Hasil Pencarian  ::  Simpan CSV :: Kembali

"Era globalisasai diartikan sebagai masa kebebasan bagi perdagangan dan menanamkan modal serta mengambil manfaat darinya secara bebas ke beberapa negara lain. Tahun 2003 kita kenal juga sebagai awal tahun AFTA yaitu awal perdagangan bebas khusus untuk wilayah Asia. Dengan demikian negara yang tergabung dalam AFTA harus berbenah diri dan bersiap menghadapi persaingan yang semakin keras ini. Jika tidak, negara bersangkutan akan ketinggalan dan tidak bisa mengikuti perkembangan perdagangan dunia. Konsekwensi dari kebebasan perdagangan ini, membawa para pengusaha untuk serius membenahi perusahaannya mengikuti ketentuan dalam perdagangan dunia. Sebab jika tidak, investor tidak akan bersedia menanamkan modalnya jika perusahaan tidak mengikuti ketentuan yang diberlakukan; yang dikenal sebagai etika berbisnis. Salah satu yang menjadi perhatian utama para investor adalah syarat good corporate governance, baik dalam kinerja finansial maupun menggabungkan potensi perusahaan, khususnya bagi negaranegara yang pasarnya berkembang. Investor cenderung menghindari pasar-pasar yang buruk atau rendah corporate governancenya. Hal ini menjadi salah satu sebab perlunya sosialisasi good corporate governance."

"Ownership which was concentration is one of the characteristic most companies in Indonesia, in the reality have tendency to generate debt agency problem between majority shareholder and creditor. Desire to keep holding to conduct company make majority taking debt as especial choice of financing of company. Beside that using debt will give entire all benefit to majority if success investment, and creditor follow to account loss if failure investment. This phenomenon proven of crisis moment, where according to finding of ADB (Asian Development Bank) the root cause the happening of crisis was the ownership which is more concentrated, less effective of observation him by director of board, market which not yet personated controller of company and 70% financing of company dominated with loan not yet accompanied with enough observation at creditor. Company in Indonesia is generally owned by foreign multinational company or foreigner, domestic company or local people or owned by state. This study will check the company with multinational majority and company with non multinational majority, where have been proved at research before by Suad Husnan (2001) that company with majority multinational have better than company with majority is not multinational, with period of research before the happening of crisis (year 1996) and the happening of crisis (year 1997- 1998). In this study use samples 15 companies with multinational majority shareholder and 29 companies with majority shareholder non multinational. Governance Corporate monetary aspect will indicated with DER (Debt Equity Ratio) and monetary performance will indicated with ROE (Return on Equity) as accountancy indicator and with abnormal of return as capital market indicator. For know how to policy of performance and financing of company will be used by t-test which analyst DER, ROE and both company group. After that, regression used to test influence of DER to ROE, then regression with variable of dummy conducted to know the changed of regression parameter for the periods of crisis and after crisis."

"Tujuan penelitian ini untuk menguji pengaruh corporate governance (dewan direksi, dewan komisaris, dan komite audit) dan pengungkapan sukarela terhadap asimetri infonnasi. Proksi untuk asimetri informasi adalah perubahan spread (selisih spread antara periode announcement dan non announcement). Penelitian ini menggunakan 75 sampel, dengan kriteria telah menerbitkan laporan tahunan dan tersedia tanggal publikasi. Penelitian ini menggunakan indeks corporate governance (dewan direksi, dewan komisaris, dan komite audit) yang dikembangkan oleh Rahadian dan Siregar, (2007) dan Cheung, Jiang, Limpaphayom, dan Lu (2008). Sedangkan indeks pengungkapan sukarela menggunakan instrumen yang dikembangkan oleh Chau dan Gray (2002). Penelitian ini menggunakan analisis regresi berganda untuk menguji pengaruh corporate governance (dewan direksi, dcwan komisaris. dan komite audit) dan pengungkapan sukarela terhadap asimetri informasi. Penelitian ini menemukan : (1) dewan direksi dan komite audit mempunyai pengaruh negatif dan signifikan terhadap perubahan spread. Hasil ini konsisten dengan hipotesis yang berarti keduanya mempunyai peranan penting dan efektif untuk menurunkan perubahan spread; (2) berkebalikan dengan harapan, dewan direksi mempunyai pengaruh positif dan signifikan terhadap perubahan spread. Hasil ini mengindikasikan bahwa fungsi dewan komisaris relatif masih kurang efektif; (3) konsisten dengan hipotesis, pengungkapan sukarela mempunyai pengaruh negatif dan signifikan. Hasil ini menyatakan bahwa semakin tinggi pengungkapan sukarela maka akan semakin rendah teljadinya perubahan spread.

---

The purpose of this research is to examine the effect of corporate governance (board of director, board of commissioner, and audit committee) and voluntary disclosure on information asymmetry. Proxy for infonnation asymmetry is change spread (difference between spread announcement period and non announcement period). This research uses 75 samples, which released annual report and available released date. This research uses corporate governance index (board of director, board of commissioner, and audit committee) which depeloyed by Rahadian dan Siregar (2007) and Cheung, Jiang, Limpaphayom, and Lu (2008). Meanwhile voluntary disclosure index uses instrument which developed by Ohau and Gray (2002). This research uses multiple regression analysis to examine the effect of corporate governance (board of director, board of commissioner, and audit committee) and voluntary disclosure on information asymmetry. This research finds : (1) board of director and audit committee have negative and signillcant effect on change spread. This result is consistent with hypothesis which means both of them have important and effective role to decrease change spread; (2 ) in contrary with expectation, board of commissioner has positif and significant effect on change spread.Jhis result indicates that the function of board of commissioner relatively still ineffective; (3) consistent with hypothesis, voluntary disclosure has negative and signifiGant effect on change spread. This result suggested that high voluntary disclosure will lower change spread."

"Penelitian ini bertujuan untuk mengetahui bagaimana pengaruh Corporate Governance, kepemilikan keluarga dan umur perusahaan terhadap Corporate Social Performance baik dimensi environment, dimensi product quality maupun dimensi community relations. Penelitian ini juga ingin menguji pengaruh Financial Performance terhadap asosiasi Corporate Governance dengan Corporate Social Performance. Corporate Governance dinilai berdasarkan indeks yang dikeluarkan oleh Indonesian Institute for Corporate Directorship (IICD), sedangkan untuk Corporate Social Performance menggunakan kriteria pernilaian yang digunakan oleh Greening dan Turban (2000) dimana pengukuranny berdasarkan dimensi yang digunakan lembaga KLD (Kinder,Lydenberg and Domini). Pengujian hipotesis menggunakan model regresi logistik dan sampel sebanyak 239 perusahaan yang terdaftar di Bursa Efek Indonesia selama tahun 2008. Hasil penelitian ini menunjukkan bahwa corporate governance memiliki pengaruh positif dan signifikan terhadap probabilita high corporate social performance baik dimensi environment, dimensi product quality maupun dimensi community relations. Kepemilikan keluarga memiliki pengaruh positif walaupun lemah terhadap probabilita high corporate social performance dimensi product quality sedangkan umur perusahaan memiliki pengaruh positif walaupun lemah terhadap probabilita high corporate social performance dimensi environment dan dimensi product quality. Penelitian ini menemukan bahwa financial performance tidak memperkuat hubungan corporate governance dengan probabilita sebuah perusahaan memiliki high corporate social performance baik dimensi environment, dimensi product quality maupun dimensi community relations.

---

This research aims to determine whether corporate governance, family ownership, and firm age influence corporate social performance in environment dimension, product quality dimension, and community relations. In addition, this research also would like to know the effect of financial performance on the association between corporate governance and corporate social performance. Corporate governance viewed by an index issued by Indonesian Institute for Corporate Directorship (IICD), while corporate social performance is measured by KLD?s criteria that used by Greening and Turban (2000).

Hypothesis testing used logistic regression with sample of 239 companies that are listed at Indonesia Stock Exchange in 2008. These result indicate that companies with good corporate governance will have bigger probability getting high corporate social erformance in those dimensions. Family ownership has weak influence on corporate social performance in product quality dimension and firm age also has weak influence on corporate social performance in product quality dimension and community relations dimension. Yet, financial performance is proven that there is no influence of financial performance to the association between corporate governance and corporate social performance."