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PENGARUH GOOD CORPORATE GOVERNENCE TERHADAP REAKSI PASAR DENGAN PEKERJA KEUANGAN SEBAGAI VARIABEL MODERATING

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Thepurpose 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 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.

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. 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.

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Informasi Detil

Judul Seri

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No. Panggil

A15/022 Sun h

Penerbit

New Delhi : ., 2015

Deskripsi Fisik

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Bahasa

Indonesia

ISBN/ISSN

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Klasifikasi

A15/022

Tipe Isi

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Tipe Media

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Tipe Pembawa

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Edisi

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Subyek

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Info Detil Spesifik

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Pernyataan Tanggungjawab

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