ANALISIS PENGARUH MEKANISME INTERNAL DAN EXTERNAL CORPORATE GOVERNANCE TERHADAP PROFITABILITAS DAN KEBIJAKAN DIVIDEN PERUSAHAAN (Studi Empiris Pada Perusahaan Go Publik di Pasar Modal Indonesia)
Keywords: corporate governance external, corporate governance internal, dividend policy, external corporate governance external, institution ownership, internal corporate governance internal, kebijakan dividen, kepemilikan institusi
Abstract
Kebijakan dividen, merupakan suatu topik yang menarik untuk diteliti meskipun terjadi banyak perdebatan dengan pendekatan berbagai teori mengenai dividen. Dalam penelitian ini kebijakan dividen akan dikaji melalui teori keagenan dengan memperhatikan pengaruh dari corporate governance perusahaan, khususnya melalui pemisahan mekanisme corporate governance secara internal maupun eksternal (Gillan, 2006) yang dimediasi oleh profitabilitas perusahaan. Penelitian dilakukan pada semua perusahaan non keuangan yang terdaftar di Bursa Efek Indonesia pada tahun 2007-2010. Penyelesaian estimasi path model dan pengujian hipotesis menggunakan program AMOS 16.0. Hasil penelitian menunjukkan bahwa mekanisme internal corporate governance yang diukur dari komisaris independen dan rasio kompensasi eksekutif ternyata tidak berpengaruh signifikan terhadap kinerja keuangan perusahaan, sedangkan mekanisme external corporate governance yang diukur dari stabilitas dan prosentase kepemilikan institusi berpengaruh signifikan terhadap kinerja keuangan. Kondisi ini menunjukkan bahwa external corporate governance memiliki kekuatan yang lebih besar untuk melakukan monitoring dan memberikan pengaruh atas kebijakan keuangan perusahaan.
Kebijakan dividen, merupakan suatu topik yang menarik untuk diteliti meskipun terjadi banyak perdebatan dengan pendekatan berbagai teori mengenai dividen. Dalam penelitian ini kebijakan dividen akan dikaji melalui teori keagenan dengan memperhatikan pengaruh dari corporate governance perusahaan, khususnya melalui pemisahan mekanisme corporate governance secara internal maupun eksternal (Gillan, 2006) yang dimediasi oleh profitabilitas perusahaan. Penelitian dilakukan pada semua perusahaan non keuangan yang terdaftar di Bursa Efek Indonesia pada tahun 2007-2010. Penyelesaian estimasi path model dan pengujian hipotesis menggunakan program AMOS 16.0. Hasil penelitian menunjukkan bahwa mekanisme internal corporate governance yang diukur dari komisaris independen dan rasio kompensasi eksekutif ternyata tidak berpengaruh signifikan terhadap kinerja keuangan perusahaan, sedangkan mekanisme external corporate governance yang diukur dari stabilitas dan prosentase kepemilikan institusi berpengaruh signifikan terhadap kinerja keuangan. Kondisi ini menunjukkan bahwa external corporate governance memiliki kekuatan yang lebih besar untuk melakukan monitoring dan memberikan pengaruh atas kebijakan keuangan perusahaan.
Dividend policy is an interesting topic to be discussed despite the fact that there are contentious arguments on theories about dividend. In this research dividend policy will be viewed through the agency theory by considering the effect of the company's corporate governance, in particular through the separation mechanism of internal and external corporate governance (Gillan, 2006) which are mediated by profitability. The study was conducted by all non-financial companies at the Indonesia Stock Exchange from 2007 to 2010. AMOS 16.0 program is used in estimating the completion path model and testing hypotesis. The results shows that the mechanisms of internal corporate governance via the existence of independent commissioner and executive compensation can not significantly influence the company's financial performance, while mechanisms of external corporate governance as measured by the stability and the percentage of institutional ownership significantly influence the companys financial performance. This indicates that the external corporate governance has a greater power to monitor and influence the financial policies of the company.
Downloads
References
Aman, H & Nguyen, P. (2008). Do stock prices reflect the corporate governance quality of Japanese firm, Journal of the Japanese and International Economics, 22, 647-662.
Baur, R., Frijns, B., Otten, R., & Touranirad, A. (2008). The impact of corporate governance on corporate performance: Evidence from Japan, Pacific Basin. Finance Journal 16, 236-251.
Bhattacharyya, N. (2007). Dividend policy: A review. Managerial Finance, 33(1).
Bhagat, S & Black, B. (2000). Board independence and long term firm performance. Leeds-faculty.colorado.edu/bhagat/bb-022300.pdf, SSRN, earlier drafts were titled: Do Independent Directors Matter? February 2000.
Black, F. (1996). The dividend puzzle. The Journal of Portfolio Management, Winter, Special issue.
Byrd, J., Parrino, R., & Pritsch, G. (1998). Stockholder-manager conflicts and firm value. Financial Analyst Journal, May/June, 54, 14-30.
Chen, J.X, Harford, J., & Li K. (2007). Monitoring: Which institution matter? Journal of Economics, 86, 279305.
Chi, J., & Lee, S. (2010). The conditional nature of the value of corporate governance. Journal of Banking and Finance, 34, 350-361.
Chiang, K., Frankfurter, G., Kosedag, A., & Wood, B. (2006). The perception of dividends by professional investors. Managerial Finance, 32(1), 6081.
Cornett, M.M., Marcus, A., Saunders, A., & Tehranian, H. (2007). The impact of institutional ownership on corporate operating performance. Journal of Banking & Finance, 31.
Denis, D.J., & Osobov, I. (2008). Why do firms pay dividends? International evidence on the determinants of dividend policy. Journal of Financial Economics, 89, 62-82.
Denis, D. J., Denis, D. K., & Sarin, A. (1999). Agency Theory and The Influence of Equity Ownership Structure on Corporate Diversification Strategies. Strategic Management Journal, 20, 1071-1976.
Elyasiani, E., & Jia, J. (2008). Institutional ownership stability and BHC performance. Journal of Banking and Finance, 32, 1767-1781.
Ghozali,I. (2008). Model Persamaan Structural, Konsep & Aplikasi dengan Program AMOS 16.0. Semarang: Badan Penerbit Universitas Diponegoro.
Gillan, S. (2006). Recent developments in corporate governance: An overview. Journal of Corporate Finance, 12, 381-402.
Grinstein, Y., & Michaely, R. (2005). Institutional holdinggs and payout policy. The Journal of Finance, 60(3), 1389-1426.
Guo, W., & Ni J. (2008). Institutional ownership and firms dividend policy. Corporate Ownership & Control, 5(2), Winter.
Han, K., Lee SH., & Suk, DY. (1999). Institutional shareholders and dividends. Journal of Financial and Strategic Decision, 12(1), Spring.
Hart, O. (1995). Corporate governance: Some theory and implications. The Economic Journal, 105(430), May 1995.
Jensen, M., & Meckling, W. (1976). Theory of the Firm: Managerial behavior agency costs and ownership structure. Journal of Financial Economics, 3(4), 305-360.
Kumar,J . (2006). Corporate governance and dividend payout in India. Journal of Emerging Market Finance, 5(15).
Megginson, W. (1997). Corporate Finance Theory. Addison Weley Educational Publisher,Inc.
Nagy, R., & Obenberger, R. (1994). Factors influencing individual investor behavior. Financial Analyst Journal, 50(4), 63-68.
Renneboog, L., & Trojanowski, G. (2005). Control structures and payout policy. European Corporate Governance Institute.
Rezaee, Z. (2007). Corporate governance post-sarbanes oxley: regulations, requirements and integrated processes. John Willey &Sons, Inc.
Rozeff, M. (1982). How corporations set their dividen payout ratios. The Journal of financial research, V(3).
Rubin, A, & Smith Daniel. (2009). Institutional ownerdhip, volatilty and dividend. Journal of Banking & Finance, 33, 627639.
Ryan, L., & Schneider, M. (2003). Institutional investor power and heterogeneity. implications for agency and stakeholder theories. Business Society, 42, 398-429.
Tihanyi, L., Johnson, R., Hoskisson, R., & Hitt, M. (2003). Institutional ownership differences and international diversification; the effects of boards of director and technological opportunity. Academy of Management Journal, 46(2), 195-211.
Yammeesri, J., & Herath, SK. (2010). Board characteristics and corporate value: Evidence from Thailand , 10(3), 279-992.