ART Apriani Dorkas RA Supatmi The Effect of Board Diversity Abstract
VOLUME
1O
NOMOR 2 SEPTEMBER 2011
M
B
rssN l4t2-3789
MANAJEMEN
BISNIS
BERKALA ILMIAF{
Terakreditasi dengan SK Dikti No.: 51/Dikti/Kepl2o10
J.E. Sutanto
Christian Yohandoyo
Perbandingan Harapan Konsumen Merek Sepeda
Motor Suzuki dan Honda dalam Aspek Produk, Harga,
Saluran Distribusi dan Promosi
M. lrhas Effendi
Elemen lntangible Organisasi dan Kinerja Organisasi:
Kajian Empiris Resource Based Views pada Organisasi
Pemerintahan Daerah
Suyanto
Foreign Ownership, Productivity, and Economic Crisis
Apriani Dorkas Rambu Atahau
Supatmi
The Effect of Board Diversity on Financial Performance
of Employer's Pension Fund
Boge Triatmanto
Pemberdayaan Sumber Daya Manusia, Resiliensi
Organisasi dan Kinerja Organisasi pada Industri Jasa
Maria Patricia Gautama
Jony Oktavian Haryanto
The Effect of Consumer Factors and Store lmage Which
ls Moderated by PLB lmage Towards PLB Purchase
lntention
Grace T. Pontoh
Examining A Model of lnformation Technology
Acceptance by Users of Enterprise Resource Planning
Rudy Aryanto
Factor Analysis to Guest Satisfaction Differentiated by
Income Segment
B. Linggar Yekti Nugraheni
The Effect of Negative Earnings Towards Value
Relevance of Accounting Numbers
Jilly Jo Haryanto
Andy Susilo Lukito Budi
Student Parent Perception Towards Consumer Based
Brand Equity
DAFTARISI
J .E. Sutanto
Perbandingan Harapan Konsumen
Christian Yohandoyo
Merek Sepeda Motor Suzuki dan Honda
143-155
dalam Aspek Produk, Harga, Saluran
Distribusi dan Promosi
M. Irhas Effendi
Elemen Intangible Organisasi dan
156-176
Kinerja Organisasi:
Kajian Empiris Resource Based Views
pada Organisasi Pemerintahan Daerh
Suyanto
Foreign Ownership, Productivity, and
177-191
Economic Crisis
Apriani Dorkas Rambu Atahau
The Effect of Board Diversity on
Supatmi
Financial Performance of Employer's
192-200
Pension Fund
Boge Triatmanto
Pemberdayaan Sumber Daya Manusia,
201-216
Resiliensi Organisasi dan Kinerja
Organisasi pada Industi J asa
Maria Patricia Gautama
The Effect of Consumer Factors and
J ony Oktavian Haryanto
Store Image Which Is Moderated by
217-231
PLB Image Towards PLB Purchase
Intention
Grace T. Pontoh
Examining A Model of Information
232-242
Technology Acceptance by Users of
Enteprise Resource Planning
Rudy Aryanto
Factor Analysis to Guest Satisfaction
243-251
Differentiated by Income Segment
B. Linggar Yekti Nugraheni
The Effect of Negative Enings
252-265
Towards Value Relevance of
Accounting Numbers
Jilly Jo Haryanto
Student Parent Perception Towards
Andy Susilo Lukito Budi
Consumer Based Brand Equity
266-276
THE EFFECT OF BOARD DIVERSITY ON FINANCIAL
PERFORMANCE OF EMPLOYER’S PENSION FUND
Apriani Dorkas Rambu Atahau
Faculty of Business and Economics, Satya Wacana Christian University, email: [email protected]
Supatmi
Faculty of Business and Economics, Satya Wacana Christian University, email: [email protected]
Abstract
Good corporate governance as a concept gains wide public attention especially after the 19971998 financial crises. The falls of many financial institutions is believed related to the absence
of good corporate governance. As one of financial institutions which mainly serve for
providing future benefits after retirement, Indonesian employer’s pension fund also required to
implement good pension fund governance through a regulation from Head of BAPEPAM-LK
Number Kep-136/BL/2006 about the Guidelines of Pension Fund Governance. The
implementation of this regulation will give impacts on the board diversity since the board will
be the front line in implementing good pension fund governance.
The objective of this research is to examine the effect of board diversity to financial
performance of Indonesian employer’s pension fund. In this research, board diversity is
measured by three variables, i.e. gender, education background and duality. Financial
Performance is measured by Return on Investment, Return on Assets and Fund Sufficiency
Ratio. Research sample consists of ten employer’s pension fund as members of Indonesian
Christian Pension Fund Association who conduct defined benefit program, which possesses
complete data from 2006-2009 Association’s Directory. Analysis is done with multiple
regressions by controlling pension fund basis, board size and pension fund size. The result finds
that board diversity impact employer’s pension fund financial performance. It implies the need
to consider board heterogeneity in the election of board member to optimize employer’s fund
financial performance.
Keywords: corporate governance, board diversity, financial performance, pension fund
Abstrak
Good corporate governance (GCG) merupakan konsep yang menjadi perhatian publik
khususnya setelah krisis keuangan yang terjadi pada tahun 1997-1998. Jatuhnya beberapa
lembaga keuangan juga dikaitkan dengan ketiadaan GCG dalam lembaga tersebut. Sebagai
salah satu lembaga keuangan yang secara khusus menyediaan jasa pembayaran manfaat di
masa pensiun, Dana Pensiun Pemberi Kerja (DPPK) di Indonesia juga disyaratkan untuk
menerapkan tata kelola dana pensiun yang baik, melalui Keputusan Ketua Bapepam LK Nomor
Kep-136/BL/2006 tentang Pedoman Tata Kelola Dana Pensiun. Pelaksanaan peraturan ini akan
memberikan dampak kepada persebaran pengurus sebagai dewan direksi dana pensiun (board
diversity) mengingat pengurus adalah pihak yang secara langsung terlibat dalam pelaksanaan
tata kelola dana pensiun.
Penelitian ini bertujuan untuk menguji pengaruh persebaran pengurus (board diversity)
terhadap kinerja keuangan DPPK di Indonesia. Dalam penelitian ini, board diversity akan
dilihat dari tiga variabel yaitu gender, latar belakang pendidikan dan perangkapan jabatan
(duality). Kinerja keuangan diukur dengan ROI, ROA, dan Rasio Kecukupan Dana (RKD).
Sampel penelitian terdiri dari 10 dana pensiun yang menjadi anggota Badan Kerjasama Dana
Pensiun Kristen Indonesia yang menjalankan Program Pensiun Manfaat Pasti (PPMP), yang
ANI & PAT, revised and sent to UBAYA at 25th, April 2011
memiliki kelengkapan data penelitian tahun 2006-2009. Analisis dilakukan dengan regresi
berganda dengan variabel kontrol basis dana pensiun, jumlah pengurus, dan besaran dana
pensiun. Hasil penelitian menunjukkan bahwa board diversity mempengaruhi kinerja keuangan
dana pensiun pemberi kerja. Temuan ini mengimplikasikan perlunya mempertimbangkan
heterogenitas di dalam pemilihan pengurus dana pension dalam rangka mengoptimalkan
kinerja dana pensiun pemberi kerja.
Kata kunci: corporate governance, board diversity, financial performance, pension fund
ANI & PAT, revised and sent to UBAYA at 25th, April 2011
1O
NOMOR 2 SEPTEMBER 2011
M
B
rssN l4t2-3789
MANAJEMEN
BISNIS
BERKALA ILMIAF{
Terakreditasi dengan SK Dikti No.: 51/Dikti/Kepl2o10
J.E. Sutanto
Christian Yohandoyo
Perbandingan Harapan Konsumen Merek Sepeda
Motor Suzuki dan Honda dalam Aspek Produk, Harga,
Saluran Distribusi dan Promosi
M. lrhas Effendi
Elemen lntangible Organisasi dan Kinerja Organisasi:
Kajian Empiris Resource Based Views pada Organisasi
Pemerintahan Daerah
Suyanto
Foreign Ownership, Productivity, and Economic Crisis
Apriani Dorkas Rambu Atahau
Supatmi
The Effect of Board Diversity on Financial Performance
of Employer's Pension Fund
Boge Triatmanto
Pemberdayaan Sumber Daya Manusia, Resiliensi
Organisasi dan Kinerja Organisasi pada Industri Jasa
Maria Patricia Gautama
Jony Oktavian Haryanto
The Effect of Consumer Factors and Store lmage Which
ls Moderated by PLB lmage Towards PLB Purchase
lntention
Grace T. Pontoh
Examining A Model of lnformation Technology
Acceptance by Users of Enterprise Resource Planning
Rudy Aryanto
Factor Analysis to Guest Satisfaction Differentiated by
Income Segment
B. Linggar Yekti Nugraheni
The Effect of Negative Earnings Towards Value
Relevance of Accounting Numbers
Jilly Jo Haryanto
Andy Susilo Lukito Budi
Student Parent Perception Towards Consumer Based
Brand Equity
DAFTARISI
J .E. Sutanto
Perbandingan Harapan Konsumen
Christian Yohandoyo
Merek Sepeda Motor Suzuki dan Honda
143-155
dalam Aspek Produk, Harga, Saluran
Distribusi dan Promosi
M. Irhas Effendi
Elemen Intangible Organisasi dan
156-176
Kinerja Organisasi:
Kajian Empiris Resource Based Views
pada Organisasi Pemerintahan Daerh
Suyanto
Foreign Ownership, Productivity, and
177-191
Economic Crisis
Apriani Dorkas Rambu Atahau
The Effect of Board Diversity on
Supatmi
Financial Performance of Employer's
192-200
Pension Fund
Boge Triatmanto
Pemberdayaan Sumber Daya Manusia,
201-216
Resiliensi Organisasi dan Kinerja
Organisasi pada Industi J asa
Maria Patricia Gautama
The Effect of Consumer Factors and
J ony Oktavian Haryanto
Store Image Which Is Moderated by
217-231
PLB Image Towards PLB Purchase
Intention
Grace T. Pontoh
Examining A Model of Information
232-242
Technology Acceptance by Users of
Enteprise Resource Planning
Rudy Aryanto
Factor Analysis to Guest Satisfaction
243-251
Differentiated by Income Segment
B. Linggar Yekti Nugraheni
The Effect of Negative Enings
252-265
Towards Value Relevance of
Accounting Numbers
Jilly Jo Haryanto
Student Parent Perception Towards
Andy Susilo Lukito Budi
Consumer Based Brand Equity
266-276
THE EFFECT OF BOARD DIVERSITY ON FINANCIAL
PERFORMANCE OF EMPLOYER’S PENSION FUND
Apriani Dorkas Rambu Atahau
Faculty of Business and Economics, Satya Wacana Christian University, email: [email protected]
Supatmi
Faculty of Business and Economics, Satya Wacana Christian University, email: [email protected]
Abstract
Good corporate governance as a concept gains wide public attention especially after the 19971998 financial crises. The falls of many financial institutions is believed related to the absence
of good corporate governance. As one of financial institutions which mainly serve for
providing future benefits after retirement, Indonesian employer’s pension fund also required to
implement good pension fund governance through a regulation from Head of BAPEPAM-LK
Number Kep-136/BL/2006 about the Guidelines of Pension Fund Governance. The
implementation of this regulation will give impacts on the board diversity since the board will
be the front line in implementing good pension fund governance.
The objective of this research is to examine the effect of board diversity to financial
performance of Indonesian employer’s pension fund. In this research, board diversity is
measured by three variables, i.e. gender, education background and duality. Financial
Performance is measured by Return on Investment, Return on Assets and Fund Sufficiency
Ratio. Research sample consists of ten employer’s pension fund as members of Indonesian
Christian Pension Fund Association who conduct defined benefit program, which possesses
complete data from 2006-2009 Association’s Directory. Analysis is done with multiple
regressions by controlling pension fund basis, board size and pension fund size. The result finds
that board diversity impact employer’s pension fund financial performance. It implies the need
to consider board heterogeneity in the election of board member to optimize employer’s fund
financial performance.
Keywords: corporate governance, board diversity, financial performance, pension fund
Abstrak
Good corporate governance (GCG) merupakan konsep yang menjadi perhatian publik
khususnya setelah krisis keuangan yang terjadi pada tahun 1997-1998. Jatuhnya beberapa
lembaga keuangan juga dikaitkan dengan ketiadaan GCG dalam lembaga tersebut. Sebagai
salah satu lembaga keuangan yang secara khusus menyediaan jasa pembayaran manfaat di
masa pensiun, Dana Pensiun Pemberi Kerja (DPPK) di Indonesia juga disyaratkan untuk
menerapkan tata kelola dana pensiun yang baik, melalui Keputusan Ketua Bapepam LK Nomor
Kep-136/BL/2006 tentang Pedoman Tata Kelola Dana Pensiun. Pelaksanaan peraturan ini akan
memberikan dampak kepada persebaran pengurus sebagai dewan direksi dana pensiun (board
diversity) mengingat pengurus adalah pihak yang secara langsung terlibat dalam pelaksanaan
tata kelola dana pensiun.
Penelitian ini bertujuan untuk menguji pengaruh persebaran pengurus (board diversity)
terhadap kinerja keuangan DPPK di Indonesia. Dalam penelitian ini, board diversity akan
dilihat dari tiga variabel yaitu gender, latar belakang pendidikan dan perangkapan jabatan
(duality). Kinerja keuangan diukur dengan ROI, ROA, dan Rasio Kecukupan Dana (RKD).
Sampel penelitian terdiri dari 10 dana pensiun yang menjadi anggota Badan Kerjasama Dana
Pensiun Kristen Indonesia yang menjalankan Program Pensiun Manfaat Pasti (PPMP), yang
ANI & PAT, revised and sent to UBAYA at 25th, April 2011
memiliki kelengkapan data penelitian tahun 2006-2009. Analisis dilakukan dengan regresi
berganda dengan variabel kontrol basis dana pensiun, jumlah pengurus, dan besaran dana
pensiun. Hasil penelitian menunjukkan bahwa board diversity mempengaruhi kinerja keuangan
dana pensiun pemberi kerja. Temuan ini mengimplikasikan perlunya mempertimbangkan
heterogenitas di dalam pemilihan pengurus dana pension dalam rangka mengoptimalkan
kinerja dana pensiun pemberi kerja.
Kata kunci: corporate governance, board diversity, financial performance, pension fund
ANI & PAT, revised and sent to UBAYA at 25th, April 2011