Good Corporate Governance di Sektor Keuangan : Dampak GCG Terhadap Nilai Pasar Perusahaan (Studi Empiris Perushaan Yang Terdaftar Di Bursa Efek Indonesia Pada Tahun 2010-2019)

GALIH RAMADHAN A, Prof. Dr. Sukmawati Sukamulja, M.M.

2020 | Tesis | MAGISTER MANAJEMEN (KAMPUS JAKARTA)

Corporate governance merupakan salah satu topik yang menarik untuk dibahas. Corporate governance sendiri tidak dapat dipisahkan dari agency problem. Dalam perkembangannya banyak perusahaan yang tidak melakukan penerapan good corporate governance sehingga mengakibatkan kerugian bagi para shareholder, padahal penelitian-penelitian mengenai pelaksanaan good corporate governance selalu dihubungkan dengan nilai pasar perusahaan. Perusahaan dengan penerapan good corporate governance diharapkan memiliki financial performance yang baik sehingga meminimalisir terjadinya agency problem. Perusahaan dengan agency problem yang lebih rendah diharapkan dapat memberikan lebih banyak benefit yang diberikan kepada shareholder. Pada tahun 2019 terungkap kasus besar yang menjerat salah satu perusahaan asuransi di Indonesia, hal ini menyebabkan pertanyaan apakah perusahaan di sektor keuangan sudah melaksanakan good corporate governance? Indonesia sendiri melalui Otoritas Jasa Keuangan sudah mengeluarkan terkait pelaksanaan good corporate governance sehingga dalam penelitian ini akan berfokus mencari tahu hubungan antara pelaksanaan good corporate governance dan nilai pasar perusahaan pada perusahaan di sektor keuangan yang terdaftar di Bursa Efek Indonesia (BEI) selama periode 2010 hingga 2019. Pengujian hipotesis dalam penelitian ini menggunakan regresi data panel dengan menggunakan metode estimasi random effect model. Good corporate governance dalam penelitian ini diukur menggunakan corporate governance index (CGI) score. CGI disusun berdasarkan 5 subindeks yaitu board structure, board procedure, firm disclosure, ownership structure dan shareholder right. Untuk nilai pasar perusahaan diukur menggunakan rasio Tobin's Q. Hasil pengujian statistik menunjukan terdapat hubungan positif antara pelaksanaan good corporate governance dan nilai pasar perusahaan. Selain itu penelitian ini menunjukan selama tahun 2010 hingga 2019 pelaksanaan good corporate governance yang diukur melalui corporate governance index terus meunjukan peningkatan setiap tahunnya.

Corporate governance is a critically important topic for a company to maintain its relations towards all the stakeholders and enable the organizations to achieve their goals. Corporate governance itself cannot be separated from the agency problem. In its development, many companies do not implement good corporate governance, resulting in losses for shareholders, even though studies on the implementation of good corporate governance are always associated with the market value of the company. Companies with the implementation of good corporate governance are expected to have a good financial performance to minimize agency problems. Companies with fewer agency problems are expected to provide more benefits to shareholders. In 2019, an insurance company in Indonesia was entangled with a major problem which led to the question of whether companies in the financial sector had implemented good corporate governance? In Indonesia itself, through the Financial Services Authority, has proceeded issues related to the implementation of good corporate governance. Furthermore, this study will focus on finding out the relationship between the implementation of good corporate governance and the market value of companies in the financial sector listed on the Indonesia Stock Exchange (IDX) from 2010 to 2019. Hypothesis testing in this study uses panel data regression which further utilities the random effect model estimation method. Good corporate governance in this study is measured using the corporate governance index (CGI) score. CGI is prepared based on 5 sub-indexes; namely board structure, board procedure, firm disclosure, ownership structure, and shareholder rights. The company's market value is measured using Tobin's Q ratio. The results of statistical tests show that there is a positive relationship between the implementation of good corporate governance and the company's market value. Besides, this research shows that from 2010 to 2019 the implementation of good corporate governance as measured by the corporate governance index continues to show an increase every year.

Kata Kunci : good corporate governance, corporate governance index, market value, Tobin's Q