Peran Kualitas Corporate Governance terhadap Model Hubungan Struktur Kepemilikan, Karakteristik Perusahaan dengan Kinerja Perusahaan

Abstract

The paper aims to examine the role of the quality of corporate governance on relationship ownership structure, firm characteristic to performance and risk. This research used companies which are listed on Indonesia Stock Exchange and included Indonesian Most Trusted Companies in 2008 - 2012 as the samples. The sampling procedure used purposive sampling. The method analysis used multiple regressions.The results showed that the institutional ownership positively affect on the firm performance and negatively effects on risk.The company characteristics that positively affects on performance is liquidity, profitability, firm size, and the solvency negatively affect on performance. When associated with business risk, profitability and sales growth positively effect on the risk and size of the company negatively affects on risk. The industry type negatively affects on performance and positively effects on risk. The quality corporate positively effects on performance, and negatively effects on risk but not significant. These findings suggest that the quality of corporate governance is an incremental information and complementary function relating to the performance and risk.The debate on the relation between company characteristic and a firm’s performance or risk needs to take directly into account the role of moderation and/or mediation of the corporate governance. This paper promotes, as an aim for future research, a verification of the validity of this model.