Pengaruh Komisaris Independen, Komite Audit Dan Kepemilikan Institusional Terhadap Return Saham Pada Perusahaan Di Bursa Efek Indonesia Periode 2021-2024

Abstract

This study aims to analyze the effect of independent commissioners, audit committees, and institutional ownership on stock returns of companies listed on the Indonesia Stock Exchange during the 2021–2024 period. The background of this research is based on the importance of implementing good corporate governance in enhancing investor confidence and capital market performance, particularly in the context of post-pandemic market dynamics characterized by economic uncertainty and stock price volatility. This study employs a quantitative approach to examine the causal relationship between independent and dependent variables in an objective, systematic, and measurable manner. The data used in this study are secondary data obtained from companies’ financial statements and other relevant officially published sources. The analytical method applied is panel data regression using EViews software, preceded by model selection tests and classical assumption tests to ensure the validity and reliability of the results. The findings indicate that, partially, independent commissioners and institutional ownership do not have a significant effect on stock returns. In contrast, the audit committee shows a significant effect, indicating that the effectiveness of the monitoring function is able to enhance investor confidence in the company.These findings suggest that not all corporate governance mechanisms have a direct impact on stock return movements in the capital market. Therefore, it can be concluded that the audit committee is a key factor influencing stock returns, while independent commissioners and institutional ownership have not demonstrated a significant effect. This study is expected to contribute to companies in improving governance effectiveness and to serve as a reference for investors in evaluating the quality of internal control. Furthermore, future research is recommended to extend the observation period, include additional financial control variables such as ROA, ROE, and dividend policy, and consider external factors such as macroeconomic conditions to obtain more comprehensive and generalizable results.