Pengaruh Implementasi Good Corporate Governance dan Strategi Bisnis terhadap Kinerja Perusahaan: Studi Kasus BUMN di Indonesia Tahun 2013-2018

Ichwan Lazuardi Natapermana, Winwin Yadiati, Euis Nurhayati

Abstract


State-Owned Enterprise (SOE) is one of the agents of economic activity in the national economy of Indonesia that has an important role in managing the national economy to realize the welfare of society. At present, SOEs have often received critical attention from the public because they are seen as inefficient, wasteful of resources utilization, laden with corruption, and have lower level profitability. The implementation of Good Corporate Governance (GCG) and the right of business strategy is expected to improve the performance of SOEs both financially and non-financially. The purpose of this study was to determine the effect of GCG implementation and business strategy on firm performance. In this study, financial performance was measured using Return on Equity (ROE) and non-financial performance used Customer Satisfaction Index (CSI). The method used in this research was a partial regression of panel data through the determined of the estimation model after the classical assumption test. The sample used in this study was 22 SOEs (BUMN) that met the sample criteria. The results showed that there was a significant effect of the implementation of GCG on ROE and CSI. But, there was not a significant effect of the implementation of its’ business strategies on ROE, otherwise the significant effect on CSI.

Keywords


Business strategy; Customer Satisfaction Index; Firm performance; Good Corporate Governance; Return on Equity

Full Text:

PDF

References


Adam, E. (1983). Towards a Typology of Production and Operations Management Systems. Academic of Management Review, 8(2), 365-375.

Akdogan, Y. E. & Boyacioglu, M. A. (2014). The Effect of Corporate Governance on Firm Performance: A case of Turkey. International Journal Critical Accounting, 6(2), 187-210.

Anwar, J., Shah, S., & Hasnu, S. (2016). Business Strategy and Organizational Performance: Measures and Relationships. Pakistan Economic and Social Review, 97-122.

Aprilina, V. (2013). Dampak Privatisasi pada Kinerja Keuangan Badan Usaha Milik Negara (BUMN) di Indonesia. JRAK, 4(1), 1-12.

Avianti, I. (2006). Privatisasi BUMN dan Penegakan Good Corporate Governance dan Kinerja BUMN. KINERJA, 10(1), 57-65.

Barney, J., Wright, M., & Ketchen, D. (2001). The Resource-based View of the Firm: Ten Years After 1991. Journal of Management, 27(6), 625-641.

Bastian, E. (2019). Industri. Retrieved from www.industri.kontan.co.id: https://industri.kontan.co.id/news/telkom-indonesia-tlkm-akan-fokus-garap-bisnis-digital-lifestyle-tahun-ini (Januari 14).

Brown, L. D. & Caylor, M. L. (2006). Corporate Governance and Firm Valuation. Journal of Accounting Public Policy, 25, 409-434.

Brown, L. D. & Caylor, M. L. (2009). Corporate Governance and Firm Operating Performance. Review of Quantitative Finance and Accounting, 32(2), 129-144.

Bumn.go.id (2017). Taspen. Retrieved from http://www.bumn.go.id/taspen/halaman/127 (18 Desember).

Burgelman, R. A. (1983). Corporate Entrepreneurship and Strategic Management: Insights from a Process Study. Management Science, 29(1), 349-364.

Canh, N. T., Liem, N. T., Thu, P. A., & Khuong, N. V. (2019). The Impact of Innovation on the Firm Performance and Corporate Social Responsibility of Vietnamese Manufacturing Firms. Sustainability, 11, 1-14.

Child, J. (1997). Strategic Choice in the Analysis of Action, Structure, Organizations, and Environment: Retrospect and Prospect. Organization Studies, 18(1), 43-76.

Child, J., Chung, L., & Davies, H. (2003). The Performance of Cross-Border Units in China: A test of natural selection, strategic choice, and contingency theories. Journal of International Business Studies, 34, 242-254.

Davies, H. & Walters, P. (2004). Emergent Patterns of Strategy, Environment, and Performance in a Transition Economy. Strategic Management Journal, 25, 347-364.

Daragahi, G. A. (2017). The Impact of Innovation on Customer Satisfaction: A Study of the Cosmetics Producer in Teheran. International Review, 1(2), 122-132.

DeSarbo, W. S., DiBenedetto, A. C., Song, M., & Sinha, I. (2005). Revisiting the Miles and Snow Strategic Framework: Uncovering Interrelationships between Strategic Types, Capabilities, Environmental Uncertainty, and Firm Performance. Strategic Management Journal, 26(1), 47-74.

Duysters, G. & Lokshin, B. (2011). Determinants of Alliance Portfolio Complexity and Its Effect on Innovative Performance of Companies. Journal of Product Innovation Management, 28, 570-585.

Fama, E. F. & Jensen, M. C. (1983). Agency Problems and Residual Claims. Journal of Law & Economics, XXVI, 327-349.

Ferdinan (2019). Berita. Retrieved from https://news.detik.com/berita/d-4521928/sofyan-basir-tersangka-korupsi-pltu-riau-1-ini-kata-pengacara (8 September).

Fitriastrini, S. (2017). Praktik Corporate Governance dan Nilai Perusahaan BUMN di Indonesia. Jurnal Riset Manajemen & Akuntansi, 8(1), 45-98.

Gompers, P. A., Ishii, J. L., & Metrick, A. (2003). Corporate Governance and Equity Prices. Quarterly Journal of Economics, 118(1), 107-155.

Gonzalez-Fernandez, M., & Gonzalez-Velasco, C. (2018). Innovation and Corporate Performance in the Spanish Regions. Journal of Policy Modeling, 40(5), 1-44.

Hambrick, D. C. (1983). Some Tests of the Effectiveness and Functional Attributes of Miles and Snow's Strategic Types. Academy of Management Journal, 26(1), 5-25.

Hambrick, D. C. (2003). On the Straying Power of Defenders, Analyzers, and Prospectors. Academy of Management Executive, 17(4), 115-118.

Hayes, R. H.& Wheelright, S. C. (1984). Restoring Our Competitive Edge: Competing Through Manufacturing. New York: John Wiley & Sons, Inc.

Healy, P. M., Bernard, V. L., & Palepu, K. G. (2003). Business Analysis and Valuation Using Financial Statements: Text and Cases. Third Edition. Ohio: South-Western.

Higgins, D., Omer, T. C., & Phillips, J. D. (2011). Does a Firm's Business Strategy Influence Its Level of Tax Avoidance? 2011 American Taxation Association Midyear Meeting: JATA Conference, 1-38.

Hitt, M. A., Hoskisson, R. E., & Kim, H. (1997). International Diversification: Effects on Innovation and Firm Performance in Product Diversified Firms. Academy of Management Journal, 40(4), 767-798.

Yin-Hsi, L. (2012). Managerial Capabilities, Organizational Culture, and Organizational Performance: The resource-based perspective in Chinese lodging industry. The Journal of International Management Studies, 7(1), 151-157.

Indonesian Corruption Watch (2018). Tren. Retrieved from www.antikorupsi.org: https://antikorupsi.org/id/tren/tren-penindakan-kasus-korupsi-2017 (17 Desember)

Ittner, C. D., Larcker, D. F., & Rajan, M. V. (1997). The Choice of Performance Measures in Annual Bonus Contracts. The Accounting Review, 72(2), 231-255.

Jensen, M. C. & Meckling, W. H. (1976). Theory of the Firm: Managerial Behavior, Agency Costs, and Ownership Structure. Journal of Financial Economics, 3(4), 305-360.

Kaplan, R. S. & Norton, D. P. (1996). Strategic Learning & the Balanced Scorecard. Strategy & Leadership, 24(5), 18-24.

Kementerian Badan Usaha Milik Negara Republik Indonesia (2002). Keputusan Menteri Badan Usaha Milik Negara Nomor KEP-117/M-MBU/2002.

Ketchen, D., Thomas, J., & McDaniel, R. (1996). Process, Content and Context: Synergistic Effects on Organizational Performance. Journal of Management, 231-257.

Kim, K., Hong, E., & Rho, S. (2013). The study of defined buying factors affecting trust building and service performance in financial management systems. Mathematical and Computer Modelling, 58, 38-48.

Lin, J. Y. (2013). Effects on diversity of R&D sources and human capital on industrial performance. Technological Forecasting and Social Change, 1-17.

Meier, K. J., O'Toole, L. J. Jr., Boyne, G. A., & Walker, R. M. (2006). Strategic Management and the Performance of Public Organizations: Testing Venerable Ideas Against Recent Theories. Journal of Public Administration Research and Theory, 17, 357-377.

Miles, R. E., Snow, C. C., Meyer, A. D., & Coleman, H. J. Jr. (1978). Organizational Strategy, Structure, and Process. The Academy of Management Review, 3(3), 546-562.

Naveed, T., Akhtar, I., & Cheema, K. U. (2013). The Impact of Innovation on Customer Satisfaction and Brand loyalty: A Study of the Students of Faisalabad. International Journal of Management and Organizational Studies, 62-68.

Nugraheni, P. & Fauziah, L. (2019). The Impact of Corporate Governance on Customer Satisfaction and Loyalty of Islamic Insurance Company in Indonesia. Journal of Accounting and Investment, 20(2), 115-128.

Oyedijo, A., & Ro, A. (2012). Organizational strategy and firm performance: a test of Miles and Snow’s model using 34 paint manufacturing SMEs in South-western Nigeria. Journal of Research in International Business and Management, 2(6), 170-178.

Pan, Y. & Zinkhan, G. (2006). Determinants of Retail Patronage: A Meta-Analytical Perspective. Journal of Retailing, 82(3), 229-243.

Parimana, K. & Wisadha, I. (2015). Pengaruh Privatisasi, Kompensasi Manajemen Eksekutif, dan Ukuran Perusahaan pada Kinerja Perusahaan. E-Jurnal Akuntansi Universitas Udayana, 10(3), 753-762.

Parnell, J. A., & Wirght, P. (1993). Generic Strategy and Performance: An Empirical Test of Miles and Snow Typology. British Journal of Management, 4, 29-36.

Parnell, J. A. (2010). Strategic Clarity, Business Strategy, and Performance. Journal of Strategy Management, 3, 304-324.

Parnell, J. A., Koseoglu, M. A., Long, Z., & Spillan, J. E. (2012). Competitive Strategy, Uncertainty, and Performance: An Exploratory Assessment of China and Turkey. Journal of Transnational Management, 17(2), 91-117.

Patel, B. N. & Cespedes, F. V. (2016). Introduction to Business Strategy. Journal of the American College of Radiology, 13(6), 747-749.

Pearce, J. A. & Robbins, D. K. (2008). Strategic Transformation as the Last Essential Step in the Process of Business Turnaround. Business Horizons, 51, 121-130.

Peng, M. W., Sun, S. L., Pinkham, B., & Chen, H. (2009). The Institution-Based View as A Third Leg for A Strategy Tripod. Academy of Management Perspective, 63-81.

Porter, M. E. (1980). Competitive Strategy. New York: The Free Press.

Porter, M. E. (1994). Keunggulan Bersaing Menciptakan dan Mempertahankan Kinerja Unggul. Alih Bahasa Tim Penerjemah Binarupa Aksara. Jakarta: Binarupa Aksara.

PT Pindad (Persero) (2017). Pindad Dalam Berita. Retrieved from https://www.pindad.com/pt-pindad-tak-sekadar-memproduksi-senjata (17 Desember).

Purwadi, I. A. (2018a). Berita. Retrieved from https://djakartalloyd.co.id/djakarta-lloyd-siap-berperan-melayani-angkutan-curah/ (April 12).

Purwadi, I. A. (2018b). Siaran Pers. Retrieved from https://djakartalloyd.co.id/djakarta-lloyd-raih-penghargaan-dalam-ajang-bumn-marketeers-awards/ (Mei 3).

Rozie, F. (2019). Peristiwa. Retrieved from https://www.liputan6.com/news/read/3947938/dalami-korupsi-e-ktp-kpk-periksa-mantan-dirut-pt-len-industri (April 23).

Sekretaris Kementerian Badan Usaha Milik Negara Republik Indonesia (2012). Surat Keputusan Nomor SK-16/S.MBU/2012.

Sami, H., Wang, J., & Zhou, H. (2011). Corporate Governance and Operating Performance of Chinese Listed Firms. Journal of International Accounting, Auditing and Taxation, 20, 106-114.

Sarac, M., Ertan, Y., & Yucel, E. (2014). How Do Business Strategies Predict Firm Performance? An Investigation on Borsa Istanbul Index. The Journal of Accounting and Finance, 121-134.

Siswaji, B., Nuryartono, N., Arifin, B., & Didu, M. S. (2013). Analisis Pengaruh Institusi terhadap Strategi dan Kinerja Badan Usaha Milik Negara (BUMN). Jurnal Manajemen Teknologi, 12(3), 220-234.

Smith, K. G., Guthrie, J. P., & Chen, M.J. (1986). Miles and Snow's Typology of Strategy, Organizational Size and Organizational Performance. Academy of Management Proceedings, 45-49.

Smith, K. G., Guthrie, J. P., & Chen, M.J. (1989). Strategy, Size and Performance. Organization Studies, 10(1), 63-81.

Snow, C. C. & Hrebiniak, L. G. (1980). Strategy, Distinctive Competence, and Organizational Performance. Administrative Science Quarterly, 25(2), 317-366.

Sukamulja, S. (2004). Good Corporate Governance di Sektor Keuangan: Dampak GCG terhadap Kinerja Perusahaan. BENEFIT, 8(1), 1-25.

Sun, K. A., & Kim, D.Y. (2013). Does customer satisfaction increase firm performance: An application. International Journal of Hospitality Management, 35, 68-77.

Tuli, K. R. & Bharadwaj, S. G. (2009). Customer Satisfaction and Stock. Journal of Marketing, 73, 184-197.

Sekretariat Negara RI (2003). Undang-Undang Negara Republik Indonesia Nomor 19 Tahun 2003 tentang Badan Usaha Milik Negara.

Volberda, H. W., Weerdt, N. V. D., Verwaal, E., Stienstra, M., & Verdu, A. J. (2012). Contingency Fit, Institutional Fit, and Firm Performance: A Metafit Approach to Organization-Environment Relationships. Organization Science, 23(4), 1040-1054.




DOI: http://dx.doi.org/10.30588/jmp.v9i2.579

Refbacks

  • There are currently no refbacks.


Copyright (c) 2020 Ichwan Lazuardi Natapermana, Winwin Yadiati, Euis Nurhayati

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

Creative Commons License
Jurnal Maksipreneur: Manajemen, Koperasi, dan Entrepreneurship is licensed under a Creative Commons Attribution 4.0 International License.
Based on a work at http://ejournal.up45.ac.id/index.php/maksipreneur.

Jurnal Maksipreneur: Manajemen, Koperasi, dan Entrepreneurship has been indexed/listed by:

Google Scholar Crossref Sinta Garuda IOS PKP Index LOCKSS ROAD BASE ResearchBib SIS WorldCat ASI Scilit logo Dimensions OpenAIRE Microsoft Academic CORE DRJI Semantic Scholar EuroPub SJIFactor Publons Hollis

The Journal of Maksipreneur: Management, Cooperative, and Entrepreneurship (JMP)

Organized by Management DepartmentUniversitas Proklamasi 45 Yogyakarta, Indonesia

Published by Universitas Proklamasi 45 Yogyakarta, Indonesia

Email: maksipreneurjurnal@gmail.com | jurnal.maksipreneur@up45.ac.id

ISSN (online): 2527-6638  ISSN (printed): 2089-550X