PRAKTIK CORPORATE GOVERNANCE DAN NILAI PERUSAHAAN BUMN DI INDONESIA

Abstract

Penelitian ini bertujuan menguji perbedaan tingkat implementasi Corporate Governance dan rasio profitabilitas BUMN listed lebih baik daripada non listed, serta menguji pengaruh Corporate Governance terhadap nilai perusahaan di BUMN listed. Sampel yang digunakan untuk menguji perbedaan tingkat implementasi Corporate Governance di BUMN listed dan non listed adalah 20 laporan tahunan perusahaan tahun 2012 yang melaporkan Corporate Governance sesuai SK-16/S.MBU/2012 tanggal 6 Juni 2012, sedangkan sampel yang digunakan untuk menguji perbedaan marjin laba operasi BUMN listed dan non listed sebanyak 40 laporan tahunan tahun 2012, selanjutnya sampel yang digunakan untuk menguji pengaruh Corporate Governance terhadap nilai perusahaan adalah 101 laporan tahunan tahun 2007-2012 sesuai dengan ketersediaan data di web perusahaan. Uji yang dilakukan pada penelitian ini adalah uji beda satu sisi danuji regresi linier berganda. Hasil dari penelitian diperoleh bahwa implementasi Corporate Governance dan rasio profitabilitas BUMN listed lebih baik daripada non listed. Hasil selanjutnya adalah terdapat pengaruh signifikan Corporate Governance terhadap nilai perusahaan. Variabel independen Corporate Governance yang berpengaruh terhadap nilai perusahaan adalah konsentrasi kepemilikan, kepemilikan manajerial, dan jumlah rapat Dewan Komisaris. Variabel kontrol ukuran perusahaan juga berpengaruh signifikan terhadap nilai perusahaanThis study aims to examine differences in the level of implementation of the Corporate Governance and profitability ratios listed SOEs are better than non listed, as well as examine the effect of Corporate Governance on firm value in state owned listed. The sample used to test for differences in the level of implementation of Corporate Governance in listed and non listed SOEs are 20 reports in 2012 that the company's annual report on Corporate Governance in accordance SK-16/S.MBU/2012 June 6, 2012, while the sample used to test for differences in margin operating profit of listed and non listed SOEs as many as 40 annual reports in 2012, further samples are used to test the effect of Corporate Governance on firm value is 101 years from 2007 to 2012 annual reports that are based on the availability of data on the web company. Test used in the study was one sample t test one tailed and regression test/ordinary linier square (OLS). Results of the study showed that the implementation of the Corporate Governance and profitability ratios listed SOEs are better than non listed. The next result is that there is a significant effect of Corporate Governance on firm value. Corporate Governance independent variables that affect the value of the firm is the concentration of ownership, managerial ownership, and the number of meetings of the Board of Commissioners. Control variables firm size also significantly influence the value of the firm.