Komposisi Dewan Perusahaan dan Kinerja Perusahaan (Studi Pada Perusahaan–Perusahaan Sub Sektor Ritel, Media dan Asuransi Yang Terdaftar Di Bursa Efek Indonesia)
Abstract
Abstrak: Penelitian ini ini mengkaji dampak dari komposisi dewan dan konsentrasi kepemilikan terhadap nilai perusahaan di negara yang mengadopsi dua-tier sistem struktur dewan. Penelitian ini penting karena mencoba untuk menganalisis hubungan antara kehadiran direksi perempuan di pengawasan dan manajemen papan dengan kinerja keuangan perusahaan. Penelitian ini menggunakan data dari 26 perusahaan Indonesia (ritel, media dan sektor asuransi) yang terdaftar di Bursa Efek Indonesia (BEI). Sebanyak 156 pengamatan dilakukan untuk periode antara 2006 dan 2011.Metode yang digunakan analisis regresi dan menggunakan Return On Assets (ROA) dan Price to Book Value (PBV) sebagai ukuran nilai perusahaan. Hasil dari penelitian ini adalah kuran dewan pengawas berhubungan negatif dengan nilai perusahaan yang ditunjukkan oleh ROA dan tidak signifikan terkait dengan nilai perusahaan yang ditunjukkan oleh PBV; ukuran dewan manajemen berhubungan positif dengan nilai perusahaan; keterwakilan perempuan di dewan pengawas berhubungan negatif dengan nilai perusahaan yang ditunjukkan oleh ROA dan tidak signifikan terkait dengan nilai perusahaan yang ditunjukkan oleh PBV; keterwakilan perempuan di dewan manajemen berhubungan positif dengan nilai perusahaan yang ditunjukkan oleh ROA dan signifikan terkait dengan nilai perusahaan yang ditunjukkan oleh PBV, dan konsentrasi kepemilikan tidak signifikan terkait dengan nilai perusahaan yang ditunjukkan oleh ROA tetapi berhubungan positif dengan nilai perusahaan yang ditunjukkan oleh PBV.Kata kunci: komposisi dewan, konsentrasi kepemilikan, struktur dewan dua tingkat, return on asset, price to book value
Abstract: This study examines the impact of board composition and ownership concentration on firm value in a country that adopts two-tier board structure system. This study is significant because it attempts to analyze the relationship between the presence of female directors on supervisory and management boards with corporate financial performance. The study uses data on 26 Indonesian companies (retail, media and insurance sectors) listed on the Indonesia Stock Exchange (IDX). A total of 156 observations were made for the period between 2006 and 2011. We conduct regression analysis and using Return On Assets (ROA) and Price to Book Value (PBV) as measures of firm value. Our empirical evidence reveals: (1) Size of the supervisory board is negatively related to the firm value proxied by ROA and insignificant related to the firm value proxied by PBV; (2) Size of the management board is positively related to firm value; (3) female representation on the supervisory board is negatively related to the firm value proxied by ROA and insignificant related to the firm value proxied by PBV;(4) female representation on the management board is positively related to the firm value proxied by ROA and insignificant related to the firm value proxied by PBV, and (5) ownership concentration is insignificant related to the firm value proxied by ROA but positively related to the firm value proxied by PBV.
Keywords : board composition, ownership concentration, two-tier board structure, return on assets, price to book value
References
Adams R.B, & Ferreira D. 2004. Gender Diversity in the Boardroom. European Corporate Governance Institute, Finance Working paper # 57, 30 p.
Adams R.B, Gray, S., & Nowland, J. 2011. Does Gender Matter in the Boardroom? Evidence from the Market Reaction to Mandatory New Director Announcements. Australia.
Ahern K. R., & Dittmar, A.K. 2010. The changing of the boards: The value effect of a massive exogenous shock. Unpublished manuscript. University of Michigan.
Andreyeva T., & Dean J.W. 2000. Privatization, ownership structure and company performance: Case of Ukraine. Working Paper, Economic Education and Research Consortium, Ukraine. 26p.
Balabanis G., Philips H.C. & Lyall, J. 1998. Corporate Social Responsibility and Economic Performance in the top British Companies: are they linked?. European Business Review. 98(8). 25-44.
Black B. 2001. The Corporate Governance Behavior and Market Value of Russian Firms. Emerging Markets Review, 2 (212), 1-25.
Brickley J.A. & James C.M. 1987. The takeover market, corporate board composition, and Ownership Structure : The case of banking. Journal of Law and economics, Vol. 30. 161-180.
Carter D.A., Simkins, B.J. & Simpson, W.G. 2003. Corporate Governance, Board Diversity and Firm Value. The Financial Review, 38. 33-53.
Catalyst. 2004. The Bottom Line: Connecting Corporate Performance and Gender Diversity. Catalyst Publication Code D58, New York, 28 p.
Conner K.R. & Prahalad, C.K. 1996. A resource-based theory of the firm: Knowledge versus opportunism. Organization Science, 7(5), 477-501.
Dalton D.R., Johnson, J.L., & Ellstrand, A.E. (1999). Number of Directors and Financial Performance: A Meta Analysis. Academy of Management Journal Vo. 42 (6). 674-686.
Damodaran A. 2002. Investment Valuation (2nd ed). New York: Wiley Finance.
Darmadi S. (2011). Does board size matter? New evidence from two-tier board system. Indonesia : Bapepam.
Darmawati D. 2006. Pengaruh Karakteristik Perusahaan dan Faktor Regulasi terhadap Kualitas Implementasi Corporate Governance. Simposium Nasional Akuntansi IX. 1-23.
Darmawati D., Khomsiyah, & Rahayu, R. G. 2004. Hubungan Corporate Governance dan Kinerja Perusahaan. Jakarta : The Indonesian Institute for Corporate Governance (IICG).
Davies E.M. 2011. Women on boards. Department for Business, Innovation and Skills, London.
Davis G.F. & Cobb, J.A. 2009. Resource Dependence Theory: Past and Future, in: Sociology of Organizations 28 Chapter 2, 21-42.
Deloitte. 2011. Women in the Boardroom: A Global Perspective. UK: Deloitte Global Services.
Demsetz H., & Villalonga, B. 2001. Ownership structure and corporate performance. Journal of Corporate Finance, 7(3), 209–233.
Drobetz W., Gugler, K. & Hirschvogl, S. 2004. The Determinants of The German Corporate Governance Rating. Working Paper. 35p.
Eagly A., & Karau, S. 2002. Role congruity theory of prejudice toward female leaders. Psychological review, 109, 573-598.
ECFIN. Indonesian Capital Market Directory. 2004, 2005, 2006, 2007, 2008, 2009. Jakarta.
Erhardt N. L., Werbel, J.D. & Shrader, C.B. 2003. Board of Director Diversity and Firm Financial Performance. Corporate Governance: An International Review, 11. 102-110.
Fama E., & Jensen, M. 1983. Separation of ownership and control. Journal of Law and Economics, 26, 301-325.
Farrell K. A. & Hersch, P.L. 2001. Additions to Corporate Boards: Does Gender Matter?, Lincoln: University of Nebraska.
Ghozali I. 2005. Aplikasi Analisis Multivariate dengan program SPSS. Badan Penerbit Universitas Diponegoro, Semarang.
GMI – Governance Metrics International 2011. www.gmiratings.com (8 March, 2011).
Guest P.M. 2009. The Impact of Board Size on Firm Value: Evidence from the UK. European Journal of Finance. 15(4), 385-404
Gunanta J.B. 2012. Dampak Aturan Pembatasan Loan to Value terhadap Harga Saham Properti. Jurnal Akuntansi Unesa. Surabaya.
Hair J.F., Black, W.C., Babin, B.J., Anderson, R.E., Tatham, R.L., 2006. Multivariate Data Analysis, 6th Edition, Prentice Hall, New Jersey.
Hermalin B.E. & Weisbach. M.S. 1991. The Effect of Board Composition and Direct Incentive on Firm Performance. Financial Management. 101-112.
Holderness C. G., & Sheehan, D.P. 1988. The Role of Majority Shareholders in Publicly Held Corporations. Journal of Financial Economics 20. 317-346.
Husnan S. 1999. Corporate Governance di Indonesia : PEngamatan Terhadap Sektor Korporat dan Keuangan. Yogyakarta: Gadjah Mada University.
Jensen M. C. 1993. The Modern Industrial Revolution, Exit and the Failure of Internal Control Systems. The Journal of Finance, vol. 48, (3). 831-880.
Jensen M. and Meckling W. 1976. Theory of the firm: managerial behavior, agency costs and ownership structure. Journal of Financial Economics 3, 305–360.
Keputusan Menteri (KEPMEN) Badan Usaha Milik Negara Nomor : KEP-117/M-MBU/2002 tentang Penerapan Praktek Good Corporate Governance pada Badan Usaha Milik Negara (BUMN).
Klapper L. F. & Love, I. 2002. Corporate Governance, Investor Protection, and Performance in Emerging Markets. Policy Research Working Paper Series 2818, The World Bank .
Kumar P. & Sivaramakrishnan. 2003. Optimal Incentive Structure For The Board of Directors. A Hierarchical Agency Framework.
Kusumawati D. N. & Riyanto L.S.B. 2005. Corporate Governance dan Kinerja: Analisis Pengaruh Compliance Reporting dan Struktur Dewan Terhadap Kinerja. Simposium Nasional Akuntansi VIII. 248-261.
Lestari M.I & Sugiharto, T. 2007. Kinerja Bank Devisa Dan Bank Non Devisa Dan Faktor-Faktor Yang Mempengaruhinya. Proceeding PESAT (Psikologi, Ekonomi, Sastra, Arsitek & Sipil). 21-22 Agustus, Vol.2. Fakultas Ekonomi, Universitas Gunadarma.
Lorsch J. W., & MacIver, E. 1989. Pawns or Potentates: The Reality of America's Corporate Boards. Boston, MA: Harvard Business School Press.
Lukviarman N. 2005. Perangkap Ketaatanâ€. Profesi Akuntan. Dan Fenomena Corporate Governance: Suatu Tinjauan Kritis. Jakarta.
Lukviarman N. 2004. Ownership Structure and Firm Performance: the case of Indonesia. DBA Thesis. Curtin University of Technology.
McKinsey & Company. 2001. Interpreting the Value of Corporate Governance. 3rd Asian Roundtable on Corporate Governance. Singapore.
Rahayu M.S. 2003. Ownership Concentration And Firm Value : Malaysian Evidence / Rahayu Mohd Sehat. Masters thesis, Universiti Teknologi Mara.
Monks R. A.G & Minow, N. 2003. Corporate Governance (3rd ed). New Jersey: Blackwell Publishing.
Mulyadi. 1997. Akuntansi Manajemen: Konsep, manfaat dan rekayasa. (2nd ed). Yogyakarta : Bagian Penerbitan Sekolah Tinggi Ilmu Ekonomi YKPN.
OECD. 2004. OECD Principles of Corporate Governance. Paris: OECD Publications Service.
Peraturan Menteri Keuangan Republik Indonesia nomor : 152/PMK.010/2012 tentang Tata Kelola Perusahaan yang baik bagi Perusahaan Perasuransian.
Pfeffer J. 1973. Size, Composition and Function of Hospital Boards of Directors: A Study of Organization-Environment Linkage, Administrative Science Quarterly 18. 349-364.
Pfeffer J. & Salancik, G. 1978. The External Control of Organizations. New York: Harper & Row Pub, 39-61.
Priantinah D., Baswedan, A.R., & Astuti, S. I. 2007. Fenomena Glass Ceiling Pada Wanita Bekerja Dan Faktor-faktor Yang Berperan. Yogyakarta: Lembaga Penelitian Universitas Negeri Yogyakarta.
Puspita L., & Lukviarman, N. 2006. Board Governance dan Kinerja Perusahaan : Studi terhadap Perbankan Go Public di BEJ. Universitas Andalas.
Richardson V. J. (1998), “Information Asymmetry And Earnings Management : Some Evidenceâ€, Working Paper.
Robinson G. and Dechant K. (1997). Building a Business Case for Diversity. Academy of management Executive, Vol. 11 (3), 21-31.
Stephenson C. (2004). Leveraging diversity to maximum advantage: the business case for appointing more women to boards. Ivey Business Journal, September-October, 4-9.
Syakhroza A. 2003. Best Practices Corporate Governance dalam Konteks Kondisi Lokal Lokal Perbankan Indonesia. Majalah Usahawan, XXXII (06), 13-20.
Syahroza A. 2004. Model Komisaris untuk Efektivitas GCG di Indonesia. Majalah Usahawan No.05 Th XXXIII Mei.
Syahroza A. 2005. Corporate Governance: Sejarah dan Perkembangan, Teori, Model dan Sistem Governance serta Aplikasinya pada Perusahaan BUMN, Jakarta: Fakultas Ekonomi Universitas Indonesia.
UU Republik Indonesia Nomor 40 Tahun 2007 Tentang Perseroan Terbatas.
Van der Walt N., & Ingley, C. 2003. Board Dynamics and the Influence of Professional Background, Gender and Ethnic Diversity of Directors. Corporate Governance: An International Review, 11(3). 218-234.
Wardhani R. 2007. Mekanisme Corporate Governance dalam Perusahaan yang Mengalami Permasalahan Keuangan (Financially Distressed Firms). Jurnal Akuntansi dan Keuangan Indonesia Vol 4(1). 95-114.
Warsono S., Amalia, F., & Rahajeng, D.K. (2009). Corporate Governance : Concept and Model. Yogyakarta: Center for Good Corporate Governance.
Weisbach M.S. 1988. Outside Directors and CEO Turnover. Journal of financial economics. Vol 20. 431-460.
Wellalage N.H & Locke, S. 2011. Women on Board, firm financial performance and agency costs. Asian Journal of Business Ethics. 1-15.
Wijayanti. 2009. Glass Ceiling dalam Karir Wanita: Mampukah Wanita mengatasi Glass Ceiling ?. Jurnal Manajemen & Bisnis (2), 29-42.
Xu, X & Wang, Y. 1997. Ownership Structure, Corporate Governance and Firm’s Performance: The Case of Chinese Stock Companies. World Bank Policy Research Working Paper 1794, 54p.
Yermack D. 1996. Higher Market Valuation Of Companies With A Small Board Of Directors, Journal of Financial Economics, 40, 185-212
Yi A. 2011. Mind the Gap: Half of Asia's boards have no women, a risky position for governance and growth. Singapore: Korn/Ferry Institute.
http://www.idx.co.id/id-id/beranda/perusahaantercatat/laporankeuangandantahunan. aspx
Diunduh pada tanggal 1 Desember 2012.
Adams R.B, Gray, S., & Nowland, J. 2011. Does Gender Matter in the Boardroom? Evidence from the Market Reaction to Mandatory New Director Announcements. Australia.
Ahern K. R., & Dittmar, A.K. 2010. The changing of the boards: The value effect of a massive exogenous shock. Unpublished manuscript. University of Michigan.
Andreyeva T., & Dean J.W. 2000. Privatization, ownership structure and company performance: Case of Ukraine. Working Paper, Economic Education and Research Consortium, Ukraine. 26p.
Balabanis G., Philips H.C. & Lyall, J. 1998. Corporate Social Responsibility and Economic Performance in the top British Companies: are they linked?. European Business Review. 98(8). 25-44.
Black B. 2001. The Corporate Governance Behavior and Market Value of Russian Firms. Emerging Markets Review, 2 (212), 1-25.
Brickley J.A. & James C.M. 1987. The takeover market, corporate board composition, and Ownership Structure : The case of banking. Journal of Law and economics, Vol. 30. 161-180.
Carter D.A., Simkins, B.J. & Simpson, W.G. 2003. Corporate Governance, Board Diversity and Firm Value. The Financial Review, 38. 33-53.
Catalyst. 2004. The Bottom Line: Connecting Corporate Performance and Gender Diversity. Catalyst Publication Code D58, New York, 28 p.
Conner K.R. & Prahalad, C.K. 1996. A resource-based theory of the firm: Knowledge versus opportunism. Organization Science, 7(5), 477-501.
Dalton D.R., Johnson, J.L., & Ellstrand, A.E. (1999). Number of Directors and Financial Performance: A Meta Analysis. Academy of Management Journal Vo. 42 (6). 674-686.
Damodaran A. 2002. Investment Valuation (2nd ed). New York: Wiley Finance.
Darmadi S. (2011). Does board size matter? New evidence from two-tier board system. Indonesia : Bapepam.
Darmawati D. 2006. Pengaruh Karakteristik Perusahaan dan Faktor Regulasi terhadap Kualitas Implementasi Corporate Governance. Simposium Nasional Akuntansi IX. 1-23.
Darmawati D., Khomsiyah, & Rahayu, R. G. 2004. Hubungan Corporate Governance dan Kinerja Perusahaan. Jakarta : The Indonesian Institute for Corporate Governance (IICG).
Davies E.M. 2011. Women on boards. Department for Business, Innovation and Skills, London.
Davis G.F. & Cobb, J.A. 2009. Resource Dependence Theory: Past and Future, in: Sociology of Organizations 28 Chapter 2, 21-42.
Deloitte. 2011. Women in the Boardroom: A Global Perspective. UK: Deloitte Global Services.
Demsetz H., & Villalonga, B. 2001. Ownership structure and corporate performance. Journal of Corporate Finance, 7(3), 209–233.
Drobetz W., Gugler, K. & Hirschvogl, S. 2004. The Determinants of The German Corporate Governance Rating. Working Paper. 35p.
Eagly A., & Karau, S. 2002. Role congruity theory of prejudice toward female leaders. Psychological review, 109, 573-598.
ECFIN. Indonesian Capital Market Directory. 2004, 2005, 2006, 2007, 2008, 2009. Jakarta.
Erhardt N. L., Werbel, J.D. & Shrader, C.B. 2003. Board of Director Diversity and Firm Financial Performance. Corporate Governance: An International Review, 11. 102-110.
Fama E., & Jensen, M. 1983. Separation of ownership and control. Journal of Law and Economics, 26, 301-325.
Farrell K. A. & Hersch, P.L. 2001. Additions to Corporate Boards: Does Gender Matter?, Lincoln: University of Nebraska.
Ghozali I. 2005. Aplikasi Analisis Multivariate dengan program SPSS. Badan Penerbit Universitas Diponegoro, Semarang.
GMI – Governance Metrics International 2011. www.gmiratings.com (8 March, 2011).
Guest P.M. 2009. The Impact of Board Size on Firm Value: Evidence from the UK. European Journal of Finance. 15(4), 385-404
Gunanta J.B. 2012. Dampak Aturan Pembatasan Loan to Value terhadap Harga Saham Properti. Jurnal Akuntansi Unesa. Surabaya.
Hair J.F., Black, W.C., Babin, B.J., Anderson, R.E., Tatham, R.L., 2006. Multivariate Data Analysis, 6th Edition, Prentice Hall, New Jersey.
Hermalin B.E. & Weisbach. M.S. 1991. The Effect of Board Composition and Direct Incentive on Firm Performance. Financial Management. 101-112.
Holderness C. G., & Sheehan, D.P. 1988. The Role of Majority Shareholders in Publicly Held Corporations. Journal of Financial Economics 20. 317-346.
Husnan S. 1999. Corporate Governance di Indonesia : PEngamatan Terhadap Sektor Korporat dan Keuangan. Yogyakarta: Gadjah Mada University.
Jensen M. C. 1993. The Modern Industrial Revolution, Exit and the Failure of Internal Control Systems. The Journal of Finance, vol. 48, (3). 831-880.
Jensen M. and Meckling W. 1976. Theory of the firm: managerial behavior, agency costs and ownership structure. Journal of Financial Economics 3, 305–360.
Keputusan Menteri (KEPMEN) Badan Usaha Milik Negara Nomor : KEP-117/M-MBU/2002 tentang Penerapan Praktek Good Corporate Governance pada Badan Usaha Milik Negara (BUMN).
Klapper L. F. & Love, I. 2002. Corporate Governance, Investor Protection, and Performance in Emerging Markets. Policy Research Working Paper Series 2818, The World Bank .
Kumar P. & Sivaramakrishnan. 2003. Optimal Incentive Structure For The Board of Directors. A Hierarchical Agency Framework.
Kusumawati D. N. & Riyanto L.S.B. 2005. Corporate Governance dan Kinerja: Analisis Pengaruh Compliance Reporting dan Struktur Dewan Terhadap Kinerja. Simposium Nasional Akuntansi VIII. 248-261.
Lestari M.I & Sugiharto, T. 2007. Kinerja Bank Devisa Dan Bank Non Devisa Dan Faktor-Faktor Yang Mempengaruhinya. Proceeding PESAT (Psikologi, Ekonomi, Sastra, Arsitek & Sipil). 21-22 Agustus, Vol.2. Fakultas Ekonomi, Universitas Gunadarma.
Lorsch J. W., & MacIver, E. 1989. Pawns or Potentates: The Reality of America's Corporate Boards. Boston, MA: Harvard Business School Press.
Lukviarman N. 2005. Perangkap Ketaatanâ€. Profesi Akuntan. Dan Fenomena Corporate Governance: Suatu Tinjauan Kritis. Jakarta.
Lukviarman N. 2004. Ownership Structure and Firm Performance: the case of Indonesia. DBA Thesis. Curtin University of Technology.
McKinsey & Company. 2001. Interpreting the Value of Corporate Governance. 3rd Asian Roundtable on Corporate Governance. Singapore.
Rahayu M.S. 2003. Ownership Concentration And Firm Value : Malaysian Evidence / Rahayu Mohd Sehat. Masters thesis, Universiti Teknologi Mara.
Monks R. A.G & Minow, N. 2003. Corporate Governance (3rd ed). New Jersey: Blackwell Publishing.
Mulyadi. 1997. Akuntansi Manajemen: Konsep, manfaat dan rekayasa. (2nd ed). Yogyakarta : Bagian Penerbitan Sekolah Tinggi Ilmu Ekonomi YKPN.
OECD. 2004. OECD Principles of Corporate Governance. Paris: OECD Publications Service.
Peraturan Menteri Keuangan Republik Indonesia nomor : 152/PMK.010/2012 tentang Tata Kelola Perusahaan yang baik bagi Perusahaan Perasuransian.
Pfeffer J. 1973. Size, Composition and Function of Hospital Boards of Directors: A Study of Organization-Environment Linkage, Administrative Science Quarterly 18. 349-364.
Pfeffer J. & Salancik, G. 1978. The External Control of Organizations. New York: Harper & Row Pub, 39-61.
Priantinah D., Baswedan, A.R., & Astuti, S. I. 2007. Fenomena Glass Ceiling Pada Wanita Bekerja Dan Faktor-faktor Yang Berperan. Yogyakarta: Lembaga Penelitian Universitas Negeri Yogyakarta.
Puspita L., & Lukviarman, N. 2006. Board Governance dan Kinerja Perusahaan : Studi terhadap Perbankan Go Public di BEJ. Universitas Andalas.
Richardson V. J. (1998), “Information Asymmetry And Earnings Management : Some Evidenceâ€, Working Paper.
Robinson G. and Dechant K. (1997). Building a Business Case for Diversity. Academy of management Executive, Vol. 11 (3), 21-31.
Stephenson C. (2004). Leveraging diversity to maximum advantage: the business case for appointing more women to boards. Ivey Business Journal, September-October, 4-9.
Syakhroza A. 2003. Best Practices Corporate Governance dalam Konteks Kondisi Lokal Lokal Perbankan Indonesia. Majalah Usahawan, XXXII (06), 13-20.
Syahroza A. 2004. Model Komisaris untuk Efektivitas GCG di Indonesia. Majalah Usahawan No.05 Th XXXIII Mei.
Syahroza A. 2005. Corporate Governance: Sejarah dan Perkembangan, Teori, Model dan Sistem Governance serta Aplikasinya pada Perusahaan BUMN, Jakarta: Fakultas Ekonomi Universitas Indonesia.
UU Republik Indonesia Nomor 40 Tahun 2007 Tentang Perseroan Terbatas.
Van der Walt N., & Ingley, C. 2003. Board Dynamics and the Influence of Professional Background, Gender and Ethnic Diversity of Directors. Corporate Governance: An International Review, 11(3). 218-234.
Wardhani R. 2007. Mekanisme Corporate Governance dalam Perusahaan yang Mengalami Permasalahan Keuangan (Financially Distressed Firms). Jurnal Akuntansi dan Keuangan Indonesia Vol 4(1). 95-114.
Warsono S., Amalia, F., & Rahajeng, D.K. (2009). Corporate Governance : Concept and Model. Yogyakarta: Center for Good Corporate Governance.
Weisbach M.S. 1988. Outside Directors and CEO Turnover. Journal of financial economics. Vol 20. 431-460.
Wellalage N.H & Locke, S. 2011. Women on Board, firm financial performance and agency costs. Asian Journal of Business Ethics. 1-15.
Wijayanti. 2009. Glass Ceiling dalam Karir Wanita: Mampukah Wanita mengatasi Glass Ceiling ?. Jurnal Manajemen & Bisnis (2), 29-42.
Xu, X & Wang, Y. 1997. Ownership Structure, Corporate Governance and Firm’s Performance: The Case of Chinese Stock Companies. World Bank Policy Research Working Paper 1794, 54p.
Yermack D. 1996. Higher Market Valuation Of Companies With A Small Board Of Directors, Journal of Financial Economics, 40, 185-212
Yi A. 2011. Mind the Gap: Half of Asia's boards have no women, a risky position for governance and growth. Singapore: Korn/Ferry Institute.
http://www.idx.co.id/id-id/beranda/perusahaantercatat/laporankeuangandantahunan. aspx
Diunduh pada tanggal 1 Desember 2012.
Published
2016-06-01
How to Cite
ROSADI, Ron Imron.
Komposisi Dewan Perusahaan dan Kinerja Perusahaan (Studi Pada Perusahaan–Perusahaan Sub Sektor Ritel, Media dan Asuransi Yang Terdaftar Di Bursa Efek Indonesia).
JURNAL ONLINE INSAN AKUNTAN, [S.l.], v. 1, n. 1, p. 137 - 162, june 2016.
ISSN 2528-0163.
Available at: <https://ejournal-binainsani.ac.id/index.php/JOIA/article/view/8>. Date accessed: 26 apr. 2024.
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