Apakah Corporate Governance ikut Mempengaruhi Tingkat Underpricing Perusahaan?

Companies that have the potential will continue to improve by making innovations, being creative and innovating. So that it is expected to obtain qualified funding. This qualified funding will certainly be referred to by looking at the corporate governance structure and the level of underpricing for companies conducting Initial Public Offering (IPO). In achieving the company's goals, many theories put forward by experts. One of them is signaling theory. This theory explains that the existence of a good corporate governance structure, when a company conducts an IPO. This is a positive signal for investors to get involved in a company. Important points in corporate governance include the number of commissioners, dependent commissioners, ownership concentration and institutional ownership. The method used is comparative causal research using multiple regression analysis. Sample 62 observations in companies that have IPO from 2011 to 2016. The results show the number of members of the board of commissioners, the level of independence of the board of commissioners has a significant effect on underpricing. however, the concentration of ownership and institutional ownership has no significant effect on underpricing.

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PENGARUH PENERAPAN GOOD CORPORATE GOVERNANCE TERHADAP STRUKTUR MODAL PERUSAHAAN GO PUBLIC YANG TERCATAT DI BURSA EFEK INDONESIA

El Muhasaba Jurnal Akuntansi ◽

10.18860/em.v4i1.2330 ◽

2013 ◽

Vol 4 (1) ◽

Author(s):

ERIKA SEPTIANTY

Keyword(s):

Corporate Governance ◽

Capital Structure ◽

Stock Exchange ◽

Institutional Ownership ◽

Managerial Ownership ◽

Executive Directors ◽

Control Variables ◽

Good Corporate Governance ◽

Equity Ratio ◽

A Company

Good Corporate Governance (GCG) is increasingly popular. but has a very important meaning in the system of corporate governance and managerial aspects, and investing in a good organization profit organization and this research uses its capital structure as measured by the debt-equity ratio as the dependent variable, while institutional ownership and managerial ownership as well as company size and profitability as the independent variable and three control variables. Control variables are variables that are controlled or held constant so that the effect o outside factors. Control variables used in the study include the Board of Directors, non-executive directors, and chair duality. Research is underway to find empirical evidence of the influence of the implementation of Good Corporate governanve the company's capital structure. The population used in this study is a company listed on the Indonesia Stock Exchange, while the sample is a company in the implementation of corporate governance ranking by IICG during the period 2005-2011. From the results of testing the hypothesis, suggesting that the effect of corporate governance is proxied by managerial ownership, institutional ownership and firm size has no influence not have any impact on capital structure. The research proves that the variables have an influence on the profitability of capital structure. In general, the results of this study indicate that companies listed on the Stock Exchange has not fully considering the use of corporate governance in determining capital structure. Keyword: Managerial Ownership, Institutional Ownership, Profitability, Firm Size, Good Corporate Governance, Capital Structure. ABSTRAK Good Corporate Governance (GCG) semakin populer. namun mempunyai arti yang sangat penting dalam sistem tata kelola perusahaan maupun dalam aspek manajerial dan investasi dalam suatu organisasi baik organisasi laba dan nonlaba.Penelitian ini menggunakan struktur modal yang diukur dengan debt-equity ratio sebagai variabel dependen, sedangkan kepemilikan institusional dan kepemilikan manajerial, serta ukuran perusahaan dan profitabilitas sebagai variabel independen dan tiga variabel kontrol. Variabel kontrol merupakan variabel yang dikendalikan atau dibuat konstan sehingga pengaruh variabel independen terhadap variabel dependen tidak dipengaruhi oleh faktor luar yang tidak diteliti. Variabel kontrol yang digunakan dalam penelitian antara lain Dewan Direksi, non-executive directors, dan chair duality. Penelitian ini dilakukan untuk menemukan bukti empris adanya pengaruh penerapan Good Corporate governanve terhadap struktur modal perusahaan. Populasi yang digunakan dalam penelitian ini adalah perusahaan yang terdaftar di Bursa Efek Indonesia, sedangkan sampel adalah perusahaan yang masuk dalam pemeringkatan penerapan corporate governance yang dilakukan oleh IICG selama periode 2005-2011. Dari hasil pengujian hipotesis, menunjukkan bahwa pengaruh corporate governance yang diproksikan oleh kepemilikan manajerial, kepemilikan institusional dan ukuran perusahaan tidak mempunyai pengaruh terhadap struktur modal. Hasil penelitian membuktikan bahwa variabel profitabilitas mempunyai pengaruh terhadap struktur modal.Secara umum hasil penelitian ini menunjukkan bahwa perusahaan yang terdaftar di BEI belum sepenuhnya memperhatikan penggunaan corporate governance dalam menentukan kebijakan struktur modalnya, kata kunci: good corporate governanve, kepemilikan manajerial, kepemilikan institusional, profitabilitas, ukuran perusahaan, struktur modal

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Daftar Isi

Jurnal Reviu Akuntansi dan Keuangan ◽

10.22219/jrak.v1i2.508 ◽

2011 ◽

Vol 1 (2) ◽

Author(s):

Admin Journal

Keyword(s):

Corporate Governance ◽

Corporate Social Responsibility ◽

Social Responsibility ◽

Initial Public Offering ◽

Market Capitalization ◽

Good Corporate Governance ◽

Public Offering ◽

Corporate Social

The Accountant Perceptions of The IFRS Convergence Plan In IndonesiaErsa Tri Wahyuni ... 85 Good Corporate Governance dan Market Capitalization Dengan Variabel Moderating Corporate Social Responsibility Disclousure (Studi Kasus Pada Perusahaan Manufaktur Yang Terdaftar Di BEI)Kiswanto ... 97 Pengembangan Model Sistem Pengendalian Pada Aliansi Strategis Berbasis SyariahSiti Zubaidah ...107Pengaruh Informasi Akuntansi Terhadap Kinerja Manajerial Dengan Tiga Variabel Moderating (Studi Empiris Pada BPR Di Kabupaten Bogor) Dona Primasari, Isbandriyati Mutmainah ... 115Peran Spiritualitas Keagamaan Bagi Akuntan Dalam Lingkungan Organisasi Agung Budi Sulistiyo ... 127Kajian atas Standar Pelaporan Keuangan Bank Perkreditan Rakyat: Komparasi Antara PSAK No. 31, SAK ETAP, dan Pedoman Akuntansi Bank Perkreditan Rakyat Ahmad Waluyo Jati, Eny Suprapti,Satria Budi Wicaksono ... 141Fenomena Manajemen Laba dalam IPO (Initial Public Offering); Studi dengan Menggunakan Model Aharony dan FriedlanLego Waspodo ... 151Analisis Kinerja Saham Syariah Dan Pengaruhnya Terhadap Respon Pasar Pada Perusahaan Yang Tercatat Di Jakarta Islamic Indeks Ratna Utami,Maha Putra Kusuma Nugraha ... 161

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Struktur Corporate Governance dan Ukuran Perusahaaan Mempengaruhi Kinerja Perusahaan pada Jakarta Islamic Indeks

BALANCE: Economic, Business, Management and Accounting Journal ◽

10.30651/blc.v18i2.6633 ◽

2021 ◽

Vol 18 (2) ◽

pp. 80

Author(s):

Rina Mudjiyanti ◽

Arini Hidayah ◽

Erny Rachmawati

Keyword(s):

Corporate Governance ◽

Board Of Directors ◽

Firm Size ◽

Audit Committee ◽

Institutional Ownership ◽

Governance Structure ◽

Company Performance ◽

Corporate Governance Structure ◽

Positive Effect ◽

Size Variable

The purpose of this study is to examine the effect of institutional ownership, board of directors, and audit committee, which are proxies of corporate governance structure, and firm size on firm performance. Company performance is measured using profitability. The sample of this study, companies listed in the Jakarta Islamic Index (JII) from 2017 to 2018. The ROA data in this study ignores the positive and negative ROA values. Hypothesis testing using regression analysis found empirical evidence that institutional ownership and board of directors variables do not affect ROA. While the audit committee variable has a positive effect on ROA, the firm size variable negatively impacts ROA. Keywords : Institutional Ownership; Board Of Directors; Audit Committee; Company Size; ProfitabilityCorrespondence to : [email protected] Tujuan penelitian ini menguji pengaruh kepemilikan institusional, dewan direksi, dan komite audit yang merupakan proksi struktur corporate governance, dan ukuran perusahaan terhadap kinerja perusahaan. Kinerja perusahaan diukur menggunakan profitabilitas. Sampel penelitian ini, perusahaan yang terdaftar dalam Jakarta Islamic Indeks (JII) selama periode 2017 sampai 2018. Data ROA dalam penelitian ini mengabaikan nilai ROA positif dan negatif. Pengujian hipotesis menggunakan analisis regresi ditemukan bukti empiris bahwa variabel kepemilikan institusional dan dewan direksi tidak berpengaruh terhadap ROA. Sedangkan variabel komite audit berpengaruh positif terhadap ROA, dan variabel ukuran perusahaan berpengaruh negatif terhadap ROA.Kata kunci : Kepemilikan Institusional; Dewan Direksi; Komite Audit; Ukuran Perusahaan; Profitabilitas

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Impact of Good Corporate Governance on Financial Distress in the Consumer Goods Sector Company

Summer - GATR Journal of Finance and Banking Review ◽

10.35609/jfbr.2017.2.4(6) ◽

2017 ◽

Vol 2 (4) ◽

pp. 46-55

Author(s):

Sri Marti Pramudena

Keyword(s):

Corporate Governance ◽

Consumer Goods ◽

Financial Distress ◽

Stock Exchange ◽

Secondary Data ◽

Institutional Ownership ◽

Annual Reports ◽

Manufacturing Companies ◽

Good Corporate Governance ◽

A Company

Objective - Financial distress is referred to as a condition in which a company's operations result in insufficient funds to meet its obligations (insolvency). The success or failure of a company greatly depends on the corporate governance of the company. This study aims to identify the relationship between the existence of good corporate governance and the probability of financial distress. Methodology/Technique - This study used secondary data obtained from annual reports from 2009 to 2014. The data is gathered from consumer goods manufacturing companies, that are listed on the Indonesian Stock Exchange (BEI). The sample includes 10 companies. The method of analysis used is multiple linear regressions. Findings - The results of the study show that institutional ownership and managerial ownership adversely affect the possibility of financial distress. On the other hand, the proportion of commissioners and the number of board of directors have a positive effect on the probability of financial distress. Novelty - This study found that institutional ownership (IO) has an inverse effect on the financial distress of a company. Type of Paper - Empirical Keywords: Good Corporate Governance; Financial Distress; Corporate Performance. JEL Classification: G30, G34, G39.

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The Effects of IPO Mandatory Lockups and Corporate Governance on Underpricing: Evidence From the Australian Securities Exchange

Journal of Accounting Auditing & Finance ◽

10.1177/0148558x19846754 ◽

2019 ◽

Vol 35 (4) ◽

pp. 854-869

Author(s):

Janto Haman ◽

Keryn Chalmers ◽

Victor Fang

Keyword(s):

Corporate Governance ◽

Initial Public Offering ◽

Equity Capital ◽

Ipo Underpricing ◽

Good Corporate Governance ◽

Incremental Effect ◽

Financial Strength ◽

Equity Ownership ◽

And Performance ◽

Public Offering

In Australia, initial public offering (IPO) firms not satisfying profit or asset tests are permitted to list on the securities exchange with mandatory lockups (MLs) imposed on insiders’ shares. We investigate whether such lockups, and the lockup periods, are associated with underpricing. We find that the incremental effect of the association between longer ML periods and higher underpricing is stronger for firms with higher insiders’ equity ownership subject to MLs relative to firms with lower insiders’ equity ownership subject to MLs. This suggests that the extent and length of insiders’ equity ownership subject to MLs convey information regarding IPO firms’ risk. We also find that good corporate governance reduces IPO underpricing for firms with MLs. It moderates the IPO underpricing for firms with higher and longer insiders’ equity ownership subject to MLs. Our findings are informative for regulators in understanding how MLs can assist in allowing smaller and younger firms with inadequate financial strength and performance to publicly raise equity capital, while morally protecting investors and preserving market integrity.

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Pengaruh Struktur Corporate Governance terhadap Integritas Laporan Keuangan Perusahaan pada Perusahaan LQ45 yang Terdaftar di BEI

AKUNTABEL ◽

10.29264/jakt.v14i2.1910 ◽

2018 ◽

Vol 14 (2) ◽

pp. 157

Author(s):

Inosensius Istiantoro ◽

Ardi Paminto ◽

Herry Ramadhani

Keyword(s):

Corporate Governance ◽

Audit Committee ◽

Sampling Method ◽

Stock Exchange ◽

Institutional Ownership ◽

Financial Statements ◽

Governance Structure ◽

Managerial Ownership ◽

Corporate Governance Structure ◽

Method Analysis

The influence of Corporate Governance Structure on Integrity Corporate Financial Statements of the LQ45 companies listed on the Indonesia Stock Exchange 2009-2014. (Under the guidance of Dr. H. Ardi Paminto, MS and Herry Ramadhani, SE., MM). The purpose of research is to analyze the influence of Corporate Governance Structure on Integrity Corporate Financial Statements of the LQ45 companies listed on the Indonesia Stock Exchange 2009-2014. The data used in this study is 18 companies using criteria through purposive sampling method. Analysis of the data used in this study is the classical assumption test and multiple linear regression SPSS 19.0. The results of this study indicate that the institutional ownership has a negative and significant influence on integrity corporate financial statements, Managerial Ownership is positive but no significant effect on integrity corporate financial statements, Audit Committee is positive and has a significane effect on integrity corporate financial statements, Independent Commissioner is negative and no significant effect on integrity corporate financial statements.Keywords: Institutional Ownership, Managerial Ownership, Audit Committee and Independent Commissioner.

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Governance quality and the pricing of discretionary accruals: American field study

Corporate Ownership and Control ◽

10.22495/cocv5i4c2p3 ◽

2008 ◽

Vol 5 (4) ◽

pp. 302-308

Author(s):

Afef Dhahbi ◽

Lucie Courteau ◽

Mohamed Wajdi Triki

Keyword(s):

Corporate Governance ◽

Data Envelopment Analysis ◽

Stock Return ◽

Discretionary Accruals ◽

Governance Structure ◽

Data Envelopment ◽

Corporate Governance Structure ◽

Good Corporate Governance ◽

Governance Quality ◽

The Relationship

The aim of this paper is to examine the relationship between efficient governance structure and the information content of discretionary accruals. To determine governance scores, Data Envelopment Analysis is applied to a sample of 149 American firms for the period 1998 to 2003. The findings indicate that the association between stock return and discretionary accruals is greater for firms having a good corporate governance structure

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THE PROPOSE GOVERNANCE FRAMEWORK FOR SHARIAH CORPORATION

International Journal of Law, Government and Communication ◽

10.35631/ijlgc.415009 ◽

2019 ◽

pp. 84-90

Author(s):

Hartinie Abd Aziz ◽

Zuhairah Ariff Abd Ghadas

Keyword(s):

Corporate Governance ◽

Financial Institution ◽

Governance Structure ◽

Public Confidence ◽

Governance System ◽

Core Element ◽

Corporate Governance Structure ◽

Governance Framework ◽

Shariah Governance ◽

A Company

Shariah Corporation has developed rapidly offering various product and services that comply with the shariah principles. Nevertheless, all the so-called shariah corporation was framed under the conventional framework beginning from its incorporation as a company up until its corporate governance, and the decision’s making the process. Such conventional framework does differ from the shariah framework. Hence, it is a need to develop a new framework of governance that can be applied to all shariah corporations. This is mainly because the objective of the conventional and the Islamic Corporate governance is different as conventional corporate governance structure is more focused on the protection of the rights of the stakeholders; while Islamic corporate governance focus on retaining the Islamicity of the whole corporation This paper emphasizes that Shari’ah compliance is the core element of shariah corporation and thus Shari’ah governance is an ideal platform to ensure such adherence and thus boost up the level of public confidence in shariah corporation. It is undeniable that there are few shariah governance codes available nowadays, but, these codes are mainly referred to Islamic financial institution per se. This study looks at the current conventional framework and accordingly, this paper proposes a Shari’ah governance framework to accommodate the shariah corporation. The framework suggests incorporating various fundamental governance principles of organizations. This proposed framework is to strengthen the existing guidelines and reflect a holistic governance system for shariah corporation.

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CORPORATE GOVERNANCE STRUCTURE AND TIMELINESS OF FINANCIAL REPORT

Journal of Management and Business ◽

10.24123/jmb.v10i1.170 ◽

2011 ◽

Vol 10 (1) ◽

Author(s):

Tri Gunarsih

Keyword(s):

Corporate Governance ◽

Logistic Regression ◽

Governance Structure ◽

Negative Sign ◽

Ownership Concentration ◽

Corporate Governance Structure ◽

Financial Report ◽

Dummy Variable ◽

The Board Of Directors ◽

Domestic Institution

The main objectives of this research are to describe the obedience towards the regulation of timeliness financial report submission and to analyze the influence of financial performance and corporate governance structure to timelines of financial report submission. The research questions are tested by running Analysis of Variance (Anova) and two logistic regressions. Timelines (measured by dummy variable, 1 if the company comply financial report submissioni.e. before and at 31 of March, while 0 for delayed submission) is the dependent variable both in Anova and in logistic regression. The independent variables in logistic regression consist of EAT, ROA, ROE, Leverage, concentration ownership by domestic institution, number of the Board of Directors, number of the Board of Commissioners and Industry Classification. The first main result of this study is that there is an increasing of timelines obedience. This suggests that the obedience of listed companies towards the regulation of timelines is increasing form time to time. The second main result of this study is that there is an influence of profitability (ROA), leverage and corporate governance structure (ownership concentration by Domestic Institution/HI_DOM) to the probability of timelines financial report submission. The positive and negative sign of ROA and leverage respectively, suggest that higher ROA and lower leverage tend to obey the regulation of timelines. The negative sign of HI_DOM suggest that the lower ownership concentration by Domestic Institution tend to obey the regulation of timelines.

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NPO Funding in Italy: The Role and the Contribution of Corporate Governance

International Journal of Business and Management ◽

10.5539/ijbm.v15n12p1 ◽

2020 ◽

Vol 15 (12) ◽

pp. 1

Author(s):

Patrizia Gazzola ◽

Stefano Amelio ◽

Daniele Grechi ◽

Fragkoulis Papagiannis

Keyword(s):

Corporate Governance ◽

Governance Structure ◽

Point Of View ◽

Corporate Governance Structure ◽

Non Profit ◽

Good Corporate Governance ◽

Information Level ◽

Tax Returns ◽

To Receive ◽

Governance Disclosure

By adopting mainly the “principal-agent theory”, the study analyses how non-profit organizations (NPOs) corporate governance structure could increase the trust of the donors and therefore affect their ability to receive donations from taxpayers. Starting from a literature review we concentrated our attention on the non-profit sector where NGOs represent the largest category. In Italy, starting from 2006, all NPOs could receive funding deriving from taxes paid by citizens when making tax returns with the so called ‘5 per thousand’ of the personal income tax. We analyzed the corporate governance disclosure practices of the first Italian 100 NPOs that received the highest donations from 5 per thousand. In particular, we elaborated a CGI index that includes governance and informativeness. This paper shows how an efficient and transparent corporate governance structure motivates the donors to donate 5 per thousand to NPOs that demonstrate good corporate governance. The findings suggest that taxpayers are inclined to allocate 5 per thousand to organizations where the information level, from a governance point of view, is high, easily available and clear about the purpose in the specified field of research.

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