Determinan Nilai Perusahaan Pada Jakarta Islamic Index 2015-2019

Ayu Franciska, Rosyid Nur Anggara Putra

Abstract


The purpose of this study is to examine the factors that influence firm value in manufacturing companies listed on the Jakarta Islamic Index (JII) for the 2015-2019 period. This study examines the effect of financial leverage, size, asset structure and corporate governance on firm value as measured by price to book value. The sample was determined by purposive sampling method and obtained 50 observation data. Research data collected form documentaion form the company’s annual report. The analysis technique used is multiple regression analysis. The results show that financial leverage, size, asset structure and corporate governance have a positive and significant effect on firm value. Financial leverage ratio encourage the company to pay off the liability, so cab be said that the manufacturs company do the best perfomance to create firm value. Size have positive impact to firm value. The big size company can denote the growth of the company and make the positif signal for investor. The Assets Structure has positive impact on firm value indicating that the assets structure is used optimally, it will increase the company’s return. Corporate Goverance has a positve effect on firm value where CEO Duality as indicator of corporate governance provide the strenght for top management and Independen Commisioner indicates the ability of the bord commissonerstoo make decisons more objectively.

Keywords: financial leverage, size, asset structure, corporate governance,  firm value

 

Tujuan dari penelitian ini adalah untuk menguji faktor-faktor yang memengaruhi nilai perusahaan pada perusahaan manufaktur yang terdaftar di Jakarta Islamic Index (JII) periode 2015-2019. Penelitian ini menguji pengaruh financial leverage, size, asset structure dan corporate governance terhadap nilai perusahaan yang diukur dengan price to book value. Sampel ditentukan dengan metode purposive sampling dan diperoleh 50 data observasi. Data penelitian dikumpulkan dengan dokumentasi dari laporan tahunan perusahaan. Teknik analisis yang digunakan adalah analisis regresi berganda. Hasil penelitian menunjukkan bahwa financial leverage, size, struktur aset dan corporate governance berpengaruh positif dan signifikan terhadap nilai perusahaan. Rasio financial leverage memacu perusahaan untuk mampu melunasi hutangnya, sehingga dapat dikatakan bahwa perusahaan dalam sektor manufaktur sudah melakukan kinerja terbaik untuk menciptakan nilai perusahaan. Size memiliki pengaruh positif terhadap nilai perusahaan, Perusahaan berskala besar dapat menunjukkan kondisi perusahaan sedang mengalami perkembangan dan menjadikan sinyal yang baik bagi investor. Struktur aset berpengaruh positif terhadap nilai perusahaan mengindikasikan bahwa ketika aset tersebut dimanfaatkan secara optimal oleh perusahaan, maka akan meningkatkan return perusahaan. Corporate governance berpengaruh positif terhadap nilai perusahaan dimana CEO Duality sebagai indikator dari corporate governance memberikan kekuatan bagi manajemen puncak dan proporsi komisaris independen menandakan kemampuan dewan komisaris untuk mengambil keputusan semakin objektif.


Keywords


financial leverage; size; asset structure; corporate governance; firm value

Full Text:

PDF

References


Aggarwal, D., & Padhan, P. C. (2017). Impact of Capital Structure on Firm Value: Evidence from Indian Hospitality Industry. Theoretical Economics Letters, 7, 982–1000. https://doi.org/10.4236/tel.2017.74067

Al-Slehat, Z. A. F. (2020). Impact of Financial Leverage, Size and Assets Structure on Firm Value: Evidence from Industrial Sector, Jordan. International Business Research, 13(1), 109–120. https://doi.org/10.5539/ibr.v13n1p109

Al Ani, M. K. (2014). Effects of Assets Structure on the Financial Performance: Evidence From Sultanate of Oman. Journal of US-China Public Administration, 11(2), 170–179.

Atmaja, L. S. (2008). Manajemen Keuangan. Yogyakarta: Andi.

Babatunde, M. A., & Olaniran, O. (2009). The effects of internal and external mechanism on governance and performance of corporate firms in Nigeria. Corporate Ownership & Control, 7(2), 330–344.

Barakat, A. (2014). The Impact of Financial Structure, Financial Leverage and Profitability on Industrial Companies Shares Value (Applied Study on a Sample of Saudi Industrial Companies). Research Journal of Finance and Accounting, 5(1), 55–66.

Brigham Eugene, F., & Joe, F. (2006). Houston.(2006). Dasar-Dasar Manajemen Keuangan. Alih Bahasa Ali Akbar Yulianto. Buku Satu. Edisi Sepuluh. Jakarta: Selemba Empat.

Craig, S. (2005). IT Governance Framework-Best Practices. Forrester Research, 1–17.

Dewi, K., Rasmini, N. K., & Ratnadi, N. M. D. (2019). The Effect of Independent Board of Commissioners, Institutional Ownership, and Managerial Ownership in Firm Values with Environmental Disclosure as Moderating Variable. International Journal Sciences: Basic and Apllied Research, 48(2), 53–67.

Fajaria, A. Z., & Isnalita. (2018). The Effect of Profitability, Liquidity, Leverage and Firm Growth of Firm Value with its Dividend Policy as a Moderating Variable. International Journal of Managerial Studies and Research, 6(10), 55–69. https://doi.org/10.20431/2349-0349.0610005

Fama, E. (1980). Agency problems and theory of the firm. Journal of Political Economy, 88, 288–307.

Fama, E. F., & Jensen, M. C. (1983). Agency problems and residual claims. The Journal of Law and Economics, 26(2), 327–349.

Fatoni, H. A., & Sulhan, M. (2020). Pengaruh Good Corporate Governance Terhadap Nilai Perusahaan Dengan Profitabilitas Sebagai Variabel Mediasi. Ekspansi: Jurnal Ekonomi, Keuangan, Perbankan Dan Akuntansi, 12(1), 77–94. https://doi.org/10.35313/ekspansi.v12i1.1888

Ghozali, I. (2013). Aplikasi Analisis Multivariate dengan Program IBM 23. Semarang: Badan Penerbit Universitas Diponegoro.

Ibrahim, U. A., & Isiaka, A. (2020). Effect of Financial Leverage on Firm Value: Evidence From Selected Firms Quoted on the Nigerian Stock Exchange. European Journal of Business and Management, 12(3), 124–135. https://doi.org/10.7176/ejbm/12-3-16

Indriyani, E. (2017). Pengaruh Ukuran Perusahaan dan Profitabilitas Terhadap Nilai Perusahaan. Akuntabilitas: Jurnal Ilmu Akuntansi, 10(2), 333–348. https://doi.org/10.15408/akt.v10i2.4649

Jensen, M. C., & Meckling, W. H. (1976). Theory of the Firm : Managerial Behavior , Agency Costs and Ownership Structure Theory of the Firm : Managerial Behavior , Agency Costs and Ownership Structure.

Khakwani, M. S., Shahid, M. S., & Hamza, A. (2016). Effect of Corporate Governance and Financial Leverage on Market value Added in Pakistan. Journal of Accounting and Finance in Emerging Economies, 2(1), 17–26. https://doi.org/10.26710/jafee.v2i1.49

Lisa, E., & Sutama, dedi R. (2018). Pengaruh Leverage dan Profitabilitas terhadap Nilai Perusahaan (Studi pada Perusahaan Sektor Manufaktur Food and Beverage yang terdaftar di Bursa Efek Indonesia). Jurnal Sains Manajemen Dan Akuntansi, X(1), 21–39.

Mardiyanto, H. (2009). Intisari Manajemen Keuangan. PT. Gramedia Widiasarana Indonesia.

Mawikere, C. Y., & Rate, P. Van. (2015). Pengaruh Stabilitas Penjualan Struktur Aktiva Terhadap Struktur Modal Perusahaan Automotive and Allied Product yang Terdaftar di BEI Periode 2010-2013. Jurnal EMBA, 3(3), 149–159.

Modigliani, F., & Miller, M. H. (1958). The cost of capital, corporation finance and the theory of investment. The American Economic Review, 48(3), 261–297.

Nayli, I., & Mardani, R. M. (2018). Analisis Pengaruh Good Corporate Governance Terhadap Nilai Perusahaan. E-Jurnal Riset Manajemen.

Nurhaiyani. (2018). Pengaruh Corporate Governance, Leverage Dan Faktor Lainnya Terhadap Nilai Perusahaan Non-Keuangan. Jurnal Bisnis Dan Akuntansi, 20(2), 107–116. https://doi.org/10.34208/jba.v20i2.415

Nyamasege, D., Okibo, W. B., Nyang’au, A. S., & Sang’ania, P. O. (2014). Effect of Asset Structure on Value of A Firm : A Case of Companies Listed in Nairobi Securities Exchange. Reseacrh Journal of Finance and Accounting, 5(9), 97–103.

Obradovich, J., & Gill, A. (2012). The Impact of Corporate Governance and Financial Leverage on the Value of American Firms. International Research Journal of Finance and Economics, (91), 1–14.

Okiro, K., Aduda, P. J., & Omoro, N. (2015). The Effect of Corporate Governance and Capital Structure on Performance of Firms Listed at Rhe East African Community Securities Exchange. European Scientific Journal, 11(7), 504–533.

Oktaviani, M., Rosmaniar, A., & Hadi, S. (2019). Pengaruh Ukuran Perusahaan (SIZE) dan Struktur Modal Terhadap Nilai Perusahaan. Jurnal Balance, XVI(1), 102–111.

Onasis, K., & Robin. (2016). Pengaruh Tata Kelola Perusahaan terhadap Nilai Perusahaan pada Perusahaan Sektor Keuangan yang Terdaftar di BEI. Bina Ekonomi, 20(1), 1–22. https://doi.org/10.26593/be.v20i1.1893.1-22

Onyenwe, N. I., & Glory, I. (2017). Effect of Financial Leverage on Firm’s Performance: A Study of Nigerian Banks (2006-2015). International Journal of Recent Scientific Research, 8(7), 18554–18564. https://doi.org/10.24327/IJRSR

Permatasari, N. putri, Isharijadi, I., & Wihartanti, L. V. (2020). Pengaruh EPS, PER dan PBV Terhadap Harga Saham (Studi Pada Perusahaan Sektor Manufaktur yang terdaftar di JII). Jurnal Akuntansi Netral, Akuntabel, Objektif, 2(2), 284–292.

Pribadi, M. T. (2018). Pengaruh Struktur Aset, Ukuran Perusahaan, Likuiditas Dan Profitabilitas Terhadap Nilai Perusahaan Dagang Besar Yang Terdaftar di Perusahaan Bursa Efek Indonesia. Progress Conference, 1(1), 372–385.

Purwanti, T. (2020). The Effect of Profitability, Capital Structure, Company Size, and Dividend Policy on Company Value on the Indonesia Stock Exchange. International Journal of Seocology, 1(2), 60–66. https://doi.org/10.29040/seocology.v1i02.9

Purwohandoko. (2017). The Influence of Firm’s Size, Growth, and Profitability on Firm Value with Capital Structure as the Mediator: A Study on the Agricultural Firms Listed in the Indonesian Stock Exchange. International Journal of Economics and Finance, 9(8), 103–110. https://doi.org/10.5539/ijef.v9n8p103

Putra, R. N. A. (2016). The Effect of Board Governance on Firm Value. Efektif Jurnal Ekonomi Dan Bisnis, 7(2), 87–108.

Rosada, F. L. A., & Idayati, F. (2017). Pengaruh Profitabilitas Terhadap Nilai Perusahaan Otomotif Di Bursa Efek Indonesia. Jurnal Ilmu Dan Riset Akuntansi, 6(1), 256–274.

Rudangga, I. G. N. G., & Sudiarta, G. M. (2016). Pengaruh Ukuran Perusahaan, Leverage, Dan Profitabilitas Terhadap Modal Intelektual Perusahaan. E-Jurnal Manajemen Universitas Udayana, 5(7), 4394–4422.

Rulimo, P. L., Alam, S., & Pakki, E. (2019). Tekstildan Garment Yang Terdaftar, 05(02), 153–164.

Safitri, N., & Wahyuati, A. (2015). Pengaruh Struktur Modal Dan Keputusan Investasi Terhadap Profitabilitas Dan Nilai Perusahaan. Jurnal Ilmu Dan Riset Manajemen, 4(2), 1–17. https://doi.org/10.25105/jat.v2i1.4829

Setiadharma, S., & Machali, M. (2017). The Effect of Asset Structure and Firm Size on Firm Value with Capital Structure as Intervening Variable. Journal of Business & Financial Affairs, 6(4), 1–5. https://doi.org/10.4172/2167-0234.1000298

Smith, C. W., & Warner, J. B. (1979). Bankruptcy, secured debt, and optimal capital structure: Comment. The Journal of Finance, 34(1), 247–251.

Sobirin, A. (2007). Budaya Organisasi (Pengertian, Makna dan Aplikasinya dalam Kehidupan Organisasi). Yogyakarta: UPP, STIM YKPN.

Sofia, N. N., & Akhmadi. (2018). Pengaruh Profitabilitas dan Ukuran Perusahaan Terhadap Nilai Perusahaan dengan Kebijakan Hutang Sebagai Variabel Intervening. Tirtayasa Ekonomika, 13(1).

Suharyadi, & Purwanto, S. K. (2017). Statistika untuk Ekonomi dan Keuangan Modern (Cetakan Ke). Jakarta: Salemba Empat.

Ukhriyawati, C. F., Ratnawati, T., & Riyadi, S. (2017). The Influence of Asset Structure , Capital Structure , Risk Management and Good Corporate Governance on Financial Performance and Value of The Firm through Earnings and Free Cash Flow As An Intervening Variable in Banking Companies Listed in Indonesia Sto. International Journal of Business and Management, 12(8), 249–260. https://doi.org/10.5539/ijbm.v12n8p249

Zuhroh, I. (2019). The Effects of Liquidity, Firm Size, and Profitability on the Firm Value with Mediating Leverage. KnE Social Sciences, 3(13), 203–230. https://doi.org/10.18502/kss.v3i13.4206




DOI: https://doi.org/10.35836/jakis.v9i2.260

Article metrics

Abstract views : 1927 | views : 1027

Refbacks

  • There are currently no refbacks.


Bookmark and Share


Copyright (c) 2021 Ayu Franciska, Rosyid Nur Anggara Putra

Creative Commons License
This work is licensed under a Creative Commons Attribution-ShareAlike 4.0 International License.

JAKIs was indexed by: