PENGARUH CORPORATE GOVERNANCE PERCEPTION INDEX TERHADAP KINERJA PERUSAHAAN PADA PERUSAHAAN YANG TERDAFTAR DI BURSA EFEK JAKARTA

Abstract

This study purposes to investigate affect corporate governance to corporate
performance. The analysis employed two kinds of models, first model with ROE as
operational performance measurement and second model with Tobin’s Q as market
performance measurement.
This study employs a multiple regression to test that corporate governance
positively significant affect corporate performance. The rating of CGPI by IICG is used
to measure to the corporate governance implementation. Sample of this study are
companies that listed in Bursa Efek Jakarta, now Bursa Efek Indonesia and follow CGPI
program. Amount of sample are 101 companies as a pooled data from 2001 to 2005.
Secondary data is used in this study.
The analysis shows that CGPI positively significant affect operational
performance but CGPI doesn’t affect market performance. It maybe market does not
respond the implementation of corporate governance immediately. The affect can be seen
for long period because related with investor trust.
Key words: corporate governance, performance, ROE, Tobin’s Q.