IMPLEMENTASI PRINSIP GOOD CORPORATE GOVERNANCE DALAM PERUSAHAAN TERBUKA
Abstract
Good Corporate Governance (GCG) is a corporate management system grounded in the principles of transparency, accountability, responsibility, independence, and fairness as the foundation of healthy and sustainable governance in publicly listed companies. This normative study analyzes three key issues, namely the construction of GCG principles within the legal framework of publicly listed companies in Indonesia, the implementation mechanism of GCG in banking companies listed on the Indonesia Stock Exchange, and the legal implications of GCG implementation on firm value. The approach employed is a statutory approach and a conceptual approach by examining various regulations, legal doctrines, and relevant academic literature. The results indicate that Indonesia's GCG legal framework has developed significantly through various sectoral regulations, although implementation gaps remain a structural challenge requiring institutional strengthening and consistent law enforcement. Optimal application of GCG principles is proven to positively correlate with increased firm value through improved financial performance, risk management efficiency, and investor confidence. This study recommends cross-sectoral GCG regulatory harmonization as a strategic step in strengthening the governance of national publicly listed companies.
References
Buku:
Harahap, M. Y. (2016). Hukum Perseroan Terbatas. Sinar Grafika.
Marzuki, P. M. (2019). Penelitian Hukum (Edisi Revisi). Kencana Prenada Media Group.
Soekanto, S., & Mamudji, S. (2015). Penelitian Hukum Normatif: Suatu Tinjauan Singkat. Rajawali Pers.
Sutedi, A. (2012). Good Corporate Governance. Sinar Grafika.
Tunggal, A. W. (2013). Memahami Good Corporate Governance. Harvarindo.
Tjager, I. N., Alijoyo, A., Djemat, H. R., & Sembodo, B. (2003). Corporate Governance: Tantangan dan Kesempatan bagi Komunitas Bisnis Indonesia. Prenhallindo.
Zarkasyi, M. W. (2008). Good Corporate Governance pada Badan Usaha Manufaktur, Perbankan, dan Jasa Keuangan Lainnya. Alfabeta.
Jurnal:
Arifin, A. P. S., & Sodikin, S. (2024). Penerapan prinsip fiduciary duty untuk mewujudkan good corporate governance dalam perseroan terbatas. Journal of Contemporary Law Studies, 2(2), 173–184. https://doi.org/10.47134/lawstudies.v2i2.3583
Basniwati, A. D., & Rahmadani, R. (2025). Penerapan prinsip good governance dalam pengawasan keuangan daerah oleh DPRD di Kabupaten Lombok Tengah. Journal Kompilasi Hukum, 10(1), 313–324. https://doi.org/10.29303/jkh.v10i1.198
Fauzan, A. S., & Mujiyati. (2025). Enterprise risk management dan good corporate governance terhadap nilai perusahaan: Studi empiris di Indonesia. Paradoks: Jurnal Ilmu Ekonomi, 8(3), 1592–1603. https://doi.org/10.57178/paradoks.v8i3.1680
Ghofur, A., & Maryanti, E. (2024). Influence of financial performance, good corporate governance, dividend payout ratio, and company growth on company value. Universitas Muhammadiyah Sidoarjo. https://doi.org/10.21070/ups.4310
Jabar, A., & Yuniarni, E. (2025). Penerapan prinsip akuntabilitas dalam pelayanan publik untuk mewujudkan good governance. WELFARE STATE Jurnal Hukum, 4(1), 131–146. https://doi.org/10.56013/welfarestate.v4i1.3859
Marina, A., Norisanti, N., & Saori, S. (2024). Pengaruh good corporate governance dan return on asset terhadap nilai perusahaan. PERFORMANCE: Jurnal Bisnis & Akuntansi, 14(2), 304–313. https://doi.org/10.24929/feb.v14i2.2702
Maulani, A. (2025). Evaluasi implementasi good governance dalam perencanaan pembangunan daerah: Studi atas praktik musrenbang di Provinsi Jawa Tengah. SOSIO DIALEKTIKA, 87–98. https://doi.org/10.31942/sd.v10i1.13532
Nurhalimah, A., Tikollah, M. R., & Hamzah, H. (2025). Pengaruh good corporate governance dan ukuran perusahaan terhadap nilai perusahaan perbankan di Bursa Efek Indonesia. Journal of Economic, Bussines and Accounting (COSTING), 8(2), 1074–1087. https://doi.org/10.31539/costing.v8i2.14307
Pratama, A. S., & Ainiyah, A. K. (2023). Pengaruh eco-efficiency, environmental performance dan good corporate governance terhadap firm value: Studi empiris. Implementasi Manajemen & Kewirausahaan, 3(1), 48–58. https://doi.org/10.38156/imka.v3i1.174
Pratiwi, A. A. S. A. D., Kardini, N. L., & Pratiwi, K. A. (2023). Analisis good corporate governance terhadap kinerja keuangan perusahaan perbankan yang terdaftar di BEI. Otonomi, 23(2), 319. https://doi.org/10.32503/otonomi.v23i2.4413
Putra, A. P., & Narastri, M. (2024). Implementasi prinsip-prinsip good governance guna efektivitas pelayanan publik pada Kantor Kelurahan Wonokromo Kota Surabaya. Anggaran: Jurnal Publikasi Ekonomi dan Akuntansi, 2(1), 1–13. https://doi.org/10.61132/anggaran.v2i1.247
Putri, A. R., & Wulandari, S. (2021). Pengaruh penerapan prinsip good corporate governance terhadap kinerja non keuangan pada Perum Bulog Sub Divre Semarang. Akuntansi dan Manajemen, 16(1), 69–81. https://doi.org/10.30630/jam.v16i1.133
Rosid, A., Abimayu, M. E., Rahmi, A., & Prawira, A. W. (2025). Bagaimana pengaruh good corporate governance mempengaruhi kinerja keuangan perusahaan? PESHUM: Jurnal Pendidikan, Sosial dan Humaniora, 4(5), 7190–7200. https://doi.org/10.56799/peshum.v4i5.11086
Silaban, A., & Harefa, M. S. (2021). Pengaruh kinerja perusahaan dan pertumbuhan laba terhadap kualitas laba: Peran good corporate governance. JPPI (Jurnal Penelitian Pendidikan Indonesia), 7(3). https://doi.org/10.29210/020211239
Wachid, A. R., & Widodo, H. (2025). Corporate governance, leverage, sales growth on tax avoidance with firm size as a moderating variable. Universitas Muhammadiyah Sidoarjo. https://doi.org/10.21070/ups.8552
Peraturan Perundang-Undangan:
Undang-Undang Nomor 8 Tahun 1995 tentang Pasar Modal.
Undang-Undang Nomor 10 Tahun 1998 tentang Perubahan atas Undang-Undang Nomor 7 Tahun 1992 tentang Perbankan.
Undang-Undang Nomor 40 Tahun 2007 tentang Perseroan Terbatas.
Undang-Undang Nomor 21 Tahun 2011 tentang Otoritas Jasa Keuangan.
Peraturan Otoritas Jasa Keuangan Nomor 21/POJK.04/2015 tentang Penerapan Pedoman Tata Kelola Perusahaan Terbuka.
