Pengaruh Struktur Modal, Likuiditas, dan Profitabilitas terhadap Nilai Perusahaan dengan Good Corporate Governance sebagai Variabel Moderasi
DOI:
https://doi.org/10.47747/snfmi.v3i1.3217Abstract
This study aims to analyze the influence of capital structure, liquidity, and profitability on firm value, with Good Corporate Governance (GCG) as a moderating variable. This quantitative study uses secondary data from financial and annual reports of companies listed on the Indonesia Stock Exchange for a specific period. The sample was selected using a purposive sampling method. Firm value is measured by Tobin's Q, capital structure by the Debt-to-Equity Ratio (DER), liquidity by the Current Ratio (CR), and profitability by Return on Assets (ROA). A composite score measures GCG. The data analysis technique used is Moderated Regression Analysis (MRA). The results show that profitability (ROA) has a positive and significant effect on firm value, while liquidity (CR) has a negative and significant effect. Capital structure (DER) has no significant effect. Good Corporate Governance is proven to strengthen the positive relationship between profitability and firm value. However, GCG is unable to moderate the influence of capital structure and liquidity. The key findings of this study reveal the strategic role of GCG in strengthening the credibility of profitability signals. This confirms that, in the context of the Indonesian capital market, good governance practices act as an amplifier, making company performance information more credible and valued more highly by investors, thereby strengthening its impact on value creation.
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