Pengaruh Good Corporate Governance, Growth Opportunities, Ukuran Perusahaan, dan Kinerja Keuangan terhadap Nilai Perusahaan (Studi pada Perusahaan LQ45 yang Terdaftar pada Bursa Efek Indonesia Periode 2019–2023)

Penelitian ini bertujuan untuk menganalisis pengaruh Good Corporate Governance (GCG), growth opportunities, ukuran perusahaan dan kinerja keuangan terhadap nilai perusahaan pada perusahaan yang tergabung dalam indeks LQ45, yaitu indeks harga saham yang terdiri dari 45 perusahaan dengan likuiditas tinggi di Bursa Efek Indonesia selama periode 2019-2023. Nilai perusahaan merupakan indikator penting bagi investor dalam menilai kinerja dan prospek suatu perusahaan di pasar modal. Dalam penelitian ini, GCG diukur dengan proporsi dewan komisaris independen dan kepemilikan manajerial, growth opportunities diukur dengan sales growth, ukuran perusahaan dengan logaritma natural total aset, kinerja keuangan dengan Return on Equity (ROE) dan nilai perusahaan dengan Price to Book Value (PBV). Jenis penelitian ini adalah penelitian kuantitatif dengan teknik analisis regresi linear berganda dan metode pengambilan sampel menggunakan purposive sampling. Pengolahan data pada penelitian ini menggunakan software SPSS versi 2021. Hasil penelitian menunjukkan bahwa secara simultan seluruh variabel independen berpengaruh positif dan signifikan terhadap nilai perusahaan. Secara parsial, dewan komisaris independen dan ROE berpengaruh positif dan signifikan terhadap nilai perusahaan, kepemilikan manajerial berpengaruh negatif dan signifikan terhadap nilai perusahaan, sedangkan growth opportunities dan ukuran perusahan tidak berpengaruh terhadap nilai perusahaan. Nilai koefisien determinasi (R2) sebesar 0,191 menunjukkan bahwa variabel independen dalam model ini mampu menjelaskan nilai perusahaan sebesar 19,1%, sedangkan sisanya dijelaskan dari faktor lain diluar model penelitian.

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This study aims to analyze the effect of Good Corporate Governance (GCG), growth opportunities, company size, and financial performance on firm value for companies listed in the LQ45 index, which includes 45 high liquidity companies on the Indonesia Stock Exchange during the period 2019-2023. Firm value is an important indicator for investors to assess a company's performance and prospects in the capital market. In this study, GCG is measured by the proportion of independent commissioners and managerial ownership, growth opportunities are measured by sales growth, company size is measured by the natural logarithm of total assets, financial performance is measured by Return on Equity (ROE), and firm value is measured by Price to Book Value (PBV). This research is a quantitative study using multiple linear regression analysis, and the sampling method employed is purposive sampling. Data processing in this study was carried out using SPSS version 2021 software.
The results of the study show that, simultaneously, all independent variables have a positive and significant effect on firm value. Partially, the independent board of commissioners and ROE have a positive and significant effect on firm value, while managerial ownership has a negative and significant effect on firm value. Growth opportunities and company size do not significantly affect firm value. The coefficient of determination (R²) of 0.191 indicates that the independent variables in this model explain 19.1% of firm value, with the remaining portion explained by factors outside of the research model.