Article Sidebar

Download
PDF
Statistic
Read Counter : 29 Download : 18

Main Article Content

Abstract

Penelitian ini bertujuan untuk mengetahui apakah terdapat perbedaan rata-rata return saham sebelum dan sesudah pengumuman right issue pada perusahaan yang terdaftar di Bursa Efek Indonesia (BEI) selama periode 2020–2023. Fokus utama dari penelitian ini adalah untuk menguji reaksi pasar terhadap informasi korporat berupa penerbitan saham baru melalui mekanisme right issue, serta menilai sejauh mana peristiwa tersebut memengaruhi persepsi investor terhadap kinerja perusahaan. Penelitian ini menggunakan pendekatan kuantitatif dengan metode uji parametrik Paired Sample T-Test untuk menguji perbedaan rata-rata return saham sebelum dan sesudah pengumuman right issue. Sampel penelitian terdiri dari 42 perusahaan yang melakukan right issue pada periode 2020–2023. Rentang waktu pengamatan yang digunakan adalah lima hari sebelum dan lima hari sesudah pengumuman right issue. Hasil penelitian menunjukkan bahwa terdapat perbedaan rata-rata return saham sebelum dan sesudah pengumuman right issue, namun perbedaan tersebut tidak signifikan secara statistik. Temuan ini menunjukkan bahwa pasar tidak merespons pengumuman right issue secara substansial, yang mengindikasikan bahwa right issue tidak memberikan sinyal kuat kepada investor. Hal ini bertentangan dengan prediksi teori sinyal yang mengharapkan adanya reaksi positif dari investor terhadap informasi korporat. Penelitian ini memberikan implikasi bagi investor untuk lebih cermat dalam menilai informasi korporat, dan bagi perusahaan untuk meningkatkan transparansi serta menyampaikan tujuan right issue secara strategis agar dapat membentuk persepsi pasar secara positif.

Keywords

struktur kepemilikan tata kelola perusahaan kinerja perusahaan ROA Bursa Efek Indonesia

Article Details

Creative Commons License

This work is licensed under a Creative Commons Attribution 4.0 International License.

How to Cite
Defina, D., & Kuswanto, R. (2025). Tata Kelola Perusahaan dan Kinerja Finansial: Evaluasi Berdasarkan Keberagaman Gender dan Struktur Pengawasan. Paradoks : Jurnal Ilmu Ekonomi, 8(3), 1364–1379. https://doi.org/10.57178/paradoks.v8i3.1500
Download Citation
Endnote/Zotero/Mendeley (RIS)
BibTeX

References

  1. Ahmad Azmy, Dea Restiya Anggreini, & Mohammad Hamim. (2019). Effect Of Good Corporate Governance On Company Profitability RE & Property Sector In Indonesia. Jurnal Akuntansi, 23(1 SE-Articles), 18–33. https://doi.org/10.24912/ja.v23i1.457
  2. Ahmed, Z., Amir Hussin, M. R., & Pirzada, K. (2022). The Impact of Intellectual Capital and Ownership Structure on Firm Performance. Journal of Risk and Financial Management, 15, 553. https://doi.org/10.3390/jrfm15120553
  3. Ali, J., Tahira, Y., Amir, M., Ullah, F., Tahir, M., Shah, W., Khan, I., & Tariq, S. (2022). Leverage, ownership structure and firm performance. Journal of Financial Risk Management, 11(1), 41–65. https://doi.org/10.4236/jfrm.2022.111002
  4. Andini Melinia Sari, & Armiani. (2024). Pengaruh Determinan Struktur Kepemilikan Terhadap Kinerja Perusahaan. Indonesian Journal of Economics, Management and Accounting, 1(12 SE-Articles), 1431–1438. https://jurnal.intekom.id/index.php/ijema/article/view/969
  5. Azizah, N. N., & Purwanto, A. (2022). Pengaruh Tata Kelola Perusahaan, Struktur Modal, Dan Struktur Kepemilikan Terhadap Nilai Perusahaan Pada Perusahaan Manufaktur Yang Terdaftar Di Bursa Efek Indonesia (Bei). Diponegoro Journal of Accounting, 11(4). https://ejournal3.undip.ac.id/index.php/accounting/article/view/36390
  6. Boo, C., & Kim, C. (2021). Institutional ownership and marketing myopic management. Applied Economics Letters, 28(2), 148–152. https://doi.org/10.1080/13504851.2020.1739608
  7. Boshnak, H. A. (2024). Ownership concentration, managerial ownership, and firm performance in Saudi listed firms. International Journal of Disclosure and Governance, 21(3), 462–475. https://doi.org/10.1057/s41310-023-00209-0
  8. Deng, X., Ali, H., & Aboelkheir, H. (2025). Unleashing creative potential: The role of stable institutional ownership in exploratory innovation. Research Policy, 54(3), 105166. https://doi.org/https://doi.org/10.1016/j.respol.2024.105166
  9. Fuadah, L. L., Mukhtaruddin, M., Andriana, I., & Arisman, A. (2022). The ownership structure, and the environmental, social, and governance (ESG) disclosure, firm value and firm performance: the audit committee as moderating variable. Economies, 10(12), 314. https://doi.org/10.3390/economies10120314
  10. Ghozali, I. (2018). Aplikasi Analisis Multivariate Dengan Program IBM SPSS 25 (Edisi 9). Badan Penerbit Universitas Diponegoro.
  11. Handayani, H., Iskandar, I. M., & Pratiwi, M. W. (2022). Pengaruh kinerja keuangan dan kepemilikan manajerial terhadap financial distress. Media Riset Akuntansi, 9(2), 201–220. https://journal.bakrie.ac.id/index.php/journal_MRA/article/view/2340
  12. Jati Wibawaningsih, E., & Primta Surbakti, L. (2020). Audit Committee, Financial Condition, and Firm Performance: Empirical Evidence From Indonesia. Journal of Accounting and Finance Management, 1(5 SE-Articles), 242–249. https://doi.org/10.38035/jafm.v1i2.29
  13. Jensen, M. C., & Meckling, W. H. (1979). Theory of the Firm: Managerial Behavior, Agency Costs, and Ownership Structure BT - Economics Social Institutions: Insights from the Conferences on Analysis & Ideology (K. Brunner (ed.); pp. 163–231). Springer Netherlands. https://doi.org/10.1007/978-94-009-9257-3_8
  14. Karim, R., Roshid, M. M., Dhar, B. K., Nahiduzzaman, M., & Kuri, B. C. (2024). Audit Committee Characteristics and Sustainable Firms’ Performance: Evidence From the Financial Sector in Bangladesh. Business Strategy & Development, 7(4), e70059. https://doi.org/10.1002/bsd2.70059
  15. Khalid, F., Mukthar, N., & Abbass, J. (2025). The Impact Of Firm Growth On Firm Performance With The Moderating Role Of Economic Policy Uncertainty. 3, 1466–3006. https://doi.org/10.12345/b0zpw048
  16. Marani, Y. (2024). Assessing the Role of Sustainability and ESG Accounting in Driving Corporate Performance and Stakeholder Value. Advances: Jurnal Ekonomi & Bisnis, 2(2), 59–69. https://doi.org/10.60079/ajeb.v2i2.171
  17. Natto, D., & Mokoaleli-Mokoteli, T. (2025). Short- and long-term impact of governance on firm performance in emerging and developed economies: a comparative analysis. International Journal of Disclosure and Governance. https://doi.org/10.1057/s41310-024-00271-2
  18. Nel, G., Jachi, M., & Scholtz, H. (2024). The impact of institutional and managerial ownership on the pay-performance relationship: Evidence from JSE-listed firms. Journal of Management and Governance. https://doi.org/10.1007/s10997-024-09725-9
  19. Noy, I. (2023). The company’s financial performance in terms of liquidity and profitability. Advances in Management & Financial Reporting, 1(2 SE-Articles). https://doi.org/10.60079/amfr.v1i2.99
  20. Pandey, N., Baker, H. K., Kumar, S., Gupta, P., & Ali, S. (2023). Board diversity and firm performance: The role of contextual variables. British Journal of Management, 34(4), 1920–1947. https://doi.org/10.1111/1467-8551.12675
  21. Pathak, S., Samba, C., & Li, M. (2021). Audit committee diversity and financial restatements. Journal of Management and Governance, 25(3), 899–931. https://doi.org/10.1007/s10997-020-09548-4
  22. Previtali, P., & Cerchiello, P. (2023). Corporate governance and anti-corruption disclosure. Corporate Governance: The International Journal of Business in Society, 23(6), 1217–1232. https://doi.org/10.1108/CG-06-2022-0275
  23. Raimo, N., Vitolla, F., Marrone, A., & Rubino, M. (2021). Do audit committee attributes influence integrated reporting quality? An agency theory viewpoint. Business Strategy and the Environment, 30(1), 522–534. https://doi.org/10.1002/bse.2635
  24. Rakhman, F., & Wijayana, S. (2024). Human development and the quality of financial reporting among the local governments in Indonesia. Journal of International Accounting, Auditing and Taxation, 56, 100634. https://doi.org/https://doi.org/10.1016/j.intaccaudtax.2024.100634
  25. Ronoowah, R. K., & Seetanah, B. (2022). Corporate governance, capital structure, and firm performance: a panel VAR approach. SN Business & Economics, 3(1), 14. https://doi.org/10.1007/s43546-022-00382-4
  26. Roselina, D. (2014). Corporate Governance Dan Kinerja Perusahaan. Universitas Gadjah Mada.
  27. Serly, S., Susanto, A., & Fedelia, J. (2023). Pengaruh Tata Kelola Perusahaan Terhadap Kinerja Perusahaan dengan Struktur Kepemilikan sebagai Variabel Pemoderasi. Reviu Akuntansi Dan Bisnis Indonesia, 7(2), 496–515. https://doi.org/10.18196/rabin.v7i2.20165
  28. Sethi, P., Sahu, T. N., & Maity, S. (2023). Firm performance, vertical agency crisis and corporate governance of Indian listed companies. Asian Journal of Economics and Banking, 7(1), 86–98. https://doi.org/10.1108/AJEB-01-2022-0003
  29. Setiawan, R., Damanti Halim, A., & Herlina Amalia, O. (2023). Proporsi Komisaris Independen, Diversitas Komisaris Independen, dan Nilai Perusahaan. Jurnal Mirai Management, 8(3), 329–346. https://journal.stieamkop.ac.id/index.php/mirai/article/view/6077
  30. Singh, R., Gupta, C. P., & Chaudhary, P. (2024). Defining Return on Assets (ROA) in empirical corporate finance research: a critical review. The Empirical Economics Letters. https://doi.org/10.5281/zenodo.10901886
  31. Sugiyono, S. (2015). Metode penelitian pendidikan pendekatan kuantitatif, dan R&D. Alfabeta Bandung.
  32. Suwandi, I., Arifianti, R., & Rizal, M. (2019). Pelaksanaan Prinsip-Prinsip Good Corporate Governance (GCG) PADA PT. Asuransi Jasa Indonesia (JASINDO). Jurnal Manajemen Pelayanan Publik, 2(1), 45. https://d1wqtxts1xzle7.cloudfront.net/103458891/10555-libre.pdf?1686972221=&response-content-
  33. Tahir, K., Riaz, S., Battisti, E., & Ha, V. S. (2025). Committees’ diversity and firm performance: evidence from an emerging country. Journal of Asia Business Studies, 19(1), 129–143. https://doi.org/10.1108/JABS-09-2023-0347
  34. Theresia, & Rusmanto, T. (2024). The Impact of Board Size, Board Diversity, Board Independence, and Board Activity on Integrated Reporting: Evidence from Selected Asean Countries - Indonesia, Malaysia, and the Philippines. Pakistan Journal of Life and Social Sciences (PJLSS), 22(2), 3378–3387. https://doi.org/10.57239/pjlss-2024-22.2.00248
  35. Wijaya, H. (2020). Pengaruh Kepemilikan Manajerial, Kepemilikan Institusional, Dan Ukuran Perusahaan Terhadap Kinerja Perusahaan Manufaktur. Jurnal Paradigma Akuntansi, 2, 1718. https://doi.org/10.24912/jpa.v2i4.9367
  36. Yadav, I. S., Pahi, D., & Gangakhedkar, R. (2022). The nexus between firm size, growth and profitability: new panel data evidence from Asia–Pacific markets. European Journal of Management and Business Economics, 31(1), 115–140. https://doi.org/10.1108/EJMBE-03-2021-0077
  37. Yip, P. C. W., & Pang, E. (2023). Corporate governance and firm performance in listed companies: Evidence from China. Corporate Governance and Sustainability Review, 7(3), 45–57. https://doi.org/10.22495/cgsrv7i3p4