¹Tri Ratnawati, ²Adelia Putri Rachmadani, ³Arti Mirza Aulia

^1,2,3Economic and Business Faculty, 17 Agustus 1945 Surabaya University

DOI : https://doi.org/10.58806/ijsshmr.2025.v4i7n06

Google Scholar Download Pdf
ABSTRACT

This study aims to analyze the influence of Good Corporate Governance and funding decisions on firm value, with investment decisions as a mediating variable, in manufacturing sub-sector companies listed on the Indonesia Stock Exchange (IDX). The approach used is a quantitative approach with the Structural Equation Modeling method based on Partial Least Squares (SEM-PLS). The data used are secondary data obtained from the companies' annual reports and financial statements. The results show that Good Corporate Governance has an effect on firm value, while funding decisions affect investment decisions. Investment decisions are also proven to influence firm value and serve as a partial mediator in the relationship between funding decisions and firm value. However, the influence of Good Corporate Governance on investment decisions, both directly and indirectly, is not statistically significant. These findings emphasize the importance of corporate governance and the integration of financial policies in enhancing firm value, particularly through effective investment allocation.

KEYWORDS:

Good Corporate Governance, Funding Decisions, Investment Decisions, Firm Value, Manufacturing Sector, Indonesia Stock Exchange

REFERENCES

1) Accounting Insights. (2024). Tobin’s Q: Market Valuation, Investment Decisions, and Strategic Implications. https://accountinginsights.org/tobins-q-market-valuation-investment-decisions-and-analysis

2) Ana, R. (2021). Analisis Rasio Tobin’s Q terhadap Nilai Pasar Perusahaan. Jurnal Keuangan dan Ekonomi Digital, 4(2), 77–84.

3) Aulia, A. F., & Sari, E. R. (2022). Pengaruh Good Corporate Governance terhadap Nilai Perusahaan. Jurnal Ekonomi dan Bisnis, 15(1), 45–57.

4) Bareksa. (2021). OJK: Transparansi dan Akuntabilitas Emiten Masih Rendah. https://www.bareksa.com

5) BEI. (2021). Laporan Kinerja Perusahaan Terbuka. Bursa Efek Indonesia. https://www.idx.co.id

6) Brusov, P., Filatova, T., & Orekhova, N. (2024). The Impact of Tax Payments and Bankruptcy Costs on Company Value. In Modern Corporate Finance, Investments and Taxation (pp. 37–52). Springer.

7) Brusov, P., Filatova, T., & Orekhova, N. (2025). Frequency of Tax Payments and the Company Value: Updated View on M&M Theory. In Modern Corporate Finance (pp. 91–106). Springer.

8) GoodStats. (2024). Sektor Industri Pengolahan Berkontribusi Terbesar terhadap PDB 2024. https://goodstats.id

9) Handayani, R. (2017). Analisis Pengaruh ROE dan DER terhadap Nilai Perusahaan. Jurnal Riset Ekonomi dan Manajemen, 12(2), 112–123.

10) Handayani, R. (2022). Pengaruh Good Corporate Governance terhadap Nilai Perusahaan dengan Kinerja Keuangan sebagai Variabel Intervening. Jurnal Akuntansi dan Manajemen, 19(2), 115–126.

11) Hidayah, N. (2023). Good Corporate Governance dan Konflik Keagenan: Perspektif Teori dan Praktik. Jurnal Akuntansi dan Governance, 9(1), 19–30.

12) Investopedia. (2023). Tobin’s Q Ratio. https://www.investopedia.com/terms/q/qratio.asp

13) Jensen, M. C., & Meckling, W. H. (1976). Theory of the Firm: Managerial Behavior, Agency Costs and Ownership Structure. Journal of Financial Economics, 3(4), 305–360.

14) Kusumawati, A., & Murwaningsari, E. (2021). Kepemilikan Manajerial dan Nilai Perusahaan: Pendekatan Teori Keagenan Positif. Proceedings of ACEBISS 2020. Atlantis Press.

15) Lestari, Y., & Sari, D. P. (2023). Governance dan Nilai Perusahaan: Studi Literatur Teori Agensi. Jurnal Ekonomi dan Bisnis, 12(1), 77–89.

16) Lianita, C. (2024). Pengaruh ROE terhadap Keputusan Investasi pada Perusahaan Otomotif. Jurnal Ekonomi Modernisasi, 20(1), 63–72.

17) Lutfi, A. A., & Panuntun, B. (2024). Analisis Pengaruh Rasio Profitabilitas ROA, ROE, dan NPM terhadap Nilai Perusahaan yang Tercatat dalam IDX-MES BUMN. Selekta Manajemen: Jurnal Mahasiswa Bisnis & Manajemen, 3(1), 81–91.

18) Mahayati, F., Fatonah, N., & Meilisa, R. (2021). Pengaruh ROE dan DER terhadap Nilai Perusahaan. Jurnal Ilmiah Akuntansi dan Keuangan, 10(2), 88–95.

19) Marcelina, Y., Ahmad, B., & Ramdhani, A. (2019). Fluktuasi DER dan Nilai Perusahaan Manufaktur. Jurnal Akuntansi Multiparadigma, 10(1), 23–35.

20) Modigliani, F., & Miller, M. H. (1958). The Cost of Capital, Corporation Finance and the Theory of Investment. American Economic Review, 48(3), 261–297.

21) Modigliani, F., & Miller, M. H. (1963). Corporate Income Taxes and the Cost of Capital: A Correction. American Economic Review, 53(3), 433–443.

22) Mugayatshah, H. (2018). Lemahnya Pengawasan Dewan Komisaris dan Dampaknya terhadap Nilai Perusahaan. Jurnal Ekonomi dan Manajemen Strategik, 7(2), 53–60.

23) OJK. (2015). Roadmap Tata Kelola Perusahaan Indonesia 2015–2019. Otoritas Jasa Keuangan.

24) OJK Institute. (2023). Laporan Stabilitas Sektor Jasa Keuangan Indonesia. Otoritas Jasa Keuangan.

25) Sari, N. I., & Ramadani, A. (2023). Rasio Keuangan dan Keputusan Investasi pada Perusahaan Manufaktur. Ekonomika: Jurnal Ilmu Ekonomi dan Keuangan Islam, 11(2), 156–168.

26) Tobin, J. (1969). A General Equilibrium Approach to Monetary Theory. Journal of Money, Credit and Banking, 1(1), 15–29.

27) Wibowo, E. S., & Suryono, B. (2023). Good Corporate Governance dan Biaya Agensi dalam Perspektif Teori Keagenan Positif: Studi Empiris pada Perusahaan Publik di Indonesia. Majalah Ilmiah Akuntansi dan Keuangan, 12(1), 14–26.

VOlUME 04 ISSUE 07 JULY 2025