PENGARUH KINERJA KEUANGAN TERHADAP NILAI PERUSAHAAN DENGAN PENERAPAN STRUKTUR GOOD CORPORATE GOVERNANCE SEBAGAI VARIABEL PEMODERASI (Studi pada Perusahaan Real Estate dan Properti yang terdaftar di BEI Untuk Periode Tahun 2006–2009)

Abstract

The development of management has forced managers to manage their company efficiently. Good Corporate Governance is one of concepts which forces the importance of share holders’s right in obtaining the adequate informations. These informations, which were right, accurate, on time, and transparent contain the information of company‘s performance, company’s ownership, and its stakeholder. The principle of is Good Corporate Governance expected to improve a quality of financial report, thus, it increases public’s trust who use this financial report, include investors. This study aims to analyze the influence of financial performance towards the company’s value by implementing Good Corporate Governance as moderating variable in real estate and property companies listed in Indonesia Stock Exchange. Financial indicators were proxied by current ratio, debt ratio, total asset turnover, and return on asset. Whereas, the Good Corporate Governance used in this study was institutional ownership, independent board director, and auditor committee. Population used in this study was real estate and property companies listed in Indonesia Stock Exchange in 2006 to 2009. After filtering by some criteria, it was found 21 companies which had to be analyzed, thus, there were 84 analyzed data. This study used purposive sampling and it was analyzed by Multiplicate Response Model and Moderations Regeression. The findings of this study showed that debt ratio influenced significantly negative, total asset turnover influenced significantly positive towards return on asset. While, current ratio influenced insignificantly negative towards return on asset. Whereas, Good Corporate Governance proxied by institutional ownership, independent board director, and auditor committee influenced significantly positive as moderating variable strengthened the influence of return on asset toward the company’s value (Tobin’s Q). Then, institutional ownership influenced significantly negative towards the influence of ROA towards Tobin’s Q. It meant that the higher value of institutional ownership could decline the company’s value. In conclusion, the result of this study showed that real estate and property companies in Indonesia have implemented Good Corporate Governance in improving their performace and value. Moreover, it was used to keep their principal.