Pengaruh Pertumbuhan Perusahaan dan Leverage terhadap Nilai Perusahaan : Peran Moderasi Good Corporate Governance

Abstract

This study aims to examine the effect of firm growth and leverage on firm value with the moderating role of Good Corporate Governance (GCG). This study uses purposive sampling and quantitative methods with multiple regression analysis techniques. The sample of this research is 34 companies in the consumer goods and industrial sub-sector on the Indonesia Stock Exchange for the 2016-2020 period. The results show that, hypothesis 1 (H1) is accepted that firm growth has a positive effect on firm value, namely when firm growth is measure by asset growth and profit growth, and firm value is measured by Tobin’s Q. Hypothesis 2 (H2) is accepted that leverage has a positive effect on firm value, namely when firm value is measure by PBV. Hypothesis 3a (H3a) is accepted that good corporate governance moderates the effect of firm value. This applies to the moderating role of good corporate governance as measured by managerial ownership which is found to weaken the positive influence of firm growth on firm value. Hypothesis 3b (H3b) is rejected that good corporate governance does not moderate the effect of leverage on firm value.

Penelitian ini bertujuan untuk menguji pengaruh pertumbuhan perusahaan dan leverage terhadap nilai perusahaan dengan peran moderasi Good Corporate Governance (GCG). Penelitian ini menggunakan teknik pengambilan purposive sampling dan metode kuantitatif dengan teknik analisis regresi berganda. Sampel penelitian ini sejumlah 34 perusahaan sub sektor industri barang dan konsumsi di Bursa Efek Indonesia periode 2016-2020. Hasil menunjukkan, hipotesis 1 (H1) diterima bahwa pertumbuhan perusahaan berpengaruh positif terhadap nilai perusahaan yaitu ketika pertumbuhan perusahaan diukur dengan asset growth dan profit growth, serta nilai perusahaan diukur dengan Tobin’s Q. Hipotesis 2 (H2) diterima bahwa leverage berpengaruh positif terhadap nilai perusahaan yaitu ketika nilai perusahaan diukur dengan PBV. Hipotesis 3a (H3a) diterima bahwa good corporate governance memoderasi pengaruh pertumbuhan perusahaan terhadap nilai perusahaan. Hal ini berlaku pada peran moderasi good corporate governance yang diukur dengan kepemilikan manajerial yang ditemukan memperlemah pengaruh positif pertumbuhan perusahaan terhadap nilai perusahaan. Hipotesis 3b (H3b) ditolak bahwa good corporate governance tidak memoderasi pengaruh leverage terhadap nilai perusahaan