EFEK MODERASI TRANSPARANSI PADA HUBUNGAN KONEKSI POLITIK TERHADAP PENURUNAN HARGA SAHAM
DOI:
https://doi.org/10.35794/jmbi.v10i2.48288Abstract
This study aims to empirically examine the effect of political connections on the risk of stock prices crashing. This study assessed a purposively selected sample of 62 companies listed on the Indonesia Stock Exchange for the 2019-2020 period. The method of data analysis using multiple linear regression shows that political connections can reduce the risk of stock prices crashing. The higher the political connections, the lower risk of crashing stock prices and vice versa. When companies with political connections present financial statements transparently, the risk of stock prices decreases. This research proves that when a company is unable to reduce its political connections, the transparency conducted by the company can reduce stock price risk.
References
Alamsyah, F., & Madyan, M. (2021). Pengaruh Board Characteristics Proporsi Woman On Board Pada Kinerja Keuangan. JMBI UNSRAT (Jurnal Ilmiah Manajemen Bisnis Dan Inovasi Universitas Sam Ratulangi)., 8(2). https://doi.org/10.35794/jmbi.v8i2.34663
Alamsyah, F., Saerang, I.S., Tulung, J. E. (2019). Analisis Akurasi Model Zmijewski, Springate, Altman, dan Grover Dalam Memprediksi Financial Distress. Jurnal EMBA : Jurnal Riset Ekonomi, Manajemen, Bisnis dan Akuntansi 7(2). https://doi.org/10.35794/emba.v7i2.49101
Aman, H. (2013). An analysis of the impact of media coverage on stock price crashes and jumps: Evidence from Japan. Pacific-Basin Finance Journal, 24, 22–38. https://doi.org/10.1016/j.pacfin.2013.02.003
Barney, J. (1991). Firm resources and sustained competitive advantage. Journal of management, 17(1), 99-120.
Du, X. Z. (2012). Government officials type political connections, participation in political affairs and earnings management. Journal of Shanghai Lixin University of Commerce, 15-23.Faccio, M. (2006). Politically Connected Firms. American Economic Review, 96(1), 369–386. https://doi.org/10.1257/000282806776157704
Governance, K. N. (2004, Januari). Pedoman Good Corporate Governance. Retrieved from https://muhariefeffendi.files.wordpress.com/2009/12/pedoman-gcg-perbankan.pdf
Guiso, L., Sapienza, P., & Zingales, L. (2004). The Role of Social Capital in Financial Development. American Economic Review, 94(3), 526–556. https://doi.org/10.1257/0002828041464498
Harymawan, Lam, Nasih, & Rumayya. (2019). Political Connections and Stock Price Crash Risk: Empirical Evidence from the Fall of Suharto. International Journal of Financial Studies, 7(3), 49. https://doi.org/10.3390/ijfs7030049
Hu, G., & Wang, Y. (2018). Political connections and stock price crash risk. China Finance Review International, 8(2), 140–157. https://doi.org/10.1108/CFRI-06-2017-0079
Hutton, A. P., Marcus, A. J., & Tehranian, H. (2009). Opaque financial reports, R2, and crash risk☆. Journal of Financial Economics, 94(1), 67–86. https://doi.org/10.1016/j.jfineco.2008.10.003
Jin, L., & Myers, S. (2006). R2 around the world: New theory and new tests☆. Journal of Financial Economics, 79(2), 257–292. https://doi.org/10.1016/j.jfineco.2004.11.003
Jou, R., Chen, S., & Tsai, J.-Y. (2017). Politically connected lending, government capital injection, and bank performance. International Review of Economics & Finance, 47, 220–232. https://doi.org/10.1016/j.iref.2016.10.011
Karamoy, H., & Tulung, J. E. (2020). The Effect of Financial Performance and Corporate Governance To Stock Price In Non-Bank Financial Industry. Corporate Ownership & Control, 17(2), 97-103.
Khwaja, A. I., & Mian, A. (2005). Do Lenders Favor Politically Connected Firms? Rent Provision in an Emerging Financial Market. The Quarterly Journal of Economics, 120(4), 1371–1411. https://doi.org/10.1162/003355305775097524
Kim, J.-B., Li, Y., & Zhang, L. (2011). Corporate tax avoidance and stock price crash risk: Firm-level analysis. Journal of Financial Economics, 100(3), 639–662. https://doi.org/10.1016/j.jfineco.2010.07.007
Mojambo, G. A., Tulung, J. E., & Saerang, R. T. (2020). The Influence of Top Management Team (TMT) Characteristics Toward Indonesian Banks Financial Performance During the Digital Era (2014-2018). JMBI UNSRAT (Jurnal Ilmiah Manajemen Bisnis dan Inovasi Universitas Sam Ratulangi)., 7(1).
Lie, S. X. (2014). Corporate social responsibility, political relationship and debt financing of private enterprises: evidence from Chinese capital market. Nankai Business Review, 17, 30-40.
Lee, W., & Wang, L. (2017). Do political connections affect stock price crash risk? Firm-level evidence from China. Review of Quantitative Finance and Accounting, 48(3), 643–676. https://doi.org/10.1007/s11156-016-0563-3
Luo, J. hui, Gong, M., Lin, Y., & Fang, Q. (2016). Political connections and stock price crash risk: Evidence from China. Economics Letters, 147, 90–92. https://doi.org/10.1016/j.econlet.2016.08.024
Manossoh, H. (2016). Good Corporate Governance Untuk Meneingkatkan Kualitas Laporan Keuangan. Bandung: PT. Norlive Kharisma Indonesia.
Michael, S. (1973). Job Marketing Signaling. The Quarterly Journal of Economics, 87, 355-374.
Mulyani, S., Darminto, & Endang, M. G. W. (2014). PENGARUH KARAKTERISTIK PERUSAHAAN, KONEKSI POLITIK DAN REFORMASI PERPAJAKAN TERHADAP PENGHINDARAN PAJAK (STUDI PADA PERUSAHAAN MANUFAKTUR YANG TERDAFTAR DI BURSA EFEK TAHUN 2008-2012). Jurnal Mahasiswa Perpajakan, 2(1).
Nuryaman, N. (2009). Pengaruh konsentrasi kepemilikan, ukuran perusahaan, dan mekanisme corporate governance terhadap pengungkapan sukarela. Jurnal Akuntansi Dan Keuangan Indonesia, 6(1), 5.
Pan, H. X. (2008). Government intervention, political connections and the mergers of local government-controlled enterprises. Economics Journal Research, 41-52.
Sarwono, J. (2018). Statistik untuk Riset Skripsi. Yogyakarta: ANDI (Anggota IKAPI).
Sekaran, U., Bougie, R. (2016). Research Methods for Business: A Skill-Building Approach. 7th Edition. Haddington: John Wiley & Sons.
Sugiyono. (2017). Metode Penelitian Kuantitatif, Kualitatif, Dan R&D. Bandung: Alfabeta.
Sumarso, B. (2003). Ex Ante Uncertainty Positive Signal & Underpricing Of Initial Public Offering Of Equity In Indonesia. Kompak, 240-260.
Suwardjono. (2008). Teori Akuntansi. Yogyakarta: Badan Penerbitan Fakultas Ekonomi.
Tambunan, D. (2020). Investasi Saham di Masa Pandemi COVID-19. Widya Cipta: Jurnal Sekretari dan Manajemen, 117-123.
Tarihoran, A. (2017). Pengaruh Penghindaran Pajak dan Leverage Terhadap Nilai Perusahaan dengan Transparansi Perusahaan Sebagai Variabel Moderasi. Jurnal Wira Ekonomi Mikroskil, 6(2), 149–164. https://doi.org/10.55601/jwem.v6i2.346
Tee, C. M. (2019). Political connections and stock price crash risk: evidence of institutional investors’ heterogeneous monitoring. Spanish Journal of Finance and Accounting / Revista Española de Financiación y Contabilidad, 48(1), 50–67. https://doi.org/10.1080/02102412.2018.1461461
Tessema, A. (2020). Audit quality, political connections and information asymmetry: evidence from banks in gulf co-operation council countries. International Journal of Managerial Finance, 16(5), 673–698. https://doi.org/10.1108/IJMF-01-2020-0027
Tulung, J.E. (2017). Resource Availability and Firm’s International Strategy as Key Determinants of Entry Mode Choice. Jurnal Aplikasi Manajemen, 15(1), 160-168.
Utami, D. P., Yuliandari, W. S., & Muslih, M. (2017). Mekanisme Good Corporate Governance dan Transparansi Perusahaan terhadap Pengungkapan Corporate Social Responsibility. JRAK, 9(1), 19. https://doi.org/10.23969/jrak.v9i1.364
Worldometers. (2020). COVID-19 CORONAVIRUS PANDEMIC. Worldometers. https://www.worldometers.info/coronavirus/
Xu, X., Li, W., & Chen, X. (2019). Confucian culture and stock price crash risk. China Journal of Accounting Studies, 7(1), 25–61. https://doi.org/10.1080/21697213.2019.1625577
Yu, H.-F., Lin, T.-J., Chang, H.-Y., & Wang, Y.-H. (2020). The Impact of Political Connection and Information Asymmetry on Investment Efficiency: Evidence from China. Sustainability, 12(14), 5607. https://doi.org/10.3390/su12145607
Zhang, Z. P., & Fang, H. X. (2013). Government control, political connections and corporate information disclosure – case of disclosing internal control attestation reports. Economic Management Journal, 105-114.