Increasing Company Value Through Financial Policies and Performance of Manufacturing Companies Listed on The Indonesia Stock Exchange

Authors

  • Adhi Widyakto Universitas Semarang
  • Endang Tri Widyarti Universitas Diponegoro
  • Edy Suryawardana Fakultas Ekonomi Universitas Semarang

DOI:

https://doi.org/10.21580/at.v13i1.8281

Keywords:

Capital Structure, Return, Corporate value, Islamic Perspective, Signal Theory.

Abstract

The phenomenon that there are still many manufacturing industry companies on the Indonesia Stock Exchange that have a PBV smaller than one is the main basis for conducting the study. This study aims to analyze the effect of financial policy and financial performance on firm value. The sampling technique was based on purposive sampling. The data analysis technique used a linear regression model. Based on the analysis and discussion results, there are four main findings obtained from this study: First, the model used is significant to explain changes in firm value with the ability to explain 48.7 percent. Second, of the five independent variables, there are three variables: the policy in working capital management and the performance variable, namely the volatility of expectations and returns, which have a significant effect. To the value of the company. Third, the company's financial performance factors have a more dominant influence on the company's value dynamics than policy factors. Fourth, the direction coefficient of the influence of the independent variable on the dependent variable, although the two variables are not significant. The practical implication is to increase the value of a manufacturing company. Therefore, it is advisable to consider financial policies and financial performance. Theoretically, financial management based on signal theory and trade-off theory of Islamic perspective theory can increase firm value.

Downloads

Download data is not yet available.

References

Achmad, S. L., & Amanah, L. (2014). Pengaruh Keputusan Investasi, Keputusan Pendanaan, Kebijakan Dividen dan Kinerja Keuangan Terhadap Nilai Perusahaan. Jurnal Ilmu & Riset Akuntansi, 3(9), 1–15.

Atmikasari, D., Indarti, I., & Aditya, E. M. (2020). Pengaruh Profitabilitas terhadap Nilai Perusahaan dengan Kebijakan Deviden sebagai Variabel Intervening. Jurnal Ilmiah Aset, 4(1), 25–34. https://doi.org/10.52624/cash.v4i02.1802

Ayem, S., & Nugroho, R. (2016). Pengaruh Profitabilitas, Struktur Modal, Kebijakan Deviden, dan Keputusan Investasi Terhadap Nilai Perusahaan (Studi Kasus Perusahaan Manufaktur Yang Go Publik di Bursa Efek Indonesia) PERIODE 2010 - 2014. Jurnal Akuntansi, 4(1), 31–39. https://doi.org/10.24964/ja.v4i1.125

Azmat, Qurat-ul-ann. 2014. "Firm Value and Optimal Cash Level: Evidence from Pakistan". International Journal of Emerging Markets. Vol. 9 No. 4, 2014

Bagh, et all (2016). "The Impact of Working Capital Management on Firms Financial Performance: Evidence from Pakistan". International Journal of Economics and Financial Issues, 6(3), 1097-1105

Budi Setyawan. (2021). Pengaruh Modal Kerja Dan Profitabilitas Terhadap Nilai Perusahaan. Jurnal Bisnis Terapan, 5(1), 73–88. https://doi.org/10.24123/jbt.v5i1.4093

Dhani, I. P., & Utama, A. . G. S. (2017). Pengaruh Pertumbuhan Perusahaan, Struktur Modal, Dan Profitabilitas Terhadap Nilai Perusahaan. Jurnal Riset Akuntansi Dan Bisnis Airlangga, 2(1), 135–148. https://doi.org/10.31093/jraba.v2i1.28

Fanani, Z. (2010). Analisis Faktor-Faktor Penentu Persistensi Laba. Jurnal Akuntansi Dan Keuangan Indonesia, 7(1), 109–123. https://doi.org/10.21002/jaki.2010.06

Gozali, Imam. 2014. Ekonometrika, Teori, Konsep dan Aplikasi dengan IBM SPSS 22. Badan Penerbit Universitas Diponegoro, Semarang.

Gujarati, Damodar N., Porter, Dawn 2009. Basic Econometrics. McGraw Hill International Edition, New York.

Haekal Amin, J. (2021). Pengaruh Modal Kerja Bersih , Arus Kas Operasi Dan. 6(1), 92–107.

Handaru, A., & Mardiyati, U. (2014). Jurnal Dinamika Manajemen. Jdm, 5(2), 171–182.

Hasania, Z., Murni, S., & Mandagie, Y. (2016). Pengaruh Current Ratio, Ukuran Perusahaan Struktur Modal, Dan Roe Terhadap Nilai Perusahaan Farmasi Yang Terdaftar Di Bursa Efek Indonesia Periode 2011 - 2014. Jurnal Berkala Ilmiah Efisiensi, 16(3), 133–144.

Hasyim, M. A. N., & Adam, A. (2018). Pengaruh Kinerja Keuangan Internal Perusahaan Terhadap Nilai Perusahaan. Jurnal Ilmiah Akuntansi Dan Keuangan, 1(1), 96–123.

Indriawati, I., Ariesta, M., & Santoso, E. B. (2018). Pengaruh profitabilitas, keputusan Investasi, pertumbuhan perusahaan terhadap nilai perusahaan dengan kebijakan deviden sebagai variabel intervening pada perusahaan manufaktur food and beverage yang terdaftar di Bursa Efek Indonesia tahun 2012 -2016. Journal of Accounting, 1–19.

Irawan, D., & Kusuma, N. (2019). Pengaruh Struktur Modal Dan Ukuran Perusahaan Terhadap Nilai Perusahaan. Jurnal AKTUAL, 17(1), 66. https://doi.org/10.47232/aktual.v17i1.34

Kahfi, M. F., Pratomo, D., & Aminah, W. (2018). Pengaruh Current Ratio, Debt to Equity Ratio, Total Assets Turn Over dan return On Equity Terhadap Nilai Perusahaan ( Studi Kasus Pada Perusahaan Manufaktur Sektor Food and Beverage Yang Terdaftar Di Bursa Efek Indonesia Pada Tahun 2011 – 2016 ). E-Proceeding of Management, 5(1), 566–574. https://openlibrarypublications.telkomuniversity.ac.id/index.php/management/article/view/6264/6243

Kurnia, D. (2019). Profitabilitas, Kebijakan Dividen dan Harga Saham Terhadap Nilai. Jurnal Akuntans, 6(2), 178–187.

Macit, Fatih, and Topaloglu. 2012. "Why Bank Market Value to Book Value Ratios so Different: Evidence from Turkish Banking Sector". Economic and Business Review, Vol 14, No 2. 2012.

Meilina, & Tjong, W. (2019). Pengaruh Likuiditas, Profitabilitas, Dividend Payout Ratio dan Ukuran Perusahaan Terhadap Nilai Perusahaan Pada Industri Rumah Sakit Yang Terdaftar Di Bursa Efek Indonesia Periode 2015 – 2019. Jurnal EMBA, 9(1), 807–823.

Moniaga, F. (2013). Struktur Modal, Profitabilitas dan Struktur Biaya Terhadap Nilai Perusahaan Industri Keramik, Porcelen dan Kaca Periode 2007 - 2011. Jurnal EMBA, 1(4), 433–442.

Muwidha, M., Himma, M., & Riwajanti, R. (2019). Analisis Pengaruh Kinerja Keuangan Terhadap Nilai Perusahaan Dengan Kebijakan Dividen Dan Earning Per Share Sebagai Variabel Pemoderasi Pada Perusahaan Yang Tergabung Dalam Jakarta Islamic Index (Jii). Adbis: Jurnal Administrasi Dan Bisnis, 12(2), 148. https://doi.org/10.33795/j-adbis.v12i2.53

Myers, Brealey. 2014. Princples of Corporate Finance. McGraw-Hill Education (Asia), Singapore

Noerirawan, M. R. (2012). Pengaruh Faktor Internal dan Timeliness Laporan Keuangan. Universitas Diponegoro.

Noor, M. Y. (2017). Analisis Pengaruh Struktur Modal dan Perputaran Modal Kerja Terhadap Nilai Perusahaan Pada Perusahaan Manufaktur Yang Tercatat Pada Bursa Efek Indonesia. Akmen Jurnal Ilmiah, 14(2), 354–368.

Oktaviani, M. (2019). Pengaruh Ukuran Perusahaan (Size) dan Struktur Modal Terhadap Nilai Perusahaan. Balance Vol. XVI No. 1

Prastuti, N. K. R., & Sudiartha, I. G. M. (2016). Pengaruh Struktur Modal, Kebijakan Dividen, dan Ukuran Perusahaan Terhadap Nilai Perusahaan Pada Perusahaan Manufaktur. E-Jurnal Manajemen Unud, 5(3), 1572–1598.

Pouraghajan, Abbasali and Emamgholipourarchi, Milad. 2012. "Impact of Working Capital Management on Profitability and Market Evaluation: Evidence from Tehran Stock Exchange". International Journal of Business and Social Science. Vol. 3 No. 10 [Special Issue – May 2012]

Purwanto, P dan Jillian Agustin, Jillian (2017). "Financial Performance towards Value of Firms in Basic and Chemicals Industry", European Research Studies Journal, Volume XX, Issue 2A, 2017

Purbawangsa, At All. 2020. "Corporate Governance, Corporate Profitability Toward Corporate Social Responsibility Disclosure and Corporate Value (Comparative Study in Indonesia-China And India Stock Exchange in 2013-2016)". Social Responsibility Journal. Emerald Publishing Limited.

Sartika, U. D., Siddik, S., & Choiriyah. (2019). Pengaruh Inflasi, Suku Bunga, Nilai Tukar, Dan Produk Domestik Bruto Terhadap Nilai Perusahaan. Jurnal Ilmu Manajemen, 8(2), 75. https://doi.org/10.32502/jimn.v8i2.1821

Septarian, D. (2017). Pengaruh Kebijakan Dividen dan Kebijakan Hutang Terhadap Nilai Perusahaan (Studi Empiris Pada Perusahaan LQ45 di BEI Periode 2012-2015). Journal of Applied Business and Economics, 3(3), 183–195. https://gain.fas.usda.gov/Recent GAIN Publications/Agricultural Biotechnology Annual_Ottawa_Canada_11-20-2018.pdf%0Ahttps://doi.org/10.1016/j.resourpol.2020.101869%0Ahttp://dx.doi.org/10.1016/j.jenvman.2017.06.039%0Ahttp://www.oecd.org/gov/regulatory-poli

Sofyaningsih, S. (2011). Struktur Kepemilikan, Kebijakan Dividen, Kebijakan Utang dan Nilai Perusahaan Ownership Structure, Dividend Policy and Debt Policy And Firm Value. Dinamika Keuangan Dan Perbankan, 3(1), 68–87.

Sudiyatno, B., & Puspitasari, E. (2010). Pengaruh Kebijakan Perusahaan Terhadap Nilai Perusahaan Dengan Kinerja Perusahaan Sebagai Variabel Intervening (Studi pada Perusahaan Manufaktur di Bursa Efek Indonesia). Dinamika Keuangan Dan Perbankan, 2(1), 1–11.

Suhadak, at all. 2018. "GCG, financial architecture on stock return, financial performance and corporate value". International Journal of Productivity and Performance Management © Emerald Publishing Limited 1741-0401 DOI 10.1108/IJPPM-09-2017-0224.

Sukirni, D. (2012). Kepemilikan Manajerial, Kepemilikan Institusional, Kebijakan Deviden dan Kebijakan Hutang Analisis Terhadap Nilai Perusahaan. Accounting Analysis Journal, 1(2), 1–12.

Sulistiono, S. (2016). Pengaruh Struktur Modal , Kebijakan Dividen dan Investment Opportunity Set terhadap Nilai Perusahaan ( Studi pada Perusahaan-perusahaan Manufaktur di PT . Bursa Efek Indonesia ). Industrial Research, Workshop, and National Seminar, 26–34.

Suwaldiman, S., & Ramadhan, J. (2019). Asset Instrumen Keuangan Dan Free Cash Flow Terhadap Nilai Perusahaan: Dividend Payout Ratio Sebagai Pemoderasi. Jurnal Bisnis Dan Akuntansi, 21(1), 27–38. https://doi.org/10.34208/jba.v21i1.423

Syahib, N. (2000). Analisis Pengaruh Beberapa Faktor Fundamental Dan Risiko Sistematik Terhadap Harga Saham Kasus Industri Barang Konsumsi Yang Go-Publik di Pasar Modal Indonesia. Journal of Indonesian Economy and Business, 15(3), 294–312.

Tahir, Iza Mohd and Razali, Ahmad Rizal. 2011. "The Relationship between Enterpise Risk Management (ERM) and Firm Value: Evidence From Malaysian Public Listedd Companies".International Journal of Economics and Management Sciences. Vol 1, No. 2. 2011

Telaumbanua, H., Simanjuntak, V. A., Marbun, M., Sembiring, E. A. B., & Aruan, D. A. (2021). Pengaruh Struktur Modal, Perputaran Modal Kerja, Kebijakan Dividen Terhadap Nilai Perusahaan Dengan Profitabilitas Sebagai Variabel Moderatig Pada Perusahaan Infrastruktur Yang Terdaftar Dibursa Efek Indonesia Periode 2015-2018. KRISNA: Kumpulan Riset Akuntansi, 12(2), 266–277. https://doi.org/10.22225/kr.12.2.2485.266-277

Tewuh, N. E., Murni, S., Maramis, J. B., Perusahaan, P., Tidak, Y., Dividen, M., & Industri, D. I. (2020). Sub Sektor Logam Dan Lainnya Yang Terdaftar Di Bei ) Factors Affecting the Value of the Company ( in Companies That Do Not Share Dividends in the Metal and Other Sub Sector Manufacturing Industries Listed on the Idx ). 8(1), 212–221.

Utami, P., & Welas. (2019). Pengaruh Current Ratio, Return On Asset, Total Asset Turnover dan Debt To Equity Ratio Terhadap Nilai Perusahaan (Studi Empiris pada Perusahaan Manufaktur Sub Sektor Properti dan Real Estate Yang Terdaftar di Bursa Efek Indonesia Periode 2015-2017). Jurnal Akuntansi Dan Keuangan, 8(1), 57–76.

Van Horne, James C. 2005. Financial Management and Policy. Prentice Hall International Corporation. New Jersey.

Venktesh, Kavya Ms., at all. 2018. "A Study on Risk and Return Analysis and Data Envelopment Analisys of Publik and Private Sector Banks". Srusti Management Review, Vol XII, issue II, July-December 2018

Wardani, D. K., & Hermuningsih, S. (2011). Pengaruh Struktur Kepemilikan terhadap Nilai Perusahaan dengan Kinerja Keuangan dan Kebijakan Hutang sebagai Variabel Intervening. Jurnal Siasat Bisnis, 15(1), 27–36. https://doi.org/10.20885/jsb.vol15.iss1.art3

Weston, J. F., & Copeland, T. E. (1982). Managerial finance. Fort Worth : Dryden Press.

Widyawati, N. T., & Listiadi, A. (2014). Pengaruh Kinerja Keuangan Terhadap Nilai Perusahaan Dengan Pengungkapan Corporate Social Responsibility Sebagai Variabel Moderasi. Jurnal Ilmu Manajemen, 2(4), 1394–1404.

Downloads

Published

2021-06-30

Issue

Vol. 13 No. 1 (2021)

Section

Articles

License

The copyright of the received article shall be assigned to the journal as the publisher of the journal. The intended copyright includes the right to publish the article in various forms (including reprints). The journal maintains the publishing rights to the published articles. Therefore, the author must submit a statement of the Copyright Transfer Agreement.*)

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

In line with the license, authors and third parties (readers, researchers, and others) are allowed to share and adapt the material. In addition, the material must be given appropriate credit, provided with a link to the license, and indicated if changes were made. If authors remix, transform or build upon the material, authors must distribute their contributions under the same license as the original.

________

*) Authors whose articles are accepted for publication will receive confirmation via email and send a Copyright Transfer Agreement.