PENGARUH PENERAPAN GOOD CORPORATE GOVERNANCE TERHADAP KINERJA PERUSAHAAN MENGGUNAKAN DIMENSI PENGUKURAN KAPITALISASI (Studi Kasus di Bursa Efek Indonesia)

This research discussing about impact of changes in corporate governance implementation of
listed companies in Indonesian Stock Exchange for three consecutive years from 2013 up to 2015
refer to survey from independent institution called Indonesian Institute for Corporate Directorship
(IICD) to company performance using capitalization measurement of Return on Asset (ROA),
stock return and price to book value. The research resulted changes in corporate governance
implementation in company has no impact to stock return however these changes have an impact
in ROA and price to book value. Impact in changes of corporate governance implementation in
companies to ROA and price to book value comes from significant changes. If the changes are not
significant then it will have no impact to ROA and price to book value of a company. Meanwhile
inconsistency result comes from indicators of stock return to ROA and price to book value. This
result shows that ROA and price to book value are better indicators compared to stock return since
those indicators are more case-sensitive to changes in corporate governance implementation in
companies.
Keywords: corporate governance, return on asset, stock return, price to book value