Tata Kelola, Konsentrasi Saham Dan Kinerja Perusahaan Agroindustri Indonesia

. This study aims to investigate determinants of firm performance on agro-industrial firms that are listed in the Indonesian Stock Exchange (IDX). Agro-industry sector has contributed 15 percent of Product Domestic Bruto in 2012. Agro-industrial firms has also comparative and competitive advantages compare to other industries. Characteristics of this sectors are renewable resources, labor intensive, and the most resistant in economic crisis in Indonesia in 1998. Modeling of performance is analyzed by performing regression analysis of panel data. This study employs secondary data of 54 companies from year 2010 to 2013. The results show that performance is affected by ownership concentration, the effectiveness of good governance mechanism, especially the function of board of directors (BOD) in conducting their duties, leverage and size of a firm. Except for size variable, all other determinants affects positively on performance, in line with reseach hipothesis. However, board of commissioners, independent commissioners, auditors committee, and dividend payout are not significant factors in enhancing performance. The results can shade some highlights to management, investors and other decision makers to implement better governance practices in agro-industrial firms in Indonesia

Tata Kelola, Konsentrasi Saham Dan Kinerja Perusahaan Agroindustri Indonesia

. This study aims to investigate determinants of firm performance on agro-industrial firms that are listed in the Indonesian Stock Exchange (IDX). Agro-industry sector has contributed 15 percent of Product Domestic Bruto in 2012. Agro-industrial firms has also comparative and competitive advantages compare to other industries. Characteristics of this sectors are renewable resources, labor intensive, and the most resistant in economic crisis in Indonesia in 1998. Modeling of performance is analyzed by performing regression analysis of panel data. This study employs secondary data of 54 companies from year 2010 to 2013. The results show that performance is affected by ownership concentration, the effectiveness of good governance mechanism, especially the function of board of directors (BOD) in conducting their duties, leverage and size of a firm. Except for size variable, all other determinants affects positively on performance, in line with reseach hipothesis. However, board of commissioners, independent commissioners, auditors committee, and dividend payout are not significant factors in enhancing performance. The results can shade some highlights to management, investors and other decision makers to implement better governance practices in agro-industrial firms in Indonesia

Tata Kelola, Konsentrasi Saham dan Kinerja Perusahaan Agroindustri Indonesia

Abstrak. Penelitian ini dilakukan untuk mengidentifikasi faktor-faktor yang mempengaruhi kinerja perusahaan agroindustri yang terdaftar pada Bursa Efek Jakarta (BEI). Pemilihan sampel terhadap perusahaan agroindustri karena peranan sektor ini terhadap sumbangan Produk Domestik Bruto pada tahun 2012 cukup tinggi, yaitu 15 persen. Agroindustri juga memiliki keunggulan-keunggulan seperti berbasis sumber daya alam yang bisa diperbaharui, relatif padat karya, dan paling tahan selama krisis moneter tahun 1998. Model yang digunakan dalam analisa adalah regresi data panel. Penelitian ini menggunakan data sekunder dengan 54 perusahaan selama kurun waktu 4 tahun yaitu tahun 2010 sampai dengan 2013. Hasil penelitian menunjukkan bahwa kinerja perusahaan dipengaruhi secara signifikan oleh konsentrasi kepemilikan saham, peran dewan direksi dalam menjalankan tugas dan fungsi, tingkat utang dan ukuran perusahaan. Pengaruh masing-masing  variabel tersebut positif dalam meningkatkan kinerja, kecuali ukuran perusahaan yang berpengaruh negatif. Hal ini sesuai dengan hipotesa penelitian Sementara itu dari fakta penelitian mengungkapkan bahwa  fungsi dewan komisari, komisaris independen, komite audit, dan kebijakan tingkat dividen, tidak terbukti meningkatkan kinerja perusahaan.Hasil penelitian ini menunjukkan bahwa ada indikasi bahwa tata kelola perusahaan sudah mulai ada pengaruhnya terhadap peningkatan kinerja perusahaan. Hasil penelitian ini dapat dijadikan pencerahan bagi manajemen, investor maupun pengambil keputusan lain untuk dapat lebih serius menerapkan praktek-praktek tata kelola  pada perusahaan agroindustri di Indonesia. Kata Kunci: Kinerja, konsentrasi kepemilikan, tata kelola, tingkat dividen, tingkat utang.Abstract. This study aims to investigate determinants of firm performance on agro-industrial firms that are listed in the Indonesian Stock Exchange (IDX). Agro-industry sector has contributed 15 percent of Product Domestic Bruto in 2012. Agro-industrial firms has also comparative and competitive advantages compare to other industries.  Characteristics of this sectors are renewable resources, labor intensive, and the most resistant in economic crisis in Indonesia in 1998. Modeling of performance is analyzed by performing regression analysis of panel data.  This study employs secondary data of 54 companies from year 2010 to 2013. The results show that performance is affected by ownership concentration, the effectiveness of good governance mechanism, especially the function of board of directors (BOD) in conducting their duties, leverage and size of a firm.  Except for size variable, all other determinants affects positively on performance, in line with reseach hipothesis. However, board of commissioners, independent commissioners, auditors committee, and dividend payout are not significant factors in enhancing performance.  The results can shade some highlights to management, investors and other decision makers to implement better governance practices in agro-industrial firms in Indonesia.Keywords: Performance, ownership concentration, good governance, dividend payout, leverage

Determinan biaya keagenan pada perusahaan agroindusntri di indonesia

This study aims to investigate determinants of agency cost on agro-industrial companies listed on the Indonesian Stock Exchange (IDX). Modeling of agency cost is analyzed by performing regression analysis of panel data. This study employs secondary data of 54 companies during the period of 4 years i.e. 2010 to 2013, except the data for variable dividend that is 2009 to 2012. The results showed that the agency costs significantly affected by the company's board of directors, board of commissioners, independent commissioners, audit committee, the concentration of shares, dividend policy, debt levels and the size of the company. As a component of corporate governance, the board of directors and board of commissioners significantly effect on reduction in agency costs. This shows that there are indications of progress in the implementation of corporate governance in Indonesia, particularly in the agro-industrial companies listed on IDX. In other words, it can be said that the implementation of the corporate governance has begun to be effective, though still an embryonic stage. As a novelty, the variable dividend also has a significant effect on reducing agency costs, both measured by BOM and TOA. It supports several previous studies, such as those conducted by Mutamimah and Hartono (2010) and Arifin (2005). While the influence of independent directors and audit committee actually significantly increase agency costs. This result is contrary to the initial hypothesis. This may happen because the independence issue, lack of integrity and the dominance of one party against another party, for example, the strong dominance of the commissioner of the independent directors. This dominance can occur due to lack of transparency and accountability in the recruitment process. Results also show that the influences of the size and debt of the company to agency costs can vary widely even conflicting. So that, it makes difficult to be concluded. Results could shade some highlights to management, investors and other decision makers that governance is already on the right track so it needs to be supported and encouraged in accordance with their own respective roles. At the end of expectation, governance practices as an instrument for reduction of the cost of agency, can be realized more quickly