THE ROLE OF INDEPENDENT COMMISSIONERS IN FIRM VALUE AT ENERGY COMPANIES

Andita Vika Rahmadhani, Anny Widiasmara, Heidy Paramitha Devi

Abstract


This study aims to analyze the effects of earnings management and sales growth on firm value, with independent directors serving as a moderating variable. The study was conducted on energy sector companies listed on the Indonesia Stock Exchange (IDX) from 2021 to 2025. The study sample consisted of 63 companies with a total of 315 observational data obtained using purposive sampling technique. After elimination, 211 data points were obtained.  The research method used was a quantitative approach employing multiple linear regression analysis and Moderated Regression Analysis (MRA), with the assistance of SPSS software. The results indicate that earnings management has no effect on firm value. Sales growth does not affect firm value. Independent directors are unable to moderate the effect of earnings management on firm value. Independent directors are also unable to moderate the effect of sales growth on firm value.

 

Keywords: Earnings Management, Sales Growth, Firm Value, Independent Commissioners 


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References


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