PENGARUH TATA KELOLA PERUSAHAAN TERHADAP NILAI PERUSAHAAN DENGAN PROFITABILITAS SEBAGAI VARIABEL MODERATING

Abstract

This research examines the effect of managerial ownership, institutional ownership, and independent commissioner board on firm value, with profitability as a moderating variable in the Transportation and Logistics Goods and Services sector listed on the Indonesia Stock Exchange (IDX) during 2019-2022. All variables were measured by managerial ownership, institutional ownership, independent commissioner board, Return On Assets (ROA), and Price to Book Value (PBV). The study applies quantitatively. Furthermore, the data were secondary, in the form of companies’ annual financial statements. The data collection technique used purposive sampling with 13 companies as the sample. Therefore, 52 data samples were analyzed. The data analysis technique used multiple linear regression. The result shows that managerial ownership has a negative effect on firm value. Likewise, institutional has a negative effect on firm value. However, an independent commissioner board has a positive effect on firm value. Moreover, profitability moderates positively the relationship between managerial ownership and firm value. Meanwhile, profitability moderates negatively the relationship between institutional ownership and firm value. Similarly, profitability moderates negatively the relationship between independent commissioner board and firm value.