Pengaruh Kinerja Keuangan terhadap Nilai Perusahaan dengan Good Corporate Governance sebagai Variabel Moderasi pada Perusahaan Food And Beverage yang Terdaftar di BEI Tahun 2020 – 2024

Abstract

This study aims to analyze the influence of financial performance on firm value with Good Corporate Governance (GCG) as, a moderating variable in Food and Beverage companies listed on the Indonesia Stock Exchange (IDX) during the 2020-2024 period. Financial performance in this study is measured using the Return on Assets (ROA) and Return on Equity (ROE) ratios. Firm value is represented by the Price to Book Value (PBV), while Good Corporate Governance (GCG) is measured through Ownership Structure, namely Managerial Ownership and Institutional Ownership. This research employs a quantitative approach using panel data regression analysis. The sample consists of 16 banking companies listed on the IDX,with a total of 80 observations. Samples were selected using purposive sampling,, and data processing was conducted using EViews software.

The results indicate that Return on Assets (ROA) has a significantly positive effect on firm value, while Return on Equity(ROE) has a significant negative effect on firm value. Managerial ownership does not moderate the effect of ROA on firm value. However, managerial ownership is able to moderate the negative relationship between ROE and firm value. Furthermore, institutional ownership is able to moderate both the relationship between ROA and firm value as well as the relationship between ROE and firm value. These findings suggest that financial performance plays an important role in enhancing firm value, and Good Corporate Governance (GCG), as proxied by ownership structure, contributes to increasing firm value.