Determinan Nilai Perusahaan dengan Size sebagai Variabel Kontrol

The aim of this study is to know and analyze the effect of investment decisions, leverage, profitabilitas and firm size on firm value. The population in this study is manufacturing companies of the sector of cosmetics and household use which are listed in Indonesia Stock Exchange (BEI) in the period 2013-2020. Sampling was done by purposive with the criteria that have been set previously. Data analysis this study uses the Partial Least Square approach (PLS). The results of the test accuracy of the model by looking at the R Square Adjusted that contributed to the model in explaining the relationship of the structural variables is equal to 0,604 (or 60,40%). Variable firm size as a control variable can build a better model by looking at the results of the hypothesis test obtained leads to significant overall. Based on the hypothesis test results, it is found as follows, the first hypothesis; which declares the variable investment decisions have a significant positive impact on the value of the company can be accepted. The results of the test of the second hypothesis; which states leverage has a significant positive impact on the value of the company can be accepted. The results of the test of the third hypothesis; stating profitability has a significant positive impact on the value of the company can be accepted.

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Keputusan Investasi, Leverage, Profitabilitas, dan Ukuran Perusahaan Sebagai Faktor Penentu Nilai Perusahaan Manufaktur

WACANA EKONOMI (Jurnal Ekonomi, Bisnis dan Akuntansi) ◽

10.22225/we.19.1.1576.10-23 ◽

2020 ◽

Vol 19 (1) ◽

pp. 10-23

Author(s):

I Made Purba Astakoni ◽

I Wayan Wardita

Keyword(s):

Firm Value ◽

Structural Equation ◽

Hypothesis Test ◽

Investment Decisions ◽

Partial Least Square ◽

Least Square ◽

Equation Modeling ◽

Test Results ◽

Significant Positive Effect ◽

Positive Effect

Abstract-The purpose of this study is 1) to find out and analyze the effect of investment decisions on firm value, 2) to find out and analyze the effect of leverage on firm value, 3) to find out and analyze the effect of profitability on firm value; 4) to find out and analyze the effect of company size on company value. The population in this study are cosmetics and household use manufacturing companies listed on the Indonesia Stock Exchange (IDX) for the period 2011-2018. Sampling was done purposively with predetermined criteria. The data analysis of this study uses the Partial Least Square (PLS) approach. PLS is a Structural Equation Modeling (SEM) equation model based on components or variants. Based on the hypothesis test, the first hypothesis is obtained; which states that investment decision variables have a significant positive effect on firm value is acceptable. Second hypothesis test results; which states that leverage has a significant positive effect on firm value is acceptable. Third hypothesis test results; which states profitability has a significant positive effect on firm value is acceptable. The fourth hypothesis test results; which states that company size has a significant positive effect on the value of the company can not be accepted (rejected). The result of the model accuracy test by looking at R Square Adjusted which contributed the model in explaining the structural relationship of the studied variables was 0.604 (or 60.40%). Keywords: Investment Decisions; Leverage; Profitability; Firm Size and Firm Value. Abstrak-Tujuan dari studi ini adalah 1) untuk mengetahui dan menganalisis pengaruh keputusan investasi terhadap nilai perusahaan,2) untuk mengetahui dan menganalisis pengaruh leverage terhadap nilai perusahaan, 3) untuk mengetahui dan menganalisis pengaruh profitabilitas terhadap nilai perusahaan; 4) untuk mengetahui dan menganalisis pengaruh ukuran perusahaan terhadap nilai perusahaan. Populasi dalam studi ini adalah perusahaan manufaktur sektor kosmetik dan keperluan rumah tangga yang terdaftar di Bursa Efek Indonesia (BEI) periode 2011-2018. Pengambilan sampel dilakukan secara purposive dengan kriteria yang telah ditetapkan sebelumnya. Analisis data studi ini menggunakan pendekatan Partial Least Square (PLS). PLS adalah model persamaan Structural Equation Modeling (SEM) yang berbasis komponen atau varian. Berdasarkan uji hipotesis yang dilakukan didapat hipotesis pertama ; yang menyatakan variabel keputusan investasi berpengaruh signifikan positif terhadap nilai perusahaan dapat diterima. Hasil uji hipotesis kedua ; yang menyatakan leverage berpengaruh signifikan positif terhadap nilai perusahaan dapat diterima. Hasil uji hipotesis ketiga ; yang menyatakan profitabilitas berpengaruh signifikan positif terhadap nilai perusahaan dapat diterima. Hasil uji hipotesis keempat ; yang menyatakan ukuran perusahaan berpengaruh signifikan positif terhadap nilai perusahaan tidak dapat diterima (ditolak). Hasil uji ketepatan model dengan melihat R Square Adjusted yang memberi kontribusi model dalam menjelaskan hubungan struktural variabel yang diteliti adalah sebesar 0,604 (atau 60,40%). Kata kunci: Keputusan Investasi; Leverage; Profitabilitas; Ukuran perusahaan dan Nilai perusahaan

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Pengaruh Profitabilitas ,Pertumbuhan Perusahaan ,Struktur Kepemilikan , Dan Ukuran Perusahaan Terhadap Struktur Modal Dan Nilai Perusahaan (Studi Pada Perusahaan Manufaktur Di Bursa Efek Indonesia)

Jurnal Manajemen Bisnis dan Organisasi (JUMBO) ◽

10.33772/jumbo.v2i2.2162 ◽

2018 ◽

Vol 2 (2) ◽

Author(s):

Sabrin Sabrin Sabrin

Keyword(s):

Capital Structure ◽

Firm Size ◽

Ownership Structure ◽

Firm Value ◽

Structural Equation ◽

Stock Exchange ◽

Partial Least Square ◽

Least Square ◽

Manufacturing Companies ◽

Company Growth

This study aims to examine and examine the effect of profitability, company growth, ownership structure and firm size on firm value through capital structure as a mediation variable on manufacturing companies In Indonesia Stock Exchange. The analysis model used is the model of structural equation and analytical tool using Smart Partial Least Square (PLS). The number of companies studied are 17 companieswith observation year during 2009-2014. Research sampling with purposive sampling method based on the criteria of manufacturing companies listed in Indonesia Stock Exchange during the observation period, 2009-2014, has paid cash dividend, has complete data about Debt to Equity Ratio (DER), Dividend per share the previous year, Return on Equity (ROE), Rate of Return on Assets (ROA), Earning Per Share (EPS), has been audited by a public accountant with an unqualified auditor's opinion, publishes consecutive financial statements, and has positive equity, Observation of 17emittenwith 102 observation periods.The results in found that profitability, company growth, firm size, and capital structure have an effect on firm value, but the ownership structure has no effect on firm value. The ownership structure affects the capital structure but profitability, company growth, and firm size have no effect on capital structure. Furthermore, there is found mediation of capital structure on indirect influence of company growth, ownership structure, and firm size to firm value, but there is no mediation of capital structure on indirect effect of profitability to firm value. The findings of this study support Signaling Theory, Packing Order Theory, Agency Theory, and Static trade-off theory.Keywords: Profitability, Growth Company, Ownership Structure, Firm Size, Capital Structure, Firm Value, Manufacturing company, Capital Market.

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PENGARUH PENGUNGKAPAN CORPORATE SOCIAL RESPONSIBILITY TERHADAP NILAI PERUSAHAAN DENGAN UKURAN PERUSAHAAN SEBAGAI VARIABEL MODERASI

JURKAMI Jurnal Pendidikan Ekonomi ◽

10.31932/jpe.v4i2.567 ◽

2019 ◽

Vol 4 (2) ◽

pp. 68-79

Author(s):

Junardi Junardi

Keyword(s):

Corporate Social Responsibility ◽

Social Responsibility ◽

Firm Size ◽

Firm Value ◽

Stock Exchange ◽

Partial Least Square ◽

Least Square ◽

Annual Reports ◽

Manufacturing Companies ◽

Corporate Social

Abstract: This study aims to obtain empirical evidence regarding the effect of Corporate Social Responsibility disclosure toward firm value which is moderated by firm size. The form of research using associative. The data collection can be collected on financial statements, annual reports of manufacturing companies which are published by Indonesia Stock Exchange, journal, and internet. Based on the collection of samples using purposing sampling techniques found the number of samples of this study were 40 of sample company in manufactur sector listed in Indonesia Stock Exchange in 2015-2017. Data analysis techniques using Partial Least Square (PLS) with the SmartPLS 3.0 software. The results of this study conclude that CSR has a positive significant effect on firm value and firm size does not significant effect on firm value. Futhermore, firm size as a moderating variable can not be strenghen the influence of CSR on firm value. Keyword: CSR, Firm size, Firm ValueAbstrak: Penelitian ini bertujuan untuk memperoleh bukti empiris mengenai pengaruh pengungkapan Corporate Social Responsibility terhadap nilai perusahaan yang dimoderasi oleh ukuran perusahaan. Bentuk penelitian menggunakan asosiatif kausal. Pengumpulan data dilakukan dengan studi dokumentasi dan studi pustaka yang bersumber pada laporan keuangan dan laporan tahunan perusahan manufaktur yang dipublikasikan di Bursa Efek Indonesia. Pengambilan sampel menggunakan teknik purposive sampling didapatkan jumlah sampel dipenelitian ini sebanyak 40 perusahaan manufaktur. Teknik analisis data menggunakan Partial Least Square (PLS) dengan bantuan software SmartPLS 3.0. Hasil penelitian ini menunjukkan bahwa CSR berpengaruh positif signifikan terhadap nilai perusahaan, dan ukuran perusahaan tidak berpengaruh signifikan tehadap nilai perusahaan. Kemudian, ukuran perusahaan sebagai variabel moderasi tidak mampu memperkuat pengaruh antara CSR terhadap nilai perusahaanKata Kunci: CSR, Ukuran perusahaan, Nilai Perusahaan

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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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Pengaruh Profitability, Growth Opportunities Dan Leverage Terhadap Nilai Perusahaan Perusahaan Manufaktur Yang Terdaftar Di Bursa Efek Indonesia

Journal of Management Science (JMS) ◽

10.52103/jms.v1i1.49 ◽

2020 ◽

Vol 1 (1) ◽

pp. 14-35

Author(s):

Nurwahyuni ◽

Masdar Mas'ud ◽

Syamsu Alam ◽

Asdar Djamareng

Keyword(s):

Capital Market ◽

Firm Value ◽

Stock Exchange ◽

Secondary Data ◽

Financial Statements ◽

Partial Least Square ◽

Least Square ◽

Manufacturing Companies ◽

Analysis Method ◽

Growth Opportunities

Penelitian ini bertujuan untuk menguji pengaruh profitabilitas, peluang pertumbuhan dan leverage terhadap nilai perusahaan pada perusahaan manufaktur yang terdaftar di bursa efek Indonesia. Data dalam penelitian ini diperoleh dari laporan keuangan perusahaan manufaktur yang terdaftar di BEI. Penelitian ini menggunakan data sekunder dengan mengamati dengan mengunjungi metode analisis data Pusat Informasi Pasar Modal (PIPM) menggunakan pendekatan Partial Least Square (PLS). Hasil penelitian menunjukkan bahwa: secara parsial, variabel profitabilitas dan peluang pertumbuhan memiliki pengaruh positif dan signifikan terhadap nilai perusahaan, sedangkan leverage berpengaruh negatif dan signifikan terhadap nilai perusahaan. This study aims to examine the effect of profitability, growth opportunities and leverage on firm value in manufacturing companies listed on the Indonesian stock exchange. The data in this study were obtained from the financial statements of manufacturing companies listed on the IDX. This study uses secondary data by observing by visiting the Capital Market Information Center (PIPM) data analysis method using the Partial Least Square (PLS) approach. The results showed that: partially, profitability and growth opportunities variables had a positive and significant effect on firm value, while leverage had a negative and significant effect on firm value.

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Pengaruh Intangible, Assets, Firm Size, Investment Opportunity Set, Probitabilitas dan Coorporate Governance terhadap Firm Value pada Perusahaan Manufaktur Sektor Industri Konsumsi Periode 2014-2016

Jesya (Jurnal Ekonomi & Ekonomi Syariah) ◽

10.36778/jesya.v2i2.64 ◽

2019 ◽

Vol 2 (2) ◽

pp. 39-51

Author(s):

M Rizky Fauzy ◽

Jean Novita ◽

Catherine Catherine ◽

Monica Monica ◽

Teresa Derista Maulina Girsang ◽

...

Keyword(s):

Firm Size ◽

Firm Value ◽

Stock Price ◽

Stock Exchange ◽

Hypothesis Test ◽

Intangible Asset ◽

Manufacturing Companies ◽

Normality Test ◽

Investment Opportunity Set ◽

Research Population

The firm value shows that the prosperity of stakeholders will increase, if the stock price is increased as well. The value of the company becomes very important because it reflects the company's performance which can affect investors' perceptions of the company. This research is meant to find out the influence of intangible asset, firm size, invesment opportunity set, profitability and corporate governance.The research population is consumption industry companies listed on the Indonesia Stock Exchange (IDX) for the 2014-2016 periods.The sample in this study is manufacturing company according to the criteria established and there are 21 manufacturing companies and they have been selected by using purposive sampling. The statistic test instrument uses SPSS 23 version which is carried out to perform classic assumption test, multiple linear regressions analysis, and the hypothesis test. based on the result of normality test, multicolinearity test, heterocedasticity, and autocorrelation, some variables that deviate from the classic asssumption have not been found. the result of the hypothesis test shows that : (1) intangible asset is proven to affect the firm value; (2) Firm size is not proven to affect the firm value ; (3) invesment opportunity set is not proven to affect the firm value ; (4) profitability is not proven to affect the firm value ; (5) corporate governance is not proven to affect the firm value.

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Analisis Pengaruh Profitabilitas, Ukuran Perusahaan, Keputusan Investasi, dan Kebijakan Utang Terhadap Nilai Perusahaan

Jurnal Inspirasi Bisnis dan Manajemen ◽

10.33603/jibm.v3i1.2079 ◽

2019 ◽

Vol 3 (1) ◽

pp. 77

Author(s):

Lasmanita Rajagukguk ◽

Valencia Ariesta ◽

Yunus Pakpahan

Keyword(s):

Firm Size ◽

Firm Value ◽

Stock Exchange ◽

Investment Decisions ◽

Secondary Data ◽

Tobin’S Q ◽

Manufacturing Companies ◽

Process Data ◽

Tobin's Q ◽

Debt Policy

Abstract: This study aims to analyze the effect of profitability, firm size, investment decisions, and debt policy on firm value. The research method used is quantitative research. In this study, company value is measured using Tobin's Q. The data in this study are secondary data in the form of annual financial statements of audited manufacturing companies and published as listed on the Indonesia Stock Exchange for the period of 2012 to 2016. The statistical method used is analysis of multiple linear regression using the SPSS version 22.00 program to process data. The study found that profitability, company size, and debt policy significantly influence the value of the company, while investment decisions do not affect the value of the company. Keywords: firm value, profitability, firm size, debt policy, investment decisions. Abstrak. Penelitian ini bertujuan untuk menganalisis pengaruh profitabilitas, ukuran perusahaan, keputusan investasi, dan kebijakan utang terhadap nilai perusahaan.Metode penelitian yang digunakan adalah penelitian kuantitatif. Dalam penelitian ini, nilai perusahaan diukur dengan menggunakan Tobin’s Q. Data dalam penelitian ini adalah data sekunder berupa laporan keuangan tahunan perusahaan manufaktur yang telah diaudit dan dipublikasikan yang tercatat di Bursa Efek Indonesia periode tahun 2012 sampai dengan tahun 2016. Metode statistik yang digunakan adalah analisis regresi linear berganda dengan menggunakan program SPSS versi 22.00 untuk mengolah data. Penelitian menemukan bahwa profitabilitas, ukuran perusahaan, dan kebijakan utang berpengaruh signifikan terhadap nilai perusahaan, sedangkan keputusan investasi tidak berpengaruh terhadap nilai perusahaan. Kata kunci: Nilai perusahaan, profitabilitas, ukuran perusahaan, kebijakan utang, keputusan investasi.

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The Impact of Institutional Ownership and a Firm's Size on Firm Value: Tax Avoidance as a Moderating Variable

Summer - GATR Journal of Finance and Banking Review ◽

10.35609/jfbr.2018.3.1(1) ◽

2018 ◽

Vol 3 (1) ◽

pp. 01-08

Author(s):

Vince Ratnawati ◽

Azhari S. ◽

Desmond Freddy ◽

Nita Wahyuni

Keyword(s):

Firm Size ◽

Firm Value ◽

Stock Exchange ◽

Tax Avoidance ◽

Institutional Ownership ◽

Jel Classification ◽

Least Square ◽

Manufacturing Companies ◽

The Impact ◽

The Relationship

Objective - The objective of this study is to investigate how institutional ownership and firm size affect firm value. The study also investigates the moderating effect of tax avoidance on the relationship between institutional ownership and the size of a firm on its value. Methodology/Technique - A model was developed and tested using a sample of 66 manufacturing companies listed on the Indonesian Stock Exchange between 2012 and 2014. Findings - The data was collected and analysed using a least square regression and moderated regression analysis. The analysis shows that institutional ownership and firm size affect firm value. The results also indicate that tax avoidance moderates the effect of institutional ownership and that of a firm's size on its value. Type of Paper - Empirical Keywords: Institutional Ownership, Firm Size, Tax Avoidance, Firm Value. JEL Classification: G30, G32, G39.

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Pengaruh Keputusan Investasi Dan Makro Ekonomi Melalui Operasional Terhadap Nilai Perusahaan

Jurnal Dinamika Ekonomi Syariah ◽

10.53429/jdes.v7i2.87 ◽

2020 ◽

Vol 7 (2) ◽

pp. 181-192

Author(s):

Lu’lu’il Maknuun

Keyword(s):

Data Analysis ◽

Firm Value ◽

Investment Decisions ◽

Partial Least Square ◽

Least Square ◽

Quantitative Approach ◽

Analysis Method ◽

Data Analysis Method ◽

The Relationship

This study aims to determine and analyze the effect of investment decisions and macroeconomics through operations to firm value. This study uses a quantitative approach. the data analysis method used in this study is the Smart Partial Least Square (PLS) software. The effect of investment decisions on operations, the relationship between the two variables is a significant negative. The effect of investment decisions with firm value, the relationship between the two variables is significantly positive. The influence of macroeconomics on operations, the relationship between the two is negative is not significant. The influence of macroeconomic with firm value, the relationship between two variables is not significant positive. The operational effect on firm value, the relationship between the two variables is significantly positive.

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ANALYSIS OF THE EFFECT OF FIRM SIZE, FINANCIAL LEVERAGE, PROFITABILITY, DIVERSIFICATION ON MARKET RISK AND STOCK RETURN (Case Study of Manufacturing Companies in the Consumer Goods Industry Sector Listed on the Indonesia Stock Exchange in 2007-2016)

The International Journal of Accounting and Business Society ◽

10.21776/ub.ijabs.2019.27.3.3 ◽

2019 ◽

Vol 27 (3) ◽

pp. 28-55

Author(s):

Maulina Agustin ◽

Moch Dzulkirom AR ◽

Ari Darmawan

Keyword(s):

Stock Returns ◽

Firm Size ◽

Stock Exchange ◽

Sampling Technique ◽

Market Risk ◽

Partial Least Square ◽

Least Square ◽

Manufacturing Companies ◽

Financial Leverage ◽

Quantitative Research Methods

The purpose of this study is to analyze the effect of firm size, financial leverage, profitability, diversification of market risk and stock returns. This research uses quantitative research methods. The population in this study is the consumption sector of manufacturing companies that are listed on the Indonesia Stock Exchange (IDX) during the observation period from 2007-2016. The sample technique using non probability sampling technique with purposive sampling method. The analysis technique used Partial Least Square (PLS). The results showed that the size of the firm had a negative and insignificant effect, while financial leverage, profitability, and diversification had a positive and not significant effect on stock returns and firm size had a negative and significant influence, financial leverage and profitability had a positive and significant relationship, diversification has a positive and not significant effect on market risk and market risk has a positive and significant effect on stock returns.

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