Dampak Corporate Governance Capital Structure Terhadap Kinerja: Studi Pada Perusahaan Yang Sebagian Sahamnya Dimiliki Pemerintah Di Bursa Efek Indonesia Periode 2004-2008
IRWANTY, EMMA (Adv.: Abdul Halim, Prof., Dr., M.B.A.), Abdul Halim, Prof., Dr., M.B.A.
Studi ini bertujuan untuk mengetahui pengaruh state ownership share ratio, debt to assets ratio, short debt to total debt ratio, corporate size, growth rate of net profit terhadap return on assets; pengaruh corporate shares ratio, debt to assets ratio, short debt to total debt ratio, corporate size, growth rate of net profit terhadap return on assets; dan pengaruh first major shareholder ratio, debt to assets ratio, short debt to total debt ratio, corporate size, growth rate of net profit terhadap return on assets. Uji pertama yang dilakukan adalah uji normalitas, dan didapatkan bahwa data berdistribusi normal. Kemudian dilakukan uji asumsi penyimpangan klasik, yaitu multikolinearitas, autokorelasi, dan heteroskedastisitas. Hasil dari analisis regresi berganda adalah terdapat pengaruh secara simultan variabel corporate governance dari capital structure terhadap kinerja perusahaan. Namun uji parsial menunjukkan bahwa variabel yang signifikan mempengaruhi kinerja (return on assets) adalah debt to assets ratio, size company, dan growth rate of net profit. Penelitian ini menemukan bahwa suatu perusahaan yang sahamnya sebagian dimiliki oleh negara belum menjamin kinerjanya akan baik.
This paper planned to examine effect of state ownership share ratio, debt to assets ratio, short debt to total debt ratio, corporate size, growth rate of net profit on return on assets; effect of corporate shares ratio, debt to assets ratio, short debt to total debt ratio, corporate size, growth rate of net profit on return on assets; and effect of first major shareholder ratio, debt to assets ratio, short debt to total debt ratio, corporate size, growth rate of net profit on return on assets. First test in this paper was “uji normalitas”, and we found that data normal distributed. Then “uji asumsi penyimpangan klasik” was done, which was “uji multikolinearitas”, “autokorelasi”, and “heteroskedastisitas”. Using multiple regression analysis, this research found that simultaneously there is effect corporate governance of capital structure on corporate performance. From partial test, we concluded that variables that significantly affect corporate performance (return on assets) were debt to assets ratio, size company, and growth rate of net profit. This research found that a corporate which a part of it’s shares owned by government has not guaranted for good performance.
Kata Kunci : corporate governance, capital structure, kinerja, state ownership share ratio, corporate shares, first major shareholder ratio, debt to assets ratio, short debt to total debt ratio, corporate size, growth rate of net profit, return on assets
