PENGARUH GOOD CORPORATE GOVERNANCE DAN KINERJA KEUANGAN TERHADAP NILAI PERUSAHAAN

Abstract

This research aimed to determine the effect of Good Corporate Governance and financial performance on the firm value at State-Owned Enterprises listed on the Indonesia Stock Exchange (IDX) during 2018-2022. Furthermore, Good Corporate Governance was measured by managerial ownership, institutional ownership, and independent commissioner board. The financial performance was measured by Return On Assets (ROA) and firm value was measured by Price to Book Value (PBV).The research was quantitative. Moreover, the population was State-Owned Enterprises listed on the Indonesia Stock Exchange (IDX) during 2018-2022. The data collection technique used purposive sampling. In line with that, there were 27 companies as samples during 5 periods (2018-2022). Therefore, 135 data samples were observed. Additionally, the data analysis technique used multiple linear regression with SPSS 26.The result showed that managerial ownership had an insignificant effect on firm value. However, institutional ownership had a positive but insignificant effect on firm value. On the other hand, independent commissioner board had a positive effect on firm value. In contrast, financial performance which was measured by Return On Asset (ROA) had an insignificant effect on firm value.