Analysis of the impact of financial performance indicators on the stock valuation of IDX30 companies in the Indonesia Stock Exchange
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Abstract
This study objective is to evaluate and analyze the impact of financial performance indicators using Cash Ratio (CR), Total Asset Turnover (TATO), Net Profit Margin (NPM), and Earnings Per Share (EPS) on Stock Valuation that measured by Price to Book Value (PBV). Company valuation is important for investors on the Indonesia Stock Exchange (IDX). The research sample consists of 13 IDX30 companies, selected by using purposive sampling over the period of 2018–2022. Quantitative descriptive analysis and multiple linear regression tests are used to evaluate whether there is an interaction between the variables studied. The results of the study indicate the influence of CR, TATO, NPM, and EPS on PBV. Although CR does not show a significant effect on PBV, however, TATO, NPM, and EPS have a significant influence on PBV
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How to Cite
Alamsjah, W., & Sugiharto, T. (2024). Analysis of the impact of financial performance indicators on the stock valuation of IDX30 companies in the Indonesia Stock Exchange. Enrichment : Journal of Management, 14(5), 811-822. https://doi.org/10.35335/enrichment.v14i5.2112
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Latifah, A. N. (2020). Pengaruh rasio keuangan terhadap return saham dengan nilai perusahaan sebagai variabel intervening. Jurnal Pendidikan Dan Ekonomi, 9(1), 72–81.
Nariswari, T. N., & Nugraha, N. M. (2020). Profit growth: Impact of Net Profit Margin, Gross Profit Margin and Total Assets Turnover. International Journal of Finance & Banking Studies (2147-4486), 9(4), 87–96. https://doi.org/10.20525/ijfbs.v9i4.937
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Saddam, M., Ali, O., & Ali, J. (2021). Pengaruh profitabilitas terhadap nilai perusahaan: (Studi empiris pada perusahaan sektor industri barang konsumsi di Bursa Efek Indonesia tahun 2017-2019). Jurnal Neraca Peradaban. https://doi.org/https://doi.org/10.55182/jnp.v1i2.36
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Sitorus, J. S., Tanasya, N. I., Fadillah, R., & Gulo, Y. (2020). Pengaruh financial leverage, kebijakan dividen dan Earning per Share terhadap nilai perusahaan pada perusahaan makanan minuman. Jurnal Ilmiah Manajemen, Ekonomi, & Akuntansi (MEA), 4(3), 424–440.
Sunaryo, D. (2020). The Effect of Net Profit Margin, Return on Asset, Return on Equity on share prices in the Southeast Asian Metal Industry. International Journal of Science. http://ijstm.inarah.co.id
Akmalia, Z., Putri Ajamadayana, C., & Fauzul Hakim Hasibuan, A. (2022). Analisis rasio likuiditas dan solvabilitas pada Bank Muamalat Indonesia periode 2019-2020. Jurnal Ekobistek, 149–155. https://doi.org/10.35134/ekobistek.v11i3.328
Alvian, R., & Munandar, A. (2022). The influence of debt to equity ratio, net profit margin, and cash ratio on firm value. Jurnal Ilmiah Akuntansi dan Keuangan, 4(7), 2022. https://journal.ikopin.ac.id/index.php/fairvalue
Ardian, M., Adam, M., Widiyanti, M., & Isnurhadi, I. (2021). effect of financial ratios on company value in oil and gas mining subsectors in Indonesia stock exchange. International Journal of Business, Economics & Management, 4(1). https://doi.org/10.31295/ijbem.v4n1.1025
Armeliyas, M., & Patrisia, D. (2020). The Effect of Internal Corporate Governance Mechanism on Corporate Values. 4th Padang International Conference on Education, Economics, Business and Accounting (PICEEBA-2 2019). Atlantis Press, 1005–1018.
Arsal, M. (2021). Impact of earnings per share and dividend per share on firm value. ATESTASI : Jurnal Ilmiah Akuntansi, 4(1), 11–18. https://doi.org/10.33096/atestasi.v4i1.594
Bagus Prabowo, & Muis Fauzi Rambe. (2024). Pengaruh Debt to Equity Ratio dan Total Asset Turnover terhadap nilai perusahaan melalui Return on Equity sebagai variabel intervening pada perusahaan farmasi yang terdaftar di Bursa Efek Indonesia. Al-Kharaj: Jurnal Ekonomi, Keuangan & Bisnis Syariah, 6(5). https://doi.org/10.47467/alkharaj.v6i5.2279
Bita, F. Y., Hermuningsih, S., & Maulida, A. (2021). Pengaruh profitabilitas likuiditas dan ukuran perusahaan terhadap nilai perusahaan. Jurnal Syntax Transformation. https://doi.org/https://doi.org/10.46799/jst.v2i3.233
Colline, F. (2022). The Mediating Effect of Debt Equity Ratio on The Effect of Current Ratio, Return on Equity and Total Asset Turnover on Price to Book Value. Jurnal Keuangan dan Perbankan, 26(1), 75–90. https://doi.org/10.26905/jkdp.v26i1.6882
Dewi, I. K., Rismanty, V. A., & Sunarto, A. (2021). Analisis investasi saham dengan menggunakan pendekatan PER dan PBV pada perusahaan LQ 45 yang terdaftar di BEI periode 2015 – 2019. Jurnal Madani: Ilmu Pengetahuan, Teknologi, dan Humaniora, 4(2), 126–132. https://doi.org/10.33753/madani.v4i2.169
Dharma, B., Winda Atila, C., & Damayanti Nasution, A. (2023). Mengapa PBV ( Price Book Value ) penting dalam penilaian saham (Perusahaan farmasi yang terdaftar di BEI periode 2021). Jumek : Jurnal Manajemen Dan Ekonomi Kreatif, 1(1).
Ichsani, S., Izlia Nurhalshaeni Zaenudin, A., Novia Damayanti, G., Tresia, V., & Apriliana Putri, V. (2021). The Effect of Financial Ratio on firm value: Empirical evidence from listed firms in the IDX30 Index. The Journal of Asian Finance, Economics and Business, 8(6), 103–0112. https://doi.org/10.13106/jafeb.2021.vol8.no6.0103
Kurniasari, E. (2020). Pengaruh Current Ratio, Debt to Equity Ratio, dan Total Asset Turnover terhadap nilai perusahaan. Jurnal Ekonomi, Sosial & Humaniora, 2(05), 86–95.
Kusumaningrum, D. A., Hidayati, A. N., & Habib, M. A. F. (2022). Pengaruh profitabilitas, struktur modal, pertumbuhan penjualan, Earning Per Share (EPS) dan ukuran perusahaan terhadap nilai Perusahaan (Studi kasus pada perusahaan sektor barang konsumsi yang terdaftar di Bursa Efek Indonesia tahun 2016-2020). YUME: Journal of Management, 5(2), 123–137. https://doi.org/10.37531/yume.vxix.454
Laili, M., & Salainti, I. (2019). Pengaruh Current Ratio, Total Asset Turnover dan Debt to Equity Ratio dan Return on Assets terhadap nilai Perusahaan. Jurnal Ilmu Dan Riset Manajemen (JIRM), 8(10).
Latifah, A. N. (2020). Pengaruh rasio keuangan terhadap return saham dengan nilai perusahaan sebagai variabel intervening. Jurnal Pendidikan Dan Ekonomi, 9(1), 72–81.
Nariswari, T. N., & Nugraha, N. M. (2020). Profit growth: Impact of Net Profit Margin, Gross Profit Margin and Total Assets Turnover. International Journal of Finance & Banking Studies (2147-4486), 9(4), 87–96. https://doi.org/10.20525/ijfbs.v9i4.937
Nuradawiyah, A., Susilawati, S., & Muhammadiyah Jakarta, S. (2020). Analisis faktor-faktor yang mempengaruhi nilai perusahaan (Studi kasus pada perusahaan Indeks LQ45). Jurnal Akuntansi, 9(2), 218–232. http://ejournal.stiemj.ac.id/index.php/akuntansi
Nurapiah, & Qosim, N. (2020). Pengaruh struktur modal, Net Profit Margin, Return on Assets, dan Return on Equity, terhadap nilai perusahaan pada sektor industri makanan dan minuman di Bursa Efek Indonesia. Jurnal Ekonomi Trend, 8(1), 35–40.
Pada, P., Buku, P., Karmilah, L., Putra, D., & Mahardika, K. (2023). The Impact of Debt to Equity Ratio, Exchange Rate, and Net Profit Margin on firm value in the Banking Book 4. Pengaruh Debt to Equity Ratio, nilai kurs, Net Profit Margin terhadap nilai perusahaan pada bank buku 4. In Management Studies and Entrepreneurship Journal (Vol. 4, Issue 5). http://journal.yrpipku.com/index.php/msej
Rachman, S., Karyatun, S., & Digdowiseiso, K. (2023). The effect of Current Ratio, Debt to Equity Ratio, Debt to Asset Ratio, and Total Asset Turnover on the financial performance of property and real estate companies listed in the IDX for the 2016-2020 Period. Jurnal Syntax Admiration, 4(2), 361–377. https://doi.org/10.46799/jsa.v4i2.904
Saddam, M., Ali, O., & Ali, J. (2021). Pengaruh profitabilitas terhadap nilai perusahaan: (Studi empiris pada perusahaan sektor industri barang konsumsi di Bursa Efek Indonesia tahun 2017-2019). Jurnal Neraca Peradaban. https://doi.org/https://doi.org/10.55182/jnp.v1i2.36
Savitri, A., & Pinem, D. Br. (2022). Pengaruh kinerja keuangan dan nilai pasar terhadap harga saham: Studi pada perusahaan yang secara konsisten terdaftar sebagai Indeks LQ45 selama 2020-2021. Studi Akuntansi, Keuangan, Dan Manajemen, 2(1), 59–70. https://doi.org/10.35912/sakman.v2i1.1651
Sitorus, J. S., Tanasya, N. I., Fadillah, R., & Gulo, Y. (2020). Pengaruh financial leverage, kebijakan dividen dan Earning per Share terhadap nilai perusahaan pada perusahaan makanan minuman. Jurnal Ilmiah Manajemen, Ekonomi, & Akuntansi (MEA), 4(3), 424–440.
Sunaryo, D. (2020). The Effect of Net Profit Margin, Return on Asset, Return on Equity on share prices in the Southeast Asian Metal Industry. International Journal of Science. http://ijstm.inarah.co.id