Implementasi Tata Kelola Perusahaan Terhadap Nilai Perusahaan: Studi Empiris pada Perusahaan di Indonesia

2016 ◽  
Vol 7 (2) ◽  
pp. 1-17
Author(s):  
Patricia Diana
Keyword(s):  
Developing Countries ◽  
Corporate Governance ◽  
Financial Performance ◽  
Firm Value ◽  
Stock Exchange ◽  
Investment Decision ◽  
International Market ◽  
Self Assessment ◽  
Result Show ◽  
Observation Period

Indonesia as one of developing countries should prepare for intense business competition in international market by continuously improving their financial performance which reflected by profitability enhancement. In order to achieved this goals, companies should build synergic relationship between stakeholders. Implementation of corporate governance is believed can assist companies in improving firm value by minimizing cost and maximize companies’ profit. This study aims to investigate the effect of corporate governance implementation on Indonesian companies. Corporate Governance Perception Index (CGPI) which establish by Indonesian Institute of Corporate Governance (IICG) used as proxy for corporate governance implementation, and ROA used as proxy for firm value. All the data obtain from Indonesia Stock Exchange (IDX) database and period 2008 to 2012 used as observation period. The result show that implementation of corporate governance has significant effect with firm value proxy by ROA. This study also concludes that market will be more concern on CGPI which generated through documentation and presentation indicators and also observation indicators rather than self-assessment indicators. This indicates that market would trust the information which comes from independen external parties. The result will be useful for investor in making their investment decision which based on profitability consideration. Keywords: Corporate Governance, CGPI, ROA, profitability

Impact of corporate governance on financial performance of sugar sector firms listed in Pakistan stock exchange

2019 ◽  
Vol 12 (2) ◽  
Author(s):  
Muhammad Wasim Jan Khan ◽  
Usman Saeed
Keyword(s):  
Developing Countries ◽  
Corporate Governance ◽  
Financial Performance ◽  
Firm Size ◽  
Stock Exchange ◽  
Balance Sheet ◽  
Board Size ◽  
Return On Equity ◽  
Firm Financial Performance ◽  
Relationship Of

Corporate governance is considered as environment of trust, set of processes, policies and laws affecting the way corporations are administrated and directed. The previous literature in context of the corporate governance relationship with firm financial performance shows controversial findings; similarly literature shows lack of studies in context of developing countries as Pakistan. Therefore, this research explores the relationship of the corporate governance and the firm financial performance in context of developing country as Pakistan. The data has been collected from the sugar sector listed in KSE (Pakistan Stock Exchange), 20 corporations are selected as sample from sugar sector on basis of outstanding shares. Corporate governance taken as independent variable and measured as CEO biformity (CB), board size (BS), firm age (FA), firm size (FS). Financial performance of firms taken as dependent variable and measured as return on asset (ROA), return on equity (ROE), net profit margin (NPM). Data is collected for period of 2000-2013 from reports of the sugar companies listed in KSE (Pakistan Stock Exchange) issued annually and analysis of balance sheet given by State Bank of Pakistan (SBP). Result shows that CEO biformity significantly affecting firm financial performance. Board size (BS) shows partially significant impact on firm financial performance. Firms age (FA) show partially significant impact on firm financial performance. Firm size (FS) shows partially significant impact on firm financial performance. Therefore, conclusion has been drawn based on the results of analysis that this study adds new knowledge to the existing body of knowledge of corporate governance impact on firm financial performance and in context of developing countries as Pakistan. Keywords: Corporate governance, firm financial performance, sugar sector, Pakistan.

scholarly journals The Influence of Good Corporate Governance and Capital Structure on Firm Value: The Mediation Role of Financial Performance

2020 ◽  
Vol 35 (2) ◽  
pp. 230
Author(s):  
Ridwan Nurazi ◽  
Intan Zoraya ◽  
Akram Harmoni Wiardi
Keyword(s):  
Corporate Governance ◽  
Capital Structure ◽  
Financial Performance ◽  
Firm Value ◽  
Stock Exchange ◽  
Linear Regression Analysis ◽  
Multiple Linear Regression Analysis ◽  
Company Value ◽  
Good Corporate Governance ◽  
The Impact

<pre>The objective of this study is empirically identify the impacts of Good Corporate Governance and capital structure on firm value with financial performance as intervening variable. We operate quantitative approach within the scope of manufacturing company of metal, chemical, and plastic packaging sector which listed in Indonesia Stock Exchange during the 2017-2018 periods as the population. Samples are chosen by purposive sampling method inwhich the company must report the financial statement in a row, obtained 79 observations. The data analysis technique used is financial ratio analysis to determine the condition of the business financial ratios of the variables studied. Data were analyzed using multiple linear regression analysis. The result shows that corporate governance and capital structure influence the firm value, moreover the use of institutional ownership ratio and capital structure will increase the value of the firm. The result also shows that the impact of Corporate governance and capital structure on the company value are mediated by financial performance. It means that the value of the firm can increase if the company able became an effective monitoring tool.</pre>

scholarly journals The Impact of Investment Decision and Funding on Financial Performance and Firm Value

2019 ◽  
Vol 8 (2) ◽  
pp. 103
Author(s):  
Hadi Santoso
Keyword(s):  
Data Analysis ◽  
Financial Performance ◽  
Firm Value ◽  
Stock Exchange ◽  
Investment Decision ◽  
Investment Decisions ◽  
The Right ◽  
The Impact ◽  
Selection Of

Managers who are responsible for the management of companies are faced with two important decisions - investment and funding. The right investment decisions and choice of funding sources are important because they affect the company's financial performance. The selection of the types of assets to be invested and the right types of financing sources result in optimal returns for the company. It reflects good company performance and future prospects. In addition, optimal return is a good sign for investors. Companies that perform well experience increase in the value of their firm. This study examined the effect of investment decisions and the selection of appropriate sources of funds on the performance of the company and the consequent impact on the firm value. The study was conducted in two parts. The first part examined the effect of investment decisions on long-term assets with long-term funding on the rate of return and firm value. The second part examined the effect of investment decisions on the company's short-term assets and funding for financial performance and firm value. The case study used in this research is a consumer goods sub-sector company listed on the Indonesia Stock Exchange in the period 2010 to 2017. Path analysis is the data analysis tools that was used. The results of data analysis showed that the asset structure has an effect on financial performance and firm value. The capital structure affects the financial performance but does not affect the firm value of the company. Financial performance was measured by ROI.

scholarly journals Pengaruh Good Corporate Governance pada Nilai Perusahaan dengan Kinerja Keuangan sebagai Variabel Mediasi

2020 ◽  
Vol 30 (2) ◽  
pp. 388
Author(s):  
Gede Marco Pradana Dika Putra ◽  
Ni Gusti Putu Wirawati
Keyword(s):  
Corporate Governance ◽  
Financial Performance ◽  
Firm Value ◽  
Stock Price ◽  
Stock Exchange ◽  
Institutional Ownership ◽  
Managerial Ownership ◽  
Good Corporate Governance ◽  
The Relationship ◽  
Positive Effect

A firm not only aims to get profits but also maximize its value  which can be reflected in stock price. Research aims to examine the effect of good corporate governance on firm value with financial performance as a mediating variable. The study conducted on LQ45 companies listed on Indonesia Stock Exchange in 2017-2018. Sample determined by purposive sampling with 32 samples. Path analysis was used. analysis showed managerial ownership and institutional ownership had no effect on financial performance, managerial ownership and institutional ownership had no effect on firm value, financial performance had a positive effect on firm value, and financial performance was unable to mediate the relationship between GCG and firm value. Keywords: Good Corporate Governance; Firm Value.

scholarly journals Pengaruh Risk Profile, Good Corporate Governance, Earning, Capital terhadap Value of Firm di Bursa Efek Indonesia

2020 ◽  
Vol 9 (2) ◽  
pp. 137
Author(s):  
Rhevinalda Bima Prakarsa ◽  
Winwin Yadiati ◽  
N. R. Handiani Suciati
Keyword(s):  
Corporate Governance ◽  
Firm Value ◽  
Banking Sector ◽  
Stock Exchange ◽  
Risk Profile ◽  
Capital Adequacy ◽  
Estimation Model ◽  
Self Assessment ◽  
Good Corporate Governance ◽  
Asset Quality

<em>The purpose of the company is to increase the firm value. But in the last six years, firm value of the banking sector has fluctuated and even tends to decrease. The level of banking health can be expected to increase the firm value. The level of banking health can be measured using Risk Profile (RP), Good Corporate Governance (GCG), Earning, Capital (RGEC) method which is the latest formula after Capital, Asset Quality, Management, Earning, Liquidity (CAMEL). The purpose of this study was to determine effect of the banking health on the firm value. The research method uses partial panel data regression through the determination of estimation model and classical assumption test in advance using 33 banks listed on Indonesia Stock Exchange (IDX). The results showed that there was significant and positive effect between Return on Asset (ROA) and Capital Adequacy Ratio (CAR) on firm value. Beside, there was positive but not significant effect between GCG and risk profile on firm value. The results showed that capital is a factor of business developer and company earnings can show as a signal of quality prospects. The application of GCG is not a significant influence because the results of self-assessment are not in accordance with fraud that occurs. Banks must be able to manage their risk, so that the risk can be an encouragement for them to produce high values.</em>

scholarly journals Does Good Corporate Governance Able to Moderate The Relationship of Financial Performance Towards Firm Value?

2019 ◽  
Vol 11 (1) ◽  
pp. 9
Author(s):  
Yulita Setiawanta
Keyword(s):  
Corporate Governance ◽  
Financial Performance ◽  
Observational Data ◽  
Firm Value ◽  
Stock Exchange ◽  
Share Ownership ◽  
Good Corporate Governance ◽  
Food And Beverage ◽  
Relationship Of ◽  
The Relationship

This study aims to find out explicitly whether good corporate governance is able to moderate the relationship between financial performance and firm value that occurs in companies listed on the Indonesian stock exchange. Research was conducted on food and beverage companies in 2008 - 2017. The 10-year observation period obtained 50 observational data. By using Warppls 6.0 in processing observational data, the results show that financial performance has an influence on the value of the company. This research also proves that good corporate governance proxied by share ownership by company leaders is able to positively moderate the effect of financial performance on firm value, but not for institutional share ownership. In this case it can be said that the greater the dominance of the owner in corporate governance, the more positive the opportunity to obtain financial performance and the firm value becomes easier to achieve. 

scholarly journals Pengaruh Kinerja Keuangan dan Tata Kelola Perusahaan Terhadap Nilai Perusahaan pada Industri Telekomunikasi di Bursa Efek Indonesia

2018 ◽  
Vol 10 (1) ◽  
Author(s):  
Monica Paramita Ratna Putri Dewanti ◽  
Hamfri Djajadikerta
Keyword(s):  
Corporate Governance ◽  
Financial Performance ◽  
Significant Influence ◽  
Firm Value ◽  
Audit Committee ◽  
Stock Exchange ◽  
Institutional Ownership ◽  
Return On Assets ◽  
Current Ratio ◽  
Equity Ratio

Investor as a principal want to maximize whealth and prosperity by increasing firm value. Firm value for companies listed as issuer in Indonesia Stock Exchange can be reflected through share price. Firm value can be affected by several factors, such as financial performance and corporate governance. This research aimed to examine the influence of financial performance and corporate governance to firm value in sub-sector telecomunication industry which listed in Indonesia Stock Exchange during 2011 to 2016. The dependent variable is firm value. Meanwhile the independent variables are (1) financial performance which measured by current ratio, receivable turnover, debt to equity ratio, return on assets, and earnings per share and (2) corporate governance which measured by percentage of institutional ownership, percentage of independent board of commissioners, and presence of the audit committee. The result showed that current ratio, receivable turnover, debt to equity ratio, earning per share, and presence of the audit committee partially had no significant influence to firm value. Meanwhile return on assets, percentage of institutional ownership, and percentage of independent board of commissioners partially had significant influence to firm value. Simultaneously current ratio, receivable turnover, debt to equity ratio, return on assets, earnings per share, percentage of institutional ownership, percentage of independent board of commissioners, and presence of the audit committee had significant influence to fim value. Keywords:Financial Performance, Corporate Governance, and Firm Value

scholarly journals PENGARUH Governace GOOD CORPORATE TERHADAP NILAI PERUSAHAAN DENGAN RISIKO KREDIT SEBAGAI variabel intervening (Pada Perusahaan Perbankan Yang Terdaftar Di BEI)

2016 ◽  
Vol 5 (3) ◽  
Author(s):  
Wayan Putri Lawinataliani
Keyword(s):  
Corporate Governance ◽  
Credit Risk ◽  
Financial Performance ◽  
Indirect Effect ◽  
Stock Exchange ◽  
The Self ◽  
Self Assessment ◽  
Book Value ◽  
Company Value ◽  
Good Corporate Governance

This research is aimed at determining the direct and indirect effect of good corporate governance on the value of company with the credit risk as the intervening variable analyzing the financial performance of the bank registered in Indonesia Stock Exchange  during the period of 2011-2013. Good Corporate Governance is examined with the composite of GCG which is the self assessment of the bank. The credit risk is examined with the Non Performing Loan (NPL). The value of the company is examined with the Price Book Value (PBV). The number of the population of this research is 41 companies from which 22 samples were selected through purposive sampling. The analysis in this research is the path analysis to obtain the whole description of the correlation between one and another variable. The research showed that GCG has effect on the credit risk, while the credit risk has the effect on the company value. Thus this means that credit risk can be the intervening variable  between GCG and the company value.Key Words  : GCG, NPL dan PBV

scholarly journals The influence of corporate governance on firm value: a case study in Indonesian manufacturing industries

2021 ◽  
Vol 14 (1) ◽  
pp. 15-26
Author(s):  
Werner Ria Murhadi
Keyword(s):  
Corporate Governance ◽  
Financial Performance ◽  
Firm Value ◽  
Audit Committee ◽  
Dividend Policy ◽  
Stock Exchange ◽  
Free Cash Flow ◽  
Manufacturing Industries ◽  
Research Approach

This study aims to determine the effect of corporate governance on financial performance and financial performance on dividend policy, then examining the effect of financial performance and dividend policy on firm value. The research approach is quantitative with panel data type. The sample are companies listed in the manufacturing industries on the Indonesia Stock Exchange. This study found that independent commissioners' existence does not affect financial performance. The size of the board of commissioners, audit committee members, and the number of board meetings do not affect financial performance. The study also found that financial performance and free cash flow affect the company's dividend policy. Finally, the results show that financial performance affects firm value while dividend policy does not affect it. These results have theoretical implications for supporting agency theory. The independent commissioners will reduce conflict and thus improve the financial performance.

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