PENGARUH KARAKTERISTIK PERUSAHAAN DAN FAKTOR REGULASI TERHADAP KUALITAS IMPLEMENTASI CORPORATE GOVERNANCE




Simposium Nasiona Akuntansi 9 Padang

PENGARUH KARAKTERISTIK PERUSAHAAN DAN FAKTOR REGULASI TERHADAP KUALITAS IMPLEMENTASI CORPORATE GOVERNANCE

Deni Darmawati
Universitas Trisakti

Abstract

The purpose if this research is to investigate the determinants of corporate governance implementation quality of Indonesian public listed companies. This research uses 53 firm years for sample. Corporate governance implementation quality data are data for year 2003 and 2004.

The variables that were hypothesized influence corporate governance implementation are investment opportunities, ownership concentration, and leverage. Furthermore, this research also controls the influence of company size and regulatory factors to corporate governance implementation quality. The regulatory factors are bank versus nonblank company and state-owned versus non-stated-owned company. Using multiple regression method, this research found that ownership concentration and company size have positive influence to corporate governance implementation quality. This research also found that state-owned companies have weaker corporate governance mechanism than non-stated-owned companies.

Key words: growth opportunities, ownership concentration, leverage, industry factors, and corporate governance implementation quality.

Simposium Nasiona Akuntansi 9 Padang

PENDAHULUAN
Latar Belakang Masalah

Adanya pemisahan antara fungsi kepemilikan (ownership) dan fungsi pengendalian (control) dalam hubungan keagenan sering menimbulkan masalah-masalah keagenan (agency problems). Masalah-masalah keagenan tersebut timbul karena adanya konflik atau perbedaan kepentingan antara principal (pemilik perusahaan atau pihak yang memberikan mandat) dan agent (manajer perusahaan atau pihak yang menerima mandat). Teori keagenan (agency theory) berusaha menjelaskan tentang penentuan kontrak yang paling efisien yang bisa membatasi konflik atau masalah keagenan (Jensen dan Meckling, 1976 dan Eisenhardt, 1989).

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