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Moderasi Return Saham dan Kinerja Keuangan pada GCG terhadap Nilai Perusahaan IDX30 Mochamad Bagus Adi Nourcholis; Taufik Akbar
JWM (JURNAL WAWASAN MANAJEMEN) Vol. 14 No. 2 (2026)
Publisher : Master of Management FEB ULM

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.20527/jwm.v14i2.441

Abstract

This research analyzes the impact of Good Corporate Governance (GCG) on firm valuation, focusing on wheth-er stock return and financial performance moderate that relationship in IDX30 companies during 2022–2024. GCG is indicated by institutional ownership, while firm value, stock return, and financial performance are measured through PBV, total annual return, and ROA, respectively. The study employs panel data regression combined with Moderated Regression Analysis (MRA) using a Random Effects Model. Findings reveal no sta-tistically significant influence from institutional ownership, ROA, or stock return. The results highlight that strengthening GCG implementation quality is more crucial than depending solely on ownership structure.