Corporate Governance, Profitabilitas, Size, Growth, dan Nilai Perusahaan

Azhar Latief; Fenty Fauziah

doi:10.33395/owner.v7i2.1391

Authors

Azhar Latief Universitas Muhammadiyah Kalimantan Timur
Fenty Fauziah Universitas Muhammadiyah Kalimantan Timur

DOI:

10.33395/owner.v7i2.1391

Keywords:

Corporate Governance, Profitability, Size, Growth, Firm Value

Abstract

The purpose of this research is to test and analyze the effect of profitability as measured by ROA, size as measured by total assets, and growth as measured by asset growth on firm value as measured by Tobin's Q; to test and analyze how corporate governance as measured by the CGPI scores moderates the effect of profitability, size, and growth on firm value. Data used in this research is secondary data. There is 302 population used in this research which is companies were included in the CGPI rating in period 2011-2019 (pooled data). There are 45 samples selected by using the purposive sampling method. The data analysis technique used is PLS-SEM. This research showed that profitability has a significant positive effect on firm value, size has a significant positive effect on firm value, growth hasn't a significant effect on firm value. Corporate governance hasn't moderated the effect of profitability on firm value, corporate governance has strengthened the effect of size on firm value, and corporate governance hasn't moderated the effect of growth on firm value.

Downloads

Download data is not yet available.

Plum-X Analityc

References

Agustin, K. L., Salim, U., & Andarwati, A. (2020). Pengaruh Profitabilitas, Tingkat Pertumbuhan Aktiva, Leverage Operasi, Stabilitas Penjualan terhadap Struktur Modal dan Nilai Perusahaan. Iqtishoduna, 16(1), 17–38. https://doi.org/10.18860/iq.v16i1.7276

Andri, A., & Wijaya, H. (2019). Faktor-Faktor yang Mempengaruhi Nilai Perusahaan pada Perusahaan Manufaktur di Bursa Efek Indonesia. Jurnal Paradigma Akuntansi, 1(3), 757–766. https://doi.org/10.24912/jpa.v1i3.5579

Black, B. S., Jang, H., & Kim, W. (2005). Does Corporate Governance Affect Firm Value? Evidence from Korea. Finance Working Paper, 86, 1–42. https://ssrn.com/abstract=311275

Brigham, E. F., & Houston, J. F. (2013). Essentials of Financial Management (3rd ed.). Cengage Learning.

Cahyaningtyas, A. R., & Hadiprajitno, B. (2015). Pengaruh Corporate Governance Perception Index Terhadap Nilai Perusahaan Dan Kinerja Keuangan Perusahaan. Diponegoro Journal of Accounting, 4(3), 1–12. https://ejournal3.undip.ac.id/index.php/accounting/article/view/17030

Dewi, A. S. M., & Wirajaya, A. (2013). Pengaruh Struktur Modal, Profitabilitas dan Ukuran Perusahaan pada Nilai Perusahaan. E-Jurnal Akuntansi Universitas Udayana, 4(2), 358–372. https://ojs.unud.ac.id/index.php/akuntansi/article/view/6233

Dwiastuti, D. S., & Dillak, V. J. (2019). Pengaruh Ukuran Perusahaan, Kebijakan Hutang dan Profitabilitas terhadap Nilai Perusahaan. Jurnal Aset (Akuntansi Riset), 11(1), 137–146. https://doi.org/10.17509/jaset.v11i1.16841

Ghozali, I., & Latan, H. (2015). Partial Least Squares: Konsep, Teknik dan Aplikasi Menggunakan Program SmartPLS 3.0 untuk Penelitian Empiris (2nd ed.). Badan Penerbit Universitas Diponegoro.

Hagerman, R. L., & Ruland, W. (1979). The Accuracy of Management Forecasts and Forecasts Simple Alternative Models. Journal of Economics and Business, 31(3), 172–179.

Hasna, F. (2014). Pengaruh Tata Kelola Perusahaan, Leverage dan Profitabilitas terhadap Nilai Perusahaan. Jurnal Ilmu Manajemen, 2(2), 537–547. https://jurnalmahasiswa.unesa.ac.id/index.php/jim/issue/view/748

Husnan, S., & Pudjiastuti, E. (2015). Dasar-Dasar Manajemen Keuangan (7th ed.). UPP STIM YKPN.

Jensen, M. C., & Meckling, W. H. (1976). Theory of the Firm: Managerial Behavior, Agency Costs and Ownership Structure. Journal of Financial Economics, 3, 305–360. https://doi.org/10.1016/0304-405X(76)90026-X

Klapper, L. F., & Love, I. (2004). Corporate Governance, Investor Protection, and Performance in Emerging Markets. Journal of Corporate Finance, 10(5), 703–728. https://doi.org/10.1016/S0929-1199(03)00046-4

Majidah, M., & Habiebah, I. U. (2019). Apakah Corporate Governance Disclosure, Intellectual Capital, dan Karakteristik Perusahaan Merupakan Faktor Determinan Nilai Perusahaan? (Studi Empiris pada Perusahaan Sektor Infrastruktur, Utilitas, dan Transportasi Periode 2015-2017). Jurnal Riset Akuntansi Dan Keuangan, 7(1), 161–168. https://doi.org/10.17509/jrak.v7i1.15494

Moniaga, F. (2013). Struktur Modal, Profitabilitas dan Struktur Biaya terhadap Nilai Perusahaan Industri Keramik, Porcelen dan Kaca Periode 2007-2011. Jurnal EMBA: Jurnal Riset Ekonomi, Manajemen, Bisnis Dan Akuntansi, 1(4), 344–461.

Retno, R. D., & Priantinah, D. (2012). Pengaruh Good Corporate Governance Dan Pengungkapan Corporate Social Responsibility Terhadap Nilai Perusahaan (Studi Empiris Pada Perusahaan Yang Terdaftar Di Bursa Efek Indonesia Periode 2007-2010). Nominal, Barometer Riset Akuntansi Dan Manajemen, 1(2), 84–103. https://doi.org/10.21831/nominal.v1i2.1000

Rudangga, I. G. N. G., & Sudiarta, G. M. (2016). Pengaruh Ukuran Perusahaan, Leverage dan Profitabilitas terhadap Nilai Perusahaan. E-Jurnal Manajemen, 5(7), 4394–4422. https://ojs.unud.ac.id/index.php/manajemen/article/view/21920

Satriawan, H. B., & Agustina, L. (2016). Determinan Harga Saham dengan Nilai Perusahaan sebagai Variabel Intervening. Accounting Analysis Journal, 5(2), 113–121. https://doi.org/10.15294/aaj.v5i2.14367

Scott, W. R. (2015). Financial Accounting Theory (7th ed.). Toronto Pearson Education Limited.

Sriwardany, S. (2007). Pengaruh Pertumbuhan Perusahaan terhadap Kebijaksanaan Struktur Modal dan Dampaknya terhadap Perubahan Harga Saham pada Perusahaan Manufaktur Tbk. MEPA Ekonomi, 2(1).

Sugiyono, S. (2018). Metode Penelitian Bisnis: Pendekatan Kuantitatif, Kualitatiff, Kombinasi, dan R&D (3rd ed.). Alfabeta.

Susianti, M. N. L., & Yasa, G. W. (2013). Pengaruh Kinerja Keuangan terhadap Nilai Perusahaan dengan Pemoderasi Good Corporate Governance dan Corporate Social Resposibility. E-Jurnal Akuntansi Universitas Udayana, 3(1), 73–91. https://ojs.unud.ac.id/index.php/Akuntansi/article/view/5143

Tarima, G., Parengkuan, T., & Untu, V. (2016). Pengaruh Profitabilitas, Keputusan Investasi dan Keputusan Pendanaan terhadap Nilai Perusahaan Farmasi yang Terdaftar Di BEI Periode 2011-2014. Jurnal Berkala Ilmiah Efisiensi, 16(4), 465–474. https://ejournal.unsrat.ac.id/index.php/jbie/article/view/13629

Tikawati, T. (2016). Pengaruh Corporate Governance, Growth Opportunity dan Net Profit Margin (NPM) terhadap Nilai Perusahaan (Studi Empiris pada Perusahaan Go Public di Bursa Efek Indonesia Tahun 2008-2011). Al-Tijary: Jurnal Ekonomi Dan Bisnis Islam, 1(2), 121–140. https://doi.org/10.21093/at.v1i2.528

Wahidahwati, W. (2002). Pengaruh Kepemilikan Manajerial dan Kepemilikan Institusional pada Kebijakan Hutang Perusahaan: Sebuah Perspektif Theory Agency. The Indonesian Journal of Accounting Research, 5(1). https://doi.org/10.33312/ijar.67