Email this article 
PRINT ISSNModerating the role of Asset Growth and Firm Value on Governance Value and Economic Value Added Study: BUMN Companies Go Public on the Indonesia Stock Exchange
Abstract
The purpose of the study was to determine and analyze the Green Governance and Corporate Social Responsibility effect on Company Value, moderating Corporate Governance Responsibility on Company Value in cement subsector manufacturing companies for the period 2013-2022. This research method is a cement subsector manufacturing SOE company that goes public on the Indonesia Stock Exchange, totaling 8 companies. Sample determination is used with purposive sampling method with Judgment Sampling approach with the number of samples observed as many as 8 companies. Data analysis in this study used MRA (moderated regression analysis). The results showed that company value has a significant positive effect on Green Governance and Corporate Social Responsibility, Green Governance has no significant effect on Company Value, Corporate Social Responsibility has a significant positive effect on Company Value, and Growth Opportunities can strengthen Green Governance in influencing Company Value and Growth Opportunity can moderate Corporate Governance Responsibility on BUMN Company Value in cement subsector manufacturing companies.
Keywords
Full Text:
PDF (English)References
Agus Dodi Hermawan (August 2018). The Effect of Dividend Policy, Growth Opportunity, and Capital Structure on Firm Value with Managerial Ownership as an Intervening Variable. Department of Accounting STIE Perdana Mandiri: Purwakarta.
Anasya and Susi Handayani, 2020, "Green Investment and Croporate overnance on Company Value: Probability as Moderation, Surabaya State University: Surabaya.
Ardhiansyah Fajar and Pramelani, 2021, "Implementation of Corporate Social Responsibility Based on Triple Bottom Line PT Bank syariah XYZ in 2018, 2019 and 2020", UIN Syaraif Hidayatullah Jakarta: Jakarta.
Baiq Nirsya Matayassyara (E-ISSN: 2460-5956. Vo.8 No.1, 2022) Analysis of the Effect of Growth Opportunity and Good Corporate Governance on Company Value (Study on the Consumer Goods Industry of the Food & Beverage Sub-Sector included in the Indonesian Sharia Stock Index for the 2014-2018 Period). Journal of Economics and Islamic Business. Ahmad Dahlan University: Yogyakarta.
Basuki, 2018. The Effect of Independent Commissioners, Audit Committee, Capital Intensity, and Corporate Risk on Tax Avoidance. Postgraduate Management Program. University of Muhammadiyah Tangerang: Tangerang. Journal of Business Management. Vol.71 No.1, Page 47-56, E-ISSN: 2580-9490.
Monetary Economics and Banking Bulletin Sri Hermuningsih (October 2013) The Effect of Profitability, Growth Opportunity, Capital Structure, on Firm Value in Public Companies in Indonesia. University of Sarjanawiyata Taman Siswa Yogyakarta: Yogyakarta.
Deni Saputra, Putri Intan Permata Sari, Agam Mei Yudha (e-ISSN 2580-3743 VoL.9 No.1, March 2021). The Effect of Capital Structure, Investment Decisions, and CSR on Firm Value with Growth Opportunity as a Moderating Variable. Universitas Putra Indonesia "YPTK" Padang: Padang.
Deni Saputra, Putri Intan Permata Sari, AGAM Mei Yudha (Vo.9 No.1, March 2021 e-ISSN 2580-3743). The Effect of Capital Structure, Investment Decisions, and CSR on Firm Value with Growth Opportunity as a Moderating Variable. Universitas Putra Indonesia "YPTK" Padang: Padang.
Deni Saputra, et al, 2021. The Effect of Capital Structure, Investment Decisions, and CSR on Firm Value with Growth Opportunity as a Moderating Variable. Department of Management, Faculty of Economics. Putra Indonesia University: Padang.
Dewi Anggraeni, et.al (Vol.4 No.2, 2018) The Effect of Intangible Asset and Growth Opportunity on Firm Value (Empirical Study of Plantation Sub-Sector Companies Listed on the Indonesia Stock Exchange for the Period 2012 - 2016). Accounting Study Program, Faculty of Economics and Business. Bandung Islamic University: Bandung.
Dewi Anggraini (E-ISSN-2747-0199 Vol.1No.2, Nei 2021) The Effect of Corporate Social Responsibility Disclosure, Good Corporate Goverjnance, Cash Flow Volatility on Firm Value with Investment Opportunity Set as a Moderating Variable. Journal of Managerial and Entrepreneurial Perspectives (JPMK). Dian Nusantara University: Jakarta.
Dewianawati Dwi, 2021. "Factors Determining the Value of Transportation Companies", Post Books, South Tangerang.
Durima Mahesa Elphan and Ruzikna, 2019. "The Effect of Good Corporate Governance (GCG) and Corporate Social Responsibility (CSR) Disclosure on Company Value (Case Study of Basic Industry and Chemical Sub-Sector Chemical Companies Listed on the Indonesia Stock Exchange)", Riau University: New Week. Jab Vol.13 No.1 April 2019.
Dwi Endah Mira Manurung (May 2012). Analysis of the Implementation of Corporate Social Responsibility (CSR) at PT Perkebunan Nusantara IV-Medan. Faculty of Economics Master Program in Accounting: Jakarta.
Evi Irmalasari, Etty Gurendrawati, and Indah Muliasari, 2022, "The Effect of Good Corporate Governance (GCG) and Corporate Social Responsibility (CSR) on Firm Value with Company Size and Leverage as Control Variables", Jakarta State University: Jakarta, Vol.3 No.2, August 2022 p 425-442.
Hasriwana (2022). Factors that affect firm value in banks listed on the bei for the 2016-2020 period. Thesis Postgraduate Program Master of Management, Muhammadiyah University: Makasar.
Mahesa Elpan Durima and Ruzikna, 2019.The Effect of Good Corporate Governance (GCG) and Corporate Social Responsibility (CSR) Disclosure on Company Value (Case Study of Basic Industry and Chemical Sub-Sector Chemical Companies Listed on the Indonesia Stock Exchange).Department of Administrative Sciences Faculty of Social and Political Sciences. Riau University: Pekanbaru. JAB Vol. 13 No.1 April 2019.
Mika Debora Br Barus, Meigia Nidya Sari, and Farah Soufika Thahira, 2022. "Monograph Analysis of Investment Decisions Through Capital Structure in Determining Company Value Using Path Analysis Mathematical Sub Model Statistics on Property and Real Estate Companies Listed on the IDX", Uwas Inspirasi Indonesia, East Java.
Muhamad Nur Utomo and Kaujan, 2019. Company Value Creation Strategy Through Green-Based Investment. National Seminar. Borneo University: Trakan. Article.
Muhammad Fadhil, 2018. The Effect of Corporate Social Responsibility and Profitability on Firm Value with Growth Opportunity as a Moderating Variable in Mining Companies. Accounting Study Program. Perbanas College of Economics: Surabaya.
Muhammad Fariz Wiranoto (2021). The Effect of Growth Opportunity, Corporate Social Responsibility, Good Corporate Governance and Investment Decisions on Firm Value (Study on Property, Real Estate & Building Construction Sector Companies for the Period 2013-2017). Department of Management, Faculty of Economics. Surabaya State University: Surabaya.
Muhammad Fariz Wiranoto, 2021. The Effect of Growth Opportunity, Corporate Social Responsibility, Good Corporate Governance and Investment Decisions on Company Value (Study of Property, Real Estate & Building Construction Sector Companies for the Period 2013-2017). Department of Management, Faculty of Economics. Surabaya State University: Surabaya. (Journal)
Mustika Irma, 2017, "The Effect of Profitability, Asset Structure, and Growth Opportunity on the Company's Capital Structure (Empirical Study of All Companies Listed on the Indonesia Stock Exchange2010-2014)", Padang State University: Padang.
Masno Marjohan. And Anggun 2023,"Opportunity Set, Liquidity, Stock Return, Inflation As A Moderator Investment Risk, Investment" Journal of Management / Volume 27, No. 02, June 2023: 381-402.
Masno Marjohan. 2022, The Effect of Financial Performance and Fair Price of Shares on Investment Decisions with Good Corporate Governance as Moderating Variables in Companies in The Indonesia Stock Exchange. Journal of MIX Management. 2022.v11.001
Ni luh Asri Savitri and Ni Putu Sri Harta Mimba, 2016. Profitability and Growth Opportunity Moderate the Effect of Corporate Social Responsibility Disclosure on Company Value. Faculty of Economics and Business, Udayana University: Bali. Journal.far.
Nuriayah (July 2021). Corporate Social Responsibility (CSR) Model in Empowering the Mining Circle Community by PT Sumbawa Timur Mining Company in Ulu District, Dompu Regency, West Nusa Tenggara. Postgraduate Program in Law. Muammadiyah University: Malang.
Sugiyono (October 2016) Quantitative, Qualitative, and R&D Research Methods. Alfabeta: Bandung.
Puri Agi Pratomo, 2020. Analysis of User Acceptance of the ERP System Using the Technology Acceptance Model (TAM) at PT Astra International Tbk (Astra World). Informatics Engineering. Universitas Komputer Indonesia: Bandung.
Ratna Suminar and Farida Idayati, 2019.The Effect of CSR on Company Value with Financial Performance as a Moderating Variable (In Manufacturing Companies Listed on the IDX). Indonesian College of Economics (STIESIA): Surabaya. Journal of Accounting Science and Research. Vol. 8 No.6, June 2019. E-ISSN: 2460-0585.
Rianawati Andri and Rahmat Setawan, 2015. "Leverage, Growth Opportunity and Investment in Non-Financial Companies Listed on the IDX", Airlangga University: Surabaya. Journal of Management Theory and Applied Year 8. No. 1, April 2015.
Saputra Deni, Putri ntan Permata Sari and Agam Mei Yudha, 2021. The Effect of Capital Structure, Investment Decisions and CSR on Firm Value with Growth Opportunity as a Moderating Variable, Putra Padang University: Padang. Journal of e-ISSN2580-3743 Vol.9 No.1, March 2021 (16-32)
Sari Indri yani, Syahril Djaddang, M. Ardiansyah Syam, (Vol.6 No.2 December 2021) Determinants of Dividend Payment Determinants with Growth Opportunity and Company Size as Moderating Variables (Companies Listed on the Indonesia Stock Exchange 2014-2017). Graduate School of Pancasila University: South Jakarta.
Sri Hermuningsih (October 2013). The Effect of Profitability, Growth Opportunity, Capital Structure on Company Value in Public Companies in Indonesia. University of Sarjanawiyata Taman Siswa Yogyakarta: Yogyakarta.
Sri Hermuningsih, 2013. "The Effect of Profitability, Growth Opportunity, Capital Structure on Firm Value in Public Companies in Indonesia", Bulletin of Monetary Economics and Banking: Yogyakarta.
Sugeng Suroso, 2017. The Influence of Intellectual Capital and Governance on Company Performance and Asset Growth (Study on Islamic Banking in Indonesia).Doctoral Program in Economics Postgraduate Pancasila University: Jakarta.
Sumatriani, 2017. Asean Corporate Governance Scorecard, Financial Performance, Social Responsibility Disclosure to Company Value. Doctoral Program in Economics, Faculty of Economics and Business. Hasanuddin University: Makassar.
Vidi Hadyarti, Tubagus M. Mahsin (Vol 13, No 1, April 2019). Corporate Social Responsibility (Csr) and Good Corporate Governance (Gcg) as Indicators in Assessing Company Value. Faculty of Economics and Business, Trunojoyo University Madura: Madura.
Vita Annisaa Ratnasari, 2021. The Effect of Financial Performance on Company Value with Dividend Policy as a Moderating Variable in Mining Companies in Indonesia. Master's Program Management Study Program. Faculty of Business and Economics. Islamic University of Indonesia: Yogyakarta.
Wati Lela Nurlela, 2019. "Corporate Social Responsibility (CSR) Model", Myria Publisher, East Java. ISBN 978-623-7199-44-1, First Print, December 2019.
Wulandari Sari and Hanifa Zulhamini, 2017. "The Effect of Probability on Corporate Social Responsibility in Manufacturing and Service Companies Listed on the Indonesia Stock Exchange", University of Education, Bandung, Vol.2 No.2, 2017.
Yuliani (2013) Diversification, Investment Opportunity Set, Environmental Dynamics and Firm Value (Empirical Study of the Manufacturing Sector on the Indonesia Stock Exchange). Dissertation Doctoral program in management science postgraduate faculty of economics and business, Brawijaya University: Malang.
DOI: https://doi.org/10.26905/jbm.v10i2.10893
Refbacks
- There are currently no refbacks.
Jurnal Bisnis dan Manajemen |
- Address: Terusan Dieng Street 62-64 Malang, Indonesia
- Website: http://jurnal.unmer.ac.id/index.php/jbm
- Email: jbm.unmermlg@unmer.ac.id
- Phone: +62 813-9393-3938
