Understanding Company Values Through Good Corporate Governance Mediation

Florencius Bona Marihot Damanik; Kesi  Widjajanti; Dian Indriana Tri Lestari

doi:10.35877/454RI.qems2649

Florencius Bona Marihot Damanik Master of Management Study Program, Semarang University, Semarang, Indonesia (ID)
Kesi Widjajanti Master of Management Study Program, Semarang University, Semarang, Indonesia (ID)
Dian Indriana Tri Lestari Master of Management Study Program, Semarang University, Semarang, Indonesia (ID)

https://doi.org/10.35877/454RI.qems2649

Keywords: Investment, Funding, Dividends, GCG, Company Value

Viewed = 0 time(s)

Abstract

The aim of this research is to determine the influence of investment policies, policies funding and dividend policy on company value and the role of good corporate governance (GCG) in mediating the influence of investment policies and policies funding and dividend policy on company value. This research is quantitative research using secondary data manufacturin companies listed on the Indonesia Stock Exchange (BEI) within a year period 2018 to 2022. Sample selection used the purposive sampling method thus obtaining 37 companies that met the criteria from a total population of 239 manufacturing company. This research was tested using the Structural Equation analysis method Modeling (SEM) with the Smart PLS 3.0 program. The research results show that GCG is not successful in mediating the influence of policy investment, funding policy and dividend policy on company value, though investment policy has a positive and significant effect on GCG, funding policy has a positive and significant effect on GCG, investment policy has a positive and significant effect significant to company value and dividend policy has a negative and significant effect on company value. Then, dividend policy has a negative or negative effect significant to GCG. GCG has a positive and insignificant effect on value company. Funding policy has a positive and insignificant effect on value company.

Author Biography

Florencius Bona Marihot Damanik, Master of Management Study Program, Semarang University, Semarang, Indonesia

References

A.A Gde Satia Utama, R. Z. A. (2018). PENGARUH KEBIJAKAN PENDANAAN, KEBIJAKAN INVESTASI, DAN KEBIJAKAN DIVIDEN TERHADAP NILAI PERUSAHAAN DENGAN RISIKO BISNIS SEBAGAI VARIABEL PEMODERASI (Studi Empiris Pada Perusahaan yang tergabung dalam Indeks LQ45 2011-2015). Jurnal Riset Akuntansi Dan Bisnis Airlangga, 3(1). https://doi.org/10.31093/jraba.v3i1.95
Agung, G., Hasnawati, S., & Huzaimah, R. A. F. (2021). The Effect of Investment Decision, Financing Decision, Dividend Policy on Firm Value. Jurnal Bisnis Dan Manajemen, 1–12. https://doi.org/10.23960/jbm.v17i1.189
Bringham, Eugane dan Houston, & F, J. (2013). Dasar-Dasar Manajemen Keuangan. In Salemba Empat : Jakarta.
Chaidir, R., Rosidi, R., & Andayani, W. (2022). The effect of policy on debt and profitability with firm values with corporate governance as moderate variables. International Journal of Research in Business and Social Science (2147- 4478), 10(8), 39–46. https://doi.org/10.20525/ijrbs.v10i8.1492
Devi, N. L. N. S., & Manuari, I. A. R. (2021). Analisis Faktor-Faktor yang Memengaruhi Nilai Perusahaan Manufaktur yang Terdaftar di Bursa Efek Indonesia. E-Jurnal Akuntansi, 31(12), 3148. https://doi.org/10.24843/eja.2021.v31.i12.p09
Exchange, S. (2023). The Role of Good Corporate Governance in the Relationship between Investment Decisions , Funding Decisions , and Dividend Policy on Firm Value. 7(1), 619–629.
Hanapi, Fachrudin, K. A., & Silalahi, A. S. (2022). The Effect of Investment and Funding Policies on Firm Value with Dividend Policy as a Moderating Variable in Banking Companies That are Members of the LQ-45 Index. International Journal of Research and Review, 9(8), 238–257. https://doi.org/10.52403/ijrr.20220822
Henryanto Wijaya, C. K. O. (2021). Faktor-Faktor Yang Mempengaruhi Nilai Perusahaan Yang Terdaftar Di Bursa Efek Indonesia. Jurnal Paradigma Akuntansi, 3(2), 687. https://doi.org/10.24912/jpa.v3i2.11718
Indarti, I., Adnanti, W. A., & Sari, N. P. C. (2021). The Effect of Debt Policy, Investment Decision, and Profitability on Firm Value (at Food and Beverages Companies Listed on the Indonesian Stock Exchange in 2017 …. … : Jurnal Ekonomi Dan …. http://jurnal.stieanindyaguna.ac.id/index.php/ /article/view/13
Indrarini, S. (2019). Nilai Perusahaan Melalui Kualitas Laba:(Good Governance dan Kebijakan Perusahaan). Scopindo Media Pustaka, 102. https://books.google.com/books/about/NILAI_PERUSAHAAN_MELALUI_KUALITAS_LABA.html?hl=id&id=4wTFDwAAQBAJ
Isnurhadi, Y., & Bakar, S. W. (2015). Pengaruh Keputusan Investasi, Pendanaan dan Dividen terhadap Nilai Perusahaan dengan Risiko sebagai Variabel Mediasi. Management Analysis Journal, 4(4), 281–291.
Meidiaswati, H. (2023). Investment Decisions, Funding Decisions, Dividend Policy and Their Effect on the Value of Food and Beverage Companies on the Indonesia Stock Exchange. Sinergi : Jurnal Ilmiah Ilmu Manajemen, 13(1), 1–9. https://doi.org/10.25139/sng.v13i1.5566
Mubaraq, M., Rahayu, S. M., Saifi, M., & Darmawan, A. (2020). The Moderating Effect of Corporate Governance on the Relationship between Dividend Policy, Capital Structure, and Firm Value: Evidence from Indonesian Manufacturer Companies. European Journal of Molecular & Clinical Medicine, 07(03), 4402–4412.
Octavianingrum, P., & Aufa, M. (2023). The Effect of Profitability, Investment Decisions, Funding Decisions and Dividend Policy on Firm Value. Journal Universitas Muhammadiyah Gresik Engineering, Social Science, and Health International Conference (UMGESHIC), 2(1), 63. https://doi.org/10.30587/umgeshic.v2i1.5120
Prabowo, T. J. wahyu, & Stephanie, J. (2017). Analisis Faktor-faktor yang Mempengaruhi Auditor Switching. Journal of Accounting, 6(3), 1–12.
Rindi Hariyanur, Ratna Septiyanti, & Agus Zahron Idris. (2022). The effect of investment and financing decision, dividend policy and cost of capital on Indonesian firm value. Asian Journal of Economics and Business Management, 1(2), 74–81. https://doi.org/10.53402/ajebm.v1i2.121
Sulhan, M., & Purnamasari, P. E. (2020). The Effect of Funding Policy, Investment Policy, and Dividend Policy on the Firm Value through Good Corporate Governance as an Intervening Variable. Global Review of Islamic Economics and Business, 8(1), 049. https://doi.org/10.14421/grieb.2020.081-05
Susilo, A., Sulastri, S., & Isnurhadi, I. (2018). Good Corporate Governance, Risiko Bisnis Dan Kinerja Keuangan Terhadap Nilai Perusahaan. Jurnal Analisis Bisnis Ekonomi, 16(1), 63–72. https://doi.org/10.31603/bisnisekonomi.v16i1.2132
Tania Rahmadi, Z., & Wahyudi, M. A. (2021). Pengaruh Good Corporate Governance (Struktur Kepemilikan Institusional dan Kepemilikan Manajerial) Terhadap Nilai Perusahaan Manufaktur di BEI 2017-2018. Jurnal Rekaman, 5(1), 104–114.
Tjahjono, A., & Chaeriyah, S. (2017). Pengaruh Good Corporate Governance Terhadap Nilai Perusahaan Dengan Variabel Intervening Profitabilitas (Studi Pada Perusahaan Manufaktur Yang Terdaftar Di Bursa Efek Indonesia Tahun 2010-2014). Jurnal Kajian Bisnis, 25(1), 13–39.
Wachid Habil Amirullah, & Ulfi Pristiana. (2022). The Effect of Investment Decisions and Funding Decisions on Company Value with Good Corporate Governance as a Moderating Variable in Food and Beverage Companies Listed on the IDX for the 2017-2020 Period. Jurnal Ekonomi Manajemen (Jem17), 213–234.
Wahyuni, F., & Amanati, H. T. (2019). Investment Decisions, Funding Decisions, Dividend, and Firm Value (Study of Companies Listed on the Indonesia Stock Exchange). https://doi.org/10.2991/icaf-19.2019.11