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All Journal Economos : Jurnal Ekonomi dan Bisnis
Ananda Putri
Universitas Muhammadiyah Parepare
Decision Sciences, Operations Research & Management Economics, Econometrics & Finance

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Profitability and Company Value with Good Corporate Governance as a Moderating Variable Yusran Bachtiar; Ananda Putri
Economos : Jurnal Ekonomi dan Bisnis Vol. 8 No. 3 (2025): ECONOMOS : Jurnal Ekonomi dan Bisnis
Publisher : Fakultas Ekonomi dan Bisnis Universitas Muhammadiyah Parepare

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.31850/economos.v8i3.4204

Abstract

This study aims to examine the effect of profitability, proxied by Return on Assets (ROA) and Return on Equity (ROE), on firm value, proxied by Tobin's Q, with Good Corporate Governance (GCG) as a moderating variable represented by the proportion of independent commissioners. The research is quantitative, using a sample of 18 companies in the food and beverage sub-sector listed on the Indonesia Stock Exchange (IDX) from 2022 to 2024, selected through purposive sampling. Data analysis used panel data regression with the Fixed Effect Model (FEM) and Moderated Regression Analysis (MRA). The results show that ROA has a negative and significant effect on firm value, while ROE has a positive and significant effect. GCG does not moderate the relationship between ROA and firm value but significantly moderates the relationship between ROE and firm value. These findings indicate that the effectiveness of GCG, particularly the proportion of independent commissioners, has not been optimal in strengthening the relationship between profitability and firm value as a whole .
Co-Authors Yusran Bachtiar