摘要：The objectives of this study are to analyze the influence of Good Corporate Governance (GCG), business risk and financial performance on firm value. Secondary data were obtained from 45 Companies listed in Indonesia Stock Exchange during period 2014,2015 and 2016. Other data were obtained from various sources such as journals, books and other related publications. Using a convenience sampling technique, total sample of 101 data from 34 companies were obtained. Structural Equation Modeling (SEM) analysis technique is used. The results show that Good Corporate Governance has no significant effect on financial performance and business risk had significant effect on financial performance. Further, it is found that Good Corporate Governance has no effect on firm value and financial performance has positive and significant effect on firm value. Good Corporate Governance has no effect on firm value means that indicator variable used in this study such as executive incentive, size of director and proportion of independent board has no positive signal for investor to increase company share value. This study is expected to give contribution to Good Corporate Governance implementation in Indonesia.
其他摘要：Penelitian ini bertujuan untuk menganalisis pengaruh Good Corporate Governance (GCG), Risiko Bisnis dan Kinerja keuangan terhadap nilai perusahaan. Sampel penelitian ini adalah perusahaan yang termasuk dalam daftar saham index LQ45 pada periode 2014,2015 dan 2016. Penelitian ini menggunakan data sekunder yaitu data laporan tahunan perusahaan dengan jumlah sampel adalah 101 yang melibatkan 34 perusahaan. Teknik analisis pada penelitian ini menggunakan teknik Struktural Equation Modeling (SEM). Hasil perhitungan menunjukkan bahwa GCG tidak berpengaruh terhadap kinerja keuangan perusahaan dan risiko bisnis memililki pengaruh terhadap kinerja keuangan. Hubungan variabel yang lain menyatakan bahwa GCG tidak berpengaruh terhadap peningkatan nilai perusahaan, kinerja keuangan memiliki dampak positif dan signifikan terhadap nilai perusahaan. GCG tidak berpengaruh terhadap nilai perusahaan menunjukkan bahwa indikator yang digunakan yaitu insentif eksekutif ukuran direksi dan jumlah komisaris independen tidak memberikan sinyal kepada investor untuk menaikan nilai sahamnya.
关键词：Good Corporate Governance; Business Risk; Financial Performance; and Firm Value.
其他关键词：Good Corporate Government;Risiko Bisnis;Kinerja Keuangan;Nilai Perusahaan
