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Corporate Governance Structure and Stock Price Synchronicity

Written by Auberta Danice Susanto, Robiyanto Robiyanto


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Abstract

The corporate governance structure within the company is formed to carry out proper supervision, but a company can have agency problems that affect investment decision making. Transparency of a company is important to prevent agency problems. In addition, transparency in the form of company-specific information can be reflected in stock prices. When investors’ trust in company-specific information increase, stock price synchronicity will decrease. The research was conducted in the banking sector in Indonesia during the 2016-2019 period, using purposive sampling and panel regression methods. Findings. The analysis was carried out twice, namely analysis with and without control variables. Analysis without control variables found that the size of board of commissioners has a positive effect on stock price synchronicity, while independent board of commissioners, board of commissioners’ gender heterogeneity, size of board of directors, and board of directors’ heterogeneity have no effect on stock price synchronicity. Analysis with control variables shows that company size as a control variable must be controlled so that supervision is more effective and yields on Bank Indonesia Sharia Certificate as interest rates that have a positive effect on stock price synchronicity, while all independent variables have no effect on stock price synchronicity.


Keywords:

Board of commisioners, Board of directors, Corporate governance, Stock price synchronicity


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