Pengaruh Penerapan Corporate Governance terhadap Kinerja Keuangan Perusahaan di Indonesia

Sri Wahyu Agustiningsih, Catur Rini Sulistyaningsih, Purwanto Purwanto


This study aims to examine the effect of the corporate governance to firm performance. Corporate governance is a concept that emphasizes the importance of the right of shareholders to obtain information that is accurate, correct and timely. The structure of corporate governance in this study focuses on board size and the proportion of independent directors.The sampling technique in this research is purposive sampling, which samples are intentionally determined based ciri.sifat characteristics deemed to have a close relationship with the characteristics / properties of the previously known populations. Based on test results obtained in this study concluded that there is significant influence board size and the proportion of independent directors regarding the company's financial performance, both of which are measured by the cash flow return on assets (CFROA) and return on equity (ROE).

Full Text:



Abor, J. dan N. Biekpe. 2007. Corporate Governance, Ownership Structure And Performance of SMEs in Ghana: Implications For Financing Opportunities. Corporate Governance, 7(3): 288-300.

Anderson, K. L., D. N. Deli, dan S. Gillan, 2003. Boards of Directors, Audit Committees, and the Information Content of Earnings. Available:

Ayuso, S. dan A. Argandona. 2007. Responsible Corporate Governance: Towards a Stakeholder Board of directors?. Working Paper No. 701, IESE Business School, Barcelona.

Beiner, S., Drobetz, W., Schmid, F., dan Zimmermann, H. 2004. Is board size an independent corporate governance mechanism?. Kyklos, 57(3), 327-356.

Barako, D.G. 2007. Determinants of Voluntary Disclosures in Kenyan Companies Annual Reports. African Journal of Business Management. 1 (5): 113-128.

Barnhart, S. W. & Roseinstein, S. 1998, Board Composition, Managerial Ownership, and Firm Performance: An Empirical Analysis', The Financial Review, vol. 33, pp. 1-16.

Bathala, C.T. dan Rao, R.P. 1995. The Determinants Of Board Composition: An Agency Theory Perspective. Managerial and Decision Economics, 16: 59-69.

Bauer, R., Braun, R., & Clark, G. L. 2008. The Emerging Market For European Corporate Governance: The Relationship Between Governance And Capital Expenditures, 1997–2005. Journal of Economic Geography, Vol. 8 No. 4, pp. 441-469.

Besley, S., dan Brigham, E. 2007. Essentials Of Managerial Finance. Cengage Learning.

Beiner, S., Drobetz, W., Schmid, F., dan Zimmermann, H. 2004. Is Board Size An Independent Corporate Governance Mechanism?. Kyklos, 57(3), 327-356.

Bhagat, S., & Bolton, B. 2009. Sarbanes-Oxley, Governance And Performance. Available at (accessed 10 November 2012)

Black BS, Hasung J, Woochan K (2003). Predicting Firm‟s Corporate Governance Choices: Evidence from Korea, Stanford Law School, John M. Olin Program in Law and Economics, Working Paper No. pp 269. Available:

Brealey, R. A; Myers, S. C dan Markus, A.J. 2008. Dasar-dasar Manajemen Keuangan Perusahaan, Terjemahan. Jilid 2, Ed. 5. Jakarta : Erlangga

Byrd, J. and K. Hickman, 1992. Do Outside Directors Monitor Managers? Evidence from Tender Offer Bids. Journal of Financial Economics, 32 (1992): 195-221.

Brickley, J.A., J.L. Coles, dan R.L. Terry, R.L., 1994. Outside Directors and The Adoption of Poison Pills. Journal of Financial Economics, 35 (1994): 371-390.

Carcello, J. V. dan T. L. Neal. 2000. Audit Committee Composition And Auditor Reporting. The Accounting Review, 75(4): 453-468.

Cadbury A, 1992. The Committee on The Financial Aspects of Corporate Governance (Cadbury Report). London: Gee & Co.

Cheng, E. C. M., dan S. M. Courtenay. 2004. Board Composition, Regulatory Regime and Voluntary Disclosure. The International Journal of Accounting 41 (3):1-48

Christensen, J., Kent, P., dan Stewart J. 2010. Corporate Governance and Company Performance in Australia. Australia Accounting Review, 20 (55): 372-386.

Dalton, D.R., C.M. Daily, J. I. Johnson dan A.E. Ellstrand. 1999. Number of directors and financial performance: A meta-analysis. Academy of Management Journal, 42(6): 974-686.

Eisenberg, T., S. Sundgren dan M. Wells. 1998. Larger Board Size And Decreasing Firm Value In Small Firms. Journal of Financial Economics, 48 (4): 35-54.

Fama, E. F. dan M. C. Jensen.1983. Separation Of Ownership And Control. Journal of Law & Economics, 26 (2): 301-328.

Ghozali, Imam. 2006. Aplikasi Analisis Multivariate Dengan Program SPSS. Semarang: Badan Penerbit Universitas Diponegoro

Haniffa, R. M. dan T. E. Cooke. 2005. The Impact Of Culture And Governance On Corporate Social Reporting. Journal of Accounting and Public Policy 24(1): 391–430.

Herawaty, Vinola. 2008. Peranan Praktek Corporate Governance Sebagai Moderating Variabel dari Pengaruh Earning Manajemen Terhadap Nilai Perusahaan. Jurnal Akuntansi dan Keuangan, Vol.10, No.2, November, 2008.

Hermalin, B. E. dan Weisback, M. S. 2003. Board of Directors as an Endogenously Determined Institution: A Survey of the Economic Literature.' Center for Responsible Business. Working Paper Series. Paper 3

Hutchinson, M., 2002. An Analysis Of The Association Between Firms’ Investment Opportunities, Board Composition, And Firm Performance. Asia-Pacific Journal of Accounting and Economics, 9: 17– 39.

Ikatan Akuntan Indonesia. 2007. Standar Akuntansi Keuangan. Edisi 2007. Salemba Empat, Jakarta .

Jensen, M.C. dan W.H. Meckling. 1976. Theory of the Firm: Managerial Behavior, Agency Costs, and Ownership Structure. Journal of Financial Economic 3, 305 – 360.

John K, dan Senbet LW. 1998. Corporate Governance And Board Effectiveness. Journal Bank Finance, 22: 371-403

Klapper, L.F. dan I. Love., 2002. Corporate Governance, Investor Protection, and Performance in Emerging Markets. Working Paper-The World Bank. Available:

Komite Nasional Kebijakan Governance. 2006. Pedoman Umum Good Corporate Governance Indonesia. 15 September 2010.

Lukviarman, N. 2004. Ownership Structure and Firm Performance: The Case of Indonesia. Thesis Curtin University of Technology.

Nuswandari, Cahyani. 2009. Pengaruh Corporate Governance Perception Index Terhadap Kinerja Perusahaan Pada Perusahaan Yang Terdaftar Di Bursa Efek Jakarta. Jurnal Bisnis dan Ekonomi (JBE), September 2009, Hal. 70 – 84

O’Connell, V. dan N. Cramer. 2010. The relationship between firm performance and board characteristics in Ireland. European Management Journal, 28 (1): 387– 399.

Pathan, S., M.Skully dan J. Wickramanayake. 2007. Board size, independence and performance: An analysis of Thai banks. Asia-Pacific Financial Markets, 14 (3): 211–227.

Rahim, Syamsuri. 2003. Hubungan antara Enterepreneurship Korporasi dengan Governance, Kepemilikan dan Manajemen Strategik: Studi EmpirisPerusahaan-Perusahaan di BEJ, Simposium Nasional Akuntansi, VI.

Sekaran, Uma dan Roger Bougie. 2010. Reserch Methods for Business: a Skill Building Approach. 6th edition. Wiley and Sons.

Shleifer, A. dan R. Vishny. 1996. A survey of corporate governance. National Bureau of Economic Research, Working Paper. 5554: 1-80.

Siallagan, Hamonagan & Mas’ud Machfoedz. 2006. Mekanisme Corporate Governance, Kualitas Laba dan Nilai Perusahaan. Simposium Nasional Akuntansi IX, Padang, 23-26 Agustus.

Stolovitch, Harold D., dan Keeps, Erica J. 1992. Handbook of Human Performance Technology A Comprehensive Guide for Analysis and Solving Performance Problem in Organizations. San Francisco: Jersey-Bass Publisher

Sukhemi. 2007. Evaluasi Kinerja Keuangan Pada PT. Telkom, Tbk, Vol.1

Suhardjanto dan A. Anggitarani. 2010. Analisis Karakteristik Komposisi Dewan Komisaris, Komite Audit Dan Komposisi Dewan Direksi Serta Pengaruhnya Terhadap Kinerja Keuangan. Jurnal Akuntansi, 14(2): 125-139.

Tandelilin, Eduardus. 2002. Analisis investasi dan Manajemen Portofolio. Edisi 3. BPFI. Yogakarta

Undang-Undang Republik Indonesia Nomor 40 Tahun 2007 Tentang Perseroan Terbatas.

Veronica, Sylvia NPS dan Yanivi S. Bachtiar. 2004. Good Corporate Governance, Information Asymmetry, and Earnings Management. Simposium Nasional Akuntansi VII, Denpasar, 2-3 Desember 2004.

Wintoki, M. B., Linck, J. S., dan Netter, J. M. 2009. Endogeneity and the dynamic of corporate governance. European Summer Symposium in Financial Markets, Centre for Economic Policy Research, 13–24 July, 1–52.

Yermack, D. 1996. Higher Market Valuation of Companies with a Small Board of Directors. Journal of Financial Economics. Vol. 40, pp. 185 – 211.


Jurnal Akuntansi dan Bisnis (JAB)
ISSN 1412-0852 (print), 2580-5444 (online)
Published by Accounting Study Program, Faculty of Economics and Business, Universitas Sebelas Maret, Indonesia

Creative Commons License
JAB on is licensed under a Creative Commons Attribution-ShareAlike 4.0 International License

Visitor Statistic