Articlediamond2020

Nilai Perusahaan: Kebijakan Utang, Good Corporate Governance, Cash Holding

Amrie Firmansyah · Tommy Aviv Setiawan · Fajar Fathurahman

28 citations0/0 files storedJurnal Akuntansi dan Bisnis

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Corporate Finance and Governance Financial Analysis and Corporate Governance Corporate Governance and Financial Management

Abstract

This study examines the effect of debt policy, good corporate governance, and cash holding on firm value. This study employs secondary data in financial information on companies in the consumer goods sub-sector listed on the Indonesia Stock Exchange from 2015 to 2018. Data were obtained from www.idx.co.id, www.finance.yahoo.com, and its official website. Based on purposive sampling, the total sample used in this study amounted to 128 observations. Data testing was performed by multiple linear analysis with panel data. This study concludes that debt policy and good corporate governance do not affect firm value, while cash holding has a negative effect on firm value. This study indicates that the financial services authorities, as capital market supervisors, need to monitor the implementation of good corporate governance as a form of investor protection in Indonesia. Penelitian ini bertujuan untuk menguji pengaruh kebijakan utang, good corporate governance , dan cash holding terhadap nilai perusahaan. Penelitian ini menggunakan metode kuantitatif dengan menggunakan data sekunder yang berupa informasi keuangan perusahaan sektor consumer goods yang listed di Bursa Efek Indonesia tahun 2015 sampai dengan tahun 2018. Data diperoleh dari www.idx.co.id, www.finance.yahoo.com, dan website resmi perusahaan. Berdasarkan purposive sampling yang telah dilakukan, total sampel yang digunakan dalam penelitian ini berjumlah 128 observasi. Pengujian data dilakukan dengan analisis linier berganda dengan data panel. Hasil penelitian ini menyimpulkan bahwa kebijakan utang dan good corporate governance tidak berpengaruh terhadap nilai perusahaan, sedangkan cash holding berpengaruh negatif terhadap nilai perusahaan. Hasil penelitian ini menunjukkan bahwa otoritas jasa keuangan selaku pengawas pasar modal perlu untuk melakukan monitoring implementasi good corporate governance sebagai salah satu bentuk perlindungan investor di Indonesia.

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References

2021Econometric Analysis of Panel Data 1999Agency Cost of Free Cash Flow, Corporate Finance, and Takeovers 2000Understanding the Determinants of Managerial Ownership and the Link Between Ownership and Performance 2017PENGARUH LEVERAGE, UKURAN PERUSAHAAN, PERTUMBUHAN PERUSAHAAN, DAN PROFITABILITAS TERHADAP NILAI PERUSAHAAN PADA PERUSAHAAN PROPERTI 2011Determinants of Corporate Cash Holdings: Evidence from Canada 2016The effect of corporate governance on firm value and profitability: Time-series evidence from Turkey 2019PENGARUH KINERJA KEUANGAN DAN STRUKTUR MODAL TERHADAP NILAI PERUSAHAAN YANG DIMODERASI VARIABEL UKURAN PERUSAHAAN 2017Ownership structure, corporate governance and investment efficiency of Chinese listed firms

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