PENGARUH MEKANISME CORPORATE GOVERNANCE TERHADAP NILAI PERUSAHAAN DENGAN KUALITAS LABA SEBAGAI VARIABEL INTERVENING PADA PERUSAHAAN MANUFAKTUR YANG TERDAFTAR DI BURSA EFEK INDONESIA PERIODE 2004-2007

Abstract

This research to examine the influence of corporate governance mechanism on the firm value with earnings quality as variable intervening. Corporate governance mechanism used four variables that are managerial ownership, institusional ownership, board of commissioner composition and audit committee existence. Earnings quality was measured with Earnings Response Coefficient (ERC) and firm value was measured with Price Book Value (PBV). This research used empirical data from Indonesian Stock Exchange with 28 manufacturing company as sample. By using multiple regression analysis as the research method, the results shown that earnings quality is measured by ERC. Audit committee existence and managerial ownership influence earnings quality. The other variables did not influence earnings quality, that are institusional ownership and board of commissioner composition. Managerial ownership and institusional ownership influence firm value. Board of commissioner composition and audit committee existence did not influence firm value. Keywords: corporate governance mechanism, managerial ownership, institusional ownership, board of commissioner composition, audit committee existence, earnings quality, Earnings Response Coefficient, firm value, Price Book Valu