Mekanisme Corporate Governance, transparansi dan konsekuensi ekonomik :: Studi empiris di Pasar Modal Indonesia

HAPSORO, Dody, Promotor Prof.Dr. Mas'ud Machfoedz, MBA

2006 | Disertasi | S3 Ilmu Ekonomi (Akuntansi)

Tujuan penelitian adalah menguji pengaruh mekanisme corporate governance terhadap transparansi perusahaan dan pengaruh transparansi perusahaan terhadap konsekuensi ekonomik. Mekanisme corporate governance terdiri atas dua dimensi yaitu struktur kepemilikan dan struktur pengelolaan atau pengendalian. Struktur kepemilikan terdiri atas empat variabel, yaitu proporsi kepemilikan manajemen, proporsi kepemilikan institusi domestik, proporsi kepemilikan institusi asing dan proporsi kepemilikan publik. Struktur pengelolaan atau pengendalian terdiri atas empat variabel, yaitu proporsi jumlah anggota dewan direksi dari jumlah anggota dewan komisaris dan jumlah anggota komite audit, proporsi jumlah anggota dewan direksi dari jumlah anggota dewan komisaris, jumlah anggota dewan direksi dan jumlah anggota komite audit, proporsi jumlah komisaris independen dan jumlah anggota komite audit dari jumlah anggota dewan komisaris dan jumlah anggota komite audit, serta proporsi jumlah komisaris independen dan jumlah anggota komite audit dari jumlah anggota dewan komisaris, jumlah anggota dewan direksi dan jumlah anggota komite audit. Transparansi perusahaan terdiri atas dua variabel, yaitu tingkat ketidaktaatan pengungkapan informasi wajib dan tingkat pengungkapan informasi sukarela. Konsekuensi ekonomik terdiri atas tiga variabel, yaitu bentang tawar-minta, volume perdagangan saham, dan volatilitas harga saham. Pada penelitian ini berhasil dikembangkan sejumlah 22 hipotesis. Semua hipotesis dikembangkan berdasarkan hubungan ketiga konstruk, yaitu mekanisme corporate governance, tingkat transparansi pengelolaan perusahaan, dan konsekuensi ekonomik. Sampel penelitian berjumlah 285 perusahaan yang terdaftar di Bursa Efek Jakarta dan Bursa Efek Surabaya pada tahun 2003. Pengujian hipotesis menggunakan ordinary least squares regression yang terdiri atas dua model empiris. Model pertama meregres variabel-variabel mekanisme corporate governance terhadap variabel-variabel transparansi perusahaan. Model kedua meregres variabel-variabel transparansi perusahaan terhadap variabel-variabel konsekuensi ekonomik. Hasil pengujian menunjukkan bahwa penelitian gagal mendukung hipotesis yang menyatakan bahwa proporsi kepemilikan manajemen, proporsi kepemilikan institusi domestik, dan proporsi kepemilikan institusi asing berpengaruh terhadap tingkat transparansi perusahaan. Hanya proporsi kepemilikan publik yang secara statistis signifikan berpengaruh terhadap tingkat ketidaktaatan pengungkapan informasi wajib. Namun, hasil pengujian gagal mendukung hipotesis yang menyatakan bahwa proporsi kepemilikan publik berpengaruh positif terhadap tingkat pengungkapan informasi sukarela. Selanjutnya, hasil pengujian menunjukkan bahwa penelitian berhasil mendukung hipotesis yang menyatakan bahwa tingkat ketidaktaatan pengungkapan informasi wajib dan tingkat pengungkapan informasi sukarela berpengaruh terhadap bentang tawar-minta dan volume perdagangan saham. Namun, penelitian gagal mendukung hipotesis yang menyatakan bahwa tingkat ketidaktaatan pengungkapan informasi wajib dan tingkat pengungkapan informasi sukarela berpengaruh terhadap volatilitas harga saham.

The objective of this study is to investigate the effect of the corporate governance mechanisms on the transparency of company and the effect of the transparency of company on the economic consequences. A corporate governance mechanism consists of two dimensions, which are ownership structure and control structure. Ownership structure consists of four variables, which are the proportion of management ownership, the proportion of domestic institutional ownership, the proportion of foreign institutional ownership, and the proportion of public ownership. Control structure consists of four variables, which are the proportion of the number of board of directors from the number of board of commissioners and the number of audit committees, the proportion of the number of board of directors from the number of board of commissioners, the number of board of directors and the number of audit committees, the proportion of the number of independent board of commissioners and the number of audit committees from the number of board of commissioners and the number of audit committees, and the proportion of the number of independent board of commissioners and the number of audit committees from the number of board of commissioners, the number of board of directors and the number of audit committees. The transparency of company consists of two variables, which are the level of non-compliance mandatory disclosures and the level of voluntary disclosures. Finally, the economic consequences consists of three variables, which are bid-ask spreads, trading volume, and share price volatility. In this study have been developed 22 hypotheses. All hypotheses are developed based on the relationship of three constructs, which are the corporate governance mechanisms, the transparency of company, and the economic consequences. This study uses the sample of 285 firms listed at the Jakarta Stock Exchange and the Surabaya Stock Exchange in 2003. The hypotheses are tested by using ordinary least squares regressions that consists of two empirical models. The first, the corporate governance mechanisms variables are regressed on the transparency variables. The second, the transparency variables are regressed on the economic consequences variables. The results of this study are as follows: (1) the effect of ownership structures on transparency is not statistically significant, (2) only the effect of public ownership on the level of non-compliance mandatory disclosures is statistically significant. However, the effect of public ownership on the level of voluntary disclosures is not statistically significant. Hence, this study shows that the effect of the level of non-compliance mandatory disclosures and the level of voluntary disclosures on bid-ask spreads and trading volume are statistically significant. However, the effect of the level of non-compliance mandatory disclosures and the level of voluntary disclosures on share price volatility is not statistically significant.

Kata Kunci : Pasar Modal Indonesia,Corporate Governance,Transparansi, corporate governance mechanisms (management ownership, domestic institutional ownership, foreign institutional ownership, and public ownership), transparency (level of non-compliance mandatory discl