W ardhani, M e k a n ism e C o rp o ra te G o v ern a n ce d a la m P e r u s a h a a n. 95
J u r n a l A k u n t a n s i d a n K e u a n g a n I n d o n e s i a J u n i 2 0 0 7 , V o l.4 , N o . 1, h a l. 9 5 - 1 1 4
M E K A N I S M E
C O R P O R A T E G O V E R N A N C E
D A L A M P E R U S A
H A A N Y A N G M E N G A L A M I P E R M A S A L A H A N K E U A N G A N
R a t n a W a r d h a n i
S t a f P en g a ja r F a k u lta s E k o n o m i U niversitas In d o n esia
ra tn a w a rd h a n i@ y a h o o .c o m
A b s t r a c t
C o rp o ra te G overnance m ech a n ism s are b e lie v e d to have stro n g im p a ct on the c o m p a n ie s ’ p erfo rm a n ce. The im p lem en ta tio n o f C orp o ra te G o vern a n ce in one
c o m p a n y m ig h t be d ifferen t to the im p lem en ta tio n o f C o rp o ra te G o vern a n ce in
o th er co m p a n y due to the ch a ra cteristics o f the com pa ny. This stu d y ex a m in es the
d iffe ren ce o f C o rp o ra te G overnance m ech a n ism s in fin a n c ia lly d istr e sse d fir m s a n d n o n fin a n c ia lly d istre sse d firm s. C o rp o ra te G o vern a n ce m ech a n ism s ex a m in e d
in th is stu d y are b o a r d size, in d ep en d en cy o f board, in stitu tio n a l o w n ersh ip a n d
d ire c to r ow nership. The r esu lt o f this stu d y sh o w s th a t b o a rd size h a s a sig n ifica n t n e g a tive im p a ct on th e p ro b a b ility o f fir m exp e rie n c e d fin a n c ia l d istr e sse d a fter
c o n tro llin g f o r fir m s a sse t a n d leverage. T his re su lt is a lso co n firm e d b y te st u sin g
la g one year. This stu d y fa i l s to d o c u m en t the evid en ce o f the re la tio n sh ip o f b o a rd in d ep en d en cy a n d o w n ersh ip stru ctu re w ith the p r o b a b ility o f fir m ex p e rie n c e d
fin a n c ia l distressed.
96 J u rn a l A k u n ta n si d a n K e u a n g a n Indon esia, J u n i 2007, Vol.4, No. I, hal. 95-114
P E N D A H U L U A N
C o rp o ra te G o vern a n ce (C G ) m e ru p a k a n ta ta k e lo la p e ru s a h a a n y a n g
m e n je la s k a n h u b u n g a n a n ta ra b e rb a g a i p a rtis ip a n d a la m p e r u s a h a a n y a n g
m e n e n tu k a n a ra h d a n k in e r ja p e r u s a h a a n (M o n k s & M in o w 2 0 0 1 ). Is u m e n g e n a i
C G in i m u la i m e n g e m u k a , k h u s u s n y a d i In d o n e s ia , s e te la h I n d o n e s ia m e n g a la m i m a s a k r is is y a n g b e rk e p a n ja n g a n s e ja k ta h u n 1998. B a n y a k p ih a k y a n g m e n g a ta k a n
la m a n y a p r o s e s p e r b a ik a n di I n d o n e s ia d is e b a b k a n o le h s a n g a t le m a h n y a C G y a n g d ite ra p k a n d a la m p e r u s a h a a n d i In d o n e s ia . S e ja k s a a t itu , b a ik p e m e r in ta h m a u p u n
in v e s to r m u la i m e m b e rik a n p e rh a tia n y a n g c u k u p s ig n ifik a n d a la m p r a k te k C G . P o r te r (1 9 9 1 ) m e n y a ta k a n b a h w a a la s a n m e n g a p a p e r u s a h a a n s u k se s a ta u
g a g a l m u n g k in le b ih d is e b a b k a n o le h stra te g i y a n g d ite ra p k a n o le h p e ru s a h a a n .
K e s u k s e s a n s u a tu p e r u s a h a a n b a n y a k d ite n tu k a n o le h k a ra k te ris tik s tr a te g is d a n
m a n a je r ia l p e ru s a h a a n te rs e b u t. S tra te g i te rs e b u t d ia n ta ra n y a d a p a t ju g a m e n c a k u p s tr a te g i p e n e r a p a n s is te m G o o d C o rp o ra te G overnance (G C G ) d a la m p e ru s a h a a n . S tru k tu r G C G d a la m s u a tu p e r u s a h a a n b is a ja d i d a p a t m e n e n tu k a n s u k se s tid a k n y a
s u a tu p e ru s a h a a n .
D a ia m s u a tu p e r u s a h a a n , d e w a n m e m e g a n g p e ra n a n y a n g s a n g a t s ig n ifik a n
b a h k a n p e r a n y a n g u ta m a d a la m p e n e n tu a n s tra te g i p e ru s a h a a n te rse b u t. In d o n e s ia m e r u p a k a n n e g a r a y a n g m e n g g u n a k a n s is te m tw o tier, d i m a n a d e w a n te rd iri d a ri
d e w a n k o m is a r is d a n d e w a n d ire k si. D e w a n k o m is a ris m e ru p a k a n p ih a k y a n g
m e la k u k a n fu n g si m o n ito rin g te r h a d a p k in e ija m a n a je m e n , s e d a n g k a n d e w a n d ire k s i m e r u p a k a n p ih a k y a n g m e la k u k a n fu n g si o p e ra s io n a l p e r u s a h a a n s e h a ri-
h a r i. S e d a n g k a n A m e r ik a m e r u p a k a n n e g a ra y a n g m e n g a n u t s is te m o ne tier, di m a n a d e w a n h a n y a te rd iri d a ri boards o f directors. Is tila h d e w a n d ire k s i (b oards o f
d ire c to r s) d i A m e rik a le b ih m e n g a c u p a d a fu n g si d a ri d e w a n k o m is a r is d i I n d o n e s ia
y a n g m e n g e m b a n fu n g si m o n ito rin g te rh a d a p m a n a je m e n , s e d a n g k a n is tila h d e w a n d ir e k s i d i I n d o n e s ia m e n g a c u p a d a fu n g si m a n a je m e n y a n g m e n ja la n k a n fu n g si
m a n a je r ia l d a n o p e ra s io n a l p e r u s a h a a n se h a ri-h a ri d i A m e rik a . P e rb e d a a n k o n s e p o ne tie r d i A m e r ik a d a n tw o tier d i I n d o n e s ia in i m e m b e rik a n im p lik a s i p a d a in te rp re ta s i
h a s il p e n e litia n y a n g b e r k a ita n d e n g a n C G d a ri p e n e litia n y a n g d ila k u k a n d a la m
k o n te k s n e g a r a A m e rik a .
S tru k tu r C G d a la m s u a tu p e r u s a h a a n a k a n s a n g a t m e n e n tu k a n n ila i p e r u s a h a a n d a n tin g k a t k e s e h a ta n p e ru s a h a a n . P e n e litia n m e n g e n a i p e n g a r u h d a r i d e w a n
k o m is a r is s e b a g a i s a la h s a tu m e k a n is m e C G te rh a d a p k e m u n g k in a n p e ru s a h a a n
m e n g a la m i k e b a n g k r u ta n te la h d ila k u k a n o le h b e b e ra p a p e n e liti s e b e lu m n y a . H a m b r ic k & D ’A v e n i (1 9 9 2 ) m e n e liti m e n g e n a i p e n g a ru h d a ri C E O y a n g d o m in a n
t e r h a d a p k e b a n g k r u ta n p e ru s a h a a n . M e re k a m e m b u k tik a n b a h w a C E O y a n g
W ardhani, M e k a n ism e C o rp o ra te G o v e rn a n c e da la m P e ru sa h a a n 97
d ib a n d in g k a n d e n g a n C E O y a n g le m a h . S e la in itu , D a ily & D a lto n ( 1 9 9 4 ) m e n e liti m e n g e n a i a d a n y a k e m u n g k in a n h u b u n g a n d a ri d u a a s p e k s tru k tu r g o vern a n ce,
k o m p o s is i boards o f d irecto rs (B O D ) d a n s tru k tu r k e p e m im p in a n d a ri B O D ,
s e b a g a i f a k to r p e n je la s d a ri k e b a n g k r u ta n s u a tu p e ru s a h a a n . P e n e litia n m e re k a
m e n y im p u lk a n b a h w a m e m a n g te r d a p a t h u b u n g a n y a n g s ig n if ik a n a n ta r a k o m p o s is i
B O D d a n s tr u k tu r k e p e m im p in a n B O D te r s e b u t d e n g a n k e m u n g k in a n p e ru s a h a a n m e n g a la m i k e b a n g k ru ta n . S e d a n g k a n C h a g a n ti, M a h a ja n & S h a r m a (1 9 8 5 ) j u g a
m e n e liti h u b u n g a n a n ta r a s tr u k tu r C G (d a la m p e n e litia n in i a d a la h k o m p o s is i B O D )
d e n g a n k e b a n g k ru ta n . M e r e k a m e n g a ta k a n b a h w a tid a k a d a b u k ti y a n g m e n d u k u n g
h u b u n g a n a n ta r a k o m p o s is i B O D d e n g a n k e b a n g k ru ta n .
T u ju a n d a ri p e n e litia n in i a d a la h u n tu k m e m b a n d in g k a n b a g a im a n a p ra k te k
C G d a la m p e r u s a h a a n y a n g m e n g a la m i k e s u lita n k e u a n g a n d e n g a n p e ru s a h a a n
y a n g s e h a t s e c a r a k e u a n g a n . P e n e litia n in i a k a n m e n e liti s tr u k tu r C G y a n g b e r k a ita n d e n g a n d e w a n , d ia n ta r a n y a a d a la h u k u ra n d e w a n k o m is a ris , in d e p e n d e n s i
d a ri k o m is a ris , d a n s tr u k tu r k e p e m ilik a n p e ru s a h a a n . P e n e litia n in i d ih a ra p k a n
m e m b e r ik a n k o n trib u s i te r h a d a p p e n e litia n m e n g e n a i p e r u s a h a a n y a n g m e n g a la m i te k a n a n k e u a n g a n d a n b a g a im a n a p e n g a r u h v a ria b e l m e k a n is m e C G d a la m m e lih a t
p e n g a r u h s tr a te g i im p le m e n ta s i C G te r h a d a p k e m u n g k in a n p e r u s a h a a n m e n g a la m i
te k a n a n k e u a n g a n .
P e n e litia n in i a k a n te rb a g i m e n ja d i lim a b a g ia n . B a g ia n p e r ta m a b e ris i
p e n d a h u lu a n y a n g a k a n m e m b a h a s m e n g e n a i la ta r b e la k a n g , tu ju a n p e n e litia n , d a n r u a n g lin g k u p n y a . S e d a n g k a n b a g ia n k e d u a a d a la h la n d a s a n te o r i d a n p e n g e m b a n g a n
h ip o te s is y a n g a k a n m e m b a h a s te o r i m e n g e n a i s tr u k tu r C G y a n g b e rk a ita n d e n g a n d e w a n , d ia n ta r a n y a a d a la h u k u r a n d e w a n k o m is a ris , in d e p e n d e n s i d a ri k o m is a ris ,
d a n s tr u k tu r k e p e m ilik a n p e r u s a h a a n . P a d a b a g ia n tig a a k a n d ib a h a s m e n g e n a i
m e to d o lo g i p e n e litia n y a n g b e r k a ita n d e n g a n p e m ilih a n s a m p e l, m o d e l e m p ir is
y a n g d ig u n a k a n , o p e r a s io n a lis a s i v a ria b e l, d a n p e n g u jia n m o d e ln y a . S e d a n g k a n p a d a b a g ia n e m p a t a k a n m e m b a h a s m e n g e n a i h a s il p e n e litia n in i. A k h irn y a , d i
b a g ia n lim a a k a n d ib a h a s m e n g e n a i k e s im p u la n , k e te rb a ta s a n , d a n p o te n s i b a g i ris e t d i m a s a m e n d a ta n g .
L A N D A S A N T E O R I D A N P E N G E M B A N G A N H I P O T E S I S
C G b ia s a n y a m e n g a c u p a d a s e k u m p u la n m e k a n is m e y a n g m e m p e n g a ru h i k e p u tu s a n y a n g a k a n d ia m b il o le h m a n a je r k e tik a a d a p e m is a h a n a n ta r a k e p e m ilik a n d a n p e n g e n d a lia n . B e b e r a p a d a ri p e n g e n d a lia n in i te r le ta k p a d a fu n g s i d a ri d e w a n
d ire k s i, p e m e g a n g s a h a m in s titu s io n a l, d a n p e n g e n d a lia n d a ri m e k a n is m e p a s a r
( L a r c k e r e t al. 2 0 0 5 ). B la ir ( 1 9 9 5 ) m e n d e fin is ik a n C o rp o ra te G o vern a n ce s e b a g a i
98 J u rn a l A k u n ta n si da n K eu a n g a n In d o n esia , J u n i 2007, Vol.4, N o .I , hal. 95-114
a p a y a n g d a p a t d ila k u k a n o le h p e ru s a h a a n p u b lik , y a n g b e rk a ita n d e n g a n s ia p a y a n g m e n g e n d a lik a n , b a g a im a n a p e n g e n d a lia n d ila k u k a n , d a n b a g a im a n a ris ik o d a n
im b a l h a s il s a h a m d a ri a k tiv ita s -a k tiv ita s y a n g d ila k u k a n o le h p e ru s a h a a n te rs e b u t
d ia lo k a s ik a n (D a rm a w a ti 2 0 0 3 ; d a la m S ire g a r 2 0 0 5 ).
Im p le m e n ta s i d a ri C orpora te G o vern a n ce d ila k u k a n o le h s e lu ru h p ih a k d a la m
p e ru s a h a a n , d e n g a n a k to r u ta m a n y a a d a la h m a n a je m e n p u n c a k p e ru s a h a a n y a n g b e rw e n a n g u n tu k m e n e ta p k a n k e b ija k a n p e ru s a h a a n d a n m e n g im p le m e n ta s ik a n
k e b ija k a n te rse b u t. P ih a k -p ih a k u ta m a y a n g te r k a it d e n g a n im p le m e n ta s i C G d a n
fu n g s i y a n g d is u m b a n g k a n o le h p ih a k -p ih a k te rs e b u t d a p a t d ilih a t p a d a g a m b a r
b e r ik u t ini:
S u m b e r : Z a b ih o lla h R e z a e e (2 0 0 5 ) , “ C a u s es , c o n s e q u e n c e s , an d d ete r r e n c e o f fin a n c ia l sta te m e n t fraud ” , C r itic a l P e r sp e c tiv e s o n A c c o u n tin g 16.
P e n tin g n y a d e w a n d a la m s tr u k tu r C G m e m b e rik a n in tu isi b a h w a d e w a n m e m ilik i k e k u a ta n u n tu k m e n e n tu k a n k e b e rh a s ila n p e ru s a h a a n . S a la h s a tu u k u ra n
k e b e r h a s ila n p e ru s a h a a n d a p a t d ilih a t d a ri k o n d isi k e u a n g a n y a n g d ih a d a p in y a .
K e b e r a d a a n d a n k a ra k te ris tik d e w a n s e b a g a i sa la h sa tu m o to r p e n g g e ra k C G a k a n m e n e n tu k a n tin g k a t k e s e h a ta n k e u a n g a n p e ru s a h a a n . P e n e litia n in i a k a n m e n e liti
p e n g a r u h d a r i s tru k tu r C G y a n g d ilih a t d a ri k a r a k te ris tik d e w a n te rh a d a p tin g k a t
te k a n a n k e u a n g a n y a n g d ih a d a p i o le h p e ru s a h a a n . S tru k tu r C G y a n g a k a n d ig u n a k a n d a la m p e n e litia n ini a d a la h u k u ra n d e w a n k o m is a ris , in d e p e n d e n s i d a ri k o m is a r is ,
d a n s tru k tu r k e p e m ilik a n p e r u sa h a a n .
G a m b a r 1
W ardhani, M e k a n ism e C o rp o ra te G o v ern a n ce d a la m P e r u s a h a a n. 99
U k u r a n D e w a n K o m is a r is
D e n g a n a d a n y a p e m is a h a n p e ra n a n ta ra p e m e g a n g s a h a m s e b a g a i p rin s ip a l
d e n g a n m a n a je r s e b a g a i a g e n n y a , m a k a m a n a je r p a d a a k h ir n y a a k a n m e m ilik i h a k
p e n g e n d a lia n y a n g s ig n ifik a n d a la m h a l b a g a im a n a m e r e k a m e n g a lo k a s ik a n d a n a in v e s to r (J e n s e n & M e c k lin g 19 7 6; S h le ife r & V ish n y 1 997). S e la in itu M iz ru c h i
(1 9 8 3 ) j u g a m e n je la s k a n b a h w a d e w a n m e r u p a k a n p u s a t d a r i p e n g e n d a lia n d a la m
p e ru s a h a a n , d a n d e w a n ini m e ru p a k a n p e n a n g g u n g j a w a b u ta m a d a la m tin g k a t k e s e h a ta n d a n k e b e rh a s ila n p e r u s a h a a n s e c a ra ja n g k a p a n ja n g (L o u d e n 1982).
S a la h s a tu fu n g si u ta m a d a ri a n g g o ta b o a rd o f d irecto rs (d i I n d o n e s ia m e ru p a k a n
f u n g si d a r i k o m is a ris , s e h in g g a in te rp re ta s i d a ri b o a rd o f d irecto rs d a la m p e n e litia n
in i m e n g a c u p a d a is tila h k o m is a ris ) a d a la h m e la k u k a n m o n ito rin g te rh a d a p k in e r ja
d ire k s i se b a g a i p ih a k y a n g m e n g e lo la o p e ra s io n a l p e ru s a h a a n . P e n tin g n y a d e w a n k o m is a ris te rs e b u t k e m u d ia n m e n im b u lk a n p e r ta n y a a n b a ru , b e r a p a b a n y a k d e w a n
y a n g d ib u tu h k a n p e r u s a h a a n ? A p a k a h d e n g a n s e m a k in b a n y a k d e w a n k o m is a ris b e ra rti p e ru s a h a a n d a p a t m e m in im a lis a s i p e r m a s a la h a n a g e n s i a n ta r a p e m e g a n g
s a h a m d e n g a n d ire k s i? J u m la h k o m is a ris y a n g b e s a r m e n g u n tu n g k a n p e ru s a h a a n d a r i s u d u t p a n d a n g reso urces d ep en d en ce (A le x a n d e r, F e m e ll, H a lp o m 1993; G o o d s te in ,
G a u ta m , B o e k e r 19 94 ; M in tz b e rg 1 983). M a k s u d d a ri p a n d a n g a n reso urces d ep en d en ce a d a la h b a h w a p e r u s a h a a n a k a n te rg a n tu n g d e n g a n k o m is a r is n y a u n tu k
d a p a t m e n g e lo la s u m b e r d a y a n y a s e c a ra le b ih b a ik . P f e ffe r & S a la n c ik (1 9 7 8 )
j u g a m e n je la s k a n b a h w a s e m a k in b e s a r k e b u tu h a n a k a n h u b u n g a n e k s te rn a l y a n g
s e m a k in e fe k tif, m a k a k e b u tu h a n a k a n k o m is a ris d a la m ju m l a h y a n g b e s a r a k a n s e m a k in tin g g i.
S e d a n g k a n k e ru g ia n d a r i ju m l a h d e w a n k o m is a ris y a n g b e s a r b e r k a ita n d e n g a n d u a h a l, y a itu : m e n in g k a tn y a p e r m a s a la h a n d a la m h a l k o m u n ik a s i d a n k o o rd in a s i
d e n g a n s e m a k in m e n in g k a tn y a ju m l a h d e w a n k o m is a r is d a n tu ru n n y a k e m a m p u a n
m e r e k a u n tu k m e n g e n d a lik a n m a n a je m e n , s e h in g g a m e n im b u lk a n p e r m a s a la h a n a g e n s i y a n g m u n c u l d a ri p e m is a h a n a n ta r a m a n a je m e n d a n k o n tro l ( J e n s e n 19 9 3;
Y e rm a c k 1996). P e n e litia n s e b e lu m n y a m e n y a ta k a n b a h w a p e r u s a h a a n y a n g m e m ilik i u k u r a n d e w a n k o m is a ris y a n g b e s a r tid a k b is a m e la k u k a n k o o rd in a s i, k o m u n ik a s i,
d a n p e n g a m b ila n k e p u tu s a n y a n g le b ih b a ik d ib a n d in g k a n d e n g a n p e r u s a h a a n
y a n g m e m ilik i d e w a n y a n g k e c il s e h in g g a n ila i p e r u s a h a a n y a n g m e m ilik i d e w a n y a n g b a n y a k le b ih r e n d a h d ib a n d in g k a n d e n g a n p e r u s a h a a n y a n g m e m ilik i d ire k s i
le b ih s e d ik it (J e n s e n 1993; L ip to n a n d L o rs c h 1992; Y e rm a c k 1 99 6 ). D a lto n e t al.
(1 9 9 9 ) m e n y a ta k a n a d a n y a h u b u n g a n p o s it i f a n ta ra u k u ra n d e w a n d e n g a n k in e r ja p e ru s a h a a n . S e d a n g k a n E is e n b e rg e t al. (1 9 9 8 ) m e n y a ta k a n b a h w a a d a h u b u n g a n
y a n g n e g a tif a n ta r a u k u ra n d e w a n d e n g a n k in e r ja p e ru s a h a a n , d e n g a n m e n g g u n a k a n
100
J u rn a l A k u n ta n si da n K eu a n g a n In d o n esia , J u n i 2007, Vol. 4, No. J, hal. 95-1 14B e rd a s a rk a n h a sil p e n e litia n s e b e lu m n y a d a p a t d is im p u lk a n b a h w a d e w a n
k o m is a ris m e ru p a k a n sa la h sa tu m e k a n is m e y a n g s a n g a t p e n tin g d a la m C G , di
m a n a k e b e ra d a a n n y a m e n e n tu k a n k in e r ja p e ru s a h a a n , k h u s u s n y a k in e r ja k e u a n g a n . N a m u n d e m ik ia n , b u k ti y a n g m e n y a ta k a n e f e k tiv ita s u k u ra n d e w a n m a s ih b e rb a u r.
E fe k tiv ita s d a la m m e n g h a s ilk a n k in e ija a k a n b e rb e d a b a g i p e r u s a h a a n y a n g s e h a t
s e c a ra k e u a n g a n d ib a n d in g k a n d e n g a n p e r u s a h a a n y a n g s e d a n g d a la m m a s a la h
k e u a n g a n . K a re n a p e n e litia n s e b e lu m n y a m e n u n ju k k a n a d a n y a h u b u n g a n d u a a ra h
a n ta r a u k u r a n d e w a n k o m is a ris d e n g a n k o n d is i k e u a n g a n p e ru s a h a a n , m a k a h ip o te s is y a n g d ib e n tu k p a d a p e n e litia n in i tid a k m e m b e rik a n a p rio ri te r te n tu m e n g e n a i
h u b u n g a n a n ta r k e d u a v a r ia b e l te rse b u t.
D a ri p e n je la s a n di a ta s m a k a d ib e n tu k la h h ip o te s is b e rik u t ini:
H l : U k u r a n d e w a n k o m i s a r i s d a l a m s u a t u p e r u s a h a a n b e r h u b u n g a n d e n g a n t in g k a t k e m u n g k in a n p e r u s a h a a n m e n g a la m i k o n d is i k e s u lit a n k e u a n g a n .
I n d e p e n d e n s i D e w a n K o m is a r is
S a la h s a tu p e rm a s a la h a n d a la m p e n e ra p a n C G a d a la h a d a n y a C E O y a n g m e m ilik i k e k u a ta n y a n g le b ih b e s a r d ib a n d in g k a n d e n g a n d e w a n k o m is a ris . P a d a h a l
f u n g s i k o m is a ris in i a d a la h u n tu k m e n g a w a s i k in e r ja d a r i d ire k s i y a n g d ip im p in o le h C E O te r se b u t. E fe k tiv ita s k o m is a ris d a la m m e n y e im b a n g k a n k e k u a ta n C E O
te r s e b u t s a n g a t d ip e n g a ru h i o le h tin g k a t in d e p e n d e n s i d a ri d e w a n k o m is a r is te r s e b u t
( L o r s c h 1 9 8 9 ; M iz ru c h i 19 8 3; Z a h ra & P e a r c e 1989).
P e n e litia n m e n g e n a i d a m p a k d a ri in d e p e n d e n s i k o m is a ris te rh a d a p k in e ija p e r u s a h a a n te rn y a ta m a s ih b e ra g a m . A d a p e n e litia n y a n g m e n y a ta k a n b a h w a
tin g g in y a p ro p o rs i d e w a n lu a r b e r h u b u n g a n p o s it if d e n g a n k in e r ja p e ru s a h a a n (Y e rm a c k 199 6; D a ily & D a lto n 199 3; S tre a m s & M iz ru c h i 1 9 9 3 ), b u k a n m e ru p a k a n
f a k to r d a ri k in e r ja p e ru s a h a a n (K e s n e r & J o h n s o n 1 99 0 ), d a n b e r h u b u n g a n n e g a tif
d e n g a n k in e r ja (B a y sin g e r, K o s n ik & T u r k 1991; G o o d s te in & B o e k e r 1 99 1 ). K o n te k s in d e p e n d e n s i in i m e n ja d i s e m a k in k o m p le k s d a la m p e ru s a h a a n y a n g s e d a n g m e n g a la m i k e s u lita n k e u a n g a n . P fe ffe r & S a la n c ik (1 9 7 8 ) m e n y a ta k a n b a h w a
d e n g a n s e m a k in m e n in g k a tn y a te k a n a n d a ri lin g k u n g a n p e ru s a h a a n m a k a k e b u tu h a n
a k a n d u k u n g a n d a ri lu a r ju g a s e m a k in m e n in g k a t. S e la in itu , D a ily & D a lto n (1 9 9 4 )
m e n y a ta k a n b a h w a a p a b ila a d a re s is te n s i d a ri C E O u n tu k m e n e r a p k a n s tr a te g i y a n g a g r e s i f u n tu k m e n g a ta s i k in e r ja p e ru s a h a a n y a n g te ru s m e n u ru n , m a k a a d a n y a d ire k si
d a r i lu a r a k a n m e n d o ro n g p e n g a m b ila n k e p u tu s a n u n tu k m e la k u k a n p e ru b a h a n .
H a l in i d is e b a b k a n o le h k e c e n d e ru n g a n b a h w a s e m a k in tin g g i re p re s e n ta s i d e w a n d a l a m ( in sid er board) m a k a k e te rlib a ta n d ire k si d a la m p e n g a m b ila n k e p u tu s a n y a n g
W ardhani, M e k a n ism e C o rp o ra te G o v e rn a n c e dala m P eru sa h a a n
101
K a re n a p e n e litia n s e b e lu m n y a m e n u n j u k k a n b u k ti y a n g m a s ih b e r b a u r m e n g e n a i h u b u n g a n a n ta ra in d e p e n d e n s i k o m is a r is d e n g a n k in e r ja k e u a n g a n p e ru s a h a a n m a k a
h ip o te s is y a n g d ib e n tu k d a la m p e n e litia n in i a d a la h s e b a g a i b e r ik u t:
H 2 : P r o p o r s i k o m i s a r i s i n d e p e n d e n b e r h u b u n g a n d e n g a n k e m u n g k i n a n p e r u s a h a a n m e n g a la m i k o n d is i k e s u lit a n k e u a n g a n .
S t r u k t u r K e p e m ilik a n
K e m u n g k in a n s u a tu p e r u s a h a a n b e ra d a p a d a p o s is i te k a n a n k e u a n g a n j u g a
b a n y a k d ip e n g a ru h i o le h s tr u k tu r k e p e m ilik a n n y a . S tru k tu r k e p e m ilik a n te rs e b u t
m e n je la s k a n k o m itm e n d a ri p e m ilik n y a u n tu k m e n y e la m a tk a n p e ru s a h a a n .
In v e s to r in s titu s io n a l d a la m s tr u k tu r k e p e m ilik a n p e r u s a h a a n m e r u p a k a n s a la h s a tu m e k a n is m e a lte r n a tif d a ri C orpora te G o ve rn a n ce} T in g g in y a k e p e m ilik a n
o le h in v e s to r in s titu s io n a l a k a n m e n d o ro n g a k tiv ita s m o n ito rin g k a r e n a b e s a rn y a k e k u a ta n v o tin g m e re k a y a n g a k a n m e m p e n g a ru h i k e b ija k a n m a n a js m e n ( S c h le ife r
d a n V is h n y 1 986). D e n g a n a d a n y a k e p e m ilik a n s a h a m o le h in v e s to r in s titu s io n a l y a n g tin g g i in i m a k a p e m e g a n g s a h a m in s titu s io n a l in i d a p a t m e n g g a n tik a n a ta u
m e m p e r k u a t fu n g si m o n ito rin g d a ri d e w a n d a la m p e ru s a h a a n .
P e n e litia n B u s h e e (1 9 9 8 ) d a la m S ire g a r (2 0 0 5 ) m e n y a ta k a n b a h w a in v e s to r
in s titu s io n a l m e n ja la n k a n p e r a n m o n ito rin g -n y a y a n g m e n d o ro n g m a n a je r u n tu k
tid a k m e la k u k a n tin d a k a n y a n g m e ru g ik a n d a la m j a n g k a p a n ja n g . S e la in itu M itr a
( 2 0 0 2 ), K o h (2 0 0 3 ), d a n M id ia s tu ty d a n M a c h fo e d z (2 0 0 3 ) m e n e m u k a n b u k ti y a n g m e n y a ta k a n a d a n y a h u b u n g a n y a n g n e g a tif a n ta r a k e p e m ilik a n in s titu s io n a l d e n g a n
m a n a je m e n la b a . H a l in i m e n u n ju k k a n b a h w a k e h a d ir a n in v e s to r in s titu s io n a l a k a n
m e m b a ta s i m a n a je r u n tu k m e la k u k a n p e n g e lo la a n la b a d a n in v e s to r in s titu s io n a l m e r u p a k a n sa la h s a tu m e k a n is m e C orpora te G o vern a n ce y a n g d a p a t m e n e k a n
p e n g e lo la a n la b a y a n g a g r e s if d a ri p e ru s a h a a n (S ir e g a r 2 0 0 5 )
P e n e litia n y a n g d ila k u k a n o le h C la s s e n s e t a l. (1 9 9 6 ) m e n g e n a i s tr u k tu r
k e p e m ilik a n d i R e p u b lik C e k o m e n y a ta k a n b a h w a n ila i s u a tu p e r u s a h a a n a k a n le b ih tin g g i a p a b ila p e ru s a h a a n te rs e b u t d im ilik i o le h le m b a g a k e u a n g a n y a n g d is p o n s o ri
o le h b a n k . H a l in i m e n je la s k a n b a h w a b a n k , s e b a g a i p e m ilik p e ru s a h a a n , a k a n
m e n ja la n k a n fu n g si m o n ito rin g -n ya d e n g a n le b ih b a ik d a n in v e s to r p e r c a y a b a h w a b a n k tid a k a k a n m e la k u k a n e k s p ro p ria s i a ta s a s e t p e ru s a h a a n . S e la in itu , a p a b ila
p e r u s a h a a n te r s e b u t d im ilik i o le h p e rb a n k a n m a k a a p a b ila p e r u s a h a a n te r s e b u t
m e n g h a d a p i m a s a la h k e u a n g a n m a k a p e ru s a h a a n a k a n le b ih m u d a h m e n d a p a tk a n
s u n tik a n d a n a d a ri b a n k te rs e b u t. C la s s e n s e t a l. (1 9 9 9 ) m e n y a ta k a n b a h w a
102 J u r n a l A k u n ta n si d an K eu a n g a n In d o n esia , J u n i 2007, Vol. 4, No. 1, hal. 95 -114
k e p e m ilik a n o le h b a n k a k a n m e n u ru n k a n k e m u n g k in a n p e r u s a h a a n m e n g a la m i
k e b a n g k ru ta n .
N a m u n , a p a b ila s tru k tu r k e p e m ilik a n p e ru s a h a a n d im ilik i o le h d e w a n d ire k si
a ta u d e w a n k o m is a ris n y a m a k a d e w a n te rs e b u t ju s tr u a k a n c e n d e ru n g m e la k u k a n
tin d a k a n - tin d a k a n e k s p ro p ria s i y a n g m e n g u n tu n g k a n n y a s e c a ra p r ib a d i O le h k a r e n a
itu d e n g a n k e p e m ilik a n p e ru s a h a a n d im ilik i o le h d ire k s i s e m a k in m e n in g k a t m a k a k e p u tu s a n y a n g d ia m b il o le h d ire k s i a k a n le b ih c e n d e ru n g u n tu k m e n g u n tu n g k a n
d ir in y a d a n s e c a ra k e s e lu ru h a n a k a n m e ru g ik a n p e r u s a h a a n s e h in g g a k e m u n g k in a n
n ila i p e r u s a h a a n a k a n c e n d e ru n g m e n g a la m i p e n u ru n a n .
D i la in p ih a k k e p e m ilik a n o le h d e w a n d ire k si d a n d e w a n k o m is a r is a k a n
m e n u r u n k a n k o n flik a g e n s i k a r e n a tid a k a d a n y a p e m is a h a n a n ta ra p e m ilik d e n g a n m a n a je r s e b a g a i a g e n n y a . K a r e n a tid a k a d a n y a p e m is a h a n te r s e b u t m a k a d ire k si
a k a n m e la k u k a n tin d a k a n y a n g m e n g u n tu n g k a n d irin y a d a n j u g a m e n g u n tu n g k a n p e r u s a h a a n k a re n a k e p e n tin g a n d ire k si d a n k e p e n tin g a n p e r u s a h a a n m e n ja d i s e ja la n
k a r e n a tid a k a d a n y a p e m is a h a n k e p e n tin g a n . O le h k a r e n a itu m a k a k e p u tu s a n y a n g d ia m b il o le h d ire k si a d a la h k e p u tu s a n y a n g m e m a k s im a lk a n n ila i p e ru s a h a a n ,
s e h in g g a n ila i p e ru s a h a a n a k a n s e m a k in m e n in g k a t d a n k e m u n g k in a n p e r u s a h a a n
m e n g a la m i k e s u lita n k e u a n g a n a k a n m e n u ru n .
D a ri p e n je la s a n di a ta s m a k a d ib e n tu k la h h ip o te s is b e r ik u t ini:
H 3 : S e m a k in k e c il p e r s e n t a s e k e p e m il i k a n o l e h i n s t i t u s i k e u a n g a n , m a k a s e m a k in tin g g i k e m u n g k in a n p e r u s a h a a n m e n g a la m i k o n d is i k e s u lit a n k e u a n g a n .
H 4 : K e p e m ilik a n o le h d e w a n d ir e k s i d a n d e w a n k o m is a r is b e r h u b u n g a n d e n g a n k e m u n g k in a n p e r u s a h a a n m e n g a la m i k o n d is i k e s u lit a n k e u a n g a n .
S e la in s tr u k tu r C G d i a ta s, p e n e litia n in i a k a n m e n g g u n a k a n v a ria b e l n ila i to ta l a s e t y a n g d itra n s fo rm a s i m e la lu i p ro s e s lo g a ritm a d a n v a ria b e l levera g e (to ta l h u ta n g /
to ta l e k u ita s ) se b a g a i v a r ia b e l p e n g e n d a li d a la m m e la k u k a n p e n g u jia n te rh a d a p
p e n g a r u h m e k a n is m e C G te rh a d a p k e m u n g k in a n p e ru s a h a a n m e n g a la m i k e s u lita n k e u a n g a n . N ila i to ta l a s e t m e ru p a k a n p ro k si d a ri u k u ra n p e r u s a h a a n , d i m a n a u k u ra n
p e r u s a h a a n a k a n m e m p e n g a ru h i k e k u a ta n p e ru s a h a a n d a la m m e n g h a d a p i k e s u lita n k e u a n g a n . P e ru s a h a a n b e s a r p a d a u m u m n y a m e m ilik i fu n d a m e n ta l k e u a n g a n y a n g
le b i h k u a t d ib a n d in g k a n p e ru s a h a a n k e c il s e h in g g a tid a k r e n ta n te r h a d a p g u n c a n g a n
k e u a n g a n , s e d a n g k a n v a r ia b e l leverage m e n je la s k a n tin g k a t h u ta n g y a n g d im ilik i o l e h p e ru s a h a a n . T in g k a t h u ta n g ini a k a n m e m p e n g a ru h i k e s e h a ta n k e u a n g a n
p e r u s a h a a n k a re n a d e n g a n s e m a k in tin g g in y a tin g k a t h u ta n g y a n g d im ilik i o le h
p e r u s a h a a n m a k a ris ik o p e ru s a h a a n a k a n m e n g a la m i g a g a l b a y a r (d e fa u lt) a k a n
W ardhani, M e ka n ism e C o rp o ra te G o v ern a n ce d a la m P e r u s a h a a n. 103
M E T O D O L O G I P E N E L I T I A N
M e t o d e P e m ilih a n S a m p e l
U n tu k d a p a t m e n g u ji h ip o te s is d i a ta s , m a k a p e n e litia n in i m e n g a m b il s a m p e l
b e r p a s a n g a n (m a tch ed -p a irs sa m p le) a n ta r a p e r u s a h a a n y a n g m e n g a la m i k e s u lita n
k e u a n g a n d e n g a n p e r u s a h a a n y a n g s e h a t s e c a ra k e u a n g a n . S a m p e l te r s e b u t d ia m b il d a r i p e r u s a h a a n m a n u fa k tu r y a n g te r d a f ta r d i B u r s a E f e k J a k a r ta d e n g a n p e rio d e
la p o ra n k e u a n g a n d a ri ta h u n 1 9 9 9 s a m p a i 2 0 0 4 . P e n e litia n in i m e n g g u n a k a n
d e fin isi fin a n c ia l d istressed y a n g d ig u n a k a n o le h C la s s e n s e t al. (1 9 9 9 ). M e re k a
m e n d e fin is ik a n p e ru s a h a a n y a n g b e r a d a d a la m k e s u lita n k e u a n g a n s e b a g a i p e r u s a h a a n y a n g m e m ilik i in terest c o v e ra g e ratio (ra s io a n ta r a b ia y a b u n g a te rh a d a p
la b a o p e ra s io n a l) k u ra n g d a ri sa tu .
P e n g a m b ila n s a m p e l d ila k u k a n d e n g a n c a r a s e b a g a i b e r ik u t:
1. P e n g a m b ila n sa m p e l d a ri p e r u s a h a a n p u b lik y a n g m e m ilik i r a s io in te rest
co vera g e k u ra n g d a ri sa tu .
2. P e n g a m b ila n sa m p e l d a ri p e r u s a h a a n p a s a n g a n n y a y a n g r a s io in terest co vera g e
tid a k k u ra n g d a ri s a tu d e n g a n k r it e r i a s e b a g a i b e rik u t:
• Industry: p e ru s a h a a n p a s a n g a n h a r u s b e ra d a p a d a in d u s tri y a n g s a m a d e n g a n
p e ru s a h a a n y a n g m e n g a la m i k e s u lita n k e u a n g a n . P e m a s a n g a n d ila k u k a n
d e n g a n m e m ilih p e r u s a h a a n p e n g e n d a li y a n g b e r a d a p a d a k o d e in d u s tr i d u a
d ig it y a n g s a m a d e n g a n p e r u s a h a a n y a n g m e n g a la m i k e s u lita n k e u a n g a n . • F irm size: p e r u s a h a a n p a s a n g a n y a n g d ip ilih m e m ilik i u k u r a n p e r u s a h a a n
y a n g r e l a t if s a m a d e n g a n p e r u s a h a a n y a n g m e n g a la m i k e s u lita n k e u a n g a n .
U k u ra n p e ru s a h a a n d ia n g g a p s a m a a p a b ila u k u ra n p e r u s a h a a n p a s a n g a n
te rs e b u t b e ra d a p a d a ± 3 0 % d a ri to ta l a s e t p e r u s a h a a n y a n g m e n g a la m i
k e s u lita n k e u a n g a n .
• Time p e r io d : p e r u s a h a a n p a s a n g a n y a n g d ip ilih b e r a d a p a d a p e r io d e w a k tu y a n g s a m a d e n g a n p e r i o d e p e r u s a h a a n y a n g m e n g a la m i k e s u lita n
k e u a n g a n .
3. P e ru s a h a a n y a n g tid a k m e m ilik i d a t a la p o ra n k e u a n g a n y a n g le n g k a p d ik e lu a r k a n
d a ri sa m p e l.
M o d e l P e n e lit ia n
V a ria b e l d e p e n d e n d a ri p e n e l i t i a n in i m e ru p a k a n v a r ia b e l b in a ry, y a itu a p a k a h
p e r u s a h a a n te rse b u t m e n g a la m i k e s u l i t a n k e u a n g a n a ta u tid a k . O le h k a r e n a itu m o d e l
y a n g d ig u n a k a n d a la m p e n e litia n i n i a d a la h m o d e l L o g it. V a ria b e l in d e p e n d e n y a n g
104 J u r n a l A k u n ta n si d an K eu a n g a n Ind on esia, J u n i 2007, Vol.4, N o. 1, hal. 95 -1 14
(y a n g d ip ro k s i d e n g a n p ro p o rs i k o m is a ris in d e p e n d e n ), d a n s tr u k tu r k e p e m ilik a n
( y a n g d iu k u r d e n g a n p e r s e n ta s e k e p e m ilik a n b a n k d a n / a ta u le m b a g a k e u a n g a n
d a n p e r s e n ta s e k e p e m ilik a n o le h d ire k si d a n k o m is a ris) . M o d e l in i m e n g g u n a k a n
v a ria b e l u k u r a n p e r u s a h a a n y a n g d ip ro k s i d e n g a n L o g r a ta -r a ta T o ta l A s e t d a n
L e v e ra g e s e b a g a i v a ria b e l p e n g e n d a li. M o d e l y a n g a k a n d ig u n a k a n a d a la h :
L n ( p / l - p )
=D I S T R E S S E D f = P 0 + P 1C O M S I Z E (
+p j N D E P _ C O M t
+
p ° / o F I N I N S O W N + p 4% B O A R D O W N + fijS I Z E t
+
P < L E V + e i
M e k a n is m e C G d a n k o n d is i k e u a n g a n s u a tu p e ru s a h a a n k e m u n g k in a n
tid a k m e m b u a t p e ru s a h a a n b e r a d a p a d a k e s u lita n k e u a n g a n p a d a p e rio d e y a n g
b e r s a n g k u ta n s e c a ra la n g s u n g . M o d e l d a la m a n a lis is ta m b a h a n y a n g d ig u n a k a n d a la m p e n e litia n ini m e n g g u n a k a n v a ria b e l in d e p e n d e n d e n g a n la g s a tu ta h u n . H a l ini
d ila k u k a n k a r e n a k o n d is i k e s u lita n k e u a n g a n y a n g d ia la m i o le h p e r u s a h a a n b ia s a n y a
m e r u p a k a n d a m p a k d a r i k e b ija k a n stra te g is p a d a p e rio d e s e b e lu m n y a , s e h in g g a
k e b ija k a n s tr a te g is p e rio d e s e b e lu m n y a (p e rio d e t-1 ) a k a n m e m p e n g a ru h i k o n d is i k e u a n g a n p e r u s a h a a n d i p e rio d e te rte n tu (p e rio d e t). U n tu k m e n g u ji h a l te r s e b u t
m a k a d a la m p e n g u jia n a n a lis is s e n s itiv ita s m e n g g u n a k a n v a ria b e l in d e p e n d e n y a n g s a m a d e n g a n m o d e l s e b e lu m n y a u n tu k ta h u n t-1 u n tu k m e m p re d ik s i k o n d is i te k a n a n
k e u a n g a n p a d a p e rio d e t {lag 1 ta h u n ).
O p e r a s i o n a l i s a s i V a r ia b e l
B e rik u t in i a d a la h o p e ra s io n a lis a s i v a ria b e l d a r i m o d e l d i a tas:
D I S T R E S S E D : N ila i sa tu u n tu k p e ru s a h a a n y a n g m e n g a la m i k e s u lita n k e u a n
g a n d a n n ila i 0 u n tu k la in n y a .
P e ru s a h a a n y a n g m e n g a la m i k e s u lita n k e u a n g a n a d a la h p e r u s a h a a n y a n g m e m ilik i ra s io o p e ra tin g p ro fit/in te re s t e x p e n s e
le b ih k e c il d a ri sa tu .
C O M S IZ E : U k u r a n (ju m la h ) d e w a n k o m is a ris p a d a s e b u a h p e r u s a h a a n d i p e rio d e t, te rm a s u k k o m is a ris in d e p e n d e n
I N D E P C O M : P ro p o rs i k o m is a ris in d e p e n d e n d ib a n d in g k a n d e n g a n to ta l ju m la h k o m is a ris p a d a s e b u a h p e ru s a h a a n d i p e r io d e t. J u m
la h k o m is a ris in d e p e n d e n d id a s a rk a n p a d a la p o ra n k e u a n g a n
W ardhani, M eka n ism e C o rp o ra te G o v ern a n ce da la m P e r u s a h a a n . 105
L a p o ra n B E J y a n g d ig u n a k a n a d a la h la p o ra n p a d a a k h ir ta
h u n . A p a b ila d a la m la p o ra n k e u a n g a n m a u p u n la p o ra n B E J
te rs e b u t tid a k te rc a n tu m k o m is a ris in d e p e n d e n , m a k a ju m la h
k o m is a ris in d e p e n d e n n y a d ia n g g a p s a m a d e n g a n n o l.
% F IN _ IN S _ O W N : J u m la h le m b a r s a h a m y a n g d im ilik i o le h in v e s to r in s titu s io n
al d ib a g i d e n g a n to ta l j u m la h le m b a r s a h a m y a n g b ere d a r.
I n v e s to r in s titu s io n a l m e n c a k u p b a n k , d a n a p e n s iu n , p e r u s a h a a n a s u ra n s i, d a n le m b a g a k e u a n g a n la in n y a .
% B O A R D _ O W N : J u m la h le m b a r s a h a m y a n g d im ilik i o le h k o m is a ris te ra filia si
(di lu a r k o m is a ris in d e p e n d e n ) d a n d ire k s i d ib a g i d e n g a n to ta l
ju m la h le m b a r s a h a m y a n g b e re d a r.
S IZ E : L o g a ritm a n a tu ra l d a ri r a ta -r a ta T o ta l A s e t. R a ta - r a ta T o tal
A s e t a d a la h ju m la h to ta l a s e t p e rio d e t d a n t+1 d ib a g i 2.
L E V : T otal h u ta n g ja n g k a p a n ja n g d ib a g i d e n g a n r a ta -r a ta to ta l a set. R a ta -ra ta T o tal A s e t a d a la h ju m l a h to ta l a s e t p e r io d e t d a n t+1
d ib a g i 2.
A N A L I S I S H A S I L P E N E L I T I A N
S t a t i s t i k D e s k r ip t if
P e n e litia n in i m e n g a m b il s a m p e l p e ru s a h a a n m a n u fa k tu r y a n g te r d a f ta r di B E J d e n g a n la p o ra n k e u a n g a n d a ri ta h u n 1999 s a m p a i d e n g a n ta h u n 2 0 0 4 . S a m p e l
y a n g d ia m b il a d a la h p e ru s a h a a n y a n g m e m ilik i ra s io la b a u s a h a te r h a d a p b ia y a
b u n g a le b ih k e c il d a ri sa tu , d a n p e ru s a h a a n p a s a n g a n n y a y a n g m e m ilik i r a s io y a n g le b ih b e s a r d a ri s a tu d e n g a n tin g k a t a s e t y a n g s e u k u ra n d a n m e m ilik i k o d e in d u s tri
y a n g s a m a . S a m p e l y a n g d ia m b il te rd iri d a ri 51 p e ru s a h a a n y a n g te rd ir i d a ri 120
fir m y e a r. D a ri 120 fir m y e a r te rs e b u t 61 fir m y e a r m e r u p a k a n ta h u n p e r u s a h a a n
y a n g m e n g a la m i te k a n a n k e u a n g a n d a n 5 9 fir m y e a r m e ru p a k a n ta h u n p e ru s a h a a n
y a n g tid a k m e n g a la m i te k a n a n k e u a n g a n . J u m la h te r s e b u t tid a k s a m a k a r e n a a d a
d u a p e r u s a h a a n y a n g tid a k m e n g a la m i te k a n a n k e u a n g a n y a n g m e m ilik i d a ta tid a k
le n g k a p s e h in g g a d ik e lu a rk a n d a ri sa m p e l. K a ra k te ris tik d a ri s a m p e l d a p a t d ilih a t d a ri T a b e l 1 y a n g te rd a p a t p a d a L a m p ira n .
D a ri T a bel 1 te rs e b u t d a p a t d ilih a t b a h w a u k u r a n k o m is a r is b e r k is a r a n ta r a 2 h in g g a 10 o ra n g d e n g a n ra ta -r a ta 4 o ra n g . U n tu k p e r u s a h a a n y a n g m e n g a la m i
te k a n a n k e u a n g a n d a n p e ru s a h a a n y a n g tid a k m e n g a la m i te k a n a n k e u a n g a n j u m la h
te r s e b u t ju g a tid a k j a u h b e r b e d a . D a la m k o m is a ris te rs e b u t, p ro p o rs i k o m is a r is
in d e p e n d e n ra ta -ra ta s e b e sa r 0 .1 6 s e c a ra k e s e lu ru h a n , 0 .1 5 u n tu k p e r u s a h a a n y a n g
106 J u rn a l A k u n ta n si d a n K e u a n g a n Indon esia, J u n i 2007, Vol.4, N o .l, hal. 95-114
te k a n a n k e u a n g a n . J u m la h in i m a s ih d i b a w a h y a n g d is y a ra tk a n o le h B a p e p a m y a itu
3 3 % (1 k o m is a r is in d e p e n d e n u n tu k to ta l tig a o r a n g k o m is a ris ). H a l in i m u n g k in
d is e b a b k a n b e lu m d ih a r u s k a n n y a a d a n y a k o m is a ris in d e p e n d e n p a d a ta h u n 19 99
d a n 2 0 0 0 s e h in g g a p a d a ta h u n te r s e b u t p e ru s a h a a n b a n y a k y a n g tid a k m e m ilik i k o m is a r is in d e p e n d e n a ta u tid a k m e n c a n tu m k a n n y a d a la m la p o ra n k e u a n g a n
s e h in g g a d ia n g g a p p r o p o rs i k o m is a ris in d e p e n d e n n y a s a m a d e n g a n n o l.
A n a li s i s H a s i l M o d e l L o g it
P e n g u jia n p e rta m a y a n g d ila k u k a n d a la m p e n e litia n in i a d a la h p e n g u jia n
d e n g a n m e n g g u n a k a n m o d e l lo g it d i m a n a a k a n d ilih a t h u b u n g a n k e m u n g k in a n
p e r u s a h a a n a k a n m e n g a la m i te k a n a n k e u a n g a n p a d a s u a tu p e rio d e d e n g a n p e n e ra p a n
m e k a n is m e C G p a d a p e rio d e y a n g s a m a d e n g a n v a r ia b e l u k u ra n p e r u s a h a a n d a n
le v e ra g e s e b a g a i v a ria b e l p e n g e n d a li. H a s il p e n g u jia n p a d a m o d e l ini a d a la h s e b a g a i
b e r ik u t:
L n ( p /l- p )
=
D I S T R E S S E D t
= -
3 .8 7 4
+
.9 2 1 C O M _ S I Z E t
+
3 .2 1 0 I N
-D E P _ C O M t
+
A 3 5 % F I N _ I N S _ O W N t
+
.1 5 6 % B O A R D _
O W N +
721 S I Z E
( +
3 .6 4 7 L E V f
R in g k a s a n d a r i h a s il p e n g u jia n d a p a t d ilih a t p a d a T a b e l 2 y a n g te r d a p a t p a d a
L a m p ir a n
B e r d a s a rk a n h a s il te r s e b u t s e c a ra k e s e lu ru h a n m o d e l d a p a t d ilih a t d a ri n ila i U ji
G , U ji H o s m e r & L e m e sh o w , n ila i R 2 d a n U ji W ald. U ji G b e rtu ju a n u n tu k m e lih a t
p e n g u jia n k o e fis ie n r e g re s i s e c a ra k e s e lu ru h a n . B e rd a s a rk a n u ji G d a p a t d ilih a t n ila i
- 2 L o g L ik e lih o o d m e n c a p a i 9 8 .7 6 5 . N ila i in i s a n g a t b e s a r d ib a n d in g k a n d e n g a n ta b e l X 2^ n k ( d e n g a n a lp h a = 5 % ). A r tin y a a d a la h p a lin g tid a k a d a s a la h s a tu slo p e
y a n g s ig n ifik a n s e c a ra s ta tis tik . S e la in itu , p e n g u jia n m o d e l s e c a ra k e s e lu ru h a n j u g a d a p a t d ilih a t d a ri g o o d n ess o f fit d a ri m o d e l y a n g d a p a t d ilih a t d a ri n ila i H o s m e r &
L e m e s h o w T e st. N ila i p r o b a b ilita s H o s m e r & L e m e s h o w T e st d a ri h a s il d i a ta s a d a la h
s e b e s a r 0 ,1 9 5 , d i m a n a n ila i te r s e b u t d i a ta s 5% . H a l in i m e n u n ju k k a n b a h w a m o d e l t e r s e b u t d a p a t d ite rim a . D a ri o u tp u t j u g a d a p a t d ilih a t b a h w a n ila i C o x & S n e ll R
S q u a r e d a n N a g e lk e r k e R S q u a r e m e n u n ju k k a n b a h w a m e k a n is m e C G d a n v a r ia b e l p e n g e n d a li y a n g d ig u n a k a n d a la m p e n g u jia n in i d a p a t m e n je la s k a n k e m u n g k in a n
s u a tu p e r u s a h a a n m e n g a la m i te k a n a n k e u a n g a n h in g g a 1 5.8 % (C o x & S n e ll R S q u a re )
d a n 2 1 .9 % ( N a g e lk e rk e R S q u a re ). S e d a n g k a n b e rd a s a rk a n U ji W ald, d i m a n a u ji in i
m e r u p a k a n p e n g u jia n s ig n ifik a n si k o e fis ie n s e c a ra s e n d iri-s e n d iri, d id a p a t b a h w a
-W ardhani, M e k a n ism e C o rp o ra te G o v ern a n ce d a la m P e r u s a h a a n . 107
ra ta to ta l a s e t) d a n P6 (L evera g e) a d a la h sig n ifik a n s e c a ra s ta tis tik (le b ih k e c il d a ri
1 0 % ). D e n g a n k a ta la in v a ria b e l in d e p e n d e n te rs e b u t m e m ilik i p e n g a r u h s ig n ifik a n
te r h a d a p k e m u n g k in a n p e ru s a h a a n b e ra d a p a d a k o n d isi te k a n a n k e u a n g a n .
S e d a n g k a n n ila i k o e fisie n d a ri h a s il p e n g u jia n te r s e b u t m e n je la s k a n b a h w a a p a b ila v a ria b e l la in d ia n g g a p k o n s ta n , m a k a s e tia p k e n a ik a n s a tu o ra n g k o m is a ris
d a la m s u a tu p e r u s a h a a n a k a n m e n u ru n k a n k e m u n g k in a n p e r u s a h a a n te rs e b u t m e n g a la m i te k a n a n k e u a n g a n s e b e s a r .3 9 8 . U n tu k u k u ra n k o m is a ris p e n g u jia n d i
a ta s m e n g h a s ilk a n n ila i y a n g s ig n ifik a n d e n g a n ta n d a n e g a tif. H a l ini m e n u n ju k k a n
b a h w a d e n g a n s e m a k in b e rta m b a h n y a k o m is a ris d a la m s u a tu p e r u s a h a a n m a k a
f u n g si m o n ito rin g te rh a d a p k in e rja d ire k s i a k a n s e m a k in d ija la n k a n a ta u d itin g k a tk a n s e ir in g d e n g a n s e m a k in b a n y a k n y a k o m is a ris y a n g m e la k u k a n p e n g a w a s a n . O le h
s e b a b itu , d e n g a n s e m a k in m e n in g k a tn y a fu n g si m o n ito rin g y a n g d ija la n k a n k o m is a r is te rs e b u t m a k a k e m u n g k in a n p e ru s a h a a n m e n g a la m i k e s u lita n k e u a n g a n
a k a n s e m a k in m e n g e c il.
V a ria b e l k o m is a ris in d e p e n d e n te r n y a ta tid a k s ig n ifik a n d a la m p e n g u jia n in i. H a l in i m e n u n ju k k a n b a h w a b e ra p a p u n p ro p o rs i k o m is a ris in d e p e n d e n d a la m s u a tu
p e r u s a h a a n , k e m u n g k in a n p e ru s a h a a n te rs e b u t m e n g a la m i te k a n a n k e u a n g a n a d a la h
s a m a . D e n g a n k a ta la in p ro p o rs i k o m is a ris in d e p e n d e n tid a k b e rp e n g a ru h s e c a ra
s ig n if ik a n te rh a d a p k e m u n g k in a n p e ru s a h a a n b e ra d a p a d a k o n d is i te k a n a n k e u a n g a n . P e n je la s a n d a ri h a s il in i a d a la h k e m u n g k in a n a d a n y a k o m is a r is in d e p e n d e n d a la m
p e r u s a h a a n y a n g d io b s e rv a s i h a n y a la h b e rs ifa t fo rm a lita s u n tu k m e m e n u h i re g u la s i
sa ja . S e h in g g a k e b e ra d a a n k o m is a ris in d e p e n d e n ini tid a k u n tu k m e n ja la n k a n fu n g si
m o n ito rin g y a n g b a ik d a n tid a k m e n g g u n a k a n in d e p e n d e n s in y a u n tu k m e n g a w a s i
k e b ija k a n d ire k s i. S e la in itu n ila i k o m is a ris in d e p e n d e n y a n g k u ra n g s ig n ifik a n in i m u n g k in d is e b a b k a n o le h b e lu m d ih a ru s k a n n y a p e n g a n g k a ta n k o m is a ris in d e p e n d e n
s e b e lu m ta h u n 2 0 0 1 , s e h in g g a d a la m o b s e rv a s i p e n e litia n d a r i 1 9 99 h in g g a 20 0 1 p e r u s a h a a n b e lu m m e n e ta p k a n a d a n y a k o m is a ris in d e p e n d e n te rse b u t.
D a ri s u d u t s tru k tu r k e p e m ilik a n p e n e litia n in i m e n u n ju k k a n b a h w a b e ra p a p u n
p e r s e n ta s e k e p e m ilik a n o le h in stitu s i k e u a n g a n d a la m s u a tu p e ru s a h a a n , k e m u n g k in a n
p e r u s a h a a n te rs e b u t m e n g a la m i te k a n a n k e u a n g a n a d a la h s a m a . H a l in i m e n u n ju k k a n b a h w a in v e s to r in s titu s io n a l se b a g a i p e m ilik tid a k m e m b a n tu p e r u s a h a a n k e tik a
p e r u s a h a a n b e ra d a d a la m k o n d isi te k a n a n k e u a n g a n . K e p e m ilik a n o le h in s titu s i k e u a n g a n p a d a a w a ln y a d ik a ta k a n d a p a t m e n d u k u n g p e r u s a h a a n k e tik a p e r u s a h a a n
s e d a n g b e r a d a d a la m k e s u lita n k e u a n g a n d e n g a n m e la k u k a n p e n y u n tik a n d a n a .
T e rn y a ta h a l te rs e b u t tid a k d a p a t d ib u k tik a n d a la m p e n e litia n ini.
S e la in itu , b e ra p a p u n p e rs e n ta s e k e p e m ilik a n o le h d ire k si d a n k o m is a r is
d a la m s u a tu p e ru s a h a a n , k e m u n g k in a n p e ru s a h a a n te r s e b u t m e n g a la m i te k a n a n
108 J u r n a l A k u n ta n si d a n K e u a n g a n In d o n esia , J u n i 2007, Vol.4, N o .I , hal. 95-114
p e r u s a h a a n m a k a a k a n te rja d i k e m u n g k in a n e k s p ro p ria s i, d a n d i sisi la in k e p e m ilik a n
o le h d ir e k s i d a n k o m is a ris a k a n m e n u r u n k a n k o n f lik a g e n s i d a n p a d a a k h irn y a a k a n
m e n in g k a tk a n n ila i p e ru s a h a a n . H a l in i j u g a tid a k d a p a t d ib u k tik a n d a la m p e n e litia n
ini. H a s il in i k e m u n g k in a n d is e b a b k a n o le h k e c iln y a p e rs e n ta s e k e p e m ilik a n o le h
p e r b a n k a n d a n in s titu s i k e u a n g a n la in n y a d a la m p e r u s a h a a n s a m p e l d a n k e p e m ilik a n
o le h d ire k si d a n k o m is a ris j u g a d i b a ta s o le h re g u la s i, s e h in g g a n ila i te r s e b u t tid a k
s ig n ifik a n . H a l y a n g tid a k d a p a t d io b s e rv a s i d a la m p e n e litia n in i a d a la h a p a b ila k e p e m ilik a n d ire k s i a ta u p u n b a n k te rh a d a p s u a tu p e r u s a h a a n tid a k s e c a ra la n g s u n g
te ta p i m e la lu i p e ru s a h a a n la in n y a . J a d i a d a k e m u n g k in a n s e o ra n g d ir e k s i a ta u
b a n k m e m ilik i p e r u s a h a a n s e c a ra tid a k la n g s u n g y a itu m e la lu i p e r u s a h a a n la in n y a . K e p e m ilik a n s e c a ra tid a k la n g s u n g ini s u lit d io b s e rv a s i s e h in g g a h a l te r s e b u t tid a k
d ite liti d a la m p e n e litia n ini.
U n tu k v a ria b e l p e n g e n d a li y a itu u k u r a n p e r u s a h a a n d a n leverage m e n u n ju k k a n
n ila i k o e fis ie n y a n g s ig n if ik a n s e c a ra sta tis tik . B e rd a s a rk a n h a s il te rs e b u t d a p a t d ilih a t b a h w a s e m a k in b e s a r u k u r a n p e ru s a h a a n m a k a k e m u n g k in a n p e r u s a h a a n
m e n g a la m i te k a n a n k e u a n g a n a k a n s e m a k in k e c il. S e d a n g k a n v a ria b e l leverage
m e n u n ju k k a n b a h w a s e m a k in b e s a r tin g k a t h u ta n g p e r u s a h a a n m a k a k e m u n g k in a n p e r u s a h a a n te rs e b u t m e n g a la m i te k a n a n k e u a n g a n a k a n m e n in g k a t c u k u p b esar.
A n a l i s i s S e n s it iv it a s d e n g a n M e n g g u n a k a n L a g 1 T a h u n
M o d e l d a la m a n a lis is ta m b a h a n y a n g d ig u n a k a n d a la m p e n e litia n in i m e n g g u n a k a n v a ria b e l in d e p e n d e n d e n g a n la g s a tu ta h u n . H a s il p e n g u jia n p a d a
m o d e l in i a d a la h s e b a g a i b e rik u t:
L n ( p / l p ) = D I S T R E S S E D = 2 .8 7 4 + 1 .4 7 5 C O M _ S I Z E + 1 .6 5 1 IN
-D E P _ C O M + .0 2 4 % F I N _ I N S _ O W N + .0 1 2 % B O A R -D _
O W N + -.8 7 6 S I Z E + 3 .5 3 2 L E V
R in g k a s a n d a ri h a s il p e n g u jia n d a p a t d ilih a t p a d a T a bel 3 y a n g te r d a p a t p a d a L a m p ir a n .
D a ri p e n g u jia n d e n g a n m o d e l la g 1 ta h u n s e c a ra k e s e lu ru h a n m o d e l te rs e b u t
d a p a t d ite rim a d a n p a lin g tid a k s a la h s a tu slo p e s ig n ifik a n s e c a ra s ta tis tik . S e d a n g k a n d a r i h a s il p e n g u jia n d i a ta s d a p a t d ilih a t b a h w a m e k a n is m e C G d a n v a ria b e l
p e n g e n d a li y a n g d ig u n a k a n d a la m p e n g u jia n in i d a p a t m e n je la s k a n k e m u n g k in a n
s u a tu p e r u s a h a a n m e n g a la m i te k a n a n k e u a n g a n h in g g a 1 2 .4 % (C o x & S n e ll R S q u a r e ) d a n 1 9 .9 % (N a g e lk e rk e R S q u a re ). N ila i te rs e b u t le b ih k e c il d a r i p e n g u jia n
'4'W 'ih.nb ieK anism e C o rp o ra te G o v ern a n ce d a la m P e r u s a h a a n .. 109
b e s a r d ije la s k a n o le h m e k a n is m e C G p a d a p e rio d e y a n g b e r s a n g k u ta n d ib a n d in g k a n
o le h p e rio d e s e b e lu m n y a . U n tu k p e n g u jia n s e c a ra s e n d iri-s e n d iri d id a p a t b a h w a
k o e fis ie n y a n g s ig n ifik a n s a m a d e n g a n p e n g u jia n s e b e lu m n y a y a itu p, (u k u ra n
k o m is a ris ) d a n k o e fis ie n v a ria b e l p e n g e n d a li y a itu P5 (L o g R a ta - r a ta T o tal A s e t) d a n a 6 (L everage).
V a ria b e l u k u r a n k o m is a r is p a d a 1 ta h u n s e b e lu m n y a m e n u n ju k k a n n ila i
y a n g s ig n ifik a n d a la m m e n e n tu k a n k e m u n g k in a n p e r u s a h a a n m e n g a la m i te k a n a n
k e u a n g a n . K o n s is te n d e n g a n p e n g u jia n s e b e lu m n y a , h a s il in i j u g a m e n u n ju k k a n b a h w a s e m a k in b e s a r ju m la h k o m is a ris p a d a p e rio d e s e b e lu m n y a j u g a a k a n
m e n u r u n k a n k e m u n g k in a n p e r u s a h a a n m e n g a la m i k o n d is i te k a n a n k e u a n g a n . H a s il in i s e m a k in m e n d u k u n g k e s im p u la n b a h w a d e n g a n s e m a k in b e s a rn y a ju m la h
k o m is a r is m a k a fu n g si m o n ito rin g y a n g d ija la n k a n a k a n s e m a k in m e n in g k a t,
s e h in g g a a k a n m e m p e rk e c il k e m u n g k in a n p e n g a m b ila n k e p u tu s a n y a n g k u ra n g te p a t
y a n g d ila k u k a n o le h d ire k si. D e n g a n s e m a k in b a ik n y a fu n g si m o n ito rin g te rs e b u t m a k a p e r u s a h a a n a k a n s e m a k in te rh in d a r d a ri k e m u n g k in a n k e s u lita n k e u a n g a n .
B e r d a s a rk a n p e n g u jia n d e n g a n m e n g g u n a k a n n ila i la g 1 ta h u n v a ria b e l y a n g
b e r k a ita n d e n g a n m e k a n is m e C G la in n y a a ta u k o e fis ie n P2 (P ro p o rs i k o m is a ris in d e p e n d e n ) P3 ( K e p e m ilik a n o le h in stitu s i k e u a n g a n ) d a n P4 ( K e p e m ilik a n o le h
d e w a n ) tid a k s ig n ifik a n s e c a ra sta tis tik . H a l in i m e n u n ju k k a n b a h w a b e ra p a p u n
p r o p o rs i k o m is a r is in d e p e n d e n , p e rs e n ta s e k e p e m ilik a n o le h in stitu s i k e u a n g a n , d a n k e p e m ilik a n o le h d e w a n p a d a p e rio d e s e b e lu m n y a , m a k a k e m u n g k in a n p e r u s a h a a n te r s e b u t m e n g a la m i te k a n a n k e u a n g a n a d a la h sa m a . S e d a n g k a n u n tu k v a ria b e l
p e n g e n d a li u k u ra n p e r u s a h a a n d a n levera g e j u g a s ig n ifik a n s e c a ra s ta tis tik d e n g a n
b e s a ra n y a n g tid a k j a u h b e r b e d a d e n g a n p e n g u jia n s e b e lu m n y a .
K E S I M P U L A N , K E T E R B A T A S A N D A N S A R A N
P e n e litia n in i b e r tu ju a n u n tu k m e lih a t d a m p a k d a ri u k u r a n k o m is a ris , p r o p o rs i k o m is a r is in d e p e n d e n d a n s tr u k tu r k e p e m ilik a n se b a g a i b a g ia n d a ri m e k a n is m e
C o rp o ra te G o vern a n ce te rh a d a p k e m u n g k in a n p e r u s a h a a n m e n g a la m i k e s u lita n
^uan^an.
H a s il d a ri p e n e litia n in i m e n u n ju k k a n b a h w a s e m a k in b e s a r ju m la h
K Oii'is.j;is d a la m s u a tu p e r u s a h a a n m a k a s e m a k in r e n d a h k e m u n g k in a n p e r u s a h a a n nc np ii ;mi k o n d is i te k a n a n k e u a n g a n . H a s il in i j u g a d id u k u n g o le h p e n g u jia n
d e n g a n m e n g g u n a k a n la g s a tu ta h u n . B e ra rti, ju m la h k o m is a ris a k a n m e m b e r ik a n
d a m p a k ja n g k a p e n d e k m a u p u n d a m p a k j a n g k a p a n ja n g te rh a d a p k o n d is i k e u a n g a n p e ru a lia an . D e n g a n s e m a k in b a n y a k ju m la h k o m is a ris , m a k a f u n g s i m o n ito rin g
te rh a d a p k e b ija k a n d ir e k s i d a p a t d ija la n k a n d e n g a n le b ih b a ik , s e h in g g a p e r u s a h a a n
no
J u r n a l A k u n ta n si dan K eu a n g a n Ind on esia, J u n i 2007, Vol. 4, N o .l, hal. 95 -114k e s u lita n k e u a n g a n a k a n s e m a k in m e n u ru n . S e d a n g k a n k e b e ra d a a n k o m is a ris
in d e p e n d e n ju s tr u tid a k s ig n ifik a n d a la m p e n e litia n in i, b a ik u n tu k p e n g u jia n p a d a
p e rio d e y a n g sa m a a ta u p u n u n tu k p e n g u jia n d e n g a n m e n g g u n a k a n la g 1 ta h u n . N ila i
k o m is a ris in d e p e n d e n y a n g k u ra n g s ig n ifik a n in i m u n g k in d is e b a b k a n o le h b e lu m
d ih a r u s k a n n y a p e n g a n g k a ta n k o m is a ris in d e p e n d e n s e b e lu m ta h u n 2 0 0 1 , s e h in g g a d a la m o b s e rv a s i p e n e litia n d a ri 19 99 h in g g a 2001 p e r u s a h a a n b e lu m m e n e ta p k a n
a d a n y a k o m is a ris in d e p e n d e n te rse b u t.
S e d a n g k a n v a ria b e l s tr u k tu r k e p e m ilik a n y a n g d ir e p re s e n ta s ik a n o le h
k e p e m ilik a n o le h in stitu s i k e u a n g a n d a n k e p e m ilik a n o le h d e w a n m e n g h a s ilk a n
n ila i y a n g tid a k s ig n ifik a n b a ik u n tu k p e n g u jia n p a d a ta h u n y a n g s a m a m a u p u n d e n g a n m e n g g u n a k a n m o d e l la g 1 ta h u n . D a r i h a s il te rs e b u t d a p a t d ik a ta k a n b a h w a
k o m itm e n d a ri p e m ilik tid a k m e m p e n g a ru h i k o n d is i k e u a n g a n p e r u s a h a a n , k o n d isi
k e u a n g a n p e ru s a h a a n ie b ih d ite n tu k a n o le h k e p u tu s a n y a n g d ia m b il o le h p e n g e lo la
p e r u s a h a a n y a itu d ire k si d a n k o m is a ris .
P e n e litia n ini m e m b e rik a n b e b e r a p a im p lik a si d ia n ta r a n y a a d a la h : (1)
P e n a m b a h a n ju m la h k o m is a ris a k a n m e n u ru n k a n k e m u n g k in a n p e ru s a h a a n m e n g a la m i k o n d isi k e s u lita n k e u a n g a n m e la lu i fu n g si m o n ito rin g y a n g le b ih b a ik ;
( 2 ) K o m is a ris in d e p e n d e n s e h a ru s n y a tid a k h a n y a d ite m p a tk a n u n tu k m e m e n u h i
p e r s y a r a ta n re g u la s i sa ja , n a m u n j u g a h a ru s m e n ja la n k a n f u n g s in y a d e n g a n b a ik
s e h in g g a k o n d is i k e u a n g a n p e r u s a h a a n d a p a t le b ih b a ik .
P e n e litia n ini m e m ilik i b e b e r a p a k e te rb a ta s a n . B e b e ra p a k e te rb a ta s a n d a la m p e n e litia n in i d ia n ta ra n y a a d a la h : (1 ) V aria b el p e n g e n d a li y a n g d ig u n a k a n d a la m
p e n e litia n in i h a n y a r a ta -r a ta to ta l a s e t d a n leverage. U n tu k m e n g e m b a n g k a n
p e n e litia n in i p e n e litia n s e la n ju tn y a m u n g k in d a p a t m e n a m b a h k a n v a ria b e l la in
y a n g m e ru p a k a n in d ik a to r k e u a n g a n y a n g d ija d ik a n v a ria b e l p e n g e n d a li; (2 ) P e n e litia n in i m e n g g u n a k a n p e rio d e p e n e litia n d a ri 1 9 9 9 h in g g a 2 0 0 4 , s e d a n g k a n
m e k a n is m e C orpo rate G overnance b a ru m u la i d is y a ra tk a n d i I n d o n e s ia p a d a ta h u n 2 0 0 1 , s e h in g g a b a n y a k p e ru s a h a a n y a n g b e lu m m e n e ra p k a n C o rp o ra te G overnance
p a d a ta h u n 1999 h in g g a 2 0 0 0 ; (3 ) P e n e litia n in i j u g a h a n y a m e n g o b s e rv a s i s tr u k tu r
k e p e m ilik a n y a n g b e rs ifa t la n g s u n g d a n tid a k d a p a t m e n g o b s e rv a s i k e p e m ilik a n p e r u s a h a a n y a n g b e rs ifa t tid a k la n g su n g . U n tu k m e n g e m b a n g k a n p e n e litia n in i
p e n e litia n s e la n ju tn y a j u g a m u n g k in d a p a t m e m b u a t s u b sa m p e l p e n e litia n u n tu k o b s e r v a s i s e te la h ta h u n 2001 d i m a n a p e ru s a h a a n te la h d iw a jib k a n u n tu k m e n e ra p k a n
m e k a n is m e C orpora te G overnance d a n p e n e litia n s e la n ju tn y a m u n g k in d a p a t
W ardhani, M e k a n ism e C o rp o ra te G o v e rn a n c e da la m P e r u s a h a a n. I l l
D A F T A R P U S T A K A
A ltm a n , E . I. “ F in a n c ia l R a tio , D is c rim in a n t A n a ly s is , a n d th e P r e d ic tio n o f C o rp o ra te
B a n k ru p tc y .” The J o u r n a l o f F in a n ce, S e p te m b e r 23 ( 1 9 6 8 ) : 5 8 9 -6 0 9 .
A ltm a n , E . I., R o b e rt G . H a ld e m a n , a n d P. N a ra y a n a n . “ Z e ta A n a ly s is : A N e w M o d e l
to Id e n tify B a n k r u p tc y R is k o f C o rp o ra tio n .” J o u rn a l o f B a n k in g a n d F in a n ce
V ol 1 ( 1 9 7 7 ) : 2 9 -5 4 .
A rs ja h , R e g in a J. “ H u b u n g a n C o rp o ra te G o v e rn a n c e , N ila i P e ru s a h a a n , d a n
P e n g e lo la a n L a b a d i b u r s a E f e k J a k a rta .” D is e rta s i, U n iv e r s ita s In d o n e s ia ,
2 0 0 5 .
B e rn s te in , E th a n S. “ A ll’s F a ir in L o v e , W a r & B a n k ru p tc y ? : C o rp o ra te G o v e rn a n c e
Im p lic a tio n s o f C E O T u rn o v e r in F in a n c ia l D is tre s s .” H a rv a rd U n iversity W orking P a p e r: 1-33.
B illg e r, S, a n d K .F . H a llo c k “ M a s s L a y o f f a n d C E O T u rn o v e r .” In d u stria l R ela tio n
4 4 n o .3 (2 0 0 5 ):4 6 3 -4 8 9 .
C la s s e n s , S tijn ., S im e o n D ja n k o v , a n d L e o ra K la p p e r. “ R e s o lu tio n o f C o rp o ra te D is tre s s in E a s t A s ia .” W orld B a n k P o lic y R esea rch W orking P a p e r J u n e
( 1 9 9 9 ) : 1-3 3 .
D a ily , C a th e rin e M ., a n d D a n R . D a lto n . “ C o rp o ra te G o v e rn a n c e a n d B a n k ru p t F irm :
A n E m p iric a l A s s e s s m e n t.” S tra te g ic M a n a g em en t J o u r n a l O c to b e r, V ol. 15 N o . 8 ( 1 9 9 4 ):6 4 3 -6 5 4 .
D a ily , C a th e rin e M ., a n d D a n R . D a lto n . “ B a n k ru p tc y a n d C o rp o ra te G o v e rn a n c e : T h e
I m p a c t o f B o a rd C o m p o s itio n a n d S tru c tu re .” The A c a d e m y o f M a n a g em en t J o u r n a l D e c e m b e r, V ol. 3 7 N o . 6 (1 9 9 4 ): 1 6 0 3 -1 6 1 7 .
D a lto n , D a n R ., a n d C a th e r in e M .D a lto n . “ S p o tlig h t o n C o rp o ra te G o v e r n a n c e .”
B u sin e ss H o rizo n s In d ia n a U niversity 4 9 (2 0 0 6 ): 9 1 -9 5 .
G illa n , S tu a rt L ., a n d J o h n D . M a rtin . “ F in a n c ia l E n g in e e rin g , C o rp o ra te G o v e rn a n c e , a n d th e C o lla p s e o f E n r o n .” W orking P a p e r U niversity o f D ela w are (2 0 0 2 ): 1- 3 6.
G ils o n , S tu a rt C ., a n d M ic h a e l R . V e ts u y p e n s. “ C E O C o m p e n s a tio n in F in a n c ia lly
D is tr e s s e d F irm s : A n E m p iric a l A n a ly s is .” The J o u rn a l o f F in a n c e J u n e , Vol. 4 8 N o .2 (1 9 9 3 ): 4 2 5 -4 5 8 .
G u ja ra ti, D a m o d a r N . B a sic E c o n o m etrics 4th ed, M c G ra w H ill, 2 0 0 3 .
H a m b ric k , D . C ., a n d D ’A v e n i, R . A . “ L a rg e C o rp o ra te F a ilu re s a s D o w n w a rd S p ira ls .” A d m in is tra tiv e S cien ce Q u a rterly 33 (1 9 8 8 ): 1-23.
H a m b ric k , D . C ., a n d D ’A v e n i, R . A . “ T op T e a m D e te r io ra tio n a s P a r t o f th e
D o w n w a rd S p ira l o f L a rg e C o rp o ra te B a n k ru p tc ie s .” M a n a g em e n t S c ie n c e 38
( 1 9 9 2 ) : 1 4 4 5 -1 4 6 6 .
