Pengaruh Corporate Governance dan bentuk kepemilikan terhadap kinerja keuangan Bank di Indonesia

SUPRIYATNO, Promotor Prof.Dr. Mas'ud Machfoedz, MBA

2006 | Disertasi | S3 Ilmu Ekonomi Manajemen

Penelitian ini menguji pengaruh Corporate Governance dan Bentuk Kepemilikan terhadap Kinerja Keuangan Bank dengan menggunakan pendekatan Teori Keagenan. Penelitian dilakukan melalui pengembangan tiga konstruk yakni (i) External Corporate Governance (ECG) yang mencerminkan kepatuhan bank terhadap regulasi dan supervisi (ii) Internal Corporate Governance (ICG) dengan membedakan ICG-pemilik yang mencerminkan kepentingan pemilik (owner’s interest), dan ICG-manajer yang mencerminkan pengendalian manajer melalui perhatian pemilik terhadap kepentingan manajer (manager’s interest), dan (iii) Bentuk Kepemilikan dengan pendekatan dispersi kepemilikan yang terdiri dari kepemilikan sangat menyebar (dispersed ownership), kepemilikan terkonsentrasi (closely held ownership), dan (c) kepemilikan oleh Badan Usaha Milik Negara. Penelitian ini menggunakan data laporan keuangan bank-bank di Indonesia yang masih beroperasi selama perioda penelitian dari 1999 hingga 2004. Populasi penelitian adalah seluruh bank berskala nasional di Indonesia. Pertimbangan kisar perioda tersebut dimaksudkan untuk memperoleh kecukupan analisis data. Selain itu, data laporan keuangan perbankan sebelum 1999 masih dipengaruhi oleh krisis keuangan yang terjadi sejak 1997. Jumlah bank di Indonesia pada tahun 2004 sebanyak 174 bank. Dari jumlah tersebut, 106 bank adalah bank milik swasta belum publik, 24 bank adalah bank milik swasta sudah publik, 5 bank adalah bank milik pemerintah, dan 10 bank adalah bank milik swasta asing dan 29 bank campuran. Pembedaan kelompok bentuk kepemilikan bank dimaksudkan untuk mendukung analisis dalam pengujian hipotesis penelitian. Dari jumlah tersebut diatas, data yang dapat diolah sebanyak 76 bank terdiri dari bank swasta asing (9), bank campuran (13), pemerintah (4), bank swasta terbuka (17), bank swasta tertutup (33). Analisis External Corporate Governance dilakukan dengan menggunakan Model Logit dengan proksi variabel komposit kepatuhan regulasi, sedangkan ICG-manajer diproksi dari kepekaan kompensasi terhadap kinerja dengan menggunakan model yang dikembangkan oleh Jensen dan Murphy (1990) dan ICG-pemilik menggunakan koefisien variasi Net Interest Margin sebagai proksi internal corporate governance yang mencerminkan kepentingan pemilik. Secara umum, hasil penelitian empiris mengenai pengaruh corporate governance dan bentuk kepemilikan terhadap kinerja bank dapat dijelaskan oleh teori keagenan. Namun demikian, terdapat dimensi masalah prinsipal-agen yang lebih kompleks pada industri perbankan yang tidak terdapat pada industri non-keuangan perbankan. Pendekatan masalah keagenan pada industri perbankan dalam konteks corporate governance melalui pendekatan dispersi kepemilikan menunjukkan derajat persoalan keagenan. Analisis internal corporate governance-manajer (ICG-M) memberikan hasil yang tidak signifikan, sedangkan internal corporate governance-pemilik (ICG-P) terbatas memberikan hasil signifikan untuk Bank Swasta Tertutup.

By focusing on a single industry -banking- this study examines more precisely the effects of three exogenous constructs -external corporate governance, internal corporate governance and the type of ownership- on bank performance. Type of ownership explained the agency problem in the form of corporate governance by grouping on three ownership characteristics : (a) dispersed ownership (b) closely held ownership and (c) the state-owned bank. Besides having direct effect to the bank performance, its type of ownership moderating the effects of the other two exogenous constructs to the bank performance. Many typical external corporate governance mechanisms, such as the threat of hostile takeovers in the industry, are absent in the case of banking firms; therefore, this study focus primarily on the obedience factor to regulation and supervision. The higher the probability of the regulation’s obedience and so higher the managers willingness to operate the bank under the regulation. Additionally, internal corporate governance is divided into two; internal corporate governance- manager (ICG-manager) and internal corporate governance-owner (ICG-owner). ICG-manager represent the attention of the owner to the manager’s interest which is actualized in the remuneration and the other types of another human resource development to increase the bank revenue as formalized by Jensen and Murphy (1990). ICG-owner is owner’s direct interference in the form of manager controls.The essence of the ICG- owner is in the efficiency factor of preventing manager from doing his own interest. This study builds a dataset on bank ownership and bank performance covering approximately 76 banks in Indonesia consists of 9 foreign private bank, 13 joint venture bank, 4 state-owned banks, 17 private listed banks and 33 private unlisted banks over the 1999-2004 period. Generally, empirical research on the effect of corporate governance and type of ownership to the bank performance can be explained by agency theory even banking industry faces more complex dimension of principal agency problems that cannot be found in non-financial banking industry. It is found that degree of agency problem in dispersed ownership as represented by state-owned bank are higher compared with concentrated ownership. We also find that, as in developing countries, foreign banks plays a useful role in terms of good external corporate governance mechanism followed by private listed bank, private unlisted bank and state-owned bank although we do not find any effect on internal corporate governance mechanism except internal corporate governance-owner for Private-unlisted Bank

Kata Kunci : Kinerja Keuangan Bank,Corporate Governance,Bentuk Kepemilikan, external corporate governance, internal corporate governancemanager, internal corporate governance-owneer, ownership, net interest margin, pay-performance sensitivity, risk-return, regulation