Pengaruh Mekanisme Internal Corporate Governance terhadap Tingkat Leverage Keuangan pada Perusahaan Manufaktur yang Terdaftar di BEI Periode 2022-2024

Abstract

This study aims to test and analyze the influence of the internal corporate governance mechanism consisting of an independent board of commissioners, managerial ownership, institutional ownership, and audit committee on the level of financial leverage (Debt to Equity Ratio) in manufacturing companies listed on the Indonesia Stock Exchange for the 2022-2024 period. This study uses a quantitative approach with a sample of 57 companies selected through the purposive sampling method. The analysis technique used is panel data regression with a Random Effect Model (REM) model based on the results of the Chow Test, Hausman Test, and Langrange Multiplier Test. The results of the study show that simultaneously the four independent variables have a significant effect on leverage. However, partially, only institutional ownership has a negative and significant effect on leverage, while independent board of commissioners and managerial ownership have no significant effect on the negative direction, and the audit committee does not have a significant effect on the positive direction. These findings indicate that institutional investors have a more effective supervisory role than other internal governance mechanisms in controlling corporate debt policies.