Determinan dan Peran Kualitas Corporate Governance dalam Hubungan antara Struktur Kepemilikan dan Karakteristik Perusahaan dengan Kinerja Perusahaan

Abstract

The paper aims to examine the determinant and role of the quality of corporate governance on relationship ownership structure, firm characteristic to performance. This research used companies listed on Indonesia Stock Exchange and included Indonesian Most Trusted Companies in 2008-2013 as the samples. The sampling procedure used purposive sampling. The method analysis used multiple regressions. The result showed that the institutional ownership positive affects on the quality of corporate governance and performance, but the managerial ownership negative effect on the quality of corporate governance. This finding suggested that institutional ownership has a greater incentive to monitor management and corporate policies rather than managerial ownership. The variable liquidity, leverage and profitability did not affect the quality of corporate governance. The variable investment opportunities was negative effect on the quality of corporate governance. The variable liquidity, profitability and the size of the company has positive effect on performance and the variable solvency has negative effect on performance. The industrial type variable has negative affect on performance. The variable quality of the corporate has a positive effect on performance, but after tested as a variable moderating all the independent variables have no significant effect to the performance. This finding suggested that the quality of corporate governance was not serve as a moderating variable.