ANALYSIS OF THE IMPLEMENTATION OF GOOD CORPORATE GOVERNANCE BASED ON ASEAN CORPORATE GOVERNANCE SCORECARD: CASE STUDY PT JAKARTA PROPERTINDO (PERSERODA)
DOI:
https://doi.org/10.31933/dijemss.v1i4.258Keywords:
Corporate Governance, ASEAN Corporate Governance Scorecard, Regional Owned EnterpriseAbstract
So far, a lot of research has seen the implementation of Good Corporate Governance (GCG) in private companies. Like SOEs, Regionally Owned Enterprises (BUMD), although running the same business as private companies, have different characteristics that can cause Agency Problems that can harm stakeholders. This study aims to analyze the quality of GCG implementation at PT Jakarta Propertindo (Perseroda), a BUMD owned by the Provincial Government of DKI Jakarta, using a scoring approach from the ASEAN Corporate Governance Scorecard. This study only uses criteria in the ASEAN Corporate Governance Scorecard that can be used to measure a BUMD. This is because the characteristics of BUMD are not exactly the same as pure private companies. The results indicate that PT Jakarta Propertindo (Perseroda) has not fully met all the GCG principles contained in the ASEAN Corporate Governance Scorecard.
References
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Claessens, Stijn & Yurtoglu, Burcin. (2013). Corporate governance in emerging markets: A survey. Emerging Markets Review, 15, 1–33.
Claessens and Fan. (2002). Corporate governance in Asia: a survey. International Review of Finance, 3 (2002), pp. 71-103.
Jensen and Meckling. (1976). Theory of the firm: managerial behavior, agency costs, and ownership structure. Journal of Financial Economics, 3 (1976), pp. 305-360.
Karolyi. (2012). Corporate governance, agency problems and international cross-listings: A defense of the bonding hypothesis. Emerging Markets Review, 13 (4) (2012), pp. 516-547.
Klapper and Love. (2004). Corporate governance, investor protection, and performance in emerging markets. Journal of Corporate Finance, 10 (2004), pp. 703-728.
OECD. (2000). G20/OECD Principles of Corporate Governance, OECD Publishing, Paris. http://dx.doi.org/10.1787/9789264236882-en
Simpson, Samuel Nana Yaw. (2014). Boards and governance of state-owned enterprises. Corporate Governance, Vol. 14 Issue: 2, 238-251.
Utama, Cynthia Afriani, Utama, Sidharta & Amarullah, Fitriany. (2017). Corporate governance and ownership structure: Indonesia evidence. Corporate Governance: The International Journal of Business in Society, Vol. 17 Issue: 2, 165-191.
Yaacob, Hisham & Basiuni, Jefri. (2014). Corporate governance model of a state-owned enterprise: evidence from an Asian emerging market. Corporate Governance, Vol. 14 Issue: 4, 504-514.
Undang-Undang Nomor 23 Tahun 2014 tentang Pemerintah Daerah.
Peraturan Pemerintah Nomor 54 Tahun 2017 tentang Badan Usaha Milik Daerah.
Peraturan Menteri BUMN Nomor PER -01/MBU/2011 tentang Penerapan Tata Kelola Perusahaan yang Baik (Good Corporate Governance) pada BUMN.
Keputusan Gubernur Provinsi DKI Jakarta Nomor 96 Tahun 2004 tentang Penerapan Praktik Good Corporate Governance pada Badan Usaha Milik Daerah di Lingkungan Pemerintah Daerah Khusus Ibukota Jakarta.
Keputusan Sekretaris Kementerian BUMN Nomor SK-16/S.MBU/2012 tentang Indikator/Parameter Penilaian dan Evaluasi Atas Penerapan Tata Kelola Perusahaan Yang Baik (Good Corporate Governance) Pada BUMN.
Ammann, Manuel & Oesch, David. (2011). Corporate governance and firm value: International evidence. Journal of Empirical Finance, 18, 36–55.
Ararat, Melsa & Black, Bernard. (2017). The effect of corporate governance on firm value and profitability: Time-series evidence from Turkey. Emerging Markets Review, 30, 113–132.
Bhagat, Sanjai & Bolton, Brian. (2008). Corporate governance and firm performance. Journal of Corporate Finance, 14, 257–273.
Black, Bernard & Gorga, Érica. (2012). What matters and for which firms for corporate governance in emerging markets? Evidence from Brazil (and other BRIK countries). Journal of Corporate Finance, 18, 934–952.
Cadbury Committee. (1992). Cadbury CommitteeThe Report of the Committee on the Financial Aspects of Corporate Governance. London: Gee and Co. Ltd.
Chen, Victor Zitian, Jing Li & Shapiro, Daniel. (2011). Are OECD-prescribed “good corporate governance practices” really good in an emerging economy?. Asia Pac J Manag, 28, 115–138.
Claessens, Stijn & Yurtoglu, Burcin. (2013). Corporate governance in emerging markets: A survey. Emerging Markets Review, 15, 1–33.
Claessens and Fan. (2002). Corporate governance in Asia: a survey. International Review of Finance, 3 (2002), pp. 71-103.
Jensen and Meckling. (1976). Theory of the firm: managerial behavior, agency costs, and ownership structure. Journal of Financial Economics, 3 (1976), pp. 305-360.
Karolyi. (2012). Corporate governance, agency problems and international cross-listings: A defense of the bonding hypothesis. Emerging Markets Review, 13 (4) (2012), pp. 516-547.
Klapper and Love. (2004). Corporate governance, investor protection, and performance in emerging markets. Journal of Corporate Finance, 10 (2004), pp. 703-728.
OECD. (2000). G20/OECD Principles of Corporate Governance, OECD Publishing, Paris. http://dx.doi.org/10.1787/9789264236882-en
Simpson, Samuel Nana Yaw. (2014). Boards and governance of state-owned enterprises. Corporate Governance, Vol. 14 Issue: 2, 238-251.
Utama, Cynthia Afriani, Utama, Sidharta & Amarullah, Fitriany. (2017). Corporate governance and ownership structure: Indonesia evidence. Corporate Governance: The International Journal of Business in Society, Vol. 17 Issue: 2, 165-191.
Yaacob, Hisham & Basiuni, Jefri. (2014). Corporate governance model of a state-owned enterprise: evidence from an Asian emerging market. Corporate Governance, Vol. 14 Issue: 4, 504-514.
Undang-Undang Nomor 23 Tahun 2014 tentang Pemerintah Daerah.
Peraturan Pemerintah Nomor 54 Tahun 2017 tentang Badan Usaha Milik Daerah.
Peraturan Menteri BUMN Nomor PER -01/MBU/2011 tentang Penerapan Tata Kelola Perusahaan yang Baik (Good Corporate Governance) pada BUMN.
Keputusan Gubernur Provinsi DKI Jakarta Nomor 96 Tahun 2004 tentang Penerapan Praktik Good Corporate Governance pada Badan Usaha Milik Daerah di Lingkungan Pemerintah Daerah Khusus Ibukota Jakarta.
Keputusan Sekretaris Kementerian BUMN Nomor SK-16/S.MBU/2012 tentang Indikator/Parameter Penilaian dan Evaluasi Atas Penerapan Tata Kelola Perusahaan Yang Baik (Good Corporate Governance) Pada BUMN.
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Published
2020-05-01
How to Cite
Richard Hamonangan, F., & Ancella A. Hermawan. (2020). ANALYSIS OF THE IMPLEMENTATION OF GOOD CORPORATE GOVERNANCE BASED ON ASEAN CORPORATE GOVERNANCE SCORECARD: CASE STUDY PT JAKARTA PROPERTINDO (PERSERODA). Dinasti International Journal of Education Management And Social Science, 1(4), 580–601. https://doi.org/10.31933/dijemss.v1i4.258
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