The Influence Of Company Size, Ownership Structure, And Good Corporate Governance (Gcg) On Company Value Through Financial Performance In Manufacturing Companies Listed On The Indonesian Stock Exchange

Abstract

This study examines the direct and indirect effects of firm size, ownership structure, and GCG on financial performance and firm value. A quantitative method was used with data from the financial statements of manufacturing companies listed on the Indonesia Stock Exchange (2019-2023) accessed through the Indonesia Capital Market Directory (ICMD) and the IDX website. The sample consists of 36 companies with 180 data points, analysed using Structural Equation Modelling (SEM) with Amos 22 software. The results indicate: (1) Firm size has a positive and significant effect on financial performance. (2) Ownership structure has a positive but insignificant effect on financial performance. (3) GCG has a positive and significant effect on financial performance. (4) Firm size has a positive but insignificant effect on firm value. (5) Ownership structure and (6) GCG have a positive and significant effect on firm value. (7) Financial performance has a positive and significant effect on firm value. (8) Financial performance mediates the relationship between firm size and firm value in a positive and significant manner. (9) Financial performance does not mediate the relationship between ownership structure and firm value. (10) Financial performance mediates the relationship between GCG and firm value in a positive and significant manner.