Good Corporate Governance Dan Implikasinya Terhadap Kinerja Serta Nilai Perusahaan: Studi Pada Emiten Berperingkat CGPI
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Abstract
This study aims to analyze the effect of good corporate governance on firm performance and value, providing a reference for management in implementing appropriate and effective governance practices that benefit the company as a whole. The population of this study comprises all companies listed on Bursa Efek Indonesia, with a sample of 91 companies included in the Corporate Governance Perception Index (CGPI). The variables used in this Research include good corporate governance, proxied by CGPI; firm performance, proxied by Return on Assets (ROA) and Return on Equity (ROE); and firm value, proxied by Tobin’s Q and Market-to-Book Value (MBVR). This study uses linear regression to assess the effect of good corporate governance on firm performance and value. The results indicate that good corporate governance has a significant positive effect on firm performance. Good corporate governance also has a significant positive effect on firm value when proxied by MBVR, whereas it has no significant effect when proxied by Tobin’s Q. Furthermore, the effect of firm performance on firm value shows mixed results: ROA has a significant positive effect on Tobin’s Q, ROE has no significant effect on Tobin’s Q, and both ROA and ROE have no significant effect on MBVR
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References
Baskoro, Mahardhika Prasetyadi dan Wardhani, Ratna. (2004). Analisis Pengaruh Volatilitas Laba dan Manajemen Laba Riil dan Akrual Terhadap Kebijakan Investasi. SNA 17 Mataram, Lombok Universitas Mataram. Hal 1-27.
Brown, Lawrence and J., Caylor. (2004). Corporate Governance and Firm Performance. Boston Accounting Research Colloquium 15 th.
Budiman, Cipta. (2004). Analisis Kinerja Keuangan Pada Perusahaan Publik di Bursa Efek Jakarta dengan Menggunakan Pendekatan Economic Value Added. (Thesis yang tidak dipublikasikan.
Bukhori, Iqbal. (2012). Pengaruh Good Corporate Governance dan Ukuran Perusahaan Terhadap Kinerja Perusahaan (Studi Empiris Pada Perusaah yang Terdaftar di BEI 2010). Skripsi Universitar Diponegoro.
Febrina, Nica. (2010). Pengaruh Komisaris Independen dan Kinerja Keuangan Terhadap Nilai Perusahaan (Studi Empiris Pada Perusahaan Wholesale yang Terdaftar di Bursa Efek Indonesia). Jurnal Jurusan Manajemen Fakultas Ekonomi Universitas Gunadarma
Jensen, Michael C. and Meckling, William H. (1976). Theory of the Firm: Managerial Behaviour, Agency Costs and Ownership Structure. Journal of Financial, Vol. 3, No.4, pp 305-360.
Kumar, Jayesh. (2004). Does Corporate Governance Influence Firm Value? Evidence from Indian Firms. The Journal of Enterpreneurial Finance, Vol. 9, Iss. 2, pp 61-92.
Mahendra DJ, Alfredo. (2011). Pengaruh Kinerja Keuangan Terhadap Nilai Perusahaan (Kebijakan Dividen Sebagai Variabel Moderating) Pada Perusahaan Manufaktur di Bursa Efek Indonesia). Thesis Program Magister Jurusan Manajemen Universitas Udayana Denpasar.
Otoritas Jasa Keuangan. (2014). Roadmap Tata Kelola Perusahaan Indonesia Menuju Tata Kelola Emiten dan Perusahaan yang Lebih baik.
Pambudi, Januar Eky dan Sumantri, Farid Addy. (2014). Kualitas Audit, Ukuran Perusahaan dan Leverage Terhadap Manajemen Laba. SNA 17 Mataram, Lombok, Universitas Mataram.
Purwani, Tri. (2010). Pengaruh Good Corporate Governance Terhadap Kinerja Perusahaan. Majalah Ilmiah INFORMATIKA, Vol. 1, No.2, hal 47-60.
Tjager, I. Nyoman. (2003). Corporate Governance. Pearson Education Asia.
Tertius, Melia Agustina dan Christiawan, Yulius Jogi. (2015). Pengaruh Good Corporate Governance Terhadap Kinerja Perusahaan Pada Sektor Keuangan. Business Accounting Review, Vol. 3,No. 1, hal 223-232.
Retno M, Reny Dyah dan Priantinah, Denies. (2012). Pengaruh Good Corporate Governance dan Pengungkapan Corporate Social Responsibility Terhadap Nilai Perusahaan (Studi Empiris Pada Perusahaan yang Terdaftar di Bursa Efek Indonesia Periode 2007-2010). Jurnal Nominal, Vol.1, No.1, hal 84-103
Main Article Content
Abstract
This study aims to analyze the effect of good corporate governance on firm performance and value, providing a reference for management in implementing appropriate and effective governance practices that benefit the company as a whole. The population of this study comprises all companies listed on Bursa Efek Indonesia, with a sample of 91 companies included in the Corporate Governance Perception Index (CGPI). The variables used in this Research include good corporate governance, proxied by CGPI; firm performance, proxied by Return on Assets (ROA) and Return on Equity (ROE); and firm value, proxied by Tobin’s Q and Market-to-Book Value (MBVR). This study uses linear regression to assess the effect of good corporate governance on firm performance and value. The results indicate that good corporate governance has a significant positive effect on firm performance. Good corporate governance also has a significant positive effect on firm value when proxied by MBVR, whereas it has no significant effect when proxied by Tobin’s Q. Furthermore, the effect of firm performance on firm value shows mixed results: ROA has a significant positive effect on Tobin’s Q, ROE has no significant effect on Tobin’s Q, and both ROA and ROE have no significant effect on MBVR
Article Details
References
Baskoro, Mahardhika Prasetyadi dan Wardhani, Ratna. (2004). Analisis Pengaruh Volatilitas Laba dan Manajemen Laba Riil dan Akrual Terhadap Kebijakan Investasi. SNA 17 Mataram, Lombok Universitas Mataram. Hal 1-27.
Brown, Lawrence and J., Caylor. (2004). Corporate Governance and Firm Performance. Boston Accounting Research Colloquium 15 th.
Budiman, Cipta. (2004). Analisis Kinerja Keuangan Pada Perusahaan Publik di Bursa Efek Jakarta dengan Menggunakan Pendekatan Economic Value Added. (Thesis yang tidak dipublikasikan.
Bukhori, Iqbal. (2012). Pengaruh Good Corporate Governance dan Ukuran Perusahaan Terhadap Kinerja Perusahaan (Studi Empiris Pada Perusaah yang Terdaftar di BEI 2010). Skripsi Universitar Diponegoro.
Febrina, Nica. (2010). Pengaruh Komisaris Independen dan Kinerja Keuangan Terhadap Nilai Perusahaan (Studi Empiris Pada Perusahaan Wholesale yang Terdaftar di Bursa Efek Indonesia). Jurnal Jurusan Manajemen Fakultas Ekonomi Universitas Gunadarma
Jensen, Michael C. and Meckling, William H. (1976). Theory of the Firm: Managerial Behaviour, Agency Costs and Ownership Structure. Journal of Financial, Vol. 3, No.4, pp 305-360.
Kumar, Jayesh. (2004). Does Corporate Governance Influence Firm Value? Evidence from Indian Firms. The Journal of Enterpreneurial Finance, Vol. 9, Iss. 2, pp 61-92.
Mahendra DJ, Alfredo. (2011). Pengaruh Kinerja Keuangan Terhadap Nilai Perusahaan (Kebijakan Dividen Sebagai Variabel Moderating) Pada Perusahaan Manufaktur di Bursa Efek Indonesia). Thesis Program Magister Jurusan Manajemen Universitas Udayana Denpasar.
Otoritas Jasa Keuangan. (2014). Roadmap Tata Kelola Perusahaan Indonesia Menuju Tata Kelola Emiten dan Perusahaan yang Lebih baik.
Pambudi, Januar Eky dan Sumantri, Farid Addy. (2014). Kualitas Audit, Ukuran Perusahaan dan Leverage Terhadap Manajemen Laba. SNA 17 Mataram, Lombok, Universitas Mataram.
Purwani, Tri. (2010). Pengaruh Good Corporate Governance Terhadap Kinerja Perusahaan. Majalah Ilmiah INFORMATIKA, Vol. 1, No.2, hal 47-60.
Tjager, I. Nyoman. (2003). Corporate Governance. Pearson Education Asia.
Tertius, Melia Agustina dan Christiawan, Yulius Jogi. (2015). Pengaruh Good Corporate Governance Terhadap Kinerja Perusahaan Pada Sektor Keuangan. Business Accounting Review, Vol. 3,No. 1, hal 223-232.
Retno M, Reny Dyah dan Priantinah, Denies. (2012). Pengaruh Good Corporate Governance dan Pengungkapan Corporate Social Responsibility Terhadap Nilai Perusahaan (Studi Empiris Pada Perusahaan yang Terdaftar di Bursa Efek Indonesia Periode 2007-2010). Jurnal Nominal, Vol.1, No.1, hal 84-103