Kegagalan Sinyal Profitabilitas Selama Periode Krisis: Peran Tata Kelola Perusahaan Pada Perusahaan Perbankan Indonesia

This study investigates whether profitability remains a reliable signal of firm value during periods of economic disruption, and whether corporate governance strengthens this relationship. Using panel data from Indonesian banking firms during the crisis-affected period of 2020-2024, this study applies multiple regression and Moderated Regression Analysis (MRA). The findings reveal that profitability does not significantly influence firm value, indicating that earnings information loses its signaling relevance when market uncertainty is high. Furthermore corporate governance mechanisms fail to moderate this relationship, suggesting that governance structures may not function as credibility enhancers under crisis conditions. These results provide evidence that traditional valuation assumptions derived from stable environments may not hold during systemic shocks. This study contributes to the literature by highlighting the conditional nature of profitability signals and the contextual limitations of governance effectiveness

Keyword: Profitability, Firm Value, Good Corporate Governance, Crisis, Banking