Analisa Pengaruh Corporate Governance, Ownership Structure, dan Cash on Hand Terhadap Nilai Perusahaan

Abstract

The purpose of this study was to investigate the effects of corporate governance, ownership structure, and cash on hand on Firm Value on manufacturing companies listed in Indonesia Stock Exchange. The dependent used in this study was the firm value whereas the independent used in this study were the corporate governance, ownership structure, and cash on hand. This study used these following measurement methods: Tobin’s Q - used to measure the firm value; board size, independent director, and audit quality were used to measure the corporate governance, proportion of managerial ownership was used to measure the ownership structure, and natural logarithm of year-end cash was used to measure the cash on hand. This study also used the leverage, firm size, firm age, and dividend payment as controlling variables. The sample of this study consisted of 74 manufacturing firms obtained from Indonesia Stock Exchange from year 2014 to 2017. The technique used for this analysis was the multiple regression. The result of this study suggested that the cash on hand had negative and significant effects on firm value when the leverage, firm size, firm age, and dividend payment were used as controlling variables. On the other hand, this study also suggested that the corporate governance and managerial ownership had no significant effect on the firm value when the leverage, firm size, firm age, and dividend payment were used as controlling variables. Keywords: firm value, corporate governance, ownership structure, cash on hand

Cash Holdings, Dividend Payout, and Corporate Value: The Role of Institutional Investors

“…Unprofitable investment can cause a decrease in corporate value. The statement is supported by research conducted by Toly et al (2019) and Asante-Darko et al (2018), who discovered that cash holdings negatively influence the value of the company. Accordingly, this study's first hypothesis is the following: H1: Cash holdings have a negative influence on corporate value Dividend payout is one of the agency conflict mechanisms.…”

“…This negligence could contribute to the company's value declining. The results of previous research regarding the negative impact of cash holdings on corporate value were conducted by Toly, Claudya, Santoso, & Grace (2019) and Asante-Darko, Adu Bonsu, Famiyeh, Kwarteng, & Goka (2018). Research conducted by Bhuiyan & Hooks (2019) also found that a company's cash holdings positively affect overinvestment.…”

Respon Pasar Atas Pengungkapan Emisi Karbon Di Indonesia : Bagaimana Peran Tata Kelola Perusahaan?

“…Pengujian nilai perusahaan telah dilakukan dalam konteksi karakteristik perusahaan seperti profitabilitas ( (Mabruroh et al, (2015); Putri & Tartilla, 2018); Suwardika & Mustanda, (2017); Apriliyanti et al, (2019); Christiani & Herawaty, (2019)), ukuran perusahaan Putri & Tartilla, (2018); Suwardika & Mustanda, (2017); Price Earnings Ratio ( (Mabruroh et al, (2015); Languju et al, (2016)), pertumbuhan perusahaan ( (Suwardika & Mustanda, (2017); Suastini et al, (2016)), pertumbuhan penjualan ( (Apriliyanti et al, 2019);Mandalika, (2016)), derivative ( (Firmansyah & Purnama, (2020); Novianti & Firmansyah, (2020)), cash holding ; (Toly et al, (2019); (Cheryta et al, 2018); (Anggraeni et al, 2018)). Informasi terkait dengan karakteristik perusahaan merupakan informasi yang dapat dengan mudah dikenali oleh investor.…”

“…Selain itu, isu pengungkapan menjadi salah satu perhatian bagi investor seperti pengungkapan pengungkapan CSR ( (Rahardjo & Murdani, 2016); (Buchanan et al, 2018); Rjiba et al, (2020); Ronald et al, (2019)), risiko bisnis (Rahman, 2019), modal intelektual (. Putri & Tartilla (2018); Sirojudin & Nazaruddin,( 2014)), good corporate governance (Ararat et al, (2017); Budiyono & Wulansari, (2018);Fatimah, Mardani & Wahono, (2019); Haryono et al (2017); Huang et al, (2020); Santa & Rezende, (2016); Toly et al, (2019); Santi & Wardani, (2018); Nugroho & Agustia, (2017), Buchanan et al, 2018); Pakekong et al, (2019)), pengungkapan karbon ( (Kurnia et al, (2020), Putri & Lautania, (2016); Saka & Oshika, (2014); Hardiyansah et al, (2021); Muhammad & Aryani,( 2021); Alsaifi et al, (2020); (Lee et al, (2015); Matsumura et al, (2014)).…”

Peran Kebijakan Utang Dalam Hubungan Pengungkapan Keberlanjutan dan Nilai Perusahaan

“…Penelitian sebelumnya yang telah menguji nilai perusahaan dilakukan dengan ukuran perusahaan (D. K. Sari & Wahidahwati, 2021;Vernando & Erawati, 2020), pertumbuhan penjualan (Apriliyanti et al, 2019;Suwardika & Mustanda, 2017), profitabilitas (Apriliyanti et al, 2019;Bhimantara & Dinarjito, 2021;Hertina et al, 2019;N. A. Sari & Susilowati, 2021), likuiditas perusahaan (Nasrun & Suyatmin, 2020;Sugiyanto & Setiawan, 2019), kebijakan dividen (Bahrun et al, 2020;Salman et al, 2020), kebijakan utang (Apriliyanti et al, 2019;Carolina et al, 2020;Firmansyah, Setiawan, et al, 2020;Hertina et al, 2019;Nasrun & Suyatmin, 2020;Suripto, 2019;Wulandari et al, 2021), keputusan investasi (Bahrun et al, 2020), revaluasi aset (Salman et al, 2020), kepemilikan instrumen derivatif (Firmansyah & Purnama, 2020;Novianti & Firmansyah, 2020), modal intelektual (Gaol et al, 2021;Josephine et al, 2019), kepemilikan manajerial (Widyaningsih, 2018), kepemilikan institusional (Toly et al, 2019;Widyaningsih, 2018), jumlah dewan direksi (Toly et al, 2019;Utomo & Dianawati, 2017), komisaris independen (Aryanto & Setyorini, 2019;Widyaningsih, 2018), dan komite audit (Aryanto & Setyorini, 2019;Utomo & Dianawati, 2017;Widyaningsih, 2018), pengungkapan tata kelola perusahaan (Damayanti & Firmansyah, 2021;…”