Efek Corporate Governance dalam Memoderasi Hubungan antara Funding Decision dan Dividen Policies Terhadap Nilai Perusahaan
Abstract
This study aims to examine the effect of the relationship between Funding Decisions and Dividend Policies on company value with Corporate Governance as a moderating variable in Manufacturing companies listed on the Indonesia Stock Exchange for the 2019-2021 period. The research method used is descriptive research using secondary data from manufacturing companies. The technique used was purposive sampling with a total sample of 106 companies. The results of the study explain that Funding Decisions have a positive and significant influence on Firm Value, Dividend Policies have a negative and significant influence on Firm Value, Corporate Governance has a positive and significant influence on Firm Value, Corporate Governance moderates the relationship between Dividend Policy on Firm Value and Corporate Governance moderates the relationship between Funding Decisions on Corporate Value. In conclusion, optimizing the value of the company is very important because increasing the value of the company means maximizing the company's main goals. Increasing the value of the company is an achievement that is in accordance with the wishes of the shareholders, because by increasing the value of the company, the welfare of the shareholders will also increase.
Keywords: Corporate Governance, Dividend Policies, EVIEWS 9.0, Funding Decisions, Corporate Value
References
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Avivi, Irit, Yael C. Cohen, Anna Suska, Tamir Shragai, Gabor Mikala, Laurent Garderet, Gueye M. Seny, et al. 2019. “Hematogenous Extramedullary Relapse in Multiple Myeloma - a Multicenter Retrospective Study in 127 Patients.†American Journal of Hematology 94 (10): 1132–40. https://doi.org/10.1002/ajh.25579.
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Beckers, Sander F.M., Jenny Van Doorn, and Peter C. Verhoef. 2017. “Good, Better, Engaged? The Effect of Company-Initiated Customer Engagement Behavior on Shareholder Value.†Journal of the Academy of Marketing Science 46 (3): 366–83. https://doi.org/10.1007/s11747-017-0539-4.
Bon, Sergius Fribontius, and Sri Hartoko. 2022. “The Effect of Dividend Policy, Investment Decision, Leverage, Profitability, and Firm Size on Firm Value.†European Journal of Business and Management Research 7 (3): 7–13. https://doi.org/10.24018/ejbmr.2022.7.3.1405.
Brown, Jeffrey R., and George G. Pennacchi. 2016. “Discounting Pension Liabilities: Funding versus Value.†Journal of Pension Economics and Finance 15 (3): 254–84. https://doi.org/10.1017/S1474747215000487.
Efni, Yulia. 2017. “The Mediating Effect of Investment Decisions and Financing Decisions on the Effect of Corporate Risk and Dividend Policy against Corporate Value.†Investment Management and Financial Innovations 14 (2): 27–37. https://doi.org/10.21511/imfi.14(2).2017.03.
Fajaria, Ardina Zahrah, Linda Purnamasari, and Isnalita Isnalita. 2017. “The Effect of Investment Decisions, Funding Decision and Dividend Policy on Company Value Study on Manufacturing Company Listed in Indonesia Stock Exchange Period 2009-2013.†Advances in Economics, Business and Management Research (AEBMR) 35 (Miceb 2017): 25–32.
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Hao, Gengli. 2022. “Research on the Agency Problem, Corporate Governance and Firm Value.†Proceedings of the 2022 7th International Conference on Financial Innovation and Economic Development (ICFIED 2022) 648 (Icfied): 2917–23. https://doi.org/10.2991/aebmr.k.220307.475.
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Imasuen, Osasere Festus, Edesiri Godsday Okoro, and Garba Hassan Yahaya. 2022. “Chief Executive Officer Attributes and the Value of the Firm: Does Firm Size Play a Moderating Role?†International Journal of Management and Sustainability 11 (1): 46–57. https://doi.org/10.18488/11.v11i1.2976.
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Jensen, Michael C., and Clifford W. Smith, Jr. 2005. “The Theory of Corporate Finance: A Historical Overview.†SSRN Electronic Journal, 2–20. https://doi.org/10.2139/ssrn.244161.
Matiin, Nuuridha, Tri Ratnawati, and Slamet Riyadi. 2018. “The Influence of Investment Decisions, Funding Decisions, Risk of Strategy, To Efficeincy, Finance Performance, Value of Firm, Good Corporate Governance As Moderating Variable In The Mining Company Coal Sub Sector Go Public In Indonesia Stock Exchange.†Archives of Business Research 6 (6). https://doi.org/10.14738/abr.66.4717.
Monoarfa, Rio. 2018. “The Role of Profitability in Mediating the Effect of Dividend Policy and Company Size on Company Value.†Business and Management Studies 4 (2): 35. https://doi.org/10.11114/bms.v4i2.3274.
Nazar, Mohamed Cassim Abdul. 2021. “The Influence of Corporate Governance on Dividend Decisions of Listed Firms: Evidence from Sri Lanka.†Journal of Asian Finance, Economics and Business 8 (2): 0289–95. https://doi.org/10.13106/jafeb.2021.vol8.no2.0289.
Nazir, Mian Sajid, and Talat Afza. 2018. “Does Managerial Behavior of Managing Earnings Mitigate the Relationship between Corporate Governance and Firm Value? Evidence from an Emerging Market.†Future Business Journal 4 (1): 139–56. https://doi.org/10.1016/j.fbj.2018.03.001.
Naniek Noviari, I Gusti Bagus Wiksuana, IB Panji Sedana, and I Putu Sudana. 2022. “The Effect of Tax Disputes on Firm Value (Analysis Based on Signal Theory and RBV Theory).†Jurnal Bisnis Dan Kewirausahaan 18 (1): 52–62. https://doi.org/10.31940/jbk.v18i1.52-62.
Nugraha, Nugi Mohammad, Deden Novan Setiawan Nugraha, and Sela Sapitri. 2020. “The Effect of Funding, Investment and Dividend Policies on Firm Value in the Manufacturing Industry Sectors.†Journal Solid State Technology 63 (3): 3858–68.
Nurdin, Djayani, and Muhammad Yunus Kasim. 2018. “Moderator Effect of Corporate Governance on the Relationship of Financial Performance and Dividend Policy, and Its Impact on Firm Value in Indonesia Stock Exchange.†International Journal of Economics & Management Sciences 07 (01): 1–7. https://doi.org/10.4172/2162-6359.1000499.
Ozuomba, C. N., A. S. Anichebe, and P. V.C. Okoye. 2016. “The Effect of Dividend Policies on Wealth Maximization–a Study of Some Selected Plcs.†Cogent Business and Management 3 (1): 1–15. https://doi.org/10.1080/23311975.2016.1226457.
Pontoh, Jones Xaverius, and Agnes Punu. 2018. “The Influence of Investment Decisions, Funding Decisions, and Dividend Policies on Corporate Values in Manufacturing Companies in the Consumer Goods Industry Sector Listed on the Indonesia Stock Exchange for the 2012-2016.†Journal of International Conference Proceedings 1 (2). https://doi.org/10.32535/jicp.v1i2.282.
Prasetya, Eka, and Hexana Sri Lastanti. 2023. “Pengaruh Good Corporate Governance Dan Kebijakan Dividen Terhadap Nilai Perusahaan.†Jurnal Ekonomi Trisakti 3 (1): 1805–14. https://doi.org/10.25105/jet.v3i1.16281.
Pristiana, Ulfi, and Istiono Istiono. 2020. “Analysis of Investment Decisions, Funding Decisions, Financial Risk Management Impacts on Financial Distress With Moderation of Good Corporate Governance in Manufacturing Industry Sectors Listed on the Indonesia Stock Exchange.†Ekspektra : Jurnal Bisnis Dan Manajemen 4 (2): 121–35. https://doi.org/10.25139/ekt.v4i2.3135.
Purwanti, Titik. 2020. “The Effect of Profitability, Capital Structure, Company Size, and Dividend Policy on Company Value on the Indonesia Stock Exchange.†International Journal of Seocology 01 (02): 060–066. https://doi.org/10.29040/seocology.v1i02.9.
Rehman, Obaid Ur. 2016. “Impact of Capital Structure and Dividend Policy on Firm Value.†Journal of Poverty, Investment and Development 21 (1): 40–57.
Roos Ana, Selvia, Agung Budi Sulistiyo, and Whedy Prasetyo. 2021. “The Effect of Intellectual Capital and Good Corporate Governance on Company Value Mediated by Competitive Advantage.†Journal of Accounting and Investment 22 (2). https://doi.org/10.18196/jai.v22i2.10412.
Rosyidah, Salma, and Sudjono Sudjono. 2021. “The Effect of Funding Decision, Profitability, and Liquidity in Company Value on Lq45 Manufacturing Issuers 2014-2019.†Dinasti International Journal of Management Science 3 (1): 177–87. https://doi.org/10.31933/dijms.v3i1.931.
Santi Dharmastri Laksmi, Ida Ayu, and I Ketut Budiartha. 2020. “Pengaruh Kebijakan Dividen Terhadap Nilai Perusahaan Dengan Kebijakan Hutang Sebagai Variabel Moderasi.†E-Jurnal Akuntansi 30 (12): 3041. https://doi.org/10.24843/eja.2020.v30.i12.p04.
Sari, Reza Mulia, and Dina Patrisia. 2019. “The Effect of Institutional Ownership, Capital Structure, Dividend Policy, and Company’s Growth on Firm Value (Study of Property Real Estate and Building Construction Companies)†1 (1): 1–9. https://doi.org/10.2991/piceeba-19.2019.69.
Setiyawati, Lia, Sugeng Wahyudi, and Wisnu Mawardi. 2018. “THE INFLUENCE OF DIVIDEND POLICY, DEBT POLICY, INDEPENDENT COMMISSIONER, AND INSTITUTIONAL OWNERSHIP ON THE FIRM VALUE WITH GROWTH OPPORTUNITIES AS MODERATOR VARIABLES (Study on Non-Financial Companies Listed on IDX in the Period of Years of 2012-2015).†Jurnal Bisnis Strategi 26 (2): 146. https://doi.org/10.14710/jbs.26.2.146-162.
Shamsudin, Siti Marlia, Wan Razazila, Wan Abdullah, and Amir Hakim Osman. 2018. “State-of-the-Art Theories and Empirical Evidence.†State-of-the-Art Theories and Empirical Evidence, no. December. https://doi.org/10.1007/978-981-10-6926-0.
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Avivi, Irit, Yael C. Cohen, Anna Suska, Tamir Shragai, Gabor Mikala, Laurent Garderet, Gueye M. Seny, et al. 2019. “Hematogenous Extramedullary Relapse in Multiple Myeloma - a Multicenter Retrospective Study in 127 Patients.†American Journal of Hematology 94 (10): 1132–40. https://doi.org/10.1002/ajh.25579.
Bag, Abdulla, and Arham Dani. 2018. “Funding Decisions and Dividend Policies on Financial Performance.†American International Journal of Business Management (AIJBM) 1 (4): 1–04.
Baker, H. Kent, Narayanage Jayantha Dewasiri, Sandaram P. Premaratne, and Weerakoon Yatiwelle Koralalage. 2020. “Corporate Governance and Dividend Policy in Sri Lankan Firms: A Data Triangulation Approach.†Qualitative Research in Financial Markets 12 (4): 543–60. https://doi.org/10.1108/QRFM-11-2019-0134.
Beckers, Sander F.M., Jenny Van Doorn, and Peter C. Verhoef. 2017. “Good, Better, Engaged? The Effect of Company-Initiated Customer Engagement Behavior on Shareholder Value.†Journal of the Academy of Marketing Science 46 (3): 366–83. https://doi.org/10.1007/s11747-017-0539-4.
Bon, Sergius Fribontius, and Sri Hartoko. 2022. “The Effect of Dividend Policy, Investment Decision, Leverage, Profitability, and Firm Size on Firm Value.†European Journal of Business and Management Research 7 (3): 7–13. https://doi.org/10.24018/ejbmr.2022.7.3.1405.
Brown, Jeffrey R., and George G. Pennacchi. 2016. “Discounting Pension Liabilities: Funding versus Value.†Journal of Pension Economics and Finance 15 (3): 254–84. https://doi.org/10.1017/S1474747215000487.
Efni, Yulia. 2017. “The Mediating Effect of Investment Decisions and Financing Decisions on the Effect of Corporate Risk and Dividend Policy against Corporate Value.†Investment Management and Financial Innovations 14 (2): 27–37. https://doi.org/10.21511/imfi.14(2).2017.03.
Fajaria, Ardina Zahrah, Linda Purnamasari, and Isnalita Isnalita. 2017. “The Effect of Investment Decisions, Funding Decision and Dividend Policy on Company Value Study on Manufacturing Company Listed in Indonesia Stock Exchange Period 2009-2013.†Advances in Economics, Business and Management Research (AEBMR) 35 (Miceb 2017): 25–32.
Febrianty, N N A, and I M Mertha. 2021. “Effect of Profitability, Investment Opportunity Set and Good Corporate Governance on Company Value.†American Journal of Humanities and Social … 5 (2): 238–46.
Hao, Gengli. 2022. “Research on the Agency Problem, Corporate Governance and Firm Value.†Proceedings of the 2022 7th International Conference on Financial Innovation and Economic Development (ICFIED 2022) 648 (Icfied): 2917–23. https://doi.org/10.2991/aebmr.k.220307.475.
Hasibuan, Marlina Elisabeth, Ni Gusti, and Putu Wirawati. 2020. “The Effect of Financial Performance, Good Corporate Governance, Corporate Social Responsibility on Company Value (Empirical Study on Food and Beverage Companies Listed on the Indonesia Stock Exchange 2017-2019).†American Journal of Humanities and Social Sciences Research 5 (1): 391–97.
Hermuningsih, Sri. 2014. “Profitability, Growth Opportunity, Capital Structure and the Firm Value.†Buletin Ekonomi Moneter Dan Perbankan 16 (2): 115–36. https://doi.org/10.21098/bemp.v16i2.440.
Hidayat, Dasrun, Anisti, Purwadhi, and Darajat Wibawa. 2020. “Crisis Management and Communication Experience in Education during the Covid – 19 Pandemic in Indonesia.†Jurnal Komunikasi: Malaysian Journal of Communication 36 (3): 67–82. https://doi.org/10.17576/JKMJC-2020-3603-05.
Imasuen, Osasere Festus, Edesiri Godsday Okoro, and Garba Hassan Yahaya. 2022. “Chief Executive Officer Attributes and the Value of the Firm: Does Firm Size Play a Moderating Role?†International Journal of Management and Sustainability 11 (1): 46–57. https://doi.org/10.18488/11.v11i1.2976.
Ing Malelak, Mariana, Christina Soehono, and Christine Eunike. 2020. “Corporate Governance, Family Ownership and Firm Value: Indonesia Evidence.†SHS Web of Conferences 76: 01027. https://doi.org/10.1051/shsconf/20207601027.
Ishari, Meragal, and Gayan Abeyrathna. 2020. “The Impact of Financial Leverage on Firms ’ Value ( Special Reference to Listed Manufacturing Companies in Sri Lanka ) The Impact of Financial Leverage on Firms ’ Value ( Special Reference to Listed Manufacturing Companies in Sri Lanka ) Senadheera Pathir,†no. March.
Jeklin, Andrew. 2016. “The Effect of Investment Decisions, FundingDecision and Profitability on Manufacturing Company Value in Indonesia Stock Exchange 2015-2018 Period†08 (July): 1–23.
Jensen, Michael C., and Clifford W. Smith, Jr. 2005. “The Theory of Corporate Finance: A Historical Overview.†SSRN Electronic Journal, 2–20. https://doi.org/10.2139/ssrn.244161.
Matiin, Nuuridha, Tri Ratnawati, and Slamet Riyadi. 2018. “The Influence of Investment Decisions, Funding Decisions, Risk of Strategy, To Efficeincy, Finance Performance, Value of Firm, Good Corporate Governance As Moderating Variable In The Mining Company Coal Sub Sector Go Public In Indonesia Stock Exchange.†Archives of Business Research 6 (6). https://doi.org/10.14738/abr.66.4717.
Monoarfa, Rio. 2018. “The Role of Profitability in Mediating the Effect of Dividend Policy and Company Size on Company Value.†Business and Management Studies 4 (2): 35. https://doi.org/10.11114/bms.v4i2.3274.
Nazar, Mohamed Cassim Abdul. 2021. “The Influence of Corporate Governance on Dividend Decisions of Listed Firms: Evidence from Sri Lanka.†Journal of Asian Finance, Economics and Business 8 (2): 0289–95. https://doi.org/10.13106/jafeb.2021.vol8.no2.0289.
Nazir, Mian Sajid, and Talat Afza. 2018. “Does Managerial Behavior of Managing Earnings Mitigate the Relationship between Corporate Governance and Firm Value? Evidence from an Emerging Market.†Future Business Journal 4 (1): 139–56. https://doi.org/10.1016/j.fbj.2018.03.001.
Naniek Noviari, I Gusti Bagus Wiksuana, IB Panji Sedana, and I Putu Sudana. 2022. “The Effect of Tax Disputes on Firm Value (Analysis Based on Signal Theory and RBV Theory).†Jurnal Bisnis Dan Kewirausahaan 18 (1): 52–62. https://doi.org/10.31940/jbk.v18i1.52-62.
Nugraha, Nugi Mohammad, Deden Novan Setiawan Nugraha, and Sela Sapitri. 2020. “The Effect of Funding, Investment and Dividend Policies on Firm Value in the Manufacturing Industry Sectors.†Journal Solid State Technology 63 (3): 3858–68.
Nurdin, Djayani, and Muhammad Yunus Kasim. 2018. “Moderator Effect of Corporate Governance on the Relationship of Financial Performance and Dividend Policy, and Its Impact on Firm Value in Indonesia Stock Exchange.†International Journal of Economics & Management Sciences 07 (01): 1–7. https://doi.org/10.4172/2162-6359.1000499.
Ozuomba, C. N., A. S. Anichebe, and P. V.C. Okoye. 2016. “The Effect of Dividend Policies on Wealth Maximization–a Study of Some Selected Plcs.†Cogent Business and Management 3 (1): 1–15. https://doi.org/10.1080/23311975.2016.1226457.
Pontoh, Jones Xaverius, and Agnes Punu. 2018. “The Influence of Investment Decisions, Funding Decisions, and Dividend Policies on Corporate Values in Manufacturing Companies in the Consumer Goods Industry Sector Listed on the Indonesia Stock Exchange for the 2012-2016.†Journal of International Conference Proceedings 1 (2). https://doi.org/10.32535/jicp.v1i2.282.
Prasetya, Eka, and Hexana Sri Lastanti. 2023. “Pengaruh Good Corporate Governance Dan Kebijakan Dividen Terhadap Nilai Perusahaan.†Jurnal Ekonomi Trisakti 3 (1): 1805–14. https://doi.org/10.25105/jet.v3i1.16281.
Pristiana, Ulfi, and Istiono Istiono. 2020. “Analysis of Investment Decisions, Funding Decisions, Financial Risk Management Impacts on Financial Distress With Moderation of Good Corporate Governance in Manufacturing Industry Sectors Listed on the Indonesia Stock Exchange.†Ekspektra : Jurnal Bisnis Dan Manajemen 4 (2): 121–35. https://doi.org/10.25139/ekt.v4i2.3135.
Purwanti, Titik. 2020. “The Effect of Profitability, Capital Structure, Company Size, and Dividend Policy on Company Value on the Indonesia Stock Exchange.†International Journal of Seocology 01 (02): 060–066. https://doi.org/10.29040/seocology.v1i02.9.
Rehman, Obaid Ur. 2016. “Impact of Capital Structure and Dividend Policy on Firm Value.†Journal of Poverty, Investment and Development 21 (1): 40–57.
Roos Ana, Selvia, Agung Budi Sulistiyo, and Whedy Prasetyo. 2021. “The Effect of Intellectual Capital and Good Corporate Governance on Company Value Mediated by Competitive Advantage.†Journal of Accounting and Investment 22 (2). https://doi.org/10.18196/jai.v22i2.10412.
Rosyidah, Salma, and Sudjono Sudjono. 2021. “The Effect of Funding Decision, Profitability, and Liquidity in Company Value on Lq45 Manufacturing Issuers 2014-2019.†Dinasti International Journal of Management Science 3 (1): 177–87. https://doi.org/10.31933/dijms.v3i1.931.
Santi Dharmastri Laksmi, Ida Ayu, and I Ketut Budiartha. 2020. “Pengaruh Kebijakan Dividen Terhadap Nilai Perusahaan Dengan Kebijakan Hutang Sebagai Variabel Moderasi.†E-Jurnal Akuntansi 30 (12): 3041. https://doi.org/10.24843/eja.2020.v30.i12.p04.
Sari, Reza Mulia, and Dina Patrisia. 2019. “The Effect of Institutional Ownership, Capital Structure, Dividend Policy, and Company’s Growth on Firm Value (Study of Property Real Estate and Building Construction Companies)†1 (1): 1–9. https://doi.org/10.2991/piceeba-19.2019.69.
Setiyawati, Lia, Sugeng Wahyudi, and Wisnu Mawardi. 2018. “THE INFLUENCE OF DIVIDEND POLICY, DEBT POLICY, INDEPENDENT COMMISSIONER, AND INSTITUTIONAL OWNERSHIP ON THE FIRM VALUE WITH GROWTH OPPORTUNITIES AS MODERATOR VARIABLES (Study on Non-Financial Companies Listed on IDX in the Period of Years of 2012-2015).†Jurnal Bisnis Strategi 26 (2): 146. https://doi.org/10.14710/jbs.26.2.146-162.
Shamsudin, Siti Marlia, Wan Razazila, Wan Abdullah, and Amir Hakim Osman. 2018. “State-of-the-Art Theories and Empirical Evidence.†State-of-the-Art Theories and Empirical Evidence, no. December. https://doi.org/10.1007/978-981-10-6926-0.
Sherine, Carelia, Hendra Wiyanto, and Herlina Budiono. 2022. “The Effect of Investment Decision, Funding Decision, and Profitability on the Firm Value of Consumer Goods Industry Registered in Indonesia Stock Exchange During 2017-2020.†Proceedings of the Tenth International Conference on Entrepreneurship and Business Management 2021 (ICEBM 2021) 653 (Icebm 2021): 552–59. https://doi.org/10.2991/aebmr.k.220501.084.
Sinatraz, Viony, and Sugi Suhartono. 2021. “Jurnal Akuntansi Dan Pajak.†Jurnal Akuntansi Dan Pajak 6 (1999): 1–13.
Suhardi, Ray Farandy, and Jul Aidil Fadli. 2021. “The Effect of Good Corporate Governance and Financial Performance on Company Value.†Jurnal Ekonomi, Manajemen, Akuntansi Dan Keuangan 2 (4): 234–41. https://doi.org/10.53697/emak.v2i4.269.
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Published
2023-08-28
Section
Articles
