Pengaruh Determinan Kinerja Keuangan Terhadap Nilai Perusahaan Dengan Corporate Governance Sebagai Variabel Moderasi pada Perusahaan Chemical yang Terdaftar di BEI Periode 2022-2024

Nurul Azizah Hasibuan; Ayu Dwi Lestari; Saijuwita Sari; Siti Nurul Hasanah; Putri Yulia Ningsih; Novia Farsya Rahmadani; Shita Tiara

doi:10.55606/optimal.v6i1.9331

Authors

Nurul Azizah Hasibuan Universitas Muslim Nusantara Al-Washliyah
Ayu Dwi Lestari Universitas Muslim Nusantara Al-Washliyah
Saijuwita Sari Universitas Muslim Nusantara Al-Washliyah
Siti Nurul Hasanah Universitas Muslim Nusantara Al-Washliyah
Putri Yulia Ningsih Universitas Muslim Nusantara Al-Washliyah
Novia Farsya Rahmadani Universitas Muslim Nusantara Al-Washliyah
Shita Tiara Universitas Muslim Nusantara Al-Washliyah

DOI:

https://doi.org/10.55606/optimal.v6i1.9331

Keywords:

Corporate governance, Firm Value, Firrm Size, Leverage, Profitability

Abstract

This study aims to examine the influence of leverage, firm size, and profitability on firm value, as well as evaluate the moderating role of corporate governance in chemical sub-sector companies listed on the Indonesia Stock Exchange (IDX) during 2022–2024. The research applies a quantitative approach using secondary data obtained from annual reports. The sample was selected through purposive sampling and consists of 33 observations from 11 companies over a three-year period. Panel data regression with a moderating variable model was used for hypothesis testing. The empirical results indicate that profitability has a positive and significant effect on firm value, making it the most dominant determinant in shaping market perceptions. Firm size also positively affects firm value, particularly when supported by strong governance practices. Meanwhile, leverage does not show a significant direct effect, but contributes positively when moderated by corporate governance. Furthermore, corporate governance is proven to directly influence firm value and strengthen the effects of leverage and firm size, although it does not moderate the relationship between profitability and firm value. Overall, the findings emphasize that firm value enhancement is not solely determined by financial performance, but also depends on the quality of corporate governance in ensuring transparency, accountability, and investor confidence.

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