PENGARUH STRUKTUR MODAL DAN PROPORSI DEWAN KOMISARIS TERHADAP NILAI PERUSAHAAN DENGAN KINERJA KEUANGAN SEBAGAI VARIABEL INTERVENING (STUDI EMPIRIS PADA PERUSAHAAN MANUFAKTUR YANG TERDAFTAR DI BEI TAHUN 2016-2018)

Abstract

This study aims to find empirical evidence about the effect of capital structure on financial performance, the board of commissioners on financial performance, capital structure on company value, board of commissioners on company value, financial performance on firm value. The population used in this study are all companies listed on the Indonesia Stock Exchange (IDX) in 2016-2018. The sample used in this study is the financial statements and annual reports of manufacturing companies listed on the Indonesia Stock Exchange (BEI) 2016-2018, while the sampling method in this study uses a purposive sampling method which is then obtained 54 samples of manufacturing companies. This study uses multiple linear regression analysis techniques with SPSS version 26.0.

The results of this study indicate that the capital structure has a negative and significant effect on financial performance and firm value. In addition, the board of  commissioners has a significant positive effect on financial performance, the board of commissioners has a significant negative effect on company value and financial performance has a significant positive effect on firm value. The results of mediation in this study indicate that capital structure has a significant negative effect on firm value through financial performance and the board of commissioners has a positive and significant effect on firm value through financial performance.

Keywords: Capital Structure, Board of Commissioners, Financial Performance, The value of the company