The Influence Of Financial Performance (Roa, Roe, Npm) And RiskBased Capital On Firm Value In Insurance Companies Listed On The Indonesia Stock Exchange, With Good Corporate Governance As A Moderating Variable (2018–2025)
DOI:
https://doi.org/10.24905/icobis.v2i1.108Keywords:
Financial Performance, ROA, ROE, NPM, Risk Based Capital, Firm Value, Good Corporate GovernanceAbstract
This study aims to analyze the effect of Return on Assets (ROA), Return on Equity (ROE), Net Profit Margin (NPM), and Risk Based Capital (RBC) on firm value proxied by Price to Book Value (PBV), and to examine the moderating role of Good Corporate Governance (GCG). Firm age is included as a control variable. This quantitative study uses secondary data from financial statements and annual reports of insurance companies listed on the Indonesia Stock Exchange during 2018–2025. Purposive sampling produced 11 companies and 88 initial observations; after transformation and data adjustment, 79 observations were used in the hypothesis testing. Data were analyzed using multiple linear regression and Moderated Regression Analysis (MRA) with SPSS 22. The results show that ROA, ROE, NPM, and RBC do not significantly affect firm value. The moderation test shows that GCG does not moderate the effect of ROA, NPM, or RBC on firm value, while GCG significantly weakens the effect of ROE on firm value. Firm age also does not significantly affect firm value. The findings indicate that accounting profitability and solvency indicators alone are not sufficient to explain market-based firm value in insurance companies, while the role of corporate governance differs across financial performance indicators.
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