KESIMPULAN DAN SARAN
5.2 SARAN
Berdasarkan hasil analisis penelitian dan keterbatasan penelitian, maka peneliti memberikan beberapa saran, antara lain :
1. Bagi manajemen perusahaan agar lebih meningkatkan Good Corporate Governance. Good Corporate Governance bisa menjadi alat komunikasi dengan stakeholders dan alat pertimbangan dalam melakukan investasi.
2. Bagi investor dan calon investor perusahaan, agar lebih seksama dan lebih memperhatikan aspek Good corporate governance.
3. Bagi peneliti selanjutnya, diharapkan lebih memperhatikan penambahan variabel lain yang bisa mempengaruhi harga saham dalam penerapan Good corporate governance. Dan populasi penelitian lebih di fokuskan kepada dewan komisaris, dewan direksi dan pihak yang berpengaruh pada penerapan Good corporate governance.
Almilia, Luciana, dan Sifa, Spica L. 2010, Reaksi Pasar Publikasi Corporate Governance Perception Index Pada Perusahaan yang Terdaftar di Bursa Efek Jakarta. Simposium Nasional Akuntansi IX, Jakarta.
Aprina, Desi. 2012. Pengaruh Kepemilikan Manajerial, Kepemilikan Institusional dan Ukuran Perusahaan Terhadap Kinerja Perusahaan yang Diukur Melalui Economic Value Added. Jurnal Akuntansi. Jurusan Akuntansi Fakultas ekonomi: Universitas Gunadarma. Jakarta. diakses 10 April 2018 Bangun, Primsa dan Jeffy. 2008. Pengaruh Good Corporate Governance dan
Kinerja Keuangan Terhadap Harga Saham. Jurnal Akuntansi. Volume 8.
Brigham, dan Houston, 2010, Dasar-dasar Manajemen Keuangan, cetakan edisi ke sebelas, salemba empat; Jakarta
Carningsih. 2009. Pengaruh Good Corporate Governance Terhadap Hubungan Antara Kinerja Keuangan dengan Nilai Perusahaan Studi Kasus Pada Perusahaan Property dan Real Estate yang Terdaftar di Bursa Efek Indonesia. Jurnal. Jurusan Akuntansi Fakultas ekonomi, Universitas Gunadarma. Jakarta.
Duawulu, Junita Satrianingsih. 2014. Pengaruh Debt To Equity Ratio dan Operating Profit Margin Terhadap Harga Saham Pada PT. Mustika Ratu Tbk. Other Thesis. Universitas Negeri Gorontalo.
Evi Yuniarti dan Nurmala (2007). Analisis Profitabilitas Terhadap Harga Saham Perusahaan Retail Go Public di Bursa Efek Indonesia. FORDEMA, 7(2),145-154.
Faizal. 2004. Analisis Agency Cost, Struktur Kepemilikan dan Mekanisme Corporate Governance. Simposium Nasional Akuntansi VII. Denpasar.
Forum for corporate governance in Indonesia (FCGI), 2010, Seri tata kelola perusahaan (good corporate) jilid II; peranan dewan komisaris dan komite audit dalam pelaksanaan good corporate, Bandung; kreasi total media.
Ghozali, Imam, 2015. Aplikasi Program dengan Program SPSS. Cetakan IV.
Badan penerbit Diponegoro. Semarang.
Kurnia, Syafaatul. 2015. Pengaruh Good Corporate Governance Terhadap Harga Saham pada Perusahaan Manufaktur yang Terdaftar di Bursa Efek
Riana, Dwiza. 2012. Statistika Deskriptif Itu Mudah. Jelajah Nusa. Tangerang.
Santoso, Singgih. 2013. SPSS Pengolahan Data Statistik. Anoname. Yogyakarta.
Sefiana, Eka. Pengaruh Good Corporate Governance terhadap Manajemen Laba pada Perusahaan Perbankan yang telah Go Publik di BEI. Skripsi Sarjana Jurusan Ekonomi, Fakultas Ekonomi Universitas Gunadharma, 2009.Jakarta.
Supranto, J. 2009. Statistik : Teori dan Aplikasi, Edisi Ketujuh, Jilid 1. Erlangga.
Jakarta
Toruan, Antonius Jogi Mamora Lumban. (2016). Pengaruh Good Corporate Governance Dalam Mempengaruhi Harga Saham Perusahaan Perbankan yang Terdaftar di Bursa Efek Indonesia Tahun 2013. Skripsi. Universitas Negeri Surabaya.
Tony, Wijaya. 2012. Spss 20 untuk olah data dan Intrepretasi Data. Cahaya Atma Pustaka. Yogyakarta.
Warsono. GCG perkembangan pemikiran dan implementasinya 2016, Yogyakarta; Pustaka Nusantara.
Data yang anda isi tidak akan berpengaruh apapun terhadap pekerjaan anda. Kesadaran anda untuk mengisi angket tersebut merupakan bantuan yang sangat penting bagi saya untuk menyelesaikan maksud yang sebenarnya,
Transparency (Keterbukaan Informasi)
No. X1 SS S KS TS STS
1 Pengambilan keputusan oleh manajemen dilakukan secara terbuka.
2 Tujuan perusahaan ditetapkan dengan jelas.
3 Kebijakan perusahaan telah tertulis dan dikomunikasikan kepada pihak yang berkepentingan (stakeholders) dan yang berhak memperoleh informasi tentang kebijakan tersebut.
Accountability (Akuntabilitas)
No. X2 SS S KS TS STS
1 Komisaris dan direksi memperlakukan semua pemegang saham secara layak 2 Komisaris dan direksi bertindak
berdasarkan informasi yang lengkap 3 Perusahaan menerapkan system penilaian
kinerja melalui system informasi yang baik
4 Keputusan dewan komisaris mempengaruhi pemegang saham
sekitar sebagai wujud tanggung jawab sosial
2 Perusahaan membayar pajak tepat waktu 3 Perusahaan memiliki pedoman, system,
dan prosedur kerja seluruh tingkatan atau organisasi yang tersedia secara lengkap, kini, dan sesuai dengan ketentuan perundang undangan yang berlaku
4 Perusahaan mematuhi setiap komitmen yang dipegang
Independency (Kemandirian)
No. X4 SS S KS TS STS
1 Pengelolaan perusahaan bebas dari pihak lain
2 Kegiatan perusahaan sesuai dengan perundang – undangan yang berlaku 3 Perusahaan dapat mengambil keputusan
secara objektif dan bebas dari tekanan dari pihak manapun.
Fairness (Kesetaraan dan Kewajaran)
No. X5 SS S KS TS STS
1 Hak-hak pemegang saham telah terpenuhi
3 Etika kerja/ etika bisnis telah dibuat dan disebarluaskan serta dilakukan evaluasi terhadap penerapannya untuk menjaga hubungan dengan pihak lain baik dengan pemegang saham maupun dengan pihak berkepentingan lainnya
Harga Saham
No. Y SS S KS TS STS
1 Harga saham tiap tahun meningkat 2 Perusahaan memonitor pertumbuhan
saham setiap bulannya
3 Laporan keuangan mempengaruhi tinggi rendahnya harga saham
Identitas Responden 1. Nama : 2. Umur :
3. Jenis Kelamin : Laki-laki Perempuan 4. Pendidikan : SMA/ Sederajat
Diploma Sarjana (S-1) Magister (S-2) Doktor (S-3)
/VARIABLES=X1.1 X1.2 X1.3 Transparency /PRINT=TWOTAIL NOSIG
/MISSING=PAIRWISE.
Correlations
X1.1 X1.2 X1.3 Transparency
X1.1
Pearson Correlation 1 .046 .229 .700**
Sig. (2-tailed) .773 .144 .000
N 42 42 42 42
X1.2
Pearson Correlation .046 1 -.210 .562**
Sig. (2-tailed) .773 .183 .000
N 42 42 42 42
X1.3
Pearson Correlation .229 -.210 1 .497**
Sig. (2-tailed) .144 .183 .001
N 42 42 42 42
Transparency
Pearson Correlation .700** .562** .497** 1
Sig. (2-tailed) .000 .000 .001
N 42 42 42 42
**. Correlation is significant at the 0.01 level (2-tailed).
CORRELATIONS
/VARIABLES=X2.1 X2.2 X2.3 X2.4 Accountability /PRINT=TWOTAIL NOSIG
/MISSING=PAIRWISE.
N 42 42 42 42 42
X2.2
Pearson Correlation -.111 1 -.044 -.012 .523**
Sig. (2-tailed) .484 .783 .942 .000
N 42 42 42 42 42
X2.3
Pearson Correlation .239 -.044 1 -.528** .352*
Sig. (2-tailed) .127 .783 .000 .022
N 42 42 42 42 42
X2.4
Pearson Correlation -.101 -.012 -.528** 1 .250
Sig. (2-tailed) .524 .942 .000 .110
N 42 42 42 42 42
Accountability
Pearson Correlation .571** .523** .352* .250 1
Sig. (2-tailed) .000 .000 .022 .110
N 42 42 42 42 42
**. Correlation is significant at the 0.01 level (2-tailed).
*. Correlation is significant at the 0.05 level (2-tailed).
Correlations
X3.1 X3.2 X3.3 X3.4 Responsibility
X3.1
Pearson Correlation 1 .012 .670** .156 .487**
Sig. (2-tailed) .939 .000 .325 .001
N 42 42 42 42 42
X3.2
Pearson Correlation .012 1 -.090 .091 .632
Sig. (2-tailed) .939 .569 .566 .133
N 42 42 42 42 42
X3.3
Pearson Correlation .670** -.090 1 .287 .233
Sig. (2-tailed) .000 .569 .065 .138
N 42 42 42 42 42
X3.4
Pearson Correlation .156 .091 .287 1 .332
Sig. (2-tailed) .325 .566 .065 .404
N 42 42 42 42 42
Responsibility
Pearson Correlation .487** .236 .233 .132 1
Sig. (2-tailed) .001 .133 .138 .404
N 42 42 42 42 42
**. Correlation is significant at the 0.01 level (2-tailed).
Correlations
X4.1 X4.2 X4.3 Independency
X4.1
Pearson Correlation 1 -.169 .269 .663**
Sig. (2-tailed) .285 .085 .000
N 42 42 42 42
X4.2
Pearson Correlation -.169 1 -.295 .368*
Sig. (2-tailed) .285 .058 .016
N 42 42 42 42
X4.3
Pearson Correlation .269 -.295 1 .584**
Sig. (2-tailed) .085 .058 .000
N 42 42 42 42
Independency
Pearson Correlation .663** .368* .584** 1
Sig. (2-tailed) .000 .016 .000
N 42 42 42 42
**. Correlation is significant at the 0.01 level (2-tailed).
*. Correlation is significant at the 0.05 level (2-tailed).
Correlations
X5.1 X5.2 X5.3 Fairness
X5.1
Pearson Correlation 1 .107 .178 .611**
Sig. (2-tailed) .499 .259 .000
N 42 42 42 42
X5.2
Pearson Correlation .107 1 .117 .635**
Sig. (2-tailed) .499 .461 .000
N 42 42 42 42
X5.3
Pearson Correlation .178 .117 1 .700**
Sig. (2-tailed) .259 .461 .000
N 42 42 42 42
Fairness
Pearson Correlation .611** .635** .700** 1
Sig. (2-tailed) .000 .000 .000
N 42 42 42 42
**. Correlation is significant at the 0.01 level (2-tailed).
Correlations
Y1 Y2 Y3 HARGA_SAHA
M
Y1
Pearson Correlation 1 -.083 .915** .899**
Sig. (2-tailed) .599 .000 .000
N 42 42 42 42
Y2
Pearson Correlation -.083 1 -.173 .315*
Sig. (2-tailed) .599 .275 .042
N 42 42 42 42
Y3
Pearson Correlation .915** -.173 1 .862**
Sig. (2-tailed) .000 .275 .000
N 42 42 42 42
HARGA_SAHAM
Pearson Correlation .899** .315* .862** 1
Sig. (2-tailed) .000 .042 .000
N 42 42 42 42
**. Correlation is significant at the 0.01 level (2-tailed).
*. Correlation is significant at the 0.05 level (2-tailed).
Scale Mean if Item Deleted
Scale Variance if Item Deleted
Corrected Item- Total Correlation
Cronbach's Alpha if Item
Deleted
Transparency 63.67 16.764 .622 .560
Accountability 60.33 19.984 .227 .663
Responsibility 59.55 9.278 .520 .649
Independency 63.90 18.527 .423 .617
fairness 63.48 19.329 .305 .645
HARGA SAHAM 63.24 16.625 .559 .569
CORRELATIONS
/VARIABLES=X1 X2 X3 X4 X5 Y /PRINT=TWOTAIL NOSIG
/MISSING=PAIRWISE.
Transparency Sig. (2-tailed) .122 .006 .000 .129 .000
N 42 42 42 42 42 42
Accountability
Pearson Correlation .242 1 .092 .168 .378* .065
Sig. (2-tailed) .122 .564 .286 .014 .685
N 42 42 42 42 42 42
Responsibility
Pearson Correlation .414** .092 1 .386* .312* .451**
Sig. (2-tailed) .006 .564 .012 .044 .003
N 42 42 42 42 42 42
Independency
Pearson Correlation .554** .168 .386* 1 -.239 .406**
Sig. (2-tailed) .000 .286 .012 .128 .008
N 42 42 42 42 42 42
fairness
Pearson Correlation .238 .378* .312* -.239 1 .230
Sig. (2-tailed) .129 .014 .044 .128 .142
N 42 42 42 42 42 42
HARGA SAHAM
Pearson Correlation .595** .065 .451** .406** .230 1
Sig. (2-tailed) .000 .685 .003 .008 .142
N 42 42 42 42 42 42
**. Correlation is significant at the 0.01 level (2-tailed).
*. Correlation is significant at the 0.05 level (2-tailed).
/SUMMARY=TOTAL.
Scale: ALL VARIABLES
Case Processing Summary
N %
Cases
Valid 42 100.0
Excludeda 0 .0
Total 42 100.0
a. Listwise deletion based on all variables in the procedure.
Reliability Statistics Cronbach's
Alpha
N of Items
.038 3
X1.1 7.40 .491 .199 -.511a
X1.2 7.40 .637 -.097 .372
X1.3 7.52 .695 -.009 .087
a. The value is negative due to a negative average covariance among items. This violates reliability model assumptions. You may want to check item codings.
Reliability
RELIABILITY
/VARIABLES=X2.1 X2.2 X2.3 X2.4 /SCALE('ALL VARIABLES') ALL /MODEL=ALPHA.
Scale: ALL VARIABLES
Case Processing Summary
N %
Cases
Valid 42 100.0
Excludeda 0 .0
Total 42 100.0
a. Listwise deletion based on all variables in the procedure.
-.537 4
Item-Total Statistics Scale Mean if
Item Deleted
Scale Variance if Item Deleted
Corrected Item- Total Correlation
Cronbach's Alpha if Item
Deleted
X2.1 10.62 .534 .006 -.910a
X2.2 10.95 .583 -.111 -.583a
X2.3 11.00 .732 -.225 -.255a
X2.4 10.93 .848 -.352 .064
a. The value is negative due to a negative average covariance among items. This violates reliability model assumptions. You may want to check item codings.
Reliability
RELIABILITY
/VARIABLES=X3.1 X3.2 X3.3 X3.4 /SCALE('ALL VARIABLES') ALL /MODEL=ALPHA
/SUMMARY=TOTAL.
Cases
Valid 42 100.0
Excludeda 0 .0
Total 42 100.0
a. Listwise deletion based on all variables in the procedure.
Reliability Statistics Cronbach's
Alpha
N of Items
.488 4
Item-Total Statistics Scale Mean if
Item Deleted
Scale Variance if Item Deleted
Corrected Item- Total Correlation
Cronbach's Alpha if Item
Deleted
X3.1 11.24 .918 .453 .234
X3.2 11.02 1.438 .003 .647
X3.3 11.29 .941 .478 .217
X3.4 11.31 1.195 .260 .438
/SCALE('ALL VARIABLES') ALL /MODEL=ALPHA
/SUMMARY=TOTAL.
Scale: ALL VARIABLES
Case Processing Summary
N %
Cases
Valid 42 100.0
Excludeda 0 .0
Total 42 100.0
a. Listwise deletion based on all variables in the procedure.
Reliability Statistics Cronbach's
Alphaa
N of Items
-.253 3
X4.1 7.19 .451 .073 -.835a
X4.2 7.31 .756 -.291 .424
X4.3 7.36 .528 -.035 -.405a
a. The value is negative due to a negative average covariance among items. This violates reliability model assumptions. You may want to check item codings.
Reliability
RELIABILITY
/VARIABLES=X5.1 X5.2 X5.3 /SCALE('ALL VARIABLES') ALL /MODEL=ALPHA
/SUMMARY=TOTAL.
Scale: ALL VARIABLES
Case Processing Summary
N %
Cases
Valid 42 100.0
Excludeda 0 .0
Total 42 100.0
a. Listwise deletion based on all variables in the procedure.
.314 3
Item-Total Statistics Scale Mean if
Item Deleted
Scale Variance if Item Deleted
Corrected Item- Total Correlation
Cronbach's Alpha if Item
Deleted
X5.1 7.38 .534 .193 .209
X5.2 7.50 .500 .146 .297
X5.3 7.83 .435 .195 .192
Reliability
RELIABILITY
/VARIABLES=Y1 Y2 Y3
/SCALE('ALL VARIABLES') ALL /MODEL=ALPHA
/SUMMARY=TOTAL.
Cases Excludeda 0 .0
Total 42 100.0
a. Listwise deletion based on all variables in the procedure.
Reliability Statistics Cronbach's
Alpha
N of Items
.489 3
Item-Total Statistics Scale Mean if
Item Deleted
Scale Variance if Item Deleted
Corrected Item- Total Correlation
Cronbach's Alpha if Item
Deleted
Y1 7.79 .416 .694 -.413a
Y2 7.57 1.031 -.132 .955
Y3 7.83 .435 .579 -.182a
a. The value is negative due to a negative average covariance among items. This violates reliability model assumptions. You may want to check item codings.
/METHOD=ENTER Transparency Accountability Responsibility Independency Fairness /SAVE RESID.
Regression
Variables Entered/Removeda Model Variables
Entered
Variables Removed
Method
1
Fairness, Transparency, Accountability, Responsibility, Independencyb
. Enter
a. Dependent Variable: HARGA_SAHAM b. All requested variables entered.
a. Predictors: (Constant), Fairness, Transparency, Accountability, Responsibility, Independency
b. Dependent Variable: HARGA_SAHAM
ANOVAa
Model Sum of Squares df Mean Square F Sig.
1
Regression 19.753 5 3.951 5.394 .001b
Residual 26.366 36 .732
Total 46.119 41
a. Dependent Variable: HARGA_SAHAM
b. Predictors: (Constant), Fairness, Transparency, Accountability, Responsibility, Independency
1
(Constant) 3.232 2.968 1.089 .283
Transparency .468 .188 .423 2.481 .018
Accountability .177 .173 .149 1.024 .013
Responsibility .074 .070 .167 1.065 .029
Independency .206 .227 .174 2.097 .037
Fairness .205 .207 .175 2.189 .029
a. Dependent Variable: HARGA_SAHAM
Residuals Statisticsa
Minimum Maximum Mean Std. Deviation N
Predicted Value 10.03 13.37 11.60 .694 42
Residual -1.368 1.501 .000 .802 42
Std. Predicted Value -2.254 2.554 .000 1.000 42
Std. Residual -1.599 1.754 .000 .937 42
a. Dependent Variable: HARGA_SAHAM
One-Sample Kolmogorov-Smirnov Test
Unstandardized Residual
N 42
Normal Parametersa,b Mean .0000000
Std. Deviation .80191950
Most Extreme Differences
Absolute .097
Positive .083
Negative -.097
Kolmogorov-Smirnov Z .631
Asymp. Sig. (2-tailed) .821
a. Test distribution is Normal.
b. Calculated from data.
/DEPENDENT HARGA_SAHAM
/METHOD=ENTER Transparency Accountability Responsibility Independency Fairness /SAVE RESID.
Regression
Variables Entered/Removeda Model Variables
Entered
Variables Removed
Method
1
Fairness, Transparency, Accountability, Responsibility, Independencyb
. Enter
a. Dependent Variable: HARGA_SAHAM b. All requested variables entered.
1 .654a .428 .349 .856 a. Predictors: (Constant), Fairness, Transparency, Accountability, Responsibility, Independency
b. Dependent Variable: HARGA_SAHAM
ANOVAa
Model Sum of Squares df Mean Square F Sig.
1
Regression 19.753 5 3.951 5.394 .001b
Residual 26.366 36 .732
Total 46.119 41
a. Dependent Variable: HARGA_SAHAM
b. Predictors: (Constant), Fairness, Transparency, Accountability, Responsibility, Independency
1
(Constant) 3.232 2.968 1.089 .283
Transparency .468 .188 .423 2.481 .018 .545 1.834
Accountability .177 .173 -.149 1.024 .013 .752 1.330
Responsibility .074 .070 .167 1.065 .029 .645 1.549
Independency .206 .227 .174 2.097 .037 .432 2.315
Fairness .205 .207 .175 2.189 .032 .507 1.972
a. Dependent Variable: HARGA_SAHAM
Collinearity Diagnosticsa
Model Dimension Eigenvalue Condition Index Variance Proportions
(Constant) Transparency Accountability Responsibility Independency Fairness
1
1 5.968 1.000 .00 .00 .00 .00 .00 .00
2 .017 18.953 .01 .00 .02 .71 .00 .01
3 .008 26.747 .00 .04 .01 .03 .14 .17
4 .004 40.305 .05 .70 .09 .07 .05 .04
5 .002 56.719 .35 .04 .85 .03 .04 .09
6 .001 72.251 .60 .22 .03 .16 .77 .69
a. Dependent Variable: HARGA_SAHAM
Residual -1.368 1.501 .000 .802 42
Std. Predicted Value -2.254 2.554 .000 1.000 42
Std. Residual -1.599 1.754 .000 .937 42
a. Dependent Variable: HARGA_SAHAM
Charts
One-Sample Kolmogorov-Smirnov Test
Unstandardized Residual
N 42
Normal Parametersa,b Mean .0000000
Std. Deviation .80191950
Most Extreme Differences
Absolute .097
Positive .083
Negative -.097
Kolmogorov-Smirnov Z .631
Asymp. Sig. (2-tailed) .821
a. Test distribution is Normal.
b. Calculated from data.
/STATISTICS COEFF OUTS R ANOVA COLLIN TOL /CRITERIA=PIN(.05) POUT(.10)
/NOORIGIN
/DEPENDENT AbsUi
/METHOD=ENTER X1 X2 X3 X4 X5 /SCATTERPLOT=(*ZRESID ,*ZPRED) /RESIDUALS DURBIN NORMPROB(ZRESID) /SAVE RESID.