Struktur modal, profitabilitas, dan nilai perusahaan: Efek moderasi Good Corporate Governance

Abstract

The research aims to investigate the effects of capital structure and profitability on firm value with Good Corporate Governance (GCG) as its moderating variable. This study uses annual financial report data obtained from 27 companies listed in the Index Business 27 for years 2014-2016. Data collection techniques using purpose sampling method with a sample of 23 companies. Analysis of this study using with STATA 11 program. The results show that the capital structure does not significantly affect the value of the company with Good Corporate Governance as a moderating variable, while profitability significantly influences the value of the company with GCG as its moderating variable.

The Influence of the Fundamental Factors on Plantation Companies’ Firm Value on the Indonesia Stock Exchange

“…lower the FV and vice versa. It is same as previously conducted byDewi & Wirajaya (2013);Noviani et al (2019); …”

“…If the stock price rises, FV will increase. FV can be described from company management as good or bad management will affect the FV (Noviani et al, 2019).…”

“…Capital structure is crucial in company funding decisions. The capital structure theory explains that a company can balance costs arising from debt with benefits, there will be no problems then the capital structure can increase company profits and welfare through the increase in FV (Noviani et al, 2019). The debt to equity ratio (DER) is the debt ratios that is predicted to affect FV.…”

The The Effect Of Profitability, Size And Liquidity on Firm Value in Consumer Goods Industry Listed on The Indonesia Stock Exchange (IDX)

“…Hal itu sejalan dengan penelitian yang dilakukan Yunita & Artini, (2019) yang menyatakan bahwa nilai perusahaan adalah indikator yang penting dalam menilai kinerja suatu perusahaan, besar kecilnya nilai perusahaan dapat mempengaruhi investor dalam melakukan investasinya. Sedangkan Noviani et al (2019) menjelaskan bahwa nilai perusahaan dapat tercermin dari harga saham, semakin tinggi harga saham maka semakin tinggi tingkat pengembalian investor dan semakin tinggi nilai perusahaan tersebut.…”

“…Profitabilitas merupakan indikator kinerja manajemen yang ditunjukkan melalui perolehan laba selama mengelola kekayaan perusahaan. Semakin besar jumlah profitabilitas perusahaan yang tercatat pada laporan keuangan dapat diartikan bahwa kinerja perusahaan tersebut baik, maka peluang perusahaan pada masa yang akan datang semakin baik (Noviani et al, 2019).…”