PENGARUH GOOD CORPORATE GOVERNANCE TERHADAP FIRM PERFORMANCE PADA PERUSAHAAN INDUSTRI MANUFAKTUR YANG TERCATAT DI BURSA EFEK INDONESIA PERIODE 2011-2015
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Keywords:
corporate governance, firm performance, board size, ownership
Abstract
Abstract - This research aims to find out the influence of implementation of good corporate governance to firm performance in industrial manufacturing company in Indonesia Stock Exchange (IDX ) period 2011-2015. In this research samples there are 103 industrial manufacturing company which is listed in IDX period 2011-2015. Dependent variable in this research of firm performance measured by accounting based, i.e ROA & ROE and marketbased that is Tobin’s Q. While the independent variable is corporate governance mechanism; board size director, board size commissioner, board of independent commissioner, managerial ownership, ownership concentration and audit quality. Firm size and leverage are used for it’s control variable. The test on hypotheses using multiple linear regression analysis. The results of this study indicates that there is a significant influence between board size commissioner, managerial ownerhip, ownership concentration and audit quality onto ROA. Furthermore, this study shows that there is a significant influence between board size commissioner, board of independent commissioner and audit quality onto ROE. Based on Tobin’s Q, there is only board size director, board of independent commissioner and audit quality which has a significant effect. The firm size and leverage control variable are also shown a significant effect on ROA and ROE.
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References
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Shael. E, 2016, Pengaruh Ownership Structure, Free Cash Flow, dan Corporate Governance terhadap Biaya Keagenan, Universitas Surabaya.
Sheikh. N. A., Wang. Z., dan Khan. S., 2011, The impact of internal attributes of corprorate governance on firm performance: Evidence from Pakistan, International Journal of Commerce and Management, Vol. 23 Iss 1 pp. 38 – 55.
Sunyoto, Dadang. 2011. Analisis Regresi dan Uji Hipotesis. Yogyakarta: CAPS. Susiani, 2015, Pengaruh Penerapan Good Corporate Governance terhadap Kinerja Keuangan Perusahaan pada Sektor Keuangan yang terdaftar di BEI pada Periode 2010-2012, Universitas Surabaya.
Villalonga, B., dan Amit, R. 2006. How do family ownership, control and management affect firm value? Journal of Financial Economics, Vol. 80 (2): 385-417.
Weston J. Fred, dkk. 1996. Essentials of Managerial Finance, 11th edition. USA : The Dryden Press.
Wijaya. I. Saking, 2012, Pengaruh Mekanisme Good Corporate Governance terhadap Kinerja Keuangan Badan Usaha Publik, Universitas Surabaya.
Amyulianthy. R., 2012, Pengaruh Struktur Corporate Governance Terhadap Kinerja Perusahaan Publik Indonesia, Jurnal Liquidity, Vol. 1, No. 2, Juli- Desember 2012, hlm. 91-96.
Badan Pengawas Pasar Modal. 2004. Peraturan IX. I.5: Pembentukan dan Pelaksanan Kerja Komite Audit. Lampiran Keputusan Ketua BAPEPAM No. 29/PM/2004. Jakarta.
Buallay. A., Hamdan. A., dan Zureigat. Q., 2017, Corporate Governance and Firm Performance: Evidence from Saudi Arabia, Australasian Accounting, Business and Finance Journal,11(1), pp.78-98.
Darko, J., Aribi, Z. A., dan Uzonwanne G. C. 2016. Corporate governance: the impact of director and board structure and corporate control on the performance of listed companies on the Ghana stock exchange. Corporate Governance: The international journal of business in society, Vol. 16 (2): 259-277.
Denis. D. K. dan McConnell. J. J., 2003, International Corporate Governance, Journal Of Finance And Quantitative Analysis, Vol. 38, No. 1, March 2003.
Eisenhardt. K. M.,1989, Agency Theory: An Assessment and Review, The Academy of Management Review, Vol. 14, No. 1 (Jan., 1989), pp. 57-74.
Fahmi, 2013, Analisis Laporan Keuangan. Alfabeta. Bandung.
Field. A., 2009, Discovering Statistics Using SPSS, 3rd Edition, pp. 220, http://www.soc.univ.kiev.ua/sites/default/files/library/elopen/andy-field- discovering-statistics-using-spss-third-edition-20091.pdf, diakses tanggal 20 Mei 2017.
Gitman, L. J. 2009. Principles of Managerial Finance, 12th Edition. Boston: Addison-Wesley.
Gujarati, D.N., 2004, Basic Econometrics, 4th Edition, McGraw-Hill. Gujarati, D.N., 2008, Ekonometrika Dasar, Jakarta: Erlangga.
Haat. M. H. C., Rahman. R. A., dan Mahenthiran. S., 2008, Corporate governance, transparency and performance of Malaysian companies, Managerial Auditing Journal, Vol. 23 Issue: 8, pp.744-778.
Hassan. K. M. dan Halbouni. S. S., 2013, Corporate governance, economic turbulence and financial performance of UAE listed firms, Studies in Economics and Finance, Vol. 30 Issue: 2, pp.118-138.
Jensen, M. danMeckling, W. 1976. Theory of the firm: managerial behavior, agency costs, and ownership structure. Journal of Financial Economics, Vol. 3 (4): 305-360. Keputusan Menteri Badan Usaha Milik Negara Nomor : KEP-117/M-MBU/2002 tentang Penerapan Praktek Good Corporate Governance pada Badan Usaha Milik Negara (BUMN)
Komite Nasional Kebijakan Governance, 2006, Pedoman Umum Good Corporate Governance Indonesia, http://www.ecgi.org/codes/documents/indonesia_cg_2006_id.pdf, diakses tanggal 14 Mei 2017.
Maksum, Azhar, 2005, Tinjauan Atas Good Corporate Governance di Indonesia. Pidato Pengukuhan Jabatan Guru Besar Tetap, Universitas Sumatera Utara.
Merkusiwati, N. K. L. A. 2007. Evaluasi Pengaruh CAMEL Terhadap Kinerja Perusahan. Buletin Studi Ekonomi, Vol. 12 (1): 102-110.
Mulyadi. 1997. Akuntansi Manajemen. Yogyakarta: Badan Penerbit Sekolah Tinggi Ekonomi YKPN.
Muntiah. S., 2014, Pengaruh Mekanisme Corporate Governance Terhadap Kinerja Keuangan Perusahaan: Studi Perusahaan Manufaktur yang Terdaftar di Bursa Efek Indonesia Periode 2010 – 2012, Universitas Dian Nuswantoro, Semarang.
OtoritasJasaKeuangan. 2015. Lampiran Surat Edaran Otoritas Jasa Keuangan No. 32/SEOJK.04/2015 tentang Pedoman Tata Kelola Perusahaan Terbuka. http://www.ojk.go.id/id/regulasi/otoritas-jasa-keuangan/surat-edaran-ojk- dan-dewan-komisioner/Documents/Pages/seojk-Nomor-32-SEOJK-04- 2015-Pedoman-Tata-Kelola-Perusahaan/lampiran-seojk-nomor-32-seojk-04-2015.pdf, diakses tanggal 4 Desember 2016.
Palmon. O and Wald. J. K., 2002, Are two heads better than one? The impact of changes in management structure on performance by firm size, Journal of Corporate Finance, vol. 8, issue 3, pages 213-226.
Shael. E, 2016, Pengaruh Ownership Structure, Free Cash Flow, dan Corporate Governance terhadap Biaya Keagenan, Universitas Surabaya.
Sheikh. N. A., Wang. Z., dan Khan. S., 2011, The impact of internal attributes of corprorate governance on firm performance: Evidence from Pakistan, International Journal of Commerce and Management, Vol. 23 Iss 1 pp. 38 – 55.
Sunyoto, Dadang. 2011. Analisis Regresi dan Uji Hipotesis. Yogyakarta: CAPS. Susiani, 2015, Pengaruh Penerapan Good Corporate Governance terhadap Kinerja Keuangan Perusahaan pada Sektor Keuangan yang terdaftar di BEI pada Periode 2010-2012, Universitas Surabaya.
Villalonga, B., dan Amit, R. 2006. How do family ownership, control and management affect firm value? Journal of Financial Economics, Vol. 80 (2): 385-417.
Weston J. Fred, dkk. 1996. Essentials of Managerial Finance, 11th edition. USA : The Dryden Press.
Wijaya. I. Saking, 2012, Pengaruh Mekanisme Good Corporate Governance terhadap Kinerja Keuangan Badan Usaha Publik, Universitas Surabaya.
Published
2018-03-01
Section
Bidang Manajemen (M)
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