PENGARUH STRUTUR KEPEMILIKAN SEBAGAI MEKANISME CORPORATE GOVERNANCE DAN KEPUTUSAN KEUANGAN TERHADAP NILAI PERUSAHAAN

Arbianto, M Purwo, Drs. Herman Legowo, M.Si., AK.

2007 | Skripsi | S1 Extention - Accounting

This study examines the relationship between ownership structure as the one of corporate governance mechanism and financial decision on corporate value. Ownership structure determines the rights to control over the firm, including the decision making process. The largest shareholder tend to have more power, so that they might be strong to influence the managers (as its agents) in decision making process. The most common decisions process are regarding of how to get external financing (debt policy) and how to distribute wealth to owners (dividend policy). The good corporate governance practices and the good decision making process would affected corporate performance, and hence it would have an impact on corporate market value. This study utilize a sample of 36 firms listed from Jakarta Stock Exchange for periods of 2003-2005. Multivariate results shows that the ownership stucture have an insignificant effect on corporate value while financial decisions is significantly affected the companys market value. Corporate value is likely to be more influenced by decision making process (as proxied by debt and dividend policies) rather than corporate governance practices (as proxied by ownership structure mechanism). This evidence is consistent with some previous researches revealed that the implementation of corporate governance practices in Indonesia is still ineffective. Keywords: corporate governance mechanism, ownership structure, debt and dividend policies, corporate performance, corporate value

Kata Kunci : corporate governance mechanism, ownership structure, debt and dividend policies, corporate performance, corporate value, Nilai Perusahaan, Keputusan Keuangan