The Effect of Independent Board of Commissioners, Institutional Ownership, and Managerial Ownership in Firm Values with Environmental Disclosure as Moderating Variable

Companies as an economic entity generally have short-term goals, namely to obtain maximum profits and longterm goals, namely to increase the value of the company. Factors that can affect firm value are good corporate governance and environmental disclosure. The purpose of this study is to examine and obtain empirical evidence of the influence of the independent board of commissioners, institutional ownership, managerial ownership on firm value and the role of environmental disclosure in moderating the influence of the independent board of commissioners, institutional ownership, and managerial ownership on firm value. The population of this study is manufacturing companies listed on the Indonesia Stock Exchange which are also listed on PROPER for the 2015-2017 periods. The sampling technique used was purposive sampling technique and obtained sample of 117 companies. The analysis technique in this study uses moderating regression analysis. The results of this study indicate that the independent boards of commissioners, institutional ownership, and managerial ownership have a positive effect on firm value, and environmental disclosure is able to strengthen the influence of the independent board of commissioners, institutional ownership, and managerial ownership on firm value.