PENGARUH CORPORATE GOVERNANCE TERHADAP STOCK RETURN SYNCHRONI CITY PERUSAHAAN SEBAGAI BENTUK TRANSPARANSI DI MASA YANG AKAN DATANG PADA SEKTOR CONSUMER GOODS DI BURSA EFEK ASEAN PERIODE 2011-2015
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Keywords:
Corporate Governance, Stock Return Synchronicity, Transparency
Abstract
The objective of this research is to examine the effect of board size, board independence, audit quality, institutional ownership, market to book ratio, standard deviation of stock return and standar deviation of return on asset as the independent variable to stock return synchroniciry as a measure of corporate transparency as the dependent variable on the consumer goods sector that listed on the ASEAN (Indonesia, Malaysia, Thailand and Singapore) Stock Exchange 2011-2015 period.
This research uses quantitative perspective with linier regression and Partial Adjustment Model in a panel data for all of the research’s observation that used in this research. The number of observation in this research are 385 observations, consist of 77 firms (25 firms from Indonesia, 17 firms from Malaysia,21 firms from Thailand, 14 firms from Singapore) that enlisted for 2011-2015 period.
The result shows that board size and board independences have negative significant effect to stock return synchronicity. Then, institutional ownership, market to book ratio and standard deviation of stock return have positive significant effect to stock return synchronicity. Meanwhile, audit quality and standard deviation of return on asset have no effect to stock return synchronicity.
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Budsaragoon P., Hillier, D., dan S. Lhaopadchan. 2013. Does Corporate Governance Improve Transparency in Emerging Markets. Thesis. Chulalongkorn University: Thailand.
Chan, Khalok dan Hameed, Allaudeen. 2004. Stock Price Synchronicity and Analyst Coverage in Emerging Markets. Working Paper. Hong Kong University of Science and Technology & Department of Finance and Accounting, National University of Singapore.
Doriye, Elirehema Joshua. 2012. Corporate Governance and Stock Price Synchronicity. Thesis. Leeds University Business School.
Felicia, Steffi. 2016. Pengaruh Tunneling, Size Dan Rasio Keuangan Terhadap Kinerja Perusahaan Di Masa Yang Akan Datang Dan Financial Distress Pada Sektor Consumer Goods Di Bursa Efek Asean Periode
2011-2015. Skripsi. Fakultas Bisnis dan Ekonomika Universitas Surabaya.
Gyamfi, Matthew Ntow, Bokpin, Godfred A., dan Albert Gamegah. 2015. Corporate governance and transparency: evidence from stock return synchronicity. Journal of Financial Economic Policy, Vol. 7 Iss 2 pp. 157
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Gujarati, Damodar N., dan Porter, Dawn, 2012, Dasar-dasar Ekonometrika, Buku 2, Jakarta: Salemba Empat.
Khandaker, Sharod. 2011. R Square Measure of Stock Synchronicity. International Review of Business Research Papers Vol. 7. No. 1. January 2011. Pp. 165 – 175.
Kurlelasari, Neng. 2013. Pengaruh Kepemilikan Institusi Terhadap Nilai Perusahaan Dan Kinerja Keuangan. Working Paper. Universitas Komputer Indonesia.
Luo, Miao, Chen, T., dan Isabel Kit-Ming Yan. 2014. Price informativeness and institutional ownership: Evidence from Japan. Springer Science Business Media New York 2013
Nur’aeni, Dini. 2010. Pengaruh Struktur Kepemilikan Saham Terhadap Kinerja Perusahaan. Skripsi. Fakultas Ekonomi Universitas Dipenogoro: Semarang.
Putra, Andhika Surya. 2013. Analisis Pengaruh Ukuran Perusahaan, Kepemilikan Institusional, Dan Kepemilikan Manajerial Terhadap Kinerja Perusahaan Serta Dampaknya Terhadap Nilai Perusahaan. Skripsi. Fakultas Bisnis dan Ekonomika Universitas Dipenogoro: Semarang.
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Tas, Oktay dan Tan, Seliz Dus. 2016. Corporate Governance, Foreign Ownership And Stock Price Synchronicity: Evidence From Borsa Istanbul. Finance and Accounting – JEFA (2016), Vol.3 Iss 2.
Tsamenyi, Matthew, Adu, Elsie Enninful dan Joseph Onumah, (2007) Disclosure and corporate governance in developing countries: evidence from Ghana. Managerial Auditing Journal, Vol. 22 Issue: 3, pp.319-334.
Widywati, Maria Fransisca. 2013. Pengaruh Dewan Direksi, Komisaris Independen, Komite Audit, Kepemilikan Manajerial Dan Kepemilikan Institusional Terhadap Kinerja Keuangan. Jurnal Ilmu Manajemen | Volume 1 Nomor 1.
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http://digilib.ubaya.ac.id/ (Diakses pada tanggal 1 Maret 2017)
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http://www.idx.co.id (Diakses pada tanggal 15 Maret 2017)
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Published
2018-03-01
Section
Bidang Manajemen (M)
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