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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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iii
iv
v
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
vi
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
viii
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
ix
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
xii
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
xv
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
xvi
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
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