Bagaimana Good Corporate Governance (GCG) dalam Keberlanjutan Perusahaan?
Abstract
This research aimed to examine the effect of Good Corporate Governance (GCG) on firm value. Good Corporate Governance (GCG) was measured by the Corporate Governance Perception Index (CGPI). CGPI was assessed by the Indonesian Institute of Corporate Governance (IICG), an independent institute that was conducting the development of Good Corporate Governance in Indonesia. The firm value was reflected by the stock price, PBV (Price to Book Value), and Tobin’s Q. This study used ten firms as a sample consistently listed in the Indonesian Stock Exchange and followed the CGPI program during 2014-2019. The sample was determined by using purposive sampling. Analysis of data in this study used Structural Equation Modeling-Partial Least Square (SEM-PLS) with SmartPLS 3rd version. The result showed that CGPI reflected Good Corporate Governance affected firm value (stock price, PBV, and Tobin’s Q).
Full Text:
PDFReferences
Agoes, Sukrisno & Ardana, I Cenik. (2009). Etika Bisnis dan Profesi Tantangan Membangun Manusia Seutuhnya, Salemba Empat, Jakarta.
Black, B. S., Jang, H., & Kim, W. (2006). Does Corporate Governance Affect Firm Value ? Evidence from Korea. Journal of the Law, Economics & Organization, 22(2), 1–62. https://doi.org/10.1016/j.intell.2006.03.012
Bursa Efek Indonesia.(2018). http://www.idx.co.id [18/09/20].
Choi, T. H., & Pae, J. (2011). Business Ethics and Financial Reporting Quality: Evidence from Korea. Journal of Business Ethics, 103(3), 403–427. https://doi.org/10.1007/s10551-011-0871-4
Debby, J. F., Mukhtaruddin, Yuniarti, E., Saputra, D., & Abukosim. (2014). Good Corporate Governance , Company ’ s Characteristics and Firm ’ s Value: Empirical Study of Listed Banking on Indonesian Stock Exchange. GSTF Journal on Business Review (GBR), 3(4), 81–88.
Ghozali, Imam & Latan, Hengky. (2015). Partial Least Squares: Konsep, Teknik dan Aplikasi menggunakan Program SmartPLS 3.0 untuk Penelitian Empiris, Edisi 2, Undip, Semarang.
Harahap, Sofyan Syafri. (2011). Teori Akuntansi, EdisiRevisi Cet-12, Rajawali Pers, Jakarta.
Hariati, I., & Rihatiningtyas, Y. W. (2015). Pengaruh Tata Kelola Perusahaan dan Kinerja Lingkungan Terhadap Nilai Perusahaan. Simposium Nasional Akuntansi XVIII Universitas Sumatera Utara, Medan., 1–16.
Jensen, M. C., & Meckling, W. H. (1976). Theory of the Firm: Managerial Behavior , Agency Costs and Ownership Structure. Journal of Financial Economics, 3(4), 305–360.
Kasmir. (2012). Analisis LaporanKeuangan, Edisi Kelima, PT Raja GrafindoPersada, Jakarta.
Khairiyani. (2017). The Effect of Environmental Performance on Financial Performance and the Implications on Firm Value. Proceeding The 18th MIICEMA Conference ASEAN Economic Community 2017: Towards Economic Stability and Sustainability, Economics, Management and Accounting Perspectives October 4-5th 2017, Bogor, Indonesia.
Khairiyani. (2018). Bagaimana Tata Kelola Internal Perusahaan Pertambangan? Jurnal Akuntansi Multiparadigma (JAMAL), 9(2).
Khairiyani, & Rahayu, S. (2016). The Effect of Good Corporate Governance (GCG) on Financial Performance and the Implications on Firm Value. Proceeding The 17th MIICEMA Conference ASEAN Economic Community 2016: The Strategy For Improving Competitiveness to Win the ASEAN Economic Community (AEC) October 24-25th 2016, Jambi, Indonesia, ISBN: 978-602-98081-4-8.
Khairiyani, Rahayu, S., & Herawaty, N. (2016). Pengaruh Struktur Kepemilikan dan Struktur Pengelolaan Terhadap Kinerja Keuangan Serta Implikasinya Terhadap Nilai Perusahaan pada Perusahaan LQ 45 di Bursa Efek Indonesia Tahun 2012-2014. Simposium Nasional Akuntansi XIX, Lampung, Universitas Lampung, 1–27.
Mubyarto, N., & Khairiyani, K. (2019). Kebijakan Investasi, Pendanaan, Dan Dividen Sebagai Determinan Nilai Perusahaan. Jurnal Akuntansi Multiparadigma, 10(2), 328–341. https://doi.org/10.18202/jamal.2019.08.10019
Mukhtaruddin, Relasari, & Felmania, M. (2014). Good Corporate Governance Mechanism , Corporate Social Responsibility Disclosure on Firm Value : Empirical Study on Listed Company in Indonesia Stock Exchange. International Journal of Finance & Accounting Studies, 2(1), 1–10. https://doi.org/10.7575/aiac.ijfas.v.2n.1p.1
Nuswandari, C. (2009). Pengaruh Corporate Governance Perception Index Terhadap Kinerja Perusahaan pada Perusahaan yang Terdaftar di Bursa Efek Jakarta. Jurnal Bisnis Dan Ekonomi (JBE), 16(2), 70–84.
Prasinta, D. (2012). Pengaruh Good Corporate Governance Terhadap Kinerja Keuangan. Accounting Analysis Journal, 1(2), 1–7.
Scott, William R. 2009. Financial Accounting Theory 5th Edition. Canada: Pearson Prentice Hall.
Sutedi, Adrian. (2012). Good Corporate Governance, Sinar Grafika, Jakarta.
SWA Magazine. 2014. Edisi27/XXIX/19 Desember.http://www.getscoop.com [18/09/18]
SWA Magazine. 2015. Edisi 27/XXX/18Desember.http://www.getscoop.com [18/09/18]
SWA Magazine. 2016. Edisi27/XXXI/21Desember.http://www.getscoop.com [18/09/18]
SWA Magazine. 2017. Edisi27/XXXI/21Desember.http://www.getscoop.com [18/09/20]
SWA Magazine. 2018. Edisi27/XXXI/21Desember.http://www.getscoop.com [18/09/20]
SWA Magazine. 2019. Edisi27/XXXI/21Desember.http://www.getscoop.com [18/09/20]
Triyono. (2015). The Impact Corporate Governance Quality, Institutional Ownership on Firm Value and Risk Taking Behavior. Proceeding The 14th MIICEMA Conference ASEAN Economic Community 2015: Issues and Challenges October 9-10th 2013, Bogor, Indonesia, ISBN: 978-602-70200-0-9., 1–19.
DOI: http://dx.doi.org/10.21043/aktsar.v3i2.7093
Refbacks
- There are currently no refbacks.
This work is licensed under a Creative Commons Attribution-ShareAlike 4.0 International License.