Article Sidebar

Download
PDF
Statistic
Read Counter : 441 Download : 301

Downloads

Download data is not yet available.

Main Article Content

Abstract

This research aims to empirically test the influence of profitability, liquidity, leverage, dividend policy and foreign ownership on firm value. The sample used in this research is manufacturing companies listed on the Indonesia Stock Exchange with a research period of 2018-2022. The sampling technique used a purposive sampling method with predetermined criteria there were 55 observations. The research results provide empirical evidence that leverage and foreign ownership have a positive and significant effect on firm value, while profitability, liquidity and dividend policy have no effect on firm value. This research provides implications for capital structure theory which states that the use of higher leverage will increase firm value and also provides implications for agency theory in explaining the relationship between foreign ownership and firm value and provides implications for signal theory in explaining the relationship between profitability and dividend policy on firm value.

Keywords

Profitability Liquidity Leverage Dividen Policy Foreign Ownership Firm Value

Article Details

Creative Commons License

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

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

How to Cite
Nadia, R., Midiastuty, P. P., Suranta, E., & Putra, D. A. (2023). The Effect of Profitability, Liquidity, Leverage, Dividend Policy and Foreign Ownership on Firm Value. Ilomata International Journal of Management, 4(4), 663-677. https://doi.org/10.52728/ijjm.v4i4.962

References

  1. Adhika Wardana, L. A., & Susanti, A. (2022). Pengaruh Ukuran Perusahaan dan Kepemilikan Asing terhadap Nilai Perusahaan. E-Jurnal Akuntansi TSM, 2(4), 565–586. https://doi.org/10.34208/ejatsm.v2i4.1827
  2. Adim Imaduddin. (2023). The effect of ownership structure on company value in non-financial issuers, 2016- 2020. Economía & Negocios, 5, 2016–2020.
  3. Ainun Jariah. (2016). Likuiditas, Leverage, Profitabilitas Pengaruhnyaterhadap Nilai Perusahaan Manufaktur Di Indonesia Melalui Kebijakan Deviden. Riset Akuntansi Dan Keuangan Indonesia, 1(2), 2016.
  4. Alawiyah, T., Titisari, K. H., & Chomsatu, Y. (2022). Pengaruh Kinerja Keuangan, Kebijakan Dividen, Dan Kepemilikan Manajerial Terhadap Nilai Perusahaan. Owner, 6(1), 658–667. https://doi.org/10.33395/owner.v6i1.640
  5. Anggarsari, L., & Aji, T. S. (2018). Pengaruh ukuran perusahaan, leverage, likuiditas, perputaran modal kerja dan pertumbuhan penjualan terhadap profitabilitas (sektor industri barang dan konsumsi yang terdaftar di bursa efek Indonesia periode 2013-2016). Jurnal Ilmu Manajemen (JIM), 6(4), 542–549.
  6. Artantiwi, P. P., & Hamidah, . (2018). The Effect of Managerial Ownership, Institutional Ownership, and Foreign Ownership on Firm Value: An Empirical Study on Manufacturing Companies. Journal of Contemporary Accounting and Economics Symposium 2018, Jcae, 679–685. https://doi.org/10.5220/0007019806790685
  7. Aziza, N., & S, C. R. (2023). Foreign Ownership, Free Cash Flow, and Assets Utilization of Manufacturing Industry. Accounting Analysis Journal, 11(3), 158–166. https://doi.org/10.15294/aaj.v11i3.61041
  8. Bon, S. F., & Hartoko, S. (2022). The Effect of Dividend Policy, Investment Decision, Leverage, Profitability, and Firm Size on Firm Value. European Journal of Business and Management Research, 7(3), 7–13. https://doi.org/10.24018/ejbmr.2022.7.3.1405
  9. Bui, T. N., & Nguyen, X. H. (2023). The Effect of Capital Structure on Firm Value : A Study of Companies Listed on the Vietnamese Stock Market. International Journal of Financial Studies, 11(100), 1–20.
  10. Desy Septariani. (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.
  11. Ernitasianturi, M. W. (2015). Pengaruh Kinerja Keuangan Terhadap Nilai Perusahaan Manufaktur Sektor Industri Barang Konsumsi Di Bei. EJournal Ilmu Administrasi Bisnis, 3(2), 282–296.
  12. Farooq, M., Al-Jabri, Q., Khan, M. T., Ali Ansari, M. A., & Tariq, R. Bin. (2022). The impact of corporate governance and firm-specific characteristics on dividend policy: an emerging market case. Asia-Pacific Journal of Business Administration. https://doi.org/10.1108/APJBA-01-2022-0007
  13. Fitranita, V., Widiyaksa, D., & Asmawanti, D. (2023). The influence of company size, company age, profitability, leverage, sales growth, and independent board of commissioners on Islamic social reporting disclosures. 1(2002), 66–75. https://doi.org/10.20885/InCAF.vol1.art8
  14. Fitri, M., Erlina, E., & Situmeang, C. (2023). Effect of Profitability , Liquidity, Free Cash Flow , and Company Size To Company Value With Structure Capitalas Intervening Variables on Mining Companies Listed Instock Exchange Indonesia. International Journal of Economic, Business, Accounting, Agriculture Management and Sharia Administration (IJEBAS), 3(1), 37–43. https://doi.org/10.54443/ijebas.v3i1.636
  15. Heliani, Nur Hidayah K Fadhilah, & Meutia Riany. (2023). Analisis Pengaruh Profitabilitas, Ukuran Perusahaan Dan Leverage Terhadap Nilai Perusahaan. Jurnal Aktiva : Riset Akuntansi Dan Keuangan, 5(1), 16–31. https://doi.org/10.52005/aktiva.v5i1.177
  16. 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
  17. Jeconiah, R., & Hastuti, R. T. (2020). Jeconiah dan Hastuti: Faktor yang Mempengaruhi Nilai Perusahaan Manufaktur yang terdaftar di BEI. Jurnal Multiparadigma Akuntansi Tarumanagara, 2(1), 98–107.
  18. Justina, D., & Simamora, A. J. (2017). Moderating role of firms’ rank in ASEAN corporate governance scorecard on effect of foreign ownership on firm value. Jurnal Siasat Bisnis, 21(2), 141–160. https://doi.org/10.20885/jsb.vol21.iss2.art4
  19. Kansil, R. (2021). Relation between foreign ownership and firm value – Fixed-effect panel threshold regression analysis. World Journal of Science, Technology and Sustainable Development, 18(2), 109–129. https://doi.org/10.1108/WJSTSD-11-2020-0095
  20. Khairina Sissandhy, A. (2014). Pengaruh Kepemilikan Asing Terhadap Nilai Perusahaan Dengan Pengungkapan Corporate Social Responsibility Sebagai Variabel Intervening. Diponegoro Journal of Accounting, 3(2), 1–7.
  21. Kolamban, D. V, Murni, S., & Baramuli, D. N. (2020). Analisis Pengaruh Leverage, Profitabilitas Dan Ukuran Perusahaan Terhadap Nilai Perusahaan Pada Industri Perbankan Yang Terdaftar Di Bei. Jurnal EMBA: Jurnal Riset Ekonomi, Manajemen, Bisnis Dan Akuntansi, 8(3), 174–183.
  22. Langgeng Wijaya, A. (2020). Profitability, Audit Quality, and Firm Value: Case on Indonesian Manufacturing Companies. Contabilidad y Negocios, 15(30), 43–61. https://doi.org/10.18800/contabilidad.202002.003
  23. Lestari, K. ayu, Titisari, K. H., & Suhendro. (2021). Analisis nilai perusahaan ditinjau dari profitabilitas, likuiditas, struktur modal, kebijakan dividen dan kepemilikan manajerial. Jurnal Manajemen, 17(2), 248–255.
  24. Loncan, T. R. (2014). Capital Structure , Cash Holdings and Firm Value : a Study of Brazilian Listed Firms. R. Cont. Fin. – USP, São Paulo, 25(64), 46–59.
  25. Lumapow, S. L., & Tumiwa, A. (2017). The Effect of Dividend Policy, Firm Size, and Productivity to The Firm Value. Research Journal of Finance and Accounting, 8(22), 20–24.
  26. Lumbantoruan, M. (2021). Pengaruh Kepemilikan Manajerial, Profitabilitas, Liability,Dan ukuran perusahaan terhadap nilai perusahaan pada perusahaan industri dasar dan kimia yang terdaftar di bursa efek indonesia tahun 2016-2019. Journal of Economic, Business and Accounting, 5(1), 182–189.
  27. Marietza, A. M. F., & Midiastuty, P. P. (2009). Effect of Profitability and Investment Opportunity Set of Cash.
  28. Mintarti, S., & Asmapane, S. (2018). Pengaruh struktur modal , kinerja keuangan perusahaan , ukuran perusahaan dan kualitas auditor eksternal terhadap nilai perusahaan pada perusahaan manufaktur yang terdaftar di bursa efek indonesia Influence of capital structure , company ’ s financial per. 15(1), 1–11.
  29. Mishra, A. V. (2014). Foreign Ownership and Firm Value : Evidence from Australian Firms. Asia-Pacific Finan Markets, 21, 67–96. https://doi.org/10.1007/s10690-013-9177-0
  30. Muharramah, R., & Hakim, M. Z. (2021). Pengaruh Ukuran Perusahaan, Leverage, Dan Profitabilitas Terhadap Nilai Perusahaan. 569 576.
  31. Murti Sari Dewi. (2020). Pengaruh kepemilikan asing ,Leverage,Cash Holdings dan Debt Maturity terhadap Kinerja Keuangan Perusahaan. Jurnal Eksplorasi Akuntansi, 2(3), 2893–2911.
  32. Ndruru, M., Silaban, P. Br., Sihaloho, J., Manurung, K. M., & Sipahutar, T. T. U. (2020). Pengaruh likuiditas, Leverage,Dan profitabilitas terhadap nilai perusahaan pada perusahaan manufaktur tahun 2015-2017. Jurnal Ilmiah MEA (Manajemen, Ekonomi, Dan Akuntansi, 4(3), 2621–5306.
  33. Nilamsari, Z., & Hariasih, M. (2022). The Effect of Profitability and Company Size on Company Value with Capital Structure as an Intervening Variable in Food And Beverages Manufacturing Companies for the 2016-2020 Period. Academia Open, 7(11), 54–60. https://doi.org/10.21070/acopen.7.2022.3089
  34. Nwamaka, O. C., & Ezeabasili, P. (2017). Effect of Dividend Policies on Firm Value: Evidence from quoted firms in Nigeria. International Journal of Management Excellence, 8(2), 956–967. https://doi.org/10.17722/ijme.v8i2.892
  35. Olivia, D., & Amah, N. (2019). PENGARUH KEPEMILIKAN ASING, KEPEMILIKAN MANAJERIAL, KEPEMILIKAN INSTITUSIONAL, DAN KINERJA KEUANGAN TERHADAP NILAI PERUSAHAAN DENGAN VARIABEL MODERASI KONEKSI POLITIK. Seminar Inovasi Manajemen, Bisnis Dan Akuntansi 5, 2010, 442–453.
  36. Prasetya Margono, F., & Gantino, R. (2021). Influence of Firm Size, Leverage, Profitability, and Dividend Policy on Firm Value of Companies in Indonesia Stock Exchange. Copernican Journal of Finance & Accounting, 10(2), 45–61. https://doi.org/10.12775/cjfa.2021.007
  37. Putra, A. N. D. A., & Lestari, P. V. (2016). Pengaruh Kebijakan Dividen, Likuiditas, Profitabilitas Dan Ukuran Perusahaan Terhadap Nilai Perusahaan. E-Jurnal Manajemen Unud, 5(7), 4044–4070.
  38. Putra, I. G. W. R., & Sedana, I. B. P. (2019). Capital structure as a mediation variable: Profitability and liquidity on company value in real estate companies in Indonesia stock exchange. International Research Journal of Management, IT and Social Sciences, 6(4), 62–72. https://doi.org/10.21744/irjmis.v6n4.640
  39. Putri Soleha Kusumasari, A., Aisjah, S., & Ratnawati, K. (2023). Islamic social reporting mediates the effect of profitability and leverage on firm value. International Journal of Research in Business and Social Science (2147- 4478), 12(3), 01–09. https://doi.org/10.20525/ijrbs.v12i3.2520
  40. Rehman, M. Z. U., & Rehman, S. U. (2021). The Impact of Financing Practices, Firm Growth and Dividend Practices on Firm’s Value as Mediated by Profitability. City University Research Journal, 11(3), 478–489.
  41. Setyabudi, T. (2021). The Effect of Institutional Ownership, Leverage, and Profitability on Firm Value with Dividend Policy as an Intervening Variable. Journal of Business and Management Review, 2(7), 457–469. https://doi.org/10.47153/jbmr27.1632021
  42. Silaswara, D., Ginny, P. L., Hanapi, F., & Parameswari, R. (2018). Pengaruh kepemilikan asing, ukuran perusahaan, dan leverage terhadap nilai perusahaan pada perusahaan non keuangan yang terdaftar di bursa efek indonesia periode 2015 – 2017. Akuntoteknologi : Jurnal Ilmiah Akuntansi Dan Teknologi, 10(2), 1–10.
  43. Sugiyono. (2014). Metode penelitian Pendidikan Pendekatan Kuantitatif, Kualitatif, dan R&D.Alfabeta.
  44. Suranta, E., Midiastuty, P., & Hasibuan, H. R. (2020). The effect of foreign ownership structure and foreign commissioners’ board of tax avoidance. Journal of Economics, Business, & Accountancy Ventura, 22(3), 309–318. https://doi.org/10.14414/jebav.v22i3.2143
  45. Suranta, E., Satrio, M. A. B., & Midiastuty, P. P. (2023). Effect of Investment, Free Cash Flow, Earnings Management, Interest Coverage Ratio, Liquidity, and Leverage on Financial Distress. Ilomata International Journal of Tax and Accounting, 4(2), 283–295. https://doi.org/10.52728/ijtc.v4i2.714
  46. Susanti, R. (2010). Analisis Faktor-faktor yang Berpengaruh terhadap Nilai Perusahaan (Studi Kasus pada Perusahaan Go Public yang Listed Tahun 2005–2008). Universitas Diponegoro.
  47. Susilo, B. W., Chandrarin, G., & Asih, P. (2021). The Effect of Profitability on Dividend Policy and Firm Value: A Case Study of Indonesian Manufacturing Company. International Journal of Advances in Scientific Research and Engineering, 07(08), 70–76. https://doi.org/10.31695/ijasre.2021.34068
  48. Taduga, F. K., & Noval, M. (2020). Analisis Kepemilikan Asing Dan Nilai Perusahaan Non-Keuangan Yang Terdaftar Di Bei. Jurnal Ilmu Manajemen Universitas Tadulako (JIMUT), 5(3), 298–310. https://doi.org/10.22487/jimut.v5i3.161

Most read articles by the same author(s)