Electronic Theses and Dissertation

Penelitian ini bertujuan mengetahui Pengaruh Corporate Governance, Struktur Kepemilikan, dan Cash Holding Terhadap Nilai Perusahaan Manufaktur yang Tercatat di Bursa Efek Indonesia. Penelitian ini menggunakan data panel dengan 59 perusahaan Manufaktur yang tercatat di Bursa Efek Indonesia periode 2017-2021. Metode analisis yang digunakan adalah regresi data panel dengan fixed effect model. Secara parsial hasil penelitian menunjukkan bahwa corporate governance yang diproksikan oleh ukuran dewan direksi berpengaruh positif signifikan terhadap nilai perusahaan, struktur kepemilikan yang diukur dengan kepemilikan manajerial berpengaruh positif signifikan terhadap nilai perusahaan, sementara struktur kepemilikan yang diukur dengan kepemilikan institusional berpengaruh negatif signifikan terhadap nilai perusahaan, dan cash holding tidak berpengaruh terhadap nilai perusahaan manufaktur di Indonesia. Pada penelitian ini ukuran dewan direksi sejalan dengan teori Agensi, kepemilikan manajerial sejalan dengan teori convergence of interest dan kepemilikan institusional sesuai dengan teori expropriation of minority shareholder.

Kata Kunci: Corporate Governance, Struktur Kepemilikan, Cash Holding, Nilai Perusahaan.
 

This research aims to determine the Effect of Corporate Governance, Ownership Structure, and Cash holdings on Firm Value in Manufacturing Companies Listed on the Indonesian Stock Exchange. This study uses panel data from 59 manufacturing companies listed on the Indonesia Stock Exchange for 2017–2021. The analytical method used is panel data regression with a fixed effect model. Partially, the research results show that corporate governance as proxied by the board size of directors has a significant positive effect on firm value, ownership structure as measured by managerial ownership has a significant positive effect on firm value, and ownership structure as measured by institutional ownership has a significant negative effect on firm value. And cash holdings have no effect on the firm value of manufacturing companies in Indonesia. In this research, the board size of directors is in line with agency theory, managerial ownership is in line with the convergence of interest theory, and institutional ownership is in line with the expropriation of minority shareholders theory. Keywords: Corporate Governance, Ownership Structure, Cash holdings, Firm Value.