PENGARUH TRANSAKSI BERELASI TERINDIKASI TUNNELING TERHADAP PROFITABILITAS BANK BUMN INDONESIA [THE EFFECT OF RELATED TUNNELING RELATED TRANSACTIONS ON THE PROFITABILITY OF STATE-OWNED ENTERPRISE BANKS IN INDONESIA]
Abstract
The purpose of this study was to determine the effect of tunneling indicated transactions on the profitability of SOEs banks. Tunneling indication can be seen from the related transactions in the form of related receivables and related debt. The data processed in the form of transaction data from the annual report of the SOEs Bank as many as 4 banks with a observation period for 9 years, from 2010-2018. Data obtained through the website of the Ministry of SOEs and the website of the SOEs Bank directly. The statistical analysis used is a regression model to determine the effect of related transactions on profitability using the eviews 9 application. The results of this study indicate that in the partial receivable from related impact significantly on the profitability of state-owned banks, while the related debt has no effect. But simultaneously there is an influence on transactions related to the profitability of SOEs banks. This indicates that the government as the largest shareholder of SOEs should make regulations related to related transactions so that there are no injured parties. Much research has been done regarding related transactions, tunneling and company performance which generally uses private companies as research objects, while in this study the authors use the SOE Bank object. Furthermore, the results of this study are expected to provide a picture of consideration for the government at preparing regulations related to related transactions in SOEs.
Bahasa Indonesia Abstrak: Tujuan penelitian ini adalah untuk mengetahui pengaruh transaksi terindikasi tunneling terhadap profitabilitas Bank BUMN. Indikasi tunneling dilihat dari transaksi berelasi berupa piutang berelasi dan utang berelasi. Data yang diolah berupa data transaksi dari laporan keuangan (annual report) Bank BUMN sebanyak 4 Bank dengan periode pengamatan selama 9 tahun yaitu dari tahun 2010-2018. Data diperoleh melalui website Kementerian BUMN maupun website Bank BUMN secara langsung. Analisis statistik yang digunakan yaitu model regresi untuk menentukan pengaruh transaksi berelasi terhadap profitabilitas dengan menggunakan aplikasi eviews9. Hasil penelitian ini menunjukkan bahwa secara parsial piutang berelasi berpengaruh secara signifikan terhadap profitabilitas Bank BUMN, sedangkan utang berelasi tidak berpengaruh. Namun secara simultan terdapat pengaruh atas transaksi berelasi terhadap profitabilitas Bank BUMN. Hal demikian mengindikasikan bahwa pemerintah sebagai pemegang saham terbesar BUMN hendaknya membuat regulasi terkait transaksi berelasi agar tidak terdapat pihak-pihak yang dirugikan. Banyak penelitian telah dilakukan mengenai transaksi berelasi, tunneling dan kinerja perusahaan yang pada umumnya menggunakan perusahaan privat sebagai obyek penelitian, sedangkan dalam penelitian ini penulis menggunakan obyek Bank BUMN. Selanjutnya hasil dari penelitian ini diharapkan dapat memberikan gambaran pertimbangan bagi pemerintah dalam menyusun regulasi terkait transaksi berelasi di BUMN.
Keywords
Full Text:
PDFReferences
Aharony, J., Wang, J., & Yuan, H. (2010). Tunneling as an incentive for earnings management during the IPO process in China. journal of Accounting and Public Policy, 29(1), 1-26.
Atanasov, V., Black, B., & Ciccotello, C. S. (2014). Unbundling and measuring tunneling. University of Illinois Law Review, 1697-1738.
Bai, C.-E., Liu, Q., Lu, J., Song, F. M., & Zhang, J. (2004). Corporate governance and market valuation in China. Journal of Comparative Economics, 32(4), 599-616.
Bertrand, M., Mehta, P., & Mullainathan, S. (2002). Ferreting out tunneling: An application to Indian business groups. The Quarterly Journal of Economics, 117(1), 121-148.
Chang, S. J., & Hong, J. (2000). Economic performance of group-affiliated companies in Korea: Intragroup resource sharing and internal business transactions. Academy of Management journal, 43(3), 429-448.
Chen, C.-W., & Wu, C. (2010). Related party transactions and ownership concentration: theory and evidence. Paper presented at the E-Leader Conference Singapore.
Cheung, Y.-L., Jing, L., Lu, T., Rau, P. R., & Stouraitis, A. (2009). Tunneling and propping up: An analysis of related party transactions by Chinese listed companies. Pacific-Basin Finance Journal, 17(3), 372-393.
Cheung, Y.-L., Qi, Y., Rau, P. R., & Stouraitis, A. (2009). Buy high, sell low: How listed firms price asset transfers in related party transactions. Journal of Banking & Finance, 33(5), 914-924.
Cheung, Y.-L., Rau, P. R., & Stouraitis, A. (2006). Tunneling, propping, and expropriation: evidence from connected party transactions in Hong Kong. Journal of Financial Economics, 82(2), 343-386.
Cho, S., & Lim, K. M. (2018). Tunneling by Related‐party Transactions: Evidence from Korean Conglomerates. Asian Economic Journal, 32(2), 147-164.
Claessens, S., Djankov, S., Fan, J. P., & Lang, L. H. (2002). Disentangling the incentive and entrenchment effects of large shareholdings. The journal of finance, 57(6), 2741-2771.
Fooladi, M., & Farhadi, M. (2019). Corporate governance and detrimental related party transactions: Evidence from Malaysia. Asian Review of Accounting, 27(2), 196-227.
Friedman, E., Johnson, S., & Mitton, T. (2003). Propping and tunneling. Journal of Comparative Economics, 31(4), 732-750.
Jensen, M. C., & Meckling, W. H. (1976). Theory of the firm: Managerial behavior, agency costs and ownership structure. Journal of Financial Economics, 3(4), 305-360.
Jiang, G., Lee, C. M., & Yue, H. (2010). Tunneling through intercorporate loans: The China experience. Journal of Financial Economics, 98(1), 1-20.
Johnson, S., La Porta, R., Lopez-de-Silanes, F., & Shleifer, A. (2000). Tunneling. American economic review, 90(2), 22-27.
Juliarto, A., Tower, G., Van der Zahn, M., & Rusmin, R. (2013). Managerial ownership influencing tunnelling behaviour. Australasian Accounting, Business and Finance Journal, 7(2), 25-46.
Lin, Y.-H., Chiou, J.-R., & Chen, Y.-R. (2010). Ownership structure and dividend preference: Evidence from China's privatized state-owned enterprises. Emerging Markets Finance and Trade, 46(1), 56-74.
Liu, Q., & Lu, Z. J. (2007). Corporate governance and earnings management in the Chinese listed companies: A tunneling perspective. Journal of Corporate Finance, 13(5), 881- 906.
Lo, A. W., Wong, R. M., & Firth, M. (2010). Tax, financial reporting, and tunneling incentives for income shifting: An empirical analysis of the transfer pricing behavior of Chinese-listed companies. Journal of the American Taxation Association, 32(2), 1-26.
Ma, L., Ma, S., & Tian, G. (2013). Political connections, founder-managers, and their impact on tunneling in China's listed firms. Pacific-Basin Finance Journal, 24, 312-339.
Milhaupt, C. J., & Pargendler, M. (2017). Governance Challenges of Listed State-Owned Enterprises Around the World: National Experiences and a Framework for Reform. Cornell Int'l LJ, 50, 473.
Peng, W. Q., Wei, K. J., & Yang, Z. (2011). Tunneling or propping: Evidence from connected transactions in China. Journal of Corporate Finance, 17(2), 306-325.
Ryngaert, M., & Thomas, S. (2012). Not all related party transactions (RPTs) are the same: Ex ante versus ex post RPTs. Journal of Accounting Research, 50(3), 845-882.
Ryngaert, M. D., & Thomas, S. (2007). Related party transactions: Their origins and wealth effects. Available at SSRN 970689.
Siegel, J., & Choudhury, P. (2012). A reexamination of tunneling and business groups: New data and new methods. The Review of Financial Studies, 25(6), 1763-1798.
Wang, H.-D., Cho, C.-C., & Lin, C.-J. (2019). Related party transactions, business relatedness, and firm performance. Journal of Business Research, 101, 411-425.
Wang, K., & Xiao, X. (2011). Controlling shareholders’ tunneling and executive compensation: Evidence from China. journal of Accounting and Public Policy, 30(1), 89-100.
Refbacks
- There are currently no refbacks.
Copyright (c) 2020 Siti Arifah, Agung Nur Probohudono
This work is licensed under a Creative Commons Attribution-ShareAlike 4.0 International License.
Accounting Study Program | Faculty of Economics and Business | Universitas Pelita Harapan | Lippo Karawaci, Tangerang, Indonesia, 15811 | Tel +62 21 5460901 | Fax +62 21 5460910