PENGARUH GOOD CORPORATE GOVERNANCE TERHADAP COST OF EQUITY PADA PESERTA CGPI DI INDONESIA PERIODE 2011-2013
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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
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