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Mekanisme Good Corporate Governance, Cash Holding, Leverage, Ukuran Perusahaan Terhadap Nilai Perusahaan Bumn Di Indonesia Wahyu Ilham Fadhilah; Darto Darto
Balance : Jurnal Akuntansi dan Manajemen Vol. 5 No. 1 (2026): April 2026
Publisher : Lembaga Riset Ilmiah

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.59086/jam.v5i1.1336

Abstract

Nilai perusahaan adalah nilai yang mencerminkan kondisi dan kinerja suatu perusahaan. Nilai ini terbentuk dari penilaian investor terhadap prospek dan kinerja perusahaan di masa mendatang serta dari kemampuan manajemen untuk mengelola sumber daya perusahaan secara efektif. Nilai perusahaan menjadi tujuan utama perusahaan karena nilainya sangat terkait dengan kesejahteraan pemegang sahamnya. Penelitian ini bertujuan menguji secara empiris pengaruh mekanisme Good Corporate Governance (komite audit dan dewan komisaris independen), cash holding, leverage, dan ukuran perusahaan terhadap nilai perusahaan Badan Usaha Milik Negara (BUMN) di Indonesia. Menggunakan data panel 16 BUMN non-perbankan yang terdaftar di Bursa Efek Indonesia periode 2020–2024 dan dianalisis dengan model Fixed Effect, hasil penelitian menunjukkan bahwa leverage berpengaruh negatif dan signifikan terhadap nilai perusahaan, sementara ukuran perusahaan berpengaruh positif dan signifikan. Sebaliknya, komite audit, dewan komisaris independen, dan cash holding tidak menunjukkan pengaruh signifikan. Temuan utama ini menegaskan bahwa kebijakan struktur pendanaan dan skala operasional lebih menentukan persepsi pasar terhadap BUMN dibandingkan pemenuhan aspek struktural tata kelola. Implikasi praktisnya, manajemen BUMN perlu memprioritaskan pengelolaan utang yang hati-hati dan optimalisasi aset agar nilai perusahaan dapat meningkat secara berkelanjutan.   Company value is a value that reflects the condition and performance of a company. This value is formed from investors' assessments of the company's future prospects and performance, as well as the management's ability to manage the company's resources effectively. Company value is the main objective of a company because it is closely related to the welfare of its shareholders. This study aims to empirically examine the effect of Good Corporate Governance mechanisms (audit committee and independent board of commissioners), cash holdings, leverage, and company size on the corporate value of State-Owned Enterprises (SOEs) in Indonesia. Using panel data from 16 non-banking SOEs listed on the Indonesia Stock Exchange for the period 2020–2024 and analyzed using a fixed effect model, the results show that leverage has a negative and significant effect on company value, while company size has a positive and significant effect. Conversely, audit committees, independent boards of commissioners, and cash holdings do not show a significant effect. These key findings confirm that funding structure and operational scale policies have a greater impact on market perceptions of SOEs than compliance with structural governance aspects. The practical implication is that SOE management needs to prioritize careful debt management and asset optimization in order to increase company value in a sustainable manner.  
Co-Authors Adelia Octaviani Ali, Sampor Andry Priharta Arista, Juliana Bambang Sutrisno Bhagas Novanda Putra Cantika, Arinda Citra Anjani Dessy Iriani Putri Dian Nur Aini Dimas Yoga Pradipta Pratama Elga Yohana Azzahra Elsa Dewi Farantika Farah Aurellia Sasikirana Farhan Ihkwal Faris Rahmat Hidayat Febri Yani Firgi Adha Listanto Ghefira Zahira Syifa Graiseld Raissa Erwanto Haila Afra Alfaiza Haryanto, Lorenta In Hasanah Hasanah Helfi Gustia Hermawan, Rizki Hidayat, Sri Hilwah Farhati Istiqomah, Dwi Warda Jaharuddin, Jaharuddin Khoirul Nur Zhafiirah Lemsoh, Jarunee Lorenta In Haryanto Lusida, Nurmalia Maryati Maryati Medo Maulianza Miftah Andriansyah, Miftah Mitsalina Tantri Muhammad Khatami Muksin, Nani Nuraini Nazifah Husainah Niken Wulandari Dyrin Nunung Cipta Dainy Nur Asni Gani OKTA MAHENDRA, OKTA Putri, Rachma Ghevira Rahmawati, Astri Raisa Ardiyanti Ratri Ariatmi Nugrahani Renty Anugerah Mahaji Puteri Renty Anugerah Mahaji Putri Rony Edward Utama Siswahyudianto Sukrianto Sulhendri Tri Ananto Tri Yuni Hendrawati Tria Astika Endah Permatasari Ummul Habibah Hasyim Uun Uniyawati Wahyu Ilham Fadhilah Winda Krisnawati Wusono, Ciska Nabilla Zaidah Rizkiyah Zelania In Haryanto Zhafiirah, Khoirul Nur