The aims of this study is to determine the influence of ownership structure, investment, stock liquidity and risk stock to operating performance, Good Corporate Governance (GCG) and firm value on the manufacturing sector listed in Indonesian Stock Exchange (IDX). The research results are; the ownership structure have a positive significant effect to operating performance and the risk stock have a negative significant effect on operating performance and operating performance have positive insignificant effect on firm value. The ownership structure have a significant effect on corporate governance and corporate governance have a significant effect on firm value. However, investment, stock liquidity and risk stock have a negative insignificant effect on corporate governance. Stock liquidity have a negative significant effect on firm value, however ownership structure and investment have insignificant effect on firm value. Special findings from this research are that there is gradual process in influencing firm value so that corporate governance has the role as intervening variable, which is the variables moderating the effects of ownership structure in affecting firm value.

The evolution of traditional companies into modern one is characterized by the separation of ownership and control (Berle & Means 1932) and has two main characteristics of (1) limited liability and (2) transferability ownership (Williamson 1981). This separation of ownership will result in a condition where the interests of the owner and the ultimate manager will always be different and a lot of checking/monitoring efforts are needed to limit the use of power to maximize the profits and wealth of shareholders. A modern company is complex because the complexity in the principal hierarchical structure depends on (1) size (2) diversity and (3) internal organization (Williamson 1981). In modern companies, financial management decisions (financing decisions, investment, and dividends), can function as a tool to control management behavior by the owner in order to create common goals in achieving profit maximization and owner's wealth. This is important because, in modern companies, the separation of ownership will cause inequality of interests between owners and management or agency conflict (Jensen & Meckling 1976). The modern enterprise model developed by Jensen & Meckling (1976) sees companies as legal entities connected by a network of contracts between managers, shareholders, consumers, and other groups within the company (including employees). This model analyzes the impact of agency conflict in company decisions. This conflict can occur between managers and shareholders, shareholders with creditors, and creditors with management. Settlement of agency conflicts will contain costs (for example: costs for monitoring management activities by shareholders). Dividend policy, investment decisions, and spending are ways that can be taken by management to avoid conflicts of interest with shareholders so that market price increases and the value of shareholders increases. 2 RESEARCH METHODS Basically, investment decisions in the company consist of two forms, namely investment in fixed assets (capital budgeting) and current assets (investment in securities). Optimal investment decisions are investment decisions that are able to provide optimal

Abstrak: Penelitian ini bertujuan untuk mengetahui pengaruh struktur modal, likuiditas dan profitabilitas terhadap nilai perusahaan sektor otomotif yang terdaftar di Bursa Efek Indonesia tahun 2017-2020. Jenis penelitian ini adalah penelitian kuantitatif. Metode pengambilan sampel yang digunakan dengan metode purposive sampling. Sampel yang diperoleh sebanyak 10 perusahaan otomotif yang terdaftar di BEI dari tahun 2017 hingga 2020. Untuk menjawab hipotesis, penelitian ini menggunakan analisis regresi linier berganda. Hasil yang ditemukan dalam penelitian ini adalah struktur modal berpengaruh positif terhadap nilai perusahaan, likuiditas berpengaruh negatif terhadap nilai perusahaan, dan profitabilitas berpengaruh positif terhadap nilai perusahaan. Kata Kunci: struktur modal, likuiditas, profitabilitas, nilai perusahaan

Purpose:This study aims to analyze the influence of corporate governance, corporate social responsibility on the financial performance of the banking sector as it is listed in the Indonesian Stock Exchange. Design/Methodology/Approach: This explanatory research uses secondary data in the form of Annual Corporate Financial Reports. Sample was selected by census techniques with a length of observation of 5 years from 2012 to 2016. The data analysis technique uses multiple regression models. Findings: The results of the study show that corporate social responsibility does not have any significant effect on financial performance as measured by the Return on Assets (ROA). Corporate governance does not have any significant effect on financial performance. Another finding is that social responsibility and governance have a positive direction with financial performance. Practical Implications: The good corporate governance and social responsibility will improve the banking's financial performance. The success of the company in improving its financial performance is inseparable from the application of good corporate governance. Originality/Value: The study implies a recommendation for the banking sector in Indonesia which is needed to improve the corporate governance and then the financial performance. Banking sector companies must pay attention and increase social responsibility because it can improve the company's financial performance.

Kinerja keuangan suatu perusahaan dapat diartikan sebagai prospek atau masa depan, pertumbuhan dan potensi perkembangan yang baik bagi perusahaan. Penelitian ini bertujuan untuk menguji perbandingan kinerja keuangan antara perusahaan milik negara dengan perusahaan milik swasta dalam industri farmasi yang terdaftar di Bursa Efek Indonesia periode 2015-2019. Metode pengambilan sampel menggunakan purposive sampling dengan kriteria tertentu. Populasi dalam penelitian ini adalah 10 perusahaan dan Sampel yang digunakan adalah 6 perusahaan farmasi. Metode analisis data yang digunakan dalam penelitian ini adalah uji independent sample t- test. Variabel yang digunakan untuk membandingkan kinerja keuangan adalah Quick Ratio (QR), Debt to Equity Ratio (DER), Operating Profit Margin (OPM), Return On Equity (ROE), Inventory Turn Over (ITO),Net Profit Margin (NPM). Hasil penelitian dengan uji beda dua rata-rata menunjukkan bahwa tidak ada perbedaan signifikan rasio keuangan yang terdiri dari QR, OPM, ROE, ITO, dan antara perusahaan farmasi milik negara dengan perusahaan farmasi milik swasta yang terdaftar di Bursa Efek Indonesia selama periode penelitian. Sedangkan DER terdapat perbedaan yang signifikan diantara keduanya pada periode penelitian. Secara keseluruhan, kinerja keuangan BUMN farmasi lebih baik dari pada BUMS farmasi yang terdaftar di BEI pada periode penelitian.