Does Good Corporate Governance Able to Moderate The Relationship of Financial Performance Towards Firm Value?
DOI:
https://doi.org/10.26740/jaj.v11n1.p9-20Keywords:
Good Coperate Governance, Financial Performance, Firm Value, TobinsQAbstract
This study aims to find out explicitly whether good corporate governance is able to moderate the relationship between financial performance and firm value that occurs in companies listed on the Indonesian stock exchange. Research was conducted on food and beverage companies in 2008 - 2017. The 10-year observation period obtained 50 observational data. By using Warppls 6.0 in processing observational data, the results show that financial performance has an influence on the value of the company. This research also proves that good corporate governance proxied by share ownership by company leaders is able to positively moderate the effect of financial performance on firm value, but not for institutional share ownership. In this case it can be said that the greater the dominance of the owner in corporate governance, the more positive the opportunity to obtain financial performance and the firm value becomes easier to achieve.
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Ghozali, I. (2012). Partial Least Square œKonsep, Teknik dan Aplikasi. Badan Peneribit Universitas Diponegoro.
Gunawan, E. H. (2014). Analysis of the application of Good Corporate Governance in optimizing the implementation of accounting information systems (study at PT. POS Indonesia Persero). Journal of Accounting and Financial Research, 2 (1), 300-313.
Hardiningsih, P. (2009). Determinant of company value. Jurnal Akuntansi Indonesia, 5 (2), 231-250.
Hermawan, S., & Mafulah, A. N. (2014). The effect of financial performance on firm value by disclosing corporate social responsibility as a moderating variable. Dinamika Akuntansi, 6(2), 103118. https://doi.org/10.15713/ins.mmj.3
Iatridis, G. E. (2013). Environmental disclosure quality: Evidence on environmental performance, corporate governance and value relevance. Emerging Markets Review, 14(1), 5575. https://doi.org/ 10.1016/j.ememar.2012.11.003
Imanta, D. E. A. (2011). Faktor-faktor yang mempengaruhi kepemilikan manajerial. Jurnal Bisnis Dan Akuntansi, 13(1), 6780.
Indrasti, A. W., & Martini. (2014). The Effect of Share Ownership Structure and Corporate Social Responsibility on Company Value. Jurnal Akuntansi Dan Keuangan, 3(2), 115133.
Isidro, H., & Sobral, M. (2014). The Effects of Women on Corporate Boards on Firm Value, Financial Performance, and Ethical and Social Compliance. Journal of Business Ethics, 132(1), 119.
doi:10.1007/s10551-014-2302-9
Jensen, M. C., & Meckling, W. H. (1976). Theory of the firm: Managerial behavior, agency costs and ownership structure. Journal of Financial Economics, 3(4), 305360. doi:10.1016/0304-405x(76)90026-x
Karuna, C. (2007). CEO Reputation and Corporate Governance. SSRN Electronic Journal. doi:10.2139/ssrn.1004227
Korompis, K. I. P. H., Wirajaya, I. G.A. (2017). Effect of Financial Performance on Firm Value with Good Corporate Governance as a Moderating Variable. E-Journal of Accounting, Udayana University, 21 (1), 128.
Kuzey, C., & Uyar, A. (2017). Determinants of sustainability reporting and its impact on firm value: Evidence from the emerging market of Turkey. Journal of Cleaner Production, 143, 2739.
doi:10.1016/j.jclepro.2016.12.153
Lajili, K. (2009). Corporate Risk Disclosure and Corporate Governance. Journal of Risk and Financial Management, 2(1), 94117. doi:10.3390/jrfm2010094
Latifah, L., & Murniningsih, R. (2017). Effect of Financial Performance and Good Corporate Governance as Moderation Variables on Company Value (Empirical Study on Compass 100 Index Listed on Indonesia Stock Exchange Period (2012-2016 ). The 6th URECOL, Universitas Muhammadiyah Magelang, 263268.
Lee, Sang-mook, K. R. (2003). Management Ownership and Firm Value¯: An Empirical Analysis using Panel Data by. Discussion Paper No. 593 The Institute of Social and Economic Research Osaka University, (593).
Lee, M., & Hwang, H. S. (2012). The Interaction Effects of Firm Value, Managerial Ownership Retention, Earnings Forecasts and Earnings Management. Business and Management Research, 1(2).
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Lu, Y., & Abeysekera, I. (2014). Stakeholders Power, Corporate Characteristics and Social and Environmental Disclosure: Evidance from China. Journal of Cleaner Production, 64(1), 426436.
Meindarto, A. F. L. (2016). The Effect of Corporate Governance on Company Value in Banking Companies Listed on the Indonesia Stock Exchange in 2011-2014. Journal of Business Studies, 17 (2), 145168.
Muliani, L. E., Yuniarta, G.A. K. S. (2014). The influence of financial performance on firm value by disclosing corporate social responsibility and good corporate governance as mediating variables (case study on the Indonesia Stock Exchange in the period 2010-2012). E-Jurnal Akuntansi Universitas Pendidika Ganesha, 2(1), 110. doi:10.5430/bmr.v1n2p94
Morck, R., Shleifer, A., & Vishny, R. W. (1988). Management ownership and market valuation. Journal of Financial Economics, 20, 293315. doi:10.1016/0304-405x(88)90048-7
Mutmainah. (2015). Analysis of Good Corporate Governance on Company Value. Jurnal EKSIS, X(2), 181195.
Muryati, N. N. T. S. (2014). The Effect of Corporate Governance on Company Value. E-Journal of Accounting, Udayana University, 9 (2), 411429.
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2019-10-31
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Setiawanta, Y. (2019). Does Good Corporate Governance Able to Moderate The Relationship of Financial Performance Towards Firm Value?. AKRUAL: Jurnal Akuntansi, 11(1), 9–20. https://doi.org/10.26740/jaj.v11n1.p9-20
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