PENGARUH GOOD CORPORATE GOVERNANCE TERHADAP NILAI PERUSAHAAN DAN KARAKTERISTIK PERUSAHAAN (STUDI PADA PERUSAHAAN PERBANKAN LISTING DI BURSA EFEK INDONESIA) - Perbanas Institutional Repository

  PENGARUH GOOD CORPORATE GOVERNANCE TERHADAP

NILAI PERUSAHAAN DAN KARAKTERISTIK PERUSAHAAN

  

(STUDI PADA PERUSAHAAN PERBANKAN LISTING

DI BURSA EFEK INDONESIA)

SKRIPSI

  Diajukan untuk Memenuhi Salah Satu Syarat Penyelesaian Program Pendidikan Strata Satu

  Jurusan Akuntansi Oleh :

  

DYAH ANGGOROWATI

NIM: 2010310006

SEKOLAH TINGGI ILMU EKONOMI PERBANAS

SURABAYA

  2014

  

MOTTO

I never think about what happened in the past,

because past always gone.. I never dream so far

about future, because tomorrow may not come.. I just

stand today and fight for life..

  

No Regret, No Wonder, Face Today

This Thesis Dedicated to.

  

My Greatest Allah SWT, that always give me a great power, healthy,

and spirit to finish this thesis

My Father, Drh. Endra Wijaya (alm.), that always look at me down

here from the heaven, to support me, and want me to be a best daughter he ever have

My Mom, Suharti, that always pray for me everytime, give me a lot

of advices, experiences, and big support.. With happiness and sorrow..

  Tears and Laugh..

  My Best Lecturer, Ibu Supriyati and Ibu Nurul Hasanah, for every experiences and all time given to help me, with all condition My Unbiological Mom, Mam Laila, that always give me ideas, place, support, and also time, especially in a spare time My Best Partner, Erick Djami Rohi, for the time, the ideas, the

support, the motorcycle, the printer, the warm shoulders, and also the

love that accompany me along days.

  

My Brother, Arief Wedyo Wibhisono and Fairuzetta Yogananda,

for the prayer and support, even I know, both of you didn’t understand about what I’ve done

My Best Friend, Rika Rijki Novitasari, Aprilina Suhermin, Nansi

Padako, and ALL OF YOU, that always help me and support me since in the first semester to the last semester and graduate together My Choir Family, My BPH Filza, Cintya, Ayu, for all love and story that I will never forget about, we are all in this together guys My Colaboration Team, I will never forget the canteen time after counseling

And all people that I can not mention each of you here, thank you for

the support….

  Assalamualaikum Wr.Wb Syukur Alhamdulillah kehadirat ALLAH SWT, karena limpahan rahmat-Nya, serta

senantiasa memberikan kesehatan dan semangat sehingga penulis dapat menyelesaikan skripsi

yang berjudul

  “Pengaruh Good Corporate Governance terhadap Nilai Perusahaan dan

Karakteristik Perusahaan (Studi pada Perusahaan Perbankan Listing di Bursa Efek

Indonesia)”.

  Penelitian ini di maksudkan untuk memenuhi salah satu syarat kelulusan dalam menempuh

pendidikan Strata 1 pada program studi Akuntansi Sekolah Tinggi Ilmu Ekonomi Perbanas

Surabaya. Pada kesempatan ini, penulis menyampaikan ucapan terima kasih yang sebanyak-

banyaknya kepada :

  1. Ibu Dr. Dra. Psi.Tatik Suryani, M.M, selaku Ketua STIE Perbanas Surabaya.

  2. Ibu Supriyati, SE., Ak., M.Si selaku Kepala Prodi S1 Akuntansi sekaligus

Dosen Pembimbing dan Dosen Wali yang telah memberikan bimbingan.

  3. Ibu Riski Aprillia Nita, S.E., M.A. selaku co dosen pembimbing skripsi 4.

  Ibu Nurul Hasanah Uswati Dewi, SE., M.Si. selaku Dosen Penguji Skripsi yang memberikan banyak informasi dan saran untuk perbaikan skripsi ini.

  5. Bapak Bayu Sarjono, S.E., Ak., M.Ak., CA., BKP selaku dosen penguji skripsi.

  6. Bapak/Ibu Dosen STIE Perbanas Surabaya yang telah memberi ilmu yang sangat bermanfaat selama perkuliahan.

  7. Pihak Yayasan STIE Perbanas Surabaya.

  8. Seluruh Staff Perpustakaan STIE Perbanas Surabaya yang mempermudah dalam memperoleh referensi dan data-data untuk penyelesaian skripsi ini. Penulis menyadari bahwa penelitian ini masih jauh dari kata sempurna, karena itu

saran dan kritik yang membangun akan penulis terima dengan senang hati demi

kesempurnaan skripsi ini. Akhir kata penulis berharap skripsi ini dapat bermanfaat

bagi semua pihak yang membutuhkan.

  Surabaya, April 2014 Penulis

  HALAMAN JUDUL ................................................................................................ i HALAMAN PERSETUJUAN SIAP DI UJI .......................................................... ii HALAMAN LULUS UJIAN SKRIPSI ................................................................. iii HALAMAN PENGESAHAN SKRIPSI ................................................................ iv HALAMAN MOTTO DAN PERSEMBAHAN ...................................................... v KATA PENGANTAR .......................................................................................... vii DAFTAR ISI ...................................................................................................... viii DAFTAR TABEL .................................................................................................. xi DAFTAR GAMBAR ........................................................................................... xiv DAFTAR LAMPIRAN .......................................................................................... xv

  2.2 Landasan Teori ...............................................................................11

  2.4.4 Peraturan tentang Good Corporate Governance ............... 22

  2.4.3 Manfaat dan Tujuan Good Corporate Governance ........... 21

  2.4.2 Prinsip-prinsip Good Corporate Governance ................... 18

  2.4.1 Pengertian Good Corporate Governance .......................... 16

  2.4 Good Corporate Governance .........................................................16

  2.3 Nilai Perusahaan .............................................................................15

  2.2.2 Signalling Theory .............................................................. 13

  2.2.1 Agency Theory ................................................................... 11

  2.1.3 V. Titi Purwantini (2008) .................................................. 10

  BAB I PENDAHULUAN ....................................................................................... 1

  2.1.2 Imen Kanchel (2009) ......................................................... 10

  2.1.1 Reny Dyah Retno dan Denies Priantinah (2012) ................. 9

  2.1 Penelitian Terdahulu .........................................................................9

  BAB II TINJAUAN PUSTAKA ............................................................................. 9

  1.5 Sistematika Penulisan .......................................................................7

  1.4 Manfaat Penelitian ............................................................................6

  1.3 Tujuan Penelitian ..............................................................................5

  1.2 Perumusan Masalah ..........................................................................5

  1.1 Latar Belakang Masalah ...................................................................1

  2.4.5 Implementasi Prinsip-prinsip Good Corporate Governance dalam Industri Perbankan .................................................. 23

  2.6 Good Corporate Governance dan Ukuran Perusahaan ...................31

  3.7.1 Uji Statistik Deskriptif ....................................................... 43

  4.5 Pembahasan ..................................................................................114

  4.4.4 Pengujian Hipotesis Pengaruh Good Corporate Governance terhadap Pertumbuhan Pendapatan (GR)......................... 113

  4.4.3 Pengujian Hipotesis Pengaruh Good Corporate Governance terhadap Ukuran Perusahaan (SIZE) ............................... 110

  4.4.2 Pengujian Hipotesis Pengaruh Good Corporate Governance terhadap Nilai Perusahaan (PBV) .................................... 109

  4.4.1 Pengujian Hipotesis Pengaruh Good Corporate Governance terhadap Nilai Perusahaan (

  4.4 Pengujian Hipotesis ......................................................................106

  4.3 Pengujian Asumsi Klasik .............................................................101

  4.2.1 Analisis Deskriptif ............................................................. 50

  4.2 Analisis Data ..................................................................................50

  4.1 Gambaran Subjek Penelitian ..........................................................48

  BAB IV GAMBARAN SUBJEK PENELITIAN DAN ANALISIS DATA ........ 48

  3.7.3 Pengujian Hipotesis ........................................................... 45

  3.7.2 Uji Asumsi Klasik ............................................................. 44

  3.7 Teknik Analisis Data ......................................................................43

  2.7 Good Corporate Governance dan Pertumbuhan Pendapatan ........31

  3.6 Data dan Metode Pengumpulan Data .............................................42

  3.5 Populasi, Sampel, dan Teknik Pengambilan Sampel .....................41

  3.4.4 Pertumbuhan Pendapatan (Growth Revenue) .................... 41

  3.4.3 Ukuran Perusahaan ............................................................ 40

  3.4.2 Nilai Perusahaan ................................................................ 38

  3.4 Definisi Operasional dan Pengukuran Variabel .............................36

  3.3.2 Variabel Dependen ............................................................ 35

  3.3.1 Variabel Independen .......................................................... 35

  3.3 Indentifikasi Variabel .....................................................................34

  3.2 Batasan Penelitian ..........................................................................34

  3.1 Rancangan Penelitian .....................................................................34

  BAB III METODE PENELITIAN ......................................................................34

  2.8 Kerangka Pemikiran .......................................................................32

Tobin’s Q)............................ 107

  5.1 Kesimpulan ...................................................................................120

  5.2 Keterbatasan Penelitian ................................................................121

  5.3 Saran .............................................................................................123 DAFTAR RUJUKAN DAFTAR LAMPIRAN

Tabel 3.1 BOBOT PENILAIAN GOOD CORPORATE GOVERNANCE

  PER INDIKATOR .......................................................................... 37

Tabel 3.2 KLASIFIKASI PERINGKAT KOMPOSIT HASIL SELF

  ASSESSMENT BANK UMUM ...................................................... 38

Tabel 4.1 PEMILIHAN SAMPEL PENELITIAN BERDASARKAN

  KRITERIA ..................................................................................... 49

Tabel 4.2 SKOR GCG ASPEK PELAKSANAAN TUGAS DAN

  TANGGUNG JAWAB DEWAN KOMISARIS ............................ 59

Tabel 4.3 DESKRIPTIF STATISTIK ASPEK TUGAS DAN

  TANGGUNG JAWAB DEWAN KOMISARIS ............................ 60

Tabel 4.4 SKOR GCG ASPEK TUGAS DAN TANGGUNG JAWAB

  DEWAN DIREKSI ........................................................................ 63

Tabel 4.5 DESKRIPTIF STATISTIK ASPEK TUGAS DAN

  TANGGUNG JAWAB DEWAN DIREKSI .................................. 64

Tabel 4.6 SKOR GCG ASPEK KELENGKAPAN DAN

  PELAKSANAAN TUGAS KOMITE ............................................ 66

Tabel 4.7 DESKRIPTIF STATISTIK ASPEK KELENGKAPAN DAN

  PELAKSANAAN TUGAS KOMITE ............................................ 67

Tabel 4.8 SKOR GCG ASPEK PENANGANAN BENTURAN

  KEPENTINGAN ............................................................................ 69

Tabel 4.9 DESKRIPTIF STATISTIK ASPEK PENANGANAN

  BENTURAN KEPENTINGAN ..................................................... 70

Tabel 4.10 SKOR GCG ASPEK PENERAPAN FUNGSI KEPATUHAN

  BANK ............................................................................................. 73

Tabel 4.11 DESKRIPTIF STATISTIK ASPEK PENERAPAN FUNGSI

  KEPATUHAN BANK ................................................................... 74

Tabel 4.12 SKOR GCG ASPEK PENERAPAN FUNGSI AUDIT

  INTERNAL .................................................................................... 76

Tabel 4.13 DESKRIPTIF STATISTIK ASPEK PENERAPAN FUNGSI ...........................................................................

  AUDIT INTERNAL

  77 Tabel 4.14 SKOR GCG ASPEK PENERAPAN FUNGSI AUDIT EKSTERNAL ................................................................................. 79

Tabel 4.15 DESKRIPTIF STATISTIK ASPEK PENERAPAN FUNGSI

  AUDIT EKSTERNAL ................................................................... 81

Tabel 4.16 SKOR GCG ASPEK PENERAPAN MANAJEMEN RISIKO

  DAN PENGENDALIAN INTERNAL .......................................... 83

  MANAJEMEN RISIKO DAN PENGENDALIAN INTERNAL .. 84

Tabel 4.18 SKOR GCG ASPEK PENERAPAN MANAJEMEN RISIKO

  DAN PENGENDALIAN INTERNAL .......................................... 87

Tabel 4.19 DESKRIPTIF STATISTIK ASPEK PENYEDIAAN DANA

  KEPADA PIHAK TERKAIT (RELATED PARTY) DAN PENYEDIAAN DANA BESAR (LARGE EXPOSURES) ............. 88

Tabel 4.20 SKOR GCG ASPEK TRANSPARANSI KONDISI

  KEUANGAN DAN NON-KEUANGAN BANK, LAPORAN PELAKSANAAN GCG, DAN LAPORAN INTERNAL .............. 91

Tabel 4.21 DESKRIPTIF STATISTIK ASPEK TRANSPARANSI

  KONDISI KEUANGAN DAN NON-KEUANGAN BANK, LAPORAN PELAKSANAAN GCG, DAN LAPORAN

  INTERNAL .................................................................................... 92

Tabel 4.22 SKOR GCG ASPEK TRANSPARANSI KONDISI

  KEUANGAN DAN NON-KEUANGAN BANK, LAPORAN PELAKSANAAN GCG, DAN LAPORAN INTERNAL .............. 94

Tabel 4.23 DESKRIPTIF STATISTIK ASPEK RENCANA STRATEGIS

  BANK ............................................................................................. 96

Tabel 4.24 DESKRIPTIF STATISTIK VARIABEL DEPENDEN ................. 98Tabel 4.25 HASIL UJI NORMALITAS GOOD CORPORATE

  GOVERNANCE ........................................................................... 101

Tabel 4.26 HASIL UJI NORMALITAS

TOBIN’S Q ..................................... 102

Tabel 4.27 HASIL UJI NORMALITAS PRICE TO BOOK VALUE ............. 103Tabel 4.28 HASIL UJI NORMALITAS UKURAN PERUSAHAAN

  (SIZE) ........................................................................................... 104

Tabel 4.29 HASIL UJI NORMALITAS GROWTH REVENUE (GR) ........... 105Tabel 4.30 RINGKASAN HASIL UJI NORMALITAS ................................ 106Tabel 4.31 HASIL ANALISIS UJI-t GCG TERHADAP NILAI

PERUSAHAAN (Tobin’s Q) ....................................................... 108

Tabel 4.32 HASIL ANALISIS UJI-t GCG TERHADAP NILAI

  PERUSAHAAN (PBV) ................................................................ 109

Tabel 4.33 HASIL ANALISIS UJI-t GCG TERHADAP UKURAN

  PERUSAHAAN ........................................................................... 111

Tabel 4.34 HASIL ANALISIS KOEFISIEN DETERMINASI GCG

  TERHADAP UKURAN PERUSAHAAN ................................... 112

Tabel 4.35 HASIL ANALISIS UJI-t GCG TERHADAP PERTUMBUHAN

  PENDAPATAN ........................................................................... 114

Tabel 4.36 RINGKASAN HASIL UJI REGRESI LINIER ........................... 115

  

DAFTAR GAMBAR

Gambar 2.1 PENGARUH GOOD CORPORATE GOVERNANCE

  TERHADAP NILAI PERUSAHAAN DAN KARAKTERISTIK PERUSAHAAN ............................................................................. 32

Gambar 4.1 DESKRIPTIF STATISTIK VARIABEL INDEPENDEN

  GOOD CORPORATE GOVERNANCE TAHUN 2008 .................. 52

Gambar 4.2 DESKRIPTIF STATISTIK GOOD CORPORATE

  GOVERNANCE TAHUN 2009 ....................................................... 53

Gambar 4.3 DESKRIPTIF STATISTIK GOOD CORPORATE

  GOVERNANCE TAHUN 2010 ...................................................... 54

Gambar 4.4 DESKRIPTIF STATISTIK GOOD CORPORATE

  GOVERNANCE TAHUN 2011 ...................................................... 56