Pengaruh Corporate Governance Terhadap Harga Saham (Studi Kasus Pada Perusahaan Tercatat Indeks KOMPAS100 Tahun 2014-2018)

Abstract

Praktik good corporate governance memiliki peranan sangat penting dalam mengarahkan dan mengelola suatu perusahaan. Salah satu penyebab krisis keuangan yang dialami Indonesia pada tahun 1998 dan 2008 adalah lemahnya praktik tata kelola suatu perusahaan di Indonesia. Perkembangan praktik tata kelola di Indonesia masih sangat tertinggal dengan negara ASEAN lainnya, berdasarkan hasil penilaian terakhir ASEAN Corporate Governance Scorecard (ACGS) Indonesia berada di peringkat ke 4 dari 6 negara peserta ACGS. Penelitian terdahulu menyatakan bahwa good corporate governance mempengaruhi harga saham suatu perusahaan. Penguatan corporate governance pada perusahaan akan mengurangi agency problem dan tercipta pengelolaan perusahaan yang transparan, akuntabel, tanggung jawab, independen dan wajar. Hal ini tentu akan menarik minat investor dalam menginvestasikan dananya sehingga akan mempengaruhi harga saham perusahaan tersebut. Harga saham akan berfluktuasi seiring dengan permintaan dari saham tersebut. Penelitian ini bertujuan untuk menganalisis tingkat kepatuhan perusahaan Indeks KOMPAS100 dalam menerapkan dan mengungkapan praktik Good Corporate Governance pada 2014 – 2018 dan menganalisis pengaruh Good Corporate Governance terhadap Harga Saham. Jumlah sampel penelitian adalah 56 perusahaan yang dipilih berdasarkan teknik purposive sampling dengan 3 kriteria. Jenis data yang digunakan data sekunder dari laporan tahunan perusahaan, situs web dan informasi resmi regulator atau perusahaan. Teknik pengolahan data menggunakan analisis data panel dengan bantuan perangkat lunak STATA 16. Hasil penelitian menunjukkan bahwa jumlah Komisaris Independen, return on assets, price to earning ratio dan price to book value memiliki pengaruh yang signifikan terhadap harga saham ke arah positif. Variabel jumlah rapat Dewan Komisaris, jumlah Direksi, jumlah rapat Direksi, pendidikan/pelatihan sekretaris perusahaan dan earning per share memiliki pengaruh positif namun tidak signifikan. Hasil uji simultan menunjukkan adanya pengaruh positif signifikan dari sembilan variabel independen terhadap harga saham. Hasil pengujian koefisien determinan menunjukkan besarnya adjusted R-square adalah 0.9609 atau 94.81%.

Good corporate governance practice plays a very important role to direct and manage a company. One of the causes of the financial crises that Indonesia experienced in 1998 and 2008 was the weak corporate governance practices. The development of governance practices in Indonesia is still lagging behind other ASEAN countries. Based on the results of the latest assessment of the ASEAN Corporate Governance Scorecard (ACGS), Indonesia is in 4th place out of 6 ACGS participating countries. Previous research statef that good corporate governance affects the stock price of a company. Strengthening corporate governance in companies will reduce agency problems and create transparent, accountable, responsible, independent and fair company management. It will certainly attract investors to invest their funds, thus, it will affect the company's stock price. Share prices will fluctuate in line with the demand for these shares. This research aimed to analyze the level of compliance of companies with the KOMPAS100 Index in implementing and disclosing Good Corporate Governance practices in 2014-2018 and analyzing the effect of Good Corporate Governance on Stock Prices. The number of research samples were 56 companies selected based on purposive sampling technique with 3 criteria. The type of data used was secondary data from company annual reports, websites and official information of regulators or companies. The data processing technique used panel data analysis with the help of STATA 16 software. The research showed that the number of Independent Commissioners, return on assets, the ratio of price to income and price to book value had a significant effect on stock prices in a positive direction. The variables of the number of Board of Commissioners meetings, the number of Directors, the number of Board of Directors meetings, education/training of company secretaries and earnings per share had a positive but insignificant effect. The variables of the number of Independent Commissioners and the number of Board of Directors meetings had a negative but insignificant effect on share prices. The simultaneous test results showed a significant positive effect of nine independent variables on stock prices. The test results for the determinant coefficient showed that the adjusted R-square was 0.9609 or 94.81%.