Analysis of The Impact of Corporate Governance On Profitability and Firm Value During The Covid-19 Pandemic
https://doi.org/10.35877/454RI.qems2072
Keywords:
corporate governance, profitability, firm value
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Abstract
This study aims to analyze the effect of Independent Commissioner s, managerial ownership and audit committees on profitability and firm value in the Indonesian capital market, namely manufacturing companies on the Indonesia Stock Exchange (IDX). This research is expected to provide insight and enrich scientific knowledge about the relationship between corporate governance to profitability and company value, especially during the Covid-19 pandemic. This research was conducted using a quantitative approach. The sampling technique used in this research is purposive sampling method. The companies included in the sample of this study are manufacturing companies that are always listed on the IDX from 2020 to 2021. The total sample in this study is 60 companies. Based on the results of the regression analysis and mediation test, it can be concluded that the variables of Independent Commissioner s, managerial ownership, audit committees have no significant effect on profitability and firm value. Profitability is not able to mediate the relationship between Independent Commissioner s, managerial ownership and audit committee on firm value. However, profitability has a positive and significant effect on firm value.
References
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Mulyadi, R. 2017. Pengaruh Karakteristik Komite Audit dan Kualitas Audit terhadap Profitabilitas Perusahaan. Jurnal Akuntansi, Vol. 4(2), pp. 22 – 35.
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Sartono, A. 2015. Manajemen Keuangan Teori dan Aplikasi. Edisi Keempat. Yogyakarta: BPFE.
Saunders, M., Lewis, F., Thornhil, A. 2016. Research Methods for Business Students, Italy: Pearson Education
Sofyaningsih, S. dan Hardaningsih, P., 2011. Pengaruh Struktur Kepemilikan, Kebijakan Dividen, Kebijakan Utang Dan Nilai Perusahaan. Dinamika Keuangan dan Perbankan. Vol. 3(1), pp. 68-87.
Sucuahi, W., dan Cambarihan, J., 2016. Influence of Profitability to the Firm Value of Diversified Companies in the Philippines. Accounting and Finance Research, Vol. 5(2), pp. 149-153.
Sugiyono. 2017. Metode Penelitian Kuantitatif, Kualitatif dan R&D. Bandung: Alfabeta, CV.
Thaharah, N. dan Asyik. N.F., 2016. Pengaruh Mekanisme Corporate Governance Dan Kinerja Keuangan Terhadap Nilai Perusahaan LQ 45. Jurnal Ilmu Dan Riset Akuntansi, Vol. 5(2), pp. 1– 18.
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www.idx.co.id
Brigham, E., & Daves, Philip. 2018. Intermediate Financial Management. 13th Edition. South-Western:Cengage.
Brigham, E.F. dan Houston, J.F. 2011. Dasar-dasar Manajemen Keuangan, Edisi 11, Penerjemah Ali Akbar Yulianto, Salemba Empat, Jakarta.
Candradewi, I. dan Sedana, I.B.P. 2016. Pengaruh Kepemilikan Manajerial, Kepemilikan Institusional dan Dewan Komisaris Independen Terhadap Return on Asset. E-Jurnal Manajemen Unud. Vol.5, No. 5. pp.3163-3190
Creswell, J.W. 2014. Research Design, Qualitative, Quantitativem and Mixed Methods Approaches. USA: Sage Publi-cations, Inc.
Danoshana, S. and Ravivathani, T. 2019. The Impact of The Corporate Governance on Firm Performance: A Study Financial Institutions in Sri Lanka. SAARJ Journal on Banking & Insurance Research. Vol. 8 No. 1, pp. 62-67
Debby, J.F., Mukhtaruddin, Yuniarti, E., Saputra, D. dan Abukosim. 2014. Good Corporate Governance, Company’s Characteristics and Firm’s Value: Empirical Study of Listed Banking on Indonesian Stock Exchange. GSTF Journal on Business Review (GBR), Vol.3(4), pp.81-88
Dewi, L.S. dan Abundanti, N., 2019. Pengaruh Profitabilitas, Likuiditas, Kepemilikan Institusional dan Kepemilikan Manajerial terhadap Nilai Perusahaan. E-Jurnal Manajemen, Vol. 8(10), pp. 6099-6118.
Eberhart, R. 2012. Corporate Governance Systems and Firm Balue: Empirical Evidence from Japan’s Natural Exper-iment. Journal of Asia Business Studies, Vol.6,No.2.
Forum for Corporate Governance in Indonesia (FCGI) 2011 (www.fcgi.or.id)
Gujarati, D.N. 2011. Econometrics By Example. New York: Palgrave Macmillan.
Husnan, S. dan Pudjiastuti, E. 2015. Dasar-Dasar Manajemen Keuangan, Edisi Ketujuh. Yogyakarta: UPP STIM YKPN.
Islami, N.W. 2018. Pengaruh Corporate Governance Terhadap Profitabilitas Perusahaan. Jurnal Jibeka. Vol. 12 No. 1, pp 54-58
Jensen, M.C., and Meckeling, W.H., 1976, Theory of The Firm : Managerial Behavior, Agency Cost and Ownership Structure, Journal of Financial and Economics, Vol. 3(4), pp. 305 – 360.
Kasmir. 2016. Analisis Laporan Keuangan. Jakarta: Raja Grafindo Persada.
Khan, A. dan Awan, S.H., 2012. Effect of Board Composition on Firm’s Performance: A Case of Pakistani Listed Companies. Interdisciplinary Journal of Contemporary Research in Business, Vol. 3(10), pp. 853-863.
Kumai, B., Love O., and Kabiru I. 2014. The Impact of ownership Structure on the Financial Performance of Listed Insurance Firms in Nigeria. International Journal of Academic Research in Accounting, Finance and Man-agement Sciences, 4 (1), pp: 409–416.
Latief, R., Raza, S.H., and Gillani, S.A.H., 2014. Impact of Corporate Governance on Performance of Privatized Firms; Evidence from Non-Financial Sector of Pakistan. Middle-East Journal of Scientific Research, Vol.19(3), pp. 360-366.
Martsila, I.S., dan Meiranto, W., 2013. Pengaruh Corporate Governance terhadap Kinerja Keuangan Perusahaan. Diponegoro Journal of Accountin, Vol. 2(4), pp: 1-14
Masruhah, A. dan Junaidi, M. 2021. Analisis Pengaruh Kinerja Keuangan, Good Corporate Governance, Corporate Social Responsibility terhadap Nilai Perusahaan LQ-45 di Masa Pandemi Covid-19. E-JRA. 10(06), pp: 84-91
Mishra, R. and Kapil, S. 2017, Effect of ownership structure and board structure on firm value: evidence from In-dia, Corporate Governance, Vol. 17 No. 4, pp. 700-726.
Mishra, S. dan Mohanty, P. 2014. Corporate Governance As a Value Driver for Firm Performance: Evidence from India, Corporate Governance, Vol.14(2), pp.265-280
Mulyadi, R. 2017. Pengaruh Karakteristik Komite Audit dan Kualitas Audit terhadap Profitabilitas Perusahaan. Jurnal Akuntansi, Vol. 4(2), pp. 22 – 35.
Raghunandan, K., Rama, D.V., and William, J., 2001. Audit Committee Composition, Gray Directors and Interaction with Internal Auditing. Accounting Horizons, Vol. 15(2), pp. 105 – 118.
Raharja, R.S.P., 2014. Analisis Pengaruh Corporate Governance Terhadap Nilai Perusahaan. Diponegoro Journal of Accounting. Vol. 3(3), pp: 1-13
Ross, S.A., Randolph, W. Westerfield, Bradford D. Jordan, Joseph L. dan Ruth T., 2018, Pengantar Keuangan Perus-ahaan: Fundamentals of Corporate Finance, Edisi Global Asia, Buku 1, Jakarta Selatan: Salemba Empat.
Salvatore, D, 2011. Managerial Economic: Ekonomi Manajerial dalam Perekonomian Global. Edisi Kelima. Ter-jemahan Ichsan Setyo Budi. Penerbit Salemba Empat. Jakarta
Sartono, A. 2015. Manajemen Keuangan Teori dan Aplikasi. Edisi Keempat. Yogyakarta: BPFE.
Saunders, M., Lewis, F., Thornhil, A. 2016. Research Methods for Business Students, Italy: Pearson Education
Sofyaningsih, S. dan Hardaningsih, P., 2011. Pengaruh Struktur Kepemilikan, Kebijakan Dividen, Kebijakan Utang Dan Nilai Perusahaan. Dinamika Keuangan dan Perbankan. Vol. 3(1), pp. 68-87.
Sucuahi, W., dan Cambarihan, J., 2016. Influence of Profitability to the Firm Value of Diversified Companies in the Philippines. Accounting and Finance Research, Vol. 5(2), pp. 149-153.
Sugiyono. 2017. Metode Penelitian Kuantitatif, Kualitatif dan R&D. Bandung: Alfabeta, CV.
Thaharah, N. dan Asyik. N.F., 2016. Pengaruh Mekanisme Corporate Governance Dan Kinerja Keuangan Terhadap Nilai Perusahaan LQ 45. Jurnal Ilmu Dan Riset Akuntansi, Vol. 5(2), pp. 1– 18.
Trinh, T.H., Duyen, T.T.T., Thao, N.T. 2015. The Impact of Corporate Governance on Financial Risk in Vietnamese Commercial Banks. International Journal of Economics and Finance, Vol. 7(7), pp. 123-130
www.idx.co.id
Published
2023-10-13
Issue
Section
Articles
How to Cite
Made Reina Candradewi, & Henny Rahyuda. (2023). Analysis of The Impact of Corporate Governance On Profitability and Firm Value During The Covid-19 Pandemic. Quantitative Economics and Management Studies, 4(6), 1141-1156. https://doi.org/10.35877/454RI.qems2072
