PENGARUH PENERAPAN GOOD CORPORATE GOVERNANCE DAN STRUKTUR MODAL TERHADAP NILAI PERUSAHAAN

Abstract

This study aims to analyze and to test the impact of the Good Corporate Governance (GCG) implementation and the modal structure toward the firm value. The Good Corporate Governance (GCG) is measured by the managerial ownership, the institutional ownership, the independent board of commissioners, and the audit committee. The modal structure is measured by the Debt Equity Ratio (DER). Meanwhile, the firm value as the dependent variable is measured by the Tobins’Q. The type of this study is quantitative. The population of this study are 57 Property and Real Estate companies which are registered in Indonesia’s Stock Exchange in 2017-2019. The samples are collected by applying the purposive sampling, and there are 15 companies which are collected based on the determined criteria. The source pf the data are from the financial reports and the annual report. The method for analyzing the data is the multiple linier regression with SPSS (Statistical Product and Service Solution). The result of this study indicates the managerial ownership, the independen board pf commissioners, and the audit committee do not impact the firm value. Therefore, only the institutional ownership and the modal structure impact the firm value.
Keywords: good corporate governance, capital structure, firm value