PENGARUH KEBIJAKAN HUTANG DAN KEBIJAKAN INVESTASI TERHADAP KINERJA KEUANGAN YANG DIMODERASI DARI GOOD CORPORATE GOVERNANCE

Abstract

This research aimed to find out the role of Good Corporate Governance (GCG) as a moderating variable in the effect of debt policy and investment policy on financial performance at Food and Beverage companies listed on the IDX during 2017-2021. The GCG was measured by using the GCG score, debt policy was measured by Debt to Asset Ratio, investment policy was measured by Investment Opportunity Set (IOS) which was referred to as Market Value to Book of Assets (MVBVA), and financial performance was measured by Return On Asset (ROA) Moreover, the data collection technique used purposive sampling. From 105 Food and Beverage companies, only 25 companies fulfilled the criteria as sample. The data analysis technique used Multiple Regression Analysis (MRA) with SPSS. Furthermore, the result showed that: 1) Debt policy had a negative effect on financial performance; 2) Investment policy had a positive effect on financial performance; 3) GCG had a positive effect on financial performance; 4) Debt policy had a positive effect on financial performance, with GCG as a moderating variable; and 5) Investment policy had a positive effect on financial performance with GCG as a moderating variable.