PENGARUH MEKANISME GOOD CORPORATE GOVERNANCE DAN KINERJA KEUANGAN TERHADAP NILAI PERUSAHAAN LQ-45

Abstract

This research is aimed to test the influence of Good Corporate Governance and financial performance to the firm value of LQ45. The sample of research was chosen based on purposive sampling technique, so the sample obtained of 25 companies on LQ-45. The method of analysis of this research using multiple regression analysis technique.The results showed that: (a) Managerial ownership positively influence the firm value. This shows that managerial ownership it will reduce agency conflict; (b) Institutional ownership has no influence on the firm value. This indicates that the majority shareholder is less than optimal against the minority shareholders so the company's value decreases; (c) Independent commissioners have a negative influence on the company value. This shows that monitoring that been done by independent commisionaire not blocking the manager,target is difficult to accomplished; (d) The audit committee has no influence on the value of the company. This indicates the role of the audit committee is not maximal, resulting in a declining corporate value; (e) ROA has a positive influence on the firm value. The higher ROA, indicating good corporate financial performance; (f) ROE has a positive influence on the firm value. The higher ROE, the higher the company generates profit.
Keywords: Good Corporate Governance, return on assets, return on equity, corporate value.