Partial Effect of Each Variable

Oct 13, 2025 by wbrum.org 95 views

Effect of Good Corporate Governance, Capital Structure, Audit Opinion, Management Substitution, Investment Decisions, Audit Committee, on Corporate Value (Tobin’s Q) in Food and Beverage Companies Listed on the Indonesia Stock Exchange in 2012-2016

Introduction

Understanding the factors that influence corporate value is crucial for companies to make informed decisions and stay competitive in the market. Good Corporate Governance, Capital Structure, Audit Opinion, Management Substitution, Investment Decisions, and Audit Committee are some of the key elements that can impact a company's value. This study aims to investigate the effect of these factors on corporate value, specifically in the food and beverage sector, listed on the Indonesia Stock Exchange between 2012 and 2016.

Background

The food and beverage sector is a highly competitive industry, with companies constantly seeking ways to increase their value and stay ahead of the competition. However, the relationship between corporate value and various factors such as Good Corporate Governance, Capital Structure, Audit Opinion, Management Substitution, Investment Decisions, and Audit Committee is not yet fully understood. Previous studies have yielded varying results, and there is a need for further research to provide a deeper understanding of this complex relationship.

Methodology

This study used a purposive sampling method to select 15 companies in the food and beverage sector, with 12 companies observed for five years (2012-2016), resulting in a total of 60 observational data. The data was obtained from the financial statements downloaded from the official website of the Indonesia Stock Exchange. The analysis was conducted using descriptive statistical techniques and multiple regression analysis.

Analysis

The analysis process included descriptive statistical analysis to provide a general picture, followed by a classic assumption test, multiple regression analysis, and ended with hypothesis testing to test the effect of each variable. The results showed that partially, two factors namely Capital Structure and Audit Committee had a significant influence on the company's value (Tobin’s Q). This may indicate that companies that have a good capital structure and support from a strong audit committee can increase investor confidence and optimize the value of the company.

Results

The results of this study are presented in the following sections:

Partial Effect of Each Variable

Capital Structure: The results showed that capital structure has a significant influence on company value (Tobin’s Q). This may indicate that companies that have a good capital structure can increase investor confidence and optimize the value of the company.
Audit Committee: The results also showed that audit committee has a significant influence on company value (Tobin’s Q). This may indicate that companies that have a strong audit committee can increase investor confidence and optimize the value of the company.
Good Corporate Governance: The results showed that good corporate governance does not have a significant influence on company value (Tobin’s Q). This may be caused by the company's internal factors that are more complex and cannot always be explained only with this indicator.
Audit Opinion: The results showed that audit opinion does not have a significant influence on company value (Tobin’s Q). This may be caused by the company's internal factors that are more complex and cannot always be explained only with this indicator.
Management Substitution: The results showed that management substitution does not have a significant influence on company value (Tobin’s Q). This may be caused by the company's internal factors that are more complex and cannot always be explained only with this indicator.
Investment Decisions: The results showed that investment decisions do not have a significant influence on company value (Tobin’s Q). This may be caused by the company's internal factors that are more complex and cannot always be explained only with this indicator.

Simultaneous Effect of All Variables

The results showed that when viewed simultaneously, all factors mentioned - corporate governance, capital structure, audit opinion, management changes, investment decisions, and audit committees - have a significant influence on company value (Tobin’s Q). These findings indicate that in a certain context, all elements can work together and influence each other to influence the company's overall value.

Conclusion

This study provides evidence that Capital Structure and Audit Committee have a significant influence on company value (Tobin’s Q) in the food and beverage sector, listed on the Indonesia Stock Exchange between 2012 and 2016. The results also suggest that when viewed simultaneously, all factors mentioned have a significant influence on company value. This study contributes to the existing literature by providing a deeper understanding of the relationship between corporate value and various factors.

Recommendations

Based on the findings of this study, the following recommendations are made:

Companies in the food and beverage sector should focus on managing effective capital structures and building strong audit committees to increase company value.
Companies should also consider evaluating the practice of good corporate governance and other aspects to understand more deeply how these factors can interact with each other.
Further research is needed to explore more in the relationship between these variables and find the right strategy in increasing the value of companies in this competitive industry.

Limitations

This study has several limitations that should be noted:

The study only focused on the food and beverage sector, listed on the Indonesia Stock Exchange between 2012 and 2016.
The study only used a purposive sampling method to select the sample.
The study only used descriptive statistical techniques and multiple regression analysis to analyze the data.

Future Research Directions

This study provides several future research directions:

Investigating the relationship between corporate value and various factors in other industries.
Exploring the impact of corporate governance on company value in different contexts.
Investigating the effect of audit committee on company value in different industries.

References

[List of references cited in the study]

Appendix

[Appendix containing additional information, such as tables and figures]
Frequently Asked Questions (FAQs) about the Effect of Good Corporate Governance, Capital Structure, Audit Opinion, Management Substitution, Investment Decisions, Audit Committee, on Corporate Value (Tobin’s Q) in Food and Beverage Companies Listed on the Indonesia Stock Exchange in 2012-2016

Q: What is the main objective of this study? A: The main objective of this study is to investigate the effect of Good Corporate Governance, Capital Structure, Audit Opinion, Management Substitution, Investment Decisions, and Audit Committee on corporate value (Tobin’s Q) in food and beverage companies listed on the Indonesia Stock Exchange between 2012 and 2016.

Q: What is the significance of this study? A: This study is significant because it provides a deeper understanding of the relationship between corporate value and various factors, which can help companies in the food and beverage sector to make informed decisions and stay competitive in the market.

Q: What are the key findings of this study? A: The key findings of this study are that partially, two factors namely Capital Structure and Audit Committee have a significant influence on company value (Tobin’s Q). When viewed simultaneously, all factors mentioned have a significant influence on company value.

Q: What are the implications of this study? A: The implications of this study are that companies in the food and beverage sector should focus on managing effective capital structures and building strong audit committees to increase company value. Companies should also consider evaluating the practice of good corporate governance and other aspects to understand more deeply how these factors can interact with each other.

Q: What are the limitations of this study? A: The limitations of this study are that it only focused on the food and beverage sector, listed on the Indonesia Stock Exchange between 2012 and 2016. The study only used a purposive sampling method to select the sample. The study only used descriptive statistical techniques and multiple regression analysis to analyze the data.

Q: What are the future research directions? A: The future research directions are to investigate the relationship between corporate value and various factors in other industries. To explore the impact of corporate governance on company value in different contexts. To investigate the effect of audit committee on company value in different industries.

Q: What are the practical implications of this study? A: The practical implications of this study are that companies in the food and beverage sector can use the findings of this study to make informed decisions about their capital structure, audit committee, and corporate governance practices. Companies can also use the findings of this study to identify areas for improvement and to develop strategies to increase their company value.

Q: What are the theoretical implications of this study? A: The theoretical implications of this study are that it contributes to the existing literature on corporate value and governance. The study provides a deeper understanding of the relationship between corporate value and various factors, which can help to develop new theories and models of corporate governance.

Q: What are the policy implications of this study? A: The policy implications of this study are that it can inform policy makers about the importance of good corporate governance, effective capital structure, and strong audit committees in increasing company value. The study can also inform policy makers about the need to develop and implement policies that support the development of effective corporate governance practices.

Q: What are the future research questions? A: The future research questions are:

What is the relationship between corporate value and various factors in other industries?
How does corporate governance impact company value in different contexts?
What is the effect of audit committee on company value in different industries?

Q: What are the recommendations for future research? A: The recommendations for future research are to use a more comprehensive and representative sample of companies. To use a more advanced statistical analysis technique, such as structural equation modeling. To investigate the relationship between corporate value and various factors in other industries.