Pengaruh Skor Asean Corporate Governance Scorecard Dan Modal Intelektual Terhadap Nilai Perusahaan
Keywords:
ASEAN Corporate Governance Scorecard (ACGS), VAIC, Tobins'Q, Intellectual Capital, Firm ValueAbstract
Stock prices are essential for companies as they represent the value of the company. Instability in macroeconomic conditions has an impact on fluctuations in stock prices. This study aims to analyze the effect of the Asean Corporate Governance Scorecard (ACGS) score as a standard of corporate governance and intellectual capital on the value of companies listed on the IDX and SGX in 2020-2021. The ACGS score is obtained from the company's annual report and its official website, as well as official documents of the Domestic Ranking Bodies (DRB). Intellectual capital is measured using the VAICTM method, while firm value is measured using Tobin's Q ratio. The population of this study are all companies listed on the IDX and SGX in 2019. The sample selection was carried out through purposive sampling method so that 30 companies were obtained with a total of 60 observational data. This study uses multiple linear regression methods to test the effect between the independent variable and the dependent variable. The results of this study indicate that the ACGS score has no effect on firm value, while intellectual capital has a positive effect on firm value. This study has implications for companies to optimize resources and invest in intellectual capital to increase firm value, as well as for investors to add considerations before investing in public companies.
Abstrak
Harga saham merupakan hal esensial bagi perusahaan karena menjadi representasi dari nilai perusahaan. Ketidakstabilan kondisi makroekonomi berdampak pada fluktuasi harga saham. Penelitian ini bertujuan untuk menganalisis pengaruh skor Asean Corporate Governance Scorecard (ACGS) sebagai standar tata kelola perusahaan dan modal intelektual terhadap nilai perusahaan yang terdaftar di BEI dan SGX pada tahun 2020-2021. Skor ACGS diperoleh dari laporan tahunan dan laman resmi perusahaan, serta dokumen resmi Domestic Ranking Bodies (DRB). Modal intelektual diukur menggunakan metode VAICTM, sementara nilai perusahaan diukur menggunakan Tobin’s Q ratio. Populasi penelitian ini adalah seluruh perusahaan terdaftar di BEI dan SGX pada tahun 2019. Pemilihan sampel dilakukan melalui metode purposive sampling sehingga diperoleh 30 perusahaan dengan total data observasi sebanyak 60 data. Penelitian ini menggunakan metode regresi linar berganda untuk menguji pengaruh antara variabel independen terhadap variabel dependen. Hasil penelitian ini menunjukkan bahwa skor ACGS tidak berpengaruh terhadap nilai perusahaan, sementara modal intelektual berpengaruh positif terhadap nilai perusahaan. Penelitian ini berimplikasi terhadap perusahaan untuk mengoptimalkan sumber daya dan berinvestasi pada modal intelektual untuk meningkatkan nilai perusahaan, serta bagi investor untuk menambah pertimbangan sebelum berinvestasi pada perusahaan terbuka.
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