Determinan Risiko Sistematis pada Perusahaan Rokok di Indonesia

Abstract

This study aims to examine the effect of company size, sales growth, and financial leverage on systematic risk in the Indonesian cigarette industry. The variable total assets is used to proxy for company size, long term debt-to-equity ratio for financial leverage, and beta stock—collected from the third party—for systematic risk. Four cigarette companies listed on the Indonesia Stock Exchange are sampled for this study in the 2016Q2-2018Q4 period. Hypothesis testing is done using panel data regression. The results show that ceteris paribus, company size and financial leverage have a positive effect on systematic risk, while sales growth statistically has no effect.

The Impact of Liquidity, Solvability, Activity, Profitability, Asset Growth, and Sales Growth to Systematic Risk With Firm Size as Moderating Variable on Consumer Non-Cyclicals Company Listed in Indonesia Stock Exchange 2017-2021

“…Revenue growth is a calculate of a company's financial health, and if revenue growth increases and costs can be controlled, more profits will be available to investors (Tresnawati et al , 2021) . However, high sales growth will also attract new companies to enter the industry, which has an impact on increased risks for old companies, which are feared that they will not be able to compete, so the risk of bankruptcy can affect unstable prices (Prasetyo, 2020).…”

“…When unstable economic conditions, large-scale companies have a greater risk impact than small-scale companies because large companies are more sensitive to conditions of the universe and involve many stakeholders (Wiyono & Mardijuwono, 2020) . The Natural Logarithm of total assets calculate the firm size used in research (Prasetyo, 2020) .…”

“…Research (Nguyen et al, 2019) shows that asset growth negatively affects systematic risk; the hypotheses are follows: H5: Asset growth have a negative impact on systematic risk 6) Sales Growth Against Systematic Risk Sales growth is a calculated by the company's financial position where the company can compete and maintain its position in the industrial world. The higher the growth rate, the higher the risk of bankruptcy (Prasetyo, 2020) . High sales growth attracts new firms to enter the industry, so a lack of competitiveness can increase the risk of bankruptcy for older firms.…”

“…High sales growth attracts new firms to enter the industry, so a lack of competitiveness can increase the risk of bankruptcy for older firms. Research (Prasetyo, 2020) shows that profit growth positively affects beta stock. Based on the literature above, the hypotheses taken are as follows: H6: Sales growth has a positive impact on systematic risk 7) Firm Size Adequates the Impact of Liquidity on Systematic Risk Large companies have large assets that increase their ability to meet liquidity and have a higher probability of surviving (Restiya Hasari, 2016) .…”

“…Nguyen et al (2019) has a negative impact. According to Prasetyo (2020) , sales growth has a positive impact indicating that investors do not favor excessive income flows.…”