Undergraduate Thesis The Effect Of Corporate Governance On Indonesian Firms Market Performance - A Study In Two Different Economic Periods
PRADIPTA, ARYA (Pembimbing: Mamduh M. Hanafi, Dr., M.B.A.), Mamduh M. Hanafi, Dr., M.B.A.
Penelitian ini bertujuan untuk mengetahui efek corporate governance yang dilakukan oleh perusahaan terhadap performa pasar perusahaan. Penelitian terdahulu yang diujikan terhadap pasar luar negeri membuktikan bahwa corporate governance berpengaruh positif terhadap performa pasar. Penelitian ini menggunakan variable kualitas audit perusahaan, kepemilikan saham manajerial dan institusional, serta persentase dari komisaris independen; dengan TobinÂ’s Q dan return saham sebagai proxy dari independent variables. Selain itu, penelitian ini juga menguji dampak dari krisis keuangan terhadap korelasi antara corporate governance dengan performa pasar perusahaan. Penelitian ini menggunakan 52 sampel perusahaan yang terdaftar di Bursa Efek Indonesia dari periode 2005-2008. Dengan total observasi 203 (tidak termasuk 5 outliers), observasi diujikan dengan menggunakan metode multiple linear regression.
Hasil dari penelitian ini menunjukkan bahwa tidak ada efek yang signifikan antara corporate governance terhadap performa pasar perusahaan. Selain itu, efek dari krisis financial hanya berimbas pada beberapa independent variables yang diujikan.
The purpose of this research is to know the effect of corporate governance on firms
market performance. Referred from many international journals, the research uses disclosure
quality, institutional and managerial ownership, and board independency as representatives of
corporate governance, while market performance is represented by stock return and Tobins Q.
In addition, the research uses interaction effect of financial economy crisis to know whether
different economy condition affects the correlation between corporate governance and firms
market performance. In theoretical and practical cases, the happening of financial crisis makes
the impact of corporate governance more obvious on firms operational and market performance.
The study uses 52 sample companies that are listed in Indonesia Stock Exchange from
2005-2008. With total observations of 203 (exclude 5 outliers), the samples are regressed using
multiple linear regression.
Result from the study shows that there is no significant effect between corporate
governance and market performance that are represented by stock return and Tobins Q. Aside
from that, financial crisis only significantly reduces the effect of some independent variables on
companies market performance.
Kata Kunci : corporate governance; Indonesian firmsÂ’ market performance; financial crisis; stock return; Tobins Q
