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JURNAL BISNIS DAN AKUNTANSI
Vol. 15, No. 1a, Is. 4, November 2013, Hlm. 101-114

THE EFFECT OF INDEPENDENT COMMISSIONER, INSTITUTIONAL OWNERSHIP, MANAGERIAL OWNERSHIP AND UNEXPECTED EARNING TO BOND YIELD WITH BOND RATING AS INTERVENING VARIABLE ON COMPANIES RATED BY PEFINDO

MAHMUDIN MUSLIM

STIE Trisakti
mahmudin@stietrisakti.ac.id

 

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http://www.tsm.ac.id/JBA/JBAVOL15/THE EFFECT OF INDEPENDENT COMMISSIONER, INSTITUTIONAL OWNERSHIP, MANAGERIAL OWNERSHIP AND UNEXPECTED EARNING TO BOND YIELD WITH BOND RATING AS INTERVENING VARIABLE ON COMPANIES RATED BY PEFINDO

ABSTRACT:

The purpose of this research is analyze empirically the effect of independent commissioner, institutional ownership, managerial ownership and unexpected earning toward bond yield directly and indirectly by using bond rating as intervening variable. Sample of this research are drawn in purposive sampling method. The sample is all bonds that rated by PEFINDO and listed in Indonesia Stock Exchange from 2007-2011. The research method is using path analysis that will process with SPSS statistics program. Direct and indirect analysis will be examined in this research. The result of this research indicates that institutional ownership and unexpected earning have effect to bond yield but found no empirical evidence about the effect of bond rating to bond yield and also find no intervening effect from all variables to bond yield through bond rating.

Keyword :Bond yield, independent commissioner, institutional ownership, managerial ownership, unexpected earning, bond rating, intervening variable, path analysis
 
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