1. Home
  2. Vol 8, No 2 (2022)
  3. Solikin

The impact of company internal financial performance on firm value

Ikin Solikin (1), Muhamad Ardi Nupi Hasyim (2), Abdurokhim Abdurokhim (3),
(1) Universitas Pendidikan Indonesia  Indonesia
(2) Universitas Pendidikan Indonesia  Indonesia
(3) Universitas Pendidikan Indonesia  Indonesia

Corresponding Author


DOI : https://doi.org/10.29210/020221521

Full Text:    Language : en

Abstract


A critical element in assessing a company is how investors believe it will benefit from the company it is investing in. If the company succeeds in posting a large profit rate, it will motivate investors to invest in stocks to increase stock prices and stock demand. This study aims to determine whether internal financial performance has a significant effect on the value of manufacturing companies that have issued shares for the period 2014 to 2020 in Indonesia. This research is conducted by survey method to 50 manufacturing companies that have done the stock emission on Indonesia Stock Exchange. The data collecting technique is done by indirect communication technique through the instrument in the form of documentation study. This research was conducted in November 2021. Descriptive Analysis and Inferential Analysis do the data processing technique, that is, Correlation Analysis and Regression, with the analysis of variance (ANOVA). The results showed that: (1) The company's internal financial performance proportioned by its return on equity (ROE) shows good condition, with an average of 12.17% per company, the standard deviation of 14.24%; (2) Company Value measured by: (a) EMV (Equity Market Value) which is the product of P (Closing Price) x Qshares (Number of shares outstanding); (b) The book value of total debt (Debt); and (c) The book value of total assets (EBV), indicates good conditions, ie, average 33.16%, the standard deviation of 12.7%; (3) This hypothesis test shows ttable equal to 2,356 <tcount 5,402 (tcount> ttable) means that company's internal financial performance proportioned by return on equity (ROE) have a positive and significant effect to firm value 37,8% although low but quite meaningful. The researcher suggested paying attention to factors such as investment policy and dividend policy because it is strongly believed to affect stock price increase. Therefore it is proven that firm value to firm's internal financial performance proportioned by return on equity ROE) have a positive and significant effect.

Keywords


Financial Performance, Corporate Value, Manufacturing Company, Stock

References


Habiburrahman, Habiburrahman, & Kurniawan, Handoko. (2015). Analisis Pengaruh Rasio Keuangan Terhadap Return Saham (Studi Pada Saham-saham Sektor Agiculture, forestry and fishing yang Terdaftar di Bursa Efek Indonesia Periode 1998-2014). Jurnal Manajemen Dan Bisnis, 6(1).

Indah, Dewi Rosa, & Parlia, Parlia. (2017). Pengaruh Earning Per Share Terhadap Harga Saham Pada PT. Bank Mega Tbk. Jurnal Penelitian Ekonomi Akuntansi (JENSI), 1(1), 72–81.

Peterman, Nicole E., & Kennedy, Jessica. (2003). Enterprise education: Influencing students’ perceptions of entrepreneurship. Entrepreneurship Theory and Practice, 28(2), 129–144.

SRI RAHAYU, Sri Rahayu, & ANDRI, Andri. (2010). Pengaruh Kinerja Keuangan Terhadap Nilai Perusahaan Dengan Pengungkapan Corporate Social Responsibility Dan Good Corporate Governance Sebagai Variabel Pemoderasi (Studi Empiris Pada Perusahaan Manufaktur di Bursa Efek Jakarta). UNIVERSITAS DIPONEGORO.

Suranta, Eddy, & Machfoedz, Mas’ud. (2003). Analisis struktur kepemilikan, nilai perusahaan, investasi dan ukuran dewan direksi. Simposium Nasional Akuntansi VI, 214–226.

Susianti, Maria Ni Luh, & Yasa, Gerianta Wirawan. (2013). Pengaruh kinerja keuangan terhadap nilai perusahaan dengan pemoderasi good corporate governance dan corporate social resposibility. E-Jurnal Akuntansi Universitas Udayana, 3(1), 73–91.

Bodie, Zvi., Alex Kane., dan Alan J. Marcus. (2006). Investments (Investasi diterjemahkan oleh: Zuliani Dalimunthte. Jakarta: Salemba Empat.

Bertoneche, March and Rory Knight, (2002). Financial Performance. Boston: Butterworth Heinemann.

Bursa Efek Indonesia (BEI), (2013). Investasi dalam Industri Manufaktur. http://www.duniainvestasi.com/bei/

Brigham, Eugene F dan Louis C. Gapenski, (2005). Financial Management Theory and Practice. New York : The Dryden Press International Edition, 11th edition. USA: Thomson Southwestern.

Carlson, S.J. and Bathala, C. (1997). Ownership differences and firms‘ income smoothing behavior. Journal of Business Finance and Accounting

Carton, Robert B., and Charles W. Hofer, (2006). Measuring Organizational Performance. USA: Edward Elgar Publishing Limited.

Christiawan, Yulius Jogi dan Josua Tarigan. (2007). Kepemilikan Manajeral : Kebijakan Hutang, Kinerja dan Nilai Perusahaan. Jurnal Akuntansi dan Keuangan, Vol. 1, Mei 2007

Cooper, Donald R, and Pamela S.Schindler, (2006). Business Research Methods. 9th Ed. New York: McGraw Hill Companies.Inc.

Copeland, T. E and J. F Weston. (2006). Financial Theory and Corporate Policy. 8th Edition. New York: Addison-Wesley Publishing Company.

Fama, Eugene & French, Kenneth R., . (1998), Taxes, Financing Decision, and Firm

Value, The Journal of Finance Vol LII.

Ghozali, Imam. (2007). Aplikasi Analisis Multivariate Program SPSS. Bahan Penerbit Undip

Gujarati, Damodar. (2003). Basic Econometrics Fourth Edition. Singapore: Mc.Graw Hill International Edition.

Hackston, David and Markus J. Milne. (1996). Some Determinants of Social and Environmental Disclosure in New Zealand Companies. Accounting, Auditing and Accountability Journal. Vol. 9, No. 1, p. 77-108.

Hanafi, Mamduh M. dan Abdul Halim. (2003). Analisis Laporan Keuangan. AMP-YKPN,Yogyakarta

Herdinata, Chritian. (2008).Good Corporate Governance VS Bad Corporate Governance : Pemenuhan Kepentingan Antara Pemegang Saham Mayoritas dan Pemegang Saham Minoritas”. The 2nd Nasional Conference UKWMS: Surabaya.

Husnan, Suad. (1998). Manajemen Keuangan, Teori dan Peneraapan Buku 1 dan 2. Yogyakarta: BPFE.

Investor (Praska Putrantyo). (2013). Ikut Panik atau Melihat Peluang. http://www.investor.co.id/pages/majalah-investor/

Ireland, Hoskisson, dan Hitt. (2011). “Manajemen Strategi (daya saing dan Globalisasi)”.Salemba Empat Jakarta

Keown, Arthur., John D.Martin., J. William Petty., David F. Scott, Jr. (2002). Financial Management: Principles and Aplication. Jakara: Gramedia.

López, F. J. & Rodríguez, J. A. (2001). Ownership structure, corporate value and firm investment: A simultaneous equations analysis of Spanish companies. Journal of Management and Governance.

Masulis, Ashok N dan Ronald W Korwar. (1986). Seasoned Equity Offerings: An Empirical Investigation. Journal of Financial Economics, Vol. 15, No. 1/2, pp. 91-118.

McClure, J. and Spector, L. (1997). Tournament Performance and 'Agency' Problems: An Empirical Investigation of 'March Madness'. Journal of Economics and Finance, 21 (1), 61-68.

Mínguez, Antonio and Juan Francisco Martín. (2003). Does Ownership Structure Affect Value? New Evidence From The Spanish Capital Market. Vol:2, No.06. Atlantic Review of Economics.

Munawir, S. (1998). Analisis Informasi Keuangan, Penerbit Liberty Jogja, Yogyakarta.

Penman, David. (2001). Capital Structure Choice and Firm Performance, Journal of Financial Management, Winter, pp. 48-72.

Penman, Stephen H. (2006). Financial Statement Analysis and Security Valuation. 3rd Edition. McGraw-Hill.

Putri. Suardani. (2009). Pengaruh Beberapa Variabel Ekonomi Makro Terhadap ROE dan Harga Saham pada Industri Manufaktur di Pasar Modal Indonesia. jurnal bisnis dan kewirausahaan, Vol. 5,No 2, Juli.

Rachmawati, Andri dan Triatmoko, Hanung. (2007). Analisis Faktor-faktor yang Mempengaruhi Kualitas Laba dan Nilai Perusahaan. Prosiding Simposium Nasional Akuntansi 10, Makasar.

Ross, Stephen A., Randolph W. Westerfield, and Jeffrey Jaffe. (2010). Corporate Finance, International Edition, Singapore: Irwin/McGraw Hill,

Rosmasita, Hardhina. (2007). Faktor-faktor Yang Mempengari Pengungkapan Sosial (Social Disclosure) dalam Laporan Keuangan Tahunan Perusahaan Manufaktur di BEJ. Yogyakarta: Universitas Islam Indonesia.

Ruky, Saiful M. (1997). Lebih Dalam Tentang Economic Value Added (EVA), dan Penciptaan Nilai Perusahaan, Usahawan No. 9, Tahun XXVI, September.

Rusdin. (2008). Pasar Modal suatu Pendekatan Praktis. Bandung: Alfabeta.

Sasongko dan Wulandari. (2006). Pengaruh antara EVA dengan Rasio Profitabilitas yang Diproksikan dengan ROA, ROE, ROS, EPS, BEP Terhadap Harga Saham.

Sekaran, Uma. (2006). Research Methods for Business. John Wiley and Sons, Inc. (Metodologi Penelitian untuk Bisnis diterjemahkan oleh: Kwan Men Yon) Jakarta: Salemba Empat,

Short, Helen and Keasey, Kevin. (1999). Managerial Ownership and the Performance of Firm: Evidence from the UK. Journal of Corporate Finance Vol. 5, pp. 79-101.

Siallagan, H dan Machfoedz, M. (2006). Mekanisme Corporate Governance, Kualitas Laba dan Nilai Perusahaan. Simposium Nasional Akuntansi IX. Padang.

Saepudin. (2008). Pengaruh Antara Rasio Profitabilitas dan Investment Opportunity Set Terhadap Harga Saham Perusahaan yang Terdaftar di Bursa Efek Indonesia tahun 2005 sampai 2007.

Santono, Singgih. (2002). Buku Pelatihan SPSS: Statistik Non Parametrik. Jakarta: Elexmedia Computindo. Kelompok Gramedia.

Sartono, dan Setiawan. (1999). Adakah Pengaruh MVA Terhadap Nilai Perusahaan dan Kemakmuran Pemegang Saham Pada Perusahaan Publik? Jurnal Ekonomi dan Bisnis Indonesia. Vol. 14, No. 4, Hal. 124-136

Sugioyo. (2006). Statistika untuk Penelitian. Edisi kelima. Yogyakarta : Akademi Manajemen Perusahaan YKPN

Suranta, Eddy dan Pratana Puspita Merdistusi. (2004). Income Smoothing, Tobin’s Q, Agency Problems dan Kinerja Perusahaan. Simposium Nasional Akuntansi VII. Bali, 2 – 3 Desember.

Suranta, Eddy dan Machfoedz, Mas’ud. (2003). Analisis Struktur Kepemilikan, Nilai Perusahaan, Investasi dan Ukuran Dewan Direksi. Simposium Nasional Akuntansi VI. Surabaya.

Ulupui, I. G. K. A, (2007). Analisis Pengaruh Rasio Likuiditas, Leverage, Aktivitas, dan Profitabilitas terhadap Return Saham (Studi padaPerusahaan Makanan dan Minuman dengan Kategori Industri Barang Konsumsi di Bursa Efek Jakarta), Jurnal Akuntansi dan Bisnis Vol.2.

Wahyudi, Untung dan Pawestri, Hartini Prasetyaning. (2006). Implikasi Struktur Kepemilikan Terhadap Nilai Perusahaan:Dengan Keputusan Keuangan Sebagai Variabel Intervening. Simposium Nasional Akuntansi Padang. 2326 Agustus 2006.Universitas Widyagama Malang.

Wahyuni, S. T. (2005). Peramalan Volatilitas Indeks Harga Saham Menggunakan Model Asimetrik GARCH dengan Distribusi Skewed Student-t.

Weston dan Copeland. (2006). Finance Management and Policy. New York: The Dryden Press.

Wibowo, Lucky Bani. (2005). Pengaruh Economi Value Added dan Profitabilitas Perusahaan Terhadap Return Pemegang Saham. Universitas Islam Indonesia: Yogyakarta.

Wright, P., dan S. P. Ferris. (1997). Agency Conflict dan Corporate Strategy: The Effect of Divestment on Corporate Value. Strategic Management Journal 18:77- 83.

Yuniasih, Ni Wayan dan Wirakusuma, Made Gede. (2007). Pengaruh Kinerja Keuangan Terhadap Nilai Perusahaan Dengan Pengungkapan Corporate Social Responsibility Dan Good Corporate Governance Sebagai Variabel Pemoderasi”, Universitas Udayana, Bali.


Article Metrics

 Abstract Views : 625 times
 PDF Downloaded : 0 times

Refbacks

  • There are currently no refbacks.