SET PELUANG INVESTASI, PRAKTIK CORPORATE GOVERNANCE DAN KINERJA PERUSAHAAN
Satriyani, Anna Riki Ratna (Adv.: Sumiyana, Dr., M.Si., Drs., Ak.), Sumiyana, Dr., M.Si., Drs., Ak.
Penelitian ini bertujuan untuk menguji pengaruh mekanisme corporate governance dalam memengaruhi kekuatan hubungan antara kinerja perusahaan dan set peluang investasi (IOS). Mekanisme corporate governance yang digunakan berupa proporsi komisaris independen, kepemilikan saham manajerial dan keberadaan komite remunerasi. Variabel IOS tidak dapat diobservasi sehingga digunakan proksi market to book value of equity (MVABVE), market to book value of equity (MVEBVE), price to earning ratio (PER), capital expenditure to book value of asset (CAPBVA) dan capital expenditure to market value of asset (CAPMVA) untuk membentuk IOS. Sedangkan variabel kinerja perusahaan diukur melalui return on equity (ROE).
Data dikumpulkan melalui metode purposive sampling terhadap perusahaan publik yang bergerak diindustri non-keuangan. Sampel yang berhasil dihimpun sebanyak 77 perusahaan dan dianalisis melalui analisis regresi berganda.
Hasil penelitian menunjukkan IOS memiliki korelasi positif terhadap kinerja perusahaan. Sedangkan mekanisme proporsi komisaris independen dan keberadaan komite remunerasi tidak memengaruhi kekuatan hubungan antara IOS dan kinerja perusahaan. Kepemilikan saham manajerial justru memperlemah hubungan antara IOS dan kinerja perusahaan.
The purpose of this study is to examine the impact of corporate governance mechanism on the relationship between firm investment opportunity set (IOS) and firm performance. The corporate governance mechanisms used are proportion of independent commissioner, managerial ownership and remuneration committee existence. The proxies used to reflect the firm growth are market to book value of equity (MVABVE), market to book value of equity (MVEBVE), price to earnings ratio (PER), capital expenditure to book value of asset (CAPBVA) and capital expenditure to market value of asset (CAPMVA). Firm performance measured by return on equity (ROE).
Data collected using purposive sampling method for non-financial company listed on Indonesia Stock Exchange. A number of 77 non-financial companies used for the multiple regressions analysis.
The study shows a positive relationship between IOS and firm performance. The results also suggest that a greater managerial ownership negatively affect the relationship between IOS and performance. However, proportion of independent commissioner and the existence of remuneration committee have no effect to the relationship between IOS and firm performance.
Kata Kunci : kinerja perusahaan, IOS, proporsi komisaris independen, kepemilikan saham manajerial dan komite remunerasi, firm performance, corporate governance, proportion of independent commissioner, managerial ownership and remuneration committee.
