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Abstrak :
Abstract. This study aims to analyze the influence of corporate governance structure on underpricing when firms perform an Initial Public Offering (IPO). This study is based on the signaling theory, stating that the existence of proper corporate governance structure at the time the firm conducting IPO will give the firm a high quality signal to potential investors. The corporate governance structure tested includes the size of Board of Commissioners (BOC), the level of independence of the Board of Commissioners, and the existence of an audit committee. The hypothesis testing is done using a multiple regression model with a sample of 95 observations from firms doing IPOs listed on the Indonesia Stock Exchange during the period of 2005-2012. The results of this study provide empirical evidence that: (1) the size of Board of Commissioners is negatively correlated and affects underpricing, (2) the level of independence of the Board of Commissioners has no effect on underpricing, (3) the existence of an audit committee has no effect on underpricing, (4 ) corporate governance structure (the BOC size, the independence of the Board of Commissioners, and the existence of audit committees) simultaneously has a positive and significant correlation to underpricing.

Abstrak. Penelitian ini bertujuan untukmenganalisis pengaruhstruktur corporate governance terhadap underpricing pada saat perusahaan melakukan Initial Public Offering (IPO). Penelitian ini didasarkan pada teori sinyal (signaling theory) yang menyatakan bahwa keberadaan struktur corporate governance yang baik pada saat perusahaan melakukan IPO akan memberikan sinyal kualitas perusahaan yang tinggi kepada investor potensial. Struktur corporate governance yang diuji meliputi jumlah anggota dewan komisaris, tingkat independensi dari dewan komisaris, dan keberadaan komite audit. Pengujian hipotesis dilakukan menggunakan model regresi berganda dengan sampel 95 observasi dari perusahaan yang melakukan IPO yang tercatat di Bursa Efek Indonesia selama periode 2005-2012. Hasil penelitian ini memberikan bukti empiris bahwa: (1) jumlah anggota dewan komisaris berkorelasi negatif dan berpengaruh terhadap underpricing, (2) tingkat independensi dari dewan komisaris tidak memiliki pengaruh terhadap underpricing, (3) keberadaan komite audit tidak memiliki pengaruh terhadap underpricing, (4) struktur corporate governance (jumlah anggota dewan komisaris, independensi dewan komisaris, dan keberadaan komite adit) secara simultan memiliki korelasi positif dan signifikan terhadap underpricing.

Abstrak :
Perusahaan dengan struktur kepemilikan terkonsentrasi umumnya ditemukan di Asia Tenggara. Di Indonesia, kendali terbesar perusahaan berasal dari keluarga. Kepemilikan terkonsentrasi dapat menyebabkan masalah keagenan antara pemegang saham pengendali dan pemegang saham non-pengendali di mana, pemegang saham pengendali bersama-sama dengan manajemen, dapat membuat keputusan yang membawa keuntungan pribadi dengan mengorbankan pemegang saham non-pengendali misalnya dengan berinvestasi pada proyek-proyek dengan risiko tinggi atau dikenal sebagai overinvestment. Penelitian ini menjelaskan pengaruh kehadiran direksi dan komisaris independen pada hubungan antara kepemilikan keluarga dan investasi berlebihan. Menggunakan perusahaan yang terdaftar di Bursa Efek Indonesia dari 2011 hingga 2017 sebagai sampel penelitian, kehadiran direktur independen berhubungan negatif dengan overinvestment. Dari hasil regresi, hanya direksi independen yang ditemukan memiliki efek moderasi dalam melemahkan hubungan positif antara kepemilikan keluarga dan overinvestment. Efek ini terlihat lebih jelas jika kepemilikan keluarga di perusahaan rendah. Hal ini disebabkan apabila kepemilikan keluarga di perusahaan rendah, proses pemilihan dewan direksi dapat lebih objektif sehingga kemungkinan sejumlah direktur independen duduk di dewan direksi jauh lebih besar. Dengan demikian efek moderasi oleh direksi independen akan lebih besar di perusahaan dengan kepemilikan keluarga yang lebih rendah.

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Firms with concentrated ownership structures are commonly found in Southeast Asia. In Indonesia, the biggest control of the firm comes from the family. Concentrated ownership can lead to agency problem between controlling shareholders and non-controlling shareholders where, controlling shareholders together with management, can make decisions which bring personal benefit at the expense of non-controlling shareholders for example by investing on projects with negative NPV or known as overinvestment. This study explains the effect of the presence of directors and independent commissioners on relationship between family ownership and overinvestment. Using firms listed on Indonesia Stock Exchange from 2011 to 2017 as research samples, the presence of independent director is negatively related to overinvestment. From the regression results, only independent directors were found to have a moderating effect in weakening the positive relationship between family ownership and overinvestment. This effect is seen more clearly if family ownership in the company is low. This is because if family ownership in the company is low the process of selecting a board of directors can be more objective so that the possibility of a number of independent directors sitting on the board of directors is much greater. Thus the effect of moderation by independent directors will be greater in companies with lower family ownership.

Abstrak :
Penelitian ini menganalisis pengaruh karakteristik perusahaan terhadap struktur dewan komisaris dan direksi pada perusahaan non keuangan dan non utilitas yang terdaftar di Bursa Efek Indonesia tahun 2008-2012, menggunakan pendekatan ordinary least square (OLS). Penelitian ini menggunakan data panel perusahaan Indonesia tahun 2008-2012, dipilih 101 perusahaan sebagai sampel. Karakteristik perusahaan terdiri dari kompleksitas perusahaan, biaya monitoring dan advising serta insentif kepemilikan saham. Penulis menemukan bahwa kompleksitas perusahaan memberikan pengaruh positif terhadap board size. Biaya monitoring dan advising tidak berpengaruh signifikan terhadap board independence dan insentif kepemilikan juga tidak berpengaruh signifikan terhadap board independence.

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This study investigates the effect of firm characteristics on board structure of Indonesian Listed Companies 2008-2012 employing ordinary least square (OLS) approach. This study is used a panel of Indnesian firms between 2008-2012, 101 firms were selected as a sample. Firm characteristics consists of its complexity, the costs of monitoring and advising, and ownership incentives. This empirical results show that firm complexity on board size is positive. The costs of monitoring and advising is not significant on board independence and ownership incentives is not significant too on board independence.

Abstrak :
ABSTRAK
Penelitian ini bertujuan untuk mengetahui pengaruh corporate governance terhadap value creation di Indonesia. Penelitian ini menggunakan data sekunder dari seluruh perusahaan non-keuangan publik yang tercatat di Bursa Efek Indonesia padatahun 2005-2012. Corporate governance diukur melalui board size, duality, boarddiligence, dan board independence sedangkan value creation ditentukan dengan nilaitobins rsquo;q perusahaan. Dalam penelitian ini juga diukur pengaruh size dan return onasset pada tobins rsquo;q perusahaan. Hasil penelitian menunjukkan bahwa menunjukkan bahwa board size berpengaruh positif dan signifikan terhadap value creation perusahaan. Sementara duality, board diligence, dan board independence diketahui memiliki pengaruh yang negatif terhadap value creation. Dari hasil penelitian jugadiketahui bahwa size dan return on asset sebagai variabel kontrol memiliki pengaruh yang positif dan signifikan terhadap value creation perusahaan di Indonesia. Kata Kunci : corporate governance, value creation, board size, duality, boarddiligence, board independence, size, dan return on asset.

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ABSTRACT
This study uses secondary data from all of the nonfinancial traded firms that are listed on the Indonesia Stock Excahnge in 2005 2012.Corporate governance is measured by board size, duality, board diligence, and boardindependence while value creation is determined by company tobins rsquo q. In this studyalso measured the effect of size and return on asset on company tobins rsquo q. The resultsshowed that the board size has positive effect on value creation and statisticallysignificant. Meanwhile, duality, board diligence, and board independence are knownto have a negative effect on value creation. In this study also showed that size andreturn on asset as a control variable have a positive and significant effect on firm rsquo svalue creation in Indonesia.Keywords corporate governance, value creation, board size, duality, boarddiligence, board independence, size, and return on asset.

Abstrak :
This research aims to analyze the impact of corporate governance on firm value. Corporate governance is the range of control mechanisms in a company aimed at aligning relationships among various stakeholders involved with companies – including owners (shareholders), managers, employees, customers, suppliers, and other business partners – and effectively monitoring its performance. Meanwhile, firm value is the economic worth of a company assessed through its ability to generate future cash flows and earnings, taking into account both tangible and intangible assets. This research uses a sample of non-financial companies listed on the Indonesia Stock Exchange in the 2014-2023 period using a purposive sampling technique. The type of data used in this research is panel data consisting of time series and cross section data. The results of this research show that corporate governance has an insignificant impact on firm value, using independent variables of board size, board independence, board gender diversity, ownership concentration, and CEO ownership. ......Penelitian ini bertujuan untuk menganalisis pengaruh corporate governance terhadap firm value. Corporate governance adalah serangkaian mekanisme pengendalian dalam suatu perusahaan yang bertujuan untuk menyelaraskan hubungan antara berbagai pemangku kepentingan yang terlibat dengan perusahaan – termasuk pemilik (pemegang saham), manajer, karyawan, pelanggan, pemasok, dan mitra bisnis lainnya – dan memantau kinerjanya secara efektif. Sedangkan firm value adalah nilai ekonomi suatu perusahaan yang dinilai melalui kemampuannya menghasilkan arus kas dan pendapatan di masa depan, dengan mempertimbangkan aset berwujud dan tidak berwujud. Penelitian ini menggunakan sampel perusahaan non keuangan yang terdaftar di Bursa Efek Indonesia periode 2014-2023 dengan menggunakan teknik penarikan sampel purposive sampling. Jenis data yang digunakan dalam penelitian ini adalah data panel yang terdiri dari data time series dan cross section. Hasil penelitian menunjukkan bahwa tata kelola perusahaan mempunyai pengaruh yang tidak signifikan terhadap nilai perusahaan, dengan menggunakan variabel independen ukuran dewan direksi, independensi dewan direksi, keberagaman gender dewan direksi, konsentrasi kepemilikan, dan kepemilikan CEO.

Abstrak :
ABSTRAK

Penelitian ini bertujuan untuk melihat pengaruh struktur kepemilikan perusahaan dan independensi Dewan Komisaris terhadap tingkat pengungkapan tanggung jawab sosial. Teori-teori utama yang digunakan dalam penelitian ini adalah teori tata kelola perusahaan (Corporate Governance), teori kepemilikan (Ownership Theory), dan teori pemangku kepentingan (Stakeholder Theory). Sampel yang digunakan dalam penelitian ini adalah delapan belas (18) perusahaan yang bergerak di sektor pertambangan dan terdaftar di Bursa Efek Indonesia (BEI) selama rentang waktu 2010 hingga 2012. Hasil uji statistik menggunakan metode Pooled Least Square menunjukkan bahwa struktur kepemilikan memberikan pengaruh yang berbeda-beda terhadap tingkat pengungkapan tanggung jawab sosial perusahaan.

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ABSTRACT

The objective of this study is to observe the effect of corporate ownership structure and board independence on the level of corporate social responsibility (CSR) disclosure. The main theories used in this study are corporate governance theory, ownership theory, and stakeholder theory. Samples taken for this study are eighteen mining companies which are listed on Bursa Efek Indonesia (BEI) period 2010 to 2012. The result of statistic test using Pooled Least Square shows us that ownership structure affect the level of CSR disclosure in a different way.

Abstrak :
Penelitian ini bertujuan untuk mengetahui pengaruh komposisi dewan komisaris sebagai aspek dari internal corporate governance terhadap risiko perusahaan khususnya industri pertambangan yang terdaftar pada Bursa Efek Indonesia. Risiko perusahaan dicerminkan dengan proksi Total Risk dan Asset Return Risk, sedangkan internal corporate governance diproksikan menggunakan Board Size, Board Independence, Board Gender, dan Board Ownership dari dewan komisaris perusahaan. Penelitian ini menggunakan data panel dengan metode Pooled Least Square dan Fixed Effect Model pada periode 2017 – 2021 untuk menguji hipotesis. Sampel penelitian terkumpul sebanyak 29 perusahaan dengan total 145 observasi untuk periode 5 tahun. Hasil penelitian menunjukan bahwa tidak terdapat pengaruh yang signifikan antara Board Size, Board Independence, Board Gender, dan Board Ownership terhadap Total Risk. Tetapi, ditemukan pengaruh signifikan antara Board Size terhadap Asset Return Risk, sedangakan Board Independence, Board Gender, dan Board Ownership tidak ditemukan signifikan terhadap Asset Return Risk. ......This research aims to investigate the influence of the composition of the board of commissioners as an aspect of internal corporate governance on firm risk, particularly in the mining industry listed on the Indonesia Stock Exchange. Firm risk is reflected by proxies such as Total Risk and Asset Return Risk, while internal corporate governance is proxied using Board Size, Board Independence, Board Gender, and Board Ownership of the company's board of commissioners. This study utilizes panel data with the Pooled Least Square and Fixed Effect Model methods for the period 2017-2021 to test hypotheses. The research sample consists of 29 companies, totaling 145 observations over a 5-year period. The research results indicate that there is no significant influence between Board Size, Board Independence, Board Gender, and Board Ownership on Total Risk. However, a significant influence was found between Board Size and Asset Return Risk, while Board Independence, Board Gender, and Board Ownership were not found to be significant factors affecting Asset Return Risk.

Abstrak :
Penelitian ini ditujukan untuk mengetahui pengaruh karakteristik direksi dan dewan komisaris terhadap kinerja CSR (corporate social responsibility). Kinerja CSR yang dimaksud adalah kinerja dari sisi pelaporan atau corporate sustainability reporting. Data yang digunakan adalah data panel yang diolah menggunakan metode fixed effect dan random effect model. Penelitian ini menggunakan sampel 48 perusahaan publik di Indonesia dari berbagai industri dengan periode 2016-2020. Terdapat lima variabel independen pada penelitian ini yang terdiri dari board of directors gender diversity, board of commissioners gender diversity, board diligence, board independence, dan CSR committee. Kinerja CSR diukur menggunakan proksi nilai ESG beserta nilai ketiga subkomponen nya. Hasil penelitian menunjukkan bahwa board independence memiliki pengaruh positif dan signifikan terhadap kinerja CSR secara parsial, khususnya jika melihat kinerja dari nilai ESG keseluruhan dan nilai pilar sosial. Selain itu, penelitian ini menunjukkan bahwa CSR committee memiliki pengaruh negatif yang signifikan terhadap kinerja CSR, baik diukur dengan proksi nilai ESG keseluruhan, nilai pilar lingkungan, nilai pilar sosial, maupun nilai pilar tata kelola. Lain hal nya dengan board of directors gender diversity, board of commissioners gender diversity, dan board diligence yang ditemukan tidak memiliki pengaruh signifikan terhadap kinerja CSR. ......This study aims to determine the effect of the characteristics of board of directors and board of commissioners on CSR (corporate social responsibility) performance. The CSR performance in this study refers to the performance in terms of reporting or what is known as corporate sustainability reporting. This study uses panel data with fixed effect and random effect model for estimation purposes. A sample of 48 public companies in Indonesia from several industries for the period of 2016-2020 is used in this study. There are five independent variables consisting of board of directors gender diversity, board of commissioners gender diversity, board diligence, board independence, and CSR committee. CSR performance is measured by ESG score and its three subcomponents. The results show that board independence has a positive and significant effect on CSR performance, especially on the performance based on ESG score and social pillar score. Moreover, this study also shows that CSR committee has a significant negative effect on CSR performance, whether measured by overall ESG score, environmental pillar score, social pillar score, or governance pillar score. On the other hand, board of directors gender diversity, board of commissioners gender diversity, and board diligence are found to have no significant effect on CSR performance.