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All Journal Bima Journal : Business, Management and Accounting Journal
Tri Utami, Dyah Ayu
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Decision Sciences, Operations Research & Management Economics, Econometrics & Finance

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Influence Of Good Corporate Governance, Capital Structure And Sales Growth On Firm Value Tri Utami, Dyah Ayu; Margie, Lyandra Aisyah
BIMA Journal (Business, Management, & Accounting Journal) Vol. 6 No. 2 (2025)
Publisher : Perkumpulan Dosen Muda (PDM) Bengkulu

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.37638/bima.6.2.1313-1322

Abstract

Purpose: This study aims to examine and analyze the influence of Good Corporate Governance, capital structure, and sales growth on firm value in non-cyclical consumer sector companies listed on the Indonesia Stock Exchange during the 2019–2023 period. Methodology: This research employs an associative quantitative approach using empirical panel data. The sample consists of 14 companies selected through purposive sampling, resulting in 70 firm-year observations. Data were analyzed using panel data regression with the assistance of EViews 12 software. Good Corporate Governance is proxied by independent commissioners and managerial ownership. Results: The results indicate that, simultaneously, independent commissioners, managerial ownership, capital structure, and sales growth influence firm value. Partially, managerial ownership has a significant effect on firm value, while independent commissioners, capital structure, and sales growth do not show a significant effect. Novelty: This study provides a comprehensive panel data analysis of governance and financial factors affecting firm value in the non-cyclical consumer sector. Findings: Managerial ownership emerges as a key governance mechanism in enhancing firm value compared to other governance and financial indicators. Originality: The originality of this study lies in its sector-specific focus and recent empirical data within the Indonesian capital market. Conclusions: Strengthening managerial ownership structures may be more effective in increasing firm value than relying solely on board composition or financial leverage. Type of Paper: Empirical Quantitative Research Paper.
Co-Authors Margie, Lyandra Aisyah