The Impact of Corporate Governance Implementation on Public Company Bond Ratings and Yield: a Case of Indonesia
This study aims to examine the effect of the implementation of corporate governance on bond ratings and yields. We used the sample of firms that issued bonds in Indonesia Stock Exchange during the period 2007-2011. Pool the Data observation period started on January 1, 2007 to December 31, 2011. Dat...
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| Veröffentlicht in: | Acta Universitatis Danubius. Œconomica 2012, Vol.8 (6), p.89-99 |
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| container_title | Acta Universitatis Danubius. Œconomica |
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| creator | Mafudi, Mafudi Putri, Negina Kencono |
| description | This study aims to examine the effect of the implementation of corporate governance on bond ratings and yields. We used the sample of firms that issued bonds in Indonesia Stock Exchange during the period 2007-2011. Pool the Data observation period started on January 1, 2007 to December 31, 2011. Data obtained from PT PEFINDO ratings that bond rating is an independent institution in Indonesia. Data were analyzed by using logistic regression analysis (logit) and multivariate regression. Logit analysis is used to test the effect of corporate governance on bond ratings. Multivariate regression analysis is used to test the effect of corporate governance on bond yields. The results show that not all elements of corporate governance ratings and bond yields affect.The number of independent commissioners’ positive effect on bond ratings and a negative effect on bond yields. In addition, the existence of an audit committee, statistically significant negative effect on bond yields. This shows that the existence of an audit committee is a variable to be considered by investors in the bond investment. |
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We used the sample of firms that issued bonds in Indonesia Stock Exchange during the period 2007-2011. Pool the Data observation period started on January 1, 2007 to December 31, 2011. Data obtained from PT PEFINDO ratings that bond rating is an independent institution in Indonesia. Data were analyzed by using logistic regression analysis (logit) and multivariate regression. Logit analysis is used to test the effect of corporate governance on bond ratings. Multivariate regression analysis is used to test the effect of corporate governance on bond yields. The results show that not all elements of corporate governance ratings and bond yields affect.The number of independent commissioners’ positive effect on bond ratings and a negative effect on bond yields. In addition, the existence of an audit committee, statistically significant negative effect on bond yields. 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Pool the Data observation period started on January 1, 2007 to December 31, 2011. Data obtained from PT PEFINDO ratings that bond rating is an independent institution in Indonesia. Data were analyzed by using logistic regression analysis (logit) and multivariate regression. Logit analysis is used to test the effect of corporate governance on bond ratings. Multivariate regression analysis is used to test the effect of corporate governance on bond yields. The results show that not all elements of corporate governance ratings and bond yields affect.The number of independent commissioners’ positive effect on bond ratings and a negative effect on bond yields. In addition, the existence of an audit committee, statistically significant negative effect on bond yields. This shows that the existence of an audit committee is a variable to be considered by investors in the bond investment.</description><subject>Bond market</subject><subject>Corporate governance</subject><subject>Economy</subject><subject>Indonesia</subject><subject>Investment</subject><subject>Investors</subject><subject>Regression analysis</subject><subject>Stock exchange</subject><issn>2065-0175</issn><issn>2067-340X</issn><issn>2067-340X</issn><fulltext>true</fulltext><rsrctype>article</rsrctype><creationdate>2012</creationdate><recordtype>article</recordtype><sourceid>REL</sourceid><recordid>eNotj09Lw0AQxYMoWGq_gYc9egns_2S9adBaKCjSg57CZHeqKdvdmk0Ev71r6zAwD95vHjNnxYxTXZVC0rfzo1YlZZW6LBYp7WguYQznfFbEzSeS1f4AdiRxS5o4HOIAI5Jl_MYhQLBH2-MewwhjHwPJ_TJ1vreZzovhh9zH4MhrdsNHIpD1e4_e3RIgDST8y10FFwOmHq6Kiy34hIv_OS82jw-b5qlcPy9Xzd26tErqsq5rLTStHQJXliqskGpq6k5xJrTp8uncMsUcVAaYkhJcJzJtuOs6ZYSYFzen2MMQvyZMY7vvk0XvIWCcUsskq5lgUuqMXp9Qixh9u4tTftunVmnGmBa_9zhhGg</recordid><startdate>2012</startdate><enddate>2012</enddate><creator>Mafudi, Mafudi</creator><creator>Putri, Negina Kencono</creator><general>Danubius University Press</general><general>Editura Universitară Danubius</general><scope>AE2</scope><scope>BIXPP</scope><scope>REL</scope><scope>8BJ</scope><scope>FQK</scope><scope>JBE</scope></search><sort><creationdate>2012</creationdate><title>The Impact of Corporate Governance Implementation on Public Company Bond Ratings and Yield: a Case of Indonesia</title><author>Mafudi, Mafudi ; Putri, Negina Kencono</author></sort><facets><frbrtype>5</frbrtype><frbrgroupid>cdi_FETCH-LOGICAL-c546-88863608dea25c05e7e06098b521369b2222c151da79a1544adb38de92dbb5933</frbrgroupid><rsrctype>articles</rsrctype><prefilter>articles</prefilter><language>eng</language><creationdate>2012</creationdate><topic>Bond market</topic><topic>Corporate governance</topic><topic>Economy</topic><topic>Indonesia</topic><topic>Investment</topic><topic>Investors</topic><topic>Regression analysis</topic><topic>Stock exchange</topic><toplevel>peer_reviewed</toplevel><toplevel>online_resources</toplevel><creatorcontrib>Mafudi, Mafudi</creatorcontrib><creatorcontrib>Putri, Negina Kencono</creatorcontrib><collection>Central and Eastern European Online Library (C.E.E.O.L.) (DFG Nationallizenzen)</collection><collection>CEEOL: Open Access</collection><collection>Central and Eastern European Online Library</collection><collection>International Bibliography of the Social Sciences (IBSS)</collection><collection>International Bibliography of the Social Sciences</collection><collection>International Bibliography of the Social Sciences</collection><jtitle>Acta Universitatis Danubius. Œconomica</jtitle></facets><delivery><delcategory>Remote Search Resource</delcategory><fulltext>fulltext</fulltext></delivery><addata><au>Mafudi, Mafudi</au><au>Putri, Negina Kencono</au><format>journal</format><genre>article</genre><ristype>JOUR</ristype><atitle>The Impact of Corporate Governance Implementation on Public Company Bond Ratings and Yield: a Case of Indonesia</atitle><jtitle>Acta Universitatis Danubius. 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The results show that not all elements of corporate governance ratings and bond yields affect.The number of independent commissioners’ positive effect on bond ratings and a negative effect on bond yields. In addition, the existence of an audit committee, statistically significant negative effect on bond yields. This shows that the existence of an audit committee is a variable to be considered by investors in the bond investment.</abstract><pub>Danubius University Press</pub><tpages>11</tpages><oa>free_for_read</oa></addata></record> |
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| issn | 2065-0175 2067-340X 2067-340X |
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| source | Elektronische Zeitschriftenbibliothek - Frei zugängliche E-Journals |
| subjects | Bond market Corporate governance Economy Indonesia Investment Investors Regression analysis Stock exchange |
| title | The Impact of Corporate Governance Implementation on Public Company Bond Ratings and Yield: a Case of Indonesia |
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