ANALISIS PENGARUH PELAKSANAAN GOOD CORPORATE GOVERNANCE DAN KINERJA KEUANGAN TERHADAP NILAI PERUSAHAAN BUMN MANUFAKTUR YANG TERDAFTAR DI BEI - Yenny, Yenny Ekasari B11111130 (Jurnal Manajemen Update, 2018)
AbstractThis study aims to analyze the effect of the implementation of Good Corporate Governance (GCG) and the listed financial performance to value of the firm on manufacture enterprises on the Indonesia Stock Exchange. The practice of good corporate governance is used in this study is the proportion of independent commissioners, while financial performance variables are used in this study are current ratios, debt to equity ratio and return on assets. Object of this study is a company that has been listed in Indonesia Stock Exchange.The samples used in this study were 11 companies with observations period of 3 years by using purposive sampling method. This study used case study method. The variable number of independent commissioners has a positive significant effect to the value of the firm, the variable of current ratio has a negative effect to the value of the firm, the variable debt to equity ratio has no significant effect to the value of the firm, and the variable of return on assets has a positive significant effect to the value of the firm (Tobin's Q) Keywords: Good Corporate Governance, Financial Performance, Firm Value of the Company (Tobin's Q), Non-Financial State-Owned Company, Independent Commissioner, Current Ratio, Debt to Equity Ratio, and Return on AssetsDAFTAR PUSTAKA Keputusan Direksi PT Bursa Efek Jakarta No: Kep 305/BEJ/07-2004 tanggal 19 Juli 2004. Rika Susanti. 2010. Pengaruh corporate governance (board size, board intensity, board independence),struktur kepemilikan, cash holding, profitabilitas, risiko financial, deviden, dan investment opportunity terhadap Tobins Q yang pada perusahaan manufaktur di BEI tahun 2005-2008. Achmad Bajuri. 2013. Pengaruh profitabilitas, kepemilikan manajerial, dan kepemilikan publik, leverage, kepemilikan institusional dan pertumbuhan perusahaan manufaktur yang terdaftar di BEI. Bambang Riyanto. 1995. Definisi Manajemen Keuangan. Komite Cadbury. 2010. Pengertian Good Coorporate Governance. Institute for Corporate Governance (IICG.) corporate governance Sebagai Proses Dan Struktur Yang Diterapkan Dalam Menjalankan Perusahaan Dengan Tujuan Utama Meningkatkan Nilai Pemegang Saham Dalam Jangka Panjang Dengan Tetap Memperhatikan Kepentingan Stakeholders Yang Lain. Carningsih. Pengaruh Good Corporate Governance Terhadap Hubungan antara Kinerja Keuangan Dengan Nilai Perusahaan (Studi Kasus Pada Perusahaan Property dan Real Estate yang Terdaftar di Bursa Efek Indonesia). Jurnal Manajemen Keuangan. Fakultas Ekonomi, Universitas Udayana. Rika Susanti 2010. penerapan Good Corporate Governance. Peraturan menteri negara BUMN (PER-01/MBU/2011): Tata kelola perusahaan yang baik. Menurut Fiakas 2005. Bambang dan Ellen 2010. Definisi Tobin’s Q merupakan rasio yang diukur dari nilai pasar aset perusahaan yang beredar dan hutang (entreprise value) terhadap replacement cost dari aktiva perusahaan. Smithers dan Isnaeni. 2010. keunggulan Tobin’s Q di banding metode penilaian yang lain. Indah Yunita. 2011. Analisis Pengaruh Profitabilitas, Kebijakan Hutang, Kebijakan Deviden, Size dan Mekanisme Good Corporate Governance Terhadap Nilai Perusahaan (Studi Kasus pada Perusahaan Manufaktur yang Terdaftar di Bursa Efek Indonesia Periode 2005-2010). Achmad Badjuri. 2013. Analisis Faktor-Faktor Yang Mempengaruhi Nilai Perusahaan Pada Perusahaan Manufaktur Yang Terdaftar Di Bursa Efek Indonesia (BEI). Amanda Wongso. 2013. Pengaruh Kebijakan Dividen, Struktur Kepemilikan ,dan Kebijakan Hutang Terhadap Nilai Perusahaan Dalam Perspektif Teori Agensi dan Teori Singnyaling. Helmi Ikhwanul Arifin. 2010. Hubungan Antara Mekanisme Good Corporate (Komisaris Independen, Kepemilikan Manajerial, Kepemilikan Asing, Hutang dan Kualitas Audit) Dengan Kinerja Saham. Ayu Novi Trisnantari. 2010. Pergantian CEO dan good corporate governance (Kepemilkan manajerial, kepemilikan institusional, komisaris independen) sebagai variabel inteventing, Nilai perusahaan ). Susiani. 2013.Pengaruh Good Corporate Governance, EPS, ROE terhadap nilai perusahaan.Objek penelitian yang diteliti adalah perusahaan yang masuk dalam daftar CGPI) Nuryati. 2010. Corporate Governance Terhadap Hubungan Struktur Modal dan Nilai Perusahaan Pada Perusahaan Food and Beverage di BEI tahun 2005-2009. Sanusi, Anwar. 2014. Metodelogi Penelitian . Jakarta : Salemba Empat. Sugiyono. 2014. Metode Penelitian Kuantitatif, Kualitatif, dan R&D. Bandung: Alfabeta. Suliyanto. 2011. Ekonometrika Terapan Teori dan Aplikasi dengan SPSS. Yogyakarta: Penerbit ANDI. Supranto. 2012. Metode Penelitian. PT Rineka Cipta : Jakarta Riduwan. 2013. Skala Pengukuran Variabel-Variabel Penelitian. Cet.7. Bandung : Alfabeta. James C. Van Horne. Pengertian Manajemen Keuangan. http://id.wikipedia.org/wiki/Pengertian-Manajemen-Keuangan http://id.wikipedia.org/wiki/Kegunaan-Tobins-Q- www.ICMD.co.id. http://economy.okezone.com/read/) http://www.gatra.com/ekonomi-1/42573-fitra-tak-elok,-stafsus-presiden-jadi-komisaris-bumn.html www.idx.com www.sahamok.com http://www.bpkp.go.id/dan/konten/299/Good-Corporate.bpkp This study aims to analyze the effect of the implementation of Good Corporate Governance (GCG) and the listed financial performance to value of the firm on manufacture enterprises on the Indonesia Stock Exchange. The practice of good corporate governance is used in this study is the proportion of independent commissioners, while financial performance variables are used in this study are current ratios, debt to equity ratio and return on assets. Object of this study is a company that has been listed in Indonesia Stock Exchange. The samples used in this study were 11 companies with observations period of 3 years by using purposive sampling method. This study used case study method. Data were analyzed with test of classic assumption and examination of hypothesis with multiple linear regression methods. The variable number of independent commissioners has a positive significant effect to the value of the firm, the variable of current ratio has a negative effect to the value of the firm, the variable debt to equity ratio has no significant effect to the value of the firm, and the variable of return on assets has a positive significant effect to the value of the firm (Tobin's Q) Keywords: Firm Value of the Company (Tobin's Q), Good Corporate Governance, Independent Commissioner, Financial Performance, Current Ratio, Debt to Equity Ratio, and Return on Assets, Non-Financial State-Owned Company