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
