SKRIPSI Jurusan Akutansi - Fakultas Ekonomi UM, 2010

Ukuran Huruf:  Kecil  Sedang  Besar

PENGARUH KINERJA KEUANGAN TERHADAP NILAI PERUSAHAAN DENGAN PENGUNGKAPAN GOOD CORPORATE GOVERNANCE SEBAGAI VARIABEL PEMODERASI

MIARTI - .

Abstrak



ABSTRAK

Miarti. 2010. Influence of Financial Performance on Corporate Value With Good Corporate Governance (GCG) as Moderating Variables. Jurusan S1 Akuntasi Universitas Negeri Malang. Pembimbing (1) Dr. Bambang Sugeng, M.A., M.M. Ak, Pembimbing (2) Dra. Hj. Sutatmi, SE, M.pd., M.Si. Ak

Key word : return on asset, good corporate governance, tobins’q, corporate value

Corporation was an institute which has an aim to make a profit for increasing corporate value. Researches on the influence of financial performance which in this case is assessed by Return on Assets (ROA) on corporate value have been widely conducted, however results inconsistency occurred based on there are another influend factor therefore researchers predicted that there are other influencing factors. This condition drives researchers to use good corporate governance (GCG) as moderating variables wich predicted has an ability to increasing an also decreasing that influence.

This research aims to know the influence of ROA (return on asset) on the corporation value and the influence of ROA (return on asset) on the corporation value with good corporate governance as the moderation. The population of this research is the corporation which in CGPI and have been listed in BEI during 2005-2007. This research uses purposive sampling technic which mean sampling was taken by (pertimbangan tertentu) and use to get the representative sample as the goal. Therefore, samples of this research are all of corporations which have been listed in BEI, CGPI rank, and publishing the financial report during 2005-2007. The hypothesis is tested using moderated regression analysis to find out the interactive influence the moderating variables. The corporate value measured using Tobin's Q, while GCG is measured by the criteria from FCGI.

Result indicate that (1) ROA has an influence on corporate value, (2) the disclosure of GCG is unable to moderate the relation of ROA and corporate value. It is because GCG disclosure in Indonesian Corporation was untrusted enough for the investor. The investor believe that the aim of GCG disclosure just for fulfill the law obligation not because they have a responsibilities to do it in voluntary.

Based on the conclusion of this research, it’s important for next research to add the amount of sample and research period, so the research can be generelated. ROE, PBV, or leverage also can be used as the proxy of financial performence. GCG can be proxied by managerial ownership, the board of commissioners, independent commissioner, or audit committee.