Pengaruh mekanisme corporate governance, business risk, financial flexibilty dan dividend policy terhadap nilai perusahaan dengan struktur modal sebagai pemoderasi

Ghassani, Riska Aprilia (2023) Pengaruh mekanisme corporate governance, business risk, financial flexibilty dan dividend policy terhadap nilai perusahaan dengan struktur modal sebagai pemoderasi. Bachelor thesis, Universitas Pelita Harapan.

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Abstract

Penelitian ini dilakukan dengan tujuan untuk menganalisis serta menguji dalam rangka memberikan bukti empiris pada pengaruh mekanisme corporate governance, business risk, financial flexibilty dan dividend policy terhadap nilai perusahaan dengan struktur modal sebagai variabel moderasi. Penelitian menggunakan data sampel dari seratus empat puluh lima perusahaan consumer staples dan consumer discretionary yang berada dikawasan ASEAN 5 yang meliputi negara Indonesia, Filipina, Malaysia, Singapura dan Thailand pada S&P Capital IQ selama periode 2017-2022. Teknik yang digunakan dalam penelitian ini yaitu purposive sampling method. Penelitian ini memberikan hasil bahwa mekanisme corporate governance tidak berpengaruh terhadap nilai perusahaan, business risk berpengaruh negatif terhadap nilai perusahaan, financial flexibility berpengaruh positif terhadap perusahaan dan dividend policy tidak berpengaruh terhadap nilai perusahaan. Pada penelitian ini juga ditemukan hasil bahwa struktur modal mampu memperlemah pengaruh business risk terhadap nilai perusahaan, tetapi tidak mampu memoderasi pengaruh corporate governance, financial flexibilty dan dividend policy terhadap nilai perusahaan. Hasil penelitian ini memberikan implikasi bahwa rendahnya business risk serta financial flexibility yang optimal dapat meningkatkan nilai perusahaan. / This research was conducted with the aim of analyzing and testing, in order to provide empirical evidence on the impact of corporate governance mechanism, business risk, financial flexibility, and dividend policy on firm value, with capital structure as a moderating variable. The study utilized sample data from one hundred and forty-five consumer staples and consumer discretionary companies located in the ASEAN 5 region, including Indonesia, the Philippines, Malaysia, Singapore, and Thailand, sourced from S&P Capital IQ during the period 2017- 2022. The research employed the purposive sampling method. The findings of the study indicate that corporate governance mechanism does not significantly affect firm value, business risk has a negative effect on firm value, financial flexibility has a positive effect on firms, and dividend policy does not affect firm value. Additionally, the research revealed that capital structure can mitigate the effect of business risk on firm value but is unable to moderate the effects of corporate governance mechanism, financial flexibility, and dividend policy on firm value. The results of this research have implications suggesting that low business risk and optimal financial flexibility can enhance firm value.

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