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CORPORATE RISK-TAKING: EVIDENCE FROM INDONESIA

SKRIPSI

Submitted as Partial Fulfillment of Requirement for the Degree of Sarjana

Ekonomi (SE) at the Universitas Sebelas Maret

By:

WIDOWATI DIAN PERMATASARI

F0310086

FACULTY OF ECONOMIC AND BUSINESS

SEBELAS MARET UNIVERSITY

SURAKARTA

2014

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MOTTO

Man Jadda Wa Jadda, Man Shabara Zhafira, Man Sara Ala Darbi Washala.

(Negeri 5 Menara)

The mind is everything. What you think, you become.

(Buddha)

It’s my life. It’s now or never

(Bon Jovi)

You shoot me down but I won't fall, I am titanium.

(David Guetta)

It's not about what you've done, it’s about what you doing.

It's all about where you going, No matter where you've been.

Let's go! Make no excuses now.

(Calvin Harris)

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DEDICATION

This skripsi and whatsoever success that I could achieve is dedicated to

ϖ My mom, my dad, my little brother and all my beloved big family.

ϖ My supervisor and all lecturer Faculty of Economic and Business UNS

ϖ My best friends

There is no kindness love like your true love. Thanks for the support and pray

for me all the time.

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ACKNOWLEDGEMENT

Researcher will be grateful to Allah SWT for all the mercy and bless so

that I was able to finish this research well.

This Skripsi is proposed to complete all the requirements of achieves the

degree of Sarjana Ekonomi of Accounting Department, Sebelas Maret University,

Surakarta.

Researcher realizes that she could not have finished this skripsi without the

supports and involvement of many parties both directly and indirectly. I owe a

very great debt and thanks to:

1. Dr. Wisnu Untoro, M.S., as the Dean of Economics Department, Sebelas

Maret University, Surakarta.

2. Drs. Santoso M.Si., Ak., as the Head of Accounting Department,Sebelas

Maret University, Surakarta.

3. Drs. Muh Agung Prabowo, M.Si., Ph.D, Ak., as my supervisor. I wish to

express my deepest thanks to Mr. Agung for his considerable help to give

advices and a very closely improved result.

4. Prof. Dr. Rahmawati, M.Si., Ak., as my academic advisor, thanks for all your

support and advices.

5. Agung Nur Probohudono SE., M.Si., Ph.D., Ak and Sri Hantoro SE., MSc.,

Ak. as my informal advisor. Thanks for inspire and help me through several

issues to finish my skrpisi

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6. All lectures and staff in Faculty of Economics, Sebelas Maret University who

have provided knowledge, guidance, and service.

7. My father as my best role model, my mother as my mood booster and my

truthful brother, thanks for being the most wonderful family in the world.

Also my beloved grandma, uncle Sabar and aunt Diah for the support.

8. M. Andy Bayu, Retnia Wulandari, Aldy Fariz, Tika Triwik, for assist me

making this skripsi even better.

9. My super awesome friends Amalia Dewi Latifah, Okki Carolina, Fitri

Setyowati, Merinta Bella, and Okfidsa Java whose always right beside me

through the good time and bad time.

10. My second family in Solo, Pradityo Abi Karami, Golda Belladonna, Anis

Ratnasari, Sandi Pratomo, and Putra Satria, thanks for teach, and take care of

me through my transition period.

11. My trusted friend Prasetya Adi, thanks for being the best light ever.

12. My partner in crime Meri, Rio & Diah, Indro, Jon, Kholid, Bayu, and Yogi,

keep fighting guys!

13. All BEM’s committees, especially Abdika, Aldy, Aji, Ben, Binta, and Ibnu.

It’s been an honors to take responsibility as “the heart of BEM”

14. My staff in Social Political Bureau Opang, Mono, Nugroho, Devi, Ria, Bimo,

Della, Khori. Thank you for trust me to lead incredible person like you all.

15. All HMI’s members Wisnu, Dedi, Bagus, Aryo, Afe, Lilis, Dian, Ibnu, Budi,

Biber, Gery, Cholid, Dikna, Pepeng, Sari, yakusa!

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16. The next generation of KSB Pepeng, Hessy, Juno, Zaky and others, go ahead

guys!

17. All of my friends in HMJ Akuntansi, who is the best? Accounting Society!

18. All of my friends in Accounting Department, I am happy to have you all in

the last four years. I wish that graduation is not the end of our friendship.

19. FIRRATION - fifth generation of acceleration of SMA N 1 Klaten

20. For all people that Researcher could not mention one by one, I thanks for all

your support in the last four years.

Researcher realizes that this research is far from being perfect. This study

has a lot of constraint, thus any suggestions and critics are expected for the sake of

improving this study.

As I close this acknowledgment, I expect that this writing will be useful to

all parties.

Surakarta, March 28th, 2014

Widowati Dian Permatasari

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TABLE OF CONTENTS

Page

PAGE OF TITLE i

PAGE OF ADVISOR‘S APPROVAL ii

PAGE OF APPROVAL iii

PAGE OF MOTTO iv

PAGE OF DEDICATION v

PERNYATAAN vi

ACKNOWLEDGMENT vii

TABLE OF CONTENT x

LIST OF TABLES xii

LIST OF APPENDIXES xiii

ABSTRACT xiv

ABSTRAK xv

CHAPTER I. INTRODUCTION 1

A. Research Background 1

B. Research Question 4

C. Research Objectives 4

D. Research Benefits 5

CHAPTER II. THEORETICAL FRAMEWORK 6

A. Agency Theory 6

B. Corporate Risk-Taking 7

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C. Ownerships 9

D. Board of Commissioner 10

E. Hypothesis Development 11

CHAPTER III. RESEARCH METHODS 16

A. Research Design 16

B. Population and Sample 16

C. Source and Data Gathering Technique 17

D. Variable and Measurement Techniques 17

E. Data Analysis Methods 20

CHAPTER IV. DATA ANALYSIS 25

A. Data Description 25

B. Classic Assumption Analysis 25

C. Descriptive Statistics Analysis 26

D. Hypothesis Analysis 29

CHAPTER V. CONCLUSION AND RECOMMENDATION 36

A. Conclusion 36

B. Research Constraints 37

C. Recommendations 37

REFERENCES 39

APPENDIXES

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LIST OF TABLES

TABLE PAGE

3.1 Description of Equation on Regression Analysis 23

4.1 Research Population and Sample 25

4.2 Descriptive Statistics 26

4.3 Multiple Linier Regression 29

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LIST OF APPENDIXES

Appendix I List of Companies

Appendix II Ownerships, Board Composition

Taking

and Corporate Risk-

Appendix III Descriptive Statistics

Appendix IV Classic Assumption Test

Appendix V Pearson Correlation

Appendix VI Results of Linear Regression

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ABSTRACT



NIM F0310086

This research aim to investigate the impact of government and foreign ownership, board of commissioner size and board of commissioner compositions (i.e. women representation on board, board with economic educational background and board average age) on corporate-risk taking behavior. Corporate risk-taking proxies by earning volatility within annual report. This research use a sample of 57 state-owned enterprises and 68 listed firm in Indonesia Stock Exchange over 2010-2012.

This paper document significant negative association between government ownership, board of commissioner size, women representation on board, and board with economic educational background to corporate risk-taking in Indonesia. In the other hand, foreign ownership and board average age has no significant effect to corporate risk-taking.

Keywords : Corporate Risk-Taking, Earning Volatility, State-Owned Enterprises, Government Ownership, Foreign Ownership, Board of Commissioner Size, Board of Commissioner Composition.

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ABSTRAK



NIM F0310086

Penelitian ini dilakukan untuk menguji pengaruh dari kepemilikan pemerintah dan kepemilikan asing, ukuran dewan komisaris dan komposisi dewan komisaris (terdiri dari jumlah wanita pada dewan komisaris, dewan komisaris dengan latar belakang pendidikan ekonomi dan rata-rata umur dewan komisaris) terhadap pengambilan risiko di perusahaan. Tingkat pengambilan risiko di perusahaan diproksikan dengan volatilitas pendapatan yang terdapat pada laporan keuangan perusahaan. Sample penelitian ini menggunakan 57 Badan Usaha Milik Negara (BUMN) dan 68 perusahaan perusahaan umum yang listing di Buesa Efek Indonesia selama periode 2010-2012.

Hasil penelitian ini menunjukkan bahwa kepemilikan pemerintah, ukuran dewan komisaris, jumlah wanita dalam jajaran dewan komisaris dan dewan dengan atar belakang pendidikan ekonomi memiliki pengaruh negatif yang signifikan terhadap pengambilan risiko di perusahaan. Di sisi lain, kepemilikan asing dan rata-rata umur dewan komisaris tidak memiliki pengaruh yang signifikan terhadap pengambilan risiko di perusahaan.

Kata Kunci : Pengambilan Risiko Perusahaan, Volatilitas Pendapatan, Badan Usaha Milik Negara, Kepemilikan Pemerintah, Kepemilikan Asing, Ukuran Dewan Komisaris, Komposisi Dewan Komisaris

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