Article Sidebar

Submitted
July 6, 2025
Accepted
February 28, 2026
Published
March 1, 2026
Download
PDF
Statistic
Read Counter : 24 Download : 5

Downloads

Download data is not yet available.

Main Article Content

Abstract

This study aims to examine the dynamics of firm value creation by integrating Agency Theory, Signalling Theory, and Trade-off Theory. Despite the extensive literature on corporate governance and financial policy, inconsistent empirical findings in emerging markets post-pandemic have created a research gap that warrants further exploration. Using a purposive sampling method, this study analyzes 76 manufacturing companies listed on the Indonesia Stock Exchange for the period 2021–2023, resulting in 228 panel data observations processed using STATA 17. The analysis reveals that governance structures (Board of Directors and Commissioners) and capital structure play a crucial role in reducing agency costs and providing positive signals that enhance firm value. Conversely, the Audit Committee is found to have a negative influence, suggesting oversight redundancy or symbolic compliance. Anomalies are observed in dividend policy and audit quality, which are insignificant, indicating a shift in investor preferences in volatile markets. This research contributes internationally by providing empirical evidence on how internal control mechanisms and financial decisions interact to restore market confidence in emerging markets.

Keywords

Company Value Good Corporate Governance Dividend Policy Capital Structure Audit Quality

Article Details

License

Copyright (c) 2026 Helis Safitri Purwanti Ningsih, Enni Savitri, Meilda Wiguna

Creative Commons License

This work is licensed under a Creative Commons Attribution 4.0 International License.

Creative Commons License
This work is licensed under a Creative Commons Attribution 4.0 International License.

Hak Cipta (Copyright)

Penulis yang mempublikasikan naskahnya pada Jurnal ini menyetujui ketentuan berikut:

Hak cipta pada setiap artikel adalah milik penulis.

  1. Penulis mengakui bahwa Jurnal  Current : Jurnal Kajian Akuntansi dan Bisnis Terkini berhak sebagai yang mempublikasikan pertama kali dengan lisensi Creative Commons Attribution 4.0 International License.
  2. Penulis dapat memasukan tulisan secara terpisah, mengatur distribusi non-ekskulif  dari naskah yang telah terbit di jurnal ini kedalam versi yang lain (misal: dikirim ke respository institusi penulis, publikasi kedalam buku, dll), dengan mengakui bahwa naskah telah terbit pertama kali pada Jurnal  Current :Jurnal Kajian Akuntansi dan Bisnis Terkini.
How to Cite
Safitri Purwanti Ningsih, H., Savitri, E., & Wiguna, M. (2026). HOW CORPORATE GOVERNANCE AND FINANCIAL POLICY SHAPE FIRM VALUE. CURRENT: Jurnal Kajian Akuntansi Dan Bisnis Terkini, 7(1), 171–182. https://doi.org/10.31258/current.7.1.171-182
Download Citation
Endnote/Zotero/Mendeley (RIS)
BibTeX

References

  1. Ayu,A. N, Dirvi ,Surya. A., & Hesty, E. Z. (2022). Pengaruh Struktur Modal, Kualitas Audit , Ukuran Perusahaan Dan Kinerja Keuangan Terhadap Nilai Perusahaan. Digital Bisnis: Jurnal Publikasi Ilmu Manajemen Dan E-Commerce, 1(3), 16–30. https://doi.org/10.30640/digital.v1i3.374
  2. Ayu, P. C., & Sumadi, N. K. (2019). 249-Article Text-372-1-10-20190122. 87–104.
  3. BPS. (2024). Laju Pertumbuhan PDB Industri Manufaktur, 2020-2022. In Badan Pusat Statistik. https://www.bps.go.id/id/statistics-table/2/MTIxNiMy/laju-pertumbuhan-pdb-industri-manufaktur.html
  4. Cahya Firdarini, K., & Widya Wiwaha, S. (2023). Khoirunnisa Cahya Firdarini Khoirunnisa Cahya Firdarini Pengaruh Komite Audit Dan Kualitas Audit Terhadap Nilai Perusahaan (Studi Kasus Pada Perusahaan Food And Beverage Di BEI Periode 2018-2022). Jurnal Riset Akuntansi Dan Bisnis Indonesia STIE Widya Wiwaha, 3(3), 879–897.
  5. Faradila, S., & Effendi, K. A. (2023). Analysis Of Financial Performance And Macroeconomic On Firm Value. Jurnal Manajemen, 27(2), 276–296. https://doi.org/10.24912/jm.v27i2.1255
  6. Jannah, S. M., & Sartika, F. (2022). The Effect Of Good Corporate Governance (Gcg) And Company Size On Firm Value: Financial Performance As An Intervening Variable (Study on Companies Experiencing Civil and Criminal Law Cases in the Financial Sector Listed on the Indonesia Stock Exchange in . 23(2), 225–243.
  7. Kannya Kamila, A. (2024). Pengaruh Kinerja Keuangan, Struktur Modal Dan Kualitas Audit Terhadap Nilai Perusahaan Kurnia Sekolah Tinggi Ilmu Ekonomi Indonesia (STIESIA) Surabaya.
  8. KNKG. (2006). Pedoman Umum Good Corporate Governance Indonesia.
  9. Larasati, I., Cahyo, H., Wahyuningsih, E. S., Koesoemasari, D. S. P., Rokhayati, I., & Muntahanah, S. (2022). Pengaruh Struktur Modal, Pertumbuhan Perusahaan, Ukuran Perusahaan dan Profitabilitas terhadap Nilai perusahaan Infrastruktur Yang terdaftar Di BEI. Prosiding Seminar Nasional FEB UNIKAL, 5, 360–368.
  10. Marbun, M. S. dan R. (2021). Dividend Policy , Profitability , And Capital JIMEA | Jurnal Ilmiah MEA ( Manajemen , Ekonomi , dan Akuntansi ). 5(1), 822–838.
  11. Melianis Yuli Purmalita, & Fauzan. (2024). Analisis Pengaruh Kualitas Audit, Struktur Modal, dan Ukuran Perusahaan Terhadap Nilai Perusahaan. Journal of Trends Economics and Accounting Research, 4(3), 610–618. https://doi.org/10.47065/jtear.v4i3.1185
  12. Mujino, & Wijaya, A. (2021). The Effect Of Dividen Policies, Debt Policies, Profitability, Asset Structure, and Company Size on The Value of Manufacturing Companies in BEI 2013-2019. Business and Accounting Research (IJEBAR) Peer Reviewed-International Journal, 5(2), 48–62. https://jurnal.stie-aas.ac.id/index.php/IJEBAR
  13. Pradita, Y., Waeno, M., Pradita, Y., Waeno, M., Akuntansi, P. S., & Perusahaan, N. (2023). Sulastiningsih Yoga Pradita Mahamadaree Waeno. 3(2), 595–616.
  14. Pratama & Siswantini. (2023). Analisis Determinan Nilai Perusahaan Pada Perusahaan Sektor Basic Material Yang Terdaftar Di Bursa Efek Indonesia Periode 2017-2020. Journal of Young Entrepreneurs, 2(2), 54–62. www.idx.co.id
  15. Rahma, S. S., & Arifin, A. (2022). Pengaruh Kebijakan Deviden, Kebijakan Hutang, Keputusan Investasi, Dan Profitabilitas Terhadap Nilai Perusahaan (Studi Empiris Pada Perusahaan Manufaktur Yang Terdaftar Di Bursa Efek Indonesia Periode 2016-2020). Seminar Nasional Pariwisata Dan Kewirausahaan (SNPK), 1, 330–341. https://doi.org/10.36441/snpk.vol1.2022.58
  16. Rahmawati, V. D., Darmawan, A., Setyarini, F., & Bagis, F. (2021). Profitability, Capital Structure, and Dividend Policy on Firm Value Using Company Size as A Moderating Variable (In the Consumer Goods Industry Sector Companies listed on the Indonesia Stock Exchange (IDX) during 2015-2019 Periods). International Journal of Economics, Business, and Accounting Research (IJEBAR), 5(1), 282–292.
  17. Santoso, A., & Widowariti, S. Y. (2023). the Role of in Disclosing Firm Value. Jurnal Ekonomi Manajemen, 8(1), 71–78. https://doi.org/10.37058/jem.v8i1.5794
  18. Virliandita, B., & Sulistyowati, E. (2024). Pengaruh Good Corporate Governance terhadap Nilai Perusahaan dengan Kinerja Keuangan sebagai Variabel Intervening. Al-Kharaj: Jurnal Ekonomi, Keuangan & Bisnis Syariah, 6(4), 4657–4673. https://doi.org/10.47467/alkharaj.v6i4.1029
  19. Yuliana. (2021). Pengaruh Struktur Modal dan Kebijakan Dividen terhadap Nilai Perusahaan pada Sub Sektor Real dan Estate di Bursa Efek Indonesia (BEI). Journal Inovasi Penelitian,1(12),2587–2598.
  20. Zahrani, K., Mappadang, A., & Mappadang, J. L. (2023). The Effect of Capital Structure, Profitability and Audit Quality on Company Value with Company Size as a Moderation Variable. International Journal of Asian Business and Management, 2(6), 1039–1060. https://doi.org/10.55927/ijabm.v2i6.6480

Most read articles by the same author(s)