Pengaruh struktur corporate governance terhadap kinerja perusahaan: dengan set kesempatan investasi sebagai variabel mediasi
AYEM, SRI , Prof. Dr. Jogiyanto HM., MBA
Penelitian ini bertujuan menguji secara empiris apakah variabel struktur corporate governance dalam hal ini kepemilikan institusional, kepemilikan manajemen, komposisi dewan komisaris mempunyai pengaruh terhadap kinerja dan menguji secara empiris apakah variabel set kesempatan investasi mampu menjadi variabel mediasi dalam hubungan antara struktur corporate governance dan kinerja perusahaan. Penelitian yang telah dilakukan selama ini tentang hubungan antara corporate governance dengan kinerja perusahaan pada umumnya berfokus pada hubungan langsung antara corporate governance dengan kinerja. Namun, sampai sejauh ini temuan-temuan yang dihasilkan masih belum konklusif.
Penelitian ini mengambil sampel pada pada perusahaan perbankan yang terdaftar di Bursa Efek Indonesia periode 2004-2007. Data dikumpulkan dengan metoda pooling data (data panel) dengan menggunakan 21 sampel dan 84 pengamatan. Penelitian ini menggunakan analisis jalur (path analysis) untuk mengetahui pengaruh langsung variabel struktur corporate governance terhadap kinerja perusahaan maupun pengaruh tidak langsung melalui variabel mediasi set kesempatan investasi.
Hasil penelitian ini menunjukkan bahwa pertama, pengujian pengaruh struktur corporate governance terhadap set kesempatan investasi hasilnya menunjukkan (1) Kepemilikan institusional tidak mempunyai pengaruh terhadap set kesempatan investas, (2) Kepemilikan manajemen mempunyai pengaruh negative terhadap set kesempatan investasi, (3) komposisi dewan komisaris mempunyai pengaruh posistif terhadap set kesempatan investasi, kedua pengujian struktur corporate governance terhadap kinerja hasilnya menunjukkan (1) kepemilikan institusional dan kepemilikan manajemen mempunyai pengaruh negative terhadap kinerja perusahaan, (2) Komposisi dewan dan set kesempatan investasi mempunyai pengaruh positif terhadap kinerja perusahaan. Secara empiris variabel set kesempatan investasi mampu menjadi variabel mediasi (parsial) dalam hubungan antara struktur corporate governance terhadap kinerja.
There were two aims of the research. The first one was to test the influence of corporate governance structures institution ownership, management ownership, and board of director structure toward the corporate performance, and the second aim was to test the possibility of set variable (investment opportunity) play the role as a mediated variable between corporate governance structure and corporate performance. Previous researches done on the same topic had dominantly focused on direct relationship of corporate governance and corporate performance. So far, the results of those researches were not conclusive yet.
The banking corporations used as the sample were taken from the Indonesian Stock Exchange which were active during the period of 2004-2007. There were only 21 banks listed on the stock exchange and all of them were taken as sample. The data were collecting by using pooling methodology (data panel) within 84 investigations.
The results indicated that (1) the influence of institution ownership has negative influence on the investment opportunity,(2) the management ownership has also shown negative influence upon the investment opportunity, (3) board of directors structure has indicated positive influence on the investment opportunity. Furthermore, the results revealed that (1) institution and management ownership had negative influence on corporate performance,(2) board of director structure together with investment opportunity had positive influence on the corporate performance. Thus, it can be concluded that the variable of investment opportunity may play the role as mediated variable between corporate governance structures and corporate performances.
Kata Kunci : struktur corporate governance, kepemilikan institusional, kepemilikan manajemen, komposisi dewan komisaris, kinerja, set kesempatan investasi.
