ABSTRAKS
Penelitian ini bertujuan untuk meneliti faktor-faktor yang berpengaruh terhadap pemberian directors’ remuneration. Variabel independen yang diuji dalam penelitian ini adalah country, distressed status, company performance, ownership structure, dan board composition, sedangkan variabel dependen dalam penelitian ini adalah directors’ remuneration.
Sampel dalam penelitian ini adalah perusahaan non-financial dalam keadaan distress dan non-distress yang terdaftar di BEI, Bursa Malaysia, SGX , dan ASX. Total sampel dalam penelitian ini adalah 474 annual report perusahaan selama periode 2011 - 2013. Sample dipilih menggunakan kriteria tertentu (purposive sampling) .
Pengujian dalam penelitian ini menggunakan uji regresi berganda. Hasil penelitian menunjukkan bahwa nilai rata-rata besarnya directors’ remuneration pada perusahaan distress dan non-distress di Indonesia, Malaysia, Singapura, dan Australia berbeda. Indeks pemberian directors’ remuneration terendah adalah negara Malaysia dan tertinggi adalah Singapura. Hasil penelitian menunjukkan bahwa country, distress status, managerial ownership, dan ownership concentration berpengaruh terhadap pemberian directors remuneration, sedangkan shareholder return, ROA, dan board composition tidak berpengaruh terhadap pemberian directors remuneration. Untuk variabel kontrol, Size berpengaruh terhadap directors remuneration, sedangkan leverage tidak berpengaruh terhadap director’ remuneration.
Kata Kunci : Directors’ remuneration, financial distress, company performance, ownership structure, board composition, Indonesia, Malaysia, Singapura, Australia.
ABSTRACK
The purpose of this study is to analize the factors affect directors’ remuneration. The factors tested in this study are country, distressed status, company performance, ownership structure, dan board composition.
Sample taken in this study is the non-financial companies listed in BEI, Bursa Malaysia, SGX , dan ASX. A total of 474 companies annual report for three years are used in this study during 2011 - 2013. This study uses purposive sampling method to choose the sample.
This study uses multiple regression to examine the factors that affect directors’ remuneration. The result show that average of directors’ remuneration distress and non-distress companies in Malaysia, Singapura, and Australia are different. Singapura has a higher significant directors’ remuneration than the other country. Malaysia has a lower significant directors’ remuneration than the other country. The result show that country, distressed status, managerial ownership, dan ownership concentration affect the director’ remuneration. Shareholder return, ROA, and board composition has no effect on directors’ remuneration. Control Variable that efected the directors remuneration is size. Leverage has no efect the directors’ remuneration.
Keyword : Directors’ remuneration, financial distress, company performance, ownership structure, board composition, Indonesia, Malaysia, Singapura, Australia.