Analisis pengaruh penerapan good corporate governance (GCG) terhadap nilai pasar perusahaan perbankan publik di Indonesia tahun 2003-2007

NURHIDAYAT, Ilham, Drs. Dumaity, M.A

2009 | Tesis | S2 Magister Ekonomika Pembangunan

Implementasi Good Corporate Governance (GCG) bagi perbankan menjadi sangat penting mengingat perbankan merupakan salah satu pilar yang dominan dalam menunjang pertumbuhan ekonomi negara dan ikut menjaga stabilitas sistem perbankan nasional. Pengelolaan perbankan yang sehat akan membantu suatu negara tumbuh, melalui upaya mobilisasi sumber daya keuangan dan pengalokasian penggunaannya secara tepat. Riset ini bertujuan menguji dampak penerapan GCG terhadap nilai pasar perusahaan perbankan publik di Indonesia periode 2003-2007. Variabel penerapan GCG dikonstruksikan dalam sebuah indeks penerapan GCG yang menggunakan Kriteria Annual Report Award/ARA yang menggambarkan penerapan lima prinsip GCG: transparency, accountability, responsibility, independency, dan fairness (TARIF). Riset ini juga memasukkan beberapa variabel indpenden lainnya yaitu proporsi penyertaan modal pemerintah dan variabel dummy status kepemilikan bank untuk mengetahui apakah variabel tersebut ikut berpengaruh terhadap nilai pasar perusahaan bank. Data yang digunakan adalah data panel dari 23 bank go public di Indonesia dari tahun 2003 sampai dengan 2007. Alat analisis yang digunakan adalah statistik deskriptif dan regresi data panel dengan metode Fixed Effect. Hasil penelitian menunjukkan bahwa kondisi penerapan prinsip GCG pada perusahaan bank go public sudah cukup baik meskipun masih terdapat kesenjangan yang cukup lebar antarbank. Hasil estimasi menunjukkan bahwa variabel penerapan good corporate governance dan proporsi penyertaan modal pemerintah mempunyai pengaruh positif dan signifikan terhadap nilai pasar perusahaan bank. Adapun variabel status kepemilikan bank oleh pemerintah mempunyai pengaruh negatif dan signifikan terhadap nilai pasar perusahaan bank.

Implementation of Good Corporate Governance (GCG) on banking companies were most important because banking sector was one of many dominant pillars that support state economic growth and maintain the stability of national banking system. The soundness of banking management will promote the national growth effectively by the mobilization and allocation of financial resources. This research examines the impact of GCG implementation on market value of listed banking company in Indonesia from year 2003 up to 2007. GCG implementation index is constructed to summarize the annual report information contained in GCG implementation’s variable using Criteria of Annual Report Award (ARA) that illustrates five principles of GCG: transparency, accountability, responsibility, independency, and fairness (TARIF). This research includes various independent variables such as proportion of government ownership and variable of government ownership type to determine the influence of those independent variables on market value of banking companies. Data for twenty-three listed bank in Indonesia from year 2003 up to 2007 are used for estimating market value. Analysis tools of this research are descriptive statistics and weighted least square- fixed effect method of panel data. The result showed that conditions of GCG principles implementation on listed banking companies is well enough, nevertheless the gaps of banks is wide enough. The result of estimation revealed that there is a positive and significant functional relationship between the explanatory variables- GCG implementation index, proportions of state ownership and market value, but only government ownership type that have negative and significant functional relationship.

Kata Kunci : Good corporate governance,Nilai pasar perusahaan,Bank,Transparency,Responsibility,Data panel, good corporate governance, firm market value, banking, transparency, accountability, responsibility, independency, fairness, panel data, fixed effect method