Pengaruh Mekanisme Good Corporate Governance terhadapNilai Perusahaan pada BUMN yang Terdaftar di Bursa Efek Indonesia

Abstract

The research was conducted by motivated by the difference of interests between shareholders and management. Shareholders have an interest for the funds that have been invested gives maximum revenue, while the management have an interest in obtaining incentives of fund management company owners. These conditions will certainly lower the value of the company. Implementation of good corporate governance mechanisms on firm expected to address the misalignment between shareholders and management so as to enhance shareholder value. Therefore, this study aimed to determine the mechanisms of good corporate governance consists of Managerial Ownership, Institutional Ownership and Independent Commissioner affect either simultaneously or partially on the value of the state-owned company listed on the Indonesia Stock Exchange. The population in this study is based on criteria established in order to obtain 17 companies that meet the criteria are directly used as the object of research. Types of data used are secondary data obtained from the Annual Report IDX sites in 2010-2012. The statistical methods used to test the research hypothesis is path analysis (path analysis). The results showed that: (1) simultaneous effect of good corporate governance mechanisms of 16.9% on the value of the company. (2) Managerial Ownership effect of 2.0% on the value of the company, (3) Institutional Ownership of 14.9% effect on firm value, (4) Independent Commissioner of 0.2% effect on firm value