Faktor-Faktor yang Mempengaruhi Nilai Perusahaan Manufaktur di Indonesia Faktor-Faktor yang Mempengaruhi Nilai Perusahaan Manufaktur di Indonesia
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Dec 1, 2023
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Abstract
This study aims to examine the effect of Return On Asset, Debt to Equity Ratio, Current Ratio, Total Asset Turnover, and Price Earning Ratio on firm value. The research was conducted on 196 manufacturing companies listed on the Indonesia Stock Exchange during the period 2020-2022. A sample of 77 companies was selected with purposive sampling method. This research uses quantitative method and panel data regression analysis using the Eviews Version 12 software to determine the relationship between variables. The results showed that partially Return On Asset, Debt to Equity Ratio, Current Ratio, and Price Earning Ratio have a positive and insignificant effect on firm value. While Total Asset Turnover has a negative and insignificant effect on firm value. Then, simultaneously Return On Asset, Debt to Equity Ratio, Current Ratio, Total Asset Turnover, and Price Earning Ratio have an significant effect on firm value.
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NengsiR. (2023). Faktor-Faktor yang Mempengaruhi Nilai Perusahaan Manufaktur di Indonesia. Reslaj : Religion Education Social Laa Roiba Journal, 6(3), 1705 -1722. https://doi.org/10.47467/reslaj.v6i3.5658
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References
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Belinda, B., & Dewi, S. P. (2023). Factors Affecting Firm Value With Dividend Policy As Moderating Variable. International Journal of Application on Economics and Business, 1(2), 150–161. https://doi.org/10.24912/v1i2.150-161
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
Brigham, E. F., & Houston, J. F. (2019). Fundamentals of FINANCIAL MANAGEMENT 15e. Cengage Learning.
Buleng, A., Rura, Y., & Sundar, S. (2023). Determination of Firm Value With Corporate Social Responsibility As Moderation. Jurnal Ekonomi, August. http://ejournal.seaninstitute.or.id/index.php/Ekonomi/article/view/1363
Edward, Y. R., Hutagalung, G., Road, W., & Sitepu, B. (2021). Effect of Return on Asset , Price Earning Ratio and Capital Structure on Firm Value at Company Hotel , Restaurant and Tourism Sub-sector ServicesListed on IDX. Cesit 2020, 87–96. https://doi.org/10.5220/0010303800870096
Endri, E., & Fathony, M. (2020). Determinants of firm’s value: Evidence from financial industry. Management Science Letters, 10(1), 111–120. https://doi.org/10.5267/j.msl.2019.8.011
Fadillah, S. N., & Noormansyah, I. (2023). The Influence of Sustainability Report, Intellectual Capital, Liquidity, and Firm Size on Firm Value. Research of Finance and Banking, 1(1), 22–33. https://doi.org/10.58777/rfb.v1i1.33
Faradila, S., & Effendi, K. A. (2023). Analysis Of Financial Performance And Macroeconomic On Firm Value. Jurnal Manajemen, 27(2), 276–296. https://doi.org/10.24912/jm.v27i2.1255
Hadiantini, R., Retnowati, A. N., Purnama, S., Kusumawardhani, A. P., & Bon, A. T. (2021). The Effect of Financial Ratios on Firm Value : Empirical Evidence from Property and Real Estate Sector Companies Listed on the IDX. Proceedings of the Second Asia Pacific International Conference on Industrial Engineering and Operations Management, 4191–4203.
Hasangapon, M., Iskandar, D., Purnama, E. D., & Tampubolon, L. D. (2021). The Effect Of Firm Size And Total Assets Turnover (Tato) On Firm Value Mediated By Profitability In Wholesale And Retail Sector Companies. Primanomics : Jurnal Ekonomi & Bisnis, 19(3), 49–63. https://doi.org/10.31253/pe.v19i3.635
Jihadi, M., Vilantika, E., Hashemi, S. M., Arifin, Z., Bachtiar, Y., & Sholichah, F. (2021). The Effect of Liquidity, Leverage, and Profitability on Firm Value: Empirical Evidence from Indonesia. Journal of Asian Finance, Economics and Business, 8(3), 423–431. https://doi.org/10.13106/jafeb.2021.vol8.no3.0423
Kahfi, M. F., Pratomo, D., & Aminah, W. (2018). PENGARUH CURRENT RATIO, DEBT TO EQUITY RATIO, TOTAL ASSETS TURNOVER DAN RETURN ON EQUITY TERHADAP NILAI PERUSAHAAN (Studi Kasus Pada Perusahaan Manufaktur Sektor Food and Beverage Yang Terdaftar Di Bursa Efek Indonesia Pada Tahun 2011-2016). E-Proceeding Management, 5(1), 566–574.
Kasibi, G. L., Fauzan, M. F., Ibrahim, F. R., & Tarmidi, D. (2023). Firm Value: Impact Financial Performance, Leverage, Firm Size, and Tax Avoidance. International Journal of Management Studies and Social Science Research, 5(ISSUE 4 JULY – AUGUST), 451–458. https://doi.org/10.56293/IJMSSSR.2022.4695
Kurniawan, R. N., & Susanti, M. (2023). Factors That Affect Firm Value in Manufacturing Firms. International Journal of Application on Economics and Business, 1(2), 871–879. https://doi.org/10.24912/v1i2.871-879
Leny Suzan, & Nurul Izza Ramadhani. (2023). Firm Value Factors: The Effect Of Intellectual Capital, Managerial Ownership, And Profitability. Jurnal Akuntansi, 27(3), 401–420. https://doi.org/10.24912/ja.v27i3.1487
Manda, A. P. D., & Sembiring, F. M. (2022). Pengaruh Current Ratio, Debt To Equity Ratio, Return on Equity, Price Earning Ratio Dan Firm Size Terhadap Firm Value (Studi Pada Beberapa Badan Usaha Milik Negara Di Indonesia). Ekspansi: Jurnal Ekonomi, Keuangan, Perbankan, Dan Akuntansi, 14(1), 42–58. https://doi.org/10.35313/ekspansi.v14i1.3630
Marc, T. F. W., Suciwati, D. P., & Karma, I. G. M. (2022). The Effect of Price Earning Ratio, Firm Size, and Corporate Social Responsibility on Firm Value (Empirical Study on Pharmaceutical Sub-Sector Companies Listed on The Indonesia Stock Exchange 2016 – 2020 Period). Journal of Applied Sciences in Accounting, Finance, and Tax, 5(1), 20–27. https://doi.org/10.31940/jasafint.v5i1.20-27
Marietza, F., & Ilhami, G. (2022). CORPORATE SOCIAL RESPONSIBILITY DISCLOSURE, GREEN INNOVATION AND CORPORATE PROFITABILITY. Jurnal Akuntansi, 13(1), 42–50.
Muslichah, M. (2020). The effect of environmental , social disclosure , and financial performance on firm value. Jurnal Akuntansi Dan Auditing Indonesia, 24(1), 22–32. www.journal.uii.ac.id/index.php/jaai%0Ahttp://creativecommons.org/licences/by-sa/4.0/
Muslim Muslim, H. A. (2022). Several Factors Affecting Firm Value Manufacturing in Indonesia. Jurnal Akuntansi, 26(1), 127. https://doi.org/10.24912/ja.v26i1.821
Neni Meidawati, & Puspita, O. D. (2023). Determinants of firm value with CSR as moderating variables. International Journal of Business Ecosystem & Strategy (2687-2293), 5(2), 67–81. https://doi.org/10.36096/ijbes.v5i2.408
Nikmah, Taufik, M., & Ilyas, F. (n.d.). Intensity, Profitability and Disclosure of Biological Assets of Agricultural Companieso Title. 12(1).
Nindita, N. R., Saiful, & Coryanata, I. (2017). PENGUNGKAPAN CSR PADA HUBUNGAN PROFITABILITAS DAN STUKTUR KEPEMILIKAN TERHADAP NILAI PERUSAHAAN. Jurnal Fairness, 7(2), 151–160.
Prasetyo, D. W., & Hermawan, A. (2023). Profitabilitas, Ukuran Perusahaan, Dan Struktur Modal Terhadap Nilai Perusahaan. Jesya, 6(1), 743–751. https://doi.org/10.36778/jesya.v6i1.1003
Putu Monica Anjayani, & Ida Bagus Putra Astika. (2023). Moderating CSR disclosure: Profitability on firm value. World Journal of Advanced Research and Reviews, 19(2), 692–699. https://doi.org/10.30574/wjarr.2023.19.2.1622
Renaldi, J. Y., Pinem, D. B., & Permadhy, Y. T. (2020). Analysis Of Factors Affecting the Value Of Manufacturing Industry Companies in the Indonesian Stock Exchange (IDX). European Journal of Business and Management Research, 5(1), 1–8. https://doi.org/10.24018/ejbmr.2020.5.1.230
Renaldo, N., Andi, A., Nur, N. M., Junaedi, A. T., & Panjaitan, H. P. (2021). Determinants of Firm Value for Wholesale Sub-Sector Companies in 2016-2019 With Behavioral Accounting Approach. Journal of Applied Business and Technology, 2(1), 1–12. https://doi.org/10.35145/jabt.v2i1.55
Sari, I. A. G. D. M. (2020). Profitability and liquidity on firm value and capital structure as intervening variable. International Research Journal of Management, IT and Social Sciences, 7(1), 116–127. https://doi.org/10.21744/irjmis.v7n1.828
Sari, M., & Jufrizen, dan. (2019). Pengaruh Price Earning Ratio Dan Return on Asset Terhadap Price To Book Value. Jurnal KRISNA: Kumpulan Riset Akuntansi, 10(2), 196–203. http://dx.doi.org/10.22225/kr.10.2.903.196-203
Serolin, A. (2023). Effect of Corporate Social Responsibility , Leverage , Firm Age and Size on Firm Value. 1(2), 95–104.
Sumiati, A., Susanti, S., Maulana, A., Indrawati, L., Puspitasari, D., & Indriani, R. (2022). Influence of Green Accounting and Environmental Performance on Profitability. Proceedings of the International Conference on Social, Economics, Business, and Education (ICSEBE 2021), 205(Icsebe 2021), 145–151. https://doi.org/10.2991/aebmr.k.220107.027
Syamsudin, S. (n.d.). Capital Structure and Investment Decisions on Firm Value with Profitability as a Moderator. 287–295.
Tui, S., Nurnajamuddin, M., Sufri, M., & Nirwana, A. (2017). Determinants of Profitability and Firm Value: Evidence from Indonesian Banks. IRA-International Journal of Management & Social Sciences (ISSN 2455-2267), 7(1), 84. https://doi.org/10.21013/jmss.v7.n1.p10
Utami, R. B., & Prasetiono. (2016). Analisis Pengaruh TATO, WCTO, DAN DER Terhadap Nilai Perusahaan Dengan ROA Sebagai Variabel Intervening. Studi Manajemen Dan Organisasi, 13, 28–43. http://ejournal.undip.ac.id/index.php/smo
Wahyuni, M. F., Saiful, S., & Nikmah, N. (2021). Pengaruh Rasio-Rasio Modal Kerja Dan Arus Kas Operasi Terhadap Profitabilitas. Jurnal Fairness, 7(2), 111–126. https://doi.org/10.33369/fairness.v7i2.15151
Bahraini, S., Endri, E., Santoso, S., Hartati, L., & Marti PRAMUDENA, S. (2021). Determinants of Firm Value: A Case Study of the Food and Beverage Sector of Indonesia. Journal of Asian Finance, 8(6), 839–0847. https://doi.org/10.13106/jafeb.2021.vol8.no6.0839
Belinda, B., & Dewi, S. P. (2023). Factors Affecting Firm Value With Dividend Policy As Moderating Variable. International Journal of Application on Economics and Business, 1(2), 150–161. https://doi.org/10.24912/v1i2.150-161
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
Brigham, E. F., & Houston, J. F. (2019). Fundamentals of FINANCIAL MANAGEMENT 15e. Cengage Learning.
Buleng, A., Rura, Y., & Sundar, S. (2023). Determination of Firm Value With Corporate Social Responsibility As Moderation. Jurnal Ekonomi, August. http://ejournal.seaninstitute.or.id/index.php/Ekonomi/article/view/1363
Edward, Y. R., Hutagalung, G., Road, W., & Sitepu, B. (2021). Effect of Return on Asset , Price Earning Ratio and Capital Structure on Firm Value at Company Hotel , Restaurant and Tourism Sub-sector ServicesListed on IDX. Cesit 2020, 87–96. https://doi.org/10.5220/0010303800870096
Endri, E., & Fathony, M. (2020). Determinants of firm’s value: Evidence from financial industry. Management Science Letters, 10(1), 111–120. https://doi.org/10.5267/j.msl.2019.8.011
Fadillah, S. N., & Noormansyah, I. (2023). The Influence of Sustainability Report, Intellectual Capital, Liquidity, and Firm Size on Firm Value. Research of Finance and Banking, 1(1), 22–33. https://doi.org/10.58777/rfb.v1i1.33
Faradila, S., & Effendi, K. A. (2023). Analysis Of Financial Performance And Macroeconomic On Firm Value. Jurnal Manajemen, 27(2), 276–296. https://doi.org/10.24912/jm.v27i2.1255
Hadiantini, R., Retnowati, A. N., Purnama, S., Kusumawardhani, A. P., & Bon, A. T. (2021). The Effect of Financial Ratios on Firm Value : Empirical Evidence from Property and Real Estate Sector Companies Listed on the IDX. Proceedings of the Second Asia Pacific International Conference on Industrial Engineering and Operations Management, 4191–4203.
Hasangapon, M., Iskandar, D., Purnama, E. D., & Tampubolon, L. D. (2021). The Effect Of Firm Size And Total Assets Turnover (Tato) On Firm Value Mediated By Profitability In Wholesale And Retail Sector Companies. Primanomics : Jurnal Ekonomi & Bisnis, 19(3), 49–63. https://doi.org/10.31253/pe.v19i3.635
Jihadi, M., Vilantika, E., Hashemi, S. M., Arifin, Z., Bachtiar, Y., & Sholichah, F. (2021). The Effect of Liquidity, Leverage, and Profitability on Firm Value: Empirical Evidence from Indonesia. Journal of Asian Finance, Economics and Business, 8(3), 423–431. https://doi.org/10.13106/jafeb.2021.vol8.no3.0423
Kahfi, M. F., Pratomo, D., & Aminah, W. (2018). PENGARUH CURRENT RATIO, DEBT TO EQUITY RATIO, TOTAL ASSETS TURNOVER DAN RETURN ON EQUITY TERHADAP NILAI PERUSAHAAN (Studi Kasus Pada Perusahaan Manufaktur Sektor Food and Beverage Yang Terdaftar Di Bursa Efek Indonesia Pada Tahun 2011-2016). E-Proceeding Management, 5(1), 566–574.
Kasibi, G. L., Fauzan, M. F., Ibrahim, F. R., & Tarmidi, D. (2023). Firm Value: Impact Financial Performance, Leverage, Firm Size, and Tax Avoidance. International Journal of Management Studies and Social Science Research, 5(ISSUE 4 JULY – AUGUST), 451–458. https://doi.org/10.56293/IJMSSSR.2022.4695
Kurniawan, R. N., & Susanti, M. (2023). Factors That Affect Firm Value in Manufacturing Firms. International Journal of Application on Economics and Business, 1(2), 871–879. https://doi.org/10.24912/v1i2.871-879
Leny Suzan, & Nurul Izza Ramadhani. (2023). Firm Value Factors: The Effect Of Intellectual Capital, Managerial Ownership, And Profitability. Jurnal Akuntansi, 27(3), 401–420. https://doi.org/10.24912/ja.v27i3.1487
Manda, A. P. D., & Sembiring, F. M. (2022). Pengaruh Current Ratio, Debt To Equity Ratio, Return on Equity, Price Earning Ratio Dan Firm Size Terhadap Firm Value (Studi Pada Beberapa Badan Usaha Milik Negara Di Indonesia). Ekspansi: Jurnal Ekonomi, Keuangan, Perbankan, Dan Akuntansi, 14(1), 42–58. https://doi.org/10.35313/ekspansi.v14i1.3630
Marc, T. F. W., Suciwati, D. P., & Karma, I. G. M. (2022). The Effect of Price Earning Ratio, Firm Size, and Corporate Social Responsibility on Firm Value (Empirical Study on Pharmaceutical Sub-Sector Companies Listed on The Indonesia Stock Exchange 2016 – 2020 Period). Journal of Applied Sciences in Accounting, Finance, and Tax, 5(1), 20–27. https://doi.org/10.31940/jasafint.v5i1.20-27
Marietza, F., & Ilhami, G. (2022). CORPORATE SOCIAL RESPONSIBILITY DISCLOSURE, GREEN INNOVATION AND CORPORATE PROFITABILITY. Jurnal Akuntansi, 13(1), 42–50.
Muslichah, M. (2020). The effect of environmental , social disclosure , and financial performance on firm value. Jurnal Akuntansi Dan Auditing Indonesia, 24(1), 22–32. www.journal.uii.ac.id/index.php/jaai%0Ahttp://creativecommons.org/licences/by-sa/4.0/
Muslim Muslim, H. A. (2022). Several Factors Affecting Firm Value Manufacturing in Indonesia. Jurnal Akuntansi, 26(1), 127. https://doi.org/10.24912/ja.v26i1.821
Neni Meidawati, & Puspita, O. D. (2023). Determinants of firm value with CSR as moderating variables. International Journal of Business Ecosystem & Strategy (2687-2293), 5(2), 67–81. https://doi.org/10.36096/ijbes.v5i2.408
Nikmah, Taufik, M., & Ilyas, F. (n.d.). Intensity, Profitability and Disclosure of Biological Assets of Agricultural Companieso Title. 12(1).
Nindita, N. R., Saiful, & Coryanata, I. (2017). PENGUNGKAPAN CSR PADA HUBUNGAN PROFITABILITAS DAN STUKTUR KEPEMILIKAN TERHADAP NILAI PERUSAHAAN. Jurnal Fairness, 7(2), 151–160.
Prasetyo, D. W., & Hermawan, A. (2023). Profitabilitas, Ukuran Perusahaan, Dan Struktur Modal Terhadap Nilai Perusahaan. Jesya, 6(1), 743–751. https://doi.org/10.36778/jesya.v6i1.1003
Putu Monica Anjayani, & Ida Bagus Putra Astika. (2023). Moderating CSR disclosure: Profitability on firm value. World Journal of Advanced Research and Reviews, 19(2), 692–699. https://doi.org/10.30574/wjarr.2023.19.2.1622
Renaldi, J. Y., Pinem, D. B., & Permadhy, Y. T. (2020). Analysis Of Factors Affecting the Value Of Manufacturing Industry Companies in the Indonesian Stock Exchange (IDX). European Journal of Business and Management Research, 5(1), 1–8. https://doi.org/10.24018/ejbmr.2020.5.1.230
Renaldo, N., Andi, A., Nur, N. M., Junaedi, A. T., & Panjaitan, H. P. (2021). Determinants of Firm Value for Wholesale Sub-Sector Companies in 2016-2019 With Behavioral Accounting Approach. Journal of Applied Business and Technology, 2(1), 1–12. https://doi.org/10.35145/jabt.v2i1.55
Sari, I. A. G. D. M. (2020). Profitability and liquidity on firm value and capital structure as intervening variable. International Research Journal of Management, IT and Social Sciences, 7(1), 116–127. https://doi.org/10.21744/irjmis.v7n1.828
Sari, M., & Jufrizen, dan. (2019). Pengaruh Price Earning Ratio Dan Return on Asset Terhadap Price To Book Value. Jurnal KRISNA: Kumpulan Riset Akuntansi, 10(2), 196–203. http://dx.doi.org/10.22225/kr.10.2.903.196-203
Serolin, A. (2023). Effect of Corporate Social Responsibility , Leverage , Firm Age and Size on Firm Value. 1(2), 95–104.
Sumiati, A., Susanti, S., Maulana, A., Indrawati, L., Puspitasari, D., & Indriani, R. (2022). Influence of Green Accounting and Environmental Performance on Profitability. Proceedings of the International Conference on Social, Economics, Business, and Education (ICSEBE 2021), 205(Icsebe 2021), 145–151. https://doi.org/10.2991/aebmr.k.220107.027
Syamsudin, S. (n.d.). Capital Structure and Investment Decisions on Firm Value with Profitability as a Moderator. 287–295.
Tui, S., Nurnajamuddin, M., Sufri, M., & Nirwana, A. (2017). Determinants of Profitability and Firm Value: Evidence from Indonesian Banks. IRA-International Journal of Management & Social Sciences (ISSN 2455-2267), 7(1), 84. https://doi.org/10.21013/jmss.v7.n1.p10
Utami, R. B., & Prasetiono. (2016). Analisis Pengaruh TATO, WCTO, DAN DER Terhadap Nilai Perusahaan Dengan ROA Sebagai Variabel Intervening. Studi Manajemen Dan Organisasi, 13, 28–43. http://ejournal.undip.ac.id/index.php/smo
Wahyuni, M. F., Saiful, S., & Nikmah, N. (2021). Pengaruh Rasio-Rasio Modal Kerja Dan Arus Kas Operasi Terhadap Profitabilitas. Jurnal Fairness, 7(2), 111–126. https://doi.org/10.33369/fairness.v7i2.15151