DETERMINATION OF FIRM VALUE THROUGH GOOD CORPORATE GOVERNANCE, CAPITAL STRUCTURE, AND FIRM SIZE: A STUDY OF IICD AWARDEES 2021–2024
DOI:
https://doi.org/10.31959/jm.v15i2.3863Abstract
Introduction: This study examines the effect of Good Corporate Governance, capital structure, and firm size on firm value in companies receiving the Indonesia Institute for Corporate Directorship Corporate Governance Award during 2021–2024.
Methods: This research uses a quantitative approach with secondary data from annual reports and financial statements of 17 awardee companies selected through purposive sampling. Data are analyzed using multiple linear regression. Firm value is measured by Tobin’s Q, Good Corporate Governance by the board of directors, independent commissioners, audit committee, and board meeting frequency, capital structure by the debt to equity ratio, and firm size by the natural logarithm of total assets.
Results: The results show that the board of directors and capital structure have a positive and significant effect on firm value, while independent commissioners, audit committee, and board meeting frequency are not significant. Firm size has a significant negative effect on firm value. All variables jointly affect firm value.
Conclusion and suggestion: The findings indicate that effective governance mechanisms and optimal capital structure are essential for enhancing firm value.
Keywords: Capital Structure, Company Size, Company Value, Good Corporate Governance, Tobin’s Q
References
Adiputra, I. M. S., Trisnadewi, N. W., Oktaviani, N. P. W., Munthe, S. A., Hulu, V. T., Budiastutik, I., Faridi, A., Ramdany, R., Fitriani, R. J., Tania, P. O. A., Rahmiati, B. F., Lusiana, S. A., Susilawaty, A., Sianturi, E., & Suryana. (2021). Metodologi Penelitian Kesehatan (R. Watrianthos & J. Simarmata, Eds.). Yayasan Kita Menulis.
Agalliao, L., Wahyu Hidayat, W., Nurbaiti, B., & Bhayangkara Jakarta Raya, U. (2024). PENGARUH GOOD CORPORATE GOVERNANCE, PROFITABILITAS DAN LIABILITAS TERHADAP NILAI PERUSAHAAN (EMITEN MANUFAKTUR SEKTOR BARANG KONSUMSI BEI PERIODE 2020-2023). Jurnal Akuntansi, Keuangan, Perpajakan Dan Tata Kelola Perusahaan (JAKPT), 2(1), 76–77.
Agustia, D., Sawarjuwono, T., & Dianawati, W. (2019). The mediating effect of environmental management accounting on green innovation - Firm value relationship. International Journal of Energy Economics and Policy, 9(2), 299–306. https://doi.org/10.32479/ijeep.7438
Amaliyah, F., & Herwiyanti, E. (2019). The Influence of Institutional Ownership, Independent Board of Commissioners, and Audit Committe on The Value of Mining Sector Companies. Jurnal Akuntansi, 9(3), 187–200.
Andersén, J. (2021). A relational natural-resource-based view on product innovation: The influence of green product innovation and green suppliers on differentiation advantage in small manufacturing firms. Technovation, 104. https://doi.org/10.1016/j.technovation.2021.102254
Anggraeni, F., Pebrianti, F., & Nuralfaiza, Y. (2024a). LITERATURE RIVIEW: PENGARUH PENGUNGKAPAN CORPORATE SOCIAL RESPONSIBILITY TERHADAP NILAI PERUSAHAAN (STUDI PERUSAHAAN MANUFAKTUR). Journal of Management and Innovation Entrepreunership (JMIE), 1(3), 684–689.
Bafera, J., & Kleinert, S. (2023). Signaling Theory in Entrepreneurship Research: A Systematic Review and Research Agenda. Entrepreneurship: Theory and Practice, 47(6), 2419–2464. https://doi.org/10.1177/10422587221138489
Barokah, S., & Ariyani, D. (2024). Pengaruh Likuiditas, Leverage, dan Ukuran Perusahaan Terhadap Kebijakan Dividen dengan Profitabilitas Sebagai Variabel Intervening. Journal of Sharia Economics and Finance, 2(1), 12–24. https://doi.org/10.34001/jsef.v2i1.820
Budiharjo, R. (2021). The Effect Of Good Corporate Governance And Leverage Toward Company Value With Profitability As A Moderating Variable. International Journal of Management Studies and Social Science Research, 3(3), 231–232. www.ijmsssr.org
Budiman, N. A., & Delima, Z. M. (2017). PENGARUH INTELLECTUAL CAPITAL TERHADAP KINERJA UMKM (Studi Kasus pada UMKM di Kabupaten Kudus) Zuliyati 1. Universitas Budi Luhur, 6(2).
De Lavanda, S. A., & Meiden, C. (2022). Pengaruh Pengungkapan Tanggung Jawab Sosial dan Tata Kelola Perusahaan Terhadap Kinerja Keuangan. Jurnal Akuntansi Dan Governance, 2(2), 94. https://doi.org/10.24853/jago.2.2.94-109
Desi, A. V., Clyde, V., Bagaskara, K., & Fazri, E. (2025). Pengaruh Leverage, Ukuran Perusahaan dan Profitabilitas terhadapHarga Saham Perusahaan Infrastruktur Sektor Telekomunikasi yangTerdaftar di Bursa Efek Indonesia. Balance: Jurnal Akuntansi Dan Manajemen, 4(2), 900–913.
Erianto, & Pratiwi, A. (2025a). PROFITABILITAS BERPERAN SEBAGAI MODERATING VARIABEL :PENGARUH STRUKTUR MODAL DAN HARGA SAHAM TERHADAP FIRM VALUE (STUDI EMPIRIS PADA PERUSAHAAN SUB SEKTOR PERBANKAN DI BURSA EFEK INDONESIA TAHUN 2018-2022). Jurnal Nusa Akuntansi, 2(1), 74–98.
Ferriswara, D., Sayidah, N., & Agus Buniarto, E. (2022). Do corporate governance, capital structure predict financial performance and firm value?(empirical study of Jakarta Islamic index). Cogent Business and Management, 9(1). https://doi.org/10.1080/23311975.2022.2147123
Firdaus, K., Widiasmara, A., & Novitasari, M. (2022). PENGARUH PENERAPAN GOOD CORPORATE GOVERNANCE TERHADAP NILAI PERUSAHAAN DENGAN PROFITABILITAS SEBAGAI VARIABEL MODERASI (Studi Empiris Pada Perusahaan Sub Sektor Property dan Real Estate yang Terdaftar di BEI 2016-2020). Seminar Inovasi Manajemen Bisnis Dan Akuntansi (SIMBA) 4, 4. www.kompas.com
Fouad, D., Zineb, D., & Larbi, T. (2022). Modelling an Information System for Good Corporate Governance and its Impact on the Capital Structure. Journal of System and Management Sciences, 12(6), 192–203. https://doi.org/10.33168/JSMS.2022.0612
Ghazwah Adammakna, S. (2025). PENGARUH STRUKTUR MODAL, UKURAN PERUSAHAAN DAN GOOD CORPORATE GOVERNANCE TERHADAP NILAI PERUSAHAAN DENGAN RASIO PROFITABILITAS SEBAGAI PEMODERASI PADA BANK SYARIAH DI INDONESIA DAN MALAYSIA. INSTITUT AGAMA ISLAM NEGERI SALATIGA.
Gibson, C. B., Gibson, S. C., & Webster, Q. (2021). Expanding Our Resources: Including Community in the Resource-Based View of the Firm. Journal of Management, 47(7), 1878–1898. https://doi.org/10.1177/0149206320987289
Gita KW, I. G. A. (2019). Peran Kinerja Keuangan dalam Memoderasi Good Corporate Governance Terhadap Nilai Perusahaan Pada Sektor Perbankan Yang Terdaftar di Bursa Efek Indonesia. Akurasi : Jurnal Studi Akuntansi Dan Keuangan, 2(2), 91–108. https://doi.org/10.29303/akurasi.v2i2.17
Giustiziero, G., Kretschmer, T., Somaya, D., & Wu, B. (2023). Hyperspecialization and hyperscaling: A resource-based theory of the digital firm. Strategic Management Journal, 44(6), 1391–1424. https://doi.org/10.1002/smj.3365
Han, H., Shiwakoti, R. K., Jarvis, R., Mordi, C., & Botchie, D. (2023). Accounting and auditing with blockchain technology and artificial Intelligence: A literature review. International Journal of Accounting Information Systems, 48. https://doi.org/10.1016/j.accinf.2022.100598
Hasan, S. A. K., & Mildawati, T. (2020). PENGARUH GOOD CORPORATE GOVERNANCE TERHADAP NILAI PERUSAHAAN DENGAN KINERJA KEUANGAN SEBAGAI VARIABEL. Jurnal Ilmu Dan Riset Akuntansi, 9(8), 18–19.
Hidayat, I., & Khotimah, K. (2022). Pengaruh Profitabilitas dan Ukuran Perusahaan Terhadap Nilai Perusahaan Sub Sektor Kimia Yang Terdaftar Di Bursa Efek Periode 2018-2020. Jurnal Ilmiah Akuntansi Kesatuan, 10(1), 1–8. https://doi.org/10.37641/jiakes.v10i1.1175
Hidayyah, Z. F. N., & Hirdinis, M. (2022). PENGARUH STRUKTUR MODAL DAN LIKUIDITAS TERHADAP NILAI PERUSAHAAN DENGAN PROFITABILITAS SEBAGAI VARIABEL INTERVENING. SWOT : Jurnal Ilmiah Ilmu Manajemen, 12(3), 377–380.
Huang, C. F., & Hsueh, S. L. (2007). A study on the relationship between intellectual capital and business performance in the engineering consulting industry: A path analysis. Journal of Civil Engineering and Management, 13(4). https://doi.org/10.1080/13923730.2007.9636446
Indriaty, L., Reiman, P., & Thomas, G. N. (2024). Analisis Terhadap Pengaruh Profitabilitas, Leverage, dan Ukuran Perusahaan Terhadap Nilai Perusahaan Publik Sub Sektor Makanan dan Minuman. Jurnal IKRAITH-EKONOMIKA, 7(1), 229–230. https://doi.org/10.37817/ikraith-ekonomika.v7i1
Jizi, M., Salama, A., Dixon, R., & Stratling, R. (2014). Corporate Governance and Corporate Social Responsibility Disclosure: Evidence from the US Banking Sector. Journal of Business Ethics, 125(4), 601615.
Khanra, S., Kaur, P., Joseph, R. P., Malik, A., & Dhir, A. (2022). A resource-based view of green innovation as a strategic firm resource: Present status and future directions. Business Strategy and the Environment, 31(4), 1395–1413. https://doi.org/10.1002/bse.2961
Kiharo, M. N., & Kariuki, P. W. (2018). Corporate Governance Practices and Firm Value of Listed Commercial Banks in Kenya. The International Journal Of Business & Management, 6(3), 184–192.
Kurnia Indrastuti, D. (2021). Faktor-Faktor Yang Memengaruhi Nilai Perusahaan Sektor Manufaktur. E-Jurnal Akuntansi Tsm, 1(1), 117–126. http://jurnaltsm.id/index.php/ejatsm
Kyere, M., & Ausloos, M. (2021). Corporate governance and firms financial performance in the United Kingdom. International Journal of Finance and Economics, 26(2), 1871–1885. https://doi.org/10.1002/ijfe.1883
Laiya, S. R., Monoarfa, M. A. S., & Dungga, M. F. (2023). Pengaruh Good Corporate Governance Terhadap Nilai Perusahaan (Studi Pada Perusahaan Manufaktur Sektor Aneka Industri Yang Terdaftar Di Bursa Efek Indonesia Periode 2017- 2019). JURNAL ILMIAH MANAJEMEN DAN BISNIS, 5(3), 109–119.
Liu, Z., O’Reilly, S., & Hanly, J. (2025). The role of accelerators in the success of cleantech firms. Technovation, 148. https://doi.org/10.1016/j.technovation.2025.103331
Meilinda, P., & Widodo, R. (2016). PENGARUH KEPUTUSAN INVESTASI, PENDANAAN, DAN KEBIJAKAN DIVIDEN TERHADAP NILAI PERUSAHAAN. Jurnal Ilmu dan Riset Akuntansi, 5(1), 2.
Meiryani, Fahlevi, M., Rivalldo, K., Ariefianto, M. D., Winoto, A., Wahyuningtias, D., & Syamil, A. (2023). CORPORATE GOVERNANCE AND RETURN ON ASSETS IN MINING INDUSTRY COMPANIES: THE DEVELOPING MARKET STUDY. Corporate Governance and Organizational Behavior Review, 7(4), 94–103. https://doi.org/10.22495/cgobrv7i4p8
Mirdad, K., Dina, A. R., & Haris, R. (2024). Analisis Tren Pasar dan Pengambilan Keputusan Berbasis Data dalam Meningkatkan Daya Saing Bisnis. ADI Bisnis Digital Interdisiplin Jurnal, 5(2), 72–80. https://doi.org/10.34306/abdi.v5i2.1178
Mirnasari, T., Mitrawan, A., Septarina, L., Bumi, U. S., & Jurai, R. (2024). “Pengaruh Kinerja Keuangan terhadap Nilai Perusahaan pada Sektor Perbankan di Bursa Efek Indonesia: Studi pada ROA, ROE, dan NPL sebagai Penentu Tobin’s Q.” 4(1), 1–11. www.idx.co.id
Ozdemir, S., Carlos Fernandez de Arroyabe, J., Sena, V., & Gupta, S. (2023). Stakeholder diversity and collaborative innovation: Integrating the resource-based view with stakeholder theory. Journal of Business Research, 164. https://doi.org/10.1016/j.jbusres.2023.113955
Peters, R. H., & Taylor, L. A. (2017). Intangible capital and the investment-q relation. Journal of Financial Economics, 123(2), 251–272. https://doi.org/10.1016/j.jfineco.2016.03.011
Prasetyaningsih, C., & Purwaningsih, E. (2023). Pengaruh Dewan Direksi, Dewan Komisaris Dan Komite Audit Terhadap Nilai Perusahaan. Journal of Advances in Digital Business and Entrepreneurship, 02(01), 10–22.
Pulino, S. C., Ciaburri, M., Magnanelli, B. S., & Nasta, L. (2022). Does ESG Disclosure Influence Firm Performance? Sustainability (Switzerland), 14(13). https://doi.org/10.3390/su14137595
Putra, F. (2024). Good corporate governance, firm performance and COVID-19. Asian Journal of Accounting Research, 9(4), 399–421. https://doi.org/10.1108/AJAR-07-2023-0227
Putri, M., & Rajagukguk, P. (2025). PT. Media Akademik Publisher LEVERAGE TERHADAP KINERJA KEUANGAN EMITEN TRANSPORTASI BEI. JURNAL MEDIA AKADEMIK (JMA), 3(10), 2–19. https://doi.org/10.62281
Putri, V., & Mutumanikam, P. (2022). PENGARUH SUSTAINABILITY REPORT DAN UKURAN PERUSAHAAN TERHADAP NILAI PERUSAHAAN DENGAN PROFITABILITAS SEBAGAI VARIABEL MODERASI. JEMASI: Jurnal Ekonomi Manajemen Dan Akuntansi, 18(1), 31–38.
Rahmawati, T., & Wati, S. (2025). Menilai Pengelolaan Risiko Korporasi: Peran Kepemilikan Institusional, Leverage, dan Nilai Perusahaan dalam Aktivitas Lindung Nilai. Jurnal Akuntansi Dan Keuangan, 13(1), 67–79. https://doi.org/10.29103/jak.v13i1.18902
Rodríguez Valencia, L. (2025). Financial Performance and Corporate Governance on Firm Value: Evidence from Spain. International Journal of Financial Studies, 13(3). https://doi.org/10.3390/ijfs13030123
Safitri, N., & Wahyuati, A. (2015). PENGARUH STRUKTUR MODAL DAN KEPUTUSAN INVESTASI TERHADAP PROFITABILITAS DAN NILAI PERUSAHAAN. Jurnal Ilmu Dan Riset Manajemen, 4(2), 1–17.
Safitri, T. N., Athaya, N. S., Miranda, A., & Maisyarah, R. (2025). Analysis of Good Corporate Governance in Increasing Investor Trust. Jurnal Akuntansi, Manajemen, Dan Perencanaan Kebijakan, 2(4), 1–10. https://doi.org/10.47134/jampk.v2i4.669
Sandy, F. N., Mawardi, W., & Mas’ud, F. (2020). Analisis Pengaruh Tingkat Kehadiran Rapat , Kepemilikan Dan Kepemilikan Manajerial Perusahaan Dan Leverage Sebagai Variabel Kontrol ( Studi Empiris Pada Perusahaan Yang Terdaftar. JUrnal Of Economic, 9, 105–122.
Sari, E. W., & Siswanto, E. (2022). THE EFFECT OF ASSETS STRUCTURE AND FIRM SIZE ON FIRM VALUE MEDIATED BY CAPITAL STRUCTURE. 1(3), 3–9.
Sari, P. A. (2023). NILAI PERUSAHAAN BESERTA FAKTOR YANG MEMPENGARUHINYA PADA PERUSAHAAN INDUSTRI DASAR DAN KIMIA. KRISNA: Kumpulan Riset Akuntansi, 15(1), 51–58. https://doi.org/10.22225/kr.15.1.2023.51-58
Setiawati, P. N., & Langgeng Wijaya, A. (2022). Pengaruh Kinerja Keuangan dan Komite Audit terhadap Nilai Perusahaan (Studi Pada BUMN Di Bursa Efek Indonesia). Jurnal Ilmiah Akuntansi, 20(2), 203–214. http://jurnalnasional.ump.ac.id/index.php/kompartemen/
Sidiki, J. I. P., & D P Aritonang, R. (2025). Pengaruh Kebijakan Dividen, Struktur Modal, Ukuran Perusahaan dan Profitabilitas Terhadap Nilai Perusahaan. Jurnal Akuntansi Dan Governance, 6(1), 1–22. https://doi.org/10.24853/jago.6.1.1-22
Siska Yuli Anita, Rahmat Prayoga, Mochamad Arif Hernawan, Eko Mayndarto, & Christophorus Indra Wahyu Putra. (2025). Firm Value and Financial Performance : Systematic Literature Review. Jurnal Ekonomi Bisnis Dan Akuntansi, 5(1), 28–42. https://doi.org/10.55606/jebaku.v5i1.5013
Solikhah, B., Wahyudin, A., Al-Faryan, M. A. S., Iranda, N. N., Hajawiyah, A., & Sun, C. M. (2022). CORPORATE GOVERNANCE MECHANISMS AND EARNINGS QUALITY: IS FIRM SIZE A MODERATION VARIABLE? Journal of Governance and Regulation, 11(1 special issue), 200–210. https://doi.org/10.22495/jgrv11i1siart1
Sujoko, & Soenbiantoro, U. (2007). Pengaruh Struktur Kepemilikan Saham, Leverage, Faktor Intern Dan Faktor Ekstern Terhadap Nilai Perusahaan. JURNAL MANAJEMEN DAN KEWIRAUSAHAAN, 9(1), 41–48.
Sumani, S., & Suryaningsih, I. B. (2022). The Moderating Role of Good Corporate Governance: The Influence of Capital Structure, Profitability, Dividend Payment and Inflation on The Value of Mining Companies in Indonesia. Quality - Access to Success, 23(188), 189–197. https://doi.org/10.47750/QAS/23.188.25
Vafeas, N. (1999). Board meeting frequency and firm performance. Journal of Financial Economics, 53(1), 113–142. https://doi.org/10.1016/S0304-405X(99)00018-5
Vrontis, D., Chaudhuri, R., & Chatterjee, S. (2022). Adoption of Digital Technologies by SMEs for Sustainability and Value Creation: Moderating Role of Entrepreneurial Orientation. Sustainability (Switzerland), 14(13). https://doi.org/10.3390/su14137949
Wardhani, W. K., Titisari, K. H., & Suhendro. (2021a). Pengaruh Profitabilitas, Struktur Modal, Ukuran Perusahaan, Dan Good Corporate Governance terhadap Nilai Perusahaan. Ekonomis: Journal of Economics and Business, 5(1), 37–45. https://doi.org/10.33087/ekonomis.v5i1.264
Wu, S., & Li, Y. (2023). A Study on the Impact of Digital Transformation on Corporate ESG Performance: The Mediating Role of Green Innovation. Sustainability (Switzerland), 15(8). https://doi.org/10.3390/su15086568
Xie, B., Davidson Iii, W. N., & Dadalt, P. J. (2003). Earnings management and corporate governance: the role of the board and the audit committee. Journal of Corporate Finance, 9, 295–316. www.elsevier.com/locate/econbase
Yazid, H., Ismail, T., Uzliawati, L., Taqi, M., Muchlish, M., & Kalbuana, N. (2024). THE EFFECT OF PROFITABILITY, CORPORATE SOCIAL RESPONSIBILITY, CORPORATE GOVERNANCE MECHANISMS, AND FIRM SIZE ON DEBT POLICY. Financial and Credit Activity: Problems of Theory and Practice, 6(59), 446–459. https://doi.org/10.55643/fcaptp.6.59.2024.4536
Downloads
Published
Issue
Section
License
Copyright (c) 2026 Rara Wiritanaya, Rohmawati Kusumaningtias, Suhaily Hasnan
This work is licensed under a Creative Commons Attribution 4.0 International License.
Access and Licensing
All articles published in Jurnal Maneksi (Management Ekonomi Dan Akuntansi) are available immediately upon publication without any embargo period. No registration or subscription fees are required to access our content.
To facilitate clarity and ease of reuse, Jurnal Maneksi (Management Ekonomi Dan Akuntansi) adopts Creative Commons licenses. By default, all articles are published under the Creative Commons Attribution License (CC BY 4.0). This license permits unrestricted use, distribution, and reproduction in any medium, provided that proper attribution is given to the original author(s) and source.
Copyright Policy
Authors publishing in Jurnal Maneksi (Management Ekonomi Dan Akuntansi) retain copyright over their work. By submitting and publishing with Jurnal Maneksi (Management Ekonomi Dan Akuntansi), authors grant the journal the right of first publication under their chosen open-access license. This ensures that authors maintain full control over their intellectual property while enabling broad dissemination and reuse of their work.
Authors are also encouraged to:
- Share their published articles in institutional repositories or personal websites, ensuring proper acknowledgment of initial publication in Jurnal Maneksi (Management Ekonomi Dan Akuntansi).
- Enter into non-exclusive agreements for further distribution, such as including their articles in books or other publications.
