PENGARUH STRUKTUR MODAL TERHADAP NILAI PERUSAHAAN DENGAN CORPORATE GOVERNANCE SEBAGAI VARIABEL MODERASI
Abstract
Capital structure is one of the factors that can affect value of a firm.
Capital structure policy can’t be separated from corporate governance. This
research aims is to examine the effect of capital structure on firm value using
corporate governance as moderating variable. The proxies of corporate
governance are independent commissioner, managerial ownership, institutional
ownership and quality of audit. This research also uses firm size as control
variable that would be measured using natural logarithm of equity market value.
The samples of this research are banking companies, which are listed on
Indonesia Stock Exchange (IDX) during 2008-2011. The data are processed using
multiple regression analysis and moderated regression analysis.
The result of this research shows that the capital structure has negative
and significant effect on firm value. Independent commissioner and quality of
audit as proxies of corporate governance are moderating variable. In this research,
independent commissioner strengthens the relationship between capital structure
and firm value, whereas quality of audit weakens the relationship between capital
structure and firm value. Besides those two, corporate governance is also
measured by managerial ownership and institutional ownership. The result of this
research proves that both of managerial and institutional ownership can’t be used
as moderating variable between capital structure and firm value.