PENGARUH CORPORATE GOVERNANCE TERHADAP HUBUNGAN STRUKTUR MODAL DAN NILAI PERUSAHAAN PADA PERUSAHAAN FOOD AND BEVERAGE DI BEI TAHUN 2005 -2009

., Nuryati ( STIE-AUB Surakarta)

KELOLA
Kelola Vol. 1 No. 2

This research aim to find out; 1). the influence of the capital structure variable that measure with
long term debt to total assets and debt to equity ratio to corporate governance variable. 2). The influence of
the capital structure variable that measure with long term debt to total assets and debt to equity ratio on
the firm valueb variable that measure with Tobin’s Q. 3). the influence of the corporate governance variable on
the firm value that measure with Tobin’s Q. Purposive sampling method had been used to take these sample,
and obtained 41 companies sample in observation time. Result showed: 1). The capital structure variable that
measure did not effect to the corporate governance variable. 2). The capital structure variable that measure
with long term debt to total assets did not effect to a firm value variable that measure with Tobin’s Q. but
debt to equity ratio had negative effect to firm value variable that measure with Tobin’s Q. 3). The corporate
governance did not effect to firm value variable that measure with Tobin’s Q.4). Direct influence of capital
structure variable to firm value variable that measure with Tobin’s Q was bigger that at indirect influence. 5).
The moderating variable, corporate governance is better than the corporate governance as intervening
variable.

Keyword : the capital structure, corporate governance and firm value.