Pengaruh Kinerja Keuangan Terhadap Nilai Perusahaan Dengan Good Corporate Governance Sebagai Variabel Moderating (Studi Kasus pada Perusahaan Manufaktur yang terdaftar di BEI)

ABSTRAK

Penelitian ini bertujuan untuk menguji dan menganalisis pengaruh Kinerja
Keuangan (Leverage, Return On Asset, Return On Equity) terhadap Nilai
Perusahaan. Penelitian ini juga menguji pengaruh moderasi Good Corporate
Governance (Kepemilikan Manajerial dan Kepemilikan Institusional) terhadap
hubungan Kinerja Keuangan (Leverage, Return On Asset, Return On Equity)
dengan Nilai Perusahaan.Jenis penelitian ini adalah penelitian kausal komparatif.
Populasi dalam penelitian ini adalah perusahaan manufaktur yang terdaftar di
Bursa Efek Indonesia padaperiode 2010-2013sejumlah136 perusahaan. Teknik
pengambilan sampel yang digunakan adalah purposive sampling berdasarkan
kriteria tertentu.Berdasarkan kriteria tersebut, diperoleh jumlah sampel 33
perusahaan. Pengujian data penelitian menggunakan analisis regresi linier
berganda dan uji residual untuk variabel moderating. Hasil penelitian
menunjukkanKinerja Keuangan (Leverage, Return On Asset, Return On Equity)
berpengaruh nyata terhadap Nilai Perusahaansecara simultan. Sedangkan secara
parsial Leverage, dan Return On Asset berpengaruh positif terhadap Nilai
Perusahaan dan Return On Equity berpengaruh secara negatif terhadap Nilai
Perusahaan. Untuk variabel moderating yaitu Good Corporate Governance
(Kepemilikan Manajerial, dan Kepemilikan Institusional) tidak mampu
memoderasi hubungan Kinerja Keuangan (Leverage, Return On Asset, Return On

Equity) dengan Nilai Perusahaan.

Kata kunci:

kinerja keuangan, leverage, return on asset, return on equity, good
corporate governance, kepemilikan manajerial dan kepemilikan
institusional

Universitas Sumatera Utara

ABSTRACT

This study aims to examine and analyze the effect of Financial Performance
(Leverage, Return on Assets, Return on Equity) against the Company Values
Manufacturing Companies Listed in Indonesia Stock Exchange. This study also
examines the effect of moderating Good Corporate Governance (Managerial
Ownership and Institutional Ownership) in relation to financial performance
(Leverage, Return on Assets, Return on Equity) Rated Company in
Manufacturing Companies Listed in Indonesia Stock Exchange. This research is
a causal research. Populations in this research are manufacturing companies

listed in Indonesia Stock Exchange in the period 2010-2013 from 136 companies.
The sampling technique used was purposive sampling based on a certain
criteria. Based on these criteria, the number of observations obtained with total
of 132 units of analysis. Based on that sample analysis, we found 33 companies
for 4 years period. Based ondata research by using multiple linear regression
analysis and residual test for moderating variables. Financial performance
(Leverage, Return on Assets, Return on Equity) against the Company Value are
most significant by simultaneously. While partially research Leverage, and
Return On Asset are positive effect on the value of the Company and Return On
Equity negatively affect to the company value. For moderating variables that
Good Corporate Governance (Managerial Ownership and Institutional
Ownership) cannot moderate the relationship of Financial Performance
(Leverage, Return on Assets, Return on Equity) towards the corporate value.

Keywords:
Financial Performance, Leverage, Return on Assets, Return on
Equity, GoodCorporate Governance and Ownership, Managerial Ownership
Institutional

Universitas Sumatera Utara