PENGARUH CORPORATE GOVERNANCE TERHADAP KINERJA PERUSAHAAN DAN COST OF CAPITAL

Yani Mariana Wibiksono, Dr. Sony Warsono, MAFIS., Ak.

2013 | Tesis | S2 Magister Manajemen

Penelitian ini bertujuan untuk mendapatkan bukti empiris dari pengaruh Corporate Governance Terhadap Kinerja Perusahaan dan Cost of Equity pada perusahaan manufaktur. Kinerja perusahaan diukur dengan menggunakan ukuran kinerja operasional berupa ROE dan kinerja pasar yang diukur dengan menggunakan Tobin’s Q. Variabel Corporate Governance diukur dengan mengelompokkan kuesioner berdasarkan partisipan Corporate Governance yang terdiri dari Board of Directors, Board of Executive, Board of Commisioners, Auditors dan Stakeholders. Penelitian ini dilakukan dengan metode studi pustaka dan dokumentasi. Data diambil dari Indonesia Capital Market Directory (ICMD) dan Laporan Tahunan perusahaan manufaktur yang terdaftar di Bursa Efek Indonesia. Metode analisis yang digunakan dalam penelitian ini adalah regresi berganda. Penelitian ini menggunakan data perusahaan manufaktur yang terdaftar di Bursa Efek Indonesia (BEI) tahun 2009- 2010 sebanyak 66 sampel perusahaan. Hasil dari penelitian ini menunjukkan bahwa variabel Corporate Governance yang memiliki pengaruh signifikan terhadap Kinerja Perusahaan dan Cost of Equity adalah Board of Directors, Board of Commisioners dan Auditors, sedangkan Board of Executive dan Stakeholders tidak terbukti memiliki pengaruh yang signifikan. Sedangkan hasil untuk variabel kontrol berupa ukuran perusahaan dan leverage tidak terbukti berpengaruh terhadap kinerja perusahaan dan Cost of Equity, kecuali ukuran perusahaan terbukti berpengaruh terhadap kinerja pasar perusahaan yang diukur dengan variabel Tobin’s Q.

The objectives of the research are to find out empirical evidence of the the effect of Corporate Governance Practices on Firm Performance and Cost of Equity of Manufacturing Companies. Firm performances were measured using operational performance from ROE and market performance which measured by Tobin’s Q. Corporate Governance variables were measured by grouping a questionnaire based on the Corporate Governance participants which consist of Board of Directors, Board of Executive, Board of Commisioners, Auditors and Stakeholders. This research use library research methods and documentation. Data taken from the Indonesian Capital Market Directory (ICMD) and Annual Report of the manufacturing companies. The analysis method of this research using multiple regression. This research uses data from manufacturing companies listed in Bursa Efek Indonesia (BEI) years from 2009 to 2010. Sample of this research are 66 sample companies. The results of this research indicate that Corporate Governance variables which have significant influences on firm performance and Cost of Equity are Board of Directors, Board of Commisioners and Auditors, while Board of Executive and Stakeholders don’t have significant influence. While, the result for controls variables which is consist of firm size and leverage also don’t have significant influence to the firm performances and Cost of Equity, except for firm size variable that has significant influence to market performance of the companies, which were measured by Tobin’s Q.

Kata Kunci : Corporate Governance, kinerja perusahaan, ROE, Tobin’s Q, Cost of Equity, Board of Directors, Board of Commisioners, Board of Executives, Auditors dan Stakeholders