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.