The Effect of Board Governance Structure on Companys Market-Based Performance in Indonesia
HARSOYO, TRI (Adv.: Jogiyanto Hartono, Prof., Dr., M.B.A.), Jogiyanto Hartono, Prof., Dr., M.B.A.
Tesis ini meninjau praktek tata kelola pemsahaan di Indonesia. Makalah ini melaporkan hasil analisis hubungan ant^a atribut board governance dan kineija perusahaan berbasis pasar (Tobin's Q). Menggunakan metode ordinary least square (OLS), studi ini menemukan hubungan antara atribut board governance dan Tobin's Q. Secara spesifik, karakteristik dewan komisaris, yaitu kepemimpinan pada dewan, ukuran dewan dan komposisi dewan komisaris independen, berhubungan positif dengan Tobin's Q. Temuan menunjukkan bahwa perusahaan-perusahaan yang memiliki karakteristik ini memiliki kineija yang lebih baik daripada perusahaan yang tidak mematuhi peraturan. Berbeda dengan ketiga atribut dari dewan komisaris, penelitian ini tidak dapat menemukan hubungan antara atribut komite audit, yaitu kepemimpinan audit komite, ukuran audit komite dan kemampuan akuntansi/finansiai, dengan kinerja perusahaan berbasis pasar. Seperti dilaporkan oleh Badan Pengawas Pasar Modal (BAPEPAM), ada anggota komite audit yang masih memegang posisi ganda, yaitu posisi serupa di perusahaan Iain, sehingga ini mungkin menyebabkan komite audit beijalan tidak efisien. Kata kunci: Tata Kelola Perusahaan, Dewan Komisaris, Komite Audit, Kineija Perusahaan.
This thesis investigated corporate governance practice in Indonesia. This paper reports the analysis of the relationship between board governance attributes and company market-based performance. Using ordinary least square (OLS) method, the study finds a relationship between board governance attributes and Tobin's Q. Specifically, the characteristics of board of commissioners, which are board leadership, board size and composition of board independence, relate positively with Tobin's Q. Findings show that the companies which have these characteristics have better Tobin's Q than the companies which do not comply with the regulations. In contrast to these three governance attributes, this study cannot find an association between audit committee attributes, which are leadership, size and accounting/financial literacy, and company market-based performance. As reported by the Indonesia Capital Market Supervisory Agency (BAPEPAM), there are members of audit committee who still hold double positions, that is similar positions in other companies, thus this might leads inefficient audit committee. Keywords: Corporate Governance, Board of Commissioner, Audit Committee, Company Performance.
Kata Kunci : Corporate Governance, Board of Commissioner, Audit Committee, Company Performance
