Pengaruh Struktur Modal dan Good Corporate Governance terhadap Nilai Perusahaan : Studi Empiris pada Perusahaan Sektor Financials yang Terdaftar di Bursa Efek Indonesia Tahun 2020 - 2024

Abstract

This study aims to examine the effect of capital structure and Good Corporate Governance (GCG) on firm value in the financials sector listed on the Indonesia Stock Exchange for the 2020-2024 period. Firm value is measured using the Price to Book Value (PBV) ratio, capital structure is proxied by the Debt to Equity Ratio (DER), and GCG is measured based on the proportion of independent commissioners. This research uses an associative quantitative approach with a purposive sampling technique, which resulted in 21 companies as the sample with a total of 105 data observations. Data processing was carried out using the panel data regression analysis method utilizing E-views 14 software, with the selected estimation model being the Random Effect Model (REM). The results showed that partially, Capital Structure has a significant effect on Firm Value with a significance value of 0.0021 (< 0.05). Meanwhile, Good Corporate Governance has no effect on Firm Value with a significance value of 0.1367 (> 0.05). Simultaneously (F-Test), Capital Structure and Good Corporate Governance jointly have a significant effect on Firm Value with an F-statistic probability value of 0.0041 (< 0.05). The determination coefficient (R-squared) test result obtained was 0.188398 or 18.83%. This indicates that the independent variables (Capital Structure and GCG) in this study are able to explain the variation in the dependent variable (Firm Value) by 18.83%, while the remaining 81.17% is explained by other variables or factors outside this research model.