PENGARUH CORPORATE GOVERNANCE TERHADAP NILAI PERUSAHAAN DENGAN KEBIJAKAN DIVIDEN SEBAGAI VARIABEL INTERVENING (Studi Empiris pada Perusahaan Manufaktur yang Terdaftar di Bursa Efek Indonesia Tahun 2013-2017)
| Main Author: | HARDIYANTI, FERA |
|---|---|
| Format: | Thesis NonPeerReviewed Book |
| Bahasa: | eng |
| Terbitan: |
, 2019
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| Subjects: | |
| Online Access: |
https://eprints.untirta.ac.id/3120/1/PENGARUH%20CORPORATE%20GOVERNANCE%20TERHADAP%20NILAI%20PERUSAHAAN%20DENGAN%20KEBIJAKAN%20DIVIDEN%20SEBAGAI%20VARIABEL%20INTERVENING.PDF https://eprints.untirta.ac.id/3120/ https://feb.untirta.ac.id/ |
Daftar Isi:
- The company was established with the aim of increasing its firm value so that it can provide prosperity to the owner or shareholder. Corporate Governance and dividend policy are efforts to increase the firm value. This study aimed to analyze the impact of corporate governance toward firm value with dividend policy as an intervening variable. Corporate governance is proxied using managerial ownership and Independent Commissioner. Managerial ownership is measured by share owned by management divided by total outstanding share, Independent Commissioner is measured by total Independent Commissioner divided by total Independent Board. Firm Value is proxied with Price Book Value and Dividend Policy is proxied by Dividend Payout Ratio. Population used in this study is a manufacturing company listed on the Indonesia Stock exchange during 2013-2017. The sample of this research are 90 companies was taken by using purposive sampling method. The statistical method used is regression analysis with path analysis using SPSS version 20. The results show; (1) Managerial Ownership has significant positive effect on firm value, PBV = -0,397 + 5,509KM + 4,752KI + 0,554 and significant value 0,041 < 0,05 with determination coefficient of 0,170. (2) Independent Commissioner has significant positive effect on firm value, PBV = -0,397 + 5,509KM + 4,752KI + 0,554 and significant value 0,002 < 0,05 with determination coefficient of 0,170. (3) Dividend policy is able to mediate the relationship between managerial ownership on firm value with the total effect of 0,252105. (4) Dividend Policy is able mediate the relationship between Independent Commissioner on firm value with the total effect of 0,574105. Keywords: corporate governance, managerial ownership, Independent Commissioner, dividend policy, firm value, Price Book Value