PENGARUH CORPORATE GOVERNANCE TERHADAP KINERJA DAN KEBIJAKAN DIVIDEN PADA PERUSAHAAN SEKTOR MANUFAKTUR YANG TERDAFTAR DI BURSA EFEK INDONESIA PERIODE 2012-2016
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Keywords:
corporate governance, firm performance, dividend policy
Abstract
This study aims to analyze the effect of good corporate governance (GCG) towards firm performance using tobin’s q ratio (TOBIN_Q) and dividend policy using dividend payout ratio (DPR) as a proxy in manufature sector companies listed in Indonesia Stock Exchange (BEI) in the period 2012-2016.This research uses quantitative approach with multiple linear regression analysis model. This study uses sample of firms which are listed on manufature sector in IDX on 2012 – 2016. The number of final samples used in this study were 112 business entities with 560 observations.
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References
Abor, J., dan Fiador, V., 2013, Does Corporate Governance Explain Dividend Policy in Sub-Saharan Africa?, Journal of Law and Management, Vol. 55: 201-225.
Al-Najjar, B., dan Kilincarslan, E., 2016, The Effect of Ownership Structure on Dividend Policy: Evidence from Turkey, Journal of Corporate Governance, Vol. 16: 135-161.
Andreou, P.C., Louca, C., dan Panayides, P.M., 2014, Corporate Governance, Financial Management Decisions and Firm Performance: Evidence from the Maritime Industry, Journal of Finance, Vol. 63: 59-78.
Arora, A., dan Sharma, C., 2016, Corporate Governance and Firm Performance in Developing Countries: Evidence from India, Journal of Corporate Governance, Vol. 16: 420-436.
Benjamin, S.J., dan Zain, M.M., 2015, Corporate Governance and Dividends Payout: Are They Substitutes or Complementary?, Journal of Asia Business Studies, Vol. 9: 177-194.
Benjamin, S.J., Wasiuzzaman, S., Mokhtarinia, H., dan Nejad, N.R., 2016, Family Ownership and Dividend Payout in Malaysia, Journal of Managerial Finance, Vol. 12: 314-334.
Choi, JJ, Park, SW, Yoo, SS, 2007, The Value of Outside Directors: Evidence from Corporate Governance Reform in Korea, Journal of Financial and Quantitative Analysis, Vol. 42, No. 4, p.941-962.
Ehikioya, B.I., 2009, Corporate Governance Structure and Frm Performance in Developing Economies: Evidence from Nigeria, Journal of Business in Society, Vol. 9: 231-243.
Fernandez, M. R., 2015, Company Financial Performance: Does Board Size Matter? Case of the EUROSTOXX50 Index, Journal of Economic Literature, M21, G34.
Husnan, Squad, 2002, Dasar-Dasar Teori Portfolio dan Analisis Sekuritas,Liberty, Yogyakarta.
Jensen, M. C dan Meckling, W.H. 1976, Theory of the Firm : Managerial Behavior, Agency Costs and Ownership Structure. Journal of Financial Economics, Vol. 3: 305-360.
Loderer, Claudio dan Urs Waelchli, 2009, Firm Age and Performance, Journal of Economic Literature, G30, L20.
Manzaneque, M., Alba M. Priego, dan Elena Merino, 2016, Corporate Governance Effect on Financial Distress Likelihood: Evidence from Spain, Revista de Contabilidad – Spanish Accounting Review, 19: 111-121
Mehdi, M., Sahut, J.M., dan Teulon, F., 2017, Do Corporate Governance and Ownership Structure Impact Dividend Policy in Emerging Market During Financial Crisis?, Journal of Applied Accounting Research, Vol. 18: 274- 297.
Shleifer, A. dan R. W. Vishny, 1997, A Survey of Corporate Governance, The Journal of Finance, Vol. 52. No.2, p. 737-783.
Talebria, Ghodratallah, Mahde Salehi, Hashem Valipour, and Shahram Shafee, 2010, Emprical Study of the Relationship between Ownership Structure and Firm Performance: Some Evidance of Listed Companies in Tehran Stock Echange, Journal of Sustainable Development, Vol.3 : 264-270.
Visic, Josipa dan Maja Pervan, 2012, Influence of Firm Size on Its Business Success, Croatian Operational Research Review (CRORR), Vol. 3, p. 213- 223.
Vo, Duc dan Thuy Phan, 2013, Corporate Governance and Firm Performance: Empirical Evidence from Vietnam, Journal of Economic Literature, G32, G34.
Weisbach, Michael, 1988, Outside Directors and CEO Turnover, Journal of Financial Economics, Vol.20, Issue 1-2, p.431-460.
Yarram, S.R., dan Dollery, B., 2015, Corporate Governance and Financial Policies, Journal of Managerial Finance, Vol. 41: 267-285.
Yoo, T. dan Dong, K.J., 2015, Corporate Governance Change and Performance: The Roles of Traditional Mechanisms in France and South Korea, Journal of Management, Vol. 31: 40-53.
Al-Najjar, B., dan Kilincarslan, E., 2016, The Effect of Ownership Structure on Dividend Policy: Evidence from Turkey, Journal of Corporate Governance, Vol. 16: 135-161.
Andreou, P.C., Louca, C., dan Panayides, P.M., 2014, Corporate Governance, Financial Management Decisions and Firm Performance: Evidence from the Maritime Industry, Journal of Finance, Vol. 63: 59-78.
Arora, A., dan Sharma, C., 2016, Corporate Governance and Firm Performance in Developing Countries: Evidence from India, Journal of Corporate Governance, Vol. 16: 420-436.
Benjamin, S.J., dan Zain, M.M., 2015, Corporate Governance and Dividends Payout: Are They Substitutes or Complementary?, Journal of Asia Business Studies, Vol. 9: 177-194.
Benjamin, S.J., Wasiuzzaman, S., Mokhtarinia, H., dan Nejad, N.R., 2016, Family Ownership and Dividend Payout in Malaysia, Journal of Managerial Finance, Vol. 12: 314-334.
Choi, JJ, Park, SW, Yoo, SS, 2007, The Value of Outside Directors: Evidence from Corporate Governance Reform in Korea, Journal of Financial and Quantitative Analysis, Vol. 42, No. 4, p.941-962.
Ehikioya, B.I., 2009, Corporate Governance Structure and Frm Performance in Developing Economies: Evidence from Nigeria, Journal of Business in Society, Vol. 9: 231-243.
Fernandez, M. R., 2015, Company Financial Performance: Does Board Size Matter? Case of the EUROSTOXX50 Index, Journal of Economic Literature, M21, G34.
Husnan, Squad, 2002, Dasar-Dasar Teori Portfolio dan Analisis Sekuritas,Liberty, Yogyakarta.
Jensen, M. C dan Meckling, W.H. 1976, Theory of the Firm : Managerial Behavior, Agency Costs and Ownership Structure. Journal of Financial Economics, Vol. 3: 305-360.
Loderer, Claudio dan Urs Waelchli, 2009, Firm Age and Performance, Journal of Economic Literature, G30, L20.
Manzaneque, M., Alba M. Priego, dan Elena Merino, 2016, Corporate Governance Effect on Financial Distress Likelihood: Evidence from Spain, Revista de Contabilidad – Spanish Accounting Review, 19: 111-121
Mehdi, M., Sahut, J.M., dan Teulon, F., 2017, Do Corporate Governance and Ownership Structure Impact Dividend Policy in Emerging Market During Financial Crisis?, Journal of Applied Accounting Research, Vol. 18: 274- 297.
Shleifer, A. dan R. W. Vishny, 1997, A Survey of Corporate Governance, The Journal of Finance, Vol. 52. No.2, p. 737-783.
Talebria, Ghodratallah, Mahde Salehi, Hashem Valipour, and Shahram Shafee, 2010, Emprical Study of the Relationship between Ownership Structure and Firm Performance: Some Evidance of Listed Companies in Tehran Stock Echange, Journal of Sustainable Development, Vol.3 : 264-270.
Visic, Josipa dan Maja Pervan, 2012, Influence of Firm Size on Its Business Success, Croatian Operational Research Review (CRORR), Vol. 3, p. 213- 223.
Vo, Duc dan Thuy Phan, 2013, Corporate Governance and Firm Performance: Empirical Evidence from Vietnam, Journal of Economic Literature, G32, G34.
Weisbach, Michael, 1988, Outside Directors and CEO Turnover, Journal of Financial Economics, Vol.20, Issue 1-2, p.431-460.
Yarram, S.R., dan Dollery, B., 2015, Corporate Governance and Financial Policies, Journal of Managerial Finance, Vol. 41: 267-285.
Yoo, T. dan Dong, K.J., 2015, Corporate Governance Change and Performance: The Roles of Traditional Mechanisms in France and South Korea, Journal of Management, Vol. 31: 40-53.
Published
2018-03-01
Section
Bidang Manajemen (M)
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