Pertiwi, Ana (2025) Pengaruh Fundamental Makro, Struktur Modal dan Teknologi terhadap Stock Return dengan Corporate Governance dan Kinerja Keuangan sebagai Variabel Intervening Studi pada Perusahaan Manufaktur di BEI. (The Influence of Macro Fundamentals, Capital Structure, and Technology on Stock Returns, with Corporate Governance and Financial Performance as Intervening Variables: A Study of Manufacturing Companies Listed on the Indonesia Stock Exchange (BEI)). Masters thesis, Universitas 17 Agustus 1945 Surabaya.
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Abstract
This study analyzes the effect of macroeconomic fundamentals, capital structure, and technology on stock returns with good corporate governance and financial performance as intervening variables in manufacturing companies on the Indonesia Stock Exchange for the period 2021-2023. The research method uses Partial Least Squares-Structural Equation Modeling (PLS-SEM) with 24 observations. Secondary data were obtained from financial statements, annual reports, and official publications. Results show that only 5 out of 18 hypotheses are significant. Good corporate governance has a highly significant effect on financial performance (β=0.799, p=0.000). Macroeconomic fundamentals have a positive effect on good corporate governance (β=0.449, p=0.009). Capital structure has a positive effect on good corporate governance (β=0.513, p=0.021) and financial performance (β=0.307, p=0.001). Good corporate governance mediates the effect of macroeconomic fundamentals on financial performance (β=0.359, p=0.027). Conversely, technology has no significant effect on endogenous variables, confirming the Solow Productivity Paradox. The relationship between governance and financial performance with stock returns is not significant, indicating market inefficiency. The findings imply that management should prioritize good corporate governance investments as a primary value driver and optimize capital structure to support governance effectiveness. Investors need to integrate governance assessment as core screening criteria with longer investment horizons. Regulators need to strengthen governance frameworks to improve market efficiency.
| Item Type: | Thesis (Masters) |
|---|---|
| Uncontrolled Keywords: | fundamental makro, struktur modal, teknologi, good corporate governance, kinerja keuangan, stock return, manufaktur |
| Subjects: | H Social Sciences > HG Finance |
| Divisions: | Fakultas Ekonomi dan Bisnis > Magister Manajemen |
| Depositing User: | 1262300078 Ana Pertiwi |
| Date Deposited: | 15 Jul 2026 07:24 |
| Last Modified: | 17 Jul 2026 07:17 |
| URI: | http://repository.untag-sby.ac.id/id/eprint/42089 |
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