Tata Kelola Perusahaan, Tanggung Jawab Sosial, Dan Risiko Gagal Bayar Sukuk Korporasi: Bukti Empiris Dari Pasar Modal Indonesia
DOI:
https://doi.org/10.31958/jtm.v11i1.15319Keywords:
Sukuk Korporasi, Tata Kelola Perusahaan, distance to default, Risiko Gagal BayarAbstract
Penelitian ini bertujuan menganalisis pengaruh tata kelola perusahaan (corporate governance) terhadap risiko gagal bayar sukuk yang diukur melalui Distance to Default, dengan peran mediasi tanggung jawab sosial perusahaan (Corporate Social Responsibility/CSR). Menggunakan pendekatan kuantitatif eksplanatori, penelitian ini menganalisis 26 perusahaan penerbit sukuk di Indonesia periode 2018-2023 melalui analisis regresi dan analisis jalur. Variabel tata kelola perusahaan meliputi ukuran dewan, independensi dewan, keragaman gender, dualitas CEO, karakteristik komite audit, dan auditor eksternal. Hasil penelitian menunjukkan bahwa independensi dewan dan frekuensi pertemuan komite audit berpengaruh negatif signifikan terhadap Distance to Default. Keragaman gender berpengaruh negatif signifikan terhadap CSR, sementara CSR berpengaruh positif signifikan terhadap Distance to Default. Temuan utama mengkonfirmasi bahwa CSR berperan sebagai mediator penuh dalam hubungan antara keragaman gender dan risiko default sukuk. Penelitian ini memberikan kontribusi teoretis dalam pengembangan model prediktif risiko sukuk yang mengintegrasikan aspek tata kelola dan keberlanjutan sosial, serta implikasi praktis bagi pengelolaan risiko instrumen keuangan syariah di Indonesia
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