Pengaruh Penerapan Good Corporate Governance Terhadap Kinerja Keuangan dan Return Saham Perusahaan (Studi Pada BUMN Yang Terdaftar Di Bursa Efek Indonesia Tahun 2009-2012)
YASMINE, SITI NADHIRA (Adv.: Wiwin Rahmanti, S.E., M.Com.), Wiwin Rahmanti, S.E., M.Com.
Tujuan penelitian ini adalah untuk menganalisis pengaruh penerapan Good Corporate Governance terhadap kinerja keuangan dan return saham BUMN yang terdaftar di Bursa Efek Indonesia (BEI) tahun 2009 – 2012. Variabel independen dalam penelitian ini adalah ukuran dewan direksi, jumlah rapat dewan direksi, independensi dewan komisaris, kompetensi komite audit, dan kepemilikan saham publik. Variabel dependen dalam penelitian adalah Return on Equity, Current Ratio, Total Assets Turn Over, Debt Ratio, dan Return Saham. Sampel yang digunakan dalam penelitian ini sebanyak 11 perusahaan yang terdiri dari perusahaan BUMN non keuangan yang terdaftar di BEI selama periode 2009-2012. Metode analisis data menggunakan metode regresi linear berganda.
Hasil olahan data menunjukkan bahwa terdapat hubungan antara penerapan Good Corporate Governance dengan kinerja keuangan dan return saham perusahaan. Return on Equity dipengaruhi secara positif oleh kepemilikan saham publik dan dipengaruhi secara negatif oleh jumlah rapat dewan direksi. Current Ratio dipengaruhi secara positif oleh kompetensi komite audit. Total Assets TurnOver dipengaruhi secara positif oleh independensi dewan komisaris dan dipengaruhi secara negatif oleh kepemilikan saham publik. Debt Ratio dipengaruhi secara negatif oleh ukuran dewan direksi dan dipengaruhi secara positif oleh jumlah rapat dewan direksi dan kepemilikan saham publik. Return Saham dipengaruhi secara positif oleh jumlah rapat dewan direksi dan independensi dewan komisaris.
The purpose of this research is to analyze the impact of implementing Good Corporate Governance towards state-owned enterprises’ financial performance and stock return which are listed in Indonesia Stock Exchange (IDX) year 2009 – 2012. The independent variable in this research is the size of the Board of Directors, the amount of meetings of Board of Directors, the independency of Board of Commissioners, the competency of Audit Committee, and the public shareholding. The dependent variabel in this research is Return on Equity, Current Ratio, Total Assets Turn Over, Debt Ratio, dan Stock Return. The sampel used in this researchis as many as 11 companieswhich consists of non financial state-owned enterprises that are listed in IDX period 2009-2012. The analysis data method uses multiple linear regression method.
The data processed showed that there is a relationship between implementing Good Corporate Governance and the companyÂ’s financial performance and stock return. Return on Equity is positively affected by public shareholding and negatively affected by the amount of meetings of Board of Directors. Current Ratio is positively affected by the competency of Audit Committee. Total Assets Turn Over is positively affected by the independency of Board of Commissioners and negatively affected by public shareholding. Debt Ratio is negatively affected by the size of the Board of Directors and positively affected by the amount of meetings of Board of Directors and public shareholding. Stock Return is positively affected by the amount of meetings of Board of Directors and the independency of Board of Commissioners.
Kata Kunci : kinerja perusahaan, kinerja keuangan, return saham, Good Corporate Governance, company performance, financial performance, stock return.
