PENGARUH GOOD CORPORATE GOVERNANCE TERHADAP NILAI ...eprints.perbanas.ac.id/1552/2/COVER.pdfi...

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PENGARUH GOOD CORPORATE GOVERNANCE TERHADAP NILAI PERUSAHAAN DAN KARAKTERISTIK PERUSAHAAN (STUDI PADA PERUSAHAAN PERBANKAN LISTING DI BURSA EFEK INDONESIA) SKRIPSI Diajukan untuk Memenuhi Salah Satu Syarat Penyelesaian Program Pendidikan Strata Satu Jurusan Akuntansi Oleh : DYAH ANGGOROWATI NIM: 2010310006 SEKOLAH TINGGI ILMU EKONOMI PERBANAS SURABAYA 2014

Transcript of PENGARUH GOOD CORPORATE GOVERNANCE TERHADAP NILAI ...eprints.perbanas.ac.id/1552/2/COVER.pdfi...

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PENGARUH GOOD CORPORATE GOVERNANCE TERHADAP

NILAI PERUSAHAAN DAN KARAKTERISTIK PERUSAHAAN

(STUDI PADA PERUSAHAAN PERBANKAN LISTING

DI BURSA EFEK INDONESIA)

SKRIPSI

Diajukan untuk Memenuhi Salah Satu Syarat Penyelesaian

Program Pendidikan Strata Satu

Jurusan Akuntansi

Oleh :

DYAH ANGGOROWATI

NIM: 2010310006

SEKOLAH TINGGI ILMU EKONOMI PERBANAS

SURABAYA

2014

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MOTTO

I never think about what happened in the past,

because past always gone.. I never dream so far

about future, because tomorrow may not come.. I just

stand today and fight for life.. No Regret, No Wonder, Face Today

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This Thesis Dedicated to..

My Greatest Allah SWT, that always give me a great power, healthy,

and spirit to finish this thesis

My Father, Drh. Endra Wijaya (alm.), that always look at me down

here from the heaven, to support me, and want me to be a best

daughter he ever have

My Mom, Suharti, that always pray for me everytime, give me a lot

of advices, experiences, and big support.. With happiness and sorrow..

Tears and Laugh..

My Best Lecturer, Ibu Supriyati and Ibu Nurul Hasanah, for

every experiences and all time given to help me, with all condition

My Unbiological Mom, Mam Laila, that always give me ideas,

place, support, and also time, especially in a spare time

My Best Partner, Erick Djami Rohi, for the time, the ideas, the

support, the motorcycle, the printer, the warm shoulders, and also the

love that accompany me along days.

My Brother, Arief Wedyo Wibhisono and Fairuzetta Yogananda,

for the prayer and support, even I know, both of you didn’t understand

about what I’ve done

My Best Friend, Rika Rijki Novitasari, Aprilina Suhermin, Nansi

Padako, and ALL OF YOU, that always help me and support me

since in the first semester to the last semester and graduate together

My Choir Family, My BPH Filza, Cintya, Ayu, for all love and

story that I will never forget about, we are all in this together guys

My Colaboration Team, I will never forget the canteen time after

counseling

And all people that I can not mention each of you here, thank you for

the support….

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KATA PENGANTAR

Assalamualaikum Wr.Wb

Syukur Alhamdulillah kehadirat ALLAH SWT, karena limpahan rahmat-Nya, serta

senantiasa memberikan kesehatan dan semangat sehingga penulis dapat menyelesaikan skripsi

yang berjudul “Pengaruh Good Corporate Governance terhadap Nilai Perusahaan dan

Karakteristik Perusahaan (Studi pada Perusahaan Perbankan Listing di Bursa Efek

Indonesia)”. Penelitian ini di maksudkan untuk memenuhi salah satu syarat kelulusan dalam menempuh

pendidikan Strata 1 pada program studi Akuntansi Sekolah Tinggi Ilmu Ekonomi Perbanas

Surabaya. Pada kesempatan ini, penulis menyampaikan ucapan terima kasih yang sebanyak-

banyaknya kepada : 1. Ibu Dr. Dra. Psi.Tatik Suryani, M.M, selaku Ketua STIE Perbanas Surabaya.

2. Ibu Supriyati, SE., Ak., M.Si selaku Kepala Prodi S1 Akuntansi sekaligus

Dosen Pembimbing dan Dosen Wali yang telah memberikan bimbingan.

3. Ibu Riski Aprillia Nita, S.E., M.A. selaku co dosen pembimbing skripsi

4. Ibu Nurul Hasanah Uswati Dewi, SE., M.Si. selaku Dosen Penguji Skripsi

yang memberikan banyak informasi dan saran untuk perbaikan skripsi ini.

5. Bapak Bayu Sarjono, S.E., Ak., M.Ak., CA., BKP selaku dosen penguji

skripsi. 6. Bapak/Ibu Dosen STIE Perbanas Surabaya yang telah memberi ilmu yang

sangat bermanfaat selama perkuliahan.

7. Pihak Yayasan STIE Perbanas Surabaya.

8. Seluruh Staff Perpustakaan STIE Perbanas Surabaya yang mempermudah

dalam memperoleh referensi dan data-data untuk penyelesaian skripsi ini.

Penulis menyadari bahwa penelitian ini masih jauh dari kata sempurna, karena itu

saran dan kritik yang membangun akan penulis terima dengan senang hati demi

kesempurnaan skripsi ini. Akhir kata penulis berharap skripsi ini dapat bermanfaat

bagi semua pihak yang membutuhkan.

Surabaya, April 2014

Penulis

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DAFTAR ISI

HALAMAN JUDUL ................................................................................................ i

HALAMAN PERSETUJUAN SIAP DI UJI .......................................................... ii

HALAMAN LULUS UJIAN SKRIPSI ................................................................. iii

HALAMAN PENGESAHAN SKRIPSI ................................................................ iv

HALAMAN MOTTO DAN PERSEMBAHAN ...................................................... v

KATA PENGANTAR .......................................................................................... vii

DAFTAR ISI ...................................................................................................... viii

DAFTAR TABEL .................................................................................................. xi

DAFTAR GAMBAR ........................................................................................... xiv

DAFTAR LAMPIRAN .......................................................................................... xv

BAB I PENDAHULUAN ....................................................................................... 1

1.1 Latar Belakang Masalah ...................................................................1

1.2 Perumusan Masalah ..........................................................................5

1.3 Tujuan Penelitian ..............................................................................5

1.4 Manfaat Penelitian ............................................................................6

1.5 Sistematika Penulisan .......................................................................7

BAB II TINJAUAN PUSTAKA ............................................................................. 9

2.1 Penelitian Terdahulu .........................................................................9

2.1.1 Reny Dyah Retno dan Denies Priantinah (2012) ................. 9

2.1.2 Imen Kanchel (2009) ......................................................... 10

2.1.3 V. Titi Purwantini (2008) .................................................. 10

2.2 Landasan Teori ...............................................................................11

2.2.1 Agency Theory ................................................................... 11

2.2.2 Signalling Theory .............................................................. 13

2.3 Nilai Perusahaan .............................................................................15

2.4 Good Corporate Governance .........................................................16

2.4.1 Pengertian Good Corporate Governance .......................... 16

2.4.2 Prinsip-prinsip Good Corporate Governance ................... 18

2.4.3 Manfaat dan Tujuan Good Corporate Governance ........... 21

2.4.4 Peraturan tentang Good Corporate Governance ............... 22

2.4.5 Implementasi Prinsip-prinsip Good Corporate Governance

dalam Industri Perbankan .................................................. 23

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2.5 Good Corporate Governance dan Nilai Perusahaan .......................30

2.6 Good Corporate Governance dan Ukuran Perusahaan ...................31

2.7 Good Corporate Governance dan Pertumbuhan Pendapatan ........31

2.8 Kerangka Pemikiran .......................................................................32

BAB III METODE PENELITIAN ......................................................................34

3.1 Rancangan Penelitian .....................................................................34

3.2 Batasan Penelitian ..........................................................................34

3.3 Indentifikasi Variabel .....................................................................34

3.3.1 Variabel Independen .......................................................... 35

3.3.2 Variabel Dependen ............................................................ 35

3.4 Definisi Operasional dan Pengukuran Variabel .............................36

3.4.2 Nilai Perusahaan ................................................................ 38

3.4.3 Ukuran Perusahaan ............................................................ 40

3.4.4 Pertumbuhan Pendapatan (Growth Revenue) .................... 41

3.5 Populasi, Sampel, dan Teknik Pengambilan Sampel .....................41

3.6 Data dan Metode Pengumpulan Data .............................................42

3.7 Teknik Analisis Data ......................................................................43

3.7.1 Uji Statistik Deskriptif ....................................................... 43

3.7.2 Uji Asumsi Klasik ............................................................. 44

3.7.3 Pengujian Hipotesis ........................................................... 45

BAB IV GAMBARAN SUBJEK PENELITIAN DAN ANALISIS DATA ........ 48

4.1 Gambaran Subjek Penelitian ..........................................................48

4.2 Analisis Data ..................................................................................50

4.2.1 Analisis Deskriptif ............................................................. 50

4.3 Pengujian Asumsi Klasik .............................................................101

4.4 Pengujian Hipotesis ......................................................................106

4.4.1 Pengujian Hipotesis Pengaruh Good Corporate Governance

terhadap Nilai Perusahaan (Tobin’s Q)............................ 107

4.4.2 Pengujian Hipotesis Pengaruh Good Corporate Governance

terhadap Nilai Perusahaan (PBV) .................................... 109

4.4.3 Pengujian Hipotesis Pengaruh Good Corporate Governance

terhadap Ukuran Perusahaan (SIZE) ............................... 110

4.4.4 Pengujian Hipotesis Pengaruh Good Corporate Governance

terhadap Pertumbuhan Pendapatan (GR)......................... 113

4.5 Pembahasan ..................................................................................114

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BAB V PENUTUP ............................................................................................. 120

5.1 Kesimpulan ...................................................................................120

5.2 Keterbatasan Penelitian ................................................................121

5.3 Saran .............................................................................................123

DAFTAR RUJUKAN

DAFTAR LAMPIRAN

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DAFTAR TABEL

Tabel 3.1 BOBOT PENILAIAN GOOD CORPORATE GOVERNANCE

PER INDIKATOR .......................................................................... 37

Tabel 3.2 KLASIFIKASI PERINGKAT KOMPOSIT HASIL SELF

ASSESSMENT BANK UMUM ...................................................... 38

Tabel 4.1 PEMILIHAN SAMPEL PENELITIAN BERDASARKAN

KRITERIA ..................................................................................... 49

Tabel 4.2 SKOR GCG ASPEK PELAKSANAAN TUGAS DAN

TANGGUNG JAWAB DEWAN KOMISARIS ............................ 59

Tabel 4.3 DESKRIPTIF STATISTIK ASPEK TUGAS DAN

TANGGUNG JAWAB DEWAN KOMISARIS ............................ 60

Tabel 4.4 SKOR GCG ASPEK TUGAS DAN TANGGUNG JAWAB

DEWAN DIREKSI ........................................................................ 63

Tabel 4.5 DESKRIPTIF STATISTIK ASPEK TUGAS DAN

TANGGUNG JAWAB DEWAN DIREKSI .................................. 64

Tabel 4.6 SKOR GCG ASPEK KELENGKAPAN DAN

PELAKSANAAN TUGAS KOMITE ............................................ 66

Tabel 4.7 DESKRIPTIF STATISTIK ASPEK KELENGKAPAN DAN

PELAKSANAAN TUGAS KOMITE ............................................ 67

Tabel 4.8 SKOR GCG ASPEK PENANGANAN BENTURAN

KEPENTINGAN ............................................................................ 69

Tabel 4.9 DESKRIPTIF STATISTIK ASPEK PENANGANAN

BENTURAN KEPENTINGAN ..................................................... 70

Tabel 4.10 SKOR GCG ASPEK PENERAPAN FUNGSI KEPATUHAN

BANK ............................................................................................. 73

Tabel 4.11 DESKRIPTIF STATISTIK ASPEK PENERAPAN FUNGSI

KEPATUHAN BANK ................................................................... 74

Tabel 4.12 SKOR GCG ASPEK PENERAPAN FUNGSI AUDIT

INTERNAL .................................................................................... 76

Tabel 4.13 DESKRIPTIF STATISTIK ASPEK PENERAPAN FUNGSI

AUDIT INTERNAL ........................................................................... 77

Tabel 4.14 SKOR GCG ASPEK PENERAPAN FUNGSI AUDIT

EKSTERNAL ................................................................................. 79

Tabel 4.15 DESKRIPTIF STATISTIK ASPEK PENERAPAN FUNGSI

AUDIT EKSTERNAL ................................................................... 81

Tabel 4.16 SKOR GCG ASPEK PENERAPAN MANAJEMEN RISIKO

DAN PENGENDALIAN INTERNAL .......................................... 83

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Tabel 4.17 DESKRIPTIF STATISTIK ASPEK PENERAPAN FUNGSI

MANAJEMEN RISIKO DAN PENGENDALIAN INTERNAL .. 84

Tabel 4.18 SKOR GCG ASPEK PENERAPAN MANAJEMEN RISIKO

DAN PENGENDALIAN INTERNAL .......................................... 87

Tabel 4.19 DESKRIPTIF STATISTIK ASPEK PENYEDIAAN DANA

KEPADA PIHAK TERKAIT (RELATED PARTY) DAN

PENYEDIAAN DANA BESAR (LARGE EXPOSURES) ............. 88

Tabel 4.20 SKOR GCG ASPEK TRANSPARANSI KONDISI

KEUANGAN DAN NON-KEUANGAN BANK, LAPORAN

PELAKSANAAN GCG, DAN LAPORAN INTERNAL .............. 91

Tabel 4.21 DESKRIPTIF STATISTIK ASPEK TRANSPARANSI

KONDISI KEUANGAN DAN NON-KEUANGAN BANK,

LAPORAN PELAKSANAAN GCG, DAN LAPORAN

INTERNAL .................................................................................... 92

Tabel 4.22 SKOR GCG ASPEK TRANSPARANSI KONDISI

KEUANGAN DAN NON-KEUANGAN BANK, LAPORAN

PELAKSANAAN GCG, DAN LAPORAN INTERNAL .............. 94

Tabel 4.23 DESKRIPTIF STATISTIK ASPEK RENCANA STRATEGIS

BANK ............................................................................................. 96

Tabel 4.24 DESKRIPTIF STATISTIK VARIABEL DEPENDEN ................. 98

Tabel 4.25 HASIL UJI NORMALITAS GOOD CORPORATE

GOVERNANCE ........................................................................... 101

Tabel 4.26 HASIL UJI NORMALITAS TOBIN’S Q ..................................... 102

Tabel 4.27 HASIL UJI NORMALITAS PRICE TO BOOK VALUE ............. 103

Tabel 4.28 HASIL UJI NORMALITAS UKURAN PERUSAHAAN

(SIZE) ........................................................................................... 104

Tabel 4.29 HASIL UJI NORMALITAS GROWTH REVENUE (GR) ........... 105

Tabel 4.30 RINGKASAN HASIL UJI NORMALITAS ................................ 106

Tabel 4.31 HASIL ANALISIS UJI-t GCG TERHADAP NILAI

PERUSAHAAN (Tobin’s Q) ....................................................... 108

Tabel 4.32 HASIL ANALISIS UJI-t GCG TERHADAP NILAI

PERUSAHAAN (PBV) ................................................................ 109

Tabel 4.33 HASIL ANALISIS UJI-t GCG TERHADAP UKURAN

PERUSAHAAN ........................................................................... 111

Tabel 4.34 HASIL ANALISIS KOEFISIEN DETERMINASI GCG

TERHADAP UKURAN PERUSAHAAN ................................... 112

Tabel 4.35 HASIL ANALISIS UJI-t GCG TERHADAP PERTUMBUHAN

PENDAPATAN ........................................................................... 114

Tabel 4.36 RINGKASAN HASIL UJI REGRESI LINIER ........................... 115

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Tabel 4.37 RANGKUMAN HASIL PENGUJIAN HIPOTESIS ................... 118

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DAFTAR GAMBAR

Gambar 2.1 PENGARUH GOOD CORPORATE GOVERNANCE

TERHADAP NILAI PERUSAHAAN DAN KARAKTERISTIK

PERUSAHAAN ............................................................................. 32

Gambar 4.1 DESKRIPTIF STATISTIK VARIABEL INDEPENDEN

GOOD CORPORATE GOVERNANCE TAHUN 2008 .................. 52

Gambar 4.2 DESKRIPTIF STATISTIK GOOD CORPORATE

GOVERNANCE TAHUN 2009 ....................................................... 53

Gambar 4.3 DESKRIPTIF STATISTIK GOOD CORPORATE

GOVERNANCE TAHUN 2010 ...................................................... 54

Gambar 4.4 DESKRIPTIF STATISTIK GOOD CORPORATE

GOVERNANCE TAHUN 2011 ...................................................... 56

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DAFTAR LAMPIRAN

Lampiran 1 DATA PERUSAHAAN PERBANKAN ............................ 125

Lampiran 2 DATA MENTAH VARIABEL INDEPENDEN ............... 130

Lampiran 3 DATA MENTAH VARIABEL DEPENDEN .................... 132

Lampiran 4 OUTPUT STATISTIK DESKRIPTIF VARIABEL

INDEPENDEN ................................................................... 142

Lampiran 5 OUTPUT STATISTIK DESKRIPTIF VARIABEL

DEPENDEN ....................................................................... 165

Lampiran 6 HASIL UJI NORMALITAS DATA VARIABEL

INDEPENDEN DAN VARIABEL DEPENDEN .............. 175

Lampiran 7 HASIL PENGUJIAN HIPOTESIS .................................... 179

Lampiran 8 HASIL PENGUJIAN KOEFISIEN

DETERMINAN (R2) .......................................................... 184

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THE INFLUENCE OF GOOD CORPORATE GOVERNANCE TOWARDS FIRM

VALUE AND FIRM CHARACTERISTICS (STUDY ON BANKING COMPANIES

LISTING IN INDONESIAN STOCK EXCHANGE)

Dyah Anggorowati

Department of Accounting, Faculty of Economics, STIE Perbanas Surabaya, Indonesia

e-mail : [email protected]

ABSTRACT

This research aims to know the influence of corporate governance disclosure towards the

firm value and firm characteristics on the banking company listed in the Indonesian Stock

Exchange. The population of this research is the banking company listed on the Indonesian

Stock Exchange during 2008 until 2011. The companies used as the sample should have the

following criterias such as published financial statements, annual reports, and reports of

good corporate governance. The method used to select the sample is purposive sampling

method. Multiple Regression Analysis used to test the hypothesis. The results shows that there

are no significant relationship between Good Corporate Governance towards the firm value

represented by tobin’s q and price to book value. On the other hand, there is no significant

relationship between Good Corporate Governance towards growth revenue. But there is a

significant relationship between Good Corporate Governance and corporate size. The

existence of a positive relationship is expected to increase investor’ confidence level to the

company. The conclusion is that Good Corporate Governance is no longer affected investor

willingness to buy stock. Limitation come from this research is that the quality of secondary

data is low. For future research, primary data, such as interview, can be use as the data

because of the validity.

Keywords : Good Corporate Governance, Firm Value, Firm Characteristics, Annual Report,

Banking Companies