Pengaruh Corporate Governance dan Diversifikasi pada Kinerja Perusahaan di Industri Manufaktur Indonesia: Efek Moderasi Periode Krisis dan Tipe Kepemilikan Pemerintah

Raisadinda Pramesti, Bowo Setiyono, S.E., M.Com., Ph.D

2019 | Skripsi | S1 MANAJEMEN

Setelah peristiwa Krisis Asia 1997 yang diduga diperparah oleh buruknya corporate governance di negara-negara Asia, Indonesia melakukan sejumlah perbaikan dan pengembangan prosedur corporate governance. Meksi demikian, OJK (2017) menyatakan bahwa Indonesia masih tertinggal dalam hal penerapan good corporate governance dibandingkan negara ASEAN lain. Good corporate governance berpengaruh terhadap peningkatan kinerja perusahaan. Pengaruh tersebut diduga memiliki perbedaan pada saat periode krisis (Mitton, 2002) dan tipe kepemilikan pemerintah (Kamal, 2010). Namun, pembahasan terkait penerapan good corporate governance di Indonesia masih sangat terbatas. Penelitian ini menguji pengaruh corporate governance dan diversifikasi terhadap kinerja perusahaan yang diukur dengan Tobin's q. Aspek-aspek corporate governance meliputi struktur kepemilikan dan kualitas audit. Sampel penelitian ini terdiri dari 91 perusahaan di industri manufaktur yang terdaftar di Bursa Efek Indonesia pada tahun 2008-2017. Dengan metode analisis generalized least-square (GLS), corporate governance ditemukan berpengaruh positif terhadap kinerja perusahaan. Diversifikasi bisnis dengan Herfindahl-hirschman Index berpengaruh positif terhadap kinerja perusahaan. Penelitian ini juga menemukan bahwa pada saat periode krisis, pengaruh corporate governance terhadap kinerja perusahaan melemah. Pada tipe kepemilikan pemerintah, pengaruh kepemilikan terbesar pertama dan kualitas audit melemah, sedangkan pengaruh kepemilikan 5 terbesar menguat.

Afterward the Asia Crisis in 1997 which was presumably exacerbated by poor corporate governance practice in Asia countries, Indonesia did some improvements to its corporate governance procedure. Nevertheless, OJK (2017) said that Indonesia was still much left behind by other ASEAN countries in terms of good corporate governance. Meanwhile, good corporate governance has an impact on increasing firm performance. This relationship was expected to be different in the crisis period (Mitton, 2002) and state ownership (Kamal, 2010). Unfortunately, corporate governance practice in Indonesia was still put into limited discussion. This research studies the impact of corporate governance and diversification on firm performance which is measured by Tobin's q. Corporate governance aspects involved in this research are ownership structure and audit quality. The sample consists of 91 firms in manufacturing industry listed on the Indonesia Stock Exchange during 2008-2017. Using generalized least-square (GLS) method of analysis, we find that corporate governance is positively related to firm performance and the impact of diversification on firm performance using HHI is also positive. We also find that the relationship of corporate governance on firm performance is weakening. Regarding state ownership, the largest shareholder and audit quality show a lower impact on firm performance. Yet, the top 5 blockholders affect firm performance better on state ownership.

Kata Kunci : good corporate governance, performance, crisis, state ownership