PENGARUH PROPORSI KOMISARIS INDEPENDEN PADA NILAI PERUSAHAAN DENGAN PROFITABILITAS SEBAGAI VARIABEL INTERVENING

Abstract

Independent commissioner is one of the corporate governance
mechanism that affects the value of the company. While return on equity is
a profitability ratio that is used to measure the financial performance of the
company. This study uses a proxy profitability with a return on equity as an
intervening variable. This study aims to determine the effect of indirect profitability
in the relationship between the independent commissioner and the company’s
value. This research was conducted in the Indonesia Stock Exchange in the
financial year 2013-2015. The sampling method using purposive sampling
techniques in order to obtain 120 samples of the study. Analysis of the data
used in this research is descriptive statistics, classical assumption test and
multiple linear regression analysis. The test results showed that the value of
Adjusted R² of 0.770, F test has a significance value of 0.000, and the results
of path analysis showed that the proportion of independent commissioner may
be a direct effect on the value of the company and may also affect indirectly
that is of the proportion of independent commissioner to profitability (as a
variable intervening) and then to the value of the company. The amount of direct
influence the proportion of independent commissioner on the company’s value
is 0.234, while the amount of indirect influence of the proportion of independent
commissioner on the company’s value through profitability is 0.410 while the
total effect of the proportion of independent commissioners on a company value
of 0.644.