DETERMINAN NILAI PERUSAHAAN DI BURSA EFEK INDONESIA

Main Article Content

Anthony Holly

Keywords

Firm Value, Profitability, Liquidity, Dividend, Firm Size

Abstract

The aim of the study is to assess determinant of firm value as profitability, dividend policy, firm size and liquidity for manufacturing companies listed in Indonesia Stock Exchange in 2010-2014. This study using manufacturing companies listed in Indonesia Stock Exchange as sample. Sample selected by purposive sampling method. Sample size generated by this method is 14 companies. Data type used in this study is quantitative data. Data souce in this study is secondary data. The data were then analyzed using multiple linier regression analysis to analysis dependent variable, Firm value (TQ), and independent variable such as profitability, dividend policy, firm size and liquidity.The research results revealed that profitability, dividend policy and liquidity have positive and significant effect to firm value. However other firm size has positive but no significant effect to firm value.

Abstract 953 | PDF Downloads 0

References

Amidu, M. (2007). How Does Dividend Policy Affect Performance Of The Firm On Ghana
Stock Exchange? Investment Management and Financial Innovation, 4:103-112.
Barakat, A. (2014). The Impact of Financial Structure, Financial Leverage, and Profitability on
Industrial Companies Shares Value. Research Journal of Finance and Accounting,
5:55-66.
Chen, L.J. & Chen, S.Y. (2011).The Influence of Profitability on Firm Value with Capital
Structure as the Mediator and Firm Size and Industry as Moderators. Investment
Management and Financial Innovations, 8:121-129.
Eisenhardt, K.M. (1989). Agency Theory: An Assessment and Review. Academy of
Management Review, 14:57-74.
Fama, E.F. (1978). The Effect of a Firm’s Investment and Financing Decision on Welfare of
Its Security Holders. American Economic Review, 68: 272-278.
Febriyanti, M. (2012). Faktor-Faktor yang Memengaruhi Nilai Perusahaan pada Industri
Pertambangan di Bursa Efek Indonesia. Jurnal Bisnis dan Akuntansi, 14:141-156.
Gamayuni, R.R. (2015). The Effect of Intangible Asset, Financial Performance and Financial
Policies on The Firm Value. International Journal of Scientific & Technology Reserach,
4:202-212.
Ghosh, S. & Ghosh, A. (2008). Do Leverage, Dividend Policy, and Profitability Influence the
Future Value of Firm? Evidence From India. Electronic copy available at:
http://ssrn.com/abstract=1158251
Hermuningsih, S. (2012). Pengaruh Profitabilitas, Size terhadap Nilai Perusahaan dengan
Struktur Modal sebagai Variabel Intervening. Jurnal Siasat Bisnis, 16:232-242.
Jensen, M. & Meckling, W. (1976). Theory Of The Firm: Managerial Behavior, Agency Costs
And Ownership Structure. Journal of Financial Economics, 3:305-360.
Juhandi, N., Sudarma, M., Aisjah, S. & Rofiaty. (2013). The Effects of Internal Factors and
Stock Ownership Structure On Dividend Policy On Company’s Value. International
Journal of Business and Management Invention, 2:6-18.
Kodongo, O., Mokoaleli-Mokoteli, T. & Maina, L. (2014). Capital Structure, Profitability, and
Firm Value: Panel Evidence of Listed Firms in Kenya. MPRA Paper, 6:1-19.
Mathanika,T., Virginia, A.G.V. & Paviththira, R. (2015). Impact of Capital Structure on Firm
Value: Evidence From Listed Manufacturing Companies On Colombo Stock Exchange
(CSE) in Sri Lanka. Proceeding on International Conference on Contemporary
Management, 1:24-35.
Moeljadi & Supriyati, T.S. (2014). Factors Affecting Firm Value: Theoretical Study on Public
Manufacturing Firms in Indonesia. South East Asia Journal of Contemporary Business,
Economics, and Law, 5:6-15.
Mule, R.K., Mukras, M.S. & Nzioka, O.M. (2015). Corporate Size, Profitability, and Market
Value: An Econometric Panel Analysis of Listed Firm in Kenya. European Scientific
Journal, 11:376-396.
Myers, S.C. & Majluf, N.S. (1984). Corporate Financing and Investment Decisions When
Firms Have Information that Investors Do Not Have. Journal of Financial Economics,
13:187-221.
Naceur, S.B. & Goaied, M. (2002). The Relationship Between Dividend Policy, Financial
Structure, Profitability, and Firm Value. Applied Financial Economics, 12:843-849.
Ng, S., & Daromes, F. E. (2016). Peran Kemampuan Manajerial sebagai Mekanisme
Peningkatan Kualitas Laba dan Nilai Perusahaan. Jurnal Akuntansi dan Keuangan
Indonesia, 13(2), 174-193.
Pourali, M.R. & Arasteh, F. (2013). A Theoretical Study of Relationship between Liquidity,
Corporate Governance, and Firm Value. International Research Journal of Applied and
Basic Sciences, 4:943-946.
Putu, N.N.G.M., Moeljadi, & Djumahir, Djazuli, A. (2014). Factors Affecting Firms Value of
Indonesia Public Manufacturing Firms. International Journal of Business and
Management Invention, 3:35-44
Rajhans, R.K. & Kaur, K. (2013). Financial Determinants of Firm’s Value Evidence from
Indian Firms. International Journal of Business Economics & Management Research,
3:70-76.
Spence, A.M. (1973). Job Market Signalling. Quarterly Journal of Economics, 87:355-374.
Vishnani, S. & Shah, B.K. (2008). Value Relevance of Published Financial Statements with
Special Emphasis on impact of Cash Flow Reporting. International Research Journal of
Finance and Economics, 17:84-90.