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I Gusti Ayu Intan Saputra Rini
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Wacana Ekonomi : Jurnal Ekonomi, Bisnis dan Akuntansi
Published by Universitas Warmadewa
ISSN : 19784007     EISSN : 26559943     DOI : https://doi.org/10.22225/we
Core Subject : Economy,
WACANA EKONOMI (Jurnal Ekonomi, Bisnis dan Akuntansi), ISSN: 2655-9943 (online) 1978-4007 (Print), is a Journal Research of Economiy Science published by Warmadewa Press jointly with Faculty of Economy, Universitas Warmadewa. This journal is also dedicated to provide an intellectual space of scholarly discussion how journal of Economiy Science able to create the new global formation of Economiy Science and similar issues. This journal has been distributed by Faculty of Economy, Universitas Warmadewa, Universitas Warmadewa started Online from Volume 18 Number 1 Year 2019 to present. This journal encompasses original research articles, review articles, and short communications, including: Management Science Financial management International Business Entrepreneurship Economics Monetary Economics, Finance, and Banking International Economics Public Economics Economic development Regional Economy Accounting Sciences Taxation and Public Sector Accounting Accounting information system Auditing Financial Accounting Management accounting Behavioral accounting
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Analisis Pengaruh Good Corporate Governance Terhadap Reaksi Investor Pada Perusahaan Perbankan di BEI Marliana, Juraida Titin; Amelia, Septiatin Rosi; Agatha, Ferty
WACANA EKONOMI (Jurnal Ekonomi, Bisnis dan Akuntansi) 189-197
Publisher : Universitas Warmadewa

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.22225/we.24.2.2025.189-197

Abstract

The implementation of Good Corporate Governance (GCG) in the banking sector is a fundamental aspect expected to enhance investor confidence and elicit a positive market reaction. However, the existing empirical gap shows that improved GCG scores are not consistently followed by positive investor reactions, suggesting that GCG implementation is not always directly proportional to market perception. Furthermore, the unique characteristics of the banking sector, such as strict regulation and high dependency on public trust, demand focused research. This study aims to analyze the influence of corporate governance structure, measured by the number of board of directors (X1), board of commissioners (X2), and audit committee (X3), on investor reaction in banking companies listed on the Indonesia Stock Exchange (IDX). Employing a causal quantitative approach and multiple regression analysis on a sample of 46 banking companies from 2020–2024, the study found that the number of board of directors (X1) has a positive and significant effect on investor reaction. Conversely, the number of board of commissioners (X2) and the number of audit committee (X3) also have a significant partial effect, but the direction of influence is negative, contradicting the initial positive prediction. Simultaneously (F-test), all independent variables significantly affect investor reaction. This finding contributes to the understanding that certain GCG components, specifically the board of directors' size, provide a stronger positive signal to the market in the Indonesian financial context.

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