Pengaruh Penerapan Good Corporate Governance Terhadap Kinerja Operasional dan Kinerja Pasar Perusahaan Manufaktur
SARI, AN NUUR RATNA (pembimbing: Wiwin Rahmanti, S.E., M.Com.), Wiwin Rahmanti, S.E., M.Com.
Good corporate governance diyakini memiliki manfaat yang besar yang berkontribusi terhadap pencapaian tujuan organisasi, termasuk kinerja perusahaan yang baik dan memaksimalkan nilai pemegang pancang. Oleh karena itu penelitian ini mencoba membuktikan secara empiris apakah benar good corporate governance berpengaruh positif terhadap kinerja perusahaan.
Corporate governance diproksi dengan indeks CG, yang diukur berdasarkan prinsip-prinsip corporate governance, yaitu trasparansi, akuntabilitas, responsibilitas, independensi dan kewajaran/keadilan. Adapun kinerja perusahaan sebagai variabel terikat mencakup kinerja operasional dan kinerja pasar. Kinerja keuangan operasional diproksi dengan ROA dan NPM, sedangkan kinerja pasar diproksi dengan Tobins Q dan PBR. Penelitian ini menggunakan variabel kontrol ukuran perusahaan, lamanya terdaftar di BEI, intensitas kapital dan leverage. Sampel dalam penelitian ini adalah perusahaan manufaktur yang terdaftar di BEI tahun 2007-2009 yang mempublikasikan laporan tahunan dan laporan keuangannya pada tahun tersebut. Sampel diolah dengan menggunakan analisis regresi berganda.
Hasil penelitian menunjukkan bahwa corporate governance tidak berpengaruh terhadap kinerja operasional (ROA dan NPM) maupun terhadap kinerja pasar perusahaan (Tobins Q dan PBR).
Good corporate governance is believed to have big advantage which contributes to the achievement of organizations objective, including good corporate performance and the maximalization of stakeholders value. Responding to that, this research tries to proof empirically whether good corporate governance has positive relationship with corporate performance.
Corporate governance is proxied by CG index which is measured based on principles of corporate governance-transparency, accountability, responsibility, independency and fairness. Corporate performance as dependent variable includes operational performance and market performance. Operational financial performance is proxied by ROA and NPM, while market performance is proxied by Tobins Q and PBR. This research uses control variables which are corporate size, the length of listing in BEI, capital intensity and leverage. Samples of this research are manufacture companies listed in BEI in 2007 to 2009, and they publish annual report and financial report through those years. Samples are cultivated with multiple regression analysis.
The result of this research shows that corporate governance doesnot effect operational performance (ROA and NPM) nor market performance (Tobins Q and PBR).
Kata Kunci : : corporate governance, operational performance, market performance, kinerja operasional, kinerja pasar, ROA, NPM, Tobins Q, PBR, manufaktur
