Hariadi, Krisna Langit (2017) Pengaruh Praktik Tata Kelola Perusahaan Terhadap Reaksi Investor Dengan Profitabilitas Sebagai Variabel Pemoderasi. Magister thesis, Universitas Brawijaya.
Abstract
Penelitian ini bertujuan untuk menguji pengungkapan praktik tata kelola perusahaan terhadap reaksi investor di pasar modal dengan profitabilitas sebagai variabel pemoderasi. Penelitian ini menggunakan data sekunder yang diperoleh dari Bursa Efek Indonesia. Sampel dalam penelitian ini adalah perusahaan yang terdaftar LQ 45 di Bursa Efek Indonesia pada tahun 2015-2016 sebanyak 50 perusahaan selama 2 tahun. Teknik analisis data menggunakan Moderating Regretion Analysis (MRA). Hasil pengujian menunjukkan bahwa: (1) Praktik tata kelola perusahaan (kepemilikan institusional, kepemilikan manajerial, komisaris independen) tidak berdampak terhadap reaksi investor (2) Praktik tata kelola perusahaan (Komite Audit) berdampak negatif terhadap Reaksi Investor. Hal ini dikarenakan sebagian besar komite audit tidak didominasi oleh pihak independen. (3) Profitabilitas mampu memoderasi pengaruh tata kelola perusahaan (Kepemilikan Institusional, komite audit, dan komisaris independen) terhadap reaksi investor (CAR). Namun untuk proporsi komisaris independen merpengaruh negatif terhadap reaksi investor setelah dimoderasi oleh ROA, artinya bahwa pemanfaatan asset yang kurang efektif oleh pihak management berakibat menurunnya kompensasi terhadap pihak independen, sehingga pihak independen tidak dapat bekerja secara efektif yang berdampak pada penurunan return saham.
English Abstract
The aim of this study to examine the disclosure of corporate governance practices on investor reactions in the capital market with profitability as a moderating variable. This study uses secondary data obtained from Indonesia Stock Exchange. The sample in this research is LQ 45 registered company in Indonesia Stock Exchange in 2015-2016 as many as 25 companies for 2 years. Data analysis techniques using Moderating Regretion Analysis (MRA). The test results show that: (1) The practice of corporate governance (institutional ownership, managerial ownership, independent commissioner) has no impact on Investor Reaction. It can be interpreted that the increase in the proportion of institutional ownership, management ownership, and independent commissioners can not affect investor reactions (2) Corporate governance practices (Audit Committee) have a negative impact on Investor Reaction. It can be interpreted that the decrease in the proportion of the Audit Committee has a negative impact on investors' reaction. (3) Profitability is able to moderate the influence of corporate governance (Institutional Ownership, audit committee, and independent commissioner) to investor reactions (CAR). So it can be verified that ROA can strengthen or weaken the interaction between corporate governance practices and investor reactions.
| Item Type: | Thesis (Magister) |
|---|---|
| Identification Number: | TES/658.4/HAR/p/2017/041802291 |
| Uncontrolled Keywords: | CORPORATE GOVERNANCE, PROFIT, DISCTOSURE IN ACCOUNTING, CORPORATE - INVESTOR RELATIONS |
| Subjects: | 600 Technology (Applied sciences) > 658 General management > 658.4 Executive management |
| Divisions: | S2/S3 > Doktor Ilmu Akuntansi, Fakultas Ekonomi dan Bisnis |
| Depositing User: | Nur Cholis |
| Date Deposited: | 17 Dec 2018 02:13 |
| Last Modified: | 21 Oct 2021 03:55 |
| URI: | http://repository.ub.ac.id/id/eprint/162163 |
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