Pengaruh efektivitas dewan komisaris, komite audit dan kepemilikan institusional terhadap efisiensi investasi

Alpha A.D Saputra(1), Ratna Wardhani(2),
(1) Departemen Akuntansi, Fakultas Ekonomi dan Bisnis, Universitas Indonesia, Jakarta, Indonesia
(2) Departemen Akuntansi, Fakultas Ekonomi dan Bisnis, Universitas Indonesia, Jakarta, Indonesia


This study aims to determine the effect of the effectiveness of the board of commissioners, audit committee, and institutional ownership on the efficiency of corporate investment, and aims to determine the moderation effect of institutional ownership on the relationship between the effectiveness of the board of commissioners and audit committee with the efficiency of the company's investment. The effectiveness of the board of commissioners and audit committee is measured based on the independency, activity, size, and competence. By using logistic regression with 282 samples from Indonesia Stock Exchange in 2014, the results of this study provide empirical evidence that the effectiveness of the board of commissioners and institutional ownership has no effect on the efficiency of corporate investment, while the effectiveness of audit committees have a positive influence in the efficiency of corporate investment. Furthermore, institutional ownership can not strengthen the relationship between the effectiveness of the board's effectiveness and the effectiveness of the audit committee with the efficiency of the firm's investment. This study contributes to the literature, in which the previous literature has not linked investment efficiency with specific governance mechanisms that relates to effectiveness of the board of commissioners and audit committees. In addition, this study contributes in examining the moderating role of institutional ownership. This study implies that with regard to investment decisions, the audit committee has a significant role in assisting the board of commissioners in carrying out its monitoring functions. 


Efisiensi Investasi, Dewan Komisaris, Komite Audit, Kepemilikan Institusional


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