PENGARUH GOOD CORPORATE GOVERNANCE TERHADAP NILAI PERUSAHAAN DENGAN KINERJA KEUANGAN SEBAGAI VARIABEL INTERVENING

Abstract

This research aimed to examine and analyze the effect of GCG on firm value with financial performance as
intervening variable. The research was quantitative. Moreover, the population was Pulp and Paper companies
which were listed on IDX 2014-2018. Furthermore, the data collection technique used purposive sampling. In line
with, there were 7 companies as sample. Thus, the total data were 35. In addition, the data analysis technique used
path analysis and multiple linier regression with SPSS 2016. The research result concluded GCG affected the
PBV, GCG did not affect the ROA, GCG affected the EPS, as it had good correlation between them. In addition,
EPS did not affect the PBV. It happened since there was a decrease of company’s profit during 2014-2018. On the
contrary, ROA affected the PBV, as the higher the ROA, the higher tendency of stock price would be. In brief,
ROA and EPS did not proven as the intervening variable since EPS did not affect the PBV. Similarly, ROA did
not affect GCG.
Keywords: good corporate governance, firm value, financial peformance