1. Home
  2. Vol 7, No 3 (2023)
  3. Muslih

Firm Value By Good Corporate Governance, Profitability, And Financial Distress In Energy Sector Companies

Muhamad Muslih, Dita Indah Pratiwi

Abstract


Energy sector companies experienced a decline in share prices, which made the company's value also decrease in 2019. The average share price of energy sector companies in 2019 decreased to 1,248/share from 1688/share in 2018. The success of a manager in managing the resources of the company is viewed by investors as the firm value, which is typically linked to stock prices. This study aims to determine the effect of good corporate governance, profitability, and financial distress on firm value. The objects of this research are energy sector companies listed on the Indonesia Stock Exchange for the 2018–2021 period. Based on several criteria in determining the sample, 53 company samples, or 212 data points, were obtained. Analysis of research data using panel data regression using Eviews 12 software. The results showed that good corporate governance, profitability, and financial distress simultaneously affect firm value. However, partially due to the good corporate governance variable, profitability has no effect on firm value, while the financial distress variable has a significant positive effect on firm value.

Keywords


firm value; good corporate governance; independent board of commissioners; managerial ownership

References


I. M. Sudana, Manajemen Keuangan Perusahaan Teori Dan Praktik. Jakarta: Erlangga, 2011.

C. Sukmadilaga, L. Abubakar, T. Handayani, E. K. Ghani, And T. U. Lestari, “The Influence Of Internet On Financial Reporting Practices, Financial Secrecy And Firm Value Of Asean Companies,” 2020. [Online]. Available: Https://Www.Scopus.Com/Inward/Record.Uri?Eid=2-S2.0-85085924324&Partnerid=40&Md5=9364fcb7f41129da1d5aff7b0328f89a

F. T. Kristanti, N. Effendi, A. Herwany, And E. Febrian, “Does Corporate Governance Affect The Financial Distress Of Indonesian Company? A Survival Analysis Using Cox Hazard Model With Time-Dependent Covariates,” Adv Sci Lett, Vol. 22, No. 12, Pp. 4326–4329, Dec. 2016, Doi: 10.1166/Asl.2016.8138.

I. Ni’mah And Rr. T. Poerwati, “Corporate Governance Terhadap Nilai Perusahaan Dengan Kualitas Laba Sebagai Variabel Mediasi (Studi Empiris Pada Perusahaan Manufaktur Yang Terdaftar Di Bursa Efek Indonesia Periode 2014-2017),” Dinamika Akuntansi, Keuangan Dan Perbankan, , Vol. 8, No. 1 Issn: 2656-4955 (Media Online): 2656-8500, Pp. 12–22, 2019.

K. Valensia And S. Khairani, “Pengaruh Profitabilitas, Financial Distress, Dewan Komisaris Independen Dan Komite Audit Terhadap Nilai Perusahaan Dimediasi Oleh Tax Avoidance (Studi Empiris Pada Perusahaan Sektor Industri Barang Konsumsi Yang Terdaftar Di Bursa Efek Indonesia Periode 2014-2017),” Jurnal Akuntansi, Vol. 9, No. 1, Pp. 47–62, Jun. 2019, Doi: 10.33369/J.Akuntansi.9.1.47-62.

N. Y. Hafizah, “The Effect Of Good Corporate Governance And Its Size On Corporate Value (Empirical Study Of Property And Real Estate Companies In 2016-2018),” Jurnal Ilmiah Akuntansi Dan Finansial Indonesia, Vol. 4, No. 1, 2020, [Online]. Available: Www.Idx.Co.Id

N. Andani And E. Suryani, “Pengaruh Komisaris Independen, Kepemilikan Institusional, Kepemilikan Manajerial Dan Komite Audit Terhadap Nilai Perusahaan (Studi Pada Perusahaan Manufaktur Yang Terdaftar Di Bursa Efek Indonesia Periode 2017-2018),” E-Proceeding Of Management, Vol. 5, No. 2, Pp. 72–85, 2019.

N. H. ’Inayah And A. Wijayanto, “Pengaruh Struktur Modal, Kepemilikan Manajerial, Dan Kinerja Keuangan Terhadap Nilai Perusahaan (Studi Pada Perusahaan Subsektor Batubara Yang Terdaftar Di Bei Periode 2014-2018),” Jurnal Administrasi Bisnis, Vol. 9, No. 3, Pp. 242–250, 2020.

F. A. K. Tambalean, H. Manossoh, And T. Runtu, “Pengaruh Kepemilikan Manajerial Dan Kepemilikan Institusional Terhadap Nilai Perusahaan Pada Perusahaan Sektor Industri Barang Konsumsi Di Bei,” Jurnal Riset Akuntansi Going Concern 13(4), Pp. 465–473, 2018.

Kasmir, Analisis Laporan Keuangan, 12th Ed. Depok: Pt. Rajagrafindo Persada, 2019.

M. Arianty And W. Yuliandhari, “Pengaruh Profitabilitas, Likuiditas, Struktur Modal, Dan Pengungkapan Corporate Social Responsibility Terhadap Nilai Perusahaan (Studi Kasus Perusahaan Sub Sektor Properti Dan Real Estate Yang Terdaftar Di Bei Periode 2015-2019),” E-Proceeding Of Management, Pp. 1–11, 2021.

R. S. Palupi And S. Hendiarto, “Kebijakan Hutang, Profitabilitas Dan Kebijakan Dividen Pada Nilai Perusahaan Properti & Real Estate,” Jurnal Ecodemica, Vol. 2, No. 2, 2018, [Online]. Available: Http://Ejournal.Bsi.Ac.Id/Ejurnal/Index.Php/Ecodemica

G. W. Putri And W. Aminah, “Faktor-Faktor Yang Memitigasi Financial Distress Pada Perusahaan Pertambangan,” Jurnal Riset Akuntansi Kontemporer, Vol. 11, No. 1, Pp. 1–8, 2019.

H. Kristianto And B. Rikumahu, “A Cross Model Telco Industry Financial Distress Prediction In Indonesia: Multiple Discriminant Analysis, Logit And Artificial Neural Network,” In 2019 7th International Conference On Information And Communication Technology (Icoict), 2019, Pp. 1–5. Doi: 10.1109/Icoict.2019.8835198.

N. W. A. Ferdina And D. G. Wirama, “Pengaruh Profitabilitas, Leverage, Likuiditas Dan Ukuran Perusahaan Pada Ketepatanwaktuan Laporan Keuangan,” E-Jurnal Akuntansi Universitas Udayana Vol.19.3 Juni (2017): 2293-2318, 2017.

M. A. Murtadha, M. Arfan, And M. Saputra, “Factors Influencing Financial Distress And Its Impact On Company Values Of The Sub-Sectors Firms In Indonesian,” 2018. [Online]. Available: Www/Http/Jurnal.Unsyiah.Ac.Id/Jaroe

E. Melina And N. Husna, “Pengaruh Financial Distress, Profitabilitas, Leverage Terhadap Nilai Perusahaan (Pada Sub Sektor Makanan Dan Minuman Yang Terdaftar Di Bursa Efek Indonesia Periode 2016-2020),” 2022.

Hery, Kajian Riset Akuntansi. Pt Grasindo, 2017.

F. K. Putri, B. Rikumahu, And W. Aminah, “Kebijakan Hutang, Profitablitas, Dan Manajemen Aset Terhadap Nilai Perusahaan,” Jurnal Riset Akuntansi Kontemporer, Vol. 10, No. 2, Pp. 80–89, 2018.

A. D. Aprilia, “Pengaruh Diversifikasi, Leverage Dan Profitabilitas Terhadap Nilai Perusahaan,” Jurnal Administrasi Bisnis (Jab), Vol. 73, No. 2, 2019.

A. Nurbaiti, T. U. Lestari, And N. A. Thayeb, “Pengaruh Corporate Governance, Financial Distress, Dan Ukuran Perusahaan Terhadap Integritas Laporan Keuangan (Studi Pada Perusahaan Sektor Properti, Real Estat, Dan Konstruksi Bangunan Yang Terdaftar Di Bursa Efek Indonesia Periode 2014-2018),” Jurnal Ilmiah Mea (Manajemen, Ekonomi, Dan Akuntansi) Vol. 5 No. 1, 2021, 2021.

D. Widianingsih, “Kepemilikan Manajerial, Kepemilikan Institusional, Komisaris Independen, Serta Komite Audit Pada Nilai Perusahaan Dengan Pengungkapan Csr Sebagai Variabel Moderating Dan Firm Size Sebagai Variabel Kontrol,” Jurnal Akuntansi Dan Pajak, Vol. 19, No. 1, P. 38, Jul. 2018, Doi: 10.29040/Jap.V19i1.196.

A. Nurbaiti And C. Elisabet, “The Integrity Of Financial Statements: Firm Size, Independent Commissioners, And Auditor Industry Specializations,” Jurnal Akuntansi, Vol. 27, No. 01, Pp. 1–18, 2023, Doi: 10.24912/Ja.V27i1.1086.

N. H. N. Azizah, “Pengaruh Kepemilikan Manajerial, Kepemilikan Institusional Dan Kebijakan Deviden Terhadap Nilai Perusahaan (Studi Kasus Pada Perusahaan Otomotif & Komponen Yang Terdaftar Di Bursa Efek Indonesia),” Jurnal Ekobis Dewantara, Vol. 2, No. 3, 2019.

M. A. Wiwaha And L. Suzan, “Pengaruh Intellectual Capital Dan Kepemilikan Manajerial Terhadap Nilai Perusahaan (Studi Pada Perusahaan Pertambangan Yang Terdaftar Di Bursa Efek Indonesia Periode 2015–2018),” 2020.

M. Yogi And D. P. K. Mahardika, “Pengaruh Good Corporate Governance Dan Profitabilitas Terhadap Nilai Perusahaan (Studi Kasus Perusahaan Bumn Non- Keuangan Yang Terdaftar Di Bursa Efek Indonesia Periode 2015-2018),” E-Proceeding Of Management, 2018.

D. R. Nawawi And D. Rahadian, “The Impact Of Profitability And Capital Structure On Firm Value In Indonesia Listed Company On Stock Exchange Indonesia,” Inter-University Forum For Strengthening Academic Competency (Ifsac), Pp. 1–8, 2019.

B. Kurnia And Y. Mulyati, “Pengaruh Free Cash Flow Dan Financial Distress Terhadap Manajemen Laba Pada Perusahaan Infrastruktur, Utilitas, Dan Transportasi Terdaftar Di Bursa Efek Indonesia,” Owner, Vol. 7, No. 2, Pp. 1596–1611, Apr. 2023, Doi: 10.33395/Owner.V7i2.1395.

Sugiyono, Metode Penelitian Kuantitatif. Kualitatif Dan R&D. Bandung: Alfabeta, 2018.

S. Indrarini, Nilai Perusahaan Melalui Kualitas Laba. Surabaya: Scopindo Media Pustaka, 2019.

N. V. Sondokan, R. A. M. Koleangan, And M. M. Karuntu, “Pengaruh Dewan Komisaris Independen, Dewan Direksi, Dan Komite Audit Terhadap Nilai Perusahaan Yang Terdaftar Dibursa Efek Indonesia Periode 2014-2017,” Jurnal Emba, Vol. 7, No. 4, Pp. 5821–5830, 2019.

R. P. Nugroho, S. T. Sutrisno, And E. Mardiati, “The Effect Of Financial Distress And Earnings Management On Tax Aggressiveness With Corporate Governance As The Moderating Variable,” International Journal Of Research In Business And Social Science (2147- 4478), Vol. 9, No. 7, Pp. 167–176, Dec. 2020, Doi: 10.20525/Ijrbs.V9i7.965.

Mardiyaningsih And K. Kamil, “The Influence Of Independent Commissioners, Audit Committees, Audit Quality On Company Value (Empirical Study Of Banking Companies Listed On The Indonesia Stock Exchange Year 2015-2019),” 2020. [Online]. Available: Www.Idx.Com

E. R. Wati, V. J. Dillak, And W. Aminah, “Pengaruh Pertumbuhan Perusahaan, Leverage, Profitabilitas, Dan Efisiensi Operasional Terhadap Nilai Perusahaan (Studi Pada Perusahaan Sub Sektor Properti Dan Real Estate Yang Terdaftar Di Bursa Efek Indonesia Pada Tahun 2016-2019),” E-Proceeding Of Management, Vol. 8, No. 5, P. 5315, 2021.

D. Sukmawardini And A. Ardiansari, “Management Analysis Journal The Influence Of Institutional Ownership. Profitability, Liquidity, Dividend Policy, Debt Policy On Firm Value,” 2018. [Online]. Available: Http://Maj.Unnes.Ac.Id

M. A. Herlangga And I. Yunita, “Pengaruh Financial Distress Terhadap Nilai Perusahaan Pada Perbankan Konvensional Di Bursa Efek Indonesia Periode 2014-2018 (The Effect Of Financial Distress On A Company Value In Conventional Bangking That Is Listed In Bursa Efek Indonesia 2014-2018 Period),” 2020. [Online]. Available: Www.Idx.Co.Id,

S. Setyaningsih and Y. Suchyadi, “Implementation of Principal Academic Supervision To Improve Teacher Performance in North Bogor,” Jhss (Journal Humanit. Soc. Stud., vol. 5, no. 2, pp. 179–183, 2021, doi: 10.33751/jhss.v5i2.3909.

Y. Suchyadi and Nurjanah, “Relationship between Principal Supervision in Increasing the Job Satisfaction of Private Junior High School Teachers in East Bogor District,” JHSS (Journal Humanit. Soc. Stud., vol. 02, no. 01, pp. 26–29, 2018, doi: https://doi.org/10.33751/jhss.v2i1.818.

Y. Suchyadi, “Relationship between Work Motivation and Organizational Culture in Enhancing Professional Attitudes of Pakuan University Lecturers,” JHSS (JOURNAL Humanit. Soc. Stud., vol. 01, no. 01, pp. 41–45, 2017, doi: https://doi.org/10.33751/jhss.v1i1.372.

Y. Suchyadi, N. Karmila, and N. Safitri, “Kepuasan Kerja Guru Ditinjau Dari Peran Supervisi Kepala Sekolah Dasar Negeri Di Kecamatan Bogor Utara,” JPPGuseda | J. Pendidik. Pengajaran Guru Sekol. Dasar, vol. 2, no. 2, pp. 91–94, Nov. 2019, doi: 10.33751/jppguseda.v2i2.1453.

R. Purnamasari et al., “Student Center Based Class Management Assistance Through The Implementation Of Digital Learning Models,” J. Community Engagem., vol. 02, no. 02, pp. 41–44, 2020, doi: https://doi.org/10.33751/jce.v2i2.2801.

Y. Suchyadi and H. Suharyati, “The Use Of Multimedia As An Effort To Improve The Understanding Ability Of Basic School Teachers ‘Creative Thinking In The Era ‘Freedom Of Learning,’” in Merdeka Belajar, A. Rahmat, Ed. Yogyakarta: Zahir Publishing, 2021, pp. 42–53.

Y. Suchyadi et al., “Increasing Personality Competence Of Primary School Teachers, Through Education Supervision Activities In Bogor City,” J. COMMUNITY Engagem., vol. 01, no. 01, 2019, [Online]. Available: https://journal.unpak.ac.id/index.php/jce

Y. Suchyadi et al., “Improving The Ability Of Elementary School Teachers Through The Development Of Competency Based Assessment Instruments In Teacher Working Group , North Bogor City,” J. COMMUNITY Engagem., vol. 02, no. 01, pp. 1–5, 2020, doi: https://doi.org/10.33751/jce.v2i01.2742.

S. Hardinata, Y. Suchyadi, and D. Wulandari, “Strengthening Technological Literacy In Junior High School Teachers In The Industrial Revolution Era 4.0,” J. Humanit. Soc. Stud., vol. 05, no. 03, pp. 330–335, 2021.

H. Suharyati, H. Laihad, and Y. Suchyadi, “Development of Teacher Creativity Models to Improve Teacher’s Pedagogic Competency in the Educational Era 4.0,” Int. J. Innov. Creat. Chang. www.ijicc.net, vol. 5, no. 6, pp. 919–929, 2019, [Online]. Available: www.ijicc.net

Y. Suchyadi, Nurjanah, and N. Karmila, Supervisi Pendidikan: Strategi Meningkatkan Profesionalisme Guru. Bogor: PGSD Universitas Pakuan, 2020.

Suchyadi, Y., & Suryani, A. "Educational Environment In The Implementation Of Character Education". JHSS (Journal Of Humanities And Social Studies), 5(2), 208-212. 2021.

Marwah, H. S., Suchyadi, Y., & Mahajani, T. "Pengaruh Model Problem Based Learning Terhadap Hasil Belajar Subtema Manusia Dan Benda Di Lingkungannya". Journal of Social Studies Arts and Humanities (JSSAH), 1(1), 42-45. 2021.

Suchyadi, Y., Sunardi, O., Suhardi, E., & Sundari, F. S. "Using a Multimedia for Natural Science Learning in Improving Concept Skills of Elementary School Teachers".

Hardinata, S., Suchyadi, Y., & Wulandari, D. "Model of Strengthening Technology Literacy for Junior High School Teachers in the Era of the Industrial Revolution 4.0."

Suchyadi, Y., Mirawati, M., Anjaswuri, F., & Destiana, D. "Supervisi Akademik Dalam Meningkatkan Kompetensi Guru Sekolah Dasar". Jurnal Manajemen Pendidikan, 10(1), 067-074. 2022.

Suchyadi, Y., Nurlela, N., & Indriani, R. S. "Analysis of Student Self-Regulated Learning in an Effort To Increase the Effectiveness of Online Lectures in the Pandemic Period". Jhss (Journal of Humanities and Social Studies), 6(1), 120-125. 2022.

Nurohmah, N., Suchyadi, Y., & Mulyawati, Y. "Pengaruh Gaya Belajar Terhadap Hasil Belajar Matematika Di Sd Negeri Sukaharja 01 Kabupaten Bogor". Journal of Social Studies Arts and Humanities (JSSAH), 2(1), 067-070. 2022.

Suchyadi, Y., & Nurjanah, N. "The Influence Of The Implementation Of Educational Supervision By The Principal On Teacher Performance In Schools". Jurnal Manajemen Pendidikan, 10(2), 125-129. 2022.

Suchyadi, Y., Muhajang, T., Indriani, R. S., & Mirawati, M. "Implementation Of Supervision In Improving The Learning Process And Character Education In Elementary Schools". Journal of Social Studies Arts and Humanities (JSSAH), 2(2), 143-146. 2022.

Gunawan, N. D., Suchyadi, Y., & Sumardi, S. "The Effect Of Online Learning On Interest In Learning Mathematics In Elementary Schools". Journal of Social Studies Arts and Humanities (JSSAH), 2(2), 110-113. 2022.

Bagus, S. N., Anwar, W. S., & Suchyadi, Y. "Analisis Bimbingan Belajar Siswa Berkesulitan Membaca". Journal of Social Studies Arts and Humanities (JSSAH), 2(2), 137-142. 2022.

Hikmah, N., Indriani, R. S., Karmila, N., Suchyadi, Y., Harahap, L. P. A., Ainurrahmah, A., & Fardila, I. "Elementary School Students Learning Assistance in The Covid-19 Pandemic Through The Introduction Of The Kipin School 4.0 Application". Journal of Community Engagement (JCE), 5(1), 31-35. 2023.

Suchyadi, Y., Indriani, R. S., & Budiana, S. "The Influence of the Implementation of Principal Supervision on Teacher Work Discipline in the Learning Process". JHSS (Journal Of Humanities And Social Studies), 7(1), 238-242. 2023.


Full Text: PDF

DOI: 10.33751/jhss.v7i3.8323

Refbacks

  • There are currently no refbacks.


Creative Commons License
This work is licensed under a Creative Commons Attribution-NonCommercial 4.0 International License.