The Effects of Capital Structure and Good Corporate Governance on Company Value
DOI:
https://doi.org/10.61841/2g88mp76Keywords:
Capital structure, GCG, Independent commissioner, Institusional ownership, Corporate valueAbstract
This study aims to analyze the effect of capital structure and good corporate governance on firm value in the plantation subsector listed on the IDX for the period 2012-2016. Capital structure is measured by debt-to-equity ratio, good corporate governance is measured by independent commissioners and institutional ownership, and company value is measured by Tobin’s Q. The research method used is a descriptive statistical method. The tests performed consist of classical assumption tests, panel data tests, F tests, and t tests. The population in this study is the plantation sub-sector companies listed on the Stock Exchange in the period of 2012-2016, as many as 16 companies. The selection of samples used is the purposive sampling method, with the number of sample companies, namely as many as 9 companies. The data analysis used is panel data regression analysis with multiple linear regression methods at a significance level of 5%. The results showed that capital structure as measured by debt-to-equity ratio had a positive effect on firm value, good corporate governance (GCG) as measured by independent commissioners had no effect on company value, and good corporate governance as measured by institutional ownership had a positive effect on firm value.
Downloads
References
[1] Anggunsari, Shafira. 2017. Pengaruh Mekanisme Good Corporate Governance dan agency Cost Terhadap Nilai Perusahaan Pada Perusahaan Yang Terdaftar Dalam Indeks LQ-45 Periode 2012-2016. Skripsi. Fakultas Bisnis dan Manajemen, Universitas Widyatama. Bandung.
[2] Apriada, Kadek dan Made Sadha Suardikha. 2016. Pengaruh Struktur Kepemilikan Saham, Struktur Modl dan Profitabilitas pada Nilai Perusahaan. EiJurnal Ekonomi dan Bisnis 5.2: 201-218. ISSN: 2337-3067. Fakultas Ekonomi dan Bisnis, Universitas Udayana, Bali.
[3] Chowdury, Anup dan Duman Paul Chowdhury. 2010. Impact of Capital Structur on Fim’s Values. Peerreviewed and Open Access Journal. Business and Economic Horizons. Volume 3, Issue 3, October, PP.111-122. ISSN: 1804-1206. Brac Business School, BRAC University. Bangladesh.
[4] Dewi, Laurensia Chintia. 2014. Pengaruh Struktur Kepemilikan dan Dewan Komisaris Independen Terhadap Nilai Perusahaan (Studi Pada Perusahaan Industri Barang Konsumsi di BEI Tahun 2011-2013). Kinerja, Volume 18, Nio.1, Th.2014: Hal.64-80. Universitas Kristen Satya Wacana.
[5] Ghozali, Imam. 2013. Aplikasi Analisis Multivariate. Edisi 7. Semarang: Universitas Diponegoro
[6] Hamidy, Rahman Rusdi, dkk. (2015). Pengaruh Struktur Modal Terhadap Nilai Perusahaan Dengan Profitabilitas Sebagai Variabel Intervening Pada Perusahaan Properti dan Real Estate di Bursa Efek Indonesia. E-jurnal Ekonomi dan Bisnis Universitas Udayana 4.10 (2015):665-682. ISSN:2337-3067. Fakultas Ekonomi dan Bisnis, Universitas Udayana (Umud), Bali.
[7] Hariyawan, Bayu Eko. 2017. Pengaruh Struktur Modal, Ukuran, Profitbilitas Terhadap Nilai Perusahaan Dengan Pertumbungan Sebagai Moderating. Jurnal Umum dan Riset Akuntansi, Volume 6, Nomor 6, Juni. ISSN:2460-0585. Sekolah Tinggi Ilmu Ekonomi Indonesia.
[8] Hussain, H.I., Ali, A., Thaker, H.M.T., & Ali., M. (2019) Firm Performance and Family Related Directors: Empirical Evidence from an Emerging Market, Contemporary Economics, 13 (2), 187-204.
[9] K, Priya, dkk. 2015. Impact fo Capital Structure on The Firm Value: Case Study of Listed Manufacturing Companies in Sr Lanka. Scholars Word-IRMJCR. Volume III, Issue I, January, (47). ISSN (online): 2320-3145, ISSN (print): 2319-5789.
[10] Kusumaningtyas, Titah Kinanti. 2015. Pengaruh Good Corporate Governance Terhadap Nilai Perusahaan yang Terdaftar Pada Indeks Sri-Kehati. Jurnal Ilmu dan Riset Akuntansi, Vol.4, No.7 (2015). Sekolah Tinggi Ilmu Ekonomi Indonesia (STIESIA), Surabaya.
[11] Nabela, Yoandhika. 2012. Pengaruh Kepemilikan Institusional, Kebijakan Dividen, dan Profitabilitas terhadap Kebijakan Hutang pada Perusahaan Properti dan Real Estate di Bursa Efek Indonesia. Jurnal Manajemen. Vol.01, No.01.[12] Nuraina, Elva. 2012. Pengaruh Kepemilikan Institusional dan Ukuran Perusahaan Terhadap Kebijakan Hutang dan Nilai Perusahaan (Studi pada Perusahaan Manufaktur yang Terdaftar di BEI). Jurnal Bisnis dan Ekonomi (JBE), Hal.110-125. ISSN: 1412-3126. IKIP PGRI, Madiun.
[13] Onasis, Kristie dan Robin. 2016. Pengaruh Tata Kelola Perusahaan Terhadap Nilai perusahaan Pada Perusahaan Sektor Keuangan yang Terdaftar di BEI. Jurnal. Volume 20, Nomor 1. Program Studi Manajemen, Universitas Internasional, Batam.
[14] Praditia, Okta Rezika. 2010. Analisis Pengaruh Mekanisme Good Corporate Governance Trhadap Manajemen Laba dan Nilai Perusahaan Pada Perusahaan Manufaktur yang Terdaftar di Bursa Efek Indonesia (BEI) pada Tahun 2005-2008. Fakultas Ekonomi, Universitas Diponegoro. Semarang.
[15] Rasyid, Abdul. 2015. Effect of Ownership Structure, Capital Structure, Profitability and Company’s Growth Towards Firm Value. International Journal Business and Management Invention. Volume 4, Issue
4, April. PP-25-31. ISSN (online): 2319-8028, ISSN (print): 2319-801X.University of YAPIS. Papua, Jayapura.
[16] Santoso, Agus. 2017. Pengaruh Good Corporate Governance Terhadap Nilai PERUSAHAAN Dengan Kinerja Keuangan Sebaga Variabel Intervening. Prosiding Seminar Nasional dan Call For Paper Ekonomi dan Bisnis. ISSN:978-602-5617-01-0. Universitas Jember, Jember. (asministrasi.studentjournal.ub.ac.id)
[17] Sarafina, Salsabila dan Muhammad Saifi. 2017. Pengaruh Good Corporate Governance Terhadap Kinerja Keuangan dan Nilai Perusahaan (Studi Pada Badan Usaha Milik Negara (BUMN) yang Terdaftar di Bursa Efek Indonesia Periode 2012-2015. Jurnal Administrasi Bisnis (JAB), Vol.50, No.3, September. Fakultas Ilmu Administrasi, Universitas Brawijaya, Malang.
[18] Saudi, M.H.M., Sinaga, O. & Rospinoedji, D., The role of tax education in supply chain management: A case of Indonesian supply chain companies, Polish Journal of Management Studies 18(2):304-319, December 2018.
[19] Sinarmayarani, Adhita. 2016. Pengaruh Kepemilikan Insttusional dan Profitabilitas Terhadap Nilai Perusahaan Melaui Kebijakan Dividen. Jurnal Ilmu dan Riset Manajemen, Volume 5, Nomor 5, Mei. ISSN:2461-0593. Sekolah Tinggi Ilmu Ekonomi Indonesia, Surabaya.
[20] Sjahrial, Dermawan dan Djahotman Purba. 2013. Analisis Laporan Keuangan. Jakarta: Mitra Wacana Media
[21] Suryanto dan R. Meisa Dai. 2016. Good Corporate Governance, Capital Structure, and Firm’s Values: Empirical Studies Food and Beverage Companiesin Indonesia. European Journal of Accounting, Auditing and Finance Research. Vol.4, No.11, pp.35-49, December. ISSN (online): 2053-4094, ISSN (print): 2053- 4086. Department of Business Administration, Universitas Padjadjaran. Bandung.
[22] Syahadatina, Fifin. 2015. Pengaruh Size dan Struktur Modal Terhadap Nilai Perusahaan yang Dimediasi Oleh Leverage. Jurnal Ilmu dan Riset Manajemen, Voume 4, Nomor 8. Sekolah Tinggi Ilmu Ekonomi Indonesia, Surabaya.
[23] Utami, Eristy Minda dan Riski Taufik Hidayah. 2017. The Influence of Capital Structure on Earning Per Share (EPS). Jurnal Riset Manajemen Sains Indonesia (JRMSI), Vol.8, No.2. E-ISSN:2301-8313. Fakultas Bisnis dan Manajemen, Universitas Widyatama, Bandung.
[24] Yuniar, Chintya Ratna. 2016. Pengaruh Good Corporate Governance dan Struktur Modal Terhadap Nilai Peusahaan Pada Perusahaan Perbankan Go Public Periode 2010-2014. Skripsi. Fakultas Bisnis dan Manajemen, Universitas Widyatama. Bandung.
[25] Jokar, M., Zahraseifi, Baradaranfard, F., Khalili, M., Bakhtiari, S. The effects of lavender aromatherapy on menopausal symptoms: A single-blind randomized placebo-controlled clinical trial(2018) International Journal of Pharmaceutical Research, 10 (4), pp. 182-188. https://www.scopus.com/inward/record.uri?eid=2-s2.0-85057176616&partnerID=40&md5=c977421ce8e00b0f98bfbb3eb152ca5f
[26] Hetal Patel, Mukesh Gohel (2016) A Review On Development Of Multifunctional Co-Processed Excipient. Journal of Critical Reviews, 3 (2), 48-54.
[27] Krishnan Vengadaragava Chary. "Contemporary Drugs and Biologics with Special Significance." Systematic Reviews in Pharmacy 7.1 (2016), 20-23. Print. doi:10.5530/srp.2016.7.2
Downloads
Published
Issue
Section
License
Copyright (c) 2020 AUTHOR
This work is licensed under a Creative Commons Attribution 4.0 International License.
You are free to:
- Share — copy and redistribute the material in any medium or format for any purpose, even commercially.
- Adapt — remix, transform, and build upon the material for any purpose, even commercially.
- The licensor cannot revoke these freedoms as long as you follow the license terms.
Under the following terms:
- Attribution — You must give appropriate credit , provide a link to the license, and indicate if changes were made . You may do so in any reasonable manner, but not in any way that suggests the licensor endorses you or your use.
- No additional restrictions — You may not apply legal terms or technological measures that legally restrict others from doing anything the license permits.
Notices:
You do not have to comply with the license for elements of the material in the public domain or where your use is permitted by an applicable exception or limitation .
No warranties are given. The license may not give you all of the permissions necessary for your intended use. For example, other rights such as publicity, privacy, or moral rights may limit how you use the material.
