Analisis Kinerja Keuangan dan Tata Kelola Perusahaan Terhadap Nilai Perusahaan pada Emiten UKM yang Terdaftar di BEI

Fitriandani, Salsa (2026) Analisis Kinerja Keuangan dan Tata Kelola Perusahaan Terhadap Nilai Perusahaan pada Emiten UKM yang Terdaftar di BEI. Undergraduate thesis, UPN Veteran Jawa Timur.

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Abstract

This study aims to analyze the influence of financial performance and corporate governance on the value of companies proxied through Tobin's Q on SME issuers listed on the IDX. Financial performance is measured using profitability ratios proxied through ROA and ROE, liquidity ratios through CR, productivity ratios through TATO, and capital structure through DER, Leverage, and Solvency. Corporate governance is measured through a proxied ownership structure with controlling shareholders and the second-largest shareholder, as well as a proxied corporate structure with the size of the board of directors. The quantitative approach is used by utilizing secondary data in the form of annual reports from 39 SME issuers listed on the Indonesia Stock Exchange during the 2022-2024 period. The age of the company and the size of the company were used as control variables to reinforce the research model. The data used was in the form of an unbalanced panel and analyzed using the panel data regression method with the help of TATA's software. The results of the study show that the financial performance variables proxied through ROE, CR, TATO, and DER have a positive and significant effect on the company's value. Meanwhile, ROA, leverage, and solvency were eliminated from the model because they showed a high correlation with other variables. In the aspect of corporate governance, the ownership of controlling shareholders has a positive effect on the company's value, while the ownership of the second largest shareholder and the size of the board of directors have a negative effect on the company's value. These findings confirm that financial performance plays a key factor that has the potential to increase company value, while corporate governance functions as a mechanism that can strengthen the effectiveness of company management in creating value for SME issuers. Keywords: Company Value, Financial Performance, Corporate Governance, SME Issuers

Item Type:

Thesis (Undergraduate)

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