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PENGARUH GOOD CORPORATE GOVERNENCE TERHADAP REAKSI PASAR DENGAN PEKERJA KEUANGAN SEBAGAI VARIABEL MODERATING
Penelitian ini bertujuan untuk menguji pengaruh Good Corporate Governance
dalam hal ini komisaris independen, kepemilikan manajerial, kepemilikan
institusional dan kualitas audit terhadap reaksi pasar dengan kinerja keuangan
sebagai variabel moderating yang dilakukan oleh perusahaan manufaktur di
Indonesia.
Populasi dalam penelitian ini adalah seluruh perusahaan yang terdaftar di
Bursa Efek Indonesia (BEI). Sampel yang diambil adalah perusahaan manufaktur
yang terdaftar di Bursa Efek Indonesia selama periode 2011 sampai 2013. Total
sampel penelitian adalah 63 perusahaan manufaktur yang ditentukan melalui
purposive sampling. Metode analisis dari penelitian ini menggunakan teknik
analisis regresi berganda.
Hasil dari penelitian ini adalah GCG dalam hal ini komisari independen
berpengaruh terhadap reaksi pasar, artinya bahwa pasar menerima sinyal tentang
penerapan GCG dalam perusahaan dan menilai lebih dengan memberi premium
tinggi bagi harga saham perusahaan tersebut. Sementara kepemilikan manajerial,
kepemilikan institusional dan kualitas audit tidak berpengaruh terhadap reaksi
pasar. GCG dalam ini komisaris independen, kepemilikan institusional dan
kualitas audit berpengaruh terhadap kinerja keuangan sementara kepemilikan
manajerial tidak berpengaruh terhadap kinerja keuangan. GCG dalam hal ini
komisaris independen berpengaruh terhadap reaksi pasar melalui kinerja
keuangan, artinya bahwa perusahaan mendapat respon dari pasar karena investor
yang akan membeli saham cenderung lebih tertarik dengan perusahaan yang
memiliki profitabilitas tinggi. Sedangkan variabel kepemilikan manajerial,
kepemilikan institusional dan kualitas audit tidak memiliki pengaruh terhadap
reaksi pasar meskipun telah dimoderasi oleh variabel kinerja keuangan.
Kata kunci: Good Corporate Governance, Reaksi Pasar, Kinerja Keuangan,
Komisaris Independen, Kepemilikan Manajerial, dan Kepemilikan
Institusional.
The purpose of this research is to test the influence of Good Corporate
Governance which consists of independent commissioner, managerial ownership,
institutional ownership, and audit quality to the market reaction with the financial
performance as the moderating variable which has been done by the
manufacturing companies in Indonesia.
The population is the entire manufacturing companies which are listed in
Indonesia Stock Exchange (IDX). The samples are manufacturing companies
which are listed in Indonesia Stock Exchange from 2011 to 2013 periods. The
total numbers of research samples are 63 manufacturing companies which have
been selected by using purposive sampling. The multiple regressions analysis
technique is used as the analysis method.
The result of the research shows that GCG which is independent
commissioner has an influence to the market reaction, it means that the market
accept the signal about the implementation of GCG in the company and it
overestimates by giving high premium for the share price of the company.
Meanwhile, the managerial ownership, the institutional ownership and the audit
quality do not have any influence to the market reaction. The GCG in this case the
independent commissioner, the managerial ownership, the institutional ownership
and the audit quality have influence to the financial performance whereas the
managerial ownership does not have any influence to the financial performance.
The GCG in this case the independent commissioner has influence to the market
reaction through the financial performance, it means that the company a respond
from the market since the investors who are going to purchase the shares are tend
to be more interested in the company which has high profitability. Meanwhile, the
managerial ownership, institutional ownership and audit quality variables do not
have any influence to the market reaction even though it has been moderated by
the financial performance variable.
Keywords: Good Corporate Governance, Market Reaction, Financial
Performance, Independent Commissioner, Managerial Ownership,
and Institutional Ownership.
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