Pengaruh Frekuensi Rapat dan Partisipasi Dewan Direksi Terhadap Nilai Perusahaan

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Febri Rahadi
Sari Octavera

Abstract

ABSTRACT


One way to measure the effectiveness of board of directors supervision activities is by evaluating the meeting activities periodically. This study seeks to broaden previous research that empirically investigates the influence of board meetings frequency, joint meeting with the board of commissioners and the level of board of directors participation in meetings on firm performance. The firm’s performance is measured through the firm’s profitability ratio and firm’s value. The model developed in this study also integrates control variable of firm characteristics. This study took 117 samples of companies that were listed on the Indonesia Stock Exchange during the period 2015-2018. The result of this study explain that the participation of the board of directors in joint meetings was not proven to have a significant effect on profitability, but by using the DAR and LnTA as control variable shows that only the participation of the board of directors at a joint meeting with the commissioner proved to have an effect on the firm’s profitability. This result shows that the strategic meeting between directors and commissioners has an influence on companies with relativily large asset values. Frequency of directors meetings and joint meetings with  commissioners was not proven to have an impact on firm profitability. Meanwhile with the firm’s value, the frequency of joint meeting between the directors and commissioners has a significant influence on the firm’s value. Meanwhile, directors participation in meetings, both directors and joint meetings, does not affect the firm’s value.


ABSTRAK


Salah satu cara untuk mengukur efektivitas kegiatan pengarahan dan pengawasan oleh dewan direksi perusahaan adalah dengan mengevaluasi kegiatan rapat yang mereka lakukan secara periodik. Penelitian ini berupaya untuk memperluas penelitian sebelumnya yang menyelidiki secara empiris pengaruh dari frekuensi rapat dewan direksi, rapat gabungan direksi dengan dewan komisaris serta tingkat partisipasi dewan direksi dalam kegiatan rapat direksi dan rapat gabungan terhadap kinerja perusahaan. Kinerja perusahaan diukur melalui rasio profitabilitas perusahaan serta pengukuran atas nilai perusahaan. Model yang dikembangkan dalam penelitian ini juga mengintegrasikan variabel kontrol karakteristik perusahaan. Penelitian ini mengambil 117 sampel perusahaan yang menjadi emiten di Bursa Efek Indonesia sepanjang periode 2015 – 2018. Hasil penelitian ini menjelaskan bahwasanya partisipasi dewan direksi dalam rapat direksi dan rapat gabungan tidak terbukti memberikan pengaruh yang signifikan terhadap profitabilitas, namun dengan mengunakan variable control DAR dan LnTA menunjukan bahwa hanya partisipasi dewan direksi pada rapat gabungan dengan komisaris terbukti memberikan pengaruh terhadap profitabitas perusahaan. Ini menunjukkan bahwa rapat strategis antar direksi dan komisaris memberikan pengaruh pada perusahaan dengan nilai asset yang relative besar. Dan frekuensi rapat direksi dan rapat gabungan direksi dan komisaris tidak terbukti memberikan dampak pada profitabitas perusahaan. Sementara dengan nilai perusahaan, frekeuensi rapat gabungan antara direksi dan komisaris memberikan pengaruh yang signifikan terhadap nilai perusahaan. Sedangkan partisipasi direksi pada rapat baik rapat direksi maupun rapat gabungan tidak memberikan pengaruh terhadap nilai perusahaan.

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References

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