Abstract
The purpose of this study is examined the influence of the composition of the board of commissioners toward the performance of companies from three different aspects; return stock market aspects, ROA aspects of accounting, and accounting aspects and market TobinsQ. This research had a sample of 400 financial records from 400 companies with the period of 2010 to 2013. This research used multiple linear regression method. The independent variable is the number of commissioners and the number of independent commissioners. Moderating variables of this research was the size of the company. The dependent variable was the performance of this company with the company RET measurements, ROA, TobinsQ. The results of this study indicated that for RET, the board had significant negative effect, as well as independent directors had not significant positive effect, while the influence of the board of commissioners of the smaller companies were not exhibited significantly negative. The commissioners had not significant positive effect, independent commissioner had significant positive effect, as well as the board of commissioners had not significant negative effect on the performance of smaller companies to ROA. Research on Tobins Q, the board has a significant positive effect. Independent commissioner also had positive and significant, and the board of commissioners has no significant negative effect on the performance of smaller companies.
Highlights
Pada era pasca perang dingin banyak pelaku bisnis dengan berbagai macam jenis korporasi mulai menjalankan tata kelola perusahaan dengan baik secara terbuka, sistematis dan bertanggung jawab
The results of this study indicated that for RET, the board had significant negative effect, as well as independent directors had not significant positive effect, while the influence of the board of commissioners of the smaller companies were not exhibited significantly negative
Corporate Governance: An International Review 14(2), 75-84 maupun perusahaan kecil
Summary
Weston dan Brigham (1993:17) menjelaskan bahwa hubungan keagenan yang terjadi ketika seseorang (principal) menyewa orang lain (agent) yang kemudian diberikan wewenang dalam mengambil keputusan. Hal senada juga diungkapkan Jensen and Meckling (1976) yaitu hubungan keagenan merupakan suatu kontrak antara principal yang menyewa orang lain atau agent untuk melaksanakan jasa dan mengambil keputusan yang telah didelegasikan kepadanya. Karena semakin besar jumlah dewan komisaris maka akan semakin sulit, serta mahal dan memakan waktu lama baik dalam hal komunikasi, maupun koordinasi dalam pembuatan keputusan (Yermack 1996, jensen 1993). Conyon dan Peck (1998) menjelaskan bahwa terdapat hubungan negative antara ROE dengan jumlah dewan komisaris. De Andres et al (2005) mengatakan hal yang sama didalam penelitiannya terdapat hubungan negatif antara nilai perusahaan dengan jumlah dewan komisaris. Karena semakain banyak yang memonitor tingkah laku manajemen sehingga akan selalu bertindak sesuai dengan keinginan pemegang saham
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