Analisis Dampak Struktur Kepemilikan dan Karakteristik Perusahaan Sebagai Mekanisme Corporate Governance terhadap Nilai Perusahaan, Return saham, dan Kebijakan Dividen
YOKEBETH WONGSOKENONGO (Pembimbing: Sumiyana, Drs., M.Si.), Sumiyana, Drs., M.Si.
Perbedaan kepentingan antara pemegang saham dengan manajer menimbulkan konflik keagenan. Konflik keagenan ini dapat diatasi melalui mekanisme corporate governance yang dapat membantu menyelaraskan hubungan dan kepentingan antara para partisipan tersebut. Mekanisme pengendalian perusahaan internal berkaitan dengan struktur kepemilikan dan karakteristik perusahaan melalui kontrak insentif jangka panjang diharapkan dapat menjadi solusi atas masalah keagenan tersebut. Riset ini penting untuk menguji ada atau tidaknya ketimpangan variabel-variabel atau proksi ukuran kinerja perusahaan yang dipengaruhi oleh struktur kepemilikan dan karakteristik perusahaan. Analisis penelitian ini didasarkan pada 27 laporan keuangan dan data ICMD perusahaan non keuangan yang terdaftar di Bursa Efek Indonesia periode 2006 dan 2007 melalui pengunaan metode statistik regresi linier berganda berdasarkan asumsi rasio akuntansi keuangan, bahwa struktur kepemilikan dan karakteristik perusahaan sebagai mekanisme corporate governance memiliki fungsi rasional terhadap ukuran kinerja perusahaan yang berguna bagi investor dan calon investor sebagai decision maker atas investasi secara tepat. Hasil pengujian statistik menunjukkan struktur kepemilikan dan karakteristik perusahaan sebagai mekanisme corporate governance memiliki dampak yang lebih baik terhadap kinerja perusahaan yang diukur dengan nilai perusahaan dibandingkan terhadap ukuran kinerja perusahaan lainnya, yaitu return saham dan kebijakan dividen.
Differences of interest between stockholders and managers can cause a conflict on agency level. This kind of conflict could be overcome by utilizing a corporate governance mechanism. This mechanism is effective on helping the integration process between the relation and the need of those parties. A companys internal corporate governance mechanism, related with the ownership structure and the characteristic of the firm through a long term incentive, is expected to be a solution for this problem. This case study is expected to obtain emprical evidences about the relation between ownership structure and firms characteristics as a corporate governance mechanism to the firm performance. This research is important to test the existence of the variables of firm performance experience that is influenced by imbalances of ownership structure and characteristics based on 27 financial reports and ICMD data non financial company listed in the Indonesian Stock Exchange on 2006 until 2007 through the usage of multiple linear regression statistic method and also the assumption of financial accounting ratios that the ownership structure and firms characteristics has a rational function to the firm performance that is useful to investors and potential investors as a decision maker on investment appropriately. The result showed that the ownership structure and the firms characteristics as a corporate governance mechanism caused a better effect on the firm performance measured by comparing the value of the firm with the other indicators of firm performance.
Kata Kunci : corporate governance, ownership concentration, the characteristics of firms, stock return, TobinsQ, and the ratio of dividend policy, konsentrasi kepemilikan, karakteristik perusahaan, return saham, dan rasio kebijakan dividen
