Apakah Transaksi dengan Pihak Berelasi yang Terindikasi Tunneling Mempengaruhi Firm Value?

Nadifa Amalia Gunadi Putri; Arie Pratama

doi:10.33603/ejpe.v7i1.1879

Apakah Transaksi dengan Pihak Berelasi yang Terindikasi Tunneling Mempengaruhi Firm Value?

Nadifa Amalia Gunadi Putri, Arie Pratama

Sari

Transaksi dengan pihak berelasi merupakan transaksi umum dalam kegiatan bisnis sehari-hari dan telah menjadi bahan perdebatan mengenai apakah transaksi tersebut memberikan pengaruh positif maupun negatif terhadap perusahaan. Penelitian ini dilakukan untuk memahami bagaimana nilai perusahaan bereaksi terhadap pinjaman kepada pihak berelasi (atau piutang lain-lain kepada pihak berelasi). Variabel bebas dalam penelitian ini adalah pinjaman yang diberikan kepada pihak berelasi, variabel terikat yaitu nilai perusahaan, dan ukuran perusahaan sebagai variabel kontrol. Sampel ditentukan dengan kriteria sampel dan menghasilkan 417 observasi yang terdiri dari perusahaan terdaftar di seluruh sektor di Bursa Efek Indonesia dengan mengecualikan sektor keuangan. Data diuji dengan analisi regresi data panel untuk menguji hipotesis yang telah dikembangkan. Hasil penelitian ini menunjukkan bahwa perusahaan dengan nilai pinjaman yang diberikan kepada pihak berelasi lebih kecil memiliki nilai perusahaan yang lebih besar, karena transaksi tersebut merupakan salah satu cara memindahkan kekayaan dari perusahaan. Selain itu, ukuran perusahaan juga mempengaruhi nilai perusahaan dengan cara yang sama.

Keywords: firm value, transaksi dengan pihak berelasi, tunneling.

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DOI: http://dx.doi.org/10.33603/ejpe.v7i1.1879

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