PENGARUH STRUKTUR MODAL DAN GCG TERHADAP KINERJA SAHAM YANG DI MEDIASI KINERJA KEUANGAN PERUSAHAAN

Abstract

This research aimed to find out the capital structure and GCG on the stock performance through the company’s
financial performance. Furthermore, the population was Consumption Goods manufacturing companies listed in
IDX during 2019-2023. Moreover, data analysis technique used multiple linear regression with path analysis to
examine the direct and indirect relation between the independent and dependent variables through a mediating
variable. Additionally, the direct hypothesis test showed that capital structure capital had a negative effect on
profitability. However, the proportion of independent commissioner boards had a positive effect on profitability.
In addition, managerial ownership, institutional ownership, and audit committee size did not affect profitability.
In contrast, the profitability had a positive effect on the stock return. On the contrary, capital structure,
managerial ownership, institutional ownership, and audit committee size did not affect stock return.
Nevertheless, the proportion of independent commissioner boards had a negative effect on stock return. In
addition , the hypothesis test result indirectly showed that profitability could mediate the negative effect of
capital structure on the stock return. While profitability was not able to mediate the effect of the proportion of
independent commissioner board, managerial ownership, institutional ownership, and audit committee size on
stock return.