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This study aims to determine the effect of independent commissioner in the composition of the board of commissioner on corporate performance that measured by return on assets. The research object are Islamic banks that listed on the Indonesia Stock Exchange (BEI). In examining the effect of the composition of the independent commissioner to the ROA, the author uses panel data regression test, the process using EViews7 program. We use panel data regression because the data is a cross section and also time series. Panel data regression test results indicate that there is a negative and significant impact on the composition of the board of commissioners to the ROA, indicated by coefficient β:-3.8692 and 0.0000 probabilities. The results of the test can be concluded that the more independent board in the board of commissioners in the company, it will decrease ROA. theseconditions reinforces the opinion that the implementation of the Good Corporate Governance in Indonesia is not maximized.

Despite various studies on good corporate governance (GCG), many GCG mechanisms do not seem to work effectively in Indonesian companies due to frequent conflicts between majority and minority shareholders. A more independent party needs to be offered to solve this unique agency problem. This study attempts to analyze how independent parties; foreign and domestic institutional ownership, and independent commissioners may provide solution to agency problem. Results of panel data regression show a positive and significant influence of foreign institutional ownership on dividends and stock prices, whereas domestic institutional ownership and independent commissioners do not significantly affect shareholder wealth. The study also proposes a new model to minimize the possibility of agency problems in Indonesian context through the establishment of foreign institutional ownership as an independent party.

- Penelitian ini bertujuan untuk mengetahui perkembangan dan perbandingan saham-saham efisien pada sektor industri barang konsumsi pada saat sebelum dan sesudah pandemi Covid-19. Tidak hanya berdampak pada sektor kesehatan namun Covid-19 juga berdampak pada kegiatan perekonomian. Salah satunya yaitu tren penurunan harga saham yang tentu dapat mempengaruhi tingkat pengembalian pada investasi. Pada penelitian ini variabel yang digunakan yaitu nilai excess return menggunakan metode CAPM, data yang diolah merupakan data sekunder berupa historis harga penutupan (closing price) mingguan. Alat analisis dibantu menggunakan program SPSS berupa statistik deskriptif dan uji wilcoxon signed test rank. Hasil dari penelitian mendapatkan tiga saham yang masih termasuk ke dalam saham efisien yaitu TBLA, WIIM, dan INAF. Sedangkan hasil dari uji hipotesis menggunakan wilcoxon signed test rank memperoleh hasil bahwa terdapat perbedaan excess return yang signifikan kearah positif pada kondisi setelah pandemi Covid-19.