THE EFFECT OF FINANCIAL POLICY ON THE PERFORMANCE OF INDUSTRIAL COMPANIES IN THE INSURANCE SUB-SECTOR IN INDONESIA

Companies with good profitability will have better abilities to fund their dividends and investments. Companies experiencing a lack of funding to fund dividend payments and fund investments can use external funding through leverage. The object of this study is the industrial company of the insurance sub-sector; the selection of this object is based on the idea that insurance as a financial product is supposed to give an assurance to its customers regarding the promised coverage. This study is purposed to examine and explain the effect of financial policy on the company and its performance. The analytical method used is Partial Least Square with purposive sampling technique. The sample used is insurance companies listed on the IDX during the 2017-2019 period. Variables used in this study regarding the effect of financial policies on a company's performance are investment opportunity set, dividend policy, capital structure, and firm value. Based on the analysis results, it is shown that the mediation of Capital Structure and Dividend Policy give a significant positive effect on a company's performance as reflected in the firm value obtained. Thus good financial policies can be used as a strategy to attract investors' interest. The results of this study are expected to benefit the company's leadership in optimizing the company's value through the established financial policies.

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PENGARUH GROWTH OPPORTUNITY TERHADAP NILAI PERUSAHAAN MELALUI STRUKTUR MODAL (pada Perusahaan Sektor Property, Real Estate & Building Construction yang Terdaftar di Bursa Efek Indonesia Tahun 2011-2014)

Distribusi - Journal of Management and Business ◽

10.29303/distribusi.v4i2.11 ◽

2018 ◽

Vol 4 (2) ◽

pp. 15-28

Author(s):

Nova Adhitya Ananda ◽

I Nyoman Nugraha Ardana P

Keyword(s):

Real Estate ◽

Capital Structure ◽

Firm Value ◽

Stock Exchange ◽

Sampling Technique ◽

Partial Least Square ◽

Least Square ◽

Building Construction ◽

Construction Company ◽

Growth Opportunity

ABSTRACT The purpose of this research is to find the influence of growth opportunity and capital structure on firm value. The research objects used is property, real estate and building construction company which listed in Indonesian Stock Exchange in 2011-2014. This research used a purposive sampling technique in determining the research sample. The number of companies chosen as the sample in 37 company of 54 companies registered in property, real estate and building construction sector. This research was included in the explanatory research using quantitative approach. Data analysis method used in this research is partial least square (PLS) analysis. The result showed that in directly growth opportunity and capital structure has a significant effect on firm value. Growth opportunity undirectly has significant effect on the firm value by means of capital structure. Growth opportunity has a positive and significant effect on capital structure and capital structure has a negative and significant effect on firm value.Keywords : Growth Opportunity, Capital Structure and Firm Value

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The Effect Of Dividend Policy, Company Growth, And Business Risk On Company Value With Capital Structure As Intervening Variable

International Journal of Business, Humanities, Education and Social Sciences (IJBHES) ◽

10.46923/ijbhes.v1i2.39 ◽

2019 ◽

Vol 1 (2) ◽

pp. 33-46

Author(s):

Anggit Esti Irawati ◽

Theresia Trisanti ◽

Sulastri Handayani

Keyword(s):

Capital Structure ◽

Dividend Policy ◽

Sampling Technique ◽

Partial Least Square ◽

Least Square ◽

Manufacturing Companies ◽

Business Risk ◽

Statistical Tool ◽

The Capital Structure ◽

Value Growth

This study aims to provide empirical evidence about the influence of dividend policy, growth company, and business risk to the company’s value with the capital structure as the mediating variable. The population of this study are manufacturing companies listed on Indonesia Stock Exchange (BEI) for years 2012-2016. The sampling technique using purposive sampling method. Total sample according to criterionthat is 265 and the statistical tool used Partial Least Square (PLS) with WarpPLS 5.0. Independent variables of this study are dividend policy, growth company which proxied with sales growth, and business risk. Dependent variable of this study is company’s value proxied with Tobin’s Q, while the intervening variable of this study is capital structure. The result of this study proves that dividend policy gives the positive and significant effect to company’s value, growth company gives negative and not significant effect to company’s value, business risk gives positive effect and significant to company’s value. Growth company has no significant effect on company’s value if it is not mediated by the capital structure. Capital structure capable of mediating influence dividend policy, growth company, and business risk of company’s value.

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PENGARUH GROWTH OPPORTUNITY TERHADAP NILAI PERUSAHAAN MELALUI STRUKTUR MODAL (pada Perusahaan Sektor Property, Real Estate & Building Construction yang Terdaftar di Bursa Efek Indonesia Tahun 2011-2014)

Distribusi - Journal of Management and Business ◽

10.29303/jdm.v4i2.11 ◽

2018 ◽

Vol 4 (1) ◽

pp. 14-26

Author(s):

Nova Adhitya Ananda ◽

I Nyoman Nugraha Ardana P

Keyword(s):

Real Estate ◽

Capital Structure ◽

Firm Value ◽

Stock Exchange ◽

Sampling Technique ◽

Partial Least Square ◽

Least Square ◽

Building Construction ◽

Construction Company ◽

Growth Opportunity

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ABID concept in the effect of financial policy on firm value

HOLISTICA – Journal of Business and Public Administration ◽

10.2478/hjbpa-2019-0015 ◽

2019 ◽

Vol 10 (2) ◽

pp. 51-68

Author(s):

Tri Purwani

Keyword(s):

Firm Value ◽

Structural Equation ◽

Dividend Policy ◽

Research Question ◽

Investment Decisions ◽

Partial Least Square ◽

Least Square ◽

Financial Policy ◽

Analysis Tool ◽

Positive Effects

Abstract The main aim of this research is to test the effect of financial policy on firm value. The research question developed in this research is how the effect of financial policy on firm value by using the concept of ABID? Based on the purpose sampling method there are 26 companies which distribute the dividends successively, so that 26 samples are obtained. Structural equation model with partial least square analysis tool is used to prove empirically the effect of each variables and the hypothesis testing. The findings of the study show that investment decisions have negative effect on dividend policy, but not significant. Investment decisions have significant positive effects on funding decisions and firm value. Dividend policy has significant positive effect on funding decisions and firm value. Funding decisions significantly influence the firm value positively. The results of this study reject the pecking order theory.

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Pengaruh Intellectual Capital dan Kebijakan Dividen terhadap Nilai Perusahaan (Penelitian pada Perusahaan-Perusahaan yang Pernah Masuk ke dalam Indeks LQ45 Periode 2015-2019)

Business Innovation and Entrepreneurship Journal ◽

10.35899/biej.v3i1.181 ◽

2021 ◽

Vol 3 (1) ◽

pp. 8-15

Author(s):

Dede Sri Rahayu

Keyword(s):

Normal Distribution ◽

Intellectual Capital ◽

Firm Value ◽

Dividend Policy ◽

Sampling Technique ◽

Partial Least Square ◽

Least Square ◽

Verification Method ◽

Positive Effect ◽

Pls Method

This research aimed to provide empirical evidence regarding the effect of intellectual capital and dividend policy on firm value. This research used the verification method, namely partial least square (PLS). This research used PLS method because the data does not have a normal distribution. The population of this research were 65 companies, while the sample used 26 companies. The sampling technique used purposive sampling technique. Based on the results of this research showed that intellectual capital had a positive effect on firm value, while dividend policy had no effect on firm value. Keywords : Firm Value, Intellectual Capital, Dividend policy, LQ45 Index, Partial Least Square

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Pengaruh Operating Leverage Dan Likuiditas Terhadap Nilai Perusahaan Dengan Struktur Modal Sebagai Variabel Intervening Pada Perusahaan Sektor Consumer Goods Industry Yang Terdaftar Di Bursa Efek Indonesia Tahun 2016 - 2018

Bisman (Bisnis dan Manajemen): The Journal of Business and Management ◽

10.37112/bisman.v3i2.794 ◽

2020 ◽

Vol 3 (2) ◽

pp. 148-159

Author(s):

Zahrah Nabilah ◽

◽

Sri Hermuningsih ◽

Gendro Wiyono ◽

◽

...

Keyword(s):

Capital Structure ◽

Indirect Effects ◽

Firm Value ◽

Sampling Method ◽

Sampling Technique ◽

Partial Least Square ◽

Least Square ◽

Direct And Indirect Effects ◽

Company Value ◽

Operating Leverage

The purpose of this study is to examine the direct and indirect effects of Operating Leverage and Liquidity on Firm Value with Capital Structure as an intervening variable. The sampling technique uses purposive sampling method to determine the sample based on the consideration of researchers. Data analysis uses Partial Least Square (PLS), which is variance-based SEM, with SmartPLS software. The analysis shows that (1) there is a negative and insignificant influence between Operating Leverage on Capital Structure (2) there is a positive and significant effect between Liquidity on Capital Structure (3) there is a negative and insignificant influence between Operating Leverage on Firm Value (4 ) there is a negative and insignificant effect between Liquidity on Firm Value (5) there is a negative and insignificant influence between Capital Structure on Company Value (6) Capital Structure cannot mediate between Operating Leverage and Liquidity on Firm Value.

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Pengaruh Profitabilitas, Tingkat Pertumbuhan Aktiva, Leverage Operasi, Stabilitas Penjualan terhadap Struktur Modal dan Nilai Perusahaan

IQTISHODUNA ◽

10.18860/iq.v16i1.7276 ◽

2020 ◽

Vol 16 (1) ◽

pp. 17-38

Author(s):

Kety Lulu Agustin ◽

Ubud Salim ◽

Andarwati Andarwati

Keyword(s):

Capital Structure ◽

Firm Value ◽

Stock Exchange ◽

Partial Least Square ◽

Least Square ◽

Manufacturing Companies ◽

Company Value ◽

Asset Growth ◽

Operating Leverage ◽

The Capital Structure

The purpose of this research is to determine the effect of profitability, asset growth, operating leverage and sales stability on the capital structure and firm value. The company value in this study was published with Tobin Q. The population of this study were all manufacturing companies reported on the Indonesia Stock Exchange for the period 2015-2017. In accordance with the selection criteria, there are 46 filtered sample companies. The analysis technique that used is Partial Least Square (PLS). The results of hypothesis indicate profitability and sales that are significant to the capital structure while increasing performance and leverage of operations do not have a significant effect on capital structure. Profitability, asset growth, sales stability have a significant effect on firm value while operating leverage does not involve significance to firm value. Profitability and influence of sales have a significant effect on firm value through capital structure, while yield growth and operating leverage are opposite.

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ENTERPRISE RISK MANAGEMENT DAN INTELLECTUAL CAPITAL DISCLOSURE : PERSPEKTIF INVESTOR

Jurnal Reviu Akuntansi dan Keuangan ◽

10.22219/jrak.v8i2.38 ◽

2018 ◽

Vol 8 (2) ◽

pp. 187 ◽

Cited By ~ 1

Author(s):

Yolanda Yolanda ◽

Ihyaul Ulum ◽

Setu Setyawan

Keyword(s):

Risk Management ◽

Intellectual Capital ◽

Firm Value ◽

Sampling Technique ◽

Enterprise Risk Management ◽

Partial Least Square ◽

Least Square ◽

Corporate Value ◽

Coding System ◽

Enterprise Risk

This paper aims to examine the effect of corporate value on investor reactions with enterprise risk management (ERM) and intellectual capital disclosure (ICD) as a mediation variable on Indonesian companies listed in the Jakarta Islamic Index in 2016. The sample of this study consists of 25 companies with purposive sampling technique. Five ways numerical coding system and Partial Least Square (PLS) are used as a tool to perform data analysis. The results show that firm value has a significant influence on investor reaction. Unlike the ERM capable of mediating the relationship between corporate value and investor reactions, ICD is unable to mediate.

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Liquidity Ratio, Profitability, And Solvency On Stock Returns With Capital Structure As An Intervening Variable (Study On Food And Beverage Sub Sector Listed In Indonesia Stock Exchange (Idx) Period 2013-2017)

Ekspektra Jurnal Bisnis dan Manajemen ◽

10.25139/ekt.v3i1.1476 ◽

2019 ◽

Vol 3 (1) ◽

pp. 52

Author(s):

Agus Sucipto ◽

Nailul Chasanah

Keyword(s):

Capital Structure ◽

Stock Returns ◽

Negative Impact ◽

Stock Exchange ◽

Sampling Technique ◽

Partial Least Square ◽

Least Square ◽

Food And Beverage ◽

Negative Effect ◽

The Capital Structure

The stock market is a business field of securities trading one of them stock. For prospective investors, investment decisions in stock must be preceded by a process of analysis of variables which can influence the price of a stock. Investors need to have benchmarks in order to know whether if he invested in a company he would benefit if the shares are sold. Salaah one factor to be a benchmark investor is knowing the financial condition of the company where it can be seen with the financial ratio analysis and management of an optimal capital structure. This study aims to determine the effect of the ratio of liquidity, profitability, and solvency to return stock with a capital structure as an intervening variable.This study uses a quantitative approach. The research method using the method of documentation. Samples were company food and beverage sub-sectors listed in Indonesia Stock Exchange 2013-2017 period. The sampling technique used purposive sampling method with predetermined criteria obtained 11 samples of the company. This study uses data analysis Partial Least Square (PLS).These results indicate that liquidity ratios have a negative impact on stock returns, while the profitability and solvency ratios have no effect on stock returns. The results also show the liquidity ratio and solvency ratio has a negative effect on the capital structure, profitability ratios while not having capital structure. And capital structure has a negative impact on stock returns. The results also show the ratio of liquidity, profitability, and solvency partially no effect on stock returns with the capital structure as an intervening variable.

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Increasing Company Value Through Financial Policies and Performance of Manufacturing Companies Listed on The Indonesia Stock Exchange

At-Taqaddum ◽

10.21580/at.v13i1.8281 ◽

2021 ◽

Vol 13 (1) ◽

pp. 39-56

Author(s):

Adhi Widyakto ◽

Endang Tri Widyarti ◽

Edy Suryawardana

Keyword(s):

Financial Performance ◽

Financial Management ◽

Firm Value ◽

Manufacturing Industry ◽

Stock Exchange ◽

Practical Implication ◽

Sampling Technique ◽

Financial Policy ◽

Manufacturing Companies ◽

Financial Policies

The phenomenon that there are still many manufacturing industry companies on the Indonesia Stock Exchange that have a PBV smaller than one is the main basis for conducting the study. This study aims to analyze the effect of financial policy and financial performance on firm value. The sampling technique was based on purposive sampling. The data analysis technique used a linear regression model. Based on the analysis and discussion results, there are four main findings obtained from this study: First, the model used is significant to explain changes in firm value with the ability to explain 48.7 percent. Second, of the five independent variables, there are three variables: the policy in working capital management and the performance variable, namely the volatility of expectations and returns, which have a significant effect. To the value of the company. Third, the company's financial performance factors have a more dominant influence on the company's value dynamics than policy factors. Fourth, the direction coefficient of the influence of the independent variable on the dependent variable, although the two variables are not significant. The practical implication is to increase the value of a manufacturing company. Therefore, it is advisable to consider financial policies and financial performance. Theoretically, financial management based on signal theory and trade-off theory of Islamic perspective theory can increase firm value.

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