Mekanisme corporate governance, kualitas laba dan nilai perusahaan

Siallagan, Hamonangan (Adv.Prof. Dr. Mas'ud Machfoedz, MBA), Mas'ud Machfoedz,Prof.Dr.MBA

2006 | Tesis | S2 Accounting

Penelitian ini bertujuan untuk menginvestigasi dan memberikan bukti empiris mengenai hubungan antara mekanisme corporate governance dengan kualitas laba. Penelitian ini juga menginvestigasi hubungan kualitas laba dengan nilai pemsahaan. Selanjutnya penelitian ini menginvestigasi hubungan mekanisme corporate governance dengan nilai perusahaan. Akhirnya, penelitian ini juga menginvestigasi apakah kualitas laba berperan sebagai variabel pemediasi (variable intervening) pada hubungan antara mekanisme corporate governance dan nilai perusahaan.



Untuk menguji hipotesis altematif, penelitian ini menggunakan perusahaan¬perusahaan manufaktur yang terdaftar di Bursa Efek Jakarta (BEJ) yang mengumumkan laporan keuangan selama tahun 2000-2004. Pengumpulan data dilakukan dengan metode purposive sampling. Jumlah perusahaan yang dijadikan sampel adalah 74 perusahaan dengan total observasi sebesar 197.



Hasil penelitian menunjukkan bahwa mekanisme corporate governance berpengaruh terhadap kualitas laba. Proksi kualitas laba yang dikemukakan oleh Sloan (1996), Chan et al (2001) dan Warfield et al (1995) adalah discretionary accruals. Adapun mekanisme corporate governance yang berpengaruh terhadap kualitas laba adalah: (I) Kepemilikan manajerial secara positif dan signifikan secara statistik berpengaruh terhadap kualitas laba, (2) Proporsi dewan komisarls secara negatif dan signifikan secara statistik berpengaruh terhadap kualitas laba, (3) Keberadaaan komite audit secara positif dan signifikan secara statistik mempengaruhi kualitas laba. Hasil pcnelitian juga menunjukkan bahwa kualitas laba secara positif dan signifikan secara statistik mempengaruhi nilai perusahaan. Selanjutnya, hasil penelitian menunjukkan bahwa mekanisme corporate gavernance berpengaruh terhadap nilai perusahaan. Akhirnya, hasil penelitian ini menunjukkan bahwa kualitas laba bukan sebagai variabel pemediasi (variable intervening) pada hubungan antara mekanisme corporate governance dan nilai perusahaan.

The purpose of this research is to investigate and give empirical evidence of the relationship between Corporate governance mechanisms and earnings quality. Either, investigate relationship between earnings quality and value or the rum. Further, this research is to investigate relationship between corporate governance mechanism and value of the firm. Finally, also investigate earnings quality roles as intervening variable on the relationship between corporate governance mechanism and value of the firm. The proposed hypotheses are as follows, (1) managerial ownership is positively influence earnings quality, (3) the proportion of independent board of commissioner positively influence earnings quality, (3) the existence of audit committee positively influence earnings quality, (4) earnings quality positively influence value of the firm, and (5) corporate governance mechanism influence value of the firm.



To test alternative hypotheses, this research used manufacturing listed on Jakarta Exchange Stock which issue financial statement during 2000-2004. Purposive sampling is used for data collection with 74 manufacturing sample and observation sum 197.



The result shows that corporate governance mechanism effect earnings quality. The earnings quality of proxy stated by Sloan (1996), Chan et al (200]) and Warfield et al (1995) is discretionary accruals. The corporate governance mechanism has the effect on earnings quality are: managerial ownership positively and statistically significant effect earnings quality, the proportion of board of commissioner negatively and statistically significant influence earnings quality, the existence of audit committee positively and statistically significant influence earnings quality. The result also shows that the earnings quality positively and statistically significant influence value of the firm. Further, the result shows that corporate governance mechanism influence value of the firm. Finally, it also shows that earnings quality is not as an intervening variable on the relationship between corporate governance mechanism and value of the firm.

Kata Kunci : Corporate governance, kualitas laba, discretionary accrual, nilai perusahaan