DAFTAR ISI

DAFTAR ISI......................................................................................................
DAFTAR TABEL..............................................................................................
DAFTAR GAMBAR.........................................................................................
BAB I PENDAHULUAN.................................................................................. 1

1.1 Latar Belakang...................................................................................... ........ 1

1.2 Perumusan Masalah....................................................................................... 7
1.3 Tujuan Penelitian........................................................................................... 7
1.4 Manfaat Penelitian......................................................................................... 8
1.5 Sistematika Penulisan Tesis........................................................................... 9
BAB II TINJAUAN PUSAKA........................................................................... 11
2.1 Tinjauan Pustaka............................................................................................. 11
2.1.1 Kerangka Teoritis.................................................................................... 11
2.1.1.1 Signalling Theory...................................................................... 11
2.1.1.2 Stakeholder Theory................................................................... 12
2.1.1.3 Legitimacy Theory..................................................................... 14
2.1.1.4 Resources Based View Theory................................................... 15
2.1.1.5 Agency Theory.......................................................................... 16
2.1.1.6 Kinerja Pasar............................................................................. 17
2.1.1.7 Sustainability Disclosure........................................................... 18
2.1.1.8 Intellectual Capital Disclosure.................................................. 20
2.1.1.9 Good Corporate Governance.................................................... 22
2.1.1.10 Kepemilikan Asing.................................................................... 25
2.1.2 Penelitian Terdahulu........................................................................... 26
2.1.3 Kerangka Konseptual......................................................................... 29

2.2 Pengembangan Hipotesis................................................................................ 30

2.2.1 Pengaruh Intellectual Capital dengan Kinerja Pasar............................. 30
2.2.2 Pengaruh Good Corporate Governance (Ukuran Dewan Direksi) dengan
Kinerja Pasar.......................................................................................... 32
 2.2.3 Pengaruh Good Corporate Governance (Komite Audit) dengan Kinerja
Pasar........................................................................................................ 32
2.2.4 Pengaruh Kepemilikan Asing dengan Kinerja Pasar............................... 33
2.2.5 Pengaruh Intellectual Capital dengan Kinerja Pasar dimoderasi oleh
Sustainability Disclosure.................................................................... 34
2.2.6 Pengaruh Good Corporate Governance (Ukuran Dewan Direksi) dengan
Kinerja Pasar dimoderasi oleh Sustainability Disclosure.................... 35
2.2.7 Pengaruh Good Corporate Governance (Komite Audit) dengan Kinerja
Pasar dimoderasi oleh Sustainability Disclosure................................ 36
2.2.8 Pengaruh Kepemilikan Asing dengan Kinerja Pasar dimoderasi oleh
Sustainability Disclosure................................................................... 37
BAB III METODE PENELITIAN................................................................ 38
3.1 Rancangan Penelitian................................................................................ 38
3.2 Definisi Operasional Variabel................................................................... 38
3.2.1 Variabel Independen......................................................................... 38
3.2.2.1 Intellectual Capital Disclosure.................................................. 39
3.2.2.2 Good Corporate Governance.................................................... 39
3.2.2.2.1 Dewan Direksi.............................................................. 40
3.2.2.2.2 Komite Audit................................................................ 41
3.2.2.3 Kepemilikan Asing................................................................... 41
3.2.2 Variabel Dependen............................................................................ 42
3.2.2.1 Kinerja Pasar (Tobin’s Q).............................................. 42
3.2.3 Variabel Moderating.......................................................................... 43
3.2.3.1 Sustainability Disclosure................................................ 43
3.2.3.2 Global Reporting Initiative (GRI)................................... 44
3.3 Pengukuran Variabel Penelitian................................................................. 44
3.4 Metode Pengumpulan Data........................................................................ 45
3.5 Metode Analisis Data................................................................................. 46
3.5.1 Statistik Deskriptif.............................................................................. 46
3.5.2 Uji Kualitas Data................................................................................ 46
3.5.2.1 Uji Normalitas Data Residual.................................................... 46
 3.5.2.2 Uji Outlier................................................................................. 47
3.5.3 Uji Asumsi Klasik............................................................................... 47
3.5.3.1 Uji Multikolinieritas................................................................... 47
3.5.3.2 Uji Heteroskedastisitas............................................................... 48
3.5.3.3 Uji Autokorelasi......................................................................... 48
3.5.4 Pengujian Hipotesis............................................................................. 49
3.5.4.1 Koefisien Determinasi (R2)....................................................... 50
3.5.4.2 Uji Pengaruh Simultan (Uji F).................................................... 51
3.5.4.3 Uji Parsial (Uji t)....................................................................... 51
BAB IV HASIL DAN PEMBAHASAN.......................................................... 52
4.1 Deskripsi Objek Penelitian......................................................................... 52
4.2 Analisis Hasil Penelitian............................................................................. 53
4.2.1 Statistik Deskriptif.............................................................................. 54
4.2.2 Uji Kualitas Data................................................................................ 56
4.2.2.1 Uji Normalitas Data Residual.................................................... 56
4.2.2.2 Uji Outlier................................................................................. 57
4.2.3 Hasil Pengujian Asumsi Klasik........................................................... 58
4.2.3.1 Hasil Uji Multikolinieritas............................................................ 58
4.2.3.2 Hasil Uji Heteroskedastisitas......................................................... 59
4.2.3.3 Hasil Uji Autokorelasi................................................................... 60
4.2.4 Hasil Pengujian Regresi....................................................................... 62
4.2.4.1 Hasil Uji Koefisien Korelasi dan Determinasi............................ 62
4.2.4.2 Hasil Uji F (Uji Simultan)........................................................... 63
4.2.4.3 Hasil Uji t (Uji Parsial)............................................................... 64
4.2.5 Hasil Pengujian Hipotesis................................................................... 66
4.3 Pembahasan Hasil Penelitian...................................................................... 68

4.3.1 Pengaruh Intellectual Capital dengan Kinerja Pasar............................. 68

4.3.2 Pengaruh Good Corporate Governance (Ukuran Dewan Direksi) dengan
Kinerja Pasar......................................................................................... 69
4.3.3 Pengaruh Good Corporate Governance (Komite Audit) dengan Kinerja
Pasar....................................................................................................... 69
 4.3.4 Pengaruh Kepemilikan Asing dengan Kinerja Pasar.............................. 70
4.3.5 Pengaruh Intellectual Capital dengan Kinerja Pasar dimoderasi oleh
Sustainability Disclosure.................................................................... 70
4.3.6 Pengaruh Good Corporate Governance (Ukuran Dewan Direksi) dengan
Kinerja Pasar dimoderasi oleh Sustainability Disclosure..................... 71
4.3.7 Pengaruh Good Corporate Governance (Komite Audit) dengan Kinerja
Pasar dimoderasi oleh Sustainability Disclosure................................. 72
4.3.8 Pengaruh Kepemilikan Asing dengan Kinerja Pasar dimoderasi oleh
Sustainability Disclosure.................................................................... 73
BAB V SIMPULAN, KETERBATASAN, DAN IMPLIKASI....................... 74
5.1 Simpulan.................................................................................................... 74
5.2 Keterbatasan Penelitian.............................................................................. 75
5.3 Implikasi.................................................................................................... 75
5.3.1 Implikasi Manajerial........................................................................... 75
5.3.2 Implikasi Penelitian Selanjutnya......................................................... 76
DAFTAR PUSAKA......................................................................................... 77
 DAFTAR TABEL
Tabel 2.1 Hasil – hasil Penelitian Terdahulu.............................................. 26
Tabel 3.1 Ringkasan Pengukuran Variabel Penelitian.................................. 44
Tabel 4.1 Prosedur Pemilihan Sampel.......................................................... 52
Tabel 4.2 Statistik Deskriptif........................................................................ 54
Tabel 4.3 One-Sample Kolmogorov-Smirnov Test...................................... 57
Tabel 4.4 Hasil Pengujian Multikolinearitas................................................ 58
Tabel 4.5 Hasil Pengujian Heteroskedastisitas............................................. 60
Tabel 4.6 Hasil Pengujian Autokorelasi....................................................... 61
Tabel 4.7 Hasil Pengujian Koefisien Korelasi dan Determinasi.................. 63
Tabel 4.8 Hasil Pengujian F test................................................................... 64
Tabel 4.9 Hasil Pengujian t test.................................................................... 65
 DAFTAR GAMBAR
Gambar 2.1 Kerangka Konseptual................................................................ 30

Gambar 4.1 Hasil Uji Normalitas..................................................................... 56

Gambar 4.2 Hasil Pengujian Autokorelasi Durbin-Watson............................. 62
 ABSTRAK

Tujuan penelitian ini adalah untuk menguji Pengaruh Intellectual Capital

Disclosure, Good Corporate Governance dan Kepemilikan Asing Terhadap
Kinerja Pasar dengan Sustainability Disclosure sebagai variabel moderasi.

Penelitian ini menggunakan pengujian regresi linear yang dilakukan

dengan aplikasi SPSS 22. Sampel penelitian adalah perusahaan manufaktur yang
termasuk dalam Indeks SRI KEHATI di BEI dari tahun 2015-2017. Jumlah
sampel yang digunakan adalah 25 perusahaan yang dipilih dengan menggunakan
metode purposive sampling.

Berdasarkan hasil analisis dapat disimpulkan bahwa Intellectual Capital

Disclosure berpengaruh positif terhadap Kinerja Pasar, Dewan Direksi dan
Kepemilikan Asing berpengaruh negatif terhadap Kinerja Pasar, sedangkan
Komite Audit tidak berpengaruh terhadap Kinerja Pasar. Sustainability Disclosure
berhasil memperkuat pengaruh positif Intellectual Capital Disclosure, Dewan
Direksi dan Kepemilikan Asing terhadap Kinerja Pasar, namun tidak berhasil
mempengaruhi pengaruh positif Komite Audit terhadap Kinerja Pasar.

Kata Kunci : Intellectual Capital Disclosure, Good Corporate Governance,

Dewan Direksi, Komite Audit, Kepemilikan Asing dan
Sustainability Disclosure.
 ABSTRACT

The purpose of this study was to examine the effect of Intellectual Capital
Disclosure, Good Corporate Governance and Foreign Ownership on Market
Performance with the Sustainability Disclosure as a moderating variable.

This study used linear regression test which is done by SPSS 22

application. Samples are firms listed is manufacturing companies included in the
SRI KEHATI Index on the on Indonesia Stock Exchange from 2015-2017. The
number of samples used was 25 companies selected by using purposive sampling
method.
Based on the analysis, it can be concluded that the Intellectual Capital
Disclosure has a positive effect on Market Performance, the Board of Directors
and Foreign Ownership have a negative effect on Market Performance, while the
Audit Committee has no effect on Market Performance. The Sustainability
Disclosure managed to strengthen the positive influence of the Intellectual Capital
Disclosure, the Board of Directors and Foreign Ownership on Market
Performance, but failed to influence the positive influence of the Audit Committee
on Market Performance.

Keywords : Intellectual Capital Disclosure, Good Corporate Governance,

Board of Directors, Audit Committee, Foreign Ownership and
Sustainability Disclosure.