Financial Determinants of Firm Value In Indonesia’s Industrial Sector: The Moderating Role of Good Corporate Governance
DOI:
10.47353/ecbis.v4i5.417Published:
2026-06-23Downloads
Abstract
This study analyzes the effect of Debt to Equity Ratio (DER), Return on Assets (ROA), and Asset Growth on Firm Value with Good Corporate Governance (GCG) as a moderating variable in industrial sector companies listed on the Indonesia Stock Exchange during the 2022–2024 period. The research method uses a quantitative associative approach with a sample of 65 companies and a total of 195 observations. The analysis technique used is Moderated Regression Analysis (MRA). The simultaneous test results show that DER, ROA, Asset Growth, GCG, and the moderating interaction variable have a significant effect on Firm Value with a significance value of 0.000 < 0.05. Partially, DER has a positive and significant effect on Firm Value, while ROA and Asset Growth do not have a significant effect on Firm Value. Good Corporate Governance has a positive and significant effect on Firm Value. Good Corporate Governance is able to moderate the effect of DER on Firm Value. Good Corporate Governance is not able to moderate ROA on Firm Value, and weakens the effect of Asset Growth on Firm Value
Keywords:
Debt to Equity Ratio Return to Assets Asset Growth Firm Value Good Corporate GovernanceReferences
Ais, N. A. D. Y. (2026). Pengaruh likuiditas, leverage, dan profitabilitas terhadap nilai perusahaan dengan good corporate governance sebagai variabel moderasi pada perusahaan manufaktur subsektor makanan dan minuman yang terdaftar di BEI periode 2020–2024. Paradoks: Jurnal Ilmu Ekonomi, 9(2), 199–206. https://doi.org/10.57178/paradoks.v9i2.2359
Ardiansah, G., & Achmad, W. (2024). Analysis of the Effect of Debt to Equity Ratio, Return on Equity, and Good Corporate Governance on the Share Price of Companies Listed on the Jakarta Islamic Index. Himalayan Journal of Economics and Business Management, 5(1), 1-10.
Aristawati, K. A., & Hariyanto, D. (2025). The Influence of Debt to Asset Ratio, Debt to Equity Ratio, Return on Assets, and Return on Equity on Firm Value in Financial Sector Companies Listed on the Indonesia Stock Exchange. Jurnal Manajemen Bisnis, 12(1), 195-210. https://doi.org/10.33096/jmb.v12i1.1080
Aurelia, L., & Setijaningsih, H. T. (2020). Analisis pengaruh struktur aset, pertumbuhan aset, dan ukuran perusahaan terhadap struktur modal. Jurnal Multiparadigma Akuntansi Tarumanagara, 2(2), 801–807.
Devi, D., Tandiah, E., & Salim, M. (2025). The Effect of Return on Assets, Debt to Equity, and Total Asset Turnover on Earnings Growth with Company Size as a Moderating Variable in Basic Industry and Chemical Sector Manufacturing Companies Listed on the Indonesia Stock Exchange (IDX) for the 2020-2023 Period. Journal of Applied Business Administration, 9(1), 145-157.
Fitriati, & Nurulrahmatiah, N. (2021). Pengaruh return on assets dan debt to equity ratio terhadap pertumbuhan laba pada perusahaan makanan dan minuman yang terdaftar di LQ-45 periode. Jurnal Manajemen dan Organisasi Review (MANOR), 3(1), 68–77.
Ghozali, I. (2018). Aplikasi analisis multivariate dengan program IBM SPSS 25 (9th ed.). Badan Penerbit Universitas Diponegoro.
Harjito, A., & Martono. (2021). Manajemen keuangan (2nd ed.). EKONISIA.
Hery. (2021). Analisis laporan keuangan: Integrated and comprehensive. Gramedia Widiasarana Indonesia.
Indriswati, L. R., & Triyanto, D. N. (2020). Pengaruh komite audit, internal audit, dan eksternal audit terhadap manajemen laba. E-Proceeding of Management, 7(2), 3007–3017.
Kamaludin, F. (2020). Pengaruh earnings per share (EPS), price earnings ratio (PER), dan price book value (PBV) terhadap harga saham perusahaan farmasi yang terdaftar di BEI periode 2016–2020. Jurnal Indonesia Sosial Sains, 3(9), 1236–1248.
Karimah, R., Rahayu, S. M., & Damayanti, C. R. (2024). The influence of corporate governance, capital structure, company growth on dividend policy and firm value in consumer goods industry. Profit: Jurnal Adminsitrasi Bisnis, 18(1), 30-45.
Kasmir. (2016). Analisis laporan keuangan. Raja Grafindo Persada.
Leon, F. M., Suryaputri, R. V., & Purnamaningrum, T. K. (2021). Metode penelitian kuantitatif manajemen, keuangan, dan akuntansi. Salemba.
Listiorini, L., & Putri, R. A. (2022). The effect of leverage, return on asset (ROA), and company size on company value with good corporate governance as moderating variables (study on Manufacturing Companies). Accounting and Business Journal, 4(1), 38-49.
Luthfiyyah, M., Yamasitha, Y., & Pondrinal, M. (2025). Pengaruh pertumbuhan aset, keputusan investasi, dan inflasi terhadap nilai perusahaan subsektor primer periode 2019–2023 dengan kebijakan dividen sebagai variabel intervening. Jurnal Akuntansi, Keuangan, Perpajakan dan Tata Kelola Perusahaan, 2(3), 691–715.
Mangantar, A. A. A., Mangantar, M., & Baramuli, D. N. (2020). Pengaruh return on asset, return on equity, dan debt to equity ratio terhadap return saham pada subsektor food and beverage di Bursa Efek Indonesia. Jurnal EMBA: Jurnal Riset Ekonomi, Manajemen, Bisnis dan Akuntansi, 8(1), 272–281.
Nurafifah, N., Marjohan, M., & Sampurnaningsih, S. R. (2025). Analisis peran moderasi good corporate governance (GCG) pada hubungan profitabilitas dan solvabilitas terhadap nilai perusahaan pada perusahaan yang terdaftar di IDXBUMN20 tahun 2020–2024. RIGGS: Journal of Artificial Intelligence and Digital Business, 4(3), 5948–5960. https://doi.org/10.31004/riggs.v4i3.2886
Pambudi, A. S., Ahmad, G. N., & Mardiyati, U. (2022). Pengaruh profitabilitas, likuiditasdan kebijakan dividen terhadap nilai perusahaan. Jurnal Bisnis, Manajemen, dan Keuangan, 3(1), 257–269.
Pramono, A. B. S., & Bustaman, Y. (2025). Evaluating Firm Value in Indonesian State-Owned Enterprises: The Roles of Efficiency, Profitability, and Board Independence. Jurnal Ilmiah Akuntansi Kesatuan, 13(3), 523-534.
Sari, N. M. W., Sukadana, I. W., & Widnyana, I. W. (2021). Pengaruh corporate governance, ukuran perusahaan dan leverage terhadap nilai perusahaan pada perusahaan manufaktur sektor makanan dan minuman yang terdaftar di Bursa Efek Indonesia. Jurnal Emas, 2(1), 201–217. https://doi.org/10.30388/emas.v6i1
Savira, M., & Ferdian, R. (2024). Pengaruh current ratio, debt to equity ratio dan return on equity terhadap nilai perusahaan. JIBEMA: Jurnal Ilmu Bisnis, Ekonomi, Manajemen, dan Akuntansi, 1(4), 274–285.
Sofian, D. R., & Nurhayati. (2020). Analisis pengaruh debt to equity ratio (DER) terhadap return on asset (ROA) pada PT Semen Indonesia Tbk. Journal of Business and Economics Research (JBE), 1(3), 220–225.
Sugiyono. (2024). Metode penelitian kuantitatif, kualitatif, dan R&D. Alfabeta.
Yosephus, A., Indah Mustikowati, R., & Haryanto, S. (2021). Good Corporate Governance Terhadap Nilai Perusahaan. Jurnal Riset Mahasiswa Manajemen, 8(2), 1-6. https://doi.org/10.21067/jrmm.v6i2.5262
Zurriah, R. (2021). Pengaruh return on asset (ROA) terhadap nilai perusahaan. Jurnal AKMAMI (Akuntansi Manajemen Ekonomi), 2(3), 580–587.
License
Copyright (c) 2026 Marseni Marseni, Fuad Ramdhan Ryanto
This work is licensed under a Creative Commons Attribution-ShareAlike 4.0 International License.
Downloads
How to Cite
