THE EFFECT OF CORPORATE GOVERNANCE ON THE VALUE OF THE FIRM WITH THE COST OF CAPITAL AS AN INTERVENING VARIABLE
Keywords:
Corporate Governance, Firm Value, Cost of Capital, Company Performance
Abstract
This study aims to prove the influence of corporate governance variables on the value of the firm. These variables are the size of the board of commissioners, the size of the board of directors, and the independent commissioners. This research was also conducted to determine the direct or indirect influence of the cost of capital variable as a mediation variable in this study. The sample used in this study was a manufacturing company listed on the Indonesia Stock Exchange for the period 2017—2021. The sample obtained in this study was 213 companies. The type of data used in this study is secondary data in the form of company financial statements published by the Indonesia Stock Exchange. The collection technique in this study was carried out with documentation techniques obtained from the published company's financial statements. This research data analysis technique uses Partial Least Squares Structural Equation Modeling (PLS-SEM) with a regression analysis base. The data analysis tool used is SmartPLS 4.0. The results of this study show that the independent commissioner variable has a positive effect on the value of the company, while the variables of the size of the board of commissioners and the size of the board of directors have no effect. The variable cost of capital positively affects the value of the company. On the other hand, the variables of the size of the board of commissioners, the size of the board of directors, and the independent commissioners have no effect on the cost of capital. Similarly, variable capital costs do not affect the mediating effect on the relationship between corporate governance and the value of the firm.
References
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Octaviany, A., Hidayat, S., & Miftahudin. (2019). Pengaruh Ukuran Perusahaan dan Leverage terhadap Nilai Perusahaan dengan Profitabilitas sebagai Variabel Intervening. Jurnal Riset Inspirasi Manajemen dan Kewirausahaan, 3(1), 30–36. https://doi.org/10.47080/progress.v3i2.943
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ACGA, & CLSA. (2021). Future promise Aligning governance and ESG in Asia. In CG Watch 2020. https://doi.org/10.1093/spp/15.1.67
Aprilliadia, T., & Pohan, E. S. (2020). Pengaruh Penerapan Corporate Governance Terhadap Kinerja Keuangan Perbankan. Eksistansi, 9(1).
Armeliyas, M., & Patrisia, D. (2020). The Effect of Internal Corporate Governance Mechanism on Corporate Values. 124, 1005–1018. https://doi.org/10.2991/aebmr.k.200305.170
Asma, R., & Redawati. (2018). Pengaruh Mekanisme GCG, Kebijakan Investasi Dan Kebijakan Dividen Terhadap Nilai Perusahaan Yang Dimediasi Oleh Kebijakan Pendanaan. INOBIS: Jurnal Inovasi Bisnis dan Manajemen Indonesia, 2(1), 71–85. https://doi.org/10.31842/jurnal-inobis.v2i1.62
Azmy, A., Anggreini, D. R., & Hamim, M. (2019). Effect Of Good Corporate Governance On Company Profitability RE & Property Sector In Indonesia. Jurnal Akuntansi, 23(1), 18–33. https://doi.org/10.24912/ja.v23i1.457
Bisnis.com. (2022, Juni 25). B20 Indonesia Dukung Standardisasi Global Laporan Berkelanjutan Berbasis Lingkungan, Sosial dan Tata Kelola Usaha. Bisnis.com.
Budiningsih, B. A. S., Kristanto, A. T., & Agustinawansari, G. (2021). Analisis Pengaruh Mekanisme Corporate Governance terhadap Kemungkinan Terjadinya Financial Distress. EXERO : Journal of Research in Business and Economics, 4(1), 84–126. https://doi.org/10.24071/exero.v4i1.5027
Cadbury Committee. (1992). Report of the Committee on the Financial Aspects of Corporate Governance. London: Gee.
David, H. J., Schoorman, E. D., & Donaldson. (1997). Toward A Stewardship Theory of Management. Academy of Management Review, 22(1), 20–47.
Dewi, A. S., Sari, D., & Abaharis, H. (2018). Pengaruh Karakteristik Dewan Komisaris Terhadap Kinerja Perusahaan Manufaktur Di Bursa Efek Indonesia. Jurnal Benefita, 3(3), 445–454. https://doi.org/10.22216/jbe.v3i3.3530
Donaldson, L., & Davis, J. H. (1991). Stewardship Theory or Agency Theory: CEO governance and shareholder returns. Australian Journal of Management, 16, 49–65.
Febiyanti, E., & Hersugondo, H. (2022). Corporate Governance and Profitability: The Role of Cost of Capital as Mediation. Jurnal Keuangan dan Perbankan, 26(2), 460–474. https://doi.org/10.26905/jkdp.v26i2.7548
Gul, S., & Rashid, A. (2018). The Impact of Corporate Governance on Firm Value: The Case of Small, Medium, and Large Cap Firms. Pakistan Business Review, 20(2). https://doi.org/10.46745/ilma.jbs.2016.12.01.16
Hidayat, T., Triwibowo, E., & Marpaung, N. V. (2021). Penerapan Good Corporate Governance dan Kinerja Keuangan terhadap Nilai Perusahaan. Jurnal Akuntansi Bisnis Pelita Bangsa, 6(1), 1–18. https://doi.org/10.46799/jst.v1i10.164
Husnan, S. (1997). Manajemen Keuangan, Teori dan Penerapan (Keputusan Jangka Panjang). Yogyakarta: BPFE UGM.
Hussain, F., Ahmad, A., Khan, A., Khan, M. N., Jan, K., Rashid, A., & Rehman, Z. ur. (2021). The Cost of Capital and Firm Performance: An Empirical Evidence from Pakistan. Ilkogretim Online - Elementary Education Online, 20(4), 3028–3038. https://doi.org/10.17051/ilkonline.2021.04.346
Islami, N. W. (2018). Pengaruh Good Corporate Governance Terhadap Profitabilitas Perusahaan. Jurnal JIBEKA, 12(1), 54–58. https://doi.org/10.36407/jmsab.v2i3.93
Jakpar, S., Tinggi, M., Hui, T. K., Johari, A., & Myint, K. T. (2019). Analysis of Corporate Governance and Firm Performance: Evidence from Malaysian Listed Companies. International Journal of Business and Social Science, 10(1), 118–133. https://doi.org/10.30845/ijbss.v10n1p14
Javaid, A., Nazir, M. S., & Fatima, K. (2021). Impact of corporate governance on capital structure: mediating role of cost of capital. Journal of Economic and Administrative Sciences. https://doi.org/10.1108/jeas-09-2020-0157
Kartinah, D., Jhoansyah, D., & Z, F. M. (2021). Analyze Return on Equity and Weighted Average Cost of Capital Linkages to Firm Value. Almana : Jurnal Manajemen dan Bisnis, 5(1), 1–6. https://doi.org/10.36555/almana.v5i1.1411
Khoirunnisa, S., & Aminah, I. (2022). Pengaruh Ukuran Dewan Komisaris, Dewan Direksi dan Komite Audit Terhadap Nilai Perusahaan Pada Indeks Kompas100 Bursa Efek Indonesia (BEI) Periode 2018-2020. Prosiding SNAM PNJ, 1–10. Diambil dari https://repository.widyatama.ac.id/xmlui/handle/123456789/5722
Kien, P., Suchard, J., & Jason, Z. (2004). Biaya Modal Tata Kelola Perusahaan Dan Kinerja: Bukti Dari Perusahaan Australia. Jurnal Keuangan, 6(1), 1–28.
Komite Nasional Kebijakan Governance. (2006). Pedoman Umum GCG Indonesia. Jakarta.
Kurniawan, A., & Susan, M. (2020). Analisis Pengaruh Karakteristik Dewan Komisaris Terhadap Profitabilitas Sektor IUT Yang Terdaftar Di Bursa Efek Indonesia. Jurnal Ilmiah MEA (Manajemen, Ekonomi, Akuntansi, 4(3), 1870–1885.
Linardi, A. C., Agustina, A., Alimwiyono, C., Perdana, E., Setiadi, G., Jonathan, J., … Octavianus, R. J. N. (2019). Pengaruh WACC Terhadap ROA Dan DER Pada Perusahaan yang Terdaftar di BEI Tahun 2015-2017. Jurnal PROFIT: Kajian Pendidikan Ekonomi dan Ilmu Ekonomi, 6(2), 89–100.
Majid, S. R., Titisari, K. H., & Nurlaela, S. (2020). Pengaruh Profitabilitas, Leverage, Komite Audit Dan Dewan Direksi Terhadap Nilai Perusahaan. JRAK, 11(1), 1–18.
Margono, F. P., & Gantino, R. (2021). The Influence of Firm Size, Leverage, Profitability, and Dividend Policy on Firm Value of Companies in Indonesia Stock Exchange. Copernican Journal of Finance & Accounting, 10(2), 45–61. https://doi.org/10.12775/cjfa.2021.007
Mastuti, A. N., & Prastiwi, D. (2021). Pengaruh Kepemilikan Institusional Dan Ukuran Dewan Terhadap Nilai Perusahaan Melalui Profitabilitas. Jurnal PETA, 6(2), 222–238.
Octaviany, A., Hidayat, S., & Miftahudin. (2019). Pengaruh Ukuran Perusahaan dan Leverage terhadap Nilai Perusahaan dengan Profitabilitas sebagai Variabel Intervening. Jurnal Riset Inspirasi Manajemen dan Kewirausahaan, 3(1), 30–36. https://doi.org/10.47080/progress.v3i2.943
Oktari, V., Mela, N. F., & Zarefar, A. (2018). The Influence of Good Corporate Governance on Company Value in Jakarta Islamic Index Companies. Jurnal Akuntansi Keuangan dan Bisnis, 11(1), 69–78. Diambil dari http://jurnal.pcr.ac.id
Oktarina, D. (2018). The Analysis of Firm Value in Indonesia Property and Real Estate Companies. International Journal of Research Science & Management, 5(9), 86–92. https://doi.org/10.5281/zenodo.1462022
Priharta, A., Buana, Y., Diana, & Sintarini, F. (2022). Corporate Governance dan Kinerja Keuangan: Dampaknya pada Nilai Perusahaan. Jurnal Akuntansi dan Governance, 3(1), 16–28.
Purba, S. T., Pasaribu, D., & Simanjuntak, W. A. (2021). Pengaruh Kebijakan Hutang, Kebijakan Investasi dan Good Corporate Governance terhadap Nilai Perusahaan Manufaktur Subsektor Otomotif yang Terdaftar di Bursa Efek Indonesia Periode 2016-2019. Jurnal Akuntansi dan Keuangan Methodist, 4(2), 140–150. https://doi.org/10.46880/jsika.Vol4No2.pp140-150
Ringle, C. M., Wende, S., & Becker, J.-M. (2022). SmartPLS 4. Diambil 15 Januari 2023, dari SmartPLS website: https://www.smartpls.com
Sa’diyah, N. H., Susyanti, J., & Saraswati, E. (2020). Analisis Tax Avoidance, Firm Size Dan Good Corporate Governance Terhadap Cost Of Capital. e-Jurnal Riset Manajemen, 9(24), 1–15.
Saalmuller, L. (2022). Cost of Capital: What it is & How to calculate it. Diambil 20 Oktober 2022, dari HBS Online website: https://online.hbs.edu/blog/post/cost-of-capital
Safitri, V. A. D., & Nani, D. A. (2021). Does Good Corporate Governance and Eco–Efficiency Really Contribute To Firm Value? an Empirical Study in Indonesian State-Owned Enterprises (Soes). Akuntabilitas, 15(1), 73–88. https://doi.org/10.29259/ja.v15i1.12526
Sugiyono. (2017). Metode Penelitian Kuantitatif, Kualitatif, dan R&D. Bandung: CV Alfabeta.
Sunardi, N. (2020). Penilaian Kinerja Keuangan menggunakan Economic Value Added (EVA) dan Market Value Added (MVA) dengan Time Series Approach pada Industri Semen di Indonesia. Jurnal Ilmiah Manajemen Forkamma, 3(2), 184–194.
Thendean, C. A., & Meita, I. (2019). Pengaruh Ukuran Dewan Komisaris Dan Ukuran Dewan Direksi Terharap Nilai Perusahaan Dengan Kepemilikan Institusional Sebagai Variabel Moderasi. EQUITY: Jurnal Ekonomi, Manajemen, Akuntansi, 21(2), 152–162. https://doi.org/10.34209/equ.v21i2.641
Tintia, D., & Muslih, M. (2020). PENGARUH KOMISARIS INDEPENDEN, KEPEMILIKAN INSTITUSIONAL, FREKUENSI PERTEMUAN KOMITE AUDIT DAN INTELLECTUAL CAPITAL DISCLOSURE TERHADAP BIAYA EKUITAS (Studi Pada Perusahaan jasa Sektor Infrastruktur, Utilitas, dan Transportasi yang terdaftar pada Bursa Ef. e-Proceeding of Management, 7(2), 2993–3006.
Verhezen, P., & Raby, G. (2019). Is Indonesia serious about corporate governance? Diambil 3 Oktober 2022, dari SGPP Indonesia website: https://sr.sgpp.ac.id/post/is-indonesia-serious-about-corporate-governance
Warsono, S., Amalia, F., & Rahajeng, D. K. (2009). Corporate Governance, Concept and Model. Yogyakarta: Center for Good Corporate Governance.
Widiatmoko, J. (2020). Corporate Governance Mechanism and Corporate Social Responsibility on Firm Value. Relevance: Journal of Management and Business, 3(1), 13–25. https://doi.org/10.22515/relevance.v3i1.2345
Yeh, C. C., Lin, F., Wang, T. S., & Wu, C. M. (2020). Does corporate social responsibility affect cost of capital in China? Asia Pacific Management Review, 25(1), 1–12. https://doi.org/10.1016/j.apmrv.2019.04.001
Published
2023-02-26
Section
Articles
This work is licensed under a Creative Commons Attribution 4.0 International License.
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