71
DAFTAR PUSTAKA Ahmad Juanda. 2009. Analisis Konseptual Good Corporate Governance. Naskah Publikasi Penelitian Dasar Keilmuan. Amyardi. 2010. Modul Seri 7: Etika (Good Corporate Governance). Program Pasca Sarjana, Magister Manajemen, Fakultas Ekonomi, Universitas Mercu Buana, Jakarta. Ashbaugh, H., D. W.Collins and R. LaFond. 2004. Corporate Governance and the Cost of Equity Capital, Working Paper, University of Winsconsin-Madison and University of Lowa. Badan Pengawas Pasar Modal. 2004. Kep-29/PM/2004. Pembentukan dan Pedoman Kerja Komite Audit. Bathala, C.T., K.R. Moon and R.P. Roa. 1994. Managerial Ownership, Debt Policy, and The Impact of Institutional Holdings; and Agency Perspective. Financial Management 23(autumn) : 38-50. Baysinger, B., Kosnik, R. D., & Turk, T. A. 1991. Effects of Board and Ownership Structure on Corporate R&D Strategy. Academy of Management Journal, 34: 205-214. Beiner, S., W. Drobetz, F. Schmid and H. Zimmermann. 2003. Is Board zise An Independent Corporate Governance Mechanism?. http://www.wwz.unibaz.ch/cofi/publications/papers/2003/06.03.pdf. Bursa Efek Jakarta, 2001, Kep-399/BEJ/07-2001 tanggal 20 Juli 2001 Tentang Peraturan Pencatatan Efek Nomor I-A Huruf C Tentang Kewajiban Perusahaan Tercatat Memiliki Komite Audit. Bursa Efek Jakarta Nomor Kep-305/BEJ/07-2004 tanggal 19 Juli 2004 tentang Pencatatan Saham dan Efek Bersifat Ekuitas Selain Saham Yang Diterbitkan Oleh Perusahaan Tercatat. Bushee, B. 1998. The Influence of Institutional Investors on Myopic R&D Investment Behaviour, The Accounting Review, Vol. 73, pp. 305-333. Chung, R., M. Firth and J-B Kim. 2002. Institutional Monitoring and Opportunistic Earnings Management, Journal of Corporate Finance 8: 2948.
72
Claessens, Stijn. 2003. Corporate Governance and Government. Global Corporate Governance Forum: Focus 1. Washington DC: The International Bank For Reconstruction And Development / The World Bank. Cornett M. M, J. Marcuss, Saunders dan Tehranian H. 2006. Earnings Management, Corporate Governance, and True Financial Performance. http://papers.ssrn.com/ Crutchley, C.E and R.S. Hansen. 1989. A Test of the Agency Theory of Managerial Ownership, Corporate Leverage and Corporate Dividends, Financial Management 18 (winter) : 36-76. Deni Darmawati, Khomsyiah dan Rika Gelar Rahayu. 2004. Hubungan Corporate Governance dan Kinerja Perusahaan, Simposium Nasional Akuntansi VII. Doddy Hapsoro. 2006. Mekanisme Corporate Governance, Transparansi dan Konsekuensi Ekonomik: Studi Empiris di Pasar Modal Indonesia. Disertasi Strata-3, Program Doktor Universitas Gajah Mada, Yogyakarta. Dwi Novi Kusumawati dan Bambang Riyanto LS. 2005. Corporate Governance dan Kinerja: Analisis Compliance Reporting dan Struktur Dewan Terhadap Kinerja, Simposium Nasional Akuntansi VIII : 248-261. Effendi, M. Arief. 2005. Peranan Komite Audit dalam Meningkatkan Kinerja Perusahaan, Jurnal Akuntansi Pemerintah, Volume 1, No. 1. Eisenberg, T., Sundgren, S., Wells, M. 1998. Larger Board Size and Decreasing Firm Value in Small Firms, Journal of Financial Economics, Vol. 48, pp. 35-54. Eisenhardt, K.M. 1989. Agency Theory: An Assesment and Review, Academy of Management Review. Vol. 14. No. 1: 57-74. Erna Hidayah. 2008. Pengaruh Kualitas Pengungkapan Informasi Tehadap Hubungan Antara Penerapan Corporate Governance dengan Kinerja Perusahaan Di Bursa Efek Jakarta, JAAI Vol 12 No.1. Etty Retno Wulandari. 2005. Konsep, Prinsip, dan Praktik Good Corporate Governance, Lembaga Komisaris dan Direktur Indonesia (LKDI), Jakarta. Faisal. 2005. Analisis Agency Cost, Struktur Kepemilikan dan Mekanisme Corporate Governance, Jurnal Riset Akuntansi Indonesia Vol 8, No. 2: 175190. Fama, E.F. and M.C. Jensen. 1983. Separation of Ownership and Control, Journal of Law and Economics, Vol. 26: 301-326.
73
Forum For Corporate Governance In Indonesia. 2001. Corporate Governance: Tata Kelola Perusahaan. Edisi Ketiga, Jakarta. Gideon SB Boediono. 2005. Kualitas Laba: Studi Pengaruh Mekanisme Corporate Governance dan Dampak Manajemen Laba dengan Menggunakan Analisis Jalur, Simposium Nasional Akuntansi VIII. Goodstein, J. & Boeker, W. 1991. Turbulence at the top: A New Perspective on Governance Structure Changes and Strategic Change, Academy of Management Journal, 34: 306-30. Goodstein, Jerry, Gautam, Kanak and Boeker, Warren. 1994. The Effects of Board Size and Diversity on Strategic Change, Strategic Management Journal 15: 241-250. Haris Wibisono. 2004. Pengaruh Earnings Management Terhadap Kinerja Di Seputar SEO, Tesis Strata-2, Magister Sains Akuntansi Universitas Diponegoro, Semarang. Tidak dipublikasikan Hekinus Manao. 1997. Efektivitas Komite Audit Perusahaan Peranan Independensi dan Kompetensi, Makalah Seminar Pengembangan Audit Committee di lingkungan Perusahaan di Indonesia Menghadapi Era Globalisasi, FKSPI BUMN/BUMD & IIA Indonesian Chapter. Imam Ghozali. 2006. Aplikasi Analisis Multivariate Dengan Program SPSS, cet 4, Badan Penerbit Universitas Diponegoro, Semarang. Indra Surya dan Ivan Yustiavandana. 2006. Penerapan Good Corporate Governance: Mengesampingkan Hak-Hak Istimewa Demi Kelangsungan Usaha, Cetakan Pertama, Edisi Pertama, Kencana, Jakarta. Jama’an. 2008. Pengaruh Mekanisme Corporate Governance, Dan Kualitas Kantor Akuntan Publik Terhadap Integritas Informasi Laporan Keuangan (Studi Pada Perusahaan Publik Di BEJ), Tesis Strata-2, Program Studi Magister Sains Akuntansi Universitas Diponegoro, Semarang. Jensen, M.C. dan W.H. Meckling. 1976. Theory of The Firm: Managerial Behavior, Agency Cost and Ownership Structure, Journal of Financial Economics, Vol. 3, No. 4: 305-360. Jensen, M.C. 1993 The Modern Industrial Revolution, Exit and The Failure of Internal Control System, The Journal of Finance 48: 831-880. Joni Emirzon. 2007. Prinsip-Prinsip Good Corporate Governance: Paradigma Baru Dalam Praktek Bisnis Indonesia, Genta Press, Yogyakarta.
74
Jumingan. 2006. Analisis Laporan Keuangan, Bumi Aksara, Jakarta. Juniarti. 2009. Pengaruh Good Corporate Governance, Voluntary Disclosure terhadap Biaya Hutang (Costs of Debt), Jurnal Akuntansi dan Keuangan, Vol. 11, No. 2: 88-100. Klapper, L.F. and I. Love. 2002. Corporate Governance, Investor Protection and Performance in Emerging Markets, Journal of Corporate Finance. Vol. 195. KNKCG. 2002. Pedoman Good Corporate Governance. Jakarta. Komite Cadbury. 1992. The Business Roundtable, Statement On Corporate Governance. Washington DC., 1997. Komite Nasional Kebijakan Corporate Governance. 2004. Pedoman Tentang http://www.governanceKomisaris Independen, Jakarta. indonesia.or.id/main.htm. Komite Nasional Kebijakan Governance. 2006. Pedoman Good Corporate Governance Indonesia, Jakarta. www.governance-Indonesia.com Lipton, M., Lorsch, J.1992. A Modest Proposal for Improved Corporate Governance, Business Lawyer, Vol. 48, Issue 1, pp. 59-78. Martin J. Conyon and Simon I. Peck. 1998. Board Control, Remuneration Committees, and Top Management Compensation, The Academy of Management Journal, Vol. 41, No. 2, pp. 146-157. Mayangsari, Sekar. 2003. Analisis Pengaruh Independensi, Kualitas Audit, serta Mekanisme Corporate Governance terhadap Inegritas Laporan Keuangan, Makalah Simposium Nasional Akuntansi VI, hlm. 1255-1273. Midiastuty, Pratana P., dan Mas’ud Machfoedz. 2003. Analisis Hubungan Mekanisme Corporate Governance dan Indikasi Manajemen Laba, Simposium Nasional Akuntansi VI. Mizruchi, M. S. 1983. Who Control Whom? An Examination of the Relation between Management and boards of Directors in Large American Corporation, Academy of Management Review 8 : 426-435. Muh. Arief Ujiyantho dan Bambang Agus Pramuka. 2007. Mekanisme Corporate Governance, Manajemen Laba dan Kinerja Keuangan, Simposium Nasional Akuntansi X. Mulyadi. 2001. Akuntansi Manajemen: Konsep, Manfaat, dan Rekayasa. Edisi 3, Bagian penerbitan Universitas Gajah Mada, Yogyakarta.
75
Ndaruningpuri Wulandari. 2006. Pengaruh Indikator Mekanisme Corporate Governance Terhadap Kinerja Perusahaan Publik Di Indonesia, Fokus Ekonomi Vol 1 No. 2. Nuraini, A. dan Sumarno Zain. 2007. Analisis Pengaruh Kepemilikan Institusional dan Kualitas Audit Terhadap Manajemen Laba, Jurnal MAKSI Vol.7, No. 1: 19-32. Nurmala Ahmar dan Maulana Salya Kurniawan. 2007. Analisis Profitabilitas Sebelum Dan Sesudah Pemenuhan Corporate Governance Pada Perusahaan Manufaktur Yang Go Public Di Bursa Efek Jakarta, Jurnal MAKSI Vol.7, No. 2. Nuryanah, S. 2004. Analisis Hubungan Board Governance dengan Penciptaan Nilai Perusahaan: Studi Kasus Perusahaan-perusahaan Tercatat di BEJ. Tesis Pascasarjana, Fakultas Ekonomi, Universitas Indonesia. OECD. 1999. The OECD Principles of Corporate Governance. Porter, M. 1992. Capital Disadvantage: America’s Failing Capital Investment System, Harvard Business Review, Vol. 70, pp. 65-82. Rajgopal, S., M. Venkatachalam, and J.Jiambalvo. 1999. Is Institutional Ownership Associated with Earning Management and the Extent to which Stock Prices Reflect Future Earning?, Working Paper. Departement of Accounting University of Washington Seattle. Rajgopal, S. and M. Venkatachalam. 1998. The Role of Institutional Investors in Corporate Governance: An Empirical Investigation. Working paper. Ratna Wardhani. 2006. Mekanisme Corporate Governance Dalam Perusahaan Yang Mengalami Permasalahan Keuangan, SNA 9 Padang. Sam’ani. 2008. Pengaruh Good Corporate Governance Dan Leverage Terhadap Kinerja Keuangan Pada Perbankan Yang Terdaftar Di Bursa Efek Indonesia (BEI) Tahun 2004 – 2007. Tesis Strata-2. Program Studi Magister Manajemen, Universitas Diponegoro, Semarang. Shleifer, A. dan R.W. Vishny. 1997. A Survey of Corporate Governance, Journal of Finance, Vol. 52. No. 2: 737-783. Sylvia Veronica dan Siddharta Utama. 2005. Pengaruh Struktur Kepemilikan, Ukuran Perusahaan dan Praktek Corporate Governance Terhadap Pengelolaan Laba (Earnings Management), Makalah Simposium Nasional Akuntansi VIII.
76
Siswanto Sutojo & E. John Aldridge. 2008. Good Corporate Governance: Tata Kelola Perusahaan yang Sehat, PT Damar Mulia Pustaka, Jakarta. Sommer, A. 1991. Auditing Audit Committees: An Educational Opportunity for Auditors. Accounting, Horizons, 91-93. Sony Warsono, Fitri Amalia dan Dian Kartika Rahajeng. 2009. Corporate Governance Concept And Model (Preserving True Organization Welfare), Center For Good Corporate Governance Fakultas Ekonomi dan Bisnis UGM, Yogyakarta. Soegiharto. 2005. Peran Akuntan dalam Menegakkan Good Corporate Governance. Auditor. No. 18 Sri Sulistyanto dan Haris Wibisono. 2003. Good Corporate Governance: Berhasilkah Diterapkan Di Indonesia?, Jurnal Widya Warta, No.2, ISSN: 0854-1981. Suryo Pratolo. 2007. Good Corporate Governance dan Kinerja BUMN Di Indonesia : Aspek Audit Manajemen dan Pengendalian Intern Sebagai Variabel Eksogen Serta Tinjauannya Pada Jenis Perusahaan, Simposium Nasional Akuntansi X. Sucipto. 2003. Penilaian Kinerja Keuangan, Universitas Sumatera Utara. SWA No. 19/XVII/20 September – 3 Oktober 2001. Syaiful Iqbal dan Nurul Fachriyah. 2007. Corporate Governance sebagai Alat Pereda Praktik Manajemen Laba (Earnings Management), VENTURA Vol. 10, No. 3. Theresia Dwi Astuti. 2005. Hubungan antara Good Corporate Governance dan Struktur Kepemilikan dengan Kinerja Keuangan (studi kasus pada perusahaan yang listing di Bursa Efek Jakarta), Simposium Nasional Akuntansi VIII. Undang-Undang Republik Indonesia Nomor 1 Tahun 1995 Tentang Perseroan Terbatas. Yermack, D., 1996. Higher Market Valuation of Companies with Small Board of Directors, Journal of Financial Economics 40 : 185-211. Yudha Pranata. 2007. Pengaruh Penerapan Corporate Governance Terhadap Kinerja Keuangan, Skripsi Strata-1, Fakultas Ekonomi, Universitas Islam Indonesia, Yogyakarta.
77
Zahra, S., Pearce, J. 1989. Boards of Directors and Corporate Financial Performance: A Review and Integrative Model, Journal of Management, Vol. 15, pp. 291-334. http://www.bumn.go.id/21190/publikasi/berita/komite-audit-tidak-efektif-gcgjalan-di-tempat/ www.iicg.org
78
LAMPIRAN I DAFTAR PERUSAHAAN SAMPEL PENELITIAN No.
Kode
Nama Perusahaan
1
AALI
Astra Agro Lestari Tbk
2
ANTM
Aneka Tambang Tbk
3
ASII
Astra Internasional Tbk
4
BBCA
Bank Central Asia Tbk
5
BBNI
Bank Negara Indonesia Tbk
6
BBRI
Bank Rakyat Indonesia (Persero) Tbk
7
BDMN
Bank Danamon Indonesia Tbk
8
BMRI
Bank Mandiri (Persero) Tbk
9
INDF
Indofood Sukses Makmur Tbk
10
ISAT
Indosat Tbk
11
PGAS
Perusahaan Gas Negara (Persero) Tbk
12
PTBA
Tambang Batubara Bukit Asam Tbk
13
SMCB
Holcim Indonesia Tbk
14
TINS
Timah Tbk
15
TLKM
Telekomunikasi Indonesia Tbk
16
UNSP
Bakrie Sumatra Plantations Tbk
17
UNTR
United Tractors Tbk
79
LAMPIRAN II DATA PENELITIAN No.
INDEP
AUD
DIR
INST
TOBINS Q
(X 1 )
( X2)
(X 3 )
(X 4 )
(Y)
1
0.43
3
6
0.80
2.55
2
0.60
5
6
0.80
1.22
3
0.50
4
8
0.96
1.01
4
0.60
4
8
0.51
1.23
5
0.57
7
9
0.93
0.97
6
0.57
4
10
0.99
1.14
7
0.50
6
8
0.68
1.04
8
0.67
4
11
0.97
1.03
9
0.30
3
9
0.50
0.87
10
0.40
5
9
0.88
1.26
11
0.40
5
6
0.60
2.36
12
0.33
3
6
0.96
2.94
13
0.43
3
9
0.88
1.25
14
0.50
4
5
0.65
1.28
15
0.40
7
8
0.99
2.04
16
0.50
3
5
0.41
0.68
17
0.38
3
7
0.60
1.15
18
0.43
3
6
0.80
4.88
19
0.40
4
6
0.88
2.29
20
0.50
4
8
0.97
2.03
21
0.60
4
9
0.47
1.32
22
0.57
5
9
0.97
1.05
23
0.67
5
10
0.99
1.21
24
0.50
6
9
0.68
1.23
80
25
0.67
4
11
0.98
1.16
26
0.30
4
9
0.50
1.39
27
0.40
5
5
0.79
1.13
28
0.40
5
6
0.99
3.85
29
0.40
3
6
0.97
5.20
30
0.43
3
8
0.91
2.18
31
0.50
4
5
0.90
2.37
32
0.40
7
8
0.99
2.44
33
0.50
3
5
0.67
0.91
34
0.38
3
7
0.60
2.54
35
0.43
3
6
0.80
4.84
36
0.75
6
6
0.90
2.12
37
0.45
4
8
0.95
2.44
38
0.60
4
9
0.47
1.38
39
0.57
4
10
0.98
1.16
40
0.57
6
10
0.94
1.23
41
0.57
6
11
0.67
1.25
42
0.57
5
11
0.99
1.21
43
0.30
4
9
0.50
1.38
44
0.40
5
5
0.84
1.21
45
0.40
5
6
0.57
3.87
46
0.40
3
6
0.99
6.32
47
0.57
3
8
0.93
2.00
48
0.67
5
5
0.97
2.64
49
0.40
5
8
0.98
2.04
50
0.60
3
7
0.75
0.82
51
0.50
3
7
0.60
3.12
81
LAMPIRAN III HASIL PENGOLAHAN DATA DENGAN SPSS 19.0 Descriptives Descriptive Statistics Minimum
Maximum
Std. Deviation
Variance
TOBINS Q
N 51
.68
6.32
Sum 100.23
Mean 1.9653
1.25012
1.563
INDEP
51
.30
.75
24.88
.4878
.10812
.012
AUD
51
3
7
219
4.29
1.188
1.412
DIR
51
5
11
389
7.63
1.843
3.398
INST
51
.41
.99
41.00
.8039
.18429
.034
Valid N (listwise)
51
Regression b
Variables Entered/Removed Variables Entered
Model 1
Variables Removed
INST, DIR, AUD, INDEP
Method . Enter
a. All requested variables entered. b. Dependent Variable: TOBINS Q
Model Summary Model
R a
1
Adjusted R Square
R Square
.604
.365
Std. Error of the Estimate
.310
1.03862
a. Predictors: (Constant), INST, DIR, AUD, INDEP b
ANOVA Model 1
Sum of Squares
df
Mean Square
Regression
28.519
4
7.130
Residual
49.621
46
1.079
Total
78.140
50
a. Predictors: (Constant), INST, DIR, AUD, INDEP b. Dependent Variable: TOBINS Q
F 6.609
Sig. a
.000
82
a
Coefficients
Standardized Unstandardized Coefficients Model 1
B (Constant)
Std. Error 4.163
.962
-2.907
1.462
AUD
-.202
DIR INST
INDEP
Coefficients Beta
t
Sig.
4.326
.000
-.251
-1.988
.053
.132
-.192
-1.532
.132
-.246
.085
-.363
-2.887
.006
2.442
.833
.360
2.930
.005
a. Dependent Variable: TOBINS Q
Uji Asumsi Klasik Pengujian Normalitas
One-Sample Kolmogorov-Smirnov Test Unstandardized Residual N
51 a,b
Normal Parameters
Mean Std. Deviation
Most Extreme Differences
.0000000 .99620634
Absolute
.128
Positive
.128
Negative
-.071
Kolmogorov-Smirnov Z
.911
Asymp. Sig. (2-tailed)
.378
a. Test distribution is Normal. b. Calculated from data.
83
Pengujian Multikolinieritas a
Coefficients
Model 1
Unstandardized
Standardized
Coefficients
Coefficients
B (Constant)
Std. Error
4.163
.962
-2.907
1.462
AUD
-.202
DIR INST
INDEP
Collinearity Statistics
Beta
t
Sig.
Tolerance
4.326
.000
-.251
-1.988
.053
.863
1.158
.132
-.192
-1.532
.132
.883
1.132
-.246
.085
-.363
-2.887
.006
.874
1.144
2.442
.833
.360
2.930
.005
.915
1.093
a. Dependent Variable: TOBINS Q
Pengujian Heteroskedastisitas
Pengujian Autokorelasi b
Model Summary
Model
R
1
.604
a
VIF
R
Adjusted R
Std. Error of the
Square
Square
Estimate
.365
.310
a. Predictors: (Constant), INST, DIR, AUD, INDEP b. Dependent Variable: TOBINS Q
1.03862
Durbin-Watson 1.925
84
