The Determinants of Firm Value in Indonesia Stock Exchange
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Dec 30, 2022
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Abstract
We re-examined the determinant firm value of 274 public companies listed in Indonesia Stock Exchange from 2011 to 2020. Companies use market to book ratio to compare a firm's market capitalization to its book value. We augmented a new investment variable trend Environmental, Social, and Governance (ESG) disclosure, research and development voluntary disclosure whether the variables impact public companies' firm value. We also used dividend policy and liquidity on firm value. Panel data regression is used in our analysis. Regression results indicate that ESG and research and development have a positive and significant impact on firm value, while dividend and liquidity policies do not affect firm value.
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How to Cite
Hamid, A., & Elika, L. (2022). The Determinants of Firm Value in Indonesia Stock Exchange. Enrichment : Journal of Management, 12(5), 4518-4524. https://doi.org/10.35335/enrichment.v12i5.919
References
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Keempat. Yogyakarta: BPFE.
Alvita, F., & Khairunnisa, P. (2019). Analisis Pengaruh Kebijakan Dividen , Keputusan Investasi Dan Keputusan Pendanaan Terhadap Nilai Perusahaan. Jurnal Aset. Volume 11, No 1, hal 123–136.
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Fajaria, A. Z., & Isnalita. (2018). The Effect Of Profitability, Liquidity, Leverage And Firm Growth. International Journal Of Managerial Studies And Research (Ijmsr), 55-69.
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Sukmawardini, D., & Ardiansari, A. (2018). The Influence of Intitutional Ownership, Profitability, Liquidity, Dividend Policy, Debt Policy on Firm Value. Management Analysis Journal, 7(2), 211–222.
Suseno, N. S., & Aulawi, H. (2020). Confirming Research and Development Intensity as The Expected Growth Driver in Manufacturing Firms. Review of Integrative Business and Economics Research, Vol. 8, Supplementary Issue 4.
Whitelock, V. G. (2015). Relationship between Environmental Social Governance (ESG) Management and Performance – The Role of Collaboration in the Supply Chain. In ProQuest LLC (2017). Ohio: The University of Toledo.
Wijaya, Bayu Irfandi dan I.B. Panji Sedana. (2015). Pengaruh Profitabilitas
Terhadap Nilai Perusahaan (Kebijakan Dividen dan Kesempatan Investasi
Sebagai Variabel Mediasi). E-Jurnal Manajemen Universitas Udayana,
4(12), hal.4477-4500.
Xu, J., & Sim, J. W. (2018). Characteristics of corporate R & D investment in emerging markets: Evidence from manufacturing industry in China and South Korea. Sustainability (Switzerland), 10(9).
.
Corporate Governance Disclosures on Firm Value: Evidence from Egypt.”
Journal of Accounting in Emerging Economies, 8 (4): 442–58.
Agus, R. Sartono. 2010. Manajemen Keuangan Teori dan Aplikasi. Edisi.
Keempat. Yogyakarta: BPFE.
Alvita, F., & Khairunnisa, P. (2019). Analisis Pengaruh Kebijakan Dividen , Keputusan Investasi Dan Keputusan Pendanaan Terhadap Nilai Perusahaan. Jurnal Aset. Volume 11, No 1, hal 123–136.
Behl, Abhishek, PS Kumari, Harnesh Makhija, and Dipasha Sharma (2021). “Exploring the relationship of ESG score and firm value using cross-lagged panel analyses: Case of the Indian energy sector”. In: Annals of Operations Research, pp. 1–26.
Brigham, F dan Houston, J. 2001. Dasar-Dasar Manajemen Keuangan. Edisi 8, Buku 2. Jakarta: Salemba Empat
Buchdadi, A. D., Oktafianto, E., & Mardiyati, U. (2018). Pengaruh R&D Expenditure Terhadap Firm Performance Pada Perusahaan Yang Terdaftar Di Bei Periode 2003-2015. JRMSI - Jurnal Riset Manajemen Sains Indonesia, 9(2), 337–351
Chasanah. A.N. (2018). Pengaruh rasio likuiditas, profitabilitas, struktur modal, dan ukuran perusahaan terhadap nilai perusahaan, jurnal penelitian ekonomi dan bisnis, 39-47.
Fajaria, A. Z., & Isnalita. (2018). The Effect Of Profitability, Liquidity, Leverage And Firm Growth. International Journal Of Managerial Studies And Research (Ijmsr), 55-69.
Hery. (2017). Kajian riset akuntansi mengulas berbagai hasil penelitian terkini dalam bidang akuntansi dan keuangan. Jakarta: PT Grasindo
Kang, M., Kim, S., & Cho, M. K. (2019). The effect of R & D and the control-ownership wedge on firm value: Evidence from Korean Chaebol Firms. Sustainability (Switzerland), 11(10), 1-20.
Kasmir. (2016). Analisis Laporan Keuangan. Jakarta: Raja Grafindo Persada.
Kasmir. 2015. Analisis Laporan Keuangan. Edisi Satu. Jakarta: PT RajaGrafindo
Persada.
Kieso, D. E., Weygandt, J. J., & Warfield, T. D. (2011). Intermediate Accounting IFRS Edition. Danvers : Jhon Wiley & Sons.
Kinanti, Sekar Arum dan Nila F. Nuzula, 2017, “Pengaruh Intensitas R&D terhadap Nilai Perusahaan dengan Variabel Kontrol Umur dan Ukuran Perusahaan (Studi pada Perusahaan Manufaktur yang tercatat di Bursa Efek Indonesia Periode 2012-2016), Jurnal Administrasi Bisnis Volume 50 Nomor 2: hal. 162-170.
Mahdita, Silfyana Cahya Manggar, 2016, “Pengaruh Intensitas Research and Development dan Kinerja Perusahaan terhadap Nilai Perusahaan”, Fakultas Ekonomi, Universitas Negeri Surabaya.
Manurung, M. S., & Herijawati, E. (2016). Pengaruh Likuiditas Dan Profitabilitas Terhadap Nilai Perusahaan (Study Empiris Pada Perusahaan Manufaktur Sektor Logam Dan Sejenisnya Yang Terdaftar Di Bursa Efek Indonesia). Jurnal Ilmiah Akuntansi Dan Teknologi, 8(2), 1–6.
Melinda, A., & Wardhani, R. (2020). The Effect of Environmental, Social, Governance, and Controversies on Firms’ Value: Evidence from Asia. 27, 147–173.
Mohammad, W. M. W., & Wasiuzzaman, S. (2021). Environmental, Social and Governance (ESG) disclosure, competitive advantage and performance of firms in Malaysia. Cleaner Environmental Systems, 2 (January), 100015.
Mudjijah, S., Khalid, Z., & Astuti, D. A. S. (2019). Pengaruh Kinerja Keuangan dan Struktur Modal Terhadap Nilai Perusahaan yang Dimoderasi Variabel Ukuran Perusahaan. Journal of Chemical Information and Modeling, 53(9), 1689–1699.
Putri, N. S., & Nuzula, N. F. (2018). Pengaruh Konsentrasi Kepemilikan Publik terhadap Investasi Research and Development serta Dampaknya terhadap Nilai Perusahaan. Jurnal Administrasi Bisnis (JAB), Vol. 55, No. 1, hal: 204-213.
Septariani, D. (2017). Pengaruh Kebijakan Dividen Dan Kebijakan Hutang Terhadap Nilai Perusahaan (Studi Empiris Pada Perusahaan LQ 45 di BEI periode 2012- 2015). Journal Of Applied Business And Economics, 3(3), 183-195.
Sondakh, R. (2019). The Effect Of Dividend Policy, Liquidity, Profitability And Firmsize On Firm Value In Financial Service Sector Industries Listed In Indonesia Stock Exchange 2015-2018 Period. Accountability, 91-101.
Sukmawardini, D., & Ardiansari, A. (2018). The Influence of Intitutional Ownership, Profitability, Liquidity, Dividend Policy, Debt Policy on Firm Value. Management Analysis Journal, 7(2), 211–222.
Suseno, N. S., & Aulawi, H. (2020). Confirming Research and Development Intensity as The Expected Growth Driver in Manufacturing Firms. Review of Integrative Business and Economics Research, Vol. 8, Supplementary Issue 4.
Whitelock, V. G. (2015). Relationship between Environmental Social Governance (ESG) Management and Performance – The Role of Collaboration in the Supply Chain. In ProQuest LLC (2017). Ohio: The University of Toledo.
Wijaya, Bayu Irfandi dan I.B. Panji Sedana. (2015). Pengaruh Profitabilitas
Terhadap Nilai Perusahaan (Kebijakan Dividen dan Kesempatan Investasi
Sebagai Variabel Mediasi). E-Jurnal Manajemen Universitas Udayana,
4(12), hal.4477-4500.
Xu, J., & Sim, J. W. (2018). Characteristics of corporate R & D investment in emerging markets: Evidence from manufacturing industry in China and South Korea. Sustainability (Switzerland), 10(9).
.