The Effect Of Good Corporate Governance On Firm Value With Financial Performance As An Intervening Variable (Empirical Study Of State-Owned Enterprises Listed On The Indonesia Stock Exchange For The Period 2019-2021)

Lanang Gumelar Dada; Tituk Diah Widajantie

Authors

Lanang Gumelar Dada Accounting Department, Faculty of Economics and Business, Universitas Pembangunan Nasional “Veteran” Jawa Timur, Indonesia
Tituk Diah Widajantie Accounting Department, Faculty of Economics and Business, Universitas Pembangunan Nasional “Veteran” Jawa Timur, Indonesia

Keywords:

good corporate governance, firm value, financial performance.

Abstract

This study aims to obtain empirical evidence of the effect of good corporate governance, proxied by managerial ownership, on firm value, proxied by Tobin's Q, and financial performance, proxied by ROA, as an intervening variable. The subject of this research is a state-owned enterprise (BUMN) company listed on the Indonesia Stock Exchange (IDX) for the 2019-2021 period. The sample for this study was selected using a non-probability sampling technique with a purposive sampling approach, resulting in a total of 71 samples of companies that met the specified criteria. The analytical technique employed in this study was path analysis, conducted using IBM SPSS Statistics 25 software. The study yielded the following results:(1) There is no effect of good corporate governance on firm value in BUMN companies listed on the IDX; (2) There is no effect of good corporate governance on financial performance in BUMN companies listed on the IDX; (3) There is no effect of financial performance on firm value in BUMN companies listed on the IDX; (4) There is an influence of good corporate governance on firm value through financial performance in BUMN companies listed on the IDX.

Downloads

Download data is not yet available.

References

/MBU/2012., P.-. (2012). “ Perubahan Atas Peraturan Menteri Negara Badan Usaha Milik Negara NomorPER-01/MBU/2011 tentang Penerapan Tata Kelola Perusahaan yang Baik (Good Corporate Governance) Pada Badan Usaha Milik Negara.”

ACGA. (2018). “Hard Decisions Asia Faces Tough Choices in CG Reform.” Asian Corpo-rate Governance Association and CLSA Limited.

Chandrarin, G. (2017). Metode Riset Akuntansi Pendekatan Kuantitatif. Penerbit Salem-ba Empat.

Dianawati, F. (2016). ”Pengaruh CSR dan GCG Terhadap Nilai Perusahaan: Profitabilitas sebagai Variabel Intervening.". Jurnal Ilmu Dan Riset Manajemen. Vol. 5. No. 1.

Eksandy, A. (2018). PENGARUH GOOD CORPORATE GOVERNANCE TERHADAP KINERJA KEUANGAN PADA PERBANKAN SYARI’AH INDONESIA. Jurnal Akuntan-si : Kajian Ilmiah Akuntansi (JAK), 5(1), 1. https://doi.org/10.30656/jak.v5i1.498

Fanani, Z. (2019). Modul Workshop SPP (Aplikasi Software) Training of Basic Statistics.

Fatimah, Mardani, R. M., &Wahono, B. (2019). “Pengaruh Good Corporate Governance Terhadap Nilai Perusahaan Dengan Kinerja Keuangan Sebagai Variabel Intervening (Studi Kasus Pada Perusahaan Manufaktur Sektor Barang Konsumsi Yang Terdaftar Di BEI Tahun 2015-2017).” E-Jurnal Riset Manajemen Prodi Manajemen, 51–69.

Ferial, F., Suhadak, & Handayani, S. R. (2016). “Pengaruh Good Corporate Governance terhadap Kinerja Keuangan dan Efeknya terhadap Nilai Perusahaan.” Jurnal Admin-istrasi Bisnis (JAB). Vol. 33. No. 1.

Ghozali, I. (2016). Aplikasi Analisis Multivariete Dengan Program IBM SPSS 23 (Edisi 8) Cetakan ke VIII. Badan Penerbit Universitas Diponegoro.

Hermuningsih, W. (2019). “Faktor-Faktor yang Mempengaruhi Nilai Perusahaan yang Terdaftar di Bursa Efek Malaysia dan Bursa Efek Indonesia.” Jurnal Siasat Bisnis. Hal 173-183.

Khumairoh, S. (2014). “Pengaruh Kualitas Good Corporate Governance terhadap Nilai Pe-rusahaan dengan Kinerja Keuangan sebagai Variabel Intervening.” JAFFA. Vol. 02. No. 1. Hal 51-60.

PER-01/MBU/2011. (2011). “Penerapan Tata Kelola Perusahaan yang Baik (Good Corpo-rate Governance) Pada Badan Usaha Milik Negara.”

Prasinta, D. (2012). “Pengaruh Good Corporate Governance Terhadap Kinerja Keuangan.” Accounting Analysis Journal 1 (2): 1–7.

Putra, A. A. (2016). “Pengaruh Good Corporate Governance terhadap Nilai Perusahaan”. Jurnal Ekonomi KIAT 1. Vol. 27. No. 2.

Smulowitz, S., Becerra, M., & Mayo, M. (2019). Racial diversity and its asymmetry within and across hierarchical levels: The effects on financial performance. Human Rela-tions, 72(10), 1671–1696. https://doi.org/10.1177/0018726718812602

Spence, M. (1973). “Job Market Signalling.” The Quarterly Journal Of Economics. Hal 355-374.

Subramanyam, K. R. (2017). Analisis Laporan Keuangan. Edited by Bambang Suharsi, S. Ema; Hernalyk. 11th ed. Salemba Empat.

Sudana, I. M. (2015). Manajemen Keuangan Perusahaan Teori Dan Praktik. Edited by Sallama; I. Novietha. 2nd ed. Erlangga.

Sugiyono. (2017). Metode Penelitian Kuantitatif, Kualitatif, dan R&D. (n.d.). Alfabeta.

Sukirni, D. (2012). “Kepemilikan Manajerial, Kepemilikan Institusional, Kebijakan Deviden Dan Kebijakan Hutang Analisis Terhadap Nilai Perusahaan.” Accounting Analysis Journal 1 (2): 1–12. https://doi.org/https://doi.org/10.15294/aaj.v1i2.703

Syafitri, T., Nuzula, N. F., & Nurlaily, F. (2018). “Pengaruh Good Corporate Governance ter-hadap Nilai Perusahaan”. Jurnal Administrasi Bisnis (JAB). Vol. 56. No. 1.

Wibowo, E. (2010). “Implementasi Good Corporate Governance Di Indonesia.” Jurnal Ekonomi Dan Kewirausahaan 10 (2): 129–38.