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ANALISIS STRUKTUR KEPEMILIKAN, KEPUTUSAN INVESTASI DAN PENDANAAN TERHADAP NILAI PEUSAHAAN DENGAN MEKANISME GCG SEBAGAI VARIABEL PEMODERASI

Doni Stiadi, Meina Wulansari Yusniar

Abstract


This research aims to analyze the effect of moderation of Good Corporate Governance (GCG) mechanism on the relationship between Ownership Structure, Investment Decision and Financial Decision toward Firm Value in Indonesia Stock Exchange (IDX). The sample is 161 issuer with sampling technique based on purposive sampling. Analysis of research data with structural equation model (SEM) method using Partial least Square (PLS). The result of the analysis found that Ownership Structure, GCG Mechanism, and Investment Decision have positive and significant effect, while Financial Decision has negative effect. The Ownership Structure has a significant positive effect on Investment Decisions but no significant effect on Financial Decision. The GCG mechanism has a positive and significant impact on both Investment Decisions and Financial Decision. The GCG mechanism when it becomes a moderating variable of the relationship between Ownership Structure and Firm Value has no significant effect, therefore GCG mechanism is unable to moderate the effect of the Ownership Structure on Firm Value. This indicates that the interaction variable of GCG mechanism with the Ownership Structure has not been able to strengthen or weaken the relationship of ownership composition and Firm Value, this is because the managerial Ownership Structure in Indonesia is still very small and dominated by the family ownership.

Keyword: Ownership Structure, Investment Decision, Financial Decision, GCG mechanism


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