The Influence of Investment, Funding, and Liquidity Policies on the Value of Consumer Goods Industry Sector Companies with Good Corporate Governance as a Moderating Variable

Abstract

This study aims to determine the influence of Investment, Funding, and Liquidity Policies on Company Value in the Consumer Goods Industry sector, with Good Corporate Governance (GCG) as a moderating variable. The study population consists of 99 companies, with 87 selected as samples using purposive sampling techniques. The data analysis methods used include classical assumption tests, multiple correlation coefficient analysis (R), coefficient of determination analysis (R²), F-test, t-test, and Moderated Regression Analysis (MRA). The classical assumption test results show that the data is normally distributed, linear, and free from multicollinearity, heteroscedasticity, and autocorrelation. The multiple correlation coefficient result of 0.657 indicates a strong relationship between Investment Policy, Funding, and Liquidity with Company Value. The coefficient of determination (R²) is 43.2%, meaning these three variables explain 43.2% of the variation in Company Value, while the remaining 56.8% is explained by other factors not examined in this study. The F-test results for equation 1 show that Investment, Funding, and Liquidity Policies do not simultaneously affect Company Value. However, equation 2 reveals that when GCG is included as a moderating variable, these independent variables jointly influence Company Value. The t-test results for equation 1 indicate that Funding and Liquidity have a partial effect on Company Value, while Investment Policy does not. In equation 2, Funding and Liquidity—when moderated by GCG—show a partial influence, while Investment Policy still does not. The MRA results conclude that GCG, although significant, does not moderate the relationship between Investment, Funding, and Liquidity Policies and Company Value