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CORPORATE RISK-TAKING: EVIDENCE FROM INDONESIA
SKRIPSI
Submitted as Partial Fulfillment of Requirement for the Degree of Sarjana
Ekonomi (SE) at the Universitas Sebelas Maret
By:
WIDOWATI DIAN PERMATASARI
F0310086
FACULTY OF ECONOMIC AND BUSINESS
SEBELAS MARET UNIVERSITY
SURAKARTA
2014
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MOTTO
Man Jadda Wa Jadda, Man Shabara Zhafira, Man Sara Ala Darbi Washala.
(Negeri 5 Menara)
The mind is everything. What you think, you become.
(Buddha)
It’s my life. It’s now or never
(Bon Jovi)
You shoot me down but I won't fall, I am titanium.
(David Guetta)
It's not about what you've done, it’s about what you doing.
It's all about where you going, No matter where you've been.
Let's go! Make no excuses now.
(Calvin Harris)
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DEDICATION
This skripsi and whatsoever success that I could achieve is dedicated to
ϖ My mom, my dad, my little brother and all my beloved big family.
ϖ My supervisor and all lecturer Faculty of Economic and Business UNS
ϖ My best friends
There is no kindness love like your true love. Thanks for the support and pray
for me all the time.
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ACKNOWLEDGEMENT
Researcher will be grateful to Allah SWT for all the mercy and bless so
that I was able to finish this research well.
This Skripsi is proposed to complete all the requirements of achieves the
degree of Sarjana Ekonomi of Accounting Department, Sebelas Maret University,
Surakarta.
Researcher realizes that she could not have finished this skripsi without the
supports and involvement of many parties both directly and indirectly. I owe a
very great debt and thanks to:
1. Dr. Wisnu Untoro, M.S., as the Dean of Economics Department, Sebelas
Maret University, Surakarta.
2. Drs. Santoso M.Si., Ak., as the Head of Accounting Department,Sebelas
Maret University, Surakarta.
3. Drs. Muh Agung Prabowo, M.Si., Ph.D, Ak., as my supervisor. I wish to
express my deepest thanks to Mr. Agung for his considerable help to give
advices and a very closely improved result.
4. Prof. Dr. Rahmawati, M.Si., Ak., as my academic advisor, thanks for all your
support and advices.
5. Agung Nur Probohudono SE., M.Si., Ph.D., Ak and Sri Hantoro SE., MSc.,
Ak. as my informal advisor. Thanks for inspire and help me through several
issues to finish my skrpisi
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6. All lectures and staff in Faculty of Economics, Sebelas Maret University who
have provided knowledge, guidance, and service.
7. My father as my best role model, my mother as my mood booster and my
truthful brother, thanks for being the most wonderful family in the world.
Also my beloved grandma, uncle Sabar and aunt Diah for the support.
8. M. Andy Bayu, Retnia Wulandari, Aldy Fariz, Tika Triwik, for assist me
making this skripsi even better.
9. My super awesome friends Amalia Dewi Latifah, Okki Carolina, Fitri
Setyowati, Merinta Bella, and Okfidsa Java whose always right beside me
through the good time and bad time.
10. My second family in Solo, Pradityo Abi Karami, Golda Belladonna, Anis
Ratnasari, Sandi Pratomo, and Putra Satria, thanks for teach, and take care of
me through my transition period.
11. My trusted friend Prasetya Adi, thanks for being the best light ever.
12. My partner in crime Meri, Rio & Diah, Indro, Jon, Kholid, Bayu, and Yogi,
keep fighting guys!
13. All BEM’s committees, especially Abdika, Aldy, Aji, Ben, Binta, and Ibnu.
It’s been an honors to take responsibility as “the heart of BEM”
14. My staff in Social Political Bureau Opang, Mono, Nugroho, Devi, Ria, Bimo,
Della, Khori. Thank you for trust me to lead incredible person like you all.
15. All HMI’s members Wisnu, Dedi, Bagus, Aryo, Afe, Lilis, Dian, Ibnu, Budi,
Biber, Gery, Cholid, Dikna, Pepeng, Sari, yakusa!
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16. The next generation of KSB Pepeng, Hessy, Juno, Zaky and others, go ahead
guys!
17. All of my friends in HMJ Akuntansi, who is the best? Accounting Society!
18. All of my friends in Accounting Department, I am happy to have you all in
the last four years. I wish that graduation is not the end of our friendship.
19. FIRRATION - fifth generation of acceleration of SMA N 1 Klaten
20. For all people that Researcher could not mention one by one, I thanks for all
your support in the last four years.
Researcher realizes that this research is far from being perfect. This study
has a lot of constraint, thus any suggestions and critics are expected for the sake of
improving this study.
As I close this acknowledgment, I expect that this writing will be useful to
all parties.
Surakarta, March 28th, 2014
Widowati Dian Permatasari
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TABLE OF CONTENTS
Page
PAGE OF TITLE i
PAGE OF ADVISOR‘S APPROVAL ii
PAGE OF APPROVAL iii
PAGE OF MOTTO iv
PAGE OF DEDICATION v
PERNYATAAN vi
ACKNOWLEDGMENT vii
TABLE OF CONTENT x
LIST OF TABLES xii
LIST OF APPENDIXES xiii
ABSTRACT xiv
ABSTRAK xv
CHAPTER I. INTRODUCTION 1
A. Research Background 1
B. Research Question 4
C. Research Objectives 4
D. Research Benefits 5
CHAPTER II. THEORETICAL FRAMEWORK 6
A. Agency Theory 6
B. Corporate Risk-Taking 7
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C. Ownerships 9
D. Board of Commissioner 10
E. Hypothesis Development 11
CHAPTER III. RESEARCH METHODS 16
A. Research Design 16
B. Population and Sample 16
C. Source and Data Gathering Technique 17
D. Variable and Measurement Techniques 17
E. Data Analysis Methods 20
CHAPTER IV. DATA ANALYSIS 25
A. Data Description 25
B. Classic Assumption Analysis 25
C. Descriptive Statistics Analysis 26
D. Hypothesis Analysis 29
CHAPTER V. CONCLUSION AND RECOMMENDATION 36
A. Conclusion 36
B. Research Constraints 37
C. Recommendations 37
REFERENCES 39
APPENDIXES
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LIST OF TABLES
TABLE PAGE
3.1 Description of Equation on Regression Analysis 23
4.1 Research Population and Sample 25
4.2 Descriptive Statistics 26
4.3 Multiple Linier Regression 29
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LIST OF APPENDIXES
Appendix I List of Companies
Appendix II Ownerships, Board Composition
Taking
and Corporate Risk-
Appendix III Descriptive Statistics
Appendix IV Classic Assumption Test
Appendix V Pearson Correlation
Appendix VI Results of Linear Regression
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ABSTRACT
CORPORATE RISK-TAKING: EVIDENCE FROM INDONESIA
Widowati Dian Permatasari
NIM F0310086
This research aim to investigate the impact of government and foreign ownership, board of commissioner size and board of commissioner compositions (i.e. women representation on board, board with economic educational background and board average age) on corporate-risk taking behavior. Corporate risk-taking proxies by earning volatility within annual report. This research use a sample of 57 state-owned enterprises and 68 listed firm in Indonesia Stock Exchange over 2010-2012.
This paper document significant negative association between government ownership, board of commissioner size, women representation on board, and board with economic educational background to corporate risk-taking in Indonesia. In the other hand, foreign ownership and board average age has no significant effect to corporate risk-taking.
Keywords : Corporate Risk-Taking, Earning Volatility, State-Owned Enterprises, Government Ownership, Foreign Ownership, Board of Commissioner Size, Board of Commissioner Composition.
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ABSTRAK
CORPORATE RISK-TAKING: EVIDENCE FROM INDONESIA
Widowati Dian Permatasari
NIM F0310086
Penelitian ini dilakukan untuk menguji pengaruh dari kepemilikan pemerintah dan kepemilikan asing, ukuran dewan komisaris dan komposisi dewan komisaris (terdiri dari jumlah wanita pada dewan komisaris, dewan komisaris dengan latar belakang pendidikan ekonomi dan rata-rata umur dewan komisaris) terhadap pengambilan risiko di perusahaan. Tingkat pengambilan risiko di perusahaan diproksikan dengan volatilitas pendapatan yang terdapat pada laporan keuangan perusahaan. Sample penelitian ini menggunakan 57 Badan Usaha Milik Negara (BUMN) dan 68 perusahaan perusahaan umum yang listing di Buesa Efek Indonesia selama periode 2010-2012.
Hasil penelitian ini menunjukkan bahwa kepemilikan pemerintah, ukuran dewan komisaris, jumlah wanita dalam jajaran dewan komisaris dan dewan dengan atar belakang pendidikan ekonomi memiliki pengaruh negatif yang signifikan terhadap pengambilan risiko di perusahaan. Di sisi lain, kepemilikan asing dan rata-rata umur dewan komisaris tidak memiliki pengaruh yang signifikan terhadap pengambilan risiko di perusahaan.
Kata Kunci : Pengambilan Risiko Perusahaan, Volatilitas Pendapatan, Badan Usaha Milik Negara, Kepemilikan Pemerintah, Kepemilikan Asing, Ukuran Dewan Komisaris, Komposisi Dewan Komisaris
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