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Abstrak :
Penelitian ini menganalisis aktivitas pendanaan utang terhadap fleksibilitas keuangan perusahaan non keuangan di Indonesia.Tujuan penelitian ini adalah untuk menginvestigasi bagaimana aktivitas perusahaan terkait pendanaan utang termasuk mengenai motivasi pendanaan, penyesuaian kondisi arus kas, dan penyesuaian leverage perusahaan. Penelitian ini menemukan bahwa perusahaan non keuangan di Indonesia meningkatkan leverage untuk keperluan operasional dan investasi yang cenderung terjadi ketika perusahaan mengalami excess leverage dengan kondisi arus kas defisit. Selain itu, perusahaan mampu menjaga leverage tetap stabil berada pada nilai rendah dengan kas yang tinggi sehingga mampu mencapai fleksibilitas keuangan.

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The aim of this research is to analyze debt financing activity toward financial flexibility on non financial firms in Indonesia. The purpose of this research is to investigate how firms manage their debt financing activity including debt financing motivation, adjustment to the cash flow condition, and adjustment to the firm?s leverage. The finding of this research is non financial firms in Indonesia tends to increasing their leverage to fulfill their operation and investing need when firms report excess leverage with deficit cash flow condition. Moreover, firms can manage their leverage stability in the low level and cash in high level; so that, firms can achieve their financial flexibility.

Abstrak :
[ABSTRAK
Penelitian ini bertujuan untuk melihat pengaruh dari penerbitan obligasi terhadap performa perusahaan yang diukur dari nilai pasarnya. Penggunaan utang publik akan mempengaruhi struktur modal perusahaan dan berdampak pada perubahan harga saham. Investor dapat merespon penggunaan obligasi tersebut dan melihat sinyal yang diberikan oleh perusahaan. Penelitian ini berlandaskan kepada penelitian-penelitian sebelumnya yang menyebutkan bahwa penggunaan obligasi dapat menggambarkan perusahaan memiliki prospek yang baik kedepannya. Hasil dari penelitian ini menunjukkan bahwa terdapat hubungan (pengaruh) yang signifikan dan positif antara variabel penerbitan obligasi dengan performa perusahaan. Sampel yang digunakan dalam penelitian ini adalah seluruh perusahaan non-keuangan yang tercatat di Bursa Efek Indonesia selama periode 2010-2014. Setelah melakukan kontrol terhadap perbedaan karakteristik perusahaan, dapat disimpulkan jika perusahaan yang juga mengandalkan utang public memiliki performa yang lebih baik dibandingkan dengan perusahaan yang hanya mengandalkan utang bank saja. ABSTRACT
The purpose of this study is to look at the effect of bonds issuance to company?s performance as measured by it?s market value. The use of public debt will affect the company?s capital structure and make made an impact on the stock price changes. Investor can respond to the public debt issuance and see the signals given by the company. This study is based on the previous literature that says the issuance of bonds is information to the market that the company has good prospect in the future. Results from this study indicate that there is a significant and positive relationship between the variables of public debt and firm performance. The sample of this study is all non-financial companies listed in Indonesia Stock Exchange during the period 2010-2014. After controlling for differences in the characteristic of the firm, it can be concluded that firms which rely on public debt had a better stock market valuation than firms with other sources of debt financing. ;The purpose of this study is to look at the effect of bonds issuance to company?s performance as measured by it?s market value. The use of public debt will affect the company?s capital structure and make made an impact on the stock price changes. Investor can respond to the public debt issuance and see the signals given by the company. This study is based on the previous literature that says the issuance of bonds is information to the market that the company has good prospect in the future. Results from this study indicate that there is a significant and positive relationship between the variables of public debt and firm performance. The sample of this study is all non-financial companies listed in Indonesia Stock Exchange during the period 2010-2014. After controlling for differences in the characteristic of the firm, it can be concluded that firms which rely on public debt had a better stock market valuation than firms with other sources of debt financing. , The purpose of this study is to look at the effect of bonds issuance to company’s performance as measured by it’s market value. The use of public debt will affect the company’s capital structure and make made an impact on the stock price changes. Investor can respond to the public debt issuance and see the signals given by the company. This study is based on the previous literature that says the issuance of bonds is information to the market that the company has good prospect in the future. Results from this study indicate that there is a significant and positive relationship between the variables of public debt and firm performance. The sample of this study is all non-financial companies listed in Indonesia Stock Exchange during the period 2010-2014. After controlling for differences in the characteristic of the firm, it can be concluded that firms which rely on public debt had a better stock market valuation than firms with other sources of debt financing. ]

Abstrak :
Pendanaan eksternal merupakan aktivitas yang perlu diperhatikan oleh perusahaan guna memperluas operasinya. Beberapa penelitian sebelumnya menunjukkan bahwa pendanaan utang dan pendanaan ekuitas berupa kepemilikan saham publik berpengaruh terhadap kualitas laporan keuangan perusahaan. Tujuan dari penelitian ini adalah untuk menginvestigasi apakah pendanaan eksternal berpengaruh terhadap kualitas laporan keuangan perusahaan. Selain itu, penelitian ini juga ingin menginvestigasi apakah adanya transaksi pihak berelasi memengaruhi hubungan antara pendanaan eksternal dengan kualitas laporan keuangan perusahaan. Penelitian ini menggunakan data panel dengan populasi perusahaan non-keuangan di Indonesia pada tahun 2013-2015. Jumlah sampel penelitian adalah sebanyak 176 perusahaan dengan jumlah observasi sebesar 528. Hasil penelitian ini menemukan bahwa pendanaan utang tidak berpengaruh terhadap kualitas laporan keuangan perusahaan. Selain itu, pendanaan ekuitas berupa kepemilikan saham publik berpengaruh secara negatif terhadap kualitas laporan keuangan. Penelitian ini menemukan bahwa transaksi pihak berelasi tidak memengaruhi secara signifikan hubungan antara pendanaan utang dengan kualitas laporan keuangan. Transaksi pihak berelasi juga tidak memengaruhi hubungan antara pendanaan ekuitas dengan kualitas laporan keuangan. ...... External financing is an activity that needs to be considered by company in order to expand its operation. Previous research shows that debt financing and equity financing, in the form of public ownership, affect companies rsquo financial reporting quality. The objective of this study is to investigate whether external financing affects companies rsquo financial reporting quality. Moreover, this study also wants to investigate whether related party transaction affects the relationship between external financing and financial reporting quality. This research employed a panel data with Indonesian non financial listed companies within the year 2013 2015 as the population. This research employed data from 176 non financial companies with total observation of 528. This research found a non significant relationship between debt financing and earnings quality. Meanwhile, equity financing has negative effect on companies rsquo financial reporting quality. This study found that related party transactions has no significant effect on the relationship between debt financing and financial reporting quality. Related party transactions also has no significant effect on the relationship between equity financing and financial reporting quality.