PENGARUH GOOD CORPORATE GOVERNANCE DAN KINERJA KEUANGAN TERHADAP NILAI PERUSAHAAN DIMODERASI PENGUNGKAPAN LINGKUNGAN

SHINTYA AGUSTINA, . (2026) PENGARUH GOOD CORPORATE GOVERNANCE DAN KINERJA KEUANGAN TERHADAP NILAI PERUSAHAAN DIMODERASI PENGUNGKAPAN LINGKUNGAN. Sarjana thesis, UNIVERSITAS NEGERI JAKARTA.

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Abstract

Persepsi dan penilaian investor menjadi faktor utama dalam menentukan nilai suatu perusahaan. Meningkatnya kesadaran investor mengenai praktik tata kelola yang baik dan isu keberlanjutan mendorong perusahaan untuk memperkuat mekanisme Good corporate governance, menjaga kualitas kinerja keuangan, serta memperluas pengungkapan lingkungannya sebagai upaya menarik kepercayaan pasar. Kehadiran pengungkapan lingkungan berbasis GRI 300 diyakini dapat memperkuat sinyal positif yang dikirimkan perusahaan kepada para pemegang kepentingan. Penelitian ini bertujuan untuk menguji dan menganalisis pengaruh Good corporate governance yang diproksikan dengan Kepemilikan Institusional, Komisaris Independen, dan Frekuensi Rapat Dewan Komisaris, serta Kinerja Keuangan yang diproksikan dengan Return on Equity (ROE) terhadap Nilai Perusahaan, serta untuk menguji peran Pengungkapan Lingkungan dalam memoderasi hubungan tersebut. Penelitian ini menggunakan metode kuantitatif dengan data sekunder berupa Laporan Keuangan, Laporan Tahunan, dan Laporan Keberlanjutan perusahaan. Data observasi berjumlah 111 data berupa data dari 37 perusahaan sektor makanan dan minuman yang terdaftar di Bursa Efek Indonesia pada periode 2022 hingga 2024. Analisis yang digunakan dalam penelitian ini adalah analisis statistik deskriptif, analisis regresi data panel, dan Moderated Regression Analysis (MRA) dengan bantuan perangkat lunak EViews 13. Hasil penelitian ini menunjukkan bahwa Kepemilikan Institusional, Kinerja Keuangan (ROE), dan Pengungkapan Lingkungan memiliki pengaruh positif dan signifikan terhadap Nilai Perusahaan, sedangkan Komisaris Independen dan Frekuensi Rapat Dewan Komisaris tidak memiliki pengaruh terhadap Nilai Perusahaan. Sementara itu, Pengungkapan Lingkungan terbukti memperkuat hubungan antara Kepemilikan Institusional dan Kinerja Keuangan (ROE) terhadap Nilai Perusahaan, namun tidak mampu memoderasi hubungan Komisaris Independen dan Frekuensi Rapat Dewan Komisaris terhadap Nilai Perusahaan. Dengan itu, perusahaan diharapkan dapat memperkuat kualitas pengawasan substantif melalui kehadiran investor institusional, menjaga stabilitas profitabilitas, serta memperluas pengungkapan lingkungan berbasis GRI 300 sebagai bentuk komitmen keberlanjutan jangka panjang. Meskipun mekanisme tata kelola yang bersifat formal-prosedural belum terbukti meningkatkan Nilai Perusahaan, perusahaan tetap perlu menjaga kualitas penerapan Good corporate governance dan pelaporan keuangan sebagai upaya membangun kepercayaan investor dalam jangka panjang. ***** Investor perception and evaluation serve as key factors in determining a firm's value. Increasing investor awareness regarding good governance practices and sustainability issues has encouraged companies to strengthen their Good corporate governance mechanisms, maintain the quality of their financial performance, and expand their environmental disclosure as a means to gain market trust. Environmental disclosure based on the GRI 300 framework is believed to amplify the positive signals delivered by companies to their stakeholders, particularly in the food and beverage sector which relies heavily on natural resources. This study aims to examine and analyze the influence of Good corporate governance proxied by Institutional Ownership, Independent Commissioners, and the Frequency of Board of Commissioners' Meetings, as well as Financial Performance proxied by Return on Equity (ROE) on Firm Value, and to examine the moderating role of Environmental Disclosure in these relationships. This research adopts a quantitative method using secondary data derived from Financial Reports, Annual Reports, and Sustainability Reports. A total of 111 observations were collected from 37 food and beverage sector companies listed on the Indonesia Stock Exchange for the period 2022 to 2024. The analyses employed in this study include descriptive statistics, panel data regression, and Moderated Regression Analysis (MRA), processed using EViews 13 software. The results show that Institutional Ownership, Financial Performance (ROE), and Environmental Disclosure have a positive and significant effect on Firm Value, while Independent Commissioners and the Frequency of Board of Commissioners' Meetings have no significant effect on Firm Value. Meanwhile, Environmental Disclosure is proven to strengthen the relationship between Institutional Ownership and Financial Performance (ROE) on Firm Value, but is unable to moderate the relationship between Independent Commissioners and the Frequency of Board of Commissioners' Meetings on Firm Value. Therefore, companies are encouraged to strengthen substantive monitoring quality through institutional investor presence, maintain profitability stability, and expand environmental disclosure based on the GRI 300 framework as a form of long-term sustainability commitment. Although formal-procedural governance mechanisms have not yet been proven to enhance Firm Value, companies should continue to maintain the quality of Good corporate governance implementation and financial reporting as a way to build long-term investor trust.

Item Type:	Thesis (Sarjana)
Additional Information:	1). Prof. Dr. I Gusti Ketut Agung Ulupui, S.E., M.Si., Ak., CA.; 2). Putri Haryani, S.Tr.Ak., MSc.
Subjects:	Ilmu Sosial > Teori Ekonomi Ilmu Sosial > Keuangan
Divisions:	FE > S1 Akuntansi
Depositing User:	Shintya Agustina .
Date Deposited:	11 Aug 2026 04:00
Last Modified:	11 Aug 2026 04:00
URI:	http://repository.unj.ac.id/id/eprint/69709

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