PENGARUH GOOD CORPORATE GOVERNANCE, STRUKTUR MODAL DAN TAX AVOIDANCE TERHADAP NILAI PERUSAHAAN PERBANKAN

Abstract

Abstract

Firm value is one of the main objectives of a company, which can be achieved by maximizing stock value. Several factors influence firm value, but this study focuses on only three variables: good corporate governance, capital structure, and tax avoidance. This study aims to examine the effect of good corporate governance (independent commissioners), capital structure (DER), and tax avoidance (ETR) on firm value (PBV), both simultaneously and partially. The research sample consists of banking companies listed on the Indonesia Stock Exchange (IDX) for the period 2021–2024, totaling nine companies, using a purposive sampling method. The analysis methods employed include classical assumption tests, hypothesis testing, and multiple linear regression analysis. The results show that good corporate governance has a significant negative effect on firm value, indicating that an increase in supervision through independent commissioners tends to reduce firm value, possibly because investors perceive strict supervision as limiting managerial flexibility in making strategic decisions. Capital structure has a positive but insignificant effect on firm value. Meanwhile, tax avoidance has a negative but insignificant effect on firm value.

Keyword: Good Corporate Governance; Capital Structure; Tax Avoidance, Firm Value

Abstrak

Nilai perusahaan merupakan salah satu tujuan perusahaan dengan cara memaksimumkan nilai saham. Ada beberapa faktor yang mempengaruhi nilai perusahaan, tapi penulis hanya meneliti tiga variabel, yaitu good corporate governance, struktur modal dan tax avoidance. Penelitian ini bertujuan untuk menguji pengaruh good corporate governance (Komisaris Independen), struktur modal (DER) dan tax avoidance (ETR) terhadap nilai perusahaan (PBV), secara simultan maupun parsial. Sampel penelitian ini adalah perusahaan perbankan yang terdaftar di BEI periode 2021-2024 dengan jumlah 9 perusahaan dengan menggunakan metode purposive sampling. Metode analisis yang digunakan adalah uji asumsi klasik dan uji hipotesis serta analisis linear berganda. Hasil penelitian menunjukkan bahwa good corporate governance berpengaruh negatif signifikan terhadap nilai perusahaan, yang berarti peningkatan pengawasan melalui komisaris independen cenderung menurunkan nilai perusahaan, kemungkinan karena investor menilai pengawasan ketat mengurangi fleksibilitas manajemen dalam pengambilan keputusan strategis. Struktur modal berpengaruh positif namun tidak signifikan terhadap nilai perusahaan. Sementara itu tax avoidance berpengaruh negatif tidak signifikan terhadap nilai perusahaan.

Kata kunci: Good Corporate Governance; Struktur Modal; Tax Avoidance, Nilai Perusahaan