Peran Good Corporate Governance dalam Memoderasi Pengaruh Profitabilitas, Likuiditas, dan Leverage Terhadap Nilai Perusahaan
-
Nur Alfina Damayanti
*
Politeknik Perkapalan Negeri Surabaya, Surabaya,
Indonesia
- R. A. Norromadani Yuniati Politeknik Perkapalan Negeri Surabaya, Surabaya, Indonesia
- Friska Intan Sukarno Politeknik Perkapalan Negeri Surabaya, Surabaya, Indonesia (*) Corresponding Author
Abstract
This study aims to examine the role of Good Corporate Governance in moderating the effects of profitability, liquidity, and leverage on firm value in transportation and logistics companies listed on the Indonesia Stock Exchange during 2015–2024. This study is motivated by changes in firm value across three economic phases: pre-COVID-19, during the pandemic, and post-pandemic recovery. Using a quantitative approach and purposive sampling, 10 companies with 94 observations were selected after a natural logarithm transformation. Data were analyzed using panel data regression and Moderated Regression Analysis with EViews 13. The results show that profitability has a t-statistic of 0,9164 and a probability of 0,3619, indicating that profitability has no significant effect on firm value. Liquidity has a t-statistic of 4,5245 and a probability of 0,0000, indicating a positive and significant effect on firm value, while leverage has a t-statistic of 8,3765 and a probability of 0,0000, indicating a positive and significant effect. Furthermore, the interaction between GCG and profitability yielded a t-statistic of −0,3966 with a probability of 0,6926, indicating that GCG does not moderate the effect of profitability on firm value. Meanwhile, the interaction between GCG and liquidity resulted in a t-statistic of 3,9330 and a probability of 0,0002, while GCG and leverage yielded a t-statistic of 4,0792 and a probability of 0,0001, indicating that GCG moderates the effects of liquidity and leverage on firm value. This study provides empirical evidence that liquidity management and financing structures, combined with good corporate governance, are crucial for enhancing firm value.
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