PENGARUH GOOD CORPORATE GOVERNANCE TERHADAP NILAI PERUSAHAAN DENGAN VARIABEL INTERVENING KINERJA KEUANGAN (STUDI PADA SEKTOR INDUSTRI BARANG KONSUMSI)
Abstract: The main purpose of
the company is to maximize the firm value. In maximizing value will lead to
agency problems that can reduce the value of the company. To overcome the
agency problem the company can implement Good Corporate Governance (GCG) which
is proxied with managerial ownership. With the existence of managerial ownership
is expected to improve corporate financial performance and firm value will also
increase. This study discusses the value of companies among 14 companies of the
consumer goods industry sector listed in Indonesia Stock Exchange (IDX) period
2011-2015. Statistical analysis used in this research is Partial Least Square
(PLS). The results show that managerial ownership does not affect the firm
value, because the percentage of managerial ownership owned by the company is
too small so it can not minimize agency problems. Managerial ownership also has
no effecton financial performance, with the percentage of shares owned by the
manager is too small so as not to be able to grow the manager's motivation to
improve its performance in the company. Financial performance has a positive effect
on firm value, and financial performance does not serve as intervening variable
due to too small managerial ownership that does not affect the improvement of
financial performance which will increase the firm value. It is expected that
this research can make the motivation to improve the company's financial
performance which will be used by investor for consideration in decision making
when investing.
Keywords: Firm Value, GCG,
Financial Performance
Penulis: Lutviana Wati
Kode Jurnal: jpmanajemendd171166
