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"ABSTRAKPenelitian ini berfokus pada apakah corporate investment, financing dan cash policies saling berhubungan dan dipengaruhi oleh pola life-cycle pada masing-masing tahapan perusahaan. Hasil penelitian ini menunjukan investment dan equity turun seiring dengan tahapan life-cycle sedangkan debt dan cash holding naik dari tahapan introduction menuju growth dan turun dari growth ke shake-out/decline. Penelitian ini meneliti pada perusahaan publik terdaftar di Indonesia. Penelitian ini menggunakan berbagai proksi life-cycle. Dari hasil tersebut menunjukan corporate policies mengukuti tahapan life-cycle perusahaan.

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ABSTRACTThis research examine life cycle impact whether on corporate investment, financing and examine pattern of corporate policies in each of life cycle stage. Result of this research find that investments and equity issuance decrease with firm life cycle, while debt issuance and cash holdings increase in the introduction and growth stages and decrease in the mature and shake out decline stages of the firm rsquo s life cycle. The analysis of this research using public companies in Indonesia. These results using various proxies for life cycle. The results show that corporate policies follow a firm life cycle. "

"Tujuan dari studi empiris ini adalah untuk menguji dan menganalisis struktur tata kelola perusahaan (proporsi komisaris independen, rapat dewan komisaris, struktur kepemilikan, dewan direksi dan rapat komite audit) dalam hubungannya dengan pengungkapan modal intelektual. Sampel dari penelitian empiris ini perusahaan non keuangan dan non pemerintah yang terdaftar di Bursa Efek Indonesia (BEI) di 2012-2015. Hasil dari studi empiris yaitu (1) proporsi komisaris independen memiliki dampak yang signifikan dan positif terhadap pengungkapan modal intelektual, (2) rapat dewan komisaris memiliki dampak yang signifikan dan negatif terhadap pengungkapan modal intelektual, (3) struktur kepemilikan tidak berpengaruh terhadap pengungkapan modal intelektual, (4) jumlah dewan direksi memiliki pengaruh signifikan dan negatif terhadap pengungkapan modal intelektual, (5) pertemuan komite audit berpengaruh signifikan dan positif terhadap pengungkapan modal intelektual.

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The objective of this empirical study is to examine and to analyze the effect of corporate governance structure (independent commissioner, board of commissioner meetings, ownership structure, board of director, and audit committee meetings) on the relation of intellectual capital disclosure. The sample of this empirical study is the manufacturing company that listed in Bursa Efek Indonesia (BEI) in 2012-2015. The result of this empirical study are (1) independent commissioner had positive significant influence to intellectual capital disclosure, (2) board of commissioner meetings had negative significant influence to intellectual capital disclosure, (3) ownership structure had not significant influence to intellectual capital disclosure, (4) board of director had negative significant influence to intellectual capital disclosure, (5) audit committee meetings had positive significant influence to intellectual capital disclosure."

"Penelitian ini dilakukan untuk menganalisis pengaruh kepemilikan, karakteristik dewan serta variabel ekonomi dan finansial terhadap kesulitan keuangan pada perusahaan nonkeuangan yang terdaftar di Bursa Efek Indonesia periode 2009-2018. Penelitian ini menggunakan pendekatan kuantitatif dengan tujuan penelitian eksplanatif. Instrumenyang digunakan dalam pengumpulan data kuantitatif penelitian ini adalah melalui Laporan Tahunan dan Laporan Keuangan yang diterbitkan oleh perusahaan nonkeuangan yang terdaftar di Bursa Efek Indonesia periode 2009-2018. Teknik analisis yang digunakan adalah analisis regresi logistik. Variabel yang diteliti dalam penelitian ini adalah variabel kepemilikan (mencakup kepemilikan saham besar, kepemilikan saham besar institusional dan kepemilikan saham besar noninstitusional, kepemilikan dewan direksi), karakteristik dewan (mencakup proporsi dewan komisaris dan ukuran dewan komisaris) yang termasuk kedalam variabel tata kelola perusahaan. Variabel ekonomi dan finansial dalam penelitian ini adalah profitabilitas dan laba ditahan. Secara umum, hasil penelitian menunjukkan bahwa hanya satu variabel yang negatif signifikan terhadap kesulitan keuangan yaitu profitabilitas dan seluruh variabel tata kelola tidak memiliki pengaruh terhadap kesulitan keuangan perusahaan.characteristics of the board as well as economic and financial variables on financial difficulties in non-financial companies listed on the Indonesia Stock Exchange for the period 2009-2018. This study uses a quantitative approach with the aim of explanatory research. InstrumentThe quantitative data used in this research is through the Annual Reports and Financial Statements issued by non-financial companies listed on the Indonesia Stock Exchange for the period 2009-2018. The analytical technique used is logistic regression analysis. The variables studied in this study are ownership variables (covering large share ownership, large institutional share ownership and large non-institutional share ownership, board of directors ownership), board characteristics (including the proportion of the board of commissioners and the size of the board of commissioners) which are included in the corporate governance variable. Economic and financial variables in this study are profitability and retained earnings. In general, the results of the study indicate that only one variable that has a significant negative impact on financial difficulties is profitability and all governance variables have no effect on the company's financial difficulties."

"[ABSTRAKTujuan utama dari penulisan studi ini adalah untuk melakukan pengujian hubungan simultan antara aktivitas pengawasan dewan komisaris dan kinerja perusahaan dengan menggunakan sampel sebanyak 156 perusahaan. Penelitian ini menemukan bukti bahwa aktivitas pengawasan perusahaan dapat mempengaruhi kinerja perusahaan, begitu juga sebaliknya, kinerja perusahaan dapat mempengaruhi aktivitas pengawasan perusahaan yang dilakukan oleh dewan komisaris. Pengujian tambahan juga dilakukan terhadap 47 perusahaan untuk meneliti apakah hubungan simultan ini dimoderasi oleh nilai dari praktek corporate governance. Ditemukan bukti bahwa praktek corporate governance mempengaruhi kinerja perusahaan, tetapi tidak mempengaruhi aktivitas pengawasan. Studi ini juga menemukan bahwa jumlah kepemilikan keluarga, dan tingkat hutang mempengaruhi frekuensi aktivitas pengawasan yang dilakukan oleh dewan komisaris.

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ABSTRACTThe primary objective of this research is to test the simultaneous relationship between board of commisioner monitoring activity and firm performance on a sample that consist of 156 companies quoted in Indonesia Stock Exchange. This study found that monitoring activity that performed by board of comissioner affect the firm performance, and vice versa, firm performance also affect the monitoring activity. An additional test was performed with smaller sample of 47 companies to found the evidence that the score of corporate governance practice moderated the relationship between monitoring activity and firm performance. There is an empirical evidence that corporate governance affected the firm performance but do not affect the monitoring activity. Further this research found that family ownership and debt ratio of company affected the monitoring activity that performed by Board of Commissioner.;The primary objective of this research is to test the simultaneous relationship between board of commisioner monitoring activity and firm performance on a sample that consist of 156 companies quoted in Indonesia Stock Exchange. This study found that monitoring activity that performed by board of comissioner affect the firm performance, and vice versa, firm performance also affect the monitoring activity. An additional test was performed with smaller sample of 47 companies to found the evidence that the score of corporate governance practice moderated the relationship between monitoring activity and firm performance. There is an empirical evidence that corporate governance affected the firm performance but do not affect the monitoring activity. Further this research found that family ownership and debt ratio of company affected the monitoring activity that performed by Board of Commissioner.;The primary objective of this research is to test the simultaneous relationship between board of commisioner monitoring activity and firm performance on a sample that consist of 156 companies quoted in Indonesia Stock Exchange. This study found that monitoring activity that performed by board of comissioner affect the firm performance, and vice versa, firm performance also affect the monitoring activity. An additional test was performed with smaller sample of 47 companies to found the evidence that the score of corporate governance practice moderated the relationship between monitoring activity and firm performance. There is an empirical evidence that corporate governance affected the firm performance but do not affect the monitoring activity. Further this research found that family ownership and debt ratio of company affected the monitoring activity that performed by Board of Commissioner., The primary objective of this research is to test the simultaneous relationship between board of commisioner monitoring activity and firm performance on a sample that consist of 156 companies quoted in Indonesia Stock Exchange. This study found that monitoring activity that performed by board of comissioner affect the firm performance, and vice versa, firm performance also affect the monitoring activity. An additional test was performed with smaller sample of 47 companies to found the evidence that the score of corporate governance practice moderated the relationship between monitoring activity and firm performance. There is an empirical evidence that corporate governance affected the firm performance but do not affect the monitoring activity. Further this research found that family ownership and debt ratio of company affected the monitoring activity that performed by Board of Commissioner.]"

"ABSTRAKTujuan utama dari penelitian ini adalah menguji hubungan simultan antara nilaiperusahaan, praktek corporate govenance, dan struktur kepemilikan dengan 114perusahaan yang terbuka di Bursa Efek Jakarta pada tahun 2003. Variabel strukturkepemilikan adalah Cash flow rights, wedge (control rights - cash flow rights),persentase kepemilikan blockholders oleh pihak asing namun diduga sebenarnyaorang Indonesia (atau disingkat Asing Tapi Indonesia, (ASTINDO)). Nilai perusahaanakan diukur dengan proksi Tobin?s Q dan praktek corporate governance diukurdengan corporate governance index (CGI) yang dikembangkan oleh Arsjah (2005).Karena hubungan endogen antar variabel, metode two stage least squares dipakai. Hasil menunjukkan bahwa praktek corporate governance tidak berpengaruhsignifikan kepada nilai perusahaan, tetapi nilai perusahaan menjadi prediktor positifuntuk praktek corporate governance. Hasil ini menunjukkan bahwa perusahaan yangmempunyai nilai perusahaan yang tinggi memilih praktek corporate governance yangbaik untuk meningkatkan nilai perusahaan. Namun, perusahaan belum tentu dapatmemberi signal tentang kualitas perusahaan dengan menerapkan praktek corporategovernance yang baik. Hasil ini mungkin terjadi karena implementasi praktekcorporate governance merupakan hal yang baru di indonesia dan karena pasar masihsulit mencerminkan pengaruh praktek corporate governance kepada nilai perusahaansebab kekurangan informasi yang memadai tentang praktek corporate governance. Ketika wedge perusahaan tinggi, pengaruh praktek corporate governance kepadanilai perusahaan melemah. 'Wedge adalah variabel yang mengukur insentif pemegangsaham mayoritas akhir untuk mengekspropriasi pemegang saham minoritas. Dengandemikian dapat disimpulkan bahwa efektivitas praktek corporate governancedipengaruhi oleh insentif untuk melakukan ekspropriasi dari pemegang sahampengendali akhir. Struktur kepemilikan dan nilai perusahaan tidak mempunyai hubungan sistematik.Hasil ini mendukung bahwa struktur kepemilikan ditentukan secara endogen,sehingga struktur kepemilikan tersebar maupun terkonsentrasi masing-masingmembawa masalah keagenan, tetapi sekaligus memberikan kuntungan yang dapatmenjadi kompensasi masalah keagenan masing-masing. ASTINDO dalam struktur kepemilikan perusahaan ternyata tidak menguranginilai perusahaan atau tidak mengekspropriasi kekayaan pemegang saham minoritas.Tetapi persentase kepemilikan ASTINDO berpengaruh negatif kepada praktekcorporate governance. Tidak terdapat perbedaan pengaruh dari kepemilikanASTINDO dan kepemilikan blockholders benar-benar asing (BLOCKA) kepada nilaiperusahaan dan praktek corporate goverance. Dengan asumsi ASTINDO diukur dengan benar, hasil tersebut meragukan argumen bahwa kepemilikan BLOCKA berpengaruh positif kepada kinerja perusahaan dan praktek corporate governance.

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AbstractThe primary objective of this study is to test simultaneous relationships among thevalue of the firm, the practice of corporate govemanee, and the ownership structure ona sample of 114 companies quoted in the Jakarta Stock Exchange (JSX) for the year 2003. The ovmership structure variables include cash flow rights, wedge (controlrights - cash-flow rights), and percent of ownership by foreign bloclcholders that presumably are Indonesian blockholders (FBIB). The value of the firm is measured byproxy of Tobin's Q and the practice of corporate governance is measured by corporategovemance index (CGI) developed by Arsjah (2005). Because of the endogeneity among the variables, the two stage least squares are employed.The study finds that practice of corporate govemance fails to affect value of thefirm, but value of the firm is a positive predictor of practice of corporate governance.These results suggest that highly valued firms adopt the practice of the good corporategovemance because they believe that the practice of the good corporate governancewill further raise fimr value. However, adopting the practice of good corporate governance may not translate to higher fimi value. This may due to the fact thatimplementation of the practice of the corporate govemance is something new in Indonesia and that market may have difficulty in reflecting the effects of the practice ofthecorporategovemanceonthevalueofthefirmbecauseofthelackofproper information.Further, the influence ofthe practice ofthe corporate governance on the value ofthe firm becomes less, when the wedge of the firm becomes higher. Wedge is the variable that estimates incentives of ultimate majority shareholders to expropriate minority shareholders. Therefore, I conclude that effectiveness of the practice of the corporate govemance is influenced by the expropriation incentives of the ultimate majority shareholders.Ownership structure and the value of the firm have no systematic relation. This result supports that the ownership structure of a firm is the endogenous outcome of decisions. In other words, ownership structure is chosen so as to maximize the value ofthe firm, and that greater diffuseness in ownership, although it makes the agencyproblemmoresevere,conveyscompensatingadvantagesonfirmsthatchoosetorelyon a difiiise ownership structure.FBIB does not extract private benefits for themselves or do not expropriate thewealth of the minority shareholders. But, percent of ownership by FBIB has negative effectsonthepracticeofthecorporategovernance.Thereisno differencebetweentheinfluence of percent of ownership by foreign bloekholders and of percent of ownership by PBIB on the value of the firm and the practice of the corporate governance.Assuming that percent of ownership by FBIB are accurately measured, this result casts some doubt on the argument that ownership by foreign bloclcholders has positive effects on the performance and the practice of the corporate governance."

"[ABSTRAKPenelitian ini bertujuan untuk mengetahui pengaruh tingkat efektivitas dewan komisaris dan komite audit serta kepemilikan keluarga terhadap luasnya pengungkapan lingkungan pada perusahaan-perusahaan publik yang terdaftar di dalam Bursa Efek Indonesia (BEI). Pengujian hipotesis dilakukan dengan menggunakan regresi data panel model fixed effect dengan total sampel sebanyak 222 perusahaan yang terdaftar di Bursa Efek Indonesia selama periode tahun 2008 sampai dengan tahun 2012. Hasil dari penelitian ini menemukan bahwa rata-rata tingkat pengungkapan lingkungan adalah sebesar 3,38% yang menunjukkan tingkat pengungkapan lingkungan masih relatif rendah yang kemungkinan disebabkan belum ada ketentuan mengenai apa saja yang harus diungkapkan terkait pengungkapan lingkungan. Rata-rata skor efektivitas dewan komisaris dan komite audit berada pada kategori ‘fair’. Selain itu, penelitian ini juga menemukan bahwa efektivitas dewan komisaris dan efektivitias komite audit memiliki pengaruh positif dan signifikan terhadap pengungkapan lingkungan, sedangkan kepemilikan keluarga memiliki pengaruh negatif dan signifikan terhadap pengungkapan lingkungan.

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ABSTRACTThe aim of this research is to analyze the effect of the level of board commissioner and audit committee effectiveness as well as family ownership of the extent of environmental disclosure in public listed companies at the Indonesia Stock Exchange (IDX). This study use fixed effects model of panel regression for hypothesis testing, with a total sample of 222 listed companies at Indonesia Stock Exchange during the period of 2008 to 2012. The findings reveal that the average level of environmental disclosure of is at 3.38% which relatively is stil very low. This may due to there is no mandatory requirement on what to disclose in environmental disclosure. The average score of the board of commissioner and audit committee effectiveness are in the 'fair' category. In addition, this study also reveals that the board of commissioner effectiveness and audit committee effectiveness have a positive and significant impact on environmental disclosure, while family ownership have negative and significant impact on environmental disclosure.;The aim of this research is to analyze the effect of the level of board commissioner and audit committee effectiveness as well as family ownership of the extent of environmental disclosure in public listed companies at the Indonesia Stock Exchange (IDX). This study use fixed effects model of panel regression for hypothesis testing, with a total sample of 222 listed companies at Indonesia Stock Exchange during the period of 2008 to 2012. The findings reveal that the average level of environmental disclosure of is at 3.38% which relatively is stil very low. This may due to there is no mandatory requirement on what to disclose in environmental disclosure. The average score of the board of commissioner and audit committee effectiveness are in the 'fair' category. In addition, this study also reveals that the board of commissioner effectiveness and audit committee effectiveness have a positive and significant impact on environmental disclosure, while family ownership have negative and significant impact on environmental disclosure.;The aim of this research is to analyze the effect of the level of board commissioner and audit committee effectiveness as well as family ownership of the extent of environmental disclosure in public listed companies at the Indonesia Stock Exchange (IDX). This study use fixed effects model of panel regression for hypothesis testing, with a total sample of 222 listed companies at Indonesia Stock Exchange during the period of 2008 to 2012. The findings reveal that the average level of environmental disclosure of is at 3.38% which relatively is stil very low. This may due to there is no mandatory requirement on what to disclose in environmental disclosure. The average score of the board of commissioner and audit committee effectiveness are in the 'fair' category. In addition, this study also reveals that the board of commissioner effectiveness and audit committee effectiveness have a positive and significant impact on environmental disclosure, while family ownership have negative and significant impact on environmental disclosure., The aim of this research is to analyze the effect of the level of board commissioner and audit committee effectiveness as well as family ownership of the extent of environmental disclosure in public listed companies at the Indonesia Stock Exchange (IDX). This study use fixed effects model of panel regression for hypothesis testing, with a total sample of 222 listed companies at Indonesia Stock Exchange during the period of 2008 to 2012. The findings reveal that the average level of environmental disclosure of is at 3.38% which relatively is stil very low. This may due to there is no mandatory requirement on what to disclose in environmental disclosure. The average score of the board of commissioner and audit committee effectiveness are in the 'fair' category. In addition, this study also reveals that the board of commissioner effectiveness and audit committee effectiveness have a positive and significant impact on environmental disclosure, while family ownership have negative and significant impact on environmental disclosure.]"

"Penelitian ini mengkaji penerapan dari corporate governance terhadap biaya modal dan nilai perusahaan. Corporate governance merupakan seperangkat aturan yang mengatur relasi antara staekholders, pemerintah, pihak internal maupun eksternal, karyawan, dan manajemen yang memiliki keterkaitan dengan hak dan kewajiban mereka. Proksi yang digunakan untuk variabel corporate governance adalah komisaris independen, board size, kepemilikan manajerial, kepemilikan institusional dan kepemilikan non-institusional Tujuan dari penelitian ini adalah untuk menganalisis pengaruh corporate governance terhadap biaya modal dan nilai perusahaan. Metode penelitian yang digunakan adalah regresi data panel. Sampel yang digunakan dalam penelitian ini adalah non-keuangan yang tercatat di BEI pada periode tahun 2006-2016.Hasil penelitian ini menunjukkan bahwa variabel dari corporate governance seperti, komisaris independen, boardsize, managerial ownership dan institusional ownership memiliki pengaruh secara signifikan terhadap biaya modal. Selain itu, hasil penelitian ini juga menemukan bahwa variabel dari corporate governance seperti, boardsize, institusional ownership, dan non- institusional ownership berpengaruh secara signifikan terhadap nilai perusahaan Tobins Q.

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This study examines the use of corporate governance to the cost of capital and corporate value. Corporate governance is a set of rules which manages the relationships between stakeholders, government, internal and external parties, employees, and management that are related to their rights and obligations. The proxies used for corporate governance variables are independent commissioners, board size, managerial ownership, institutional ownership and non institutional ownership. The purpose of this study is to analyze the influence of corporate governance on the cost of capital and firm value. The research method used is panel data regression. The sample used in this study is non financial listed on the IDX in the period 2006 2016.The results of this study indicate that variables of corporate governance such as, independent commissioner, boardsize, managerial ownership and institutional ownership have a significant influence on capital costs. In addition, the results of this study also found that variables of corporate governance such as boardsize, institutional ownership, and non institutional ownership significantly influence the firm 39s value Tobin 39s Q."

"Di Indonesia kegiatan penggabungan usaha didominasi oleh merger dan akuisisi dan setiap tahun kegiatan merger dan akuisisi ini semakin meningkat. Merger dan akuisisi dilakukan karena merger dan akuisisi diyakini merupakan cara perusahaan untuk mencapai tujuannya dan akan berdampak pada peningkatan kinerja.Skripsi ini membahas pengaruh kegiatan merger dan akuisisi terhadap kinerja keuangan berupa profitabilitas, likuiditas, dan solvabilitas pada perusahaan non-keuangan yang terdaftar pada Bursa Efek Indonesia periode 2007-2014.Penelitian ini adalah penelitian kuantitatif dengan menggunakan metode Ordinary Least Square regression dengan sampel perusahaan non-keuangan yang terdaftar di Bursa Efek Indonesia peiode 2007-2014.Hasil penelitian menunjukan bahwa kegiatan merger dan akuisisi tidak memiliki pengaruh yang signifikan terhadap kinerja keuangan perusahaan baik profitabilitas, likuiditas, maupun solvabilitas.

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Indonesia business expansion dominated by mergers and acquisition, and the number of M A is rapidly increasing over the recent years. Through M A firms are able to achieve goals and improve their financial performances.

The focus of this study is to analyze the impact of mergers and acquisition on corporate financial performance of non financial companies listed on Indonesia Stock Exchange in the year 2007 2014.

This study use OLS regression with samples of non financial companies listed on Indonesia Stock Exchange in the year 2007 2014.

The results suggest that the mergers and acquisition deals do not have any significant impact on profitability, liquidity, and solvability position of the firms."

"Penelitian ini bertujuan untuk menganalisis determinan kebijakan memegang kas perusahaan. Sampel yang digunakan merupakan perusahaan nonkeuangan yang terdaftar di Bursa Efek Indonesia (BEI) dari periode 2008 hingga 2015. Fokus penelitian ini dibagi menjadi dua, yaitu aspek keuangan dan aspek direksi. Penelitian ini membuktikan bahwa kebijakan memegang kas perusahaan memiliki pengaruh negatif signifikan dengan kesempatan pertumbuhan, tingkat utang, nilai modal bersih, dan belanja modal; dan hubungan positif signifikan dengan arus kas dari aktivitas operasi dan volatilitas arus kas. Sebaliknya, ukuran perusahaan dan dividen tidak berpengaruh signifikan terhadap kebijakan memegang kas perusahaan. Aspek direksi, seperti jumlah direksi dan proporsi komisaris independen, juga tidak berpengaruh signifikan terhadap kebijakan memegang kas perusahaan. Teori pecking order, static trade-off, dan motif berjagajaga dapat menjelaskan sebagian besar variabel determinan yang digunakan dalam penelitian ini. Sedangkan teori biaya keagenan hanya dapat menjelaskan satu variabel saja, yaitu kesempatan pertumbuhan. Temuan ini konsisten dengan penelitian tentang kebijakan kas perusahaan di negara-negara berkembang yang pernah dilakukan sebelumnya.

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This study aims to analyze the determinants of corporate cash holdings of non-financial listed companies on Indonesia Stock Exchange during 2008 ? 2015 periods. The focus of this study is divided into two aspects, namely financial and board characteristics. The study finds that corporate cash holdings have significant negative relationships with growth opportunities, leverage, net working capital, and capital expenditure; and significant positive relationships with operating cash flow and cash flow volatility. Firm size and dividends do not have significant relationships with corporate cash holdings. In addition to the financial aspects, board characteristics, such as numbers of directors and independent commissioners, also do not pose significant relationships with corporate cash holdings. Pecking order theory, static trade-off theory and precautionary motive can explain most of variables used in this study. On the other hand, agency cost theory explains merely one variable, namely growth opportunities. This finding is consistent with previous studies about corporate cash holdings in developing countries."

"Tindakan yang dilakukan oleh manajemen perusahaan untuk mempengaruhi laba yang dilaporkan yang dapat memberikan informasi mengenai keuntungan ekonomis dikenal dengan manajemen laba. Untuk mengendalikan hal tersebut, Indonesia membentuk suatu mekanisme good corporate governance sebagai bentuk pengawasan dan pengendalian perusahaan. Penelitian ini bertujuan untuk menganalisis pengaruh karakteristik corporate governance terhadap manajemen laba. Penelitian ini menggunakan beberapa variabel independen yaitu board independence, komite audit, konsentrasi kepemilikan, dan kepemilikan institusi serta variabel kontrol size dan leverage. Discretionary accrual melalui modified- Jones model (Dechow et al., 1995) digunakan sebagai proksi manajemen laba. Penelitian ini menggunakan unbalanced panel data sejumlah 985 data observasi dari sampel seluruh perusahaan non keuangan yang listed selama periode 2007-2011. Dengan menggunakan estimasi regresi data panel, hasil penelitian ini menunjukkan tidak ada pengaruh signifikan antara board independence, konsentrasi kepemilikan, dan size terhadap manajemen laba. Pengaruh signifikan positif justru ditemukan antara komite audit terhadap manajemen laba. Sementara itu pengaruh signifikan negatif ditemukan antara kepemilikan institusi dan leverage terhadap manajemen laba.

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A behavior of the company’s management to influence reported earnings in order to give the general view of profitability is known as earnings management. Indonesia builds a mechanism which is called good corporate governance as a monitoring system to control earnings management. This research aims to analyze the effect of characteristics of corporate governance to earnings management. This research uses some independent variables such as board independence, audit committee, ownership concentration, and institutional ownership, and control variables such as size and leverage. Discretionary accrual by modified-Jones model (Dechow et al., 1995) is used as the proxy of earnings management.

This research uses an unbalanced panel data of 985 observations data of all listed non-financial companies that listed in the period 2007-2011. Using panel data regression, the result shows no significant effect between board independence, ownership concentration, and size to earnings management. Surprisingly, there is positive significant effect of audit committee to earnings management. There is negative significant effect between institutional ownership and leverage to earnings management."