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"ABSTRAKPenelitian ini bertujuan untuk menguji pengaruh mekanisme corporate governance dan karakteristik perusahaan terhadap probabilita diakuisisi. Mekanisme corporate governance yang diuji yaitu keberadaan komisaris independen dan ukuran (size) dewan komisaris dari sisi internal governance, serta auditor eksternal dan monitoring bank dari sisi external governance. Sementara karakteristik perusahaan yang diuji adalah profitabilitas dan ukuran (size) perusahaan. Pengujian hipotesis dilakukan menggunakan model regresi logistik dengan sampel 90 observasi dari perusahaan diakuisisi dan tidak diakuisisi selama periode 2004 ? 2011 dan tercatat di Bursa Efek Indonesia.Hasil dari penelitian ini menyimpulkan bahwa monitoring bank yang diukur dari besarnya pinjaman bank yang diperoleh dari bank berkualitas monitoring baik, jumlah (size) dewan komisaris dan profitabilitas perusahaan berpengaruh signifikan terhadap menurunnya probabilita diakuisisi. Sedangkan komisaris independen,auditor eksternal dan ukuran perusahaan tidak berpengaruh terhadap probabilita diakuisisi.

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ABSTRACT

The objective of this research is to examine the effect of corporate governance mechanism and firm characteristics on the probability of being acquired. Corporate governance mechanism that were examined are the role of independent commissioner and board size as internal governance mechanism, as well as external auditor and bank monitoring as external governance mechanism. Firm characteristic that were examined are profitability and firm? size. Hypotheses testing are conducted using logistic regression model with observations from 90 sample of acquired and non acquired publicly listed companies in Indonesia during the period 2004 - 2011.

The result of this study concluded that bank monitoring measured by the amount of bank loan from the bank with good monitoring quality, board size and firm profitability has significant effect on decreasing the probability being acquired. While independent commissioner, external auditor and firm? size has no significant impact on probability being acquired."

"Penelitian ini bertujuan untuk menguji pengaruh peran monitoring bank sebagai mekanisme corporate governance terhadap peningkatan nilai perusahaan. Penelitian ini mengacu pada penelitian Ahn dan Choi (2009) dan Hermawan (2009). Kekuatan peran monitoring bank diukur dari besarnya pinjaman bank, pinjaman yang diperoleh dari bank dengan kualitas monitoring baik, jangka waktu pinjaman dan jumlah bank yang memberikan pinjaman. Pengujian hipotesis dilakukan menggunakan model regresi berganda dengan sampel 230 observasi dari perusahaan yang tercatat di Bursa Efek Indonesia selama tahun 2009. Hasil penelitian ini memberikan bukti empiris bahwa pinjaman yang diperoleh dari bank dengan kualitas monitoring baik dan jumlah bank yang memberikan pinjaman berpengaruh signifikan terhadap peningkatan nilai perusahaan. Namun besarnya pinjaman bank dan jangka waktu pinjaman tidak berpengaruh terhadap nilai perusahaan. Temuan ini sejalan dengan penelitan Hermawan (2009) yang mengindikasikan bahwa perusahaan yang memperoleh pinjaman dari bank yang memiliki kualitas monitoring yang baik akan dipandang oleh investor memiliki corporate governance yang lebih baik dibandingkan perusahaan lainnya sehingga dapat meningkatkan nilai perusahaan. Sedangkan meningkatnya jumlah bank yang memberikan pinjaman kepada perusahaan justru dapat menurunkan nilai perusahaan akibat menurunnya efektivitas monitoring bank.

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The objective of this research is to examine the effect of bank monitoring as corporate governance mechanism on the borrowers firm value. This research refers to previous research conducted by Ahn and Choi (2009) and Hermawan (2009). The strength of bank monitoring is measured by the magnitude of a bank loan, the loan from the bank with a good monitoring quality, the length of a bank loan and the number of lenders. Testing hypotheses are conducted using multiple regression models with observations from 230 sample companies listed in Indonesia Stock Exchange during 2009.

The empirical results show that the loan from the bank with good monitoring quality and number of lenders are significantly influence to the borrowing firm's value. However the magnitude and the length of a bank loan have no significant effect. This result is consistent with Hermawan (2009) findings which indicate that the investor's responses on the stock price were higher for the firm that has greater loan amount from the bank with good monitoring quality than other firms so that it can increase the value of firm. This result imply that bank monitoring plays an important role in the corporate governance of bank-dependent firms. The analyses also find that the borrowing firm's value decrease as the number of lenders increases due to ineffective of bank monitoring."

"Skripsi ini membahas pengaruh kepemilikan keluarga dan corporate governance terhadap risiko idiosyncratic perusahaan dengan menggunakan total observasi sebanyak 183 atas perusahaan manufaktur yang terdaftar di BEI. Dengan menggunakan metode Pooled Least Square didapatkan hasil bahwa kepemilikan keluarga ternyata tidak berpengaruh terhadap risiko idiosyncratic. Kemudian penelitian ini juga menemukan bahwa perusahaan dengan kualitas corporate governance yang tinggi akan memiliki risiko idiosyncratic yang rendah. Selain itu, peneliti juga menguji pengaruh moderasi corporate governance atas hubungan perusahaan keluarga dengan risiko idiosyncratic risk, dan menemukan bahwa variabel corporate governance tidak memiliki efek moderasi terhadap hubungan perusahaan keluarga dengan risiko idiosyncratic risk.

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This thesis studied about the relationship of family firm and corporate governance on firm?s idiosyncratic risk, by using 183 observations data of manufacturing company which is listed in BEI. By using Pooled Least Square Method, this research found that family ownership did not have significant effect on idiosyncratic risk. Furthermore, this research also found that firm with high quality of corporate governance will have lower level of idiosyncratic risk. Besides, the authors also test the moderating role of corporate governance to the relationship of family firms with the idiosyncratic risk, and found that corporate governance do not have a moderating role on the effect family firms to the idiosyncratic risk."

"Penelitian ini bertujuan untuk menganalisis pengaruh mekanisme corporate governance yang diproksi dengan persentase kepemilikan saham terbesar, ukuran dewan komisaris, dan efektivitas komite audit terhadap pemilihan auditor eksternal pada perusahaan non jasa keuangan yang terdaftar di Bursa Efek Indonesia. Penelitian ini menggunakan klasifikasi auditor Top 10 dan non Top 10 sebagai proksi dari kualitas audit yang akan dipilih perusahaan. Penelitian menggunakan 434 observasi selama periode 2009-2010. Hasil penelitian menunjukkan adanya pengaruh positif signifikan antara persentase kepemilikan saham terbesar, ukuran dewan komisaris, dan efektivitas komite audit terhadap pemilihan auditor eksternal oleh perusahaan.

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This study aimed to analyze the impact of corporate governance mechanism, proxied by largest shareholder, board size, and audit committee's effectiveness on external auditor choice in non financial service companies listed on the Indonesia Stock Exchange. This study used Top 10 and non Top 10 auditor classification as a proxy of audit quality that will be chosen by the company. This study used 434 observations over the period 2009-2010. The results showed that there are significant positive effects of largest shareholder, board size, and audit committee's effectiveness on external auditor choice by the company."

"Penelitian ini bertujuan untuk mengetahui bagaimana pengaruh Corporate Governance, kepemilikan keluarga dan umur perusahaan terhadap Corporate Social Performance baik dimensi environment, dimensi product quality maupun dimensi community relations. Penelitian ini juga ingin menguji pengaruh Financial Performance terhadap asosiasi Corporate Governance dengan Corporate Social Performance. Corporate Governance dinilai berdasarkan indeks yang dikeluarkan oleh Indonesian Institute for Corporate Directorship (IICD), sedangkan untuk Corporate Social Performance menggunakan kriteria pernilaian yang digunakan oleh Greening dan Turban (2000) dimana pengukuranny berdasarkan dimensi yang digunakan lembaga KLD (Kinder,Lydenberg and Domini). Pengujian hipotesis menggunakan model regresi logistik dan sampel sebanyak 239 perusahaan yang terdaftar di Bursa Efek Indonesia selama tahun 2008. Hasil penelitian ini menunjukkan bahwa corporate governance memiliki pengaruh positif dan signifikan terhadap probabilita high corporate social performance baik dimensi environment, dimensi product quality maupun dimensi community relations. Kepemilikan keluarga memiliki pengaruh positif walaupun lemah terhadap probabilita high corporate social performance dimensi product quality sedangkan umur perusahaan memiliki pengaruh positif walaupun lemah terhadap probabilita high corporate social performance dimensi environment dan dimensi product quality. Penelitian ini menemukan bahwa financial performance tidak memperkuat hubungan corporate governance dengan probabilita sebuah perusahaan memiliki high corporate social performance baik dimensi environment, dimensi product quality maupun dimensi community relations.

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This research aims to determine whether corporate governance, family ownership, and firm age influence corporate social performance in environment dimension, product quality dimension, and community relations. In addition, this research also would like to know the effect of financial performance on the association between corporate governance and corporate social performance. Corporate governance viewed by an index issued by Indonesian Institute for Corporate Directorship (IICD), while corporate social performance is measured by KLD?s criteria that used by Greening and Turban (2000).

Hypothesis testing used logistic regression with sample of 239 companies that are listed at Indonesia Stock Exchange in 2008. These result indicate that companies with good corporate governance will have bigger probability getting high corporate social erformance in those dimensions. Family ownership has weak influence on corporate social performance in product quality dimension and firm age also has weak influence on corporate social performance in product quality dimension and community relations dimension. Yet, financial performance is proven that there is no influence of financial performance to the association between corporate governance and corporate social performance."

"Penelitian ini bertujuan menganalisis pengaruh corporate governance terhadap cash holdings dan firm value. Penelitian ini menggunakan uji analisis Fixed Effect Model (FEM). Variabel independen pada penelitian ini adalah ukuran dewan direksi, komisaris independen, dan kepemilikan manajerial, sedangkan variabel dependennya adalah cash holdings yang diproksikan dengan logaritma natural dari total kas pada penutupan akhir tahun dan firm value yang diproksikan dengan perhitungan Tobin's Q. Penelitian ini menggunakan data panel sejumlah 1314 observasi dari sampel perusahaan non keuangan yang terdaftar di Bursa Efek Indonesia periode 2007-2012.Hasil peneltian ini menunjukkan bahwa: (1) ukuran dewan direksi memiliki pengaruh yang signifikan terhadap cash holdings, (2) komisaris independen dan kepemilikan manajerial tidak memiliki pengaruh yang signifikan terhadap cash holdings, (3) ukuran dewan direksi tidak memiliki pengaruh yang signifikan terhadap firm value, (4) komisaris independen dan kepemilikan manajerial memiliki pengaruh yang signifikan terhadap firm value.

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The main objective of this research is to analyze the effect of corporate governance mechanisms on cash holdings and firm value. This research is analyze with Fixed Effect Model (FEM). The Independence variables in this research are the board size, board independence, and insider ownership, for the dependent variables are cash holdings that proxied by log of year end total cash and firm value that proxied by Tobin's Q. This study use a panel data sample of 1314 observations listed non financial firms in the Indonesia Stock Exchange for the periode 2007-2012.

The results showed that: (1) board size have significant effect on cash holdings, (2) board independence and insider ownership doesn't have significant effect on cash holdings, (3) board size doesn't have significant effect on firm value, (4) board independence and insider ownership have significant effect on firm value."

"Penelitian ini bertujuan untuk menguji pengaruh karakteristik dari bank yang meliputi ukuran (size) bank, struktur kepemilikan bank, status bank publik, profitabilitas, dan umur bank terhadap kualitas penerapan corporate governance. Tingkat kualitas penerapan corporate governance diukur berdasarkan score yang dikembangkan oleh Mahdan (2010) dengan informasi yang diambil dari laporan corporate governance bank. Pengujian hipotesis dilakukan menggunakan model regresi berganda dengan sampel sebanyak 153 bank yang terdapat di Indonesia selama tahun 2008-2010. Hasil penelitian ini membuktikan bahwa ukuran (size) bank dan kepemilikan bank oleh pemerintah berpengaruh positif dan signifikan terhadap kualitas penerapan corporate governance. Namun kepemilikan bank oleh asing berpengaruh negatif dan signifikan terhadap kualitas penerapan corporate governance. Status bank publik memiliki pengaruh negatif yang lemah terhadap penerapan corporate governance. Sedangkan profitabilitas dan umur bank tidak berpengaruh terhadap kualitas penerapan corporate governance.

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The objective of this research is to analyze the effects of bank?s characteristics such as bank size, ownership structure, public bank?s status, profitability, and bank age on bank?s corporate governance quality. Quality of bank?s corporate governance measure by score that develop from the previous research by Mahdan (2010). This research is using multiple regression model with 153 samples took from Bank Indonesia from 2008-2010. The result of this research shows that bank size and government ownership have positive and significantly influence on the corporate governance quality. But foreign ownership have negative and significant influence on the corporate governance quality. Public bank`s status have negative and week influence on the corporate governance quality. On the contratry, profitabilty and bank age is not significantly influence corporate governance quality."

"[Penelitian ini bertujuan untuk menganalisis pengaruh peringkat corporate governance terhadap kinerja keuangan periode 2008-2012. Pengujian ini dilakukan menggunakan metode regresi data panel, dimana variabel dependen adalah kinerja keuangan yang diproksikan oleh earning per share, Return on Assets, dan Return on Equity sedangkan peringkat corporate governance sebagai variabel independen. Terdapat tiga model dalam penelitian ini, yaitu menggunakan nilai dari masing-masing variabel dependen. Hasil penelitian pada model pertama menunjukkan bahwa peringkat corporate governance tidak memiliki pengaruh yang signifikan terhadap kinerja keuangan perusahaan. Model kedua dan ketiga memiliki pengaruh yang signifikan terhadap kinerja keuangan.

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The aim of this study is to analyze the effect of the corporate governance rating on firm performance in 2008-2012. Hypotheses were tested using the estimation

method of panel data whereby the dependent variable is the firm performance, which uses earning per share, return on assets, and return on equity as indicator, while the corporate governance rating as the independent variable. There are three models in this study, which uses the value of each variable dependent. The results of the study on the first model indicate that the corporate governance rating do not have an influence on the firm performance while on the second and third models indicate that the corporate governance rating have an influence on the firm

performance.;The aim of this study is to analyze the effect of the corporate governance rating on

firm performance in 2008-2012. Hypotheses were tested using the estimation

method of panel data whereby the dependent variable is the firm performance,

which uses earning per share, return on assets, and return on equity as indicator,

while the corporate governance rating as the independent variable. There are three

models in this study, which uses the value of each variable dependent. The results

of the study on the first model indicate that the corporate governance rating do not

have an influence on the firm performance while on the second and third models

indicate that the corporate governance rating have an influence on the firm

performance., The aim of this study is to analyze the effect of the corporate governance rating on

firm performance in 2008-2012. Hypotheses were tested using the estimation

method of panel data whereby the dependent variable is the firm performance,

which uses earning per share, return on assets, and return on equity as indicator,

while the corporate governance rating as the independent variable. There are three

models in this study, which uses the value of each variable dependent. The results

of the study on the first model indicate that the corporate governance rating do not

have an influence on the firm performance while on the second and third models

indicate that the corporate governance rating have an influence on the firm

performance.]"

"Penelitian ini bertujuan untuk menganalisis pengaruh elemen-elemen corporate governance, seperti board structure, ownership structure, board procedure, disclosure, related party transaction, dan minority shareholder rights terhadap nilai perusahaan dengan menggunakan variabel kontrol berupa assets, leverage, growth, net income to assets, share turnover, ownership, earning before interests and taxes to assets, top auditor, dan CCGPI. Data yang digunakan dalam penelitian ini bersumber dari laporan tahunan, laporan keuangan, serta laporan survei corporate governance perception index yang dikeluarkan oleh IICG tahun 2005-2011. Sampel tersebut diperoleh dengan metode purposive sampling. Metode pengujian hipotesis yang digunakan dalam penelitian ini adalah metode regresi linier berganda.Hasil penelitian ini menunjukkan bahwa board structure, institutional ownership, disclosure, related party transaction, ownership, dan earning before interests and taxes to assets memiliki pengaruh yang signifikan dengan arah yang positif, sedangkan leverage dan share turnover memiliki pengaruh yang negatif dan signifikan terhadap Tobin?s Q. Sementara itu, managerial ownership, board procedure, minority shareholder rights, assets, growth, net income to assets, top auditor, dan CCGPI tidak memiliki pengaruh yang signifikan terhadap variabel Tobin's Q.

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The research aims to analyze the effect of corporate governance elements, such as board structure, ownership structure, board procedure, disclosure, related party transactions, and minority shareholder rights to firm value using some of the control variables, such as assets, leverage, growth, net income to assets, share turnover, ownership, earning before interest and taxes to assets, top auditor, and CCGPI. The data used in this research derived from annual reports, financial statements, and report of corporate governance perception index survey released by IICG at years 2005 - 2011. The samples obtained by purposive sampling method. Hypothesis testing methods used in this research is the multiple linear regression method.The result of this study indicate that the board structure, institutional ownership, disclosure, related party transaction, ownership, and earning before interest and taxes to assets ratio have a significant effect in positive direction, while leverage and share turnover have a negative-significant effect to Tobin's Q. Meanwhile, managerial ownership, board procedure, minority shareholder rights, assets, growth, net income to assets, top auditor, and CCGPI have no significant effect to Tobin's Q."

"Tujuan utama dari penelitian ini adalah untuk menganalisis pengaruh mekanisme corporate governance terhadap kinerja perusahaan yang termasuk daam indeks kompas100. Penelitian ini menggunakan sampel 40 perusahaan menggunakan akuntansi dan data pasar yang tersedia untuk tahun 2008-2012. Hasil penelitian menunjukkan bahwa kepemilikan saham oleh CEO memiliki hubungan negatif terhadap ROA, sedangkan hubungan positif terhadap Return Saham. Presentase keemilikan komisaris independen memiliki hubungan negatif dengan kinerja keuangan baik ROA ataupun Return Saham, tetapi tidak signifikan terhadap ROA dan Return Saham. Board Structure cenderung memiliki hubungan negatif dengan kinerja perusahaan kecuali pada susunan komisaris dengan ROA dan jumlah ukuran dewan terhadap Return Saham, tetapi tidak signifikan terhadap ROA dan Return Saham. Variabel Economic Determinant memiliki hubungan positif dengan kinerja keuangan perusahaan namun nilai market to book ratio menunjukkan hubungan negatif terhadap Return Saham dan Sales memilikihubungan positif signifikan terhadap ROA.

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The primary objective of this study was to analyze the effect of corporate governance mechanisms on the performance of companies included in the index Kompas100. This study used a sample of 200 companies using accounting and market data are available for the years 2008-2012. The results show that CEO stock ownership has a negative relationship to ROA, while a positive relationship to Return Shares. Percentage ownership of independent directors has a negative relationship with financial performance either ROA or Return Shares, but no significant effect on ROA and Stock Return. Board Structure tends to have a negative relationship with firm performance unless the commissioner arrangement with ROA and the number of board size on Stock Return, but no significant effect on ROA and Stock Return. Economic Determinant variables have a positive relationship with the financial performance of the company but the value of the market to book ratio showed a negative relationship to the Stock Return and Sales has a significant positive relationship to ROA."