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Investment, Funding Decisions, Firm Value with Corporate Governance as Variable Moderation in Indonesia Stock Exchange

Accounting Analysis Journal · Vol. 12 No. 2 (2023) · pp. 94–101

DOI
10.15294/aaj.v12i2.71005
ISSN
2502-6216, 2252-6765
Published
2023-11-20
Publisher
Universitas Negeri Semarang
Language
eng

Abstract

Purpose: This study aims to examine the effect of investment decisions and funding decisions on company value with good corporate governance as a moderating variable in mining companies listed on the Indonesia Stock Exchange and included in the CGPI rating for the period 2017 -2021. The sampling technique was used for 5 years. Method: The sample for this research was purposive sampling with a total sample of 17 state-owned and non-state-owned mining companies. Analysis technique research model using Moderated Regression Analysis (MRA). Findings: The research results show that investment decisions affect firm value. Investment decisions moderated by corporate governance have a positive effect on firm value, while funding decisions moderated by corporate governance have a negative effect on firm value. Novelty: The presence of corporate governance as a moderating variable on the influence of investment decisions and funding decisions on firm value Keywords: Investment Decisions; Funding; Firm Value; Corporate Governance

Collaboration network of the authors

40 authors · 69 co-authorship links · showing the 40 most connected

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Co-authorOrganisationJoint articles
Wintah WintahAffiliation unknown2
Sukadi SukadiAffiliation unknown1
Annisa Wirrdiana YuniasihAffiliation unknown1
Faiz Sabila RosyadaAffiliation unknown1
Avi Atmalistya PratitarariAffiliation unknown1
Asrori AsroriAffiliation unknown1
Bowo SumantoAffiliation unknown1
Riza Alhusna NurshehaAffiliation unknown1
Trisni SuryariniAffiliation unknown1
Fachrurrozie FachrurrozieAffiliation unknown1
Herdiawan Rudi PradanaAffiliation unknown1
Heny Wachidatul YusroAffiliation unknown1
Theo Kusuma ArdyaksaAffiliation unknown1
Rosy PrihastantiAffiliation unknown1
Falah BilayudhaAffiliation unknown1
Siswianti SiswiantiAffiliation unknown1
Putri Apriliana WulandariAffiliation unknown1
Nur Ade NoviyantiAffiliation unknown1
Dyah Rifka SusiariniAffiliation unknown1
Titik AkhirohAffiliation unknown1
Fika Fikrotul HanifahAffiliation unknown1
Siti KhusniyatunAffiliation unknown1
Rina AnggraeniAffiliation unknown1
Jahari AdnanAffiliation unknown1
Putri WahyuningsihAffiliation unknown1
Indah KurniasihAffiliation unknown1
Sohidin SohidinAffiliation unknown1
Evi GantyowatiAffiliation unknown1
Rahmawati RahmawatiAffiliation unknown1
Putri Ananda SakaAffiliation unknown1
Katarina Indah SulastutiAffiliation unknown1
Aton Rustandi MulyanaAffiliation unknown1
Sunardi SunardiAffiliation unknown1

Affiliations come from OpenAlex; journal OAI-PMH metadata carries none. Authors without an OpenAlex ID are matched by name, which can merge or split people.

Metadata source: OAI-PMH (metadata jurnal) https://journal.unnes.ac.id/sju/index.php/aaj/oai, first harvested 5 Nov 2026, last seen 8 Nov 2026.
Original metadata (oai_dc) 
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	<dc:title xml:lang="en-US">Investment, Funding Decisions, Firm Value with Corporate Governance as Variable Moderation in Indonesia Stock Exchange</dc:title>
	<dc:creator>Djuminah, Djuminah</dc:creator>
	<dc:creator>Rahmawati, Rahmawati</dc:creator>
	<dc:creator>Widagdo, Ari Kuncara</dc:creator>
	<dc:creator>Hartoko, Sri</dc:creator>
	<dc:creator>Honggowati, Setianingtyas</dc:creator>
	<dc:creator>Nurlaela, Siti</dc:creator>
	<dc:creator>Kiswanto, Kiswanto</dc:creator>
	<dc:description xml:lang="en-US">Purpose : This study aims to examine the effect of investment decisions and funding decisions on company value with good corporate governance as a moderating variable in mining companies listed on the Indonesia Stock Exchange and included in the CGPI rating for the period 2017 -2021. The sampling technique was used for 5 years.
Method : The sample for this research was purposive sampling with a total sample of 17 state-owned and non-state-owned mining companies. Analysis technique research model using Moderated Regression Analysis (MRA).
Findings :&amp;nbsp;The research results show that investment decisions affect firm value. Investment decisions moderated by corporate governance have a positive effect on firm value, while funding decisions moderated by corporate governance have a negative effect on firm value.
Novelty: The presence of corporate governance as a moderating variable on the influence of investment decisions and funding decisions on firm value
Keywords: Investment Decisions; Funding; Firm Value; Corporate Governance</dc:description>
	<dc:publisher xml:lang="en-US">Universitas Negeri Semarang</dc:publisher>
	<dc:date>2023-11-20</dc:date>
	<dc:type>info:eu-repo/semantics/article</dc:type>
	<dc:type>info:eu-repo/semantics/publishedVersion</dc:type>
	<dc:type xml:lang="en-US">Peer-reviewed Article</dc:type>
	<dc:format>application/pdf</dc:format>
	<dc:identifier>https://journal.unnes.ac.id/sju/aaj/article/view/71005</dc:identifier>
	<dc:identifier>10.15294/aaj.v12i2.71005</dc:identifier>
	<dc:source xml:lang="en-US">Accounting Analysis Journal; Vol 12 No 2 (2023); 94-101</dc:source>
	<dc:source>2502-6216</dc:source>
	<dc:source>2252-6765</dc:source>
	<dc:language>eng</dc:language>
	<dc:relation>https://journal.unnes.ac.id/sju/aaj/article/view/71005/25733</dc:relation>
	<dc:rights xml:lang="en-US">Copyright (c) 2023 Accounting Analysis Journal</dc:rights>
</oai_dc:dc>