Pengaruh Good Corporate Governance Terhadap Kinerja Perusahaan dan Kinerja Pasar Perusahaan BUMN Go Public Tahun 2014-2018

Abstract

Kinerja pasar perusahaan BUMN go public tidak sebaik tolak ukur pasar global maupun nasional, hal ini dapat dilihat dari kinerja pasar perusahaan BUMN go public tidak bereaksi sesuai dengan tolak ukur lainnya. Penurunan kinerja pasar perusahaan BUMN go public dapat dikarenakan fundamental perusahaannya melemah. Penurunan laba pada perusahaan BUMN go public selama periode 2014-2018 menunjukkan bahwa kinerja perusahaan menurun. Kinerja manajemen perusahaan bukan hanya dinilai dari aspek keuangan, yaitu kinerja pasar dan kinerja perusahaan melainkan perlu dipertimbangkan aspek non-keuangan. Salah satu aspek non-keuangan yaitu penerapan good corporate governance (GCG). Seluruh perusahaan BUMN telah diwajibkan menerapkan GCG yang diharapkan akan mendukung aspek keuangan peusahaan BUMN. Kinerja perusahaan dan kinerja pasar BUMN go public lemah, padahal perusahaan telah menerapkan GCG. Berdasarkan pemaparan latar belakang, penerapan GCG terlihat seperti tidak memiliki pengaruh terhadap kinerja perusahaan dan pasar perusahaan BUMN go public. Hal ini ditunjukkan melalui kecenderungan turunnya nilai pasar dan nilai akuntansi perusahaan BUMN go public. Berdasarkan laporan oleh ACGA, GCG Indonesia selalu berada pada peringkat terakhir dan memiliki skor terendah. Isu yang selalu ditemukan yaitu adanya campur tangan politik dan tingkat korupsi selama periode tahun 2010 sampai dengan tahun 2018. Ada asumsi terjadi agency problem dalam bentuk asimetri informasi yaitu harga saham BUMN go public yang mahal tetapi kinerja keuangan yang lemah dan adanya conflict of interest oleh pemerintah sebagai operator dan regulator. Implementasi GCG dapat sebagai mekanisme kontrol pengelolaan perusahaan dalam mengatasi masalah tersebut. Perusahaan yang menerapkan GCG akan memberikan sinyal yang baik bagi investor sehingga meningkatkan harga saham, tetapi selama tahun 2014 sampai dengan tahun 2018 harga saham menurun. Penelitian ini bertujuan menganalisis pengaruh GCG sebagai variabel independen terhadap kinerja perusahaan dan kinerja pasar, pengaruh GCG sebagai variabel moderasi hubungan kinerja perusahaan terhadap kinerja pasar di perusahaan BUMN go public. Jenis data yang digunakan adalah data sekunder berupa laporan keuangan tahunan perusahaan BUMN go public dari periode tahun 2014-2018. Jumlah sampel penelitian adalah 19 perusahaan berdasarkan teknik pengambilan sampel purposive sampling. Teknik pengolahan data dilakukan dengan analisis data panel dengan bantuan perangkat lunak EVIEWS9. Hasil penelitian menunjukkan tidak adanya pengaruh GCG sebagai variabel independen terhadap kinerja perusahaan dan kinerja pasar. mekanisme GCG belum mampu meningkatkan profitabilitas (laba bersih setelah pengurangan biaya modal dan operasional) dan nilai perusahaan BUMN di pasar modal secara langsung. Meskipun GCG tidak dapat mempengaruhi secara langsung terhadap kinerja perusahaan dan kinerja pasar BUMN go public,tetapi GCG sebagai variabel moderasi atau dengan kata lain semakin memperkuat hubungan positif kinerja perusahaan dengan kinerja pasar. Kinerja perusahaan memiliki pengaruh secara langsung dan tidak langsung terhadap kinerja pasar melalui moderasi GCG, yaitu menunjukkan penurunan kinerja pasar disebabkan rendahnya peranan GCG pada peusahaan BUMN go public dalam memonitoring manejemen perusahaan, sehingga menyebabkan kinerja perusahaan menurun. Penelitian Nurcahyani et al. (2013), GCG diukur berdasarkan CGPI memiliki pengaruh secara simultan terhadap kinerja perusahaan yang diukur dengan menggunakan ROA dan ROE pada perusahaan peserta CGPI di BEI termasuk perusahaan BUMN go public dan penelitian Handayani dan Yasa (2015) menunjukkan bahwa terdapat hubungan positif antara GCG dengan harga saham, hal ini sesuai antara mekanisme GCG secara eksternal berpengaruh terhadap kinerja pasar. Penelitian terdahulu tersebut menunjukkan bahwa GCG sebagai variabel independen atau secara langsung dapat mempengaruhi kinerja perusahaan dan kinerja pasar, sedangkan pada penelitian ini GCG hanya mampu mempengaruhi sebagai variabel moderasi. Penelitian ini menjelaskan bahwa peran dari GCG masih ada walaupun hanya memperkuat hubungan kinerja perusahaan dan kinerja pasar, hal ini sesuai dengan teori signaling yang menyatakan bahwa pemberian sinyal oleh manajemen yang sesuai dengan kondisi kinerja perusahaan untuk menghindari asimetri informasi akan tercermin pada kinerja pasarnya. Dengan adanya hasil yang tidak signifikan maka perlu dilakukan pengujian dengan masing-masing indikator GCG.

The market performance of state-owned companies going public was not as good as global and national market benchmarks, this could be seen from the market performance of state-owned enterprises that go public did not react according to other benchmarks. The decline in market performance of state-owned companies going public could be due to weak corporate fundamentals. The decline in profit at state-owned companies going public during the 2014-2018 period indicated that the company's performance had decreased. The performance of company management was not only assessed from financial aspects, namely market performance and company performance, but also needed to be considered from non-financial aspects. One of the non-financial aspects was the implementation of good corporate governance (GCG). All BUMN companies were required to implement GCG which was expected to support the financial aspects of BUMN companies. The performance of the company and the performance of the BUMN go public market was weak, even though the company had implemented GCG. Based on the background presentation, the implementation of GCG seemed to had no effect on the performance of the company and the market for state-owned enterprises to go public. This was indicated by the tendency of decreasing market value and accounting value of state-owned enterprises to go public. Based on a report by ACGA, Indonesia's GCG was always in the last rank and has the lowest score. Issues that always found were the existence of political interference and the level of corruption during the period 2010 to 2018. There was an assumption that agency problems occur in the form of information asymmetry, namely the expensive share price of BUMN go public but weak financial performance and conflict of interest by the government as an operator and regulator. The implementation of GCG could acted as a company management control mechanism in overcoming these problems. Companies that implement GCG would provided a good signal for investors so as to increase share prices, but during 2014 to 2018 share prices decreased. This study aims to determine the effect of GCG as an independent variable on company performance and market performance, the effect of GCG as a moderating variable on the relationship between company performance and market performance in state-owned companies going public. The type of data used was secondary data in the form of annual financial statements of state-owned companies going public from the 2014-2018 period. The number of research samples were 19 companies based on purposive sampling technique. The data processing technique was carried out by analyzing panel data with the help of the EVIEWS9 software. The results showed that there was no effect of GCG as an independent variable on company performance and market performance. GCG assistance had not been able to increased profitability after calculating after the capital and operational costs) and the value of BUMN companies in the capital market directly. Although GCG could not directly affect company performance and market performance of state-owned enterprises to go public, GCG as a moderating variable or in other words increased the positive relationship between company performance and market performance. Company performance had a direct and indirect influence on market performance through GCG, which showed a decline in market performance due to the low role of GCG in publicly owned SOEs in monitoring company management, which caused the company's performance to declined. Research by Nurcahyani et al. (2013), GCG measured based on CGPI had a simultaneous influence on company performance as measured by using ROA and ROE in CGPI participating companies on the IDX including state-owned companies going public and Handayani and Yasa's research (2015) showed that there was a positive relationship between GCG and price. shares, this is in line with the GCG mechanism externally influencing market performance. Previous research had shown that GCG as an independent variable or directly affecting company performance and market performance, whereas in this study GCG was only able to influence it as a moderating variable. This study explains that the role of GCG still existed even though it only strengthens the relationship between company performance and market performance, This is in accordance with the signaling theory which stated that signaling by management in accordance with company performance conditions to avoided information asymmetry would be reflected in market performance. With the insignificant results, it was necessary to tested with each GCG indicator.