BAB V KESIMPULAN, IMPLIKASI, KETERBATASAN, DAN SARAN
Pada Bab V penelitian ini disajikan kesimpulan berdasarkan hasil analisis data. Kesimpulan disajikan dalam pernyataan singkat yang disusun berdasarkan hasil penelitian dan pembahasan. Selanjutnya pada implikasi penelitian disajikan pernyataan singkat yang berkaitan dengan konsekuensi logis dari hasil penelitian ini. Bagian saran pada bab ini berisi saran yang dirumuskan peneliti berdasarkan pertimbangan dan ditujukan kepada pihak lain yang ingin melanjutkan atau mengembangkan penelitan ini. Pada bab ini dijelaskan mengenai keterbatasan penelitian yang menjelaskan kelemahan yang kemungkinan dapat mempengaruhi hasil penelitian dan kendala yang dihadapi peneliti. Penjelasan ini sekaligus memberikan peluang bagi penelitian selanjutnya di kemudian hari.
5.1 Kesimpulan Penelitian ini menguji pengaruh independensi board dan pengungkapan sukarela terhadap biaya modal ekuitas. Pengujian dilakukan untuk membuktikan adanya pengaruh langsung variabel independen terhadap variabel dependen sekaligus menguji pengaruh tidak langsungnya melalui laba. Dari hasil penelitian diperoleh kesimpulan sebagai berikut. 1. Penelitian ini menghasilkan temuan bahwa peningkatan independensi board memperbaiki kualitas laba dan selanjutnya menurunkan biaya modal ekuitas perusahaan. Hal ini berarti semakin baik monitoring, memperbaiki perilaku
manajer dalam mengelola keuangan perusahaan, sehingga pada gilirannya menurunkan tingkat risiko yang diantisipasi investor dalam bentuk tingkat return yang dimintanya. Sebaliknya, investor tidak akan menurunkan tingkat return yang dimintanya tanpa memperoleh keyakinan bahwa peningkatan independensi board mampu mengubah perilaku manajer. 2. Penelitian ini menemukan bahwa peningkatan pengungkapan sukarela menurunkan biaya modal ekuitas. Pengungkapan sukarela merupakan tambahan
informasi
yang
menambah
pemahaman
investor
tentang
perusahaan. Informasi ini diperlukan investor untuk analisis fundamental guna memperkirakan tingkat risiko dan return yang dimintanya. Namun demikian, pengungkapan sukarela tidak dapat diartikan sebagai suatu kondisi (rezim pengungkapan) yang dapat mengubah perilaku manajer dalam mengelola keuangan perusahaan.
5.2 Implikasi, Keterbatasan, dan Saran 5.2.1
Implikasi
Hasil penelitian ini memberikan implikasi, baik implikasi teoritis, maupun implikasi praktis. 5.2.1.1 Implikasi Teoritis Regulasi tentang independensi dalam Dewan Komisaris dan Komite Audit memperlihatkan manfaat yang sesuai dengan manfaat monitoring guna menurunkan permasalahan keagenan yang digagas Jensen dan Meckling (1976). Hal ini berarti penelitian ini memperlihatkan dukungan terhadap teori
keagenan bahwa independensi board merupakan mekanisme monitoring yang mampu mengubah perilaku manajer untuk menyelaraskan kepentingannya dengan kepentingan investor.
5.2.1.2 Implikasi Praktis 1. Penelitian ini menjelaskan fenomena variasi tingkat biaya modal ekuitas, dalam batasan asumsi perusahaan mematuhi regulasi tentang Corporate Governance dan memahami manfaat penerapannya untuk menurunkan tingkat biaya modal ekuitas. 2. Perusahaan dapat mengoptimalkan manfaat tingkat independensi board dengan cara memastikan bahwa monitoring dalam bentuk independensi board tersebut mampu mengubah perilaku manajer dalam menciptakan integritas laporan keuangan yang lebih baik. Dengan demikian perusahaan dapat lebih optimal menurunkan tingkat biaya modal ekuitas. 3. Perusahaan dapat mengoptimalkan penurunan tingkat biaya modal ekuitas dengan cara meningkatkan pengungkapan sukarela, karena pengungkapan sukarela menambah informasi yang berguna bagi investor dalam memperhitungkan risiko dan return yang dimintanya.
5.2.2
Keterbatasan
Penelitian ini memiliki sejumlah keterbatasan yang dapat menjadi celah penelitian dikemudian hari. Adapun keterbatasan penelitian ini adalah:
1. Penelitian ini menggunakan pendekatan kuantitas untuk mengukur tingkat pengungkapan sukarela yang baik. Ini didasarkan pada asumsi bahwa perusahaan yang mengungkap lebih banyak merupakan perusahaan yang lebih transparan, sehingga diartikan sebagai perusahaan yang lebih baik. Hal ini dikarenakan hingga saat ini belum dapat ditentukan ukuran yang tepat dari kualitas sebuah pengungkapan yang baik. Oleh sebab itu penelitian ini dapat mengandung bias dalam memaknai kuantitas sebagai kualitas transparansi. 2. Meskipun penelitian ini menjelaskan fenomena mengapa tingkat biaya modal ekuitas perusahaan tetap bervariasi, dalam konteks perusahaan telah mematuhi regulasi tentang independensi board. Namun demikian penelitian ini tidak membahas mengenai faktor yang menyebabkan variasi pada tingkat independensi board itu sendiri.
5.2.3
Saran
Berdasarkan hasil penelitian yang telah dilakukan, penulis memberikan saran sebagai berikut. 1. Perusahaan dapat mempertimbangkan untuk menurunkan biaya modal ekuitas dengan cara meningkatkan independensi board dan pengungkapan sukarela. 2. Penelitian selanjutnya dapat mengupayakan ukuran yang lebih sesuai untuk mengukur tingkat pengungkapan sukarela yang baik, sehingga dapat mengurangi bias dalam memaknai kuantitas dengan kualitas transparansi. 3. Penelitian selanjutnya perlu menjelaskan faktor yang menyebabkan variasi tingkat independensi board. Dengan asumsi perusahaan mematuhi regulasi
tentang tingkat independensi board, dan memahami manfaat independensi board,
ternyata
data
memperlihatkan
tidak
seluruh
perusahaan
mengoptimalkan tingkat independensi board. Oleh sebab itu alasan perusahaan tidak mengoptimalkan manfaat independensi board perlu dijelaskan.
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