Hubungan Corporate Governance Perception Index Dengan Kinerja Keuangan Perusahaan dan Return Saham (Studi Empiris Perusahaan Non Finansial di BEJ Tahun 2001-2005)

Eko Yulianto , Arief Surya Irawan, SE., M.Com., Ak

2007 | Skripsi | S1 Extention - Accounting

Penelitian ini bertujuan untuk mengetahui hubungan Corporate Governance Perception Index dengan kinerja keuangan perusahaan dan return saham. Metode pengambilan sampel dilakukan dengan purposive sampling method yaitu perusahaan non finansial dengan rating sepuluh terbaik CGPI yang dikembangkan oleh IICG. Kinerja keuangan perusahaan diukur dengan menggunakan rasio Tobin"s Q dan ROE, sedangkan return saham tahunan dihitung dengan selisih harga saham tahun amatan dengan harga saham tahun sebelumnya dibagi harga saham sebelum tahun amatan. Penelitian ini dilakukan dengan menggunakan analisis regresi berganda. Hasil analisis membuktikan bahwa Corporate Governance Perception Index berpengaruh signifikan terhadap kinerja pasar perusahaan (Q ratio), kinerja operasi perusahaan (ROE) dan return saham. Hal ini menunjukkan bahwa penerapan Corporate Governance yang diukur dengan Corporate Governance Perception Index berpengaruh signifikan terhadap kinerja pasar, kinerja operasional perusahaan dan return saham. Keyword : Corporate Governance, Corporate Governance Perception Index, Tobin"s Q, ROE, return saham

This research objective is to recognize the relation between Corporate Governance Perception Index with a non financial company"s financial performance and the stock return. The method used in this analysis are purposive sampling method which are using the best ten rate of CGPI companies, that are developed by IICG. The financial performance of the companies are measured by Tobin"s Q ratio as a market performance and ROE as the operational performance, while annual stock return are counted by stock price at period minus stock price previously and divided by stock price previously. This research using multiple regression analysis. The analysis result proved that Corporate Governance Perception Index have significant influences with financial performance of the companies (Q ratio), ROE and the stock return. These shown that the implement of Corporate Governance which are measured with Corporate Governance Perception Index affecting the market performance of the companies, operational performance and the stock return. Keyword : Corporate Governance, Corporate Governance Perception Index, Tobin"s Q, ROE, Stock return

Kata Kunci : Corporate Governance, Corporate Governance Perception Index, Tobin"s Q, ROE, return saham