PENGARUH PROFITABILITAS DAN UKURAN PERUSAHAAN TERHADAP NILAI PERUSAHAAN DENGAN STRUKTUR MODAL SEBAGAI VARIABEL INTERVENING PADA PERUSAHAAN SEKTOR INDUSTRI BARANG KONSUMSI YANG TERCATAT DI BURSA EFEK INDONESIA (BEI)

Nadila Andara Putri, A. Sakir

Abstract


Abstract: This study aims to see how the influence of profitability and firm size on firm value with capital structure as an intervening vvariabel in consumer goods industrial sector companies listed on the Indonesia Stock Exchange. Profitability is measured by Return On Equity, firm size is measured by Ln total sales, capital structure is measured by comparing Debt To Equity Ratio, and firm value is measured using Tobin's Q. This study uses panel data with a sample of 23 consumer goods industry companies in Indonesia for the 2015-2019 period which was taken using the purposive sampling method and analyzed using the Path Analysis method. The results showed that profitability had a positive and significant effect on firm value, firm size had a positive and insignificant effect on firm value, profitability had a positive and significant effect on capital structure, firm size had a positive and insignificant effect on capital structure, and capital structure was unable to mediate the effect. profitability on firm value, capital structure is not able to mediate the effect of firm size on firm value, capital structure has a negatif and insignificant effect on firm value.


Keywords


Profitability, Firm Size, Capital Structure and Firm Value

Full Text:

PDF

References


Adrianto dan B. Wibowo. 2007. Pengujian Teori Pecking Order pada Perusahaan-Perusahaan Non Keuangan LQ45 Periode 2001-2005. Manajemen Usahawan Indonesia, XXXVI (12): 43-53.

Alyousfi, A.Y.H.S., et. al. 2020. Determinant of Capital Structure: Evidence From Malaysian Firms. Asia-Pacific Journal of Business Administration. 1757-4323.

Andanika. 2017. Pengaruh Profitabilitas dan Growth Opportunity Terhadap Nilai Perusahaan Dengan Struktur Modal Sebagai Variabel Intervening Pada Perusahaan Yang Terdaftar di Jakarta Islamic Index. Skripsi. Universitas Islam Negeri Alauddin Makassar.

Anjarwati, Kenti., Mochammad Chabachib., dan Irene Rini Demi P. 2016.

Pengaruh Profitabilitas, Size, dan Likuiditas terhadap Nilai Perusahaan

Manufaktur di Indonesia dengan Struktur Modal sebagai Variabel

Intervening. Dipeonegoro Journal Of Finance.

Atmaja, Lukas Setia. 2008. Teori dan Praktek Manajemen Keuangan. Yogyakarta: Penerbit ANDI.

Bisnis Indonesia. 2020. Kinerja Indeks Sektoral, Barang Konsumsi Tetap Dicari. 3 April. Halaman 10.

Brealey, R,A., dan S.C. Myers. 2003. Principle of Corporate Finance. Seventh Edition. New York: McGrawHill.

Brigham, E. F. dan Weston, J. F., 1991. Dasar-Dasar Manajemen Keuangan. Edisi Ketujuh. Jilid 2. Jakarta: Penerbit Erlangga.

Chen, Li and Chen, Shun-Yu. 2011. The Influence of Profitability on Firm Value With Capital Structure as The Mediator and Firm Size and Industri as Moderators. Investment Management and Financial Innovations. 8(3).

Christiawan, Jogi Y. dan Tarigan, Josua. 2007. Kepemilikan Manajerial: Kebijakan Hutang, Kinerja dan Nilai Perusahaan. Jurnal Akuntansi dan Keuangan. Vol. 9, No. 1

Cuong, Nguyen Thanh. 2014. Treshold Effect of Capital Structure on Firm Value: Evidence From Seafood Processing Enterprises in the South Central Region of Vietnam. International Journal of Finance and Banking Studies. Vol. 3. No. 3.

Eli, S. 2008. Pengaruh Struktur Modal dan Pertumbuhan Perusahaan Terhadap Nilai Perusahaan Pada Perusahaan Manufaktur Di Bursa Efek Jakarta. Thesis.

Frank, Z. dan Goyal, K. 2008. Trade-Off and Pecking Order Theoris Of Debt, Hanbook Of Corporate Finance, Vol. 12.

Ghozali, I. 2016. Aplikasi Analisis Multivariate dengan Program IBM SPSS 25. Semarang: Badan Penerbit Universitas Diponegoro.

Gujarati, Damodar N. Dawn C. Porter. (2010). Basic Econometrica. Fifth Edition. New York : Mc Graw Hill.

Hamidy, R. Rusdi. 2014. Pengaruh Struktur Modal Terhadap Nilai Perusahaan dengan Profitabilitas sebagai Variabel Intervening pada Perusahaan Properti dan Real Estate di Bursa Efek Indonesia. Tesis. Universitas Udayana.

Hanafi, Mamduh M. 2014. Manajemen Keuangan. Yogyakarta: BPFE

Harris, M. dan Raviv, A. 1991. The Theory Of Capital Stucture. The Journal Of Finance. Vol. XLVI, No 1.

Haugen, R.A., Baker, N.L. (1996). Commonality in the determinants of expected stock returns, Journal of Financial Economics 41, 401–439.

Hermuningsih, Sri. 2012. Pengaruh Profitabilitas, Size, Terhadap Nilai Perusahaan Dengan Struktur Modal Sebagai Variabel Intervening. Jurnal Siasat Bisnis. Vol. 16 No. 2: 232-242.

Husnan., Suad. 2001. Dasar-dasar Teori Portfolio dan Analisis Sekuritas, Edisi Ketiga. Yogyakarta: UPP AMP YKPN.

Liu, H., Chiang, Y., dan Tsai, Hui-Ju. 2020. The Impact Of Loan Rollover Restrictions on Capital Structure Adjustments, Leverage Deviations, and Firm Values. Pasific-Basin Finance Journal.

Mahendra, A., Artini, L. G., & Suarjaya, A. G. (2012). Pengaruh Kinerja Keuangan terhadap Nilai Perusahaan pada Perusahaan Manufaktur di Bursa Efek Indonesia. Jurnal Manajemen, Strategi Bisnis, dan Kewirausahaan. Vol. 6, No. 2 Agustus 2012.

Modigliani, F. & Miller, M.H., 1958. The Cost of Capital, Corporation Finance and The Theory of Investment. American Economic Review. 48 (3), 261–297.

Myers, S.C. dan Majluf, N.S. 1984. Corporate Financing and Investment Decisions When Firm Have Information That Investors Do Not Have. Journal Financial Economic. 13 (2), 187-221.

Ngatemin, Maksum A., Erlina, Sirojuzilam. 2018. Value Of The Firm In Capital Structure Perspective (Case study of tourism companies in Indonesia Stock Exchange). Economics. Vol.6, No.1.

Prasetyorini, Bhekti Fitri. 2013. Pengaruh ukuran perusahaan, leverage, price earning ratio dan profitabilitas terhadap nilai perusahaan. Jurnal Ilmu Manajemen. 1.1: 183-196.

Purwohandoko. 2017. The Influence of Firm’s Size, Growth, and Profitability on Firm Value With Capital Structure as a Mediator: A Study on the Agricultural Firm Listed in the Indonesia Stock Exchange. International Journal of Economics and Finance. Vol. 9, No. 08.

Pontoh, Winston dan Ventje Ilat. 2013. Determinant Capital Structure and Profitanility Impact (Study of Listed Company in Indonesian Stock Exchange). Research Journal of Finance and Accounting. ISSN 222-1697. Vol.4 No 15.

Rajan, R.G. dan Zingales, I. 1995. What do we know about capital structure? Some evidence from international data. Journal of Finance, Vol. 50: 1421- 1460.

Sakaran, U. and Bougie, R. 2016. Research Methods for Business: A-Skill Building Approach. 7th Ed. Chichester, West Sussex, United Kingdom : John Wiley & Sons.

Sartono, A. 2008. Manajemen Keuangan Teori dan Aplikasi, Edisi Empat. Yogyakarta: BPFE.

Schoubben, F., dan C. Van Hulle. 2004. The Determinant of Leverage: Difference beetwen Quoted and Non Quoted Firms. Tijdschrift voor Economie en Management. XLIX (4): 589-621.

Setiadharma, S. and Machali, M., 2017. The Effect of Assets Structure and Firm Size on Firm Value With Capital Structure as Intervening Variabels. Journal of Business and Financial Affairs. 6(4), 2-5.

Sibindi, A.B. dan Makina, D. 2018. Are the Determinant of Banks’ and insurers’ capital structures homogeneous? Evidence Using South African Data. Cogent Economics & Finance. 6: 1519899.

Sujoko & Soebiantoro. 2007. Pengaruh Kepemilikan Saham, Leverage, Faktor Intern dan Faktor Ekstern Terhadap Nilai Perusahaan (Studi Emperik Pada Perusahaan Manufaktur di Bursa Efek Jakarta). Jurnal Manajemen dan Kewirausahaan. 9 (1). 41-48.

Sofyaningsih, Sri dan Pancawati Hardiningsih. 2011. Struktur Kepemilikan, Kebijakan Dividen, Kebijakan Utang dan Nilai Perusahaan. Dinamika Keuangan dan Perbankan. ISSN: 1979-4878. Vol. 3, No.1.

Soliha, Euis dan Taswan, 2002. Pengaruh Kebijakan Hutang Terhadap Nilai Perusahaan serta Beberapa Faktor yang Mempengaruhinya. Jurnal Bisnis dan Ekonomi. STIE STIKUBANK, Semarang.

Titman, S., and Wessel, R. 1988. The Determinants of Capital Structure Choice. The Journal Of Finance. Vol. 43. No. 1.

Sari, I.A.G.D.M. dan Sedana, I.B.P. 2020. Profitability and Liquidity on Firm Value and Capital Structure as Intervening Variabel. International Research Journal of Management, IT, & Social Sciences. Vol. 7 No. 1: 116-127.

Velnampy, T. and Niresh, J.A. (2012) The Relationship between Capital Structure and Profitability. Global Journal of Management and Business Research, 12, 66.

Vo, X. V. 2017. Determinants of Capital Structure in Emerging Markets: Evidence from Vietnam. Research in International Business and Finance.

Weston, Fred. J dan Copeland Thomas, E. 2011. Manajemen Keuangan, Edisi Revisi, Jilid 1. Jakarta: Binarupa Aksara.

Yang, et. al. 2010. Co-Determination of Capital Structure and Stock Returns-A LISREL Approach. The Quarterly Review of Economics and Finance, 50(2), 222-233.

Yulianto, H. 2018. Pengaruh Profitabilitas, Likuiditas, Ukuran Perusahaan, dan Keputusan Investasi Terhadap Nilai Perusahaan Dengan Struktur Modal Sebagai Variabel Intervening. Skripsi. Institut Agama Islam Negeri Salatiga.

Zuhroh, I. 2019. The Effects of Liquidity, Firm Size, and Profitability on the Firm Value with Mediating Leverage in The 2nd International Conference on Islamic Economics, Business, and Philanthropy (ICIEBP). KnE Social Sciences, pages 203–230.




DOI: https://doi.org/10.24815/jimen.v7i1.18486

Refbacks

  • There are currently no refbacks.


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

 

Tim Redaksi:

Jurusan Manajemen Fakultas Ekonomi dan Bisnis, Universitas Syiah Kuala

Lantai II Gedung Induk

Darussalam, Banda Aceh, 2311

email: jim.manajemen@feb.usk.ac.id

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