PENGARUH MEKANISME CORPORATE GOVERNANCE TERHADAP KINERJA PERUSAHAAN: STUDI EMPIRIS DI PASAR MODAL INDONESIA
ABSTRACT: The objective of
this study is to investigate the effect of corporate governance mechanisms,
which consists of firm’s ownership structure and firm’s control structure on
the firm’s performance. The firm’s ownership structure consists of four
variables, which are the pro-portion of management ownership, the proportion of
domestic institutional ownership, the proportion of foreign institutional
ownership, and the proportion of public ownership. The firm’s control structure
consists of four variables, which are the number of independent commissioners,
the number of board of commissioner, the number of audit committee, and the
number of board of directors. The firm’s performance is measured based on the
Tobin’s Q. In this study, have been developed eight hypotheses. All hypotheses
are developed based on the relationship between of two constructs, which are
the corporate governance mechanisms and the firm’s performance. This study uses
the sample of 264 firms listed at the Jakarta Stock Exchange and Surabaya Stock
Exchange in 2003. The hypotheses are tested by using ordinary least squares
regressions. The results of this study are as follows: (1) the effect of firm’s
ownership structure on the firm’s performance is not statistically significant
and (2) the effect of firm’s control structure on the firm’s performance is
statistically significant.
Keywords: Corporate governance
mechanisms (the firm’s ownership structure and the firm’s control structure)
and the firm’s performance (Tobin’s Q).
Penulis: Dody Hapsoro
Kode Jurnal: jpmanajemendd080028
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