PENGARUH GOOD CORPORATE GOVERNANCE DAN KEBIJAKAN PERUSAHAAN TERHADAP NILAI PERUSAHAAN

Abstract

This research aimed to examine the effect of Good Corporate Governance and company policy on firm value. While, Good Corporate Governance was measured by 4 elements namely, managerial ownership, institusional ownership, independent commissioner and audit committee. Meanwhile, company policy was divided into 3, i.e. debt policy which was measured by Debt to Equity Ratio, investment policy which was measured by Price Earning Ratio and dividend policy which was measured by Dividen Payout Ratio. The research was quantitative. Moreover, the data collection technique used purposive sampling. In line with, there were 60 manufacturing companies which were listed on Indonesia Stock Exchange (IDX) during 2014-2018 as sample. The research result concluded managerial ownership had negative effect on firm value. Likewise, institusional ownership had negative effect on firm value. On the other hand, independent commissioner did not affect firm value. Similarly, investment policy did not affect firm value. In contrast, audit committee as well as dividend policy had positive effect on firm value. In conclusion, there were 2 indpendent variables, namely audit committee and dividend policy which suitable with the research. However, there were 5 independent variables, namely managerial ownership, institusional ownership, independent commissioner, debt policy and investment policy which not suitable with the research.
Keywords: good corporate governance, company policy, firm value