Pengaruh corporate governance terhadap hubungan investment opportunity set dan kinerja perusahaan
Herdianto, Elwin (Adv.: Prof. Dr. Marwan Asri, MBA), Prof. Dr. Marwan Asri, MBA
Penelitian ini bertujuan untuk menguji pengaruh mekanisme corporate governance yang diterapkan perusahaan terhadap hubungan Investment Opportunity Set (lOS) terhadap kinerja perusahaan. Penelitian terdahuiu oleh Baber et al. (1996), Gul (1999), dan Hutchinson dan Gul (2004) menemukan bahwa terdapat hubungan negatif antara IOS dan kinerja. Penelitian ini ingin membuktikan apakah mekanisme corporate governance yaitu proporsi komisaris independen dalam dewan komisaris dan external blockholder mampu melernahkanhubungan negatif antara IOS dan kinerja, Sampel penelitian ini adalah perusahaan non finansial yang terdaftar di Bursa Efek Jakarta tahun 2003-2004. Dengan menggunakan metode purposive sampling diperoleh 112 perusahaan. Metode statistik yang digunakan adalah analisis regresi dengan efek interaksi. Hasil penelitian menunjukkan bahwa terdapat pengaruh negatif yang signifikan IOS terhadap kinerja. Mekanisme corporate governance yaitu proporsi komisaris independen dan kepemilikan external blockholder menunjukkan mampu melemahkan pengaruh negatif IOS terhadap kinerja. Hal ini dibuktikan dari hasil koefisien interaksi yang positif signifikan pada keduanya. Hasil ini menunjukkan bahwa kedua mekanisme tersebut mampu mengurangi perilaku oportunistik manajer pada perusahan yang tumbuh.
The objective of this research was to study the effect of corporate governance mechanisms to the relationship between Investment Opportunity Set (IOS) and firm performance. Previous research by Baber et al. (1996), Gul (1999), Hutchinson and Gul (2004) found that there was a negative relationship between 10S and performance. This research tried to examine whether corporate governance mechanisms that were proportion of independent directors in board of directors and external blockholder can weaken the negative relationship between 10S and performance. The research sample was non financial firm that listed in JSX between 2003 and 2004. Using purposive sampling method, this research obtained 112 firms for the sample. The research use regression method with interaction term for data analysis. The result shows that there is negative and significant relationship between 10S and performance. The corporate governance mechanisms that were employed can weaker the negative relationship between 10S and performance. The regression coefficients on interaction variable between corporate governance mechanism and 10S showed positive and significant result. Based on that result we could say that the two corporate governance mechanisms can reduce manager opportunistic behavior in growth firm.
Kata Kunci : corporate governance, lOS, performance, independent directors, and external blockholder.
