PENGARUH FINANCIAL RATIOS TERHADAP NILAI PERUSAHAAN
DOI:
https://doi.org/10.35960/j-lee.v5i1.1176Keywords:
Firm value, liquidity, leverage, profitabilityAbstract
Firm value is one of the things considered by investors in investment decisions. Companies with a high value are expected to guarantee high dividends for investors. There are several factors that affect the high and low value of the company, some of which are financial ratios. This study aims to find out whether financial ratios can affect company value. Price to book value, current ratio, debt to equity ratio, and return on equity are used as proxies to measure firm value, liquidity, leverage, and profitability. Using 73 companies listed on the IDX in the financial sector in 2022 as a research sample, it was found that profitability has an effect on company value. Leverage also has a significant effect but in a negative direction and liquidity has no effect even though the direction is positive.
References
Aggarwal, D., & Padhan, P. C. (2017). Impact of Capital Structure on Firm Value: Evidence from Indian Hospitality Industry. Theoretical Economics Letters, 07(04), 982–1000. https://doi.org/10.4236/tel.2017.74067
Andarwati, M., Zuhroh, D., & Amrullah, F. (2020). Determinants of perceived usefulness and end-user accounting information system in SMEs. International Journal of Advanced Science and Technology, 29(8 Special Issue), 46–61. https://api.elsevier.com/content/abstract/scopus_id/85084121047
Brewer, P. C., Garrison, R. H., & Noreen, E. W. (2016). Introduction to Managerial Accounting (7th Editio). McGraw-Hill Education.
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(3), 121–129.
Connelly, B. L., Certo, S. T., Ireland, R. D., & Reutzel, C. R. (2011). Signaling theory: A review and assessment. Journal of Management, 37(1), 39–67. https://doi.org/10.1177/0149206310388419
Farizki, F. I., Suhendro, S., & Masitoh, E. (2021). Pengaruh Profitabilitas, Leverage, Likuiditas, Ukuran Perusahaan Dan Struktur Aset Terhadap Nilai Perusahaan. Ekonomis: Journal of Economics and Business, 5(1), 17. https://doi.org/10.33087/ekonomis.v5i1.273
Indrayani, N. K., Endiana, I. D. M., & Pramesti, I. G. A. A. (2021). PENGARUH UKURAN PERUSAHAAN, PROFITABILITAS, KEBIJAKAN DIVIDEN, AKUNTANSI LINGKUNGAN, LEVERAGE DAN LIKUIDITAS TERHADAP NILAI PERUSAHAAN Ni. Jurnal Karisma, 3(1), 52–62.
Iswajuni, I., Manasikana, A., & Soetedjo, S. (2018). The effect of enterprise risk management (ERM) on firm value in manufacturing companies listed on Indonesian Stock Exchange year 2010-2013. Asian Journal of Accounting Research, 3(2), 224–235. https://doi.org/10.1108/ajar-06-2018-0006
Kieso, D. E., Weygandt, J. J., & Warfield, T. D. (2014). Intermediate Accounting: IFRS Edition, 2nd Edition. https://books.google.co.id/books?id=_KOqBAAAQBAJ
Lam, J. (2014). Enterprise Risk Management; From Incentives to Controls. In Financial Analysts Journal. John Wiley & Sons. https://doi.org/10.2469/faj.v55.n4.2286
Lubis, I. L., Sinaga, B. M., & Sasongko, H. (2017). Pengaruh Profitabilitas, Struktur Modal, Dan Likuiditas Terhadap Nilai Perusahaan. Jurnal Aplikasi Bisnis Dan Manajemen, 3(3). https://doi.org/10.24912/jpa.v4i3.19744
Markonah, Salim, A., & Franciska, J. (2020). the Effect of Liquidity and Working Capital on Corporate. Dinasti International Journal of Economics, Finance & Accounting, 1(1), 1–7. https://doi.org/10.31933/DIJEFA
Mohd Tahir, I., & Razali, A. R. (2011). the Relationship Between Enterprise Risk Management (Erm) and Firm Value: Evidence From Malaysian Public Listed Companies. International Journal of Economics and Management Sciences, 1(2), 32–41.
Nguyen, P. V., Huynh, H. T. N., Lam, L. N. H., Le, T. B., & Nguyen, N. H. X. (2021). The impact of entrepreneurial leadership on SMEs’ performance: the mediating effects of organizational factors. In Heliyon (Vol. 7, Issue 6). Elsevier. https://doi.org/10.1016/j.heliyon.2021.e07326
Permana, A. A. N. B. A., & Rahyuda, H. (2018). Pengaruh Profitabilitas, Solvabilitas,Likuiditas, Dan Inflasi Terhadap Nilai Perusahaan. E-Jurnal Manajemen Universitas Udayana, 8(3), 1577. https://doi.org/10.24843/ejmunud.2019.v08.i03.p15
Pratama, B. C., Putri, I., & Innayah, M. N. (2020). The Effect Of Enterprise Risk Management Disclosure, Intellectual Capital Disclosure, Independent Board Of Commissioners, Board Of Director And Audit Committee Towards Firm Value. Jurnal Manajemen Dan Keuangan, 9(1), 60–72. https://doi.org/10.33059/jmk.v9i1.2196
Purwanti, T. (2022). Ini Saham Sektoral yang Jadi Favorit Investasi Anak Muda. CNBC Indonesia. https://www.cnbcindonesia.com/market/20220414133554-17-331731/ini-saham-sektoral-yang-jadi-favorit-investasi-anak-muda
Quoc Trung, N. K. (2021). Determinants of small and medium-sized enterprises performance: The evidence from Vietnam. Cogent Business and Management, 8(1). https://doi.org/10.1080/23311975.2021.1984626
Safitri, N., Akbar, D. A., & Jayanti, S. D. (2020). Can financial performance affect firm value ?: mediated by dividend policy. Journal of Business Studies and Management Review, 3(2), 22–25.
Sudaryanti, D., & Dinar, A. (2019). Analisis Prediksi Kondisi Financial Distress Menggunakan Rasio Likuiditas, Profitabilitas, Financial Leverage Dan Arus Kas. Jurnal Ilmiah Bisnis Dan Ekonomi Asia, 13(2), 101–110. https://doi.org/10.32812/jibeka.v13i2.120
Susanti, N., & Restiana, N. G. (2018). What’s the Best Factor to Determining Firm Value? Jurnal Keuangan Dan Perbankan, 22(2), 301–309. https://doi.org/10.26905/jkdp.v22i2.1529
Ulum, I., Salim, T. F. A., & Kurniawati, E. T. (2016). Pengaruh Corporate Governance Terhadap Praktik Pengungkapan Modal Intelektual Di Indonesia. Jurnal Dinamika Akuntansi Dan Bisnis, 3(1), 37–45. https://doi.org/10.24815/jdab.v3i1.4395
Wijayaningsih, S., & Yulianto, A. (2021). The Effect of Capital Structure, Firm Size, and Profitability on Firm Value with Investment Decisions as Moderating. Accounting Analysis Journal, 10(3), 150–157. https://doi.org/10.15294/aaj.v10i3.50744
Zuhroh, I. (2019). The Effects of Liquidity, Firm Size, and Profitability on the Firm Value with Mediating Leverage. KnE Social Sciences, 3(13), 203. https://doi.org/10.18502/kss.v3i13.4206
Andarwati, M., Zuhroh, D., & Amrullah, F. (2020). Determinants of perceived usefulness and end-user accounting information system in SMEs. International Journal of Advanced Science and Technology, 29(8 Special Issue), 46–61. https://api.elsevier.com/content/abstract/scopus_id/85084121047
Brewer, P. C., Garrison, R. H., & Noreen, E. W. (2016). Introduction to Managerial Accounting (7th Editio). McGraw-Hill Education.
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(3), 121–129.
Connelly, B. L., Certo, S. T., Ireland, R. D., & Reutzel, C. R. (2011). Signaling theory: A review and assessment. Journal of Management, 37(1), 39–67. https://doi.org/10.1177/0149206310388419
Farizki, F. I., Suhendro, S., & Masitoh, E. (2021). Pengaruh Profitabilitas, Leverage, Likuiditas, Ukuran Perusahaan Dan Struktur Aset Terhadap Nilai Perusahaan. Ekonomis: Journal of Economics and Business, 5(1), 17. https://doi.org/10.33087/ekonomis.v5i1.273
Indrayani, N. K., Endiana, I. D. M., & Pramesti, I. G. A. A. (2021). PENGARUH UKURAN PERUSAHAAN, PROFITABILITAS, KEBIJAKAN DIVIDEN, AKUNTANSI LINGKUNGAN, LEVERAGE DAN LIKUIDITAS TERHADAP NILAI PERUSAHAAN Ni. Jurnal Karisma, 3(1), 52–62.
Iswajuni, I., Manasikana, A., & Soetedjo, S. (2018). The effect of enterprise risk management (ERM) on firm value in manufacturing companies listed on Indonesian Stock Exchange year 2010-2013. Asian Journal of Accounting Research, 3(2), 224–235. https://doi.org/10.1108/ajar-06-2018-0006
Kieso, D. E., Weygandt, J. J., & Warfield, T. D. (2014). Intermediate Accounting: IFRS Edition, 2nd Edition. https://books.google.co.id/books?id=_KOqBAAAQBAJ
Lam, J. (2014). Enterprise Risk Management; From Incentives to Controls. In Financial Analysts Journal. John Wiley & Sons. https://doi.org/10.2469/faj.v55.n4.2286
Lubis, I. L., Sinaga, B. M., & Sasongko, H. (2017). Pengaruh Profitabilitas, Struktur Modal, Dan Likuiditas Terhadap Nilai Perusahaan. Jurnal Aplikasi Bisnis Dan Manajemen, 3(3). https://doi.org/10.24912/jpa.v4i3.19744
Markonah, Salim, A., & Franciska, J. (2020). the Effect of Liquidity and Working Capital on Corporate. Dinasti International Journal of Economics, Finance & Accounting, 1(1), 1–7. https://doi.org/10.31933/DIJEFA
Mohd Tahir, I., & Razali, A. R. (2011). the Relationship Between Enterprise Risk Management (Erm) and Firm Value: Evidence From Malaysian Public Listed Companies. International Journal of Economics and Management Sciences, 1(2), 32–41.
Nguyen, P. V., Huynh, H. T. N., Lam, L. N. H., Le, T. B., & Nguyen, N. H. X. (2021). The impact of entrepreneurial leadership on SMEs’ performance: the mediating effects of organizational factors. In Heliyon (Vol. 7, Issue 6). Elsevier. https://doi.org/10.1016/j.heliyon.2021.e07326
Permana, A. A. N. B. A., & Rahyuda, H. (2018). Pengaruh Profitabilitas, Solvabilitas,Likuiditas, Dan Inflasi Terhadap Nilai Perusahaan. E-Jurnal Manajemen Universitas Udayana, 8(3), 1577. https://doi.org/10.24843/ejmunud.2019.v08.i03.p15
Pratama, B. C., Putri, I., & Innayah, M. N. (2020). The Effect Of Enterprise Risk Management Disclosure, Intellectual Capital Disclosure, Independent Board Of Commissioners, Board Of Director And Audit Committee Towards Firm Value. Jurnal Manajemen Dan Keuangan, 9(1), 60–72. https://doi.org/10.33059/jmk.v9i1.2196
Purwanti, T. (2022). Ini Saham Sektoral yang Jadi Favorit Investasi Anak Muda. CNBC Indonesia. https://www.cnbcindonesia.com/market/20220414133554-17-331731/ini-saham-sektoral-yang-jadi-favorit-investasi-anak-muda
Quoc Trung, N. K. (2021). Determinants of small and medium-sized enterprises performance: The evidence from Vietnam. Cogent Business and Management, 8(1). https://doi.org/10.1080/23311975.2021.1984626
Safitri, N., Akbar, D. A., & Jayanti, S. D. (2020). Can financial performance affect firm value ?: mediated by dividend policy. Journal of Business Studies and Management Review, 3(2), 22–25.
Sudaryanti, D., & Dinar, A. (2019). Analisis Prediksi Kondisi Financial Distress Menggunakan Rasio Likuiditas, Profitabilitas, Financial Leverage Dan Arus Kas. Jurnal Ilmiah Bisnis Dan Ekonomi Asia, 13(2), 101–110. https://doi.org/10.32812/jibeka.v13i2.120
Susanti, N., & Restiana, N. G. (2018). What’s the Best Factor to Determining Firm Value? Jurnal Keuangan Dan Perbankan, 22(2), 301–309. https://doi.org/10.26905/jkdp.v22i2.1529
Ulum, I., Salim, T. F. A., & Kurniawati, E. T. (2016). Pengaruh Corporate Governance Terhadap Praktik Pengungkapan Modal Intelektual Di Indonesia. Jurnal Dinamika Akuntansi Dan Bisnis, 3(1), 37–45. https://doi.org/10.24815/jdab.v3i1.4395
Wijayaningsih, S., & Yulianto, A. (2021). The Effect of Capital Structure, Firm Size, and Profitability on Firm Value with Investment Decisions as Moderating. Accounting Analysis Journal, 10(3), 150–157. https://doi.org/10.15294/aaj.v10i3.50744
Zuhroh, I. (2019). The Effects of Liquidity, Firm Size, and Profitability on the Firm Value with Mediating Leverage. KnE Social Sciences, 3(13), 203. https://doi.org/10.18502/kss.v3i13.4206
Downloads
Published
2023-08-15
Issue
Section
Articles
License
Copyright (c) 2023 Indra Sukma Subagio
This work is licensed under a Creative Commons Attribution 4.0 International License.
