Pengaruh Faktor Internal Dan Eksternal Perusahaan Terhadap Nilai Perusahaan

Abstract

The purpose of this study is to investigate the influence of internal and external factors on the firm value of property and real estate companies listed in Indonesia Stock Exchange. The dependent variable used in this study is Price to Book Value. The Internal factors used in this study are a debt to equity ratio, asset growth, and return on equity, while the external factors used are inflation, exchange rates, and economic growth. The data collected from financial statements of companies in property and real estate companies listed in Indonesia Stock Exchange during the period from 2013 to 2017, and samples were taken from 20 companies. Panel data regression was applied to establish the relationship between dependent and independent variables. The results showed that the internal factors such as debt to equity ratio, return on equity, and asset growth had a significant positive relationship with price to book value. The external factors such as inflation had a significant positive relationship with a price to book value, the exchange rate had a significant negative relationship with a price to book value and the economic growth had no relationship with a price to book value. This study recommends that companies take a policy of using debt as a source of investment financing and also need to improve company performance. Companies need to pay attention and anticipate the changes of external factors, especially exchange rates, because the exchange rate is the most influential factor in the value of the company.

Pengaruh Pandemi Covid-19 Terhadap Nilai Perusahaan Pada Sebelas Sektor Di Bursa Efek Indonesia (Bei)

“…Hal ini juga dapat disebabkan oleh kurs tengah rupiah yang melemah hingga Rp16.367 pada akhir triwulan pertama tahun 2020, sementara kurs tengah pada akhir triwulan lainnya berada di angka 14 ribu rupiah. Kurs atau nilai tukar yang melemah diketahui dapat menurunkan nilai perusahaan (Prasitadewi & Putra, 2020;Pasaribu et al, 2019;Samudra & Widyawati, 2020).…”

Pengaruh Internal dan Eksternal Perusahaan terhadap Nilai Perusahaan pada Perusahaan Properti dan Real Estate

“…Sedangkan hasil penelitian berbeda ditunjukkan oleh (Astutik, 2017) dan (Lumoly et al, 2018) yang menyatakan hasil bahwa likuiditas tidak berpengaruh terhadap peningkatan nilai perusahaan. Penelitian yang dilakukan (Suryantini & Arsawan, 2014), (Permana & Rahyuda, 2018), (Pasaribu et al, 2019) dan (Natasiya & Idayati, 2020) menyatakan hasil bahwa inflasi dapat berpengaruh terhadap peningkatan nilai perusahaan. Sedangkan hasil penelitian berbeda ditunjukkan oleh (Hamidah et al, 2015) dan (Japhar et al, 2020 yang menyatakan hasil bahwa inflasi tidak berpengaruh terhadap peningkatan nilai perusahaan.…”

“…Tujuan perusahaan untuk memaksimalkan nilai perusahaan melalui tingkat inflasi yang rendah dan stabil akan tercapai dengan kepercayaan investor terhadap perusahaan untuk berinvestasi saham, banyaknya investor yang berinvestasi sehingga akan menyebabkan harga saham perusahaan menjadi meningkat dan nilai perusahaan akan mengalami kenaikan. Penelitian bahwa inflasi berpengaruh terhadap nilai perusahaan sejalan dengan penelitian yang dilakukan oleh (Suryantini & Arsawan, 2014), (Permana & Rahyuda, 2018), (Pasaribu et al, 2019) dan (Natasiya & Idayati, 2020), sedangkan pendapat berbeda dikemukakan oleh (Hamidah et al, 2015) dan (Japhar et al, 2020).…”

Reviewing the Firm Value in terms of Profit, Debt, and Growth

“…An increase in assets followed by an increase in operating results will further increase the confidence of outsiders in the company (Danila et al, 2020), which impacts the company's investing (Kusna and Setijani, 2018). The study results (Pasaribu et al, 2019) found that asset growth had a positive and significant effect on firm value.…”