ANALISIS CORPORATE GOVERNANCE TERHADAP KINERJA PASAR
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Keywords:
Board of Director, ROE, Tobin Q, Market Performance, Diversitas
Abstract
This study aims to examine corporate governance on market performance in banking companies. The sample in this study is banking in the Indonesia Stock Exchange for the period 2011-2019. The results showed that corporate governance has a positive effect on banking performance by using Tobin Q and return on equity (ROE). Furthermore, there is additional information from the results of this study. The number of directors and independent commissioners has a positive influence. Whereas the presence of foreign board directors has a positive impact because the expertise they have is different from that of local directors. The number of meeting activities also has a positive effect on performance because the market sees that the supervisory and controlling activities of the directors' performance are in line with the expectations of shareholders. However, the existence of female directors and doctoral-educated directors has a negative effect because the socio-cultural aspects of Indonesian society are still patriarchal and the level of education does not always have the competencies and abilities needed
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References
Adams, R., & Ferreira, D. (2009). Women in The Boardroom and Their Impact on Governance and Performance. Journal of Finance Economics.
Adams, R., & Mehran, H. (2003). Is Corporate Governance Different for Bank Holding Company? Economic Policy Review, 123-142.
Adams, R., & Mehran, H. (2005). Corporate Performance, Board Structure and Its Determinants in The Banking Industry. Working Paper.
Adams, R., & Mehran, H. (2008). Corporate Performance, Board Structure, and Their Determinants in Banking Industry. Federal Reverse Bank of New York Staff Report, 330.
ADB. (2014). ASEAN Corporate Governance Scorecard: Country Report and Assessment 2013-2014. Asian Development Bank.
Adusei, M. (2011). Board Structure and Bank Performance in Ghana. Journal of Money, Investment and Banking.
Al-Amarneh, A. (2014). Corporate Governance, Ownership Structure and Bank Performance in Jordan. Finance and Banking Department Jordan.
Andres, P. D., & Valledado, E. (2008). Corporate Governance in Banking: The Role of The Director. Journal Banking of Finance, 2570-2580.
Andres, P. D., Azofra, V., & Lopez, F. (2005). Corporate Boards in OECD Countries: Size, Composition, Functioning and Effectiveness. Corporate Governance: An International Review.
Bainer, S., Drobezt, W., Schimd, M., & Zimmermann, H. (2006). An Integrated Framework of Corporate Governance and Firm Valuation. European Financial Management, 249-283.
Bauer, R., Braun, R., & Clark, G. L. (2008). The Emerging Market for European Corporate Governance: The Relationship Between Governance and Capital Expenditure. Journal of Economic Geography, 441-469.
Bebchuk, L., & Roe, M. (1999). A Theory Path Dependence in Corporate Ownership and Governance. Stanford Law Review, 127-170.
Beiner, S. W., Drobetz, F. S., & Zimmermann, H. (2003). Is Board Size An Independent Corporate Governance Mechanism?
Belkhir, M. (2006). Board structure, Ownership structure, and Firm: Evidence from Banking. Document de recherche du LEO.
Bhagat, S., & Bolton, B. (2009). Governance and Performance. Sarbanes-Oxley (www.law.harvard.edu/confrences/sloan/bhagatSOX.pdf).
Billimoria, D., & Piderit, S. (1994). Qualifications of Corporate Board Committee Members. Group Organization and Management.
Brigham, J.C., Bennett, L.B., Meissner, C.A. and Mitchell, T.L. (2007), “The influence of race on eyewitness memory”, in Lindsay, R.C.L., Ross, D.F., Read, J.D. and Toglia, M.P. (Eds), The Handbook of Eyewitness Psychology, Vol. 2, pp. 257-281
Cadburry. (1992). The Committee on the Financial Aspects of Corporate Governance. Inggris: Cadburry Report.
Carpenter, M. A., & Westphal, J. D. (2001). The Strategic Context of External Network Ties: Examining The Impact of Director Appoinment on Board Involvement in Strategic Decision Making. Academy of Management, 639.
Carter, D. A., Jimkins, B. J., & Simpson, W. G. (2003). Corporate Governance, Board Diversity and Firm Value. Eastern Finance Association.
Chen, C., Patten, M. D., & Roberts, R. W. (2008). Corporate Charitable Contributions a Corporate Social Performance or Legitimacy Strategy. Journal Business Ethnic.
Chtourous, S., Bedard, J., & Courteau, L. (2001). Corporate Governance and Earning Management. Working Paper.
Claessens, S., & Yortoglu, B. (2013). Corporate governance in emerging markets: A survey. Emerging Market Review, 1-33.
Claessens, S., Djankov, S., & Lang, H. (2000). The Separation of Ownership and Control in East Asian Corporation. Journal of Financial Economics, 81-112.
Claessens, S., Djankov, S., & Xu, L. C. (2000). Corporate Performance in the East Asian Financial Crisis. The World Bank Research Observe.
CLSA. (2014). Corporate Governance in Asia. www.csla.com.
Coles, J. L., N. D. Daniel and L. Naveen (2008). ‘Boards: does one size fit all?’, Journal of Financial Economics, 87, pp. 329–356
Drobetz, W., Schillhofer, A., & Zimmermann, h. (2004). Corporate Governance and Expected Stock Return: Evidence from Germany. European Financial Management, 267-293.
Erhardt, N., Werbel, J., & Shrader, C. (2003). Board of Director Diversity and Firm Financial Performance. Corporate Governance: An International Review , Vol. 11, No. 2, pp. 102-111.
Fama, E. F., & Jensen, M. (1983). Separation of Ownership and Control. Journal of Law and Economics, 301-325.
Fan, J., & Wong, T. (2001). Corporate Ownership Structure and the Informativeness of Accounting Earnings in East Asia. CEI Working Paper.
Ferreira, D. (2010). Board Diversity. Journal of Finance Economics.
Fondas, N., & Sassalos, S. (2000). A Different Voice in The Boardroom: How The Presence of Women Direction Affects Board Influence Over Management. Global Focus.
Ghozali, I. (2009). Ekonometrika. Teori, Konsep, dan Aplikasi dengan SPSS 17. Semarang: Badan Penerbit Universitas Diponegoro.
Huse, M., & Solberg, A. G. (2006). Gender Related Boardroom Dynamics: How Scandinavian Women Make and Can Make Contribution on Corporate Board. Women in Management.
Husnan, S. (2012), Manajemen Keuangan Teori dan Penerapan (Keputusan Jangka Panjang), Edisi 4., BPFE, Yogyakarta
Indonesia, B. (2000). Sejarah Bank Indonesia: Perbankan 1997-1998. Unit Khusus Museum Bank Indonesia: Sejarah Bank Indonesia , 1.
Jenkinson, T., & Mayer, C. (1992). The Assessment: Corporate Governance and Corporate Control. Oxford Review of Economic Policy, vol. 8, issue 3, 1-10.
Jensen, C. M., & Meckling, H. W. (1976). Theory of The Firm: Managerial Behavior, Agency Cost and Ownership Structure. Journal Financial of Economics, 831-880.
Kaihatu. (2006). Good Corporate Governance dan Penerapannya di Indonesia. Jurnal Manajemen dan Kewirausahaan.
Kalleberg, A. L., & Leicht, K. T. (1991). Gender and Organizational Performance: Determinants of Small Business Survival and Success. The Academy of Management Journal.
Kiel, G., & Nicholson, G. (2003). Board Composition and Corporate Performance: How the Australian Experience Informs Contrasting Theories of Corporate Governance. Corporate Governance an International Review, 189-205.
King, R. G. (1993). Finance and Growth: Schumpeter Might be Right. Quarterly Journal of Economics, 717-37.
Klein, A. (1998). Firm Performance and Board Committee Structure. Journal Law and Economics, 137-165.
Letendre, L. (2004). The Dynamics of The Boardroom . Academy of Management Executive.
Levi, M., Li, K., & Zhang, F. (2014). Director Gender and Mergers and Acquisitions. Journal of Corporate Finance, 185-200.
Liu, Y., Wei, Z., & Xie, F. (2014). Do Women Directors Improve Firm Performance in China. Journal of Corporate Finance, 169-184.
Luckerath-Rovers, M. (2011). Women on Board and Firm Performance. Journal of Management and Governance, Vol. 17, No. 2, pp. 491-509.
Lynn, R., & Irwing, P. (2004). Sex Differences on the Progressive Matrices: A Meta Analysis. Intelligence, 32(5), pp: 481-498.
Marimuthu, M., & Kolandaisarny, I. (2009). Ethnic and Gender Diversity in Boards of Directors and Their Relevance to Financial Performance of Malaysian Companies. Journal of Sustainable Development.
Messier, S.P., Loeser, R.F., Mitchell, M.N., Valle, G., Morgan, T., Rejeski, W.J. and Ettinger, W.H. (2000),“ Exercise and weight loss in obese older adults with knee osteoarthritis: a preliminary study” ,Journal of the American Geriatrics Society, Vol. 48 No. 9, pp. 1062-1072
Meyerinck, F. V., Oesch, D., & Schmid, M. (2016). Is Director Industry Experience Valuable? Financial Management, pp. 207-237.
Oxelheim, H. L., & Randoy, T. (2003). The Impact of Foreign Membership on Firm Value. Journal of Banking and Finance.
Pleffer, J. (1972). Size and Composition of Corporate Boards of Directors: The Organization and Its Enviroment. Admininistrative Science Quaterly.
Polanyi, M. (1966). The Tacit Dimension. New York: Doubleday: Garden City.
Reddy, K., Locke, K., & Scrimgeour, F. (2010). The Effieciency of Principle Based Corporate Governance Practices and Firm Financial Performance: An Empirical Investigation. International Journal of Managerial Financce, 190-219.
Rose, C. (2007). Does Female Board Representation Influence Firm Performance? The Danish Evidence. Corporate Governance: An International Review, Vol. 15, No. 2, pp. 404-413.
Ryan, M. K., & Haslam, A. (2005). The Glass Cliff: Evidence That Women are Over Represented in Precarious Leadership Positions. British Journal of Management.
Sridharan, U. V., & Marsinko, A. (1997). Ceo Duality in The Paper and Forest Product Industry. Journal of Finance and Strategic Decision.
Tandelilin, E., Kaaro, H., Mahadwartha, P., & Supriyatna. (2007). Corporate Governance, Risk Management, and Bank Performance : Does Type Ownership is Matter ? EADN WORKING PAPER No. 34, 1.
Tulay, I. N., & Kalaycioglu, O. (2015). The effects of the Board Composition, Board Size and CEO Duality on Export Performance: Evidence From Turkey. Management Research Review.
Vafeas, N. (1999). Board Meeting Frequency and Firm Performance. Journal of Finance Economics, 113
Zahra, S. A., & Pearce, J. A. (1989). Board of Director and Corporate Financial Performance an Review and Integrative Model. Journal of Management, 291-334.
Adams, R., & Mehran, H. (2003). Is Corporate Governance Different for Bank Holding Company? Economic Policy Review, 123-142.
Adams, R., & Mehran, H. (2005). Corporate Performance, Board Structure and Its Determinants in The Banking Industry. Working Paper.
Adams, R., & Mehran, H. (2008). Corporate Performance, Board Structure, and Their Determinants in Banking Industry. Federal Reverse Bank of New York Staff Report, 330.
ADB. (2014). ASEAN Corporate Governance Scorecard: Country Report and Assessment 2013-2014. Asian Development Bank.
Adusei, M. (2011). Board Structure and Bank Performance in Ghana. Journal of Money, Investment and Banking.
Al-Amarneh, A. (2014). Corporate Governance, Ownership Structure and Bank Performance in Jordan. Finance and Banking Department Jordan.
Andres, P. D., & Valledado, E. (2008). Corporate Governance in Banking: The Role of The Director. Journal Banking of Finance, 2570-2580.
Andres, P. D., Azofra, V., & Lopez, F. (2005). Corporate Boards in OECD Countries: Size, Composition, Functioning and Effectiveness. Corporate Governance: An International Review.
Bainer, S., Drobezt, W., Schimd, M., & Zimmermann, H. (2006). An Integrated Framework of Corporate Governance and Firm Valuation. European Financial Management, 249-283.
Bauer, R., Braun, R., & Clark, G. L. (2008). The Emerging Market for European Corporate Governance: The Relationship Between Governance and Capital Expenditure. Journal of Economic Geography, 441-469.
Bebchuk, L., & Roe, M. (1999). A Theory Path Dependence in Corporate Ownership and Governance. Stanford Law Review, 127-170.
Beiner, S. W., Drobetz, F. S., & Zimmermann, H. (2003). Is Board Size An Independent Corporate Governance Mechanism?
Belkhir, M. (2006). Board structure, Ownership structure, and Firm: Evidence from Banking. Document de recherche du LEO.
Bhagat, S., & Bolton, B. (2009). Governance and Performance. Sarbanes-Oxley (www.law.harvard.edu/confrences/sloan/bhagatSOX.pdf).
Billimoria, D., & Piderit, S. (1994). Qualifications of Corporate Board Committee Members. Group Organization and Management.
Brigham, J.C., Bennett, L.B., Meissner, C.A. and Mitchell, T.L. (2007), “The influence of race on eyewitness memory”, in Lindsay, R.C.L., Ross, D.F., Read, J.D. and Toglia, M.P. (Eds), The Handbook of Eyewitness Psychology, Vol. 2, pp. 257-281
Cadburry. (1992). The Committee on the Financial Aspects of Corporate Governance. Inggris: Cadburry Report.
Carpenter, M. A., & Westphal, J. D. (2001). The Strategic Context of External Network Ties: Examining The Impact of Director Appoinment on Board Involvement in Strategic Decision Making. Academy of Management, 639.
Carter, D. A., Jimkins, B. J., & Simpson, W. G. (2003). Corporate Governance, Board Diversity and Firm Value. Eastern Finance Association.
Chen, C., Patten, M. D., & Roberts, R. W. (2008). Corporate Charitable Contributions a Corporate Social Performance or Legitimacy Strategy. Journal Business Ethnic.
Chtourous, S., Bedard, J., & Courteau, L. (2001). Corporate Governance and Earning Management. Working Paper.
Claessens, S., & Yortoglu, B. (2013). Corporate governance in emerging markets: A survey. Emerging Market Review, 1-33.
Claessens, S., Djankov, S., & Lang, H. (2000). The Separation of Ownership and Control in East Asian Corporation. Journal of Financial Economics, 81-112.
Claessens, S., Djankov, S., & Xu, L. C. (2000). Corporate Performance in the East Asian Financial Crisis. The World Bank Research Observe.
CLSA. (2014). Corporate Governance in Asia. www.csla.com.
Coles, J. L., N. D. Daniel and L. Naveen (2008). ‘Boards: does one size fit all?’, Journal of Financial Economics, 87, pp. 329–356
Drobetz, W., Schillhofer, A., & Zimmermann, h. (2004). Corporate Governance and Expected Stock Return: Evidence from Germany. European Financial Management, 267-293.
Erhardt, N., Werbel, J., & Shrader, C. (2003). Board of Director Diversity and Firm Financial Performance. Corporate Governance: An International Review , Vol. 11, No. 2, pp. 102-111.
Fama, E. F., & Jensen, M. (1983). Separation of Ownership and Control. Journal of Law and Economics, 301-325.
Fan, J., & Wong, T. (2001). Corporate Ownership Structure and the Informativeness of Accounting Earnings in East Asia. CEI Working Paper.
Ferreira, D. (2010). Board Diversity. Journal of Finance Economics.
Fondas, N., & Sassalos, S. (2000). A Different Voice in The Boardroom: How The Presence of Women Direction Affects Board Influence Over Management. Global Focus.
Ghozali, I. (2009). Ekonometrika. Teori, Konsep, dan Aplikasi dengan SPSS 17. Semarang: Badan Penerbit Universitas Diponegoro.
Huse, M., & Solberg, A. G. (2006). Gender Related Boardroom Dynamics: How Scandinavian Women Make and Can Make Contribution on Corporate Board. Women in Management.
Husnan, S. (2012), Manajemen Keuangan Teori dan Penerapan (Keputusan Jangka Panjang), Edisi 4., BPFE, Yogyakarta
Indonesia, B. (2000). Sejarah Bank Indonesia: Perbankan 1997-1998. Unit Khusus Museum Bank Indonesia: Sejarah Bank Indonesia , 1.
Jenkinson, T., & Mayer, C. (1992). The Assessment: Corporate Governance and Corporate Control. Oxford Review of Economic Policy, vol. 8, issue 3, 1-10.
Jensen, C. M., & Meckling, H. W. (1976). Theory of The Firm: Managerial Behavior, Agency Cost and Ownership Structure. Journal Financial of Economics, 831-880.
Kaihatu. (2006). Good Corporate Governance dan Penerapannya di Indonesia. Jurnal Manajemen dan Kewirausahaan.
Kalleberg, A. L., & Leicht, K. T. (1991). Gender and Organizational Performance: Determinants of Small Business Survival and Success. The Academy of Management Journal.
Kiel, G., & Nicholson, G. (2003). Board Composition and Corporate Performance: How the Australian Experience Informs Contrasting Theories of Corporate Governance. Corporate Governance an International Review, 189-205.
King, R. G. (1993). Finance and Growth: Schumpeter Might be Right. Quarterly Journal of Economics, 717-37.
Klein, A. (1998). Firm Performance and Board Committee Structure. Journal Law and Economics, 137-165.
Letendre, L. (2004). The Dynamics of The Boardroom . Academy of Management Executive.
Levi, M., Li, K., & Zhang, F. (2014). Director Gender and Mergers and Acquisitions. Journal of Corporate Finance, 185-200.
Liu, Y., Wei, Z., & Xie, F. (2014). Do Women Directors Improve Firm Performance in China. Journal of Corporate Finance, 169-184.
Luckerath-Rovers, M. (2011). Women on Board and Firm Performance. Journal of Management and Governance, Vol. 17, No. 2, pp. 491-509.
Lynn, R., & Irwing, P. (2004). Sex Differences on the Progressive Matrices: A Meta Analysis. Intelligence, 32(5), pp: 481-498.
Marimuthu, M., & Kolandaisarny, I. (2009). Ethnic and Gender Diversity in Boards of Directors and Their Relevance to Financial Performance of Malaysian Companies. Journal of Sustainable Development.
Messier, S.P., Loeser, R.F., Mitchell, M.N., Valle, G., Morgan, T., Rejeski, W.J. and Ettinger, W.H. (2000),“ Exercise and weight loss in obese older adults with knee osteoarthritis: a preliminary study” ,Journal of the American Geriatrics Society, Vol. 48 No. 9, pp. 1062-1072
Meyerinck, F. V., Oesch, D., & Schmid, M. (2016). Is Director Industry Experience Valuable? Financial Management, pp. 207-237.
Oxelheim, H. L., & Randoy, T. (2003). The Impact of Foreign Membership on Firm Value. Journal of Banking and Finance.
Pleffer, J. (1972). Size and Composition of Corporate Boards of Directors: The Organization and Its Enviroment. Admininistrative Science Quaterly.
Polanyi, M. (1966). The Tacit Dimension. New York: Doubleday: Garden City.
Reddy, K., Locke, K., & Scrimgeour, F. (2010). The Effieciency of Principle Based Corporate Governance Practices and Firm Financial Performance: An Empirical Investigation. International Journal of Managerial Financce, 190-219.
Rose, C. (2007). Does Female Board Representation Influence Firm Performance? The Danish Evidence. Corporate Governance: An International Review, Vol. 15, No. 2, pp. 404-413.
Ryan, M. K., & Haslam, A. (2005). The Glass Cliff: Evidence That Women are Over Represented in Precarious Leadership Positions. British Journal of Management.
Sridharan, U. V., & Marsinko, A. (1997). Ceo Duality in The Paper and Forest Product Industry. Journal of Finance and Strategic Decision.
Tandelilin, E., Kaaro, H., Mahadwartha, P., & Supriyatna. (2007). Corporate Governance, Risk Management, and Bank Performance : Does Type Ownership is Matter ? EADN WORKING PAPER No. 34, 1.
Tulay, I. N., & Kalaycioglu, O. (2015). The effects of the Board Composition, Board Size and CEO Duality on Export Performance: Evidence From Turkey. Management Research Review.
Vafeas, N. (1999). Board Meeting Frequency and Firm Performance. Journal of Finance Economics, 113
Zahra, S. A., & Pearce, J. A. (1989). Board of Director and Corporate Financial Performance an Review and Integrative Model. Journal of Management, 291-334.
Published
2020-06-20
How to Cite
Purnomo, A. S. D., & Gitayuda, M. B. S. (2020). ANALISIS CORPORATE GOVERNANCE TERHADAP KINERJA PASAR . AKUNTABILITAS: Jurnal Ilmiah Ilmu-Ilmu Ekonomi, 12(1), 21-42. https://doi.org/10.35457/akuntabilitas.v12i1.1049
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