Investasi pada research & development di dalam pengaruh corporate governance terhadap company performance perusahaan manufaktur yang terdaftar di Bursa Efek Indonesia
P enelitian ini bertujuan untuk mengidentifikasi peran investasi pada research & development di dalam pengaruh corporate governance terhadap company performance. Sampel yang digunakan dalam penelitian ini adalah perusahaan manufaktur yang terdaftar di Bursa Efek Indonesia periode 2012 hingga 2015. Variabel independen dalam penelitian ini adalah corporate governance yang diukur melalui ownership concentration dan debt ratio serta variabel dependennya adalah company performance yang diukur melalui return on asset. Penelitian ini menggunakan 3 variabel kontrol yaitu company size, company age, dan board independency. Dengan menggunakan purposive sampling, didapatkan jumlah perusahaan yang menjadi sampel dalam penelitian ini berjumlah 88 perusahaan. Model analisis data yang digunakan adalah regresi data panel. Berdasarkan hasil regresi tersebut maka didapatkan bahwa investasi pada research & development tidak memediasi maupun memoderasi pengaruh corporate governance terhadap company performance. Namun investasi pada research & development berpengaruh langsung terhadap company performance.
T his study aims to identify the role of investment in research & development in the influence of corporate governance on company performance. The sample used in this research is manufacturing companies listed in Indonesia Stock Exchange period 2012 to 2015. The independent variables in this study were measured corporate governance through ownership concentration and debt ratio and the dependent variable is the company performance as measured by return on assets. This study uses three variables, namely control of company size, company age, and board independency. By using purposive sampling, found the number of companies sampled in this study amounted to 88 companies. Data analysis model used is the panel data regression. Based on the regression results it was found that investments in research & development does not mediate or moderate the influence of corporate governance on company performance. However, investment in research & development direct effect on company performance.