Determinan Nilai Perusahaan LQ 45 dengan Ukuran Perusahaan sebagai Pemoderasi

Cristian Kenny, Maryati Maryati, Ika Fibrianti, Nina Febriana Dosinta, Khristina Yunita, Elok Heniwati

Abstract


This study investigates the role of firm size as a moderating of profitability, leverage on firm value. This study uses Price Book Value (PBV) as a proxy for firm value in LQ45 index companies for the 2017-2021 period which has not been used by previous research. The findings of this study indicate that Return on Assets and Return on Equity as proxies for profitability have no effect on firm value. Then, company size has a significant effect on firm value, while the Debt to Asset Ratio and Debt to Equity Ratio as leverage proxies have no effect on firm value. Firm size can weaken the effect of profitability on firm value. Firm size can also moderate the relationship between leverage and firm value. The findings of this study imply that company size plays an important role in attracting investors, but if it is not accompanied by good financial performance management, it will actually lead to negative perceptions about the company's financial performance.

Keywords


Profitability; Leverage; Firm Size; Firm Value

Full Text:

PDF

References


Aisyah, N. R., & Sartika, F. (2022). Pengaruh Profitabilitas dan Financial Leverage Terhadap Nilai Perusahaan dengan Ukuran Perusahaan Sebagai Variabel Moderasi. KREATIF: Jurnal Ilmiah Prodi Manajemen Universitas Pamulang, 10(1), 97–108.

Aprilia, N., & Wahjudi, E. (2021). Pengaruh Kinerja Keuangan Terhadap Nilai Perusahaan dengan Variabel Moderasi Corporate Governance. Jurnal Riset Akuntansi Dan Keuangan, 9(3), 525–534. https://doi.org/10.17509/jrak.v9i3.32512

Astuti, F. Y., Wahyudi, S., & Mawardi, W. (2018). Analysis of Effect of Firm Size, Institutional Ownership, Profitability, and Leverage on Firm Value With Corporate Social Responsibility (CSR) Disclosure as Intervening Variables (Study on Banking Companies Listed on Bei Period 2012-2016). Jurnal Bisnis STRATEGI, 27(2), 95–109.

Bagaskara, R. S., Titisari, K. H., & Dewi, R. R. (2021). Pengaruh Profitabilitas, Leverage, Ukuran Perusahaan dan Kepemilikan Manajerial Terhadap Nilai Perusahaan. Forum Ekonomi, 23(1), 29–38.

Bon, S. F., & Hartoko, S. (2022). The Effect of Dividend Policy, Investment Decision, Leverage, Profitability, and Firm Size on Firm Value. European Journal of Business and Management Research, 7(3), 7–13. https://doi.org/10.24018/ejbmr.2022.7.3.1405

Chen, L. J., & Chen, S. Y. (2011). The Influence of Profitability on Firm Value with Capital Structure as The Mediator and Firm Size and Industry as Moderators. Investment Management and Financial Innovations, 8(3), 121–129.

D’Amato, A., & Falivena, C. (2019). Corporate Social Responsibility and Firm Value: Do Firm Size and Age Matter? Empirical Evidence from European Listed Companies. Corporate Social Responsibility and Environmental Management, 27(2), 1–16. https://doi.org/10.1002/csr.1855

Dang, H. N., Vu, V. T. T., Ngo, X. T., & Hoang, H. T. V. (2019). Study The Impact of Growth, Firm Size, Capital Structure, and Profitability on Enterprise Value: Evidence of Enterprises in Vietnam. Journal of Corporate Accounting and Finance, 30(1), 146–162. https://doi.org/10.1002/jcaf.22371

Ginting, P. P., Sadalia, Dr. I., & Silalahi, Dr. A. S. (2019). Price Earnings Ratio as The Basis for Assessing Fair Price of LQ45 Index Stock in BEI (Indonesia Stock Exchange). International Journal of Research & Review, 6(7), 91–104.

Harianto, R., & Hendrani, A. (2022). Pengaruh Profitabilitas, Leverage dan Ukuran Perusahaan Terhadap Nilai Perusahaan. Fair Value: Jurnal Ilmiah Akuntansi Dan Keuangan, 4(9). 3869-3877. https://doi.org/10.32670/fairvalue.v4i9.1570

Harjito, D. A., & Martono. (2013). Manajemen Keuangan. Yogyakarta: Ekonisia.

Hidayat, I., & Khotimah, K. (2022). Pengaruh Profitabilitas dan Ukuran Perusahaan Terhadap Nilai Perusahaan Sub Sektor Kimia yang Terdaftar di Bursa Efek Periode 2018-2020. Jurnal Ilmiah Akuntansi Kesatuan, 10(1), 1–8. https://doi.org/10.37641/jiakes.v10i1.1175

Humaira, P., Naz’aina, N., Yunina, Y., & Indrayani, I. (2022). Pengaruh Tingkat Kemahalan Harga Saham, Trading Volume Activity Dan Return Saham Terhadap Keputusan Stock Split Pada Perusahaan Yang Terdaftar Di Bursa Efek Indonesia Tahun 2017-2020. Jurnal Akuntansi Malikussaleh (JAM), 1(1), 16–29. https://doi.org/10.29103/jam.v1i1.7160

Husna, A., & Satria, I. (2019). Effects of Return on Asset, Debt to Asset Ratio, Current Ratio, Firm Size, and Dividend Payout Ratio on Firm Value. International Journal of Economics and Financial Issues, 9(5), 50–54. https://doi.org/10.32479/ijefi.8595

Jensen, M. C., & Meckling, W. H. (1976). Theory of The Firm: Managerial Behavior, Agency Costs and Ownership Structure. Journal of Financial Economics, 3, 305–360.

Nugroho, M., & Halik, A. (2021). The Effect of Growth and Systematic Risk on the Firm’s Value: Profitability as a Mediating Variable. Journal of Economics, Business, & Accountancy Ventura, 23(3). https://doi.org/10.14414/jebav.v23i3.2468

Prasetyo, A. H. (2011). Valuasi Perusahaan. Jakarta: PPM.

Pristianingrum, N. (2017). Pengaruh Ukuran, Profitabilitas, dan Pengungkapan CSR Terhadap Nilai Perusahaan Manufaktur yang Terdaftar Di Bursa Efek Indonesia. Prosiding Seminar Nasional Dan Call For Paper Ekonomi Dan Bisnis, 353–364.

Putri, D. E., Ilham, R. N., & Syahputri, A. (2021). Efek Mediasi Profitabilitas pada Pengaruh Leverage dan Ukuran Perusahaan Terhadap Nilai Perusahaan. Edunomika, 05(02), 1–12.

Salam, N. S. A. (2023). Pengaruh Kinerja Keuangan terhadap Nilai Perusahaan dengan Variabel Moderasi Dividen. Jurnal Riset Akuntansi Dan Keuangan, 11(1), 131–150. https://doi.org/10.17509/jrak.v11i1.45254

Santosa, N. P., Atahau, A. D. R., & Martono, S. (2022). Pengaruh Struktur Modal Terhadap Nilai Perusahaan Dengan Profitabilitas Sebagai Variabel Mediasi. Jurnal Riset Akuntansi Dan Keuangan, 10(2), 315–328. https://doi.org/10.17509/jrak.v10i2.37971

Santoso, B. A., & Junaeni, I. (2022). Pengaruh Profitabilitas, Leverage, Ukuran Perusahaan, Likuiditas, dan Pertumbuhan Perusahaan Terhadap Nilai Perusahaan. Owner: Riset & Jurnal Akuntansi, 6(2), 1597–1609. https://doi.org/10.33395/owner.v6i2.795

Spence, M. (1973). Job Market Signaling. The Quarterly Journal of Economics, 87(3), 355–374.

Thanatawee, Y. (2014). Institutional Ownership and Firm Value in Thailand. Asian Journal of Business and Accounting, 7(2), 2014.

Tsaniatuzaima, Q., & Maryanti, E. (2022). Pengaruh CR, ROA, DER terhadap Nilai Perusahaan dengan Good Corporate Governance sebagai Variabel Moderasi. Owner: Riset & Jurnal Akuntansi, 6(3), 2253–2265. https://doi.org/10.33395/owner.v6i3.880

Wahyudi, F. A., & Sholahuddin, M. (2022). The Effect of Profitability, Leverage, and Firm Size on Firm Value (Case of Registered Company in Jakarta Islamic Index 2015-2020 period). Advances in Economics, Business and Management Research, 655, 380–385.

Wijayaningsih, S., & Yulianto, A. (2021). The Effect of Capital Structure, Firm Size, and Profitability on Firm Value with Investment Decisions as Moderating. Accounting Analysis Journal, 10(3), 150–157. https://doi.org/10.15294/aaj.v10i3.50744

Wirawati, N. G. P., Putri, I. G. A. M. A. D., & Badera, I. D. N. (2020). Pengaruh Ukuran Perusahaan, Leverage, Pengungkapan Lingkungan, dan Kinerja Lingkungan pada Nilai Perusahaan. E-Jurnal Akuntansi, 30(9), 2417. https://doi.org/10.24843/eja.2020.v30.i09.p19

Yani, I. F., & Yatimin. (2022). The Effect of Firm Size, Leverage, Profitability and Dividend Policy on Firm Value in Retail and Wholesale Subsectors Listed on IDX Period 2015-2020. Balance Jurnal Ekonomi, 18(1), 1–8.

Yunina, Y., & Husna, A. (2018). Pengaruh Struktur Modal dan Kinerja Keuangan Terhadap Nilai Perusahaan pada Perusahaan Manufaktur Sub Sektor Makanan dan Minuman yang Terdaftar di Bursa Efek Indonesia (Periode 2012-2016). Jurnal Akuntansi Dan Keuangan, 6(1), 59–72.




DOI: https://doi.org/10.29103/jak.v12i1.13113

Article Metrics

 Abstract Views : 326 times
 PDF Downloaded : 13 times

Refbacks

  • There are currently no refbacks.


Copyright (c) 2024 Maryati Maryati, Ika Fibrianti, Nina Febriana Dosinta, Khristina Yunita, Elok Heniwati

Jurnal Akuntansi dan Keuangan (JAK)

ISSN 2301-4717