top of page
Asian Institute of Research, Journal Publication, Journal Academics, Education Journal, Asian Institute
Asian Institute of Research, Journal Publication, Journal Academics, Education Journal, Asian Institute

Economics and Business

Quarterly Reviews

ISSN 2775-9237 (Online)

asian institute research, jeb, journal of economics and business, economics journal, accunting journal, business journal, managemet journal
asian institute research, jeb, journal of economics and business, economics journal, accunting journal, business journal, managemet journal
asian institute research, jeb, journal of economics and business, economics journal, accunting journal, business journal, managemet journal
asian institute research, jeb, journal of economics and business, economics journal, accunting journal, business journal, managemet journal
crossref
doi
open access

Published: 20 December 2021

Determinant Factors of the Public Company’s Value which Listed in Indonesia Stock Exchange

Mustaruddin Saleh

Universitas Tanjungpura, Indonesia

asian institute research, jeb, journal of economics and business, economics journal, accunting journal, business journal, management journal

Download Full-Text Pdf

doi

10.31014/aior.1992.04.04.395

Pages: 64-76

Keywords: Firm Value, FEM, ROA, GPM, DAR, PBV

Abstract

The study was conducted to evaluate and analyze the factors that influence the value of the company, using 3 (three) alternative regression models, namely the stock market value; share price to book value; and the rate of return as a proxy for company value. Using the stratified random sampling technique, 22 companies were listed on the Indonesia Stock Exchange over a 10-year period from 2009 to 2018. The appropriate panel data estimation method for analyzing the regression model in this study used the fixed effect model (FEM). Regression results show that the variable of debt to total asset (DAR), return of asset (ROA) and gross profit margin (GPM) significantly influenced the value of the company measured by price to book value (PBV) as the dependent variable. For further research has to pay attention to differences in industry characteristics and also consider to use of other variables, such as age the company and the level of risk of the company that measures with the market model, so that it is possible to get better estimation results.

References

  1. Anastassia dan Friska Firnanti (2014) “Faktor-Faktor yang Mempengaruhi Volatilitas Harga Saham Pada Perusahaan Publik Nonkeuangan”. Jurnal Bisnis dan Akuntansi, Vol. 16, No. 2 (Des), hal. 95-102.

  2. Anton, Sorin Gabriel (2016). The Impact of Dividend Policy on Firm Value. A Panel Data Analysis of Romanian Listed Firms. Journal of Public Administration, Finance and Law, 10, 107-112.

  3. Aryani, Annisa, Dikdik Tandika dan Azib (2015) “Penagruh Risiko Sistematis TerhadapReturnSaham (Studi Kasus Sektor Propertyyang Terdaftar di Bursa Efek Indonesia (BEI) Periode Tahun 2010-2014)”. Prosiding Penelitian Sivitas Akademika Unisba (Sosial dan Humaniora), Gelombang. 2, hal. 335-340.

  4. Astuti, Wati Aris dan Nurlaelasari (2013) “Pengaruh Arus Kas Bebas dan Profitabilitas terhadap Kebijakan Utang”. Trikonomika, Vol. 12, No. 1(Juni), hal. 40-48.

  5. Brigham, Eugene F. dan Joel F. Houston (2001) Manajemen Keuangan, Edisi Kedelapan Buku II. Jakarta: Erlangga.

  6. Carlo, Michael Aldo (2014) “Pengaruh Return on Equity, Dividend Payout Ratio danPrice to Earnings Ratio pada ReturnSaham”. E-Jurnal Akuntansi Universitas Udayana 7.1, hal. 151-164.

  7. Chen, Li-JU., dan Chen, hun-Yu. (2011). The influence of profitability on firm value with capital structure as the mediator and fim size and industry as moderators. Investment Management and Financial Innovations, Volume 8, Issue 3, pp.121-129.

  8. Cooper, Michael J., Huseyin Gulen, dan Michael J. Schill (2008) “Asset Growth and the Cross-Section of Stock Returns.” The Journal of Finance, Vol. 63, No. 4 (Aug), pp. 1609-1651.

  9. Fahmi, Irham (2014) Pengantar Pasar Modal, Cetakan Kedua. Bandung: Alfabeta.

  10. Fama, Eugene F. dan Kenneith R.  French (1998) “Taxes, Financing Decisions, and Firm Value.” The Journal of Finance, Vol. 53.

  11. Farooq, Omar., dan Bouaich, Fatima Zahra. (2012). Liquidity and firm performance: evidence from the MENA region. International Journal of Business Governance and Ethics, Volume 7, Issue 2.

  12. Gill, Amarjit., dan Mathur, Meil. (2011). The Impact of  Board Size, CEO Duality, and Corporate Liquidity on the Profitability of Canadian Service Firms. Journal of Applied Finance & Banking, vol.1, no.3, pp. 83-95.

  13. Gujarati, Damador N (2006) Dasar-dasar Ekonometrika, Edisi Ketiga Jilid 1&2.  Jakarta: Erlangga.

  14. Hartono, Jogiyanto. (2014). Teori Portofolio dan Analisis Investasi, Edisi Kedelapan,BPFE,Yogyakarta.

  15. Hermuningsih, H. (2013). Profitablity, growth opportunity, capital stucture and the firm value. Bulletin of Monetary, Economics and Banking, Volume 16, Number 2, pp. 115-135.

  16. Husnan, Suad (1998) Dasar-Dasar Teori Portofolio dan Analisis Sekuritas, Edisi Ketiga Cetakan Pertama. Yogyakarta: UPP AMP YKPN.

  17. Joni dan Lina (2010) “Faktor-Faktor yang Mempengaruhi Struktur Modal”. Jurnal Bisnis dan Akuntansi, Vol. 12, No. 2 (Aug), hal. 81-96.

  18. Karim, Abdul (2015) “Analisis Pengaruh Faktor Internal dan Eksternal Terhadap ReturnSaham Perusahaan Manufaktur yang Terdaftar di Bursa Efek Indonesia (BEI) Periode 2010-2012”. Media Ekonomi dan Manajemen, Vol. 30, No. 1 (Jan), hal. 41-55.

  19. Lewellen, Wilbur. G., and Emery, Douglas. R. (1986). Corporate Debt Management and the Value of the Firm. Jouranl of Financial and Quantitative Analysis. Vol. 21, Issue 4, p. 415-426. DOI: https://doi.org/10.2307/2330689

  20. Lie, Erik., and Lie, Heidi, J. (2002). Multiples Used to Estimate Company Value. Financial Analysts Journal, Volume 58, Issue 2. pp. 44-54.

  21. Lin, Feng-Li., and Chang, Tsangyao. (2011). Does debt affect firm value in Taiwan? A panel threshold regression analysis. Journal Applied Economics, Vol. 43, Issue. 1. https://doi.org/10.1080/00036840802360310

  22. Marchica, Maria-Teresa, and Mura, Roberto. (2010). Financial Flexibility, Investment Ability, and Firm Value: evidence from Firms with Spare Debt Capacity. Financial Management, Vol. 9, Issue.4, pp. 1307-1753. https://doi.org/10.1111/j.1755-053X.2010.01115.x

  23. Musyarofah, Salimatul, Suhadak dan Raden Rustam Hidayat (2015) “Pengaruh Beta Pasar dan Dividend Payout RatioTerhadap Return Saham (Studi Pada Perusahaan Perbankan yang Terdaftar di Bursa Efek Indonesia Periode 2010-2013)”. Jurnal Administrasi Bisnis  (JAB), Vol. 26,  No. 2 (Sep), hal. 1-8.

  24. Nazir, Mian Sajid, Muhammad Musarat Nawaz, Waseem Anwar dan Farhan Ahmed (2010) “Determinants of Stock Price Volatility in Karachi Stock Exchange: The Mediating Role of Corporate Dividend Policy”. International Research Journal of Finance and Economics, Issue. 55, pp. 100-107.

  25. Nirayanti, Luh Putu Ratih dan Ni Luh Sari Widhiyani (2014) “Pengaruh Kebijakan Dividen, Debt to Equity Ratio, dan Price Earning Ratiopada  Return Saham”.  E-Jurnal Akuntansi Universitas Udayana 9.3, hal. 803-815.

  26. Onsomu, Zipporah N. dan Mosley O. Onchiri (2014) “The Effect of Dividend Policy on  Stock  Price Volatility: A Kenyan Perspective”. The International Journal Of Business & Management, Vol. 2, Issue. 7 (Jul), pp. 115-120.

  27. Putra, Gede Sanjaya Adi dan P. Dyan Yaniartha (2014) “Pengaruh Leverage, Inflasi, dan PDB pada HargaSaham Perusahaan Asuransi”. E-Jurnal Akuntansi Universitas Udayana 9.2, hal. 449-464.

  28. Rakhimsyah, Leli Amnah dan Barbara Gunawan (2011) “Pengaruh Keputusan Investasi, Keputusan Pendanaan, Kebijakan Dividen dan Tingkat Suku Bunga Terhadap Nilai Perusahaan”.Jurnal Investasi, Vol. 7, No. 1(Juni), hal. 31-45.

  29. Rusliati, Ellen dan Galih Prasetyo (2011) “Pengaruh Financial Leverage, Earnings per Share, danDividend per Shareterhadap Harga Saham”. Trikonomika, Vol. 10, No. 1(Juni), hal. 31–39.

  30. Safitri, Okky, Sinarwati dan Anantawikrama Tungga Atmadja (2015) “Analisis Pengaruh Profitabilitas, Likuiditas, dan LeverageTerhadap ReturnSaham pada Perusahaan Manufaktur yang Terdaftar di BEI Tahun 2009-2013”. E-Journal S1 Ak Universitas Pendidikan Ganesha, Vol. 3, No. 1.

  31. Sartono, Agus (2012) Manajemen Keuangan Teori dan Aplikasi, Edisi Keempat Cetakan Keenam. Yogyakarta: BPFE.

  32. Setianan, Andreas Ronald dan Astika rizky Adwitya (2011) “Analisis Pengaruh Pertumbuhan Aset dan EVA Terhadap ReturnSaham”. Jurnal Bisnis dan Ekonomi, Vol. 2, No. 1 (Jun), hal. 54-67.

  33. Suharli, Michell (2007) “Pengaruh Profitabilitydan Investment Opportunity SetTerhadap Kebijakan Dividen Tunai dengan Likuiditas Sebagai  Variabel Penguat (Studi pada Perusahaan yang Terdaftar di Bursa Efek Jakarta  Periode 2002-2003)”. Jurnal Akuntansi dan Keuangan, Vol. 9, No. 1 (Mei), hal. 9-17.

  34. Supadi, Dwi Budi Prasetyo dan M. Nuryatno Amin (2012) “Pengaruh Faktor Fundamental dan Risiko Sistematis Terhadap ReturnSaham Syariah”. Media Riset Akuntansi, Auditing & Informasi, Vol. 12, No. 1 (Apr), hal. 23-44.

  35. Susilowati, Yeye dan Tri Turyanto (2011) “Reaksi Signal Rasio Profitabilitas dan Rasio Solvabilitas Terhadap Return Saham Perusahaan (Profitability and Solvability Ratio Reaction Signal Toward Stock Return Company)”. Dinamika Keuangan dan Perbankan, Vol. 3, No. 1 (Mei), hal.  17 – 37.

  36. Sutanto, Michael Wibowo (2007) “Analisis Faktor yang Mempengaruhi ReturnSaham”.Tesis. Semarang: Universitas Diponegoro.

  37. Tandelilin, Eduardus (2010)  Analisis Investasi dan Manajemen Portofolio,Edisi Pertama. Yogyakarta: BPFE.

  38. Widayanti, Puri dan  A. Mulyo Haryanto (2013) “Analisis Pengaruh Faktor Fundamental dan Volume Perdagangan Terhadap ReturnSaham (studi kasus pada perusahaan real estate and property yang terdaftar di BEI periode 2007-2010)”. Diponegoro Journal of Management, Vol. 2, No. 3, hal. 1-11.

  39. Yusi, M. Syahirman (2011) “Faktor Fundamental dan Risiko Sistematik Implikasinya Terhadap Harga Saham”. Jurnal Keuangan dan Perbankan, Vol.  15, No. 1 (Jan), hal. 40-48.

  40. Mishra, Sibanjan., and Dasgupta, Ranjan. (2019). Cross-impact of leverage and firm performance: developed vs frontier bank-based economics. Managerial Finance. Vol. 4, issue.8.

bottom of page