Pengaruh Corporate Governance terhadap Kinerja Pasar Emiten yang terdaftar di Indeks Saham Syariah Indonesia


  • Rizkary Roslianti Universitas Airlangga



Corporate Governance, Market Performance, Indonesia Sharia Stock Index


Corporate governance is one of the important aspects for the company. The application of proper corporate governance will affect the company’s value and amrket performance. This study aims to analyze the effect of corporate governance that represented by institutional ownership, independent commissioner and managerial ownership toward market performance that represented by Tobin’s Q. This study used a quantitative approach using secondary data (annual finance report)companies listed on Indeks Saham Syariah Indonesia years 2016- 2018. This study used a significance level of 5%. Based on the regression analysis results, it indicates that institutional ownership and managerial ownership do not have significant effect on Tobin’s Q. On the other hand, indpendent commissioner has significant effect to the Tobin’s Q. Simultaneously, institutional ownership, independent commissioner and managerial ownership have significant effect to Tobin’s Q.


Download data is not yet available.


Abbasi, Majid., et al. 2012. “Impact of Corporate Governance Mechanisms on Firm Value Evidence from the Food Industry of Iran”. Journal of Basic and Applied Scientific Research. Vol 2 (5). Hal 4712-4721

Alghifari, et al. 2013. “Effect of Return on Assets (ROA) Againts Tobin’s Q: Studies in Food and Beverage Company in Indonesia Stock Exchange Years 2007-2011”. International Journal of Science and Research (IJSR). Vol 2 (1). Hal 722-725

Cho, M. H. (1998). ”Ownership Structure, Investment and The Corporate Value: An Empirical Analysis Analysis.” . Journal of Financial Economics. Vol 47. Hal 103-121

Chung, K.H., J. Elder, dan J. Kim. 2009. “Corporate Governance and Liquidity”. Journal of Financial and Quantitative Analysis, forthcoming.

CNN Indonesia. 2017. “OJK: Praktik GCG Perusahaan Indonesia Masih Tertinggal”. Diunduh tanggal 21 Agustus 2019

Debali, A. et al. 2017. “Do Ownership Structure and Quality of Financial Information Affect The Cost of Debt of Tunisian Listing Firms?” . International Journal of Critical Accounting.

Hidayat, Athalia Ariati dan Sidharta Utama. 2015. “Board Characteristics and Firm Performance: Evidence from Indonesia”. International Research Journal of Business Studies. Vol 8 No 3. Hal 137-154

Jensen, M., dan Meckling. 1976. “Theory of The Firm: Managerial Behavior, Agency Cost and Ownership Sctructure”. Journal of Financial Economics. Hal 305-360

Jusoh, et al. 2014. “Managerial Ownership and Market-Based Performance Indicators: Extended Agency Theory”. Journal of Contemporary Issues and Thought. Vol 14. Hal 8-19

Koladkiewicz, Izabella. 2002. ”The Institutional Shareholders-Best Practice: The National Funds Experience”. Journal Compilation, Blackwell Publishing. Vol 10 Hal 187-192

Komite Nasional Kebijakan Governance. 2011. Pedoman Umum Good Governance Bisnis Syariah.

Leung, S. dan B. Horwitz. 2007. ”Is Concentrated Management Ownership Value Increasing or Decreasing? Evidence in Hongkong, China during the Asian Financial Crisis”. SSRN Working Paper Series No 984403

Ruan, W., et al.2011. “Managerial Ownership, Capital Structure and Firm Value: Evidence from China’s Civilian-run Firms”. Australasian Accounting, Bussiness and Finance Journal Vol 5 (3). Hal 73-92

Scjmid, MM. dan Zimmermann H. 2007. “Managerial Incentives and Firm Valuation Evidence from Switzerland”. SSRN Working Paper Series No 78418

Shleifer, A., dan R. W., Vishny. 1997. “A survey of corporate governance”. A Journal of Finance. Vol 52 Hal 737-783

Solomon, Jill dan Aris Solomon. 2004. Corporate Governance and Accountability. England: John Wiley & Sons, Ltd.

Thanatawee, Yordying. 2014. ”Institutional Ownership and Firm Valui in Thailand”. Asian Journal of Business and Accounting. 7 (2). Hal 1-22




How to Cite

Roslianti, R. (2020). Pengaruh Corporate Governance terhadap Kinerja Pasar Emiten yang terdaftar di Indeks Saham Syariah Indonesia. Business and Finance Journal, 5(2), 145–154.