pengaruh implementasi mekanisme good corporate governance

PENGARUH IMPLEMENTASI MEKANISME GOOD CORPORATE
GOVERNANCE TERHADAP PROFITABILITAS PERUSAHAAN BUMN
DI INDONESIA DENGAN KEPEMILIKAN PEMERINTAH
SEBAGAI VARIABEL MODERATING
ABSTRAK
Tata kelola perusahaan (Good Corporate Governance) merupakan konsep
untuk meningkatkan kinerja perusahaan. Tujuan utama dari tata kelola perusahaan
adalah untuk mencapai transparansi manajemen perusahaan bagi para pengguna
laporan keuangan. Jika perusahaan bisa menerapkan konsep GCG ini maka
transparansi kinerja manajemen akan berjalan dengan baik serta profitabilitas
perusahaan diharapkan bisa terus meningkat. Penelitian ini bertujuan untuk
menguji dan menganalisis pengaruh implementasi mekanisme Good Corporate
Governance terhadap profitabilitas yang diukur dengan Return On Equity (ROE)
pada perusahaan BUMN di Indonesia dengan kepemilikan pemerintah sebagai
variabel moderating. Jenis penelitian ini adalah kausal komparatif. Pengumpulan
data dilakukan dengan menggunakan data sekunder yang diperoleh dari Bursa
Efek Indonesia yaitu berupa laporan keuangan perusahaan. Populasi dalam
penelitian ini adalah seluruh perusahaan BUMN Indonesia yang terdaftar di Bursa
Efek Indonesia sebanyak 22 perusahaan. Sampel penelitian yang digunakan dalam
penelitian berjumlah 11 perusahaan dengan menggunakan metode purposive
sampling. Analisis data yang digunakan dalam penelitian ini adalah metode
statistik Partial Least Squares (PLS). Hasil penelitian menunjukkan bahwa secara
parsial variabel indikator mekanisme GCG yaitu ukuran dewan direksi
berpengaruh negatif signifikan terhadap profitabilitas (ROE) dan ukuran dewan
komisaris berpengaruh positif signifikan terhadap profitabilitas (ROE). Komisaris
independen dan komite audit yang merupakan variabel indikator mekanisme GCG
lainnya tidak berpengaruh signifikan terhadap profitabilitas (ROE). Secara
keseluruhan variabel mekanisme GCG berpengaruh negatif signifikan terhadap
profitabilitas (ROE) perusahaan BUMN di Indonesia. Kepemilikan pemerintah
berpengaruh negatif signifikan terhadap profitabilitas (ROE) dan memoderasi
hubungan antara mekanisme GCG terhadap profitabilitas (ROE) perusahaan
BUMN.
Kata Kunci : Mekanisme Good Corporate Governance, ukuran dewan direksi,
ukuran dewan komisaris, komisaris independen, komite audit,
kepemilikan pemerintah dan Return On Equity.
Universitas Sumatera Utara
THE INFLUENCE OF THE IMPLEMENTATION OF GOOD CORPORATE
GOVERNANCE MECHANISM ON THE PROFITABILITY OF THE
STATE-OWNED ENTERPRISES (SOEs) IN INDONESIA WITH
GOVERNMENT OWNERSHIP AS
MODERATING VARIABLE
ABSTRACT
Good Corporate Governance (GCG) is a concept to improve the
performance of a company. The main purpose of good corporate governance is to
achieve the transparency of company management for the users of financial
report. If a company can apply this GCG concept, the transparency of
management performance will be better and the profitability of the company is
expected to keep improving. The purpose of this causal comparative study was to
test and analyze the influence of the implementation of good corporate
governance mechanism on the profitability (ROE) of the State Owned Enterprises
(SOEs) in Indonesia with government ownership as moderating variable. The
population of this study was all of the 22 state-owned enterprises registered in the
Indonesian Stock Exchange and 11 of them were selected to be the samples for
this study through purposive sampling method. The data for this study were
obtained from the Indonesian Stock Exchange through collecting the secondary
data in the forms of financial reports of the companies. The data obtained were
statistically Analyzed through Partial Least Squares (PLS) method. The results
of this study showed that partially the variable of the indicator of GCG
mechanism consisting of the standard of Board of Directors had a negative
significant influence on profitability (ROE) and the standard of Board of
Commissioners had a positive significant influence on profitability (ROE).
Independent commissioners and audit committee which were the variables
indicator of GCG mechanism partially did not have any significant influence on
the profitability (ROE). Simultaneosly, the variable of GCG mechanism had a
negative significant influence on the profitability (ROE) of the company.
Government ownership had a negative significant influence on the profitability
and moderated the relationship between GCG mechanism and the profitability of
the State Owned Enterprises (SOEs) in Indonesia.
Keywords: Good Corporate Governance Mechanism, standard of Board of
Directors, Standard of Board of Commissioners, Independent
Commissioners, Audit Committee, Government Ownership and
Return On Equity.
Universitas Sumatera Utara

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