The Influence Of Good Corporate Governance, Intellectual Capital, And Investment Opportunity Set On Company Value

Nopagia Nopagia; Suripto Suripto; Holiawati Holiawati

Authors

Nopagia Nopagia Master of Accounting Program, Pamulang University, Jalan Surya Kencana No. 1, Banten, Indonesia
Suripto Suripto Master of Accounting Program, Pamulang University, Jalan Surya Kencana No. 1, Banten, Indonesia
Holiawati Holiawati Master of Accounting Program, Pamulang University, Jalan Surya Kencana No. 1, Banten, Indonesia

Keywords:

Good Corporate Governance, Intellectual Capital, Investment Opportunity Set, Company Value

Abstract

In facing various challenges that can threaten business value, an in-depth investigation is necessary. Market trust and company prospects are highly influenced by a company's high value. This research aims to explore how effective corporate management, intellectual resources, and investment opportunities impact company value. The data used in this study is sourced from the annual financial reports of companies listed on the Indonesia Stock Exchange, specifically those included in the LQ45 index. The research employs a quantitative approach, focusing on the associative relationship between the aforementioned variables. A purposive sampling method was used for sample selection, with specific criteria set in advance. A total of 22 companies were selected as the research sample, and data was observed over a 5-year period, resulting in 110 observational data points used for analysis. The Ordinary Least Squares (OLS) method was used in this study to test the proposed hypotheses. The results show that while the investment opportunity set and intellectual resources have a positive and significant effect on company value, good corporate management does not have a significant impact on company value. This indicates that in maintaining company value, the management of intellectual resources and investment opportunities may play a more significant role than good corporate governance. In the long term, company value can continue to grow, and stakeholders will take note of this development. Therefore, companies need to keep striving to maximize their performance by considering the internal and external conditions that affect their value.

Downloads

Download data is not yet available.

References

Alamsyah, M. F. and Malanua, W. (2021) ‘Pengaruh Investment Opportunity Set, Corporate Social Responsibility, Dan Risiko Bisnis Terhadap Nilai Perusahaan’, Jurnal Fokus Manajemen Bisnis, 11(2), pp. 154–172.

Arini, Y. and Musdholifah, M. (2018) ‘Pengaruh intellectual capital dan good corporate governance terhadap nilai perusahaan melalui kinerja keuangan (Studi pada perusahaan subsektor perbankan yang listing di BEI periode 2013-2016)’, Jurnal Ilmu Manajemen (JIM), 6(3), pp. 227–240.

Asma, R. and Redawati, R. (2018) ‘Pengaruh Mekanisme GCG, Kebijakan Investasi Dan Kebijakan Dividen Terhadap Nilai Perusahaan Yang Dimediasi Oleh Kebijakan Pendanaan’, INOBIS: Jurnal Inovasi Bisnis Dan Manajemen Indonesia, 2(1), pp. 71–85.

Besley, S. (2000) ‘Corporate Financing Strategies and Future Growth Opportunities’. Citeseer.

Bossart, M. et al. (2022) ‘Effects on weight loss and glycemic control with SAR441255, a potent unimolecular peptide GLP-1/GIP/GCG receptor triagonist’, Cell Metabolism, 34(1). doi: 10.1016/j.cmet.2021.12.005.

Brigham, E. F. (2010) ‘Dan JF Houston. 2010’, Dasar-Dasar Manajemen Keuangan. Edisi, 11.

Brigham, E. and Houston, J. F. (2018) Dasar-dasar Manajemen Keuangan. Sepuluh. Jakarta: Salemba Empat.

Carney, M., Gedajlovic, E. and Sur, S. (2011) ‘Corporate governance and stakeholder conflict’, Journal of Management & Governance, 15, pp. 483–507.

Dewi, M. (2017) ‘Penilaian kinerja keuangan perusahaan dengan menggunakan metode EVA (economic value added)(studi kasus pada PT. Krakatau Steel Tbk Periode 2012-2016)’, Jurnal manajemen dan keuangan, 6(1), pp. 648–659.

Dharmawan, B. and Riza, F. (2019) ‘pengaruh investment opportunity set terhadap nilai perusahaan dengan mediasi kebijakan deviden [Studi Empiris Pada Emiten Yang Tergabung Dalam Index LQ45]’, Business Management Journal, 15(1).

Gómez-Valenzuela, V. (2022) ‘Intellectual capital factors at work in Dominican firms: understanding their influence’, Journal of Innovation and Entrepreneurship, 11(1). doi: 10.1186/s13731-022-00205-8.

Gregory, A. and Willis, P. (2022) Strategic public relations leadership, Strategic Public Relations Leadership. Routledge. doi: 10.4324/9781003185253.

Handriani, E. and Robiyanto, R. (2018) ‘Corporate finance and firm value in the Indonesian manufacturing companies’, International Research Journal of Business Studies, 11(2), pp. 113–127.

Hatane, S. E. et al. (2019) ‘Does internal corporate governance mechanism control firm risk? Evidence from Indonesia’s three high-risk sectors’, Corporate Governance: The International Journal of Business in Society, 19(6), pp. 1362–1376.

Hermuningsih, S. (2013) ‘Pengaruh profitabilitas, growth opportunity, struktur modal terhadap nilai perusahaan pada perusahaan publik di Indonesia’, Buletin ekonomi moneter dan perbankan, 16(2), pp. 127–148.

Huang, H. et al. (2021) ‘Managing intellectual capital in healthcare organizations. A conceptual proposal to promote innovation’, Journal of Intellectual Capital, 22(2). doi: 10.1108/JIC-02-2020-0063.

Kartika, I. and Payana, E. D. (2021) ‘Good corporate governance dan intellectual capital sebagai determinan nilai perusahaan’, Jurnal Akuntansi Indonesia, 10(1), pp. 61–79.

Kianto, A., Sáenz, J. and Aramburu, N. (2017) ‘Knowledge-based human resource management practices, intellectual capital and innovation’, Journal of Business Research, 81, pp. 11–20.

Kiroyan, N. (2006) ‘“Good Corporate Governance (GCG) dan Corporate Social Responsibility (CSR) Adakah Kaitan di Antara Keduanya?”’, Economics Business Accounting Review, Edisi III(September-Desember 2006).

Kolibu, N. N., Saerang, I. S. and Maramis, J. B. (2020) ‘Analisis investment opportunity set, corporate governance, risiko bisnis, dan profitabilitas terhadap nilai perusahaan consumer goods dengan high leverage di bursa efek Indonesia’, Jurnal EMBA: Jurnal Riset Ekonomi, Manajemen, Bisnis dan Akuntansi, 8(1).

Kristina, I. and Wiratmaja, I. D. N. (2018) ‘Pengaruh board diversity dan intellectual capital pada nilai perusahaan’, E-Jurnal Akuntansi, 22(3), pp. 2313–2338.

Nurwulandari, A. et al. (2022) ‘Risk Based bank rating and financial performance of Indonesian commercial banks with GCG as intervening variable’, Cogent Economics & Finance, 10(1), p. 2127486.

Olarewaju, O. M. and Msomi, T. S. (2021) ‘Intellectual capital and financial performance of South African development community’s general insurance companies’, Heliyon, 7(4). doi: 10.1016/j.heliyon.2021.e06712.

Probowo, D. (2016) ‘Pengelola Gerai KFC akan di Rilis Obligasi Rp 200 M’.

Pujarini, F. (2020) ‘Effect of Financial Performance on Corporate Value’, Journal of Accounting and Management Innovation, 4(1), pp. 1–15.

Sari, R. (2021) ‘Analysis of the Effect of Earnings per share, Price earning ratio and Price to book value on the stock prices of state-owned enterprises’, Golden Ratio of Finance Management, 1(1), pp. 25–32.

Sasongko, H., Alipudin, A. and Uria, M. Y. (2019) ‘Effect corporate social responsibility, firm size, and intellectual capital on firm value in Indonesia Stock Exchange’, International Journal of Latest Engineering and Management Research (IJLEMR), 4(06), pp. 78–89.

Siegel, J. J. (2021) Stocks for the long run: The definitive guide to financial market returns & long-term investment strategies. McGraw-Hill Education.

Silvia Indrarini, M. M. (2019) Nilai perusahaan melalui kualitas laba:(Good Governance dan Kebijakan Perusahaan). Scopindo Media Pustaka.

Sinuraya, I. N. B. and Dillak, V. J. (2021) ‘Pengaruh Leverage, Pertumbuhan Perusahaan, Investment Opportunity Set (Ios) Dan Kebijakan Dividen Terhadap Nilai Perusahaan Pada Perusahaan Indeks Lq45 Yang Terdaftar Di Bei Tahun 2016-2020’, Jurnal Ilmiah Manajemen, Ekonomi, & Akuntansi (MEA), 5(3), pp. 1023–1036.

Smith Jr, C. W. and Watts, R. L. (1992) ‘The investment opportunity set and corporate financing, dividend, and compensation policies’, Journal of financial Economics, 32(3), pp. 263–292.

Sujoko, S. and Soebiantoro, So. (2007) ‘PengaruhStruktur Kepemilikan Saham, Leverage, Faktor Intern dan Faktor Ekstern terhadap Nilai Perusahaan (Studi Empirik pada Perusahaan Manufaktur dan Non Manufaktur di Bursa efek Jakarta)’, Jurnal Manajemen dan Kewirausahaan, 9(1), pp. 41–48.

Sunardi, N. (2019) ‘Mekanisme good corporate governance terhadap nilai perusahaan dengan leverage sebagai variabel intervening pada perusahaan manufaktur yang terdaftar di Bursa Efek Indonesia tahun 2012-2018’, JIMF (Jurnal Ilmiah Manajemen Forkamma), 2(3), pp. 48–61.

Suripto, S. and Lucas, J. L. (2023) ‘Corporate Social Responsibility And Intellectual Capital To Financial Performances In The Idx State-Owned 20 Index’, International Journal of Contemporary Accounting, 5(1), pp. 81–102.

Yusliza, M. Y. et al. (2020) ‘A structural model of the impact of green intellectual capital on sustainable performance’, Journal of Cleaner Production, 249, p. 119334.