Good Corporate Governance: Analisis Pengaruh Struktur Kepemilikan dan Struktur Dewan terhadap Nilai Perusahaan (Firm Value)

Indira W, Sri Laksmi, Dr. Ertambang Nahartyo, M.Sc.

2007 | Tesis | S2 Magister Accountancy

Corporate Governance issues arise because of separation between ownership and control (Barle and Means, 1934), then this issue can be seen as agency problem. The agency problem happened in Jakarta Stock Exchange is the divergence of interest between minority and majority shareholders. This is because companies listed in Jakarta Stock Exchange are characterized, among other things, by the domination of large (majority) shareholders. In Good Corporate Governance framework, ownership structure and board structure are the main focus of Good Corporate Governance mechanism to optimize monitoring and supervising functions. This paper examines the effect of ownership and board structure on firm value. We examine the effect between managerial ownership, institutional ownership, board of commissioners, independent board of commissioners, and audit committee on firm value (Tobin"s Q) using data for 90 Indonesian listed manufacturing companies from 2001-2005. We provide evidence that institutional ownership and independent board of commisioners affect firm value. We also find that managerial ownership, board of commissioners and audit committee do not influence firm value (Tobin"s Q).

Kata Kunci : Good Corporate Governance; Firm Value; Nilai Perusahaan, Struktur Dewan; Struktur Kepemilikan