Good Corporate Governance (GCG) adalah sistem dan struktur yang baik untuk mengelola perusahaan dengan tujuan meningkatkan nilai pemegang saham serta mngakomodasi berbagai pihak yang berkepentingan dengan perusahaan (stakeholders) seperti kreditor, pekerja, penterintah dan lain-lain (OECD. 1999), Dengan melaksanakan corporate governance diharapkan proses dan struktur dalam mengelola bisnis dan operasional perusahaan akan mengarah pada pertumbuhan bisnis dan akuntabililas perusahaan dengan tujuan akhir meningkatkan shareholders value dalam jangka panjang. Kuatnya good corpoate governance menghasilkan perkembangan sosial yang bagus. Penerapan good corporate governance menciptakan struktur kepemilikan perusahaan yang luas dan mengurangi tersentralisasinya kekuasaan pada pihak-pihak tertentu dalam masyarakat, menunjang perkembangan pasar modal dan menstimulasi inovasi, memacu tumbuhnya investasi jangka panjang, dan menghambat pelarian modal (Wolfenshon, 1998).Tujuan dari penulisan karya akhir ini adalah untuk menguji apakah penerapan good corporate governance dapat meningkatkan kinerja pasar (market performance) perusahaan - perusahaan di Indonesia. Proxy dari kinerja pasar perusahaan adalah rasio Price To Book Value (PBV). Proxy dari penerapan good corporate governance dalam penelitian ini adalah nilai corporate governance Perception Index (CGPI) perusahaan. Selain itu juga akan diteliti pengaruh faktor - faktor fundamental seperti ROE, earning growth rate, dan Beta terhadap PBV. Dengan demikian pembahasan utama dalam penelitian ini adalah bagaimana hubungan antara praktek good corporate governance dan kinerja pasar perusahaan melalui analisa hubungan antara rasio PBV perusahaan dan Corporate Governance Perception Index perusahaan - perusahaan tersebut.Pemodelan yang digunakan adalah model regresi bergauula dengan menggunakan software komputer SPSS 11.50. Data sampel yang digunakan dalam penelilian ini terdiri dari pooled data. Sampel penelitian merupakan perusahaan-perusahaan yang menempati peringkat 10 besar dari hasil survei CGPI yang dilakukan oleh The Indonesia Institute Of Corporate Governance (IICG) pada periode 2001 2004. Data sampel yang digunakan dalam penelitian terus diurutkan dari tahun 2000 hingga 2004, dan pada tiap tahun terdapat kumpulan data PBV, indeks CGPI, ROE, earning growth rate, dan Beta perusahaan - perusahaan sampel.Hasil penelitian menunjukkan nilai Adjusted R2 adalah sebesar 29,8 %. Nilai ini mengandung anti bahwa variasi variabel CGPI, ROE, earning growth rate, dan Beta dari data survei IICG, secara bersama - sama dapat menjelaskan variasi perubahan variahel PBV sebesar 29,8 %, sisanya dapat dijelaskan oleh variabel lain selain keempat variabel - variabel independen tersebut. Hasil penelitian ini juga menunjukkan bahwa hanya nilai koefisien ROE saja yang signifikan pada level of significance 5 % sedangkan sisanya tidak. Ini berarti bahwa dari keempat variabel independen yang ada, hanya ROE yang memiliki pengaruh positif dan signifikan untuk memprediksi nilai kinerja pasar perusahaan dibandingkan ketiga variabel independen lainnya. Bila dilihat dari hubungan korelasi antara variabel PBV dengan masing - masing variabel independen, terlihat bahwa hanya korelasi antara PBV dan ROE saja yang paling kuat dan paling signifikan pada level of significance 5 %.Dengan demikian, hipotesis yang menyatakan bahwa corporate governance meriliki pengaruh yang positif dan signifikan terhadap PBV (Proxy dari kinerja perusahaan) tidak terbukti. Adapun hipotesis yang menyatakan Beta memiliki pengaruh negatif dan signifikan terhadap PBV pada penehitian ini tidak terbukti, karena hasilnva tidak signifikan. Pada penelitian ini, hipotesis yang menyatakan ROE memiliki pengaruh yang positif dan signifikan terhadap PBV terbukti. Dan hipotesis yang menyatakan growth (earning growths rate) memiliki pengaruh yang positif dan signifikan terhadap PBV terbukti. Sehingga dengan demikian, hasil penelitian ini menunjukkan bahwa di Indonesia, implementasi good corporate governance　ternyata belum memiliki pengaruh yang signifikan dalam menentukan kinerja pasar (market performance) perusahaan.
Companies increasingly depend on external capital (equity, loans) for the financing of their activities, investment and growth. It is therefore increasingly in their interest to assure external financiers of the proper and most efficient use of funds, and of the fact that the management acts in the best interest of the company. Such assurance is given by a system of corporate governance. A sound corporate governance system should provide effective protection for shareholders and creditors, so that they can assure themselves of getting a proper return on investment. It should therefore also help to create an environment conducive to the efficient and sustainable growth of the corporate sector. Corporate governance can therefore he defined as a set of rules that define the relationship between shareholders. managers, creditors, the government, employees and other internal and external stakeholders in respect to their rights and responsibilities, or the system by which companies arc directed and controlled (taken from Cadbury Committee of United Kingdom). The objective of corporate governance is to create added value to the stakeholders.The government plays an important supporting role by issuing and enforcing adequate regulation on for instance company registration, disclosure of financial company data and rules on the responsibilities of commissioners and directors. The company however has the prime responsibility for implementing a system of good corporate governance within the company. The company should recognize the importance that a system of good corporate governance has for the interests of its shareholders, its financiers and its employees, and therefore, for the company itself. Companies should anticipate stronger enforcement of existing laws and regulations the introduction of new regulations and increasingly strong public security over their actions. By applying Corporate Governance to the companies, there are some benefits that could be gained. The benefits are as follows: Easier to raise capital. Lower cost of capital, improved business performance and improved economic performance, and Good impact on share price. (Due to the current Indonesian situation. privatization of State-Owned Enterprises can contribute significantly to the state budget).This final paper is made in order to test the effect of implementing the good corporate governance to the firm's market performance in Indonesia. We also analyze the effect of the other fundamental factor such as Return on equity (ROE), earning growth rate and Beta to the firm's market performance in Indonesia. In this research we used Price to Book Value Ratios as the proxy of firm's market performance. And the proxy of the implementation of good corporate governance is the corporate governance perception index (CGPI).To test the model, we used multiple regression method by the SPSS 11.50 software. The samples of this research arc the top ten companies that are taken from the Indonesian Institute of Corporate Governance survey for the 2001 until 2004 period.The result of the test showed that the Adjusted R2 score is 29.8 %. It means that the variation of the CGPI, ROE, earning growth rate, and Beta variables, together, could explain the change of PBV variable about 29.8 %. And about 70.2 % could be explained by the other variables beside those independent variables. This research also showed that only ROE's coefficient is significant at the 5 % level of significance, and the correlation test also showed that ROE has the strongest correlation with the PBV variable and this correlation is significance at the 5 % level of significance. This means that among those independent variables, only ROE that have a significance influence to the firm's market performance in Indonesia.So, in (his final research, the only hypothesis that can he proved is the hypothesis that stated that ROE has the positive and significance influenced to the firm's market performance (PBV). And the hypothesis that stated that the implementation of good corporate governance has the positive and significance influenced to the firm's market performance (PBV) cannot he proved. It means that in Indonesia nowadays, the implementation of good corporate governance doesn't have a significance influenced to the firm's market performance. |
T 18452-Pengaruh penerapan.pdf :: Unduh