Pengaruh Struktur Modal Dan Corporate Governance Terhadap Kinerja Perusahaan
Keywords:
Capital Structure, Corporate Governance, Firm Performance, Food And Beverages, PharmaceuticalsAbstract
The purpose of this paper is to examine the effect of capital structure and corporate governance on the performance of the food, beverages and pharmaceuticals sub-sector companies listed on the Indonesia Stock Exchange during 2015-2020. This research used secondary data and panel data regression model with random effects model method. The results indicate that the capital structure as measured by the debt to equity ratio (DER) has a significant positive effect on firm performance. The firm performance was assessed by return on asset (ROA). The results also find that board size has a significant negative effect on ROA. Further analysis shows that independent director and board meeting are negatively related to ROA, however the relationship is found to be insignificant. The results of the present study can be utilized as considerations for companies in the management of corporate funding and the implementation of corporate governance practices. Moreover, creditors and investor should consider the firm’s debt level and corporate governance practices before making a decision. This research is focused specifically in the food, beverages, and pharmaceuticals sub-sector companies and only uses one indicator of capital structure and three proxies of corporate governance, thus further research can use other measurement indicators.
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