Koneksi Politik dan Nilai Perusahaan: Apakah Mekanisme Corporate Governance Memiliki Peran?

AFRE Accounting and Financial Review Pub Date : 2022-08-12 DOI:10.26905/afr.v5i2.7762

Y. W. Nugrahanti, Indriyani Nurfitri

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Abstract

This study aims to examine the effect of political relations on firm value with corporate governance mechanisms as a moderating variable. This study uses a sample of manufacturing companies listed on the Indonesia Stock Exchange (IDX). Using the purposive sampling method with a sample of 158 companies during the 2018-2020 period. Data were analyzed by panel data regression for hypothesis testing. The results of this study indicate that political connections have a positive effect on firm value. The corporate governance mechanism in the form of managerial ownership and the size of the board of commissioners is proven to be able to moderate the influence of political connections on firm value, but independent boards of commissioners are proven unable to moderate the influence of political connections on firm value. This implies that companies need to optimize their political connections to increase the value of the company. This study also finds that the corporate governance mechanism in the form of managerial ownership and the size of the board of commissioners weakens the positive influence of political relations on firm value.DOI: https://doi.org/10.26905/afr.v5i2.7762

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政治联系与企业价值:公司治理机制起作用了吗?

本研究以公司治理机制为调节变量，考察政治关系对企业价值的影响。本研究以在印尼证券交易所(IDX)上市的制造业公司为样本。采用目的性抽样方法，以2018-2020年期间158家企业为样本。数据分析采用面板数据回归进行假设检验。本研究结果显示，政治关系对企业价值有正向影响。以管理层持股和董事会规模为形式的公司治理机制能够调节政治关系对公司价值的影响，而独立的董事会不能调节政治关系对公司价值的影响。这意味着公司需要优化他们的政治关系来增加公司的价值。研究还发现，管理层持股形式的公司治理机制和董事会规模削弱了政治关系对公司价值的正向影响。DOI: https://doi.org/10.26905/afr.v5i2.7762

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AFRE Accounting and Financial Review

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24 weeks