. The dependent variables are ROE and Tobin’s Q, ROE was measured by divide the net profit to equity, and Tobin’s Q was measured by divide the market value of company to value of asset of company. The independent variables are RPT on receivables and RPT on payables, RPT receivables was measured by divide the total RPT on receivables to total assets, and RPT on payables was measured by divide the total RPT on payables to total liabilities. The research uses firm size and institutional ownership as variables control. The multiple regressions use as method for this research.
The research finds a positive association between RPT on receivable and company performance was measured by ROE, and a negative association between RPT on payables and company performance was measured by Tobin’s Q. In the other side, the research finds a negative association between RPT on receivables and company performance was measured by ROE, and a positive association between RPT on payables and company performance was measured by Tobin’s Q.
