KAJIAN PENERAPAN GOOD CORPORATE GOVERNANCE DAN STRUKTUR MODAL PERUSAHAAN TERHADAP NILAI PERUSAHAAN PADA PERUSAHAAN SEKTOR PROPERTI DAN REAL ESTATE DI BEI

Abstract

Long-term goals of each company is to increase firm value. The firm value can be interpreted
as an expectation value of shareholders' investment. Firm value can be influenced by many
factors, among these factors authors are interested in the implementation of good corporate
governance and the capital structure. The objective of this research is to determine the effect
of the implementation of good corporate governance and the company's capital structure
(debt to asset ratio) to the firm value (market to book value) either simultaneously or
partially. The population of this study is the entire corporate sector and real estate
properties that exist on BEI, amounting to 49 companies. The results of this study indicate
that simultaneously these five independent variables consisting of institutional ownership
(X1), the board of directors (X2), the indenpendent commissioner (X3), audit committee (X4)
and DAR (X5) significantly positively affects firm value. T Tests showed only partial board
variables (X2) a significant positive effect on firm value while the other four variables aren’t.
The test results show a variable coefficient of determination of this study is only able to
explain 16,4% the variation in the value of MBV, for the remaining 73.6% explained by other
variables.