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"ABSTRAKPenelitian ini bertujuan untuk melihat pengaruh Asset Growth Rate terhadap future stock return di mana dalam penelitian terdahulu diketahui bahwa asset growth rate memiliki kekuatan dalam memprediksi keuntungan masa depan dari sebuah saham. Penelitian ini juga menggunakan dua variabel kontrol yaitu, size dan book-to-market ratio. Penelitian ini menggunakan regresi data panel pada 309 perusahaan yang tercatat di Bursa Efek Indonesia (BEI) selama periode 2014-2018. Diperoleh bahwa Asset growth rate tidak memiliki pengaruh pada future stock return pada perusahaan yang tercatat di BEI namun variabel kontrol yang berupa size memiliki pengaruh pada future stock return

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ABSTRACTThis study discusses the impact of asset growth rate on future stock return of listed companies in Indonesia Stock Exchange (IDX). Asset growth rate is one of the strongest predictors to predict future stock returns. Furthermore, this study also used two control variabels which has been proved to be one of the best predictors for future stock return such as size and book-to-market ratio. This study is quantitative research study with multiple regression method for data panel with 309 listed companies during the period 2014-2018 for the sample. The result of this study provides evidence that independen variabel included in the model (asset growth rate) show no significant impact to future stock return of listed companies in IDX. On the other hand, the control variabels which is size gave a positive and significant impact to stock return."

"[ABSTRAKPenelitian ini bertujuan untuk mengetahui keberadaan volatility effect di BursaEfek Indonesia tahun 2011-2013. Metode yang digunakan dalam penelitian inimengacu pada penelitian Ang, Hodrick, Zing, dan Zhang (2006) denganmembandingkan return dan alpha (CAPM dan model tiga faktor Fama-French)antara portofolio high volatility dengan low volatility. Hasil penelitianmenunjukkan bahwa tidak terdapat volatility effect di Bursa Efek Indonesia.Walaupun demikian, penelitian ini menemukan adanya return premium pada lowvolatility stock. Adanya return premium pada low volatility stock tersebut terjadisebagai akibat dari premium atas kinerja perusahaan dan limit to arbitrage.

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ABSTRACTThe objective of this study is to show the volatility effect in Indonesia StockExchange for the period 2011-2013. This study is using the method from Ang,Hodrick, Zing, and Zhang (2006) by comparing return and alpha (CAPM andFama-French three factors model) between high and low volatility portfolio. Theresults do not find volatility effect in Indonesia Stock Exchange. Nevertheless,this study shows that low volatility stock has a return premium. The returnpremium on low volatility stock is the result of premium on firm?s performanceand limit to arbitrage.;The objective of this study is to show the volatility effect in Indonesia StockExchange for the period 2011-2013. This study is using the method from Ang,Hodrick, Zing, and Zhang (2006) by comparing return and alpha (CAPM andFama-French three factors model) between high and low volatility portfolio. Theresults do not find volatility effect in Indonesia Stock Exchange. Nevertheless,this study shows that low volatility stock has a return premium. The returnpremium on low volatility stock is the result of premium on firm?s performanceand limit to arbitrage., The objective of this study is to show the volatility effect in Indonesia StockExchange for the period 2011-2013. This study is using the method from Ang,Hodrick, Zing, and Zhang (2006) by comparing return and alpha (CAPM andFama-French three factors model) between high and low volatility portfolio. Theresults do not find volatility effect in Indonesia Stock Exchange. Nevertheless,this study shows that low volatility stock has a return premium. The returnpremium on low volatility stock is the result of premium on firm?s performanceand limit to arbitrage.]"

"ABSTRAKPenelitian ini bertujuan untuk melihat adanya pengaruh pengungkapan kinerja corporate social responsibility (CSR) menurut pedoman Global Reporting Initiative (GRI) terhadap asimetri informasi. Pengungkapan kinerja CSR diukur berdasarkan informasi pengungkapan kinerja CSR dengan pedoman GRI G4 didalam laporan keberlanjutan dan laporan tahunan perusahaan. Hipotesis diuji menggunakan model regresi linear dengan sampel 38 perusahaan yang menerbitkan laporan perusahaan dan terdaftar di Bursa Efek Indonesia selama tahun 2014.Hasil penelitian ini memberikan bukti empiris bahwa pengungkapan kinerja tanggung jawab sosial memiliki pengaruh negatif dan signifikan terhadap asimetri informasi. Temuan ini sejalan dengan penelitian Cho et al. (2013) yang menyatakan bahwa terdapat hubungan negatif dan signifikan antara kinerja tanggung jawab sosial dengan asimetri informasi.

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ABSTRACTThis research is conducted to prove if there is any effect of performance corporate social responsibility disclosure based on Global Reporting Initiative (GRI) on asymemetric information. Corporate social responsibility perfomance disclosure is measured by GRI G4 guidelines in company?s sustainability reports and annual reports. Hypothesis is tested using multiple regression analysis with 38 companies of listed in Indonesia Stock Exchange in 2014 which published sustainability reports and annual reports.The results of this research give empiric evidence that CSR performance disclosure have negative significant effect on asymmetric information. This result is consistent with Cho et al. (2013) findings which indicate that there is a negative significant effect between CSR performance with asymmetric information."

"ABSTRAKEdukasi pasar modal menjadi prioritas regulator dalam melakukan pengembangan pasar modal di Indonesia. Penelitian dalam skripsi ini dilakukan dengan mempelajari perilaku mengikut herding yang dilakukan oleh 18 tipe investor detail melalui pengamatan terhadap pola aliran investasi bersih dalam transaksi perdagangan ekuitas saham di Bursa Efek Indonesia dengan pembentukan model Vector Autoregression VAR . Berdasarkan pengamatan data bulanan pada periode Januari 2010 s.d. Oktober 2016, diperoleh kesimpulan bahwa perilaku herding terdapat pada jenis investor asing dan investor domestik. Adapun fokus edukasi pasar modal sebaiknya dilakukan pada jenis investor domestik dana pensiun LPF , karena memiliki hubungan kausalitas dengan tingkat pengembalian IHSG, investor domestik individual LID dan investor domestik investment banking LIB karena menunjukkan pola herding terhadap investor asing.

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ABSTRACTCapital market education has become the focus of Indonesian Capital Market Regulator in recent years. This study take focus on the analysis of herding behavior between 18 investor types in Indonesian Stock Exchange. During the observation through monthly data of Nett Investment Flow during January 2010 up until October 2016, this study concludes several outputs. Herding behavior exist between foreign investor and domestic investor type. Domestic capital market educations could give attention to domestic Pension Fund LPF due to its causality relationship to IHSG return. The focus could also be on domestic individual investor LID and domestic investment banking LIB investors since the forementioned types shows herding behavior towards foreign investors rsquo type. "

"Penelitian ini bertujuan untuk mengetahui pengaruh penerapan Penutupan Kode AB terhadap kualitas pasar saham di Bursa Efek Indonesia (BEI). Penerapan penutupan Kode AB diukur dengan indikator dummy atas periode sebelum dan setelah penutupan Kode AB. Pengukuran kualitas pasar terdiri dari volatilitas high low saham, bid-ask-spread, total depth Value dan volume transaksi. Pengujian hipotesis dilakukan dengan menggunakan model regresi Fixed Effect Ordinary least squares (OLS) dan Fixed Effect Two-Stage Least Square (2SLS) dan menggunakan sampel seluruh saham yang aktif bertransaksi selama periode 04 Desember 2020 s.d. 06 Desember 2022. Hasil penelitian memberikan bukti empiris bahwa Penutupan Kode AB berpengaruh positif atau meningkatkan volatilitas 330 saham teraktif, berpengaruh negatif terhadap bid-ask-spread Volume atau bid-ask spread kecil. Di sisi lain, penerapan penutupan kode AB berpengaruh positif atau meningkatkan Total depth Value akan tetapi berpengaruh negatif sangat kecil pada volume transaksi.

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This study aims to determine the effect of the implementation of Anonymity Broker ID on the quality of the stock market on the Indonesia Stock Exchange (IDX). The application of Anonymity Broker ID is measured by dummy indicators over the period before and after Anonymity Broker ID. Market quality measurement consists of high low volatility of stocks, bid-ask-spread, total depth Value and volume. Hypothesis Testing was carried out using Fixed Effect Ordinary least squares (OLS) and Fixed Effect Two-Stage Least Square (2SLS) regression models and using a sample of all stocks that were actively transacting during the period 04 December 2020 to 06 December 2022. The results provide empirical evidence that Anonymity Broker ID has a positive effect on the volatility and Total depth Value of the 330 most active stocks, negatively effects on Bid Ask Spread and Volume. It can generally be concluded that Anonymity Broker ID can effectively dampen excessive market reaction during enactment."

"Penelitian ini menganalisis pengaruh ESG terhadap kinerja keuangan perusahaan dengan menggunakan proksi ROA, ROE, dan Tobin’s Q. Variabel kontrol dalam penelitian ini adalah firm size, financial leverage, asset turnover, dan asset growth. Penelitian ini menggunakan 80 perusahaan yang terdaftar di Bursa Efek Indonesia pada periode 2017 2022 dengan menggunakan purposive sampling technique. Penelitian ini menggunakan data panel yang diolah menggunakan Stata 17. Penelitian ini menggunakan ESG score Bloomberg dan data laporan keuangan melalui Refinitiv Eikon sebagai sumber data. Hasil penelitian menunjukan bahwa ESG tidak memiliki pengaruh signifikan terhadap kinerja keuangan perusahaan yang diukur dengan masing-masing proksi Return on Asset, Return on Equity, dan Tobin’s Q.

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This study analyzes the impact of ESG on corporate financial performance using proxies such as ROA, ROE, and Tobin's Q. The control variables in this study are firm size, financial leverage, asset turnover, and asset growth. The study employs 80 companies listed on the Indonesia Stock Exchange during the period 2017-2022, using a purposive sampling technique. Panel data is processed using Stata 17. The study utilizes Bloomberg ESG scores and financial report data from Refinitiv Eikon as data sources. The results show that ESG does not have a significant impact on corporate financial performance as measured by the proxies Return on Assets, Return on Equity, and Tobin's Q."

"Penulisan skripsi ini membahas mengenai pelaksanaan sita jaminan terhadap saham publik di Bursa Efek, hambatan-hambatan dalam pelaksanaan sita jaminan terhadap saham publik di Bursa Efek dan apakah sita jaminan dalam putusan No.123/PDT.G/2003/PN.JKT.PST. sesuai dengan ketentuan hukum yang berlaku di Indonesia. Pelaksanaan sita jaminan terhadap saham publik di Bursa Efek dapat dilakukan salah satunya dengan menyebutkan secara seksama/rinci objek/saham publik yang dimohon untuk disita hal ini berdasarkan Pasal 226 ayat (2) HIR. Selain itu, dalam pelaksanaan penyitaan terhadap saham publik di Bursa Efek mengalami beberapa hambatan-hambatan yang diantaranya yaitu: Tidak terperincinya penyebutan objek atau Identitas Pemegang Saham yang disita, Saham telah beralih ke pihak lain, Sistem komputerisasi canggih yang mempermudah peralihan saham, serta membahas sesuai tidaknya putusan dalam perkara dibahas dalam skripsi ini. Penelitian ini menggunakan metode penelitian deskriptif¬analitis. Kesimpulan yang didapat dari penelitian ini adalah sita jaminan terhadap saham publik dapat dilakukan apabila sesuai dengan ketentuan hukum yang berlaku di Indonesia walaupun mengalami hambatan-hambatan yang dapat menggangu proses pelaksanaan sita jaminan itu sendiri. Dalam hal ini penyitaan terhadap saham publik dalam bentuk scripless (saham tanpa warkat) yang tidak dapat disentuh fisiknya serta saham tersebut tersimpan dalam data elektronik yang pengoperasiannya dilakukan oleh KSEI (Kustodian Sentral Efek Indonesia). Dimana penyitaan terhadap saham publik juga diatur dalam Pasal 59 ayat (3) UUPM. Saran-saran penulis pelaksanaan sita jaminan terhadap saham publik dapat dilakukan dengan baik apabila sesuai dengan ketentuan hukum yang berlaku di Indonesia yaitu dengan menyebutkan secara seksama sita jaminan yang dimohonkan tersebut berdasarkan Pasal 226 ayat (2) HIR dan juga sebaiknya sita jaminan yang dimohonkan apabila memang ada persangkaan ada itikad buruk dari pihak tergugat yang akan mengalihkan saham publik tersebut kepada pihak ketiga (Pasal 227 ayat (1) HIR serta sita jaminan yang dilakukan bukanlah harta kekayaan milik pihak ketiga seperti yang diatur dalam Pasal 1340 ayat (2) KUHPerdata dalam hal ini untuk melindungi harta kekayaan milik pihak ketiga yang tidak dapat dimasukkan ke dalam sita jaminan yang dimohonkan. Sehingga proses peradilan dapat berjalan dengan baik tanpa merugikan pihak lain.

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This paper focuses on the implementation of attachment public stocks exchange at stock exchange, obstacles of the implementation of attachment public stocks exchange at stock exchange and to find out about the implementation of attachement public stocks exchange at stock exchange of vonnis No. 123/Pdt.g/2003/Pn.JKT.PST. in accordance with applicable law in indonesia. Revealing the prevailing practice of attachment (Conservatoir Beslag) of public shares on the Stock Exchange may be one of them by mentioning carefully detail the objects of public shares are requested to be seized, this is based on the article 226 paragraph (2) HIR. In addition, the implementation of attachment of public shares in the stock market experienced a number of obstacles that: no mention of the object or the identity of the shareholders of the attachment, stock has been switched to another party, sophisticated computerized systems that facilitate the transfer of shares and discuss the suitability of the decision in the cases discussed in this paper. This research uses descriptive analytical research method. The conclusion of this study is the absorption of public shares can be done if in accordance with prevailing laws in Indonesia, although experiencing barriers/obstacles that may distract/disturb the attachment process itself. in this case, attachment of public shares in the form of scripless (the shares without a script) that can not be touched physically but the stock is stored in an electronic data operations performed by KSEI (Indonesian Central Securities Depository). Where the attachment of public shares are also provided for in article 59 paragraph (3) UUPM. Writer?s suggestions, the implementation of attachment of public shares can be done well if in accordance with prevailing laws in Indonesia which referring carefully attachment being applied, depending on the article 226 paragraph (2) HIR and should also be applied the attachment if there?s bad faith there is no allegation that defendants which will transfer shares to a third party public which according to article 227 paragraph (1) HIR and the implementation of attachment is not owned by a third party as set forth in KUHPerdata section subsection article 1340 paragraph (2) KUHPerdata in this case to protect the third party can not be included in the applied of attachment. So that the judicial process can work well, without prejudice to the other. "

"[ABSTRAKTujuan utama dari penulisan studi ini adalah untuk melakukan pengujian hubungan simultan antara aktivitas pengawasan dewan komisaris dan kinerja perusahaan dengan menggunakan sampel sebanyak 156 perusahaan. Penelitian ini menemukan bukti bahwa aktivitas pengawasan perusahaan dapat mempengaruhi kinerja perusahaan, begitu juga sebaliknya, kinerja perusahaan dapat mempengaruhi aktivitas pengawasan perusahaan yang dilakukan oleh dewan komisaris. Pengujian tambahan juga dilakukan terhadap 47 perusahaan untuk meneliti apakah hubungan simultan ini dimoderasi oleh nilai dari praktek corporate governance. Ditemukan bukti bahwa praktek corporate governance mempengaruhi kinerja perusahaan, tetapi tidak mempengaruhi aktivitas pengawasan. Studi ini juga menemukan bahwa jumlah kepemilikan keluarga, dan tingkat hutang mempengaruhi frekuensi aktivitas pengawasan yang dilakukan oleh dewan komisaris.

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ABSTRACTThe primary objective of this research is to test the simultaneous relationship between board of commisioner monitoring activity and firm performance on a sample that consist of 156 companies quoted in Indonesia Stock Exchange. This study found that monitoring activity that performed by board of comissioner affect the firm performance, and vice versa, firm performance also affect the monitoring activity. An additional test was performed with smaller sample of 47 companies to found the evidence that the score of corporate governance practice moderated the relationship between monitoring activity and firm performance. There is an empirical evidence that corporate governance affected the firm performance but do not affect the monitoring activity. Further this research found that family ownership and debt ratio of company affected the monitoring activity that performed by Board of Commissioner.;The primary objective of this research is to test the simultaneous relationship between board of commisioner monitoring activity and firm performance on a sample that consist of 156 companies quoted in Indonesia Stock Exchange. This study found that monitoring activity that performed by board of comissioner affect the firm performance, and vice versa, firm performance also affect the monitoring activity. An additional test was performed with smaller sample of 47 companies to found the evidence that the score of corporate governance practice moderated the relationship between monitoring activity and firm performance. There is an empirical evidence that corporate governance affected the firm performance but do not affect the monitoring activity. Further this research found that family ownership and debt ratio of company affected the monitoring activity that performed by Board of Commissioner.;The primary objective of this research is to test the simultaneous relationship between board of commisioner monitoring activity and firm performance on a sample that consist of 156 companies quoted in Indonesia Stock Exchange. This study found that monitoring activity that performed by board of comissioner affect the firm performance, and vice versa, firm performance also affect the monitoring activity. An additional test was performed with smaller sample of 47 companies to found the evidence that the score of corporate governance practice moderated the relationship between monitoring activity and firm performance. There is an empirical evidence that corporate governance affected the firm performance but do not affect the monitoring activity. Further this research found that family ownership and debt ratio of company affected the monitoring activity that performed by Board of Commissioner., The primary objective of this research is to test the simultaneous relationship between board of commisioner monitoring activity and firm performance on a sample that consist of 156 companies quoted in Indonesia Stock Exchange. This study found that monitoring activity that performed by board of comissioner affect the firm performance, and vice versa, firm performance also affect the monitoring activity. An additional test was performed with smaller sample of 47 companies to found the evidence that the score of corporate governance practice moderated the relationship between monitoring activity and firm performance. There is an empirical evidence that corporate governance affected the firm performance but do not affect the monitoring activity. Further this research found that family ownership and debt ratio of company affected the monitoring activity that performed by Board of Commissioner.]"

"[ABSTRAKTesis ini membahas mengenai pengaruh koneksi politik terhadap kinerja perusahaandengan berdasarkan pada teori resource dependence. Kinerja perusahaan padapenelitian ini diukur menggunakan dua pengukuran yaitu return on sales (ROS) danreturn on assets (ROA). Penelitian ini dilakukan dengan meneliti seluruh perusahaanyang terdaftar di Bursa Efek Indonesia pada periode 2004-2013. Hasil dari penelitianini menunjukkan bahwa dengan dibangunnya koneksi politik, terdapat pengaruhpositif terhadap kinerja perusahaan yang terdaftar di Bursa Efek Indonesia. Hasil daripenelitian ini mendukung teori resource dependence.;

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ABSTRACTThis thesis discussed about the affect of political connection on firms' performancebased on resource dependence theory. Firm performance on this research using tworatios that is return on sales (ROS) and return on assets (ROA). The researchobserved listed companies on Indonesia Stock Exchange on 2004-2013. The evidenceshows that political connection had significant and positive impact on listedcompanies' performance. In addition, this research supports the resource dependencetheory., This thesis discussed about the affect of political connection on firms' performancebased on resource dependence theory. Firm performance on this research using tworatios that is return on sales (ROS) and return on assets (ROA). The researchobserved listed companies on Indonesia Stock Exchange on 2004-2013. The evidenceshows that political connection had significant and positive impact on listedcompanies' performance. In addition, this research supports the resource dependencetheory.]"

"ABSTRAKTujuan utama dari penelitian ini adalah menguji hubungan simultan antara nilaiperusahaan, praktek corporate govenance, dan struktur kepemilikan dengan 114perusahaan yang terbuka di Bursa Efek Jakarta pada tahun 2003. Variabel strukturkepemilikan adalah Cash flow rights, wedge (control rights - cash flow rights),persentase kepemilikan blockholders oleh pihak asing namun diduga sebenarnyaorang Indonesia (atau disingkat Asing Tapi Indonesia, (ASTINDO)). Nilai perusahaanakan diukur dengan proksi Tobin?s Q dan praktek corporate governance diukurdengan corporate governance index (CGI) yang dikembangkan oleh Arsjah (2005).Karena hubungan endogen antar variabel, metode two stage least squares dipakai. Hasil menunjukkan bahwa praktek corporate governance tidak berpengaruhsignifikan kepada nilai perusahaan, tetapi nilai perusahaan menjadi prediktor positifuntuk praktek corporate governance. Hasil ini menunjukkan bahwa perusahaan yangmempunyai nilai perusahaan yang tinggi memilih praktek corporate governance yangbaik untuk meningkatkan nilai perusahaan. Namun, perusahaan belum tentu dapatmemberi signal tentang kualitas perusahaan dengan menerapkan praktek corporategovernance yang baik. Hasil ini mungkin terjadi karena implementasi praktekcorporate governance merupakan hal yang baru di indonesia dan karena pasar masihsulit mencerminkan pengaruh praktek corporate governance kepada nilai perusahaansebab kekurangan informasi yang memadai tentang praktek corporate governance. Ketika wedge perusahaan tinggi, pengaruh praktek corporate governance kepadanilai perusahaan melemah. 'Wedge adalah variabel yang mengukur insentif pemegangsaham mayoritas akhir untuk mengekspropriasi pemegang saham minoritas. Dengandemikian dapat disimpulkan bahwa efektivitas praktek corporate governancedipengaruhi oleh insentif untuk melakukan ekspropriasi dari pemegang sahampengendali akhir. Struktur kepemilikan dan nilai perusahaan tidak mempunyai hubungan sistematik.Hasil ini mendukung bahwa struktur kepemilikan ditentukan secara endogen,sehingga struktur kepemilikan tersebar maupun terkonsentrasi masing-masingmembawa masalah keagenan, tetapi sekaligus memberikan kuntungan yang dapatmenjadi kompensasi masalah keagenan masing-masing. ASTINDO dalam struktur kepemilikan perusahaan ternyata tidak menguranginilai perusahaan atau tidak mengekspropriasi kekayaan pemegang saham minoritas.Tetapi persentase kepemilikan ASTINDO berpengaruh negatif kepada praktekcorporate governance. Tidak terdapat perbedaan pengaruh dari kepemilikanASTINDO dan kepemilikan blockholders benar-benar asing (BLOCKA) kepada nilaiperusahaan dan praktek corporate goverance. Dengan asumsi ASTINDO diukur dengan benar, hasil tersebut meragukan argumen bahwa kepemilikan BLOCKA berpengaruh positif kepada kinerja perusahaan dan praktek corporate governance.

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AbstractThe primary objective of this study is to test simultaneous relationships among thevalue of the firm, the practice of corporate govemanee, and the ownership structure ona sample of 114 companies quoted in the Jakarta Stock Exchange (JSX) for the year 2003. The ovmership structure variables include cash flow rights, wedge (controlrights - cash-flow rights), and percent of ownership by foreign bloclcholders that presumably are Indonesian blockholders (FBIB). The value of the firm is measured byproxy of Tobin's Q and the practice of corporate governance is measured by corporategovemance index (CGI) developed by Arsjah (2005). Because of the endogeneity among the variables, the two stage least squares are employed.The study finds that practice of corporate govemance fails to affect value of thefirm, but value of the firm is a positive predictor of practice of corporate governance.These results suggest that highly valued firms adopt the practice of the good corporategovemance because they believe that the practice of the good corporate governancewill further raise fimr value. However, adopting the practice of good corporate governance may not translate to higher fimi value. This may due to the fact thatimplementation of the practice of the corporate govemance is something new in Indonesia and that market may have difficulty in reflecting the effects of the practice ofthecorporategovemanceonthevalueofthefirmbecauseofthelackofproper information.Further, the influence ofthe practice ofthe corporate governance on the value ofthe firm becomes less, when the wedge of the firm becomes higher. Wedge is the variable that estimates incentives of ultimate majority shareholders to expropriate minority shareholders. Therefore, I conclude that effectiveness of the practice of the corporate govemance is influenced by the expropriation incentives of the ultimate majority shareholders.Ownership structure and the value of the firm have no systematic relation. This result supports that the ownership structure of a firm is the endogenous outcome of decisions. In other words, ownership structure is chosen so as to maximize the value ofthe firm, and that greater diffuseness in ownership, although it makes the agencyproblemmoresevere,conveyscompensatingadvantagesonfirmsthatchoosetorelyon a difiiise ownership structure.FBIB does not extract private benefits for themselves or do not expropriate thewealth of the minority shareholders. But, percent of ownership by FBIB has negative effectsonthepracticeofthecorporategovernance.Thereisno differencebetweentheinfluence of percent of ownership by foreign bloekholders and of percent of ownership by PBIB on the value of the firm and the practice of the corporate governance.Assuming that percent of ownership by FBIB are accurately measured, this result casts some doubt on the argument that ownership by foreign bloclcholders has positive effects on the performance and the practice of the corporate governance."