TUNNELING DAN MODEL PREDIKSI: BUKTI EMPIRIS PADA TRANSAKSI PIHAK BERELASI
This study focuses on the expropriation of non-controlling shareholders through tunneling activity. Current study in tunneling still found obstacles in measurement because it is difficult to prove, although tunneling activity going on in business practices. The objective of this is to examine tunnel...
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| Format: | Thesis |
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[Yogyakarta] : Universitas Gadjah Mada
2013
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| Summary: | This study focuses on the expropriation of non-controlling shareholders through tunneling activity. Current study in tunneling still found obstacles in measurement because it is difficult to prove, although tunneling activity going on in business practices. The objective of this is to examine tunneling hypothesis and develop tunneling prediction model. This study defines the tunneling hypothesis as related party transactions that are used to tunnel out of public companies�s resource for the benefit of the controlling shareholder. Tunneling in this study was divided based on the resources being tunneled that are cash flow tunneling and asset
tunneling. Testing the tunneling hypothesis using sample of publicly traded companies listed on the Indonesia Stock Exchange in 2008-2010. The test of cash flow tunneling hypothesis show that from being-tunneled company perspective, trade and receivables to related party negatively affect the company's performance. The test of asset tunneling hypothesis show that asset transactions to related party do not have negative impact on being-tunneled company�s performance. Companies that did a lot of related party transactions which indicated tunneling is a company with concentrated ownership and have high levels of free cash flow. The formation a predictive model using data of disclosure of statements affiliate and conflict of interest transactions 2010-2011. Based on the assessment method of tunneling, the transaction is classified as cash flow tunneling as 40.5% and asset tunneling as 34%. The company which announced related party transaction which indicated tunneling obtain negative abnormal return during the announcement of the related party transaction. Companies with concentrated ownership have a higher tendency to be the object of tunneling than firms with dispersed ownership. The company's profitability ratios able to distinguish between being �tunneled companies and which are not. |
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