Analisis Pengaruh Kinerja Keuangan terhadap Nilai Perusahaan dengan Good Corporate Governance Sebagai Variabel Moderating pada Perusahaan Property & Real Estate yang Terdaftar Di Bursa Efek Indonesia

Abstract

The objective of the research was to examine and to analyze the influence of financial performance (return on asset, return on equity, leverage and.free cash flow) on the company values with good corporate governance (managerial ownership and institutional ownership) as moderating variable in property & real estate companies listed on the Indonesia Stock Exchange. This research is a causal research using secondary data. Populations in this research are 49 property & real estate companies listed in Indonesia Stock Exchange in the period 2010-2015. The sampling technique used was purposive sampling based on a certain criteria. Based on these criteria, the number of sample analysis are 26 companies for 6 years observations period The hypothesis was tested by using multiple linear regression analysis and the testing of moderating variable by using residual test. The result shows that simultaneously, financial performance (return on asset, return on equity, leverage and free cash flow) influenced company values. Partially, return on asset and leverage had positive and significant effect on the value of the company, while return on equity and free cash flow had negative and signfficant effect on the value of the company. Moderating variables good corporate governance (managerial ownership and institutional ownership) could not moderate the relationship of _financial performance (return on asset, return on equity, leverage and free cash flow) towards the company values.