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研究生:Fikrian Wahyu Hidayat
研究生(外文):Fikrian Wahyu Hidayat
論文名稱:財務表現與良好公司治理揭露對印尼上市之製造業公司價值的影響
論文名稱(外文):The Influence of Financial Performance and Good Corporate Governance Disclosure on The Value of Manufacture Companies Listed on Indonesia Stock Exchange
指導教授:蔡豐澤蔡豐澤引用關係金大勇金大勇引用關係
指導教授(外文):Tsai, Feng-TseKam, Tai-Yung
口試委員:林建志蔡永順蔡豐澤
口試委員(外文):Lin, Chien-ChihTsai, Yung-ShunTsai, Feng-Tse
口試日期:2012-07-16
學位類別:碩士
校院名稱:亞洲大學
系所名稱:財務金融學系碩士班
學門:商業及管理學門
學類:財務金融學類
論文種類:學術論文
論文出版年:2012
畢業學年度:100
語文別:英文
論文頁數:55
中文關鍵詞:公司治理Tobin’s Q資產報酬率股東權益報酬率代理成本.
外文關鍵詞:Tobin's Qreturn on assetreturn on equitycorporate governanceagency cost
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The objective of this thesis is to analyze the impact of financial performance, disclosure of GCG on firm value. I examine the effect of financial performance (ROA and ROE), disclosure of GCG on firm value in the manufacturing companies listed in Indonesia Stock Exchange during the period 2008-2009. This research uses secondary data obtained from the annual report of companies listed in Indonesia Stock Exchange in 2008-2009. The population in this study consists 193 firms, and 34 companies with 68 observations satisfy the criteria of sample selection. Firm value was measured as Tobin's Q. Measurement of GCG is proxied by the percentage of stock ownership by managers, directors, and commisioners divided by the number of outstanding shares.
The result indicated that either financial performance (ROA and ROE), jointly have insignificant effect on firm value during 2008-2009. Inside ownership ratio seems to have a negative impact on firm value which implies that agency problem exists between inside and outside shareholders.
The objective of this thesis is to analyze the impact of financial performance, disclosure of GCG on firm value. I examine the effect of financial performance (ROA and ROE), disclosure of GCG on firm value in the manufacturing companies listed in Indonesia Stock Exchange during the period 2008-2009. This research uses secondary data obtained from the annual report of companies listed in Indonesia Stock Exchange in 2008-2009. The population in this study consists 193 firms, and 34 companies with 68 observations satisfy the criteria of sample selection. Firm value was measured as Tobin's Q. Measurement of GCG is proxied by the percentage of stock ownership by managers, directors, and commissioners divided by the number of outstanding shares.
The result indicated that either financial performance (ROA and ROE), jointly have insignificant effect on firm value during 2008-2009. Inside ownership ratio seems to have a negative impact on firm value which implies that agency problem exists between inside and outside shareholders.


TABLE OF CONTENTS
Page No
Thesis Approvement....................................................................................ii
Abstract .............................................................................................iii
List of Figures ...................................................................................... v
List of Tables ........................................................................................vi
Acknowledgements ....................................................................................ix

Chapter 1: Introduction .............................................................................. 1
1.1 Research Background and Purpose ................................................................... 2
1.2 Research Expectations ............................................................................. 6
1.3 Research Boundary ................................................................................ 6
1.4 Research Structure ................................................................................ 8

Chapter 2: Literature Review .......................................................................... 9
2.1 Firm Value ........................................................................................ 9
2.2 Financial Performance ............................................................................ 12
2.3 Signaling Theory .................................................................................. 13
2.4 Good Corporate Governance ......................................................................... 14
2.5 Previous Studies .................................................................................. 18
2.6 Framework ......................................................................................... 20
2.7 Research Hypothesis ............................................................................... 20

Chapter 3: Data and Methodology ...................................................................... 22
3.1 Operational Variable Definition .................................................................. 22
3.2 Research Method ................................................................................... 23
3.3 Research Sample and Population .................................................................... 24
3.4 Method's of Data Analysis ......................................................................... 25

Chapter 4: Results and Discussion ..................................................................... 32
4.1 Descriptive Statistic Analysis .................................................................... 33
4.2 Classic Assumption Test ........................................................................... 35
4.3 Regression Model Testing ...........................................................................41
4.4 The Analysis of Determination Coefficient ......................................................... 43
4.5 Testing of Simultaneous Impact Hypothesis ........................................................ 44
4.6 Discussion .........................................................................................46

Chapter 5: Conclusion and Suggestions.................................................................. 49
5.1 Conclusion........................................................................................ 49
5.2 Suggestions........................................................................................ 50
References ........................................................................................... 52
Appendix ............................................................................................. 56

LIST OF FIGURES
Page
Figures 2.1 Frame of Work Scheme     20
Figures 4.1 Durbin Watson Test Result 38
Figures 4.2 Heteroscedasticity Test Scatter plot Graph 39




LIST OF TABLES
Page
Table 4.1 Descriptive Analysis Test Result ............................................................ 33
Table 4.2 Normality Test Result Before Data Transformation ............................................ 35
Table 4.3 Normality Test Result After Data Transformation ............................................. 36
Table 4.4 Autocorrelation with Durban Watson Test ..................................................... 37
Table 4.5 Result of Multi-collinearity Test ....................................................................................................... 38
Table 4.6 Heteroscedasticity and Glejser Statistic test Result ........................................ 40
Table 4.7 Calculation Result of Multiple-regression Analysis (Model 1) ................................ 41
Table 4.8 Calculation Result of Multiple-regression Analysis (Model 2) ................................ 42
Table 4.9 Calculation Result of Determination Coefficient (Model 1) ................................... 43
Table 4.10 Calculation Result of Determination Coefficient (Model 2) .................................. 44
Table 4.11 F-test Result, Variable Tobin's Q, ROA, GCG (Model 1)....................................... 44
Table 4.12 F-test Result, Variable Tobin's Q, ROE, GCG (Model 2) ...................................... 45






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