The Influence of Independent Commissioners and Financial Performance on Company Value in the Food and Beverage Subsector Listed on the Indonesia Stock Exchange for the 2021-2025 Period

Najwa Nurusifa; Dijan Mardiati

doi:10.63922/ijebir.v5i05.6168

Najwa Nurusifa Pamulang University
Dijan Mardiati Pamulang University

DOI: https://doi.org/10.63922/ijebir.v5i05.6168

Keywords: Good Corporate Governance, Independent Commissioners, Financial Performance, Company Value, Return on Assets

Abstract

The decline in company value, as proxied by Price to Book Value (PBV), in the food and beverage subsector occurred amidst an increase in the proportion of independent commissioners and financial performance during the period 2021 to 2025. This study aims to analyze the influence of independent commissioners and financial performance on company value, both partially and simultaneously. The study used an associative quantitative approach with secondary data in the form of financial statements and annual reports. The population consisted of 82 companies, while the sample consisted of 7 companies or 35 observations selected through purposive sampling. Data were analyzed using panel data regression with EViews through model selection, assumption testing, t-test, F-test, and coefficient of determination and robust standard error. The results showed that independent commissioners had a negative and significant effect on company value, while ROA had no significant effect. Simultaneously, both variables significantly influenced company value with an Adjusted R-Squared of 12.78%. In conclusion, company value was jointly influenced by independent commissioners and ROA, but most of the variation was explained by factors outside the model

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