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Stock returns and financial performance as mediation variables in the influence of good corporate governance on corporate value

机译：股票收益和财务绩效作为良好公司治理对公司价值影响的中介变量

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Purpose - This paper aims to examine the influence of good governance on corporate value, in which the stock returns and financial performance act as the mediator of the relationship among them. Design/methodology/approach - This research was conducted on companies go public listed on the Indonesia Stock Exchange and was included in 2011 to 2017 LQ45 index list, with samples taking a purposive sampling approach through four criteria. Data analysis using WarpPLS with indicator approaches are formative (mutually exclusive between indicators). Findings - The findings are as follows: good corporate governance has a significant influence on stock returns in a negative direction; good corporate governance has no significant influence on financial performance; good corporate governance has no significant influence on company value; stock returns have a significant influence on financial performance in a positive direction; financial performance has a significant influence on stock returns with a positive direction; stock returns significantly influence the value of the company in a positive direction; financial performance has a significant influence on the company value in a positive direction. Originality/value - The novelty in this study is that the relationship between stock returns and financial performance is reciprocal, which is the relationship among variables that affect each other (back and forth causality), in which in the previous study, the relationship between variables is only one direction; besides, the previous study conducted an analysis to find out the influence of good corporate on stock returns, company value and financial performance separately, with mixed results.
机译：目的-本文旨在研究良好治理对公司价值的影响，在这种影响中，股票收益和财务绩效是它们之间关系的中介。设计/方法/方法-这项研究是针对在印度尼西亚证券交易所上市的公司进行的，并纳入了2011年至2017年LQ45指数列表，样本采用四个标准进行了有目的的抽样方法。使用WarpPLS和指标方法进行数据分析是可成形的（指标之间互斥）。调查结果-调查结果如下：良好的公司治理会对股票收益产生负面影响。良好的公司治理对财务业绩没有重大影响；良好的公司治理对公司价值没有重大影响；股票收益在积极方向上对财务业绩有重大影响；财务业绩对股票收益具有显着的正向影响；股票收益在正面方向上对公司价值产生重大影响；财务业绩对公司价值产生积极影响。原创性/价值-本研究的新颖之处在于，股票收益与财务绩效之间的关系是互惠的，即相互影响的变量之间的关系（来回因果关系），在先前的研究中，变量之间的关系仅是一个方向；此外，先前的研究进行了分析，以分别找出优质公司对股票收益，公司价值和财务绩效的影响，而结果却不尽相同。

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