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All Journal International Journal of Supply Chain Management JAE (Jurnal Akuntansi dan Ekonomi) JABI (Jurnal Akuntansi Berkelanjutan Indonesia) Jurnal Kendali Akuntansi Jurnal Riset Ekonomi dan Akuntansi Sammajiva: Jurnal Penelitian Bisnis dan Manajemen Jurnal Ekonomi dan Pembangunan Indonesia Jurnal Ekonomi, Akuntansi dan Perpajakan International Journal of Economics, Accounting, and Management
Einde Evana
Unknown Affiliation
Decision Sciences, Operations Research & Management Economics, Econometrics & Finance Engineering Environmental Science Industrial & Manufacturing Engineering Transportation

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Pengaruh Good Corporate Governance (GCG), Leverage, dan Pertumbuhan Perusahaan terhadap Nilai Perusahaan dengan Profitabilitas sebagai Variabel Moderasi Faizah Salsabila; Einde Evana
Sammajiva: Jurnal Penelitian Bisnis dan Manajemen Vol. 4 No. 1 (2026): SAMMAJIVA: Jurnal Penelitian Bisnis dan Manajemen
Publisher : Institut Nalanda

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.47861/sammajiva.v4i1.2301

Abstract

This study aims to examine and obtain empirical evidence regarding the influence of Good Corporate Governance (GCG) as proxied by managerial ownership, leverage as measured by the Debt to Asset Ratio (DAR), and company growth on company value as proxied by Price to Book Value (PBV), and to examine the role of profitability as measured by Return on Assets (ROA) as a moderating variable. This study is motivated by the fluctuation of stock prices of primary consumer manufacturing companies on the Indonesia Stock Exchange (IDX) for the period 2021–2023, which reflects the dynamics of company value due to differences in financial performance and governance implementation between issuers. The research method used is a quantitative approach with a purposive sampling technique, resulting in 93 observations from primary consumer sector issuers (consumer non-cyclicals) listed on the IDX. Secondary data were obtained from annual financial reports and analyzed using multiple linear regression and Moderated Regression Analysis (MRA). The results show that managerial ownership does not have a significant effect on company value, which is caused by the very low average ownership proportion of 8.44%. Leverage has a positive and significant effect on firm value, indicating that proportional debt use can increase investor confidence. Firm growth has a negative and significant effect, reflecting the market's negative response to volatile and unstable growth. The MRA test results show that profitability significantly moderates the effect of leverage on firm value, with a positive effect. However, neither managerial ownership nor firm growth has been shown to moderate the effects of managerial ownership on firm value. The implications of this research are that management should increase the proportion of managerial share ownership, maintain stable growth, and maintain optimal profitability to support sustainable increases in firm value.
Co-Authors Ersi Sisdianto Evita Sysmantia Faizah Salsabila Farhan Azmi Asavandra Finanta Fiarcio Grecia Hotroha Ivanka Maharani SZ Kamadie Sumanda Syafis Kamadie Sumanda Syafiz Ken Karunia Megan Komalasari, Agrianti Lindrianasari Neny Desriani Nurdiono Nurdiono Rona Nabila Gusrima Tri Joko Prasetyo Trijoko Prasetyo Tufahati Ainia Mandavani Yunia Amelia