PENGARUH GOOD CORPORATE GOVERNANCE TERHADAP COST OF EQUITY PADA PESERTA CGPI DI INDONESIA PERIODE 2011-2013
Abstract Views:
136 times
PDF - FULL TEXT Downloads:
126 times
Abstract
Abstrak - Penelitian ini bertujuan untuk mengetahui dampak terhadap cost of equity pada perusahaan yang sudah terbukti melakukan penerapan GCG dengan baik. Data yang digunakan merupakan data sekunder berupa laporan keuangan tahunan. Populasi yang digunakan adalah seluruh badan usaha yang telah mendapat nilai Corporate Governance Perception Index (CGPI) yang diselenggarakan oleh lembaga Indonesian Institute for Corporate Governance (IIGC) setiap tahunnya, serta terdaftar di Bursa Efek Indonesia (BEI) tahun 2011, 2012, dan 2013. Hasil penelitian ini menemukan bahwa perusahaan yang telah menerapkan GCG dengan baik tidak terbukti memiliki pengaruh yang signifikan terhadap cost of equity. Hal tersebut menunjukkan bahwa perusahaan yang telah menerapkan GCG secara baik tetaplah sama dengan perusahaan yang belum terbukti telah menerapkan GCG dengan baik. Sedangkan untuk variabel dependen Beta, size, maupun market to book ratio memiliki pengaruh yang tidak signifikan, yang berarti tidak ada pengaruh pada cost of equity perusahaan sebelum maupun sesudah penerapan GCG.
Kata Kunci: GCG, corporate governance, cost of equity, CGPI.
Abstrack - This study aims to determine the impact on the cost of equity in companies that have been proven to perform well GCG implementation. The data used is secondary data in the form of annual financial statements. The population used was the whole entity that had received the Corporate Governance Perception Index (CGPI) held by Indonesian Institute for Corporate Governance (IIGC) annually, and listed on the Indonesian Stock Exchange (BEI) in 2011, 2012, and 2013. The results of this study found that companies that have implemented GCG well not proven to have a significant impact on the cost of equity. It shows that companies that have implemented GCG well either remain the same with companies that are not proven to have implemented GCG well. As for the dependent variable Beta, size, or market to book ratio doesn’t has a significant effect, which means there is no effect on the cost of equity of the company before and after the implementation of GCG.
Keywords: GCG, corporate governance, cost of equity, CGPI
Downloads
References
Attig, N., O. Guedhami, and D. Mishra. 2008. Multiple large shareholders, control contests, and implied cost of equity. Journal of Corporate Finance 14, 721–737.
Ashbaugh, Hollis, Collins, W.D., and LaFond, R. (2004) Corporate Governance and The Cost of Equity Capital. Working Paper. SSRN.
Attig, N., O. Guedhami, and D. Mishra. (2008) Multiple large shareholders, control contests, and implied cost of equity. Journal of Corporate Finance 14, 721–737.
Black, B.S., Jang, H., and Kim, W. (2012) “Does corporate governance predict firms market values? Evidence from korea”. Journal of Law, Economics & Organization, Vol. 22, pp. 366-413.
Botosan, C.A. (1997) Disclosure Level and The Cost of Equity Capital. Accounting Review, 323-34.
Brancato, C.K. (1997) Institutional Investors and Corporate Governance. USA: McGraw-Hill.
Byun, H.Y., Kwak, S.K., and Hwang, L.S. (2008) “The implied cost of equity capital and corporate governance practices”, Asia-Pacific Journal of Financial Studies, Vol. 37 n. 1, pp. 139-184.
Cadbury, A. (2002) Corporate Governance and Chairmanship. Oxford.
Chairunnisa, D. (2014) The Effect of Good Corporate Governance and Asymetry Information of Cost of Equity Capital. Artikel Ilmiah Mahasiswa: Jurusan Akuntansi, Fakultas Ekonomi, UNEJ.
Chen, K.C.W., Chen, Z., and Wei, K.C.J. (2003) Disclosure, Corporate Governance, and the Cost od Equity Capital: Evidence from Asia’s Emerging Markets. Collins, Denton, and Huang, H. (2010) Management Entrenchment and the Cost of Equity Capital. Journal of Business Research, 64, 356-362
Darmawati, Deni, Khomsiyah, and R. G. Rahayu. (2005) Hubungan Corporate Governance dan Kinerja Perusahaan, Jurnal Riset Akuntansi Indonesia, Vol. 8, No. 1, hal. 65-81
Derwall, J. and P. Verwijmeren. (2007) Corporate Governance and the Cost of Equity Capital: Evidence from GMI’s Governance Rating. European Centre for Corporate Governance Research Note, RSM Erasmus University, The Netherlands.
Efferin, S., Darmadji S.H., and Tan, Y. (2008) Metode Penelitian Akuntansi: Mengungkap Fenomena dengan Pendekatan Kuantitatif dan Kualitatif, Graha Ilmu.
Forum Corporate Governance Indonesia (FGCI). (2001) Corporate Governance: Tata Kelola Perusahaan. Edisi Ketiga.Jakarta.
Guedhami, O. and D. Mishra. (2006) Excess control, corporate governance, and implied cost of equity: An international evidence. Canada: University of Newfoundland.
Jensen, M. C. and Meckling, W. H. (1976) Theory of The Firm: Managerial Behavior, Agency Cost and Ownership Structure. Journal of Financial Economics, 3, 305-360.
Kaihatu, T.S. (2006) Good Corporate Governance dan Penerapannya di Indonesia. Jurnal Manajemen dan Kewirausahaan, Vol. 8, no. 1, hal. 1-9.
KNKG. (2012) Prinsip Dasar Pedoman Good Corporate Governance Perbankan Indonesia.
Koerniadi, H., Krishnamurti, C., and Tourani, A. (2014) “corporate governance and the variability of stock returns”, International Journal of Managerial Finance, Vol. 10 Iss. 4, pp. 494-510.
Komite Nasional Kebijakan Governance (KNKG). (2006) Pedoman Umum Good Corporate Governance Indonesia. Jakarta: KNKG.
Murni. (2003) Pengaruh Luas Ungkapan Sukarela dan Asimetri Informasi terhadap Cost of Equity Capital pada Perusahaan Publik di Indonesia. Simposium Nasional Akuntansi VI.
Nofianti, L. (2009) Penerapan Good Corporate Governance di Indonesia. Jurnal Akuntansi dan Keuangan, Vol. 14, no. 2, hal. 211-233
Reverte, C. (2009) “Do better governed firms enjoy a lower cost of equity capital?; Evidence from Spanish firms”, Corporate Governance: The international journal of business in society, Vol. 9 Iss. 2, pp. 133-145.
Shleifer, A. and R.W. Vishny. (1997) A survey of corporate governance. Journal of Finance 52, 737–783.
Utama, T.A., and Rohman, A. (2013) Pengaruh Corporate Governance Perception Index, Profitabilitas, Leverage, dan Ukuran Perusahaan Terhadap Nilai Saham. Diponegoro Journal of Accounting, Vol. 2, no. 2, hal. 1-9.
Wibowo, E. (2010) Implementasi Good Corporate Governance di Indonesia. Jurnal Ekonomi dan Kewirausahaan, Vol. 10, no. 2, hal. 129-136.
http://alphasoutheastasia.com/
http://www.bi.go.id/id/moneter/bi-rate/data/Default.aspx
- Articles published in CALYPTRA are licensed under a Creative Commons Attribution-ShareAlike 4.0 International license. You are free to copy, transform, or redistribute articles for any lawful purpose in any medium, provided you give appropriate credit to the original author(s) and the journal, link to the license, indicate if changes were made, and redistribute any derivative work under the same license.
- Copyright on articles is retained by the respective author(s), without restrictions. A non-exclusive license is granted to CALYPTRA to publish the article and identify itself as its original publisher, along with the commercial right to include the article in a hardcopy issue for sale to libraries and individuals.
- By publishing in CALYPTRA, authors grant any third party the right to use their article to the extent provided by the Creative Commons Attribution-ShareAlike 4.0 International license.
