Annisa Putri Caesari_19315409417

ANALISIS PENGARUH CORPORATE GOVERNANCE, CORPORATE SOCIAL RESPONSIBILITY, DAN CORPORATE FINANCIAL PERFORMANCE PERUSAHAAN INDEKS KOMPAS100

 Annisa Putri Caesari

Abdul Kohar Irwanto

Muhammad Syamsun

Pasca Sarjana Ilmu Manajemen Institut Pertanian Bogor

Jl. Raya Darmaga, Bogor, Jawa Barat 16680

annisaputricaesari@yahoo.com

Abstract

The operational activities of a company are conducted to maximize the profits of shareholders. But besides that, the company also has an obligation to give contribution to society. To accommodate the goals and the obligations of the company, systems called Corporate Governance (CG) and Corporate Social Responsibility (CSR) can be applied. The implementations of CG and CSR are related because CSR is the consequence of applying CG. Besides CG and CSR are related one another, CG and CSR also linked to Corporate Financial Performance (CFP). A research was conducted on one hundred companies listed in Kompas100 index in order to know the relation among the implementation of CG, the exposure of CSR, and CFP. Analysis to know the relation of three variables was conducted using analysis of structural equation modeling (SEM). The result shows that the implementation of CG positively influenced to the exposure of CSR. Nevertheless, the implementation of CG is negatively nfluenced to the CFP. Similarly, the exposure of CSR is negatively influenced to the CFP. Due to the influence CG to CFP and the influence CSR to CFP is negative, implementation of CG is also influence negatively to the CFP through the disclosure of CSR as a moderating variable.

Keywords: CG, CSR, CFP

19315409417_Annisa Putri Caesari (Full Text)

Ratna Wardhani_19215200212

RISIKO EKSPROPRIASI OLEH PEMILIK PENGENDALI DAN TATA KELOLA PERUSAHAAN TERHADAP TINGKAT PENGGUNAAN UTANG BANK

Ratna Wardhani
Prodi Akuntansi Fakultas Ekonomi dan Bisnis Universitas Indonesia
Kampus FEUI Jl. Prof. Dr. Sumitro Djojohadikusumo Depok, 16424, Indonesia

Korespondensi dengan Penulis:
Ratna Wardhani: Telp. +62 21 786 3571; Fax. +62 21 727 2649
E-mail: ratnawardhani@yahoo.com

Abstract
This study aimed to analyze the effect of the expropriation risk by controller shareholders and corporate governance (GCG) to the use level of bank loan owned by the company. The samples used in this study were the data 226 manufacturing companies listed in Indonesia Stock Exchange in period 2010-2012. The results showed that the magnitude of expropriation risk that could be done by controlling shareholders adversely affected the level of bank loan. This showed two things: in making loans to the company, banks considered the possibility of the expropriation. The companies that had the expropriation risk would have less loan to the bank because the company avoided scrutiny which was higher than banks. This study could not prove the influence of corporate governance on the level of bank loan. The result on the audit quality variable showed a positive correlation between KAP size and bank loan levels.

Keywords: bank loan, controller shareholders, corporate governance, information risk, the risk of expropriation

19215200212_Ratna Wardhani (Full Text)

Lia Uzliawati_19215226234

DEWAN KOMISARIS DAN INTELLECTUAL CAPITAL DISCLOSURE PADA PERBANKAN DI INDONESIA

Lia Uzliawati
Prodi Akuntansi Fakultas Ekonomi Universitas Sultan Ageng Tirtayasa
Jl. Raya Jakarta Km. 4 Pakupatan Serang Banten, 42118, Indonesia

Korespondensi dengan Penulis:
Lia Uzliawati: Telp. +62 254 20330
E-mail: uzliawati@yahoo.co.id

Abstract
The purpose of this study is to examine the relationship between board of commissioner and intellectual capital disclosure in Indonesia Banking Industry.The purpose of this study was to examine the relationship between the board of commissioner and intellectual capital disclosure in Indonesia Banking Industry. The intellectual capital disclosure measurement in this study used the index developed by Sveiby (1997).The data were collected from 31 banks listed in Indonesia Stock Exchange period 2008-2012. The disclosure of intellectual capital measurement in this study used the index developed by Sveiby (1997). The Data were collected from 31 banks listed in Indonesia Stock Exchange period 2008-2012. This study finds that size, independent commissioner, and meeting frequency have positive relationship with intellectual capital disclosure. This study found that the size, independent commissioner, and meeting frequency had a positive relationship with intellectual capital disclosure. The finding of this research can be as a reference and portrait that board of commissioner already aware the importance of ICD. The finding of this research could be as a reference and portrait that board of commissioner was already aware of the importance of ICD.

Keywords: board of commissioner, corporate governance, Intellectual Capital Disclosure, banking industry

19215226234_Lia Uzliawati (Full Text)

Cahyo L.Adiono_Abstract_1822014

ANALISIS PENGUNGKAPAN TATA KELOLA BANK SYARIAH DI INDONESIA

Cahyo Luthfi Adiono

Mahfud Sholihin

Prodi Akuntansi Fakultas Ekonomi dan Bisnis Universitas Gadjah Mada

Jl. Sosio Humaniora 1 Bulaksumur-Yogyakarta, 55281, Indonesia.

Abstract

This research aimed to analyze the disclosure level of corporate governance on annual report of BUS (Syariah Commercial Banks) in Indonesia in 2010-2012 with indicator stated in Indonesia Bank Rules number 11/33/PBI/2009. Besides, this research also analyzed the growth of the disclosure level. To reach the aim, this research used content analysis method. The result of research showed that Syariah Mandiri Bank, BCA Syariah Bank, and Muamalat Bank had the highest disclosure value while Bukopin Syariah Bank had the highest growth average. However, only four BUS had disclosure value above 70 percent and four BUS had growth rank above 5 percent per year. It showed that during 3 year-period the disclosure level of BUS corporate governance in annual report was not high and it had not had a meaningful growth.  

Key words: content analysis, corporate governance, disclosure, syariah bank

(Full Text.pdf)

N.Agus Sunarjanto_Abstract_1722013

KEMAMPUAN RASIO KEUANGAN DAN CORPORATE GOVERNANCE MEMPREDIKSI PERINGKAT OBLIGASI  PADA PERUSAHAAN CONSUMER GOODS

 

 N. Agus Sunarjanto
Daniel Tulasi
Fakultas Bisnis Unika Widya Mandala Surabaya
Jl. Dinoyo 42-44 Surabaya, 60265.

Korespondensi dengan Penulis:
N.Agus Sunarjanto: Telp. +62 31 567 8478; Fax. +62 31 561 0818
E-mail: n_agus_sunarjanto@yahoo.co.id

Abstract

This study aimed to examine empirically financial ratios (leverage, liquidity, solvability, and profitability) and corporate governance for distinguishing bond rating company in investment grade and non-investment grade companies. The population of this research was consumer goods companies listed at Indonesia Stock Exchange. The research used purposive sampling, polls financial data and analysis with logistic regression. Research finding indicated that corporate governance and financial ratios were the current ratio (CR), long-term debt ratio (LTDR), total assets and turnover (TAT), return on assets (ROA), independent  commissioners (kind), managerial ownership (KM), institutional ownership and audit quality (KA) that were simultaneously able to predict bond rating company as investment grade companies and non investment grade companies.

Key words: financial ratios, corporate governance, bond rating

(Full Text. pdf) 

Lusye Corvanty Kumaat_Abstract_1712013

CORPORATE GOVERNANCE DAN STRUKTUR KEPEMILIKAN TERHADAP MANAJEMEN LABA DAN KINERJA KEUANGAN

Lusye Corvanty Kumaat
Politeknik Negeri Manado
Kampus Politeknik Kelurahan Buha Manado, 85254

Korespondensi dengan Penulis:
Lusye Corvanty Kumaat: Telp. +62 431 815 332
E-mail: lusyeckumaat@yahoo.com

Abstract

The research was aimed to examine the effect of corporate governance and ownership structure on profit management and financial performance. Corporate governance mechanisms that were used in this research were managerial ownership, independent commissioner and audit committee. Ownership structure that was used was concentrated ownership structure. Research was conducted on the manufacturing companies that were listed at Indonesia Stock Exchange in period of 2007-2011. Sampling technique was purposive sampling. Hypothesis testing tool was multiple regression. Earning management in this research was measured using Modified Jones Models, while financial performance was measured by cash flow return on assets (CFROA). Result of research indicated that managerial ownership, independent commissioner, and ownership structure was positively influencing profit management. Independent commissioner and ownership structure positively influenced financial performance, while managerial ownership negatively influenced financial performance. Audit committee was not influencing earning management and financial performance, and earning management was not proved as influencing financial performance.

Key words:     corporate governance, earning management, financial performance, ownership structure

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Endri_abstract_1622012

PENGARUH MEKANISME CORPORATE GOVERNANCE TERHADAP KINERJA PROFITABILITAS PERBANKAN SYARIAH DI INDONESIA

 

Endri
ABFI Institute Perbanas Jakarta
Jl. Perbanas, Karet Kuningan, Setiabudi, Jakarta 12940.

Korespondensi dengan Penulis:
Endri: Telp. +62 21 5252 533; Fax. + 62 21 5228 460
E-mail: endri76@yahoo.com

Abstract

The objective of this study was to examines the relationship among ownership structure, the proportion of independent commissioner board and syariah banking performance. This study employed a stepwise regression method to test the hypothesis that ownership structure and the proportion of independent commissioner board affected finance performance of syariah bankingpositively. The result of  analysis showed that there was no significant relationship between managerial and domestic institutional ownership and bank syariah performance. But there was a significant positive relationship between foreign institution ownership and return on asset, and also between the percentage of independent board director and return on equity.    

 Key words: corporate governance, ownership structure, return on equity, return on asset 

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Makaryanawati_abstract_1622012

REAKSI INVESTOR ATAS CORPORATE GOVERNANCE
PERCEPTION INDEX (CGPI) 2011
 
 Makaryanawati
Fakultas Ekonomi Universitas Negeri Malang
Jl. Semarang No.5 Malang, 65145.

Korespondensi dengan Penulis:
Makaryanawati: Telp. +62 341 585 914, Fax. +62 341 552 888
E-mail: makaryanawati@gmail.com

 Abstract

The objective of this study was to determine the capital market reaction on the announcement of Corporate Governance Perception Index (CGPI) 2011. The variables used in this study were stock prices over the closing price and trading volume of shares. The type of analysis was comparative descriptive study which compared the stock price and trading volume before and after the CGPI 2011 award-winning announcement for the companies listed in IDX. Observations were made during the period of 10 trading days; five days before and five days after the CGPI 2011 announcement. The data analysis instrument used in this study was the Wilcoxon Signed Ranks Test with significance level α = 5%. The results showed that there was no difference between stock prices before and after the announcement of CGPI 2011, there were differences in the trading volume activity before and after announcement of CGPI 2011 at the companies of CGPI 2011 winners that were listed in IDX. Based on these results, it could be concluded that stock price of the sample companies could not be affected by the information content of CGPI 2011 because the sample companies were fundamentally strong companies. The award announcement could affect the shares trading volume in the capital market.

 

Keywords: corporate governance perception index, stock price, trading volume.

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Reni Yendrawati_abstact_1622012

STRUKTUR KEPEMILIKAN, UKURAN PERUSAHAAN DAN PRAKTEK CORPORATE GOVERNANCE TERHADAP MANAJEMEN LABA

Reni Yendrawati
Wahyu Agung Setyo Nugroho
Jurusan Akuntansi Fakultas Ekonomi Universitas Islam Indonesia
Jl. Ringroad Utara, Condong Catur, Sleman, Yogyakarta, 55283

Korespondensi dengan Penulis:
Reni Yendrawati: Telp. +62 274 881 546; Fax. +62 274 882 589
E-mail: reni@fe.uii.ac.id

Abstract

Many companies conducted earnings management in order to attract potential investors. The extent to which those companies undertook profit management was influenced by many factors, such as: ownership structure, company size and corporate governance practices. The objective of this study was to determine the effect of ownership structure, company size and corporate governance practices toward earnings management. Ownership structure was the proxy of management ownership, and firm size was the proxy of the log of total assets. In addition, corporate governance was measured by the composition of the board of commissioners and industry specialization of audit firm. The companies used in this study were 16 LQ 45 firms from the year 2008 to 2010. The method of analysis used in this study was multiple linear regressions. The results showed that the composition of commissioner board had a significant negative effect on earnings management while the other three variables, namely the ownership structure, firm size, and KAP industry specialization did not affect significantly toward earning management.

 

Key words: corporate governance, ownership structure, firm size and earnings management.

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Tarmizi Achmad_abstract_1612012

DEWAN KOMISARIS DAN TRANSPARANSI:
TEORI KEAGENAN ATAU TEORI STEWARDSHIP?

Tarmizi Achmad
Fakultas Ekonomika dan Bisnis Universitas Diponegoro
Jl. Erlangga Tengah No.17 Semarang, 50241

Korespondensi dengan Penulis:
Tarmizi Achmad: Telp. +62 24 845 2269, Fax. +62 24 864 57602
E-mail: t_achmad@yahoo.com.au

Abstract

This paper examined the impact of the board of commissioners on voluntary disclosures provided by listed firms in Indonesia for the period of year 2004 to 2010. The board of commissioners were characterized by board composition, board size, board role and board intensity. Voluntary disclosure was proximate by an aggregated disclosure score of non-mandatory, non-financial and financial information. The results indicated that board size, board intensity (number of board meetings), or board role (number of audit committe members) was significantly and positively related to the extent of voluntary disclosure as predicted by the agency theory, while board composition (number of insiders) was significantly and negatively related to the extent of voluntary disclosure as predicted by the stewardship theory. The result showed that independent board members did not conduct their monitoring function on management effectively. Alternatively, insiders were involved in operating firm’s activities. This phenomena might be because most firms were owned by family that tended to appoint the board and management team based on the family ties. Hence, using the stewardship theory was more appropriate to analyze the board’s composition than that of using the agency theory.

 Key words: voluntary disclosure, board of commissioners, agency theory, stewardship theory, corporate governance

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