PENGARUH KUALITAS PENGUNGKAPAN INFORMASI TERHADAP HUBUNGAN ANTARA PENERAPAN CORPORATE GOVERNANCE DENGAN KINERJA PERUSAHAAN DI BURSA EFEK JAKARTA
Abstract: Good corporate
governance is a principle that guide and control companies to achieve balance
between companies' strength and authority in reporting to shareholders and
stakeholders. Companies that have applied corporate governance and have better
disclosure quality, will be more trustworthy to creditors and investors and therefore
their share are more liquid and share price will be increased. Overall, the
market performance will be better.
This research will try to prove whether application of good corporate
governance will influence the market performance, and whether information
disclosure quality is the moderating variable for those two variables.
The disclosure quality is measured by using compulsory disclosure index
and information reporting punctuality. Meanwhile, corporate governance
application is measured by using CGPI value of IICG survey results, and
companies' performance is measured by using Tobin's Q value. Statistical method
used in this research is linear regression and interaction test. Research
sample is companies listed in Jakarta Stock Exchange and participated in the
survey done by IICG in 2001-2004.
Based on the hypotheses test, it can be concluded that the companies’
market performance is not affected by Corporate Governance application.
Moreover, it can be proved that compulsory disclosure index and information
reporting punctuality are not the moderating variable that can influence the
relationship between corporate governance application and the companies’
performance.
This demonstrates that Indonesian
market has not paid much attention to the application of corporate governance,
or, there is a possibility that the market’s respond to the information of
corporate governance application does not happen instantly or in short term
(next 1 year), but it takes longer time and more information on corporate
governance application in several years.
Key words: corporate
governance, compulsory disclosure index, information reporting punctuality,
Tobin’s Q value
Penulis: Erna Hidayah
Kode Jurnal: jpakuntansidd080015
