Factors Affected the Firm Value of the Mining Sector that Go Public in Indonesia
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Dec 24, 2022
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Abstract
The firm value becomes the main focus in terms of decision-making by investors to invest in a company or not. Tobin's Q ratio is one of the financial ratios used to measure firm value. This study aims to analyze how profitability, company size, leverage, and price-earnings ratios affected the firm value of mining companies listed on the Indonesia Stock Exchange from 2016 to 2018. The sample selection technique used was purposive sampling and obtained 33 mining subsector companies with a research period of 3 years (pooled data). The data analysis technique used in this study is Structural Equation Modelling-Partial Least Square (SEM-PLS). The results of this study show that partial profitability and leverage have a positive significant effect on the firm value. On the other hand, partial size and price-earnings ratio didn't have a significant effect on the firm value.
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References
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Putri, D. E., & Sari, E. P. (2020). Dampak CR, DER dan NPM terhadap Tobin`s Perusahaan Sub Sektor Kosmetik dan Barang Keperluan Rumah Tangga yang Terdaftar di BEI. Jesya (Jurnal Ekonomi Dan Ekonomi Syariah), 3(2), 249–255. https://doi.org/10.36778/jesya.v3i2.195
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Rostanti, M., & Effendi, M. S. (2019). Pengaruh Return on Equity, Debt to Equity Ratio, Current Ratio dan Inflasi terhadap Nilai Perusahaan Sektor Property dan Real Estate yang Tercatat di Bursa Efek Indonesia Periode 2011-2018. IKRA-ITH EKONOMIKA, 2(3), 111–121. https://journals.upi-yai.ac.id/index.php/IKRAITH-EKONOMIKA/article/view/659
Sari, R. P., Romli, H., & Marnisah, L. (2020). Pengaruh Faktor Fundamental Makro dan Mikro Perusahaan terhadap Nilai Perusahaan (Pada Industri Pulp and Paper yang Terdaftar di BEI). Jurnal Ecoment Global; Kajian Bisnis Dan Manajemen, 5(2), 237–250. https://doi.org/http://dx.doi.org/10.35908/jeg.v5i2.1109
Al-Slehat, Z. A. F. (2019). 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
Becker, D. M. (2021). The Difference Between Modigliani-Miller and Miles-Ezzell and Its Consequences for The Valuation of Annuities. Cogent Economics & Finance, 9(1), 1–24. https://doi.org/10.1080/23322039.2020.1862446
Bouteska, A., & Mili, M. (2022). Does Corporate Governance Affect Financial Analysts’ Stock Recommendations, Target Prices Accuracy, and Earnings Forecast Characteristics? An Empirical Investigation of US Companies. Empirical Economics, 63(4), 2125–2171. https://doi.org/10.1007/s00181-022-02297-3
Brigham, E. F., & Houston, J. F. (2013). Essentials of Financial Management (3rd ed.). Cengage Learning.
Dwiastuti, D. S., & Dillak, V. J. (2019). Pengaruh Ukuran Perusahaan, Kebijakan Hutang, dan Profitabilitas terhadap Nilai Perusahaan. Jurnal ASET (Akuntansi Riset), 11(1), 137–146. https://doi.org/10.17509/jaset.v11i1.16841
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
Gharaibeh, A. M. O., & Qader, A. A. A. A. (2017). Factors Influencing Firm Value as Measured by Tobin’s Q: Empirical Evidence from the Saudi Stock Exchange (TADAWUL). International Journal of Applied Business and Economic Research, 15(6), 333–358.
Jogiyanto, H. (2017). Teori Portofolio dan Analisis Investasi (11th ed.). Yogyakarta: BPFE.
Kasmir. (2018). Analisis Laporan Keuangan (1st ed.). Jakarta: Rajawali Pers.
Maronrong, R., & Setiani, R. (2017). Pengaruh Likuiditas, Financial Leverage, Profitabilitas, dan Kebijakan Dividen terhadap Nilai Perusahaan pada Perusahaan-Perusahaan Makanan dan Minuman yang Terdaftar di BEI. Jurnal Akuntansi Dan Manajemen, 14(01), 186–196. https://doi.org/10.36406/jam.v14i1.235
Prasetyorini, B. F. (2013). Pengaruh Ukuran Perusahaan, Leverage, Price Earning Ratio dan Profitabilitas terhadap Nilai Perusahaan. Jurnal Ilmu Manajemen (JIM), 1(1), 183–196. https://jurnalmahasiswa.unesa.ac.id/index.php/jim/article/view/1505
Putri, D. E., & Sari, E. P. (2020). Dampak CR, DER dan NPM terhadap Tobin`s Perusahaan Sub Sektor Kosmetik dan Barang Keperluan Rumah Tangga yang Terdaftar di BEI. Jesya (Jurnal Ekonomi Dan Ekonomi Syariah), 3(2), 249–255. https://doi.org/10.36778/jesya.v3i2.195
Rizqia, D. A., Aisjah, S., & Sumiati. (2013). Effect of Managerial Ownership, Financial Leverage, Profitability, Firm Size, and Investment Opportunity on Dividend Policy and Firm Value. Research Journal of Finance and Accounting, 4(11), 120–130. https://iiste.org/Journals/index.php/RJFA/article/view/7168
Rostanti, M., & Effendi, M. S. (2019). Pengaruh Return on Equity, Debt to Equity Ratio, Current Ratio dan Inflasi terhadap Nilai Perusahaan Sektor Property dan Real Estate yang Tercatat di Bursa Efek Indonesia Periode 2011-2018. IKRA-ITH EKONOMIKA, 2(3), 111–121. https://journals.upi-yai.ac.id/index.php/IKRAITH-EKONOMIKA/article/view/659
Sari, R. P., Romli, H., & Marnisah, L. (2020). Pengaruh Faktor Fundamental Makro dan Mikro Perusahaan terhadap Nilai Perusahaan (Pada Industri Pulp and Paper yang Terdaftar di BEI). Jurnal Ecoment Global; Kajian Bisnis Dan Manajemen, 5(2), 237–250. https://doi.org/http://dx.doi.org/10.35908/jeg.v5i2.1109