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All Journal Warmadewa Management and Business Journal (WMBJ)
Ni Putu Yeni Astiti
Universitas Mahasaraswati, Denpasar - Bali, Indonesia
Economics, Econometrics & Finance

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Determinan Company Value Pada Indeks Kompas 100 Ni Putu Yeni Astiti
Warmadewa Management and Business Journal (WMBJ) Vol. 8 No. 2 (2026)
Publisher : Fakultas Ekonomi Universitas Warmadewa

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.22225/wmbj.8.2.2026.203-215

Abstract

Firm value serves as a primary objective for stakeholders, including investors, creditors, and managers. The significance of firm value makes investors and creditors increasingly selective when investing in or extending credit to companies. The study population consists of 100 companies listed on the Indonesia Stock Exchange that are included in the Kompas 100 Index. Purposive sampling was used to select the sample, based on the criteria that companies must have been included in the Kompas 100 Index for two years and that financial information was available throughout the observation period. The final sample comprised 62 companies, resulting in a total of 124 observations over the two-year period. The analysis techniques employed were path analysis and the Sobel test for indirect hypothesis testing. The results indicate that Good Corporate Governance (GCG) has a positive and significant effect on firm value, whereas GCG has no effect on stock returns. Stock returns have a positive and significant effect on firm value. GCG has a positive and significant effect on financial performance, and stock returns also have a positive and significant effect on financial performance. Financial performance has a positive and significant effect on firm value. Stock returns do not mediate the effect of GCG on firm value, whereas financial performance mediates the effect of GCG on firm value.
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