The Influence of Good Corporate Governance on Company Value in Registered State-Owned Companies on the Indonesian Stock Exchange
DOI:
https://doi.org/10.59653/jbmed.v3i01.1185Keywords:
Institutional ownership, managerial ownership, company valueAbstract
One of the company's goals is to increase the welfare or maximize the wealth of shareholders through increasing company value. Company value can be influenced by several factors, including the number of company assets and how long the company has been established and also through good corporate governance. The internal elements of good corporate governance used in this research include institutional ownership and managerial ownership. Sampling using non-probability sampling obtained a sample of 20 companies so that the research data amounted to 100. The data collection technique used documentation from financial reports published on the official website of the Indonesia Stock Exchange, namely www.idx.co.id. The analysis techniques used are descriptive analysis, classical assumption test, panel data regression model, panel data regression analysis, partial test (t test), simultaneous test (f test), and coefficient of determination test (r2). The results of this research indicate that institutional ownership has a significant influence on company value. Managerial ownership has a significant and influential effect on company value. Then overall institutional ownership and managerial ownership influence company value.
Downloads
References
Abidin, Z., & Prabantarikso, R. M. (2021). Konsep dan Penerapan GCG pada Lembaga Keuangan dan BUMN. Deepublish CV Budi Utama.
Cahyasari, D. (2022). Pengaruh Struktur Kepemilikan Insider Ownership, Company Growth,Company Size Terhadap Kebijakan Hutang Pada Perusahaan Manufaktur Go Publik di Indonesia. Jurnal British, 3, 01–13.
Fatimah, Malavia Mardani, R., & Wahono, B. (2019). Pengaruh Good Corporate Governance Terhadap Nilai Perusahaan Dengan Kinerja Keuangan Sebagai Variabel Intervening. E-Jurnal Riset Manajemen Fakultas Ekonomi Unisma, 8. www.fe.unisma.ac.idemail
Fatoni, H. A., Manajemen, J., & Ekonomi, F. (n.d.). Pengaruh Profitabilitas Terhadap Nilai Perusahaan dengan Good Corporate Governance sebagai Variabel Moderasi. SIKAP, 5(2), 2021–2137. http://jurnal.usbypkp.ac.id/index.php/sikap
Fawaid. (2020). Pengaruh Good Corporate Governance Terhadap Nilai Perusahaan dengan Kinerja Keuangan Sebagai Variabel Intervening. International Journal of Information, Business Dan Management, 7(4), 323–349.
Ghozali, I. (2013). Aplikasi Analisis Multivariate dengan Program IBM SPSS 21 Update PLS Regresi. Badan.
Hardiningsih, P., & Octaviani, R. M. (2012). Determinants of Debt Policy (In Agency Theory and Pecking Order Theory). Dinamika Akuntansi, Keuangan Dan Perbankan, 1(1), 11–24.
Ismiati, P. I., & Yuniati, T. (2017). Pengaruh Kepemilikan Manajerial, Kepemilikan Institusional dan Hutang Terhadap Kebijakan Dividen. Jurnal Ilmu Dan Riset Manajemen, 6(3).
Jensen, M. C., & Meckling, W. H. (1976). Theory of the company: Managerial behavior, agency costs and ownership structure. Journal of Financial Economics. https://doi.org/10.1016/0304-405X(76)90026-X
Kartikasari, E. D., Arfiana, D., & Sulton, M. (2022). Kepemilikan Manajerial dan Kepemilikan Institusional Terhadap Kebijakan Hutang Pada Perusahaan Manufaktur di BEI Tahun 2016-2019. Owner, 6(1), 1101–1115. https://doi.org/10.33395/owner.v6i1.730
Noerirawan, M. R., & Muid, A. (2012). Pengaruh Faktor Internal dan Eksternal Perusahaan Terhadap Nilai Perusahaan. In DIPONEGORO JOURNAL OF ACCOUNTING (Vol. 1, Issue 2). http://ejournal-s1.undip.ac.id/index.php/accounting
Nugraha, A. R. P., & Asyik, N. F. (2021). Pengaruh Penerapan Good Corporate Governanc Terhadap Nilai Perusahaan dengan Kinerja Keuangan sebagai Variabel Moderating.
Nurhasanah, P. (2017). Pengaruh Corporate Governance Dan Kinerja Keuangan Terhadap Nilai Perusahaan. Universitas Muhammadiyah Surakarta.
Permatasari, D. (2019). Pengaruh Corporate Social Responsibility dan Good Corporate Governance Terhadap Nilai Perusahaan dengan Profitabilitas Sebagai Variabel Moderasi. Jurnal Akuntansi Dan Manajemen, 3(2), 47–55.
Pratiwi, J. L., & Abidin, Z. (2024). Disclosure Effect of Enterprise Risk Management, Corporate Governance, Corporate Social Responsibility on Corporate Value. Journal of Business Management and Economic Development, 2(02), 751–761. https://doi.org/10.59653/jbmed.v2i02.722
Putra, V. W. (2014). Penerapan Prinsip Good Corporate Governance Pada Perusahaan Properti PT. Multi Royu Indonesia. Agora, 2(2).
Tarigan. (2021). Kepemilikan Manajerial: Kebijakan Hutang, Kinerja dan Nilai Perusahaan. Jurnal Akuntansi Dan Keuangan, 9(1).
Ulfa, B. U. (2019). Pengaruh Good Corporate Governance dan Karakteristik Perusahaan Terhadap Nilai Perusahaan dengan Profitabilitas Sebagai Variabel Intervening. E-Jurnal Ekonomi Dan Bisnis Universitas Udayana, 5(1).
Weston, J. F., & Copelan, T. E. (2008). Dasar-Dasar Manajemen Keuangan Jilid II. Erlangga.
Downloads
Published
How to Cite
Issue
Section
License
Copyright (c) 2025 Rhesi Kurniawan, Zaenal Abidin

This work is licensed under a Creative Commons Attribution-ShareAlike 4.0 International License.
Authors who publish with this journal agree to the following terms:
- Authors retain copyright and grant the journal right of first publication with the work simultaneously licensed under a Creative Commons Attribution-ShareAlike that allows others to share the work with an acknowledgement of the work's authorship and initial publication in this journal.
- Authors are able to enter into separate, additional contractual arrangements for the non-exclusive distribution of the journal's published version of the work (e.g., post it to an institutional repository or publish it in a book), with an acknowledgement of its initial publication in this journal.
- Authors are permitted and encouraged to post their work online (e.g., in institutional repositories or on their website) prior to and during the submission process, as it can lead to productive exchanges, as well as earlier and greater citation of published work (See The Effect of Open Access).