The Effect of Corporate Governance Mechanisms  on Company Value

Pasha Fadilla; Zaenal Arifin

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9 August 2022

Accepted

28 August 2022

Published

28 August 2022

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Abstract

Corporate governance is a central issue used in measuring the capacity and value of a company. This study aims to analyze the effect of corporate governance mechanics on the value of a company that is included in the LQ-45 shares listed on the Indonesia Stock Exchange for the 2018–2020 period. Quantitative research design with a descriptive approach Purposive sampling was used to collect the data, which resulted in a total of 101 data points. Corporate governance indicators and company values include the Board of Independent Commissioners, Institutional Ownership; Dividend Policy; and Leverage. Multiple linear regression tests with a 90% confidence level (p<0.1) were used to look at the data with SPSS software. The results of the study showed that corporate governance on the value of the company is influenced by the Independent Board of Commissioners (p = 0.079); institutional ownership (p = 0.000); and dividend policy (p = 0.000), but not affected by leverage (p = 0.223). Hence, suppose a company wants to have good corporate governance and increase the value of the company. In that case, it needs to pay attention to the most important things, like the Board of Independent Commissioners, institutional ownership, and dividend policy.

Keywords

corporate value independent board of commissioners institutional ownership dividend policy leverage

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Fadilla, P., & Arifin, Z. (2022). The Effect of Corporate Governance Mechanisms on Company Value. Selekta Manajemen: Jurnal Mahasiswa Bisnis & Manajemen, 1(3), 266–278. Retrieved from https://journal.uii.ac.id/selma/article/view/25060

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References

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Bamahros, H.M. et al. (2022) “Corporate Governance Mechanisms and ESG Reporting: Evidence from the Saudi Stock Market,” Sustainability, 14(10), p. 6202.
Brigham, E.F. and Houston, J.F. (2021) Fundamentals of financial management. Cengage Learning.
Cheng, M.-C. and Tzeng, Z.-C. (2011) “The effect of leverage on firm value and how the firm financial quality influence on this effect,” World Journal of Management, 3(2), pp. 30–53.
Darwin, M. et al. (2021) Metode penelitian pendekatan kuantitatif. 1st edn. Bandung: Media Sains Indonesia.
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Dewi, K.R.C. and Sanica, I.G. (2017) “Pengaruh kepemilikan institusional, kepemilikan manajerial, dan pengungkapan corporate social responsibility terhadap nilai perusahaan pada perusahaan manufaktur yang terdaftar di bursa efek indonesia,” Jurnal Ilmiah Akuntansi dan Bisnis, 2(1), pp. 231–246.
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Gill, A. and Obradovich, J. (2012) “The impact of corporate governance and financial leverage on the value of American firms,” International Research Journal of Finance and Economics, 91(2), pp. 46–56.
Gwenda, Z. (2013) “Pengaruh Penerapan Good Corporate Governance (GCG) Pada Variabel Share Ownership, Debt Ratio, dan Sektor Industri Terhadap Nilai Perusahaan,” Business Accounting Review, 1(2), pp. 137–150.
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Jensen, M.C. and Meckling, W.H. (2019) “Theory of the firm: Managerial behavior, agency costs and ownership structure,” in Corporate Governance. Gower, pp. 77–132.
Jiang, J. and Jiranyakul, K. (2013) “Capital structure, cost of debt and dividend payout of firms in New York and Shanghai stock exchanges,” International Journal of Economics and Financial Issues, 3(1), pp. 113–121.
Kusumaningtyas, T.K. and Andayani, A. (2015) “Pengaruh good corporate governance terhadap nilai perusahaan yang terdaftar pada indeks SRI-KEHATI,” Jurnal Ilmu dan Riset Akuntansi (JIRA), 4(7).
Lemmon, M.L. and Lins, K. v (2003) “Ownership structure, corporate governance, and firm value: Evidence from the East Asian financial crisis,” The journal of finance, 58(4), pp. 1445–1468.
Lu, J. et al. (2021) “The moderating role of corporate social responsibility in the association of internal corporate governance and profitability; evidence from pakistan,” International journal of environmental research and public health, 18(11), p. 5830.
Mipo, M. (2022) “Pengaruh Profitabilitas, Leverage, Ukuran Perusahaan Terhadap Nilai Perusahaan Dengan CSR Sebagai Moderating Variable Pada Perusahaan Manufaktur di BEI,” Owner: Riset dan Jurnal Akuntansi, 6(1), pp. 736–745.
Moin, A., Guney, Y. and el Kalak, I. (2020) “The effects of ownership structure, sub-optimal cash holdings and investment inefficiency on dividend policy: evidence from Indonesia,” Review of Quantitative Finance and Accounting, 55(3), pp. 857–900.
Muryati, N.N.T.S. and Suardikha, I.M.S. (2014) “Pengaruh Corporate Governance Pada Nilai Perusahaan,” E-jurnal Akuntansi, 9(2), pp. 425–429.
Najamuddin, Y. et al. (2022) “Corporate governance mechanism and profitability: A special assessment on the board of commissioners and audit committee,” International Journal of Research in Business and Social Science (2147-4478), 11(4), pp. 239–245.
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Nur, T. (2018) “Pengaruh growth opportunity, profitabilitas dan struktur modal terhadap nilai perusahaan dengan dividen sebagai variabel intervening pada perusahaan manufaktur yang terdaftar di BEI pada periode 2014-2017,” Jurnal Manajemen Dan Bisnis Indonesia, 5(3), pp. 393–411.
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Pratama, I.G.B.A. and Wiksuana, I.G.B. (2016) “Pengaruh ukuran perusahaan dan leverage terhadap nilai perusahaan dengan profitabilitas sebagai variabel mediasi.” Udayana University.
Pratiwi, N. and Rahayu, S. (2015) “Pengaruh Profitabilitas, Leverage, Good Corporate Governance, dan Ukuran Perusahaan terhadap Nilai Perusahaan,” eProceedings of Management, 2(3), pp. 3146-3152.
Priya, P.V. and Mohanasundari, M. (2016) “Dividend policy and its impact on firm value: A review of theories and empirical evidence,” Journal of Management Sciences and Technology, 3(3), pp. 59–69.
Purbopangestu, H.W. and Subowo, S. (2014) “Pengaruh good corporate governance Terhadap Nilai Perusahaan Dengan corporate social responsibility Sebagai Variabel intervening,” Accounting Analysis Journal, 3(3), pp.321-333.
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References

Adnyana, I.M.D.M. and Sudaryati, N.L.G. (2022) “The potency of green education-based blended learning in biology students at the Hindu University of Indonesia,” BIO-INOVED: Jurnal Biologi-Inovasi Pendidikan, 4(1), pp. 1–9.

Aji, A.W. and Atun, F.F. (2019) “Pengaruh Tax Planning, Profitabilitas, Dan Likuiditas Terhadap Nilai Perusahaan Dengan Ukuran Perusahaan Sebagai Variabel Moderasi (Studi Kasus Perusahaan Manufaktur Yang Terdaftar Di Bursa Efek Indonesia Tahun 2014-2018),” Jurnal Ilmiah Akuntansi dan Humanika, 9(3), pp. 222–234.

Al-ahdal, W.M. et al. (2020) “The impact of corporate governance on financial performance of Indian and GCC listed firms: An empirical investigation,” Research in International Business and Finance, 51, p. 101083.

Amaliyah, F. and Herwiyanti, E. (2019) “Pengaruh kepemilikan institusional, dewan komisaris independen, dan komite audit terhadap nilai perusahaan sektor pertambangan,” Jurnal Akuntansi, 9(3), pp. 187–200.

Astrinika, R. and Sulistyanto, H.S. (2018) “Pengaruh Corporate Social Responsibility dan Mekanisme Corporate Governance Terhadap Nilai Perusahaan,” JEMAP: Jurnal Ekonomi, Manajemen, Akuntansi dan Perpajakan, 1(2), pp. 265–276.

Bachrudin, B. and Ngumar, S. (2017) “Pengaruh ukuran perusahaan, leverage, dan kepemilikan manajerial terhadap nilai perusahaan,” Jurnal Ilmu dan Riset Akuntansi (JIRA), 6(4), pp. 1473-1491.

Bamahros, H.M. et al. (2022) “Corporate Governance Mechanisms and ESG Reporting: Evidence from the Saudi Stock Market,” Sustainability, 14(10), p. 6202.

Brigham, E.F. and Houston, J.F. (2021) Fundamentals of financial management. Cengage Learning.

Cheng, M.-C. and Tzeng, Z.-C. (2011) “The effect of leverage on firm value and how the firm financial quality influence on this effect,” World Journal of Management, 3(2), pp. 30–53.

Darwin, M. et al. (2021) Metode penelitian pendekatan kuantitatif. 1st edn. Bandung: Media Sains Indonesia.

Dewi, I.A.P.T. and Sujana, I.K. (2019) “Pengaruh Likuiditas, pertumbuhan penjualan, dan risiko Bisnis terhadap nilai Perusahaan,” E-Jurnal Akuntansi, 26(1), pp. 85–110.

Dewi, K.R.C. and Sanica, I.G. (2017) “Pengaruh kepemilikan institusional, kepemilikan manajerial, dan pengungkapan corporate social responsibility terhadap nilai perusahaan pada perusahaan manufaktur yang terdaftar di bursa efek indonesia,” Jurnal Ilmiah Akuntansi dan Bisnis, 2(1), pp. 231–246.

Fatchan, I.N. and Trisnawati, R. (2018) “Pengaruh good corporate governance pada hubungan antara sustainability report dan nilai perusahaan (studi empiris perusahaan go public di Indonesia periode 2014-2015),” Riset Akuntansi dan Keuangan Indonesia, 1(1), pp. 25–34.

Felmania, M. (2014) “Good corporate governance mechanism, corporate social responsibility disclosure on firm value: empirical study on listed company in indonesia stock exchange,” International Journal of Finance and Accounting Studies, 2(1), pp. 1–10.

Gill, A. and Obradovich, J. (2012) “The impact of corporate governance and financial leverage on the value of American firms,” International Research Journal of Finance and Economics, 91(2), pp. 46–56.

Gwenda, Z. (2013) “Pengaruh Penerapan Good Corporate Governance (GCG) Pada Variabel Share Ownership, Debt Ratio, dan Sektor Industri Terhadap Nilai Perusahaan,” Business Accounting Review, 1(2), pp. 137–150.

Halim, A. (2018) “Analisis Investasi dan Aplikasinya (Edisi 2),” Salemba Empat [Preprint].

Hermuningsih, S. (2008) “Pengaruh profitabilitas, growth opportunity, struktur modal terhadap nilai perusahaan pada perusahaan publik di Indonesia,” Bulletin of Monetary Economics and Banking, 16(2), pp. 127–148.

Iwanty, K.I. and Surjandari, D.A. (2022) “The Effect of Sales Growth, Responsibility, and Institutional Ownership on Tax Avoidance with Profitability as Moderating Variables,” Journal of Economics, Finance and Accounting Studies, 4(1), pp. 423–436.

Januarita, R. (2006) “Pedoman umum good corporate governance Indonesia.” Komite Nasional Kebijakan Governance.

Jemunu, M.D., Apriyanto, G. and Parawiyati, P. (2020) “Good Corporate Governance, Pengungkapan Sustainability Report dan Manajemen Laba terhadap Nilai Perusahaan,” AFRE (Accounting and Financial Review), 3(2), pp. 93–102.

Jensen, M.C. and Meckling, W.H. (2019) “Theory of the firm: Managerial behavior, agency costs and ownership structure,” in Corporate Governance. Gower, pp. 77–132.

Jiang, J. and Jiranyakul, K. (2013) “Capital structure, cost of debt and dividend payout of firms in New York and Shanghai stock exchanges,” International Journal of Economics and Financial Issues, 3(1), pp. 113–121.

Kusumaningtyas, T.K. and Andayani, A. (2015) “Pengaruh good corporate governance terhadap nilai perusahaan yang terdaftar pada indeks SRI-KEHATI,” Jurnal Ilmu dan Riset Akuntansi (JIRA), 4(7).

Lemmon, M.L. and Lins, K. v (2003) “Ownership structure, corporate governance, and firm value: Evidence from the East Asian financial crisis,” The journal of finance, 58(4), pp. 1445–1468.

Lu, J. et al. (2021) “The moderating role of corporate social responsibility in the association of internal corporate governance and profitability; evidence from pakistan,” International journal of environmental research and public health, 18(11), p. 5830.

Mipo, M. (2022) “Pengaruh Profitabilitas, Leverage, Ukuran Perusahaan Terhadap Nilai Perusahaan Dengan CSR Sebagai Moderating Variable Pada Perusahaan Manufaktur di BEI,” Owner: Riset dan Jurnal Akuntansi, 6(1), pp. 736–745.

Moin, A., Guney, Y. and el Kalak, I. (2020) “The effects of ownership structure, sub-optimal cash holdings and investment inefficiency on dividend policy: evidence from Indonesia,” Review of Quantitative Finance and Accounting, 55(3), pp. 857–900.

Muryati, N.N.T.S. and Suardikha, I.M.S. (2014) “Pengaruh Corporate Governance Pada Nilai Perusahaan,” E-jurnal Akuntansi, 9(2), pp. 425–429.

Najamuddin, Y. et al. (2022) “Corporate governance mechanism and profitability: A special assessment on the board of commissioners and audit committee,” International Journal of Research in Business and Social Science (2147-4478), 11(4), pp. 239–245.

Nawaz, T. and Ohlrogge, O. (2022) “Clarifying the impact of corporate governance and intellectual capital on financial performance: A longitudinal study of Deutsche Bank (1957–2019),” International Journal of Finance & Economics, pp. 1–16. Available at: https://doi.org/10.1002/ijfe.2620.

Nguyen, A., Nguyen, T. and Hoang, P. (2022) “The impact of corporate governance quality on capital structure choices: does national governance quality matter?,” Cogent Economics & Finance, 10(1), p. 2073003.

Novari, P.M. and Lestari, P.V. (2016) “Pengaruh ukuran perusahaan, leverage, dan profitabilitas terhadap nilai perusahaan pada sektor properti dan real estate.” Udayana University.

Nur, T. (2018) “Pengaruh growth opportunity, profitabilitas dan struktur modal terhadap nilai perusahaan dengan dividen sebagai variabel intervening pada perusahaan manufaktur yang terdaftar di BEI pada periode 2014-2017,” Jurnal Manajemen Dan Bisnis Indonesia, 5(3), pp. 393–411.

Nurhayati, M. (2013) “Profitabilitas, likuiditas dan ukuran perusahaan pengaruhnya terhadap kebijakan dividen dan nilai perusahaan sektor non jasa,” Jurnal Keuangan & Bisnis Program Studi Magister Manajemen Sekolah Tinggi Ilmu Ekonomi Harapan, 5(2), pp. 144–153.

Octaviany, A., Hidayat, S. and Miftahudin, M. (2019) “Pengaruh Ukuran Perusahaan dan Leverage terhadap Nilai Perusahaan dengan Profitabilitas sebagai Variabel Intervening,” Jurnal Riset Inspirasi Manajemen Dan Kewirausahaan, 3(1), pp. 30–36.

Oktari, V., Mela, N.F. and Zarefar, A. (2018) “The Influence of Good Corporate Governance on Company Value in Jakarta Islamic Index Companies,” Jurnal Akuntansi Keuangan dan Bisnis, 11(1), pp. 69–78.

Pratama, I.G.B.A. and Wiksuana, I.G.B. (2016) “Pengaruh ukuran perusahaan dan leverage terhadap nilai perusahaan dengan profitabilitas sebagai variabel mediasi.” Udayana University.

Pratiwi, N. and Rahayu, S. (2015) “Pengaruh Profitabilitas, Leverage, Good Corporate Governance, dan Ukuran Perusahaan terhadap Nilai Perusahaan,” eProceedings of Management, 2(3), pp. 3146-3152.

Priya, P.V. and Mohanasundari, M. (2016) “Dividend policy and its impact on firm value: A review of theories and empirical evidence,” Journal of Management Sciences and Technology, 3(3), pp. 59–69.

Purbopangestu, H.W. and Subowo, S. (2014) “Pengaruh good corporate governance Terhadap Nilai Perusahaan Dengan corporate social responsibility Sebagai Variabel intervening,” Accounting Analysis Journal, 3(3), pp.321-333.

Putra, A.D., Ahmad, G.N. and Dalimunthe, S. (2022) “Pengaruh Profitabilitas, Firm Age, dan Corporate Governance Terhadap Corporate Social Responsibility dengan Ukuran Perusahaan sebagai Variabel Moderasi,” Jurnal Bisnis, Manajemen, dan Keuangan-JBMK, 3(1), pp. 270–283.

Putri, V.A. and Siswanto, E. (2019) “Pengaruh penerapan corporate governance terhadap tingkat financial distress (Studi pada perusahaan sektor pertambangan yang terdaftar di Bursa Efek Indonesia periode 2013-2017),” Jurnal Manajemen Indonesia, 19(3), pp. 277–291.

Rejeki D. and Winningsih, P. (2022) “good corporate governance (GCG) dan corporate social responsibility (CSR) sebagai determinasi nilai perusahaan (Studi Empiris pada Perusahaan perusahaan LQ45 yang terdaftar di Bursa Efek Indonesia periode 2017–2020),” Jurnal Akuntansi dan Bisnis Krisnadwipayana, 9(1), pp. 520–536.

Rosid, A., Bahiroh, E. and Vedrikho, R. (2022) “Pengaruh Profitabilitas Terhadap Nilai Perusahaan Dengan Kebijakan Dividen Sebagai Variabel Intervening,” Jurnal Manajemen Retail Indonesia, 3(1), pp. 58–69. Available at: https://doi.org/10.33050/jmari.v3i1.2165.

Sari, E.P. et al. (2022) “Kebijakan Dividen Sebagai Pemediasi Pengaruh Antara Leverage Dan Profitabilitas Terhadap Nilai Perusahaan Pada Perusahaan Indeks LQ 45,” JAP (Jurnal Akuntansi dan Pajak), 22(2), pp. 01–11.

Siallagan, H. and Machfoedz, M. (2006) “Mekanisme Corporate Governance, Kualitas Laba dan Nilai Perusahaan,” Simposium Nasional Akuntansi 9 Padang, (61), pp. 23–26.

Suhartanti, T. and Asyik, N.F. (2015) “Pengaruh Corporate Governance Terhadap Nilai Perusahaan Dengan Kinerja Keuangan Sebagai Variabel Moderating,” Jurnal Ilmu dan Riset Akuntansi (JIRA), 4(8), pp. 1-15.

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The Effect of Corporate Governance Mechanisms on Company Value

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