GCG, Ukuran Perusahaan, Leverage, Cash holding, Profitabilitas dan Nilai Perusahaan
Abstract
Nilai perusahaan merupakan tujuan perusahaan dengan cara memaksimumkan nilai jangka panjang perusahaan. Perusahaan dalam menghasilkan nilai lebih dipengaruhi dari kemampuan manajemen dalam mengelola perusahaan dan manajer keuangan diharapkan mampu melakukan hal yang terbaik untuk meningkatkan nilai perusahaan serta menciptakan kesejahteraan bagi pemilik dan pemegang saham. Penelitian ini bertujuan untuk menganalisis pengaruh Good Corporate Governance (GCG), ukuran perusahaan, leverage, cash holding dan profitabilitas terhadap nilai perusahaan periode 2013-2018. Data yang digunakan diperoleh dari laporan keuangan perusahaan di IDX, website perusahaan, dan hasil pemeringkatan CGPI di majalah SWA. Metode analisis yang digunakan adalah uji asumsi klasik, uji hipotesis dan analisis regresi linear berganda. Hasil penelitian ini menunjukkan bahwa GCG mempunyai pengaruh negatif terhadap nilai perusahaan. Sedangkan ukuran perusahaan, leverage, cash holding dan profitabilitas tidak berpengaruh terhadap nilai perusahaan
Firm value is the company's goal by maximizing the company's long-term value. Companies in generating more value are influenced by management's ability to manage the company and financial managers are expected to be able to do their best to increase company value and create welfare for owners and shareholders. This study aims to analyze the effect of Good Corporate Governance (GCG), firm size, leverage, cash holding and profitability on firm value for the 2013-2018 period. The data used are obtained from the company's financial reports on IDX, the company's website, and the results of the CGPI ranking in SWA magazine. The analytical method used is the classical assumption test, hypothesis testing and multiple linear regression analysis. The results of this study indicate that GCG has a negative effect on firm value. Meanwhile, firm size, leverage, cash holding and profitability have no effect on firm value.
References
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Asnawi, S. K., & Wijaya, C. (2005). Riset Keuangan: Pengujian-Pengujian Empiris. Gramedia Pustaka Umum.
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Chen, S.-Y., & Chen, L.-J. (2011). Capital structure determinants: An empirical study in Taiwan. African Journal of Business Management, 5(27), 10974–10983.
Faridah, N., & Kurnia. (2016). Pengaruh Keputusan Investasi, Pendanaan, Kebijakan Deviden, Tingkat Suku Bunga terhadap Nilai Perusahaan. Jurnal Riset Manajemen Sains Indonesia, 5(2), 1–15.
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Gustiandika, T., & Hadiprajitno, P. B. (2014). Pengaruh Keputusan Investasi Dan Keputusan Pendanaan Terhadap Nilai Perusahaan Dengan Corporate Governance Sebagai Variabel Moderating. Diponegoro Journal of Accounting, 3(2), 1141–1152.
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Isshaq, Z., Bokpin, G. A., & Mensah Onumah, J. (2009). Corporate governance, ownership structure, cash holdings, and firm value on the Ghana Stock Exchange. Journal of Risk Finance, 10(5), 488–499.
Kasmir. (2014). Analisis Laporan Keuangan. PT. RajaGrafindo Persada.
KNKG, K. N. K. G. (2006). Pedoman Umum Good Corporate Governance Indonesia.
Laili, C. N., Djazuli, A., & Indrawati, N. K. (2019). the Influence of Corporate Governance, Corporate Social Responsibility, Firm Size on Firm Value: Financial Performance As Mediation Variable. Jurnal Aplikasi Manajemen, 17(1), 179–186.
Leksono, A. W., & Vhalery, R. (2018). The Effect of Good Corporate Governance Mechanism and Financial Performance on Firm Value of Banking Sector Listed on Indonesia Stock Exchange (BEI) Period of 2012-2016. International Journal of Innovative Science and Research Technology, 3(9), 535–540. www.ijisrt.com535
Loncan, T. R., & Caldeira, J. F. (2013). Capital Structure, Cash Holdings and Firm Value: A Study of Brazilian Listed Firms. SSRN Electronic Journal, 46–59.
Mardiana, N., Murwani, F. D., & Siswanto, E. (2019). Role of Dividend Policy in Relation to Profitability, Liquidity and Firm Value in Non-Financial Companies in Indonesia. The International Journal of Business & Management, 7(3), 284–289.
Mardiyati, U., Ahmad, G. N., & Putri, R. (2019). Pengaruh Kebijakan Dividen, Kebijakan Hutang Dan Profitabilitas Terhadap Nilai Perusahaan Manufaktur. Jurnal Riset Manajemen Sains Indonesia (JRMSI), 18(2), 181.
Martono, & Harjito, D. A. (2005). Manajemen Keuangan (Edisi Pert). EKONOSIA.
Masitha, Z., & Djuminah. (2019). Influence of Corporate Governance on Firm Value Through Intellectual Capital and Corporate Social Responsibility. Journal of Public Administration and Governance, 9(4), 148.
Mukhtaruddin, M., Ubaidillah, U., Dewi, K., Hakiki, A., & Nopriyanto, N. (2019). Good Corporate Governance, Corporate Social Responsibility, Firm Value, and Financial Performance as Moderating Variable. Indonesian Journal of Sustainability Accounting and Management, 3(1), 55.
Nisasmara, P. W., & Musdholifah, M. (2016). Cash Holding, Good Corporate Governance and Firm Value. Jurnal Dinamika Manajemen, 7(2), 117–128.
Nofrita, R. (2013). Pengaruh Profitabilitas terhadap Nilai Perusahaan dengan Kebijakan Deviden sebagai Variabel Intervening. In Universitas Negeri Padang (Vol. 1, Issue 1).
Novari, P., & Lestari, P. (2016). Pengaruh Ukuran Perusahaan, Leverage, Dan Profitabilitas Terhadap Nilai Perusahaan Pada Sektor Properti Dan Real Estate. E-Jurnal Manajemen Universitas Udayana, 5(9), 252428.
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Osazuwa, N. P., & Che-Ahmad, A. (2016). The moderating effect of profitability and leverage on the relationship between eco-efficiency and firm value in publicly traded Malaysian firms. Social Responsibility Journal, 12(2), 295–306.
Ozkan, A., & Ozkan, N. (2004). Corporate cash holdings: An empirical investigation of UK companies. Journal of Banking and Finance, 28(9), 2103–2134.
Panda, B., & Lespa, N. (2017). Agency theory: Review of Theory and Evidence on Probelms and Perspectives. Indian Journal of Corporate Governance, 10 (1), 74–95.
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Arifin, J., Suhadak, S., Astuti, E. S., & Arifin, Z. (2014). The Influence of Corporate Governance , Intellectual Capital on Financial Performance and Firm Value of Bank Sub-Sector Campanies Listed at Indonesia Stock Exchange in Period 2008-2012. European Journal of Business and Management, 6(26), 159–168.
Arifin, J., Suhadak, & Astuti, E. S. (2013). The Influence of Corporate Governance on Financial Performance and Firm Value of Bank Sector Companies Listed at Indonesia Stock Exchange in Period 2008-2012. International Journal of Management and Administrative Sciences (IJMAS), 3(6), 01–17.
Asnawi, S. K., & Wijaya, C. (2005). Riset Keuangan: Pengujian-Pengujian Empiris. Gramedia Pustaka Umum.
Black, B. S., Jang, H., & Kim, W. (2012). Does Corporate Governance Predict Firms â€TM Market Values ? Evidence from Korea Does Corporate Governance Predict Firms â€TM Market Values ? Evidence from Korea. Journal of Law, Economics & Organization, 413(June), 366–413.
Brady, M. E. (2018). J M Keynes Was Very Clear in 1936 in His General Theory and His Correspondence with Joan Robinson That His Theory of the Rate of Interest Was Not a Monetary Theory of the Rate of Interest: J M Keynes Against Joan Robinson and the Pseudo Keynesians. SSRN Electronic Journal, January.
Brigham, E. F., & Houston, J. F. (2006). Fundamental of Financial Management: Dasar-Dasar Manajemen Keuangan (Edisi 10). Salemba Empat.
Brigham, E. F., & Houston, J. F. (2010). Dasar-Dasar Manajemen Keuangan (11th ed., p. 8). Salemba Empat.
Cahyaningtyas, A. R., & Hadiprajitno, B. (2015). Pengaruh Corporate Governance Perception Index Dan Profitabilitas Perusahaan Terhadap Nilai Perusahaan. Diponegoro Journal of Accounting, 4(3), 556–567.
Chen, S.-Y., & Chen, L.-J. (2011). Capital structure determinants: An empirical study in Taiwan. African Journal of Business Management, 5(27), 10974–10983.
Faridah, N., & Kurnia. (2016). Pengaruh Keputusan Investasi, Pendanaan, Kebijakan Deviden, Tingkat Suku Bunga terhadap Nilai Perusahaan. Jurnal Riset Manajemen Sains Indonesia, 5(2), 1–15.
Fatimah, Malavia, mardani ronny, & Budi, W. (2017). Pengaruh Good Corporate Governance Terhadap Nilai Perusahaan Dengan Kinerja Keuangan Sebagai Variabel Intervening. E-Jurnal Riset Manajemen Prodi Manajemen, 51–69.
FCGI, F. for C. G. in I. (2001). Peranan Dewan Komisaris dan Komite Audit dalam Pelaksanaan Corporate Governance (Tata Kelola Perusahaan), The Roles of the Board of Commissioners and the Audit Committe in Corporate Governance (II).
Gill, A., & Shah, C. (2011). Determinants of Corporate Cash Holdings: Evidence from Canada. International Journal of Economics and Finance, 4(1), 70–79.
Ginting, W. A. (2018). Analisis Pengaruh Current Ratio, Capital Turnover, dan Total Asset Turnover terhadap Return On Asset. Jurnal Ilmiah Valid, December, 2–4.
Gustiandika, T., & Hadiprajitno, P. B. (2014). Pengaruh Keputusan Investasi Dan Keputusan Pendanaan Terhadap Nilai Perusahaan Dengan Corporate Governance Sebagai Variabel Moderating. Diponegoro Journal of Accounting, 3(2), 1141–1152.
Ha, N. M., & Tai, L. M. (2017). Impact of Capital Structure and Cash Holdings on Firm Value : Case of Firms Listed on the Ho Chi Minh Stock Exchange. International Journal of Economics and Financial Issues, Vol. 7(No. 1), Hal. 24-30.
Halim, A. (2015). Auditing (Dasar-Dasar Audit Laporan Keuangan) (Edisi 5). UPP STIM YKPN.
Halim, & Hanafi. (2007). Analisis Laporan Keuangan. UPP AMP YKPN.
Hasanah, A. N., & Lekok, W. (2019). Faktor-Faktor yang Mempengaruhi Nilai Perusahaan: Kebijakan Dividen sebagai Pemediasi. Jurnal Bisnis Dan Akuntansi, 21(2), 165–178.
Horne, V., & Wachowicz. (2013). Prinsip-Prinsip Manajemen Keuangan. Salemba Empat.
Husna, A., & Satria, I. (2019). Effects of Return on Asset, Debt To Asset Ratio, Current Ratio, Firm Size, and Dividend Payout Ratio on Firm Value. International Journal of Economics and Financial Issues, 9(5), 50–54.
IICG. (2009). Peringkat Perusahan Terpercaya Tahun 2009. Majalah SWA.
Ilmi, M., Kustono, A. S., & Sayekti, Y. (2017). Effect of Good Corporate Governance , Corporate Social Responsibility Disclosure and Managerial Ownership To the Corporate Value With Financial Performance As Intervening Variables : Case on Indonesia Stock Exchange. International Journal of Social Science and Business, 1, 75–88.
Ishari, M. P. ., & Abeyrathna, S. P. G. . (2016). The Impact of Financial Leverage on Firms’ Value (Special Reference to Listed Manufacturing Companies in Sri Lanka). International Journal Of Advancement In Engineering Technology, 3(7), 100–104. www.ijaetmas.com
Isshaq, Z., Bokpin, G. A., & Mensah Onumah, J. (2009). Corporate governance, ownership structure, cash holdings, and firm value on the Ghana Stock Exchange. Journal of Risk Finance, 10(5), 488–499.
Kasmir. (2014). Analisis Laporan Keuangan. PT. RajaGrafindo Persada.
KNKG, K. N. K. G. (2006). Pedoman Umum Good Corporate Governance Indonesia.
Laili, C. N., Djazuli, A., & Indrawati, N. K. (2019). the Influence of Corporate Governance, Corporate Social Responsibility, Firm Size on Firm Value: Financial Performance As Mediation Variable. Jurnal Aplikasi Manajemen, 17(1), 179–186.
Leksono, A. W., & Vhalery, R. (2018). The Effect of Good Corporate Governance Mechanism and Financial Performance on Firm Value of Banking Sector Listed on Indonesia Stock Exchange (BEI) Period of 2012-2016. International Journal of Innovative Science and Research Technology, 3(9), 535–540. www.ijisrt.com535
Loncan, T. R., & Caldeira, J. F. (2013). Capital Structure, Cash Holdings and Firm Value: A Study of Brazilian Listed Firms. SSRN Electronic Journal, 46–59.
Mardiana, N., Murwani, F. D., & Siswanto, E. (2019). Role of Dividend Policy in Relation to Profitability, Liquidity and Firm Value in Non-Financial Companies in Indonesia. The International Journal of Business & Management, 7(3), 284–289.
Mardiyati, U., Ahmad, G. N., & Putri, R. (2019). Pengaruh Kebijakan Dividen, Kebijakan Hutang Dan Profitabilitas Terhadap Nilai Perusahaan Manufaktur. Jurnal Riset Manajemen Sains Indonesia (JRMSI), 18(2), 181.
Martono, & Harjito, D. A. (2005). Manajemen Keuangan (Edisi Pert). EKONOSIA.
Masitha, Z., & Djuminah. (2019). Influence of Corporate Governance on Firm Value Through Intellectual Capital and Corporate Social Responsibility. Journal of Public Administration and Governance, 9(4), 148.
Mukhtaruddin, M., Ubaidillah, U., Dewi, K., Hakiki, A., & Nopriyanto, N. (2019). Good Corporate Governance, Corporate Social Responsibility, Firm Value, and Financial Performance as Moderating Variable. Indonesian Journal of Sustainability Accounting and Management, 3(1), 55.
Nisasmara, P. W., & Musdholifah, M. (2016). Cash Holding, Good Corporate Governance and Firm Value. Jurnal Dinamika Manajemen, 7(2), 117–128.
Nofrita, R. (2013). Pengaruh Profitabilitas terhadap Nilai Perusahaan dengan Kebijakan Deviden sebagai Variabel Intervening. In Universitas Negeri Padang (Vol. 1, Issue 1).
Novari, P., & Lestari, P. (2016). Pengaruh Ukuran Perusahaan, Leverage, Dan Profitabilitas Terhadap Nilai Perusahaan Pada Sektor Properti Dan Real Estate. E-Jurnal Manajemen Universitas Udayana, 5(9), 252428.
Novitasari, R. (2016). Pengaruh Current Ratio (CR), Debt to Equity Ratio (DER), Return On Assets (ROA), dan Return On Equity (ROE) terhadap Harga Saham. Jurnal Ilmu Administrasi Bisnis, 8(3), 6–10.
Opler, T., Pinkowitz, L., Stuiz, R., & Williamson, R. (1985). Wirkung Der Gasatmosphaeren Auf Das Gefuege Verschiedener Werkzeugstaehle. Journal of Financial Economics, 40(5), 223–228.
Osazuwa, N. P., & Che-Ahmad, A. (2016). The moderating effect of profitability and leverage on the relationship between eco-efficiency and firm value in publicly traded Malaysian firms. Social Responsibility Journal, 12(2), 295–306.
Ozkan, A., & Ozkan, N. (2004). Corporate cash holdings: An empirical investigation of UK companies. Journal of Banking and Finance, 28(9), 2103–2134.
Panda, B., & Lespa, N. (2017). Agency theory: Review of Theory and Evidence on Probelms and Perspectives. Indian Journal of Corporate Governance, 10 (1), 74–95.
Pantow, M. S. R., Murni, S., & Trang, I. (2015). Analisa Pertumbuhan Penjualan, Ukuran Perusahaan, Return On Asset, Dan Struktur Modal Terhadap Nilai Perusahaan. Jurnal EMBA, 3(1), 961–971.
Purwanti. (2010). Pengaruh Good Corporate Governance Terhadap Kinerja Perusahaan. Majalah Ilmiah INFORMATIKA, Vol. 1, No. 2, hal 47-60.
Prasetyorini, F. B. (2013). Pengaruh Ukuran Perusahaan, Leverage, Price Earning Ratio dan Profitabilitas terhadap Nilai Perusahaan. Jurnal Ilmu Manajemen (JIM), 1(1).
Priyastuty, H. (2019). Analisis Pengaruh Ukuran Perusahaan, Leverage dan Profitabilitas terhadap Nilai Perusahaan. Journal Ilmiah Manajemen Fakultas Ekonomi Bisnis Universitas Brawijaya, 1, 1–476.
Rad, F. H., Rajeh, K. Z. S., Botyari, E., & Bezminabadi, G. N. (2013). The Impact of Corporate Governance on Firm’s Financial Performance:A Compariosn between Iranian and Malaysian Listed Companies. Jurnal Teknologi, 1(1), 69–73.
Rahayu, S., & Andri, A. (2011). Pengaruh Kinerja Keuangan terhadap Nilai Perusahaan dengan Pengungkapan Corporate Social Responsibility dan Good Corporate Governance sebagai Variabel Pemoderasi (Vol. 31, Issue SUPPL. 1).
Rustiarini, N. I. W. (2011). Pengaruh Struktur Kepemilikan Saham Pada Pengungkapan Corporate Social Responsibility. Jurnal Ilmiah Akuntansi Dan Bisnis.
Salafudin, M. (2016). Pengaruh Good Corporate Governance Terhadap Nilai Perusahaan Consumer Goods Industry Yang Terdaftar Di Bursa Efek Indonesia (BEI). 6, 1939.
Samasta, A. S., Muharam, H., & Haryanto, A. M. (2018). The Effect Of Board Of Director, Audit Committee, Institutional Ownership To Firm Value, With Firm Size, Financial Leverage And Industrial Sector As Control Variables (Study on Listed Companies in Indonesian Stock Exchange Period 2011-2015). Jurnal Bisnis Strategi, 27(1), 53.
Sartono, A. (2014). Manajemen Keuangan (Edisi 4). BPFE.
Sofyaningsih, S., & Hardiningsih, P. (2011). Struktur Kepemilikan, Kebijakan Dividen, Kebijakan Utang Dan Nilai Perusahaan Ownership Structure, Dividend Policy And Debt Policy And Firm Value.
Sudana, I. M. (2009). Manajemen Keuangan: Teori danPraktik. Airlangga University Press.
Sudiyatno, B., & Puspitasari, E. (2010). Pengaruh Kebijakan Perusahaan Terhadap Nilai Perusahaan Dengan Kinerja Perusahaan Sebagai Variabel Intervening.
Suffah, R., & Riduwan, A. (2016). Pengaruh Profitabilitas, Leverage, Ukuran Perusahaan dan Kebijakan Dividen Pada Nilai Perusahaan. Jurnal Ilmu Dan Riset Akuntansi, 5(2), 1–17.
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Published
2021-09-11
How to Cite
DEVI, Nadia Seprena; MUSDHOLIFAH, Musdholifah; HARTONO, Ulil.
GCG, Ukuran Perusahaan, Leverage, Cash holding, Profitabilitas dan Nilai Perusahaan.
Cakrawala Management Business Journal, [S.l.], v. 3, n. 2, p. 597-612, sep. 2021.
ISSN 2623-0887.
Available at: <https://journal.feb.unipa.ac.id/index.php/cmbj/article/view/125>. Date accessed: 30 apr. 2024.
doi: https://doi.org/10.30862/cm-bj.v3i2.125.
Section
Articles
