Pengaruh Good Corporate Governance Terhadap Kinerja Perusahaan

Abstract

The aim of this research is analyzing the influence of Good Corporate Governance (CGG) toward corporate performance. GCG implementation is measured based on the result of an annual survey by The Indonesia Institute for Corporate Governance (IICG) which is published in The Report of Corporate Governance Performance Index (CGPI). This research uses regression as statistic instrument. The samples are listed company in Jakarta Stock Exchange which took part the survey by IICG and scored in CGPI during 2004 to 2008. Two other variables, growth opportunity and firm’s size are added as control variable of GCG implementation variable. The hypothesis of this research examines that there is significant positive impact of GCG implementation toward corporate performance. The result of statistic shows that there is no direct positive impact of GCG implementation to corporate performance. This is contrast to the theory, in which   the  hypothesis is presented, or in other words, there is an anomaly in this research. There are some factors which trigger the anomaly. The first is the difference periodical measurement between GCG implementation and corporate performance valuation, that is  the implementation of GCG requires long term  period, meanwhile EVA Momentum may directly calculate in one certain period only. The second factor is there are  many firms that apply GCG just for regulation stimulus, so they fail to apply it as part of their corporate culture. The third one is EVA Momentum  as a new matter in corporate performance valuation has not been applied broadly in many firms, because in EVA Momentum, there are many factors that are not considered in conventional financial ratio in measuring corporate governance.  Key words : Corporate Governance, EVA Momentum