Pengaruh Corporate Governance Perception Index Terhadap Kinerja perusahaan dalam Masa Krisis Ekonomi Global

Adi Suharna, Fifi Swandari

Abstract


This research examines the infl uence of corporate governance toward corporate performance, in this case market performance and fi nancial performance. The rating of corporate governance perception index (CGPI) for 2008 until 2010 by The Indonesian Institute for Corporate Governance is used to measure the corporate governance implementation and Tobin’s Q as a market performance measurement  with  Return  on  Equity  (ROE)  and  Return  on  Assets  (ROA)  as fi nancial performance measurement. The control variables used are leverage, age,  type  of  industry  and  size  of  fi rm.  This  study  is  causal  research  which companies that scored CGPI and fi nancial statement during 2008-2010 were drawn using purposive sampling method. Research data are pooling data which combines time series and cross sectional data during the observation period 2008-2010. This research employs a multiple regression to test hypothesis that corporate governance and corporate performance are positively related.  From  the  fi rst  regression  equation,  the  result  of  this  study  shows  that  there is  influence  between  corporate  governance  perception  index  and  market performance  (Tobin’s  Q)  during  crisis  while  the  control  variables  have  no effect  on  market  performance  unless  leverage  levels  negatively  affect  the market  performance  of  the  company  during  the  global  economic  crisis.  The second  regression  equation  shows  that  there  is  infl uence  between  corporate governance  perception  index  and  fi nancial  performance  (ROE)  during  crisis while the control variables have no effect on fi nancial performance (ROE). The third regression equation shows that there has no infl uence between corporate governance  perception  index  (CGPI)  and  the  control  variables  to  fi nancial performance (ROA) during the global economic crisis 2008-2010.

Keywords : corporate  governance,  Tobin’s  Q  value,  return  on  equity,  return  on  assets, leverage, age of fi rm, size of fi rm, type of industry 

 


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DOI: http://dx.doi.org/10.20527/jwm.v1i1.64

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Jurnal Wawasan Manajemen by Magister Manajemen Fakultas Ekonomi dan Bisnis Universitas Lambung Mangkurat is licensed under a Creative Commons Attribution 4.0 International License. Based on a work at jwm.ulm.ac.id.