PENGARUH STRUKTUR MODAL, PROFITABILITAS, UKURAN PERUSAHAAN, KEPUTUSAN INVESTASI TERHADAP NILAI PERUSAHAAN
Abstract
Tujuan penelitian ini guna untuk menganalisis pengaruh Struktur Modal, Profitabilitas, Ukuran Perusahaan, Keputusan Investasi terhadap Nilai. Variabel struktur modal diproksikan dengan DER (Debt Equity Ratio), profitabilitas diproksikan dengan GPM (Gross Profit Margin) Ukuran Perusahaan diproksikan dengan log natural total penjualan, keputusan investasi diproksikan dengan ROI (Return on Investment) serta Nilai Perusahaan yang diproksikan dengan PBV (Price to Book Value). Data yang digunakan dalam penelitian ini merupakan data sekunder yang bersumber dari Bursa Efek Indonesia yang dapat diakses pada https://www.idx.co.id/id dimana populasi dalam penelitian ini merupakan perusahaan pariwisata yang terdaftar di Bursa Efek Indonesia tahun 2019 hingga 2022 dengan total sampel 36. Metode penentuan sampel menggunakan teknik purposive sampling. Teknik analisis yang dilakukan dengan pengujian berupa statistik deskriptif, pemilihan model, asumsi klasik, kelayakan model dan uji hipotesis. Hasil penelitian menunjukkan struktur modal berpengaruh dengan arah positif terhadap nilai perusahaan, profitabilitas memiliki pengaruh yang negatif terhadap nilai perusahaan, ukuran perusahaan berpengaruh terhadap nilai perusahaan dengan arah negatif, dan keputusan investasi tidak memiliki pengaruh terhadap nilai perusahaan.
References
Adhitya, D., Hermanto, S. B., & Ardini, L. (2022). The Influence of Investment Decisions, Funding, and Profitability on Company Value with Corporate Governance as Moderator. Jurnal Administrare: Jurnal Pemikiran Ilmiah Dan Pendidikan Administrasi Perkantoran, 9 (1), 77–94. https://doi.org/10.37301/jmubh.v17i1.19991
Agustiningsih, W., & Septiani, N. D. (2022). Pengaruh ukuran perusahaan, leverage, dan profitabilitas terhadap nilai perusahaan. Fair Value: Jurnal Ilmiah Akuntansi Dan Keuangan, 5(3), 1433–1440. https://doi.org/10.32670/fairvalue.v5i3.2465
Anita, siska yulia, EDT, R. wahyuni, Suryantari, E. putri, Nurhayati, H. N., Yucha, N., Mahanavami, G. ayu, Husain, F., Siregar, B. G., Atmoko, A. D., Tantra, I. W., Jumati, N., Khairo, F., Salijah, E., & Mayliza, R. (2023). Manajemen keuangan. Cv. Intelektual Manifes Media. https://books.google.co.id/books?id=oaq5EAAAQBAJ
Ardian, V., & Wahyudi, I. (2023). Pengaruh Profitabilitas, Likuiditas, Leverage, dan Aktivitas terhadap Nilai Perusahaan yang Dimoderasi Corporate Social Responsibility. JURNAL MAHASISWA, 5(1), 212–236.
https://doi.org/https://doi.org/10.51903/jurnal%20mahasiswa.v5i1.584 Damayanti, R., & Sucipto, A. (2022). The Effect Of Profitability, Liquidity, And
Leverage On Firm Value With Dividend Policy As Intervening Variable (Case Study On Finance Sector In Indonesian Stock Exchange 2016-2020 Period). International Journal of Economics, Business and Accounting Research (IJEBAR), 6(2), 863–876. https://doi.org/10.29040/ijebar.v6i2.5363
Dang, H. N., Vu, V. T. T., Ngo, X. T., & Hoang, H. T. V. (2019). Study the Impact of Growth, Firm Size, Capital Structure, and Profitability on Enterprise Value: Evidence of Enterprises in Vietnam. Journal of Corporate Accounting & Finance, 1(1), 144–160. https://doi.org/https://doi.org/10.1002/jcaf.22371
Dewayani, P., & Febyansyah, A. (2022). Pengaruh Profitabilitas, Struktur Modal, dan Pertumbuhan Perusahaan Terhadap Nilai Perusahaan. Journal Advancement Center for Finance and Accounting, 2(3), 394–412. https://ejournal.stei.ac.id/index.php/ijbam/article/view/601
Diantimala, Y., Syahnur, S., Mulyany, R., & Faisal, F. (2021). Firm size sensitivity on the correlation between financing choice and firm value. Cogent Business and Management, 8(1), 1–20. https://doi.org/10.1080/23311975.2021.1926404
Handayani, S., & Karnawati, Y. (2021). Relevansi Informasi dalam Pengambilan Keputusan Investor di Pasar Modal. Jurnal Ekonomi : Journal of Economic, 12(01), 77–92. https://doi.org/10.47007/jeko.v12i01.4083
Handini, S. (2020). Buku ajar : manajemen keuangan. Scopindo media pustaka. https://books.google.co.id/books?id=_2b-DwAAQBAJ
Hendrani, A., & Septyanto, D. (2021). The Effect of Return on Asset, Debt to Equity Ratio and Company Size on Company Value in Manufacturing Companies in the Food and Beverage Sub-Sector on the IDX for 2014-2018. KnE Social Sciences, 2021, 681–693. https://doi.org/10.18502/kss.v5i5.8851
Hermanto, & Aryani, E. (2020). Effect of Working Capital, Debt Policy and Firm Size on Firm Value with Profitability as an Intervening Variable. Enrichment: Journal of Management, 12(1), 1081–1091. https://enrichment.iocspublisher.org/index.php/enrichment/article/view/364
Hirdinis, M. (2019). Capital structure and firm size on firm value moderated by profitability. International Journal of Economics and Business Administration, 7(1), 174–191. https://doi.org/10.35808/ijeba/204
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
Komara, A., Ghozali, I., & Januarti, I. (2020). Examining the Firm Value Based on Signaling Theory. Advances in Economics, Business and Management Research, 123(1), 1–4. https://doi.org/https://doi.org/10.2991/aebmr.k.200305.001
Komarudin, M., & Affandi, N. (2019). Firm Value, Capital Structure, Profitability, Firm Characteristic and Disposable Income as Moderator: an Empirical Investigation of Retail Firms in Indonesia. Inovbiz, 7, 79–85. http://ejournal.polbeng.ac.id/index.php/IBP/article/view/943/410
Leman, W., Suriawinata, I. S., & Noormansyah, I. (2020). The Effect Of Capital Structure, Profitability And Company Size On Value Of Companies In The Automotive Industry Sector Listed On IDX 2014-2018. Indonesian Journal of Business, Accounting and Management, 3(2), 77–82. https://doi.org/10.36406/ijbam.v3i2.601
Ma’ruf, A. (2022). Analisis Strategi: Panduan Praktis Swot, Ge – Mckinsey, Space, Ffa, Qspm, Ahp Menggunakan Microsoft Excel. Penerbit Andi. https://books.google.co.id/books?id=IaGSEAAAQBAJ
Mahruzal, & Muammar Khaddafi. (2020). The Influence of Gross Profit Margin, Operating Profit Margin and Net Profit Margin on the Stock Price of Consumer Good Industry in the Indonesia Stock Exchange on 2012-2014. International Journal of Business, Economics and Social Development, 1(3), 153–163. http://journal.rescollacomm.com/index.php/ijbesd/article/view/53/55
Margono, F. P., & Gantino, R. (2021). Influence of Firm Size, Leverage, Profitability, and Dividend Policy on Firm Value of Companies in Indonesia Stock Exchange. Copernican Journal of Finance & Accounting, 10(2), 45–61. https://doi.org/10.12775/cjfa.2021.007
Mulyani, R., & Oktaviani, R. F. (2022). Analysis of Funding and Investation Decisions To the Value of Company With Profitability As Moderation in Pharmacy Sub- Sector Companies Before and During the Covid-19 Pandemic. JESKaPe : Jurnal Ekonomi Syariah, Akuntansi Dan Perbankan, 6(2), 224–236. https://doi.org/https://doi.org/10.52490/jeskape.v6i2.515
Ngatno, Apriatni, E. P., & Youlianto, A. (2021). Moderating Effects of Corporate Governance Mechanism on The Relation Between Capital Structure and Firm Performance. Cogent Business and Management, 8(1), 1–22. https://doi.org/https://doi.org/10.1080/23311975.2020.1866822
Nurdiniah, D., & Munandar, A. (2020). Analisis Hubungan Dewan Komisaris Independen, Voluntary Disclosure, Firm Size Dan Cost of Debt. Jurnal Riset Manajemen Dan …, 5(1), 245–256. http://jrmb.ejournal- feuniat.net/index.php/JRMB/article/view/346
Nurindrayani, A., & Indrati, M. (2022). Pengaruh profitabilitas, likuiditas, dan price earning ratio terhadap nilai perusahaan. Fair Value: Jurnal Ilmiah Akuntansi Dan Keuangan, 5(5), 2156–2165. https://doi.org/10.32670/fairvalue.v5i5.2724
Oktaviani, R. F. (2020). Effect of Firm Growth and Firm Size on Company Value with Earning Per Share As Moderation. Eaj (Economics and Accounting Journal), 3(3), 219–227. https://doi.org/10.32493/eaj.v3i3.y2020.p221-229
Peranginangin, A. M. (2019). The Effect of Profitabilty, Debt Policy and Firm Size on Company Value in Consumer Goods Companies. Abstract Proceedings International Scholars Conference, 7(1), 1217–1229. https://doi.org/10.35974/isc.v7i1.1587
Purwaningsih, E., & Siddki, M. A. (2022). Pengaruh Keputusan Investasi, Pendanaan dan Dividen Terhadap Nilai Perusahaan. Jurnal Aktiva : Riset Akuntansi Dan Keuangan, 3(3), 104–118. https://doi.org/10.52005/aktiva.v3i3.120
Ramadhan, Y., & Widia, putri S. (2020). Pengaruh kebijakan dividen, leverage, ukuran perusahaan, dan kepemilikan manajerial terhadap nilai perusahaan. JCA Ekonomi, 1(1), 64–77.
Ramli, N. A., Latan, H., & Solovida, G. T. (2019, February 7). Determinants of Capital Structure and Firm Financial Performance – A PLS-SEM Approach: Evidence from Malaysia and Indonesia. The Quarterly Review of Economics and Finance, 71, 148–160. https://doi.org/https://doi.org/10.1016/j.qref.2018.07.001
Siregar, william A. (2017a). The Kingvestor. Media Pressindo. https://books.google.co.id/books?id=SoG3EAAAQBAJ
Siregar, william A. (2017b). The Kingvestor. Media Pressindo.
Sony, B., & Bhaduri, S. (2021). Information Asymmetry and Financing Choice Between Debt, Equity and Dual Issues by Indian Firms. International Review of Economics and Finance, 72, 90–101. https://doi.org/https://doi.org/10.1016/j.iref.2020.11.001
Sudarno, Renaldo, N., Hutahuruk, M. B., Junaedi, A. T., & Suyono. (2022). Teori Penelitian Keuangan (M. M. Andri, s.kom. (ed.)). CV Literasi Nusantara Abadi. https://books.google.co.id/books?id=LpSbEAAAQBAJ
Suteja, J., Gunardi, A., Alghifari, E. S., Susiadi, A. A., Yulianti, A. S., & Lestari, A. (2023). Investment Decision and Firm Value: Moderating Effects of Corporate Social Responsibility and Profitability of Non-Financial Sector Companies on the Indonesia Stock Exchange. Journal of Risk and Financial Management, 16(1), 1– 13. https://doi.org/10.3390/jrfm16010040
Syamsudin, S., Setiadi, I., Santoso, D., & Setiany, E. (2020). Capital Structure and Investment Decisions on Firm Value with Profitability as a Moderator. Riset Akuntansi Dan Keuangan Indonesia, 5(3), 287–295. https://doi.org/https://badge.dimensions.ai/details/doi/10.23917/reaksi.v5i3.132 17?domain=https://journals.ums.ac.id
Triani, N., & Tarmidi, D. (2019). Firm Value: Impact of Investment Decisions, Funding Decisions and Dividend Policies. International Journal of Academic Research in Accounting, Finance and Management Sciences, 9(2), 158–163. https://doi.org/10.6007/IJARAFMS/v9-i2/6107
Whardani, P., & Mahroji. (2022). Analisis Altman Z-Score Untuk Menilai Tingkat Kesehatan Keuangan Perusahaan. Jurnal Pendidikan Dan Konseling, 4(3), 1022– 1035.
https://core.ac.uk/download/pdf/322599509.pdf%0Ahttps://journal.universitasp ahlawan.ac.id/index.php/jpdk/article/view/4669%0Ahttps://journal.universitaspa hlawan.ac.id/index.php/jpdk/article/view/4669/3181
Yanti, I. G. A. D. N., & Darmayanti, N. P. A. (2019). Pengaruh Profitabilitas, Ukuran Perusahaan, Struktur Modal, Dan Likuiditas Terhadap Nilai Perusahaan Makanan Dan Minuman. Jurnal Paradigma Akuntansi, 8(4), 2297–224. https://doi.org/https://doi.org/10.24843/EJMUNUD.2019.v8.i4.p1
Yulianti, V., & Ramadhan, Y. (2022). Pengaruh Struktur Modal, Profitabilitas dan Ukuran Perusahaan terhadap Nilai Perusahaan. Jurnal Ilmiah Indonesia, 7(3), 1386–1399. https://doi.org/https://doi.org/10.36418/syntax-literate.v7i2.6336
Mahruzal, & Muammar Khaddafi. (2020). The Influence of Gross Profit Margin, Operating Profit Margin and Net Profit Margin on the Stock Price of Consumer Good Industry in the Indonesia Stock Exchange on 2012-2014. International Journal of Business, Economics and Social Development, 1(3), 153–163. http://journal.rescollacomm.com/index.php/ijbesd/article/view/53/55
