Analisis Good Corporate Governance Terhadap Kinerja Keuangan Perusahaan

Abstract

The recent business development has proven that it is not enough for management just to ensure the business run efficiently. It also needs new instrument,  that is Good Corporate Governance (GCG) to assure the firm is managed on the right track (Kaihatu, 2007). The Century Bank scandal that recently happened in Indonesia is one of the evidence how important GCG is now. GCG has been a critical issue in business world and even in governmental scope. But, unfortunately until this time, Indonesia has lack of GCG implementation. GCG assessed has no positive impact for corporate performance. This research analyzed whether the implementation of GCG has positive impact for corporate governance. 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). The corporate performance is measured by the value of EVA Momentum. This research uses regression as statistic instrument. The samples are listed companies in Jakarta Stock Exchange which take part the survey of IICG and are scored in CGPI during 2004 to 2008. Two other variables, growth opportunity and firm’s size, are added as a control variable of GCG implementation variable. The hypothesis of this research examines that there is a positive significant impact of GCG implementation to EVA Momentum value. The result of statistic shows that there is no direct positive impact of GCG implementation to EVA Momentum value. This is contrast to the theory, the base of hypothesis, or in other words, there is an anomaly in this research. Some factors trigger this anomaly. Firstly, the difference term between GCG implementation and corporate performance valuation by EVA Momentum, by which the implementation of GCG requires longer period, while EVA Momentum may directly be calculated in one certain period.  Secondly, there are still many firms that implement GCG just for regulation obedience, so they  Majalah Ilmiah INFORMATiKA Vol. 3 No. 1,  Januari 2012   22  fail to apply GCG as part of their corporate culture. Thirdly, EVA Momentum is such a new matter in corporate performance valuation, thus many firms have not considered it in measuring corporate performance. There are many aspects which are not calculated in conventional financial ratios but are considered in EVA Momentum Key words : Corporate Governance, EVA Momentum