PENGARUH MEKANISME CORPORATE GOVERNANCE TERHADAP NILAI PERUSAHAAN (Studi Empiris Pada Perusahaan Manufaktur Periode 2015-2018)

Abstract

This study aims to examine the effect of corporate governance mechanisms on firm value in the perspective of agency theory. The corporate governance mechanism in this study is divided into four variables, namely institutional ownership, managerial ownership, audit committee, and independent commissioners. This study uses all manufacturing companies listed on the Indonesia Stock Exchange in 2015-2018 as a population. By using purposive sampling method, 216 data were obtained. The test results using multiple linear regression analysis, showed that the audit committee and the independent commissioner had a significant positive effect on firm value. Meanwhile, the variable institutional ownership, managerial ownership does not affect the value of the company. These results prove that the existence of an independent audit committee and commissioners is able to minimize agency conflicts, so that the market responds positively.