THE EFFECTS OF CAPITAL STRUCTURE AND GOOD CORPORATE GOVERNANCE ON DIVIDEND POLICY AND FIRM VALUE An Empirical Research at Banks Listed in Indonesia Stock Exchange for the Period of 2008-2012


  • Raras Puspa Dewi Brawijaya University
  • Suhadak Suhadak Brawijaya University
  • Siti Ragil Handayani Brawijaya University



Struktur Modal, Good Corporate Governance, Kebijakan Dividen, Nilai Perusahaan, Bank, Bursa Efek Indonesia (BEI)


Penelitian ini menguji hubungan kausal antara Struktur Modal dan Good Corporate Governance pada Kebijakan Dividen dan Nilai Perusahaan di bank yang terdaftar di Bursa Efek Indonesia (BEI) untuk periode 2008-2012 menggunakan PLS (Jalur Least Square) analisis. Data dikumpulkan dari laporan keuangan 7 perbankan tahunan yang go public di Bursa Efek Indonesia 2008-2012 yang terpilih sebagai sampel dalam periode pengamatan 5 tahun dengan menggunakan purposive sampling. Ditemukan bahwa Struktur Modal memiliki Kebijakan berpengaruh signifikan Dividen positif, Good Corporate Governance berpengaruh tidak signifikan negatif pada Kebijakan Dividen, Kebijakan Dividen memiliki efek non-signifikan positif terhadap Nilai Perusahaan, Struktur Modal berpengaruh signifikan positif terhadap Nilai Perusahaan, dan juga Good Corporate Governance berpengaruh signifikan positif terhadap Nilai Perusahaan. Hasil ini akan memberikan saran yang baik untuk perusahaan untuk setiap keputusan manajemen. Penelitian ini bertujuan untuk memberikan kontribusi untuk penelitian manajemen keuangan pembangunan khususnya terkait topik akuntansi keuangan dan keputusan manajemen.




Al-Kuwari, Duha. 2009. Determinants of the Dividend Policy in Emerging Stock Exchanges: The Case of GCC Country. Global Economy and Finance Journal Vol. 2 (2): 38-63.

Allen, Franklin and Gale, Douglas. 2001. Do Financial Institutions Matter?. The Journal of Finance Vol. VI (4): 1165-1175.

Brigham and Houston. 2006. Fundamental of Financial Management. 10th Edition. Jakarta: Salemba Empat.

Brigham, E. F. and Daves, P. R. 2007. Intermediate Financial Management. Ninth Edition. Mason: South-Western Cengage Learning.

Brigham, E. F. and Ehrhardt, M.C. 2005. Financial Management: Theory and Practice. International Student Edition. Ohio: South-Western Thomson.

Chen, C. R., Guo, W., and Mande, V. 2003. Managerial Ownership and Firm Valuation: Evidence from Japanese Firms. Pacific-Basin Finance Journal Vol. 11 (2003): 267-283.

Fama, Eugene F. and French, Kenneth R. 1998. Taxes, Financing Decision, and Firm Value. Journal of Finance Vol LIII (3): 819-843.

Fuzuli, M.I., Pahala, I., and Murdayanti, Y. 2013. The Influence of Good Corporate Governance and Earnings Management on Firm Value. Abstract International Conference on Business and Economic Research (ICBER) Proceeding.

Gompers, Paul A.; Ishii, Joy L; and Metrick, Andrew. 2001. Corporate Governance and Equity Prices. Abstract NBER Working Paper, No. 8449. August, JEL No. G3.

Jaya, I Gede Nyoman Mindra and Sumertajaya, I Made. 2008. Pemodelan Persamaan Struktural dengan Partial Least Square. Seminar Nasional Matematika dan Pendidikan Matematika: 118-132.

Jensen, Michael C. 1986. Agency Costs of Free Cash Flow, Corporate Finance, and Takeovers. American Economic Review Vol. 76: 23-329.

Jensen, Michael C. and Meckling, William H. 1976. Theory of The Firm: Managerial Behavior, Agency Cost and Ownership Structure. Journal of Financial Economics Vol. 3 (4): 305-360.

Jensen, Michael C. and Smith, Jr Clifford W. 1994. The Modern Theory of Corporate Finance. Mc Graw - Hill Book Company.

Jiraporn, P., Kim, Y. S., and Kim, J.C. 2010. Dividend Policy and Corporate Governance Quality: Evidence from ISS. Abstract The Financial Review, G30, G32, G34.

Jiraporn, Pornsit and Yixi, Ning. 2006. Dividend Policy, Shareholder Rights, and Corporate Governance. Journal of Applied Finance – Fall/winter 2006.

John, Kose and Knyazeva, Anzhela. 2006. Payout Policy, Agency Conflict, and Corporate Governance. Abstract, May, New York.

Kaplan, Steven N. 1998. Top Executive Incentives in Germany, Japan and U.S.: A Comparison. Journal for Conference on Executive Compensation and Shareholder Value, February.

Keown, A. J., Martin, J. H., Petty, J. W., and Scott, D. F. 2004. Financial Management: Principles and Applications. 10th Edition. New Jersey: Prentice Hall.

Mayer, Colin. 1996. Corporate Governance, Competition and Performance. Abstract Economic Departement Working Papers, No. 164.

Mbodja, M. and Mukherjee, Tarunk. 1994. An Investigation Into Causality Among Firms’ Dividend, Invesment, & Financing Decision. Journal of Financial Research, pp. 517-530.

Monks, Robert A. G. and Minow, N. 2004. Corporate Governance. Third Edition. Malden: Blackwell Publishing.

OECD. 2003. White Paper On Corporate Governance in Asia.

Officer, Micah S. 2006. Dividend Policy, Dividend Initiations, and Governance. Abstract, October.

Pan, Carrie H. 2007. Two Essays in Corporate Finance. Dissertation.

Qureshi, M.A and Azid, Toseef. 2006. Did They Do It Differently? Capital Structure Choices of Public and Private Sectors in Pakistan. Journal of The Pakistan Development Review, 45: 4, Part II, pp. 701-709.

Qureshi, Muhammad Azeem. 2006. System Dynamics Modelling on Firm Value. Journal of Modelling in Management Vol. 2 (1): 24-39.

Shleifer, Andrei and Vishny, R. W. 1996. A Survey of Corporate Governance. NBER Working Paper Series. Cambridge: National Bureau of Economic Research.

Siallagan, Hamonangan and Machfoedz, Mas’ud. 2006. Mekanisme Corporate Governance, Kualitas Laba dan Nilai Perusahaan. Accounting National Symposium IX. Padang. August 23-26.

Simanjutak, Djisman S. 2001. Transition to Good Governance in Post-Crisis Indonesia: High Barriers and Windows of Opportunities. Abstract, Second Draft, March.

Sudana, I Made. 2011. Manajemen Keuangan Perusahaan Teori dan Praktik. Jakarta: Erlangga.

Sudiyatno, B., Puspitasari, E., Kartika, A. 2012. The Company’s Policy, Firm Performance, and Firm Value: An Empirical Research on Indonesian Stock Exchange. American International Journal of Contemporary Research Vol. 2 (12): 30-40.

Sunyoto, Danang. 2013. Analisis Laporan Keuangan Bisnis: Teori dan Kasus. Yogyakarta: CAPS.

The World Bank. 2010. Report on the Observance of Standards and Codes: Corporate Governance Country Assessment, Indonesia.

Yermack, David. 1996. Higher Market Valuation of Companies with A Small Board of Directors. Journal of Financial Economics (40): 185-211.