The Effects of Macroeconomics, Dividend Policy, Good Financial Governance on Corporate Value: Moderation of CSRD

Hariyani, Diyah Santi; Ratnawati, Tri; Rahmiyati, Nekky

doi:10.29322/ijsrp.11.04.2021.p11240

Cited by 3 publications

(3 citation statements)

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“…So even if GDP increases, it does not necessarily have a direct effect on the value of a company. This result is in line with previous research which states that GDP has no significant effect on firm value [77].…”

Section: Regression Analysissupporting

confidence: 93%

Determinants of Capital Structure and the Effect on Firm Value: Evidence from Indonesia

Febrianti,

Giriati,

Malini

et al. 2024

Asian J. Econ. Busin. Acc.

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Aims: To analyze the influence of macroeconomic factors (GDP Growth) and microeconomic factors (Tangibility and Profitability) on company value (Tobin's Q), as well as examine the mediating role of capital structure (Interest-bearing debt). Study Design: The design of the study is quantitative research with a panel data regression approach and path analysis to examine the relationship between macro and micro economic variables on firm value, as well as the mediating role of capital structure in the relationship.. Place and Duration of Study: Companies included in the Kompas 100 index listed on the Indonesia Stock Exchange for the period 2018-2022. Methodology: This study uses a population of companies listed in the Kompas 100 index on the Indonesia Stock Exchange for the period 2018-2022 and takes a sample of 70 companies that meet the criteria with purposive sampling method. A quantitative approach is used by analyzing panel data through panel data regression to test the effect of independent variables (GDP Growth, Tangibility, and Profitability) on the dependent variable (Firm Value) and the mediating variable (Capital Structure), as well as path analysis with the Sobel test to test the mediating role of Capital Structure in the relationship between the independent variable and the dependent variable. Results: The regression analysis showed that GDP had no significant impact on either capital structure or firm value. However, company-specific factors like tangibility and profitability were the main determinants. Tangibility positively influenced capital structure, while profitability had a negative effect. Tangibility negatively affected firm value, and capital structure itself correlated negatively with firm value. Capital structure was only significant as a mediating variable in the relationship between profitability and firm value. Conclusion: Macroeconomic indicators such as GDP have limited explanatory power on capital structure and firm value, whereas firm-specific factors like asset tangibility and profitability are crucial determinants of optimal capital structure and value maximization. Further studies should utilize alternative macroeconomic proxies with higher sensitivity, like interest rates and inflation, broaden the sample scope to incorporate SMEs alongside large corporations, control for relevant firm-level characteristics, extend the time horizon, and leverage sophisticated analytical techniques such as structural equation modeling.

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Section: Regression Analysissupporting

confidence: 93%

Determinants of Capital Structure and the Effect on Firm Value: Evidence from Indonesia

Febrianti,

Giriati,

Malini

et al. 2024

Asian J. Econ. Busin. Acc.

View full text Add to dashboard Cite

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“…This research has not been able to support previous research, namely research from Benjamin & Biswas (2022), Suwasono (2021), Fellycia (2017), Rahmantari (2021), Sari & Febrianti (2021), Rahmantari (2021) which states that corporate social responsibility affect the value of the company. However, this study is in accordance with research conducted by Hariyani et al (2021), Pristianingrum (2017) and Kristy, Hariyani, & Paramitha (2017) which showed that Corporate Social Responsibility had no effect on firm value.…”

Section: Corporate Social Responsibility Variable Has An Effect On Fi...supporting

confidence: 92%

Investment Opportunity Set and Corporate Social Responsibility on Company Value

2022

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The purpose of this study was to determine the effect of investment opportunity set and corporate social responsibility on firm value. This research is a type of secondary data quantitative research. The population used in this study is the infrastructure companies listed on the IDX. The sampling technique used was purposive sampling, in order to obtain 15 infrastructure companies over a 5-year period which were used as research samples. The data collection method is done by accessing the annual reports listed on the IDX and published by each infrastructure company on their respective websites. The data obtained is then processed with the help of SPSS 21 software. The results of this study indicate that the investment opportunity set affects firm value. Corporate social responsibility has no effect on firm value.

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“…Managers who want to get credit will estimate the leverage ratio. The results of the study show that the larger leverage ratio will tend to encourage companies to regulate profits and present financial statements that tend not to be conservative (Hariyani et al, 2021;N. Y. Putra & Subowo, 2016;Thomas et al, 2020;Viola & Diana, 2016).…”

Section: Introductionmentioning

confidence: 90%

Financial leverage and ASEAN corporate governance scorecard on accounting conservatism

Hariyani,

Agustine,

Wahyuandari

et al. 2023

JEM

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This study aims to examine the effect of financial leverage and the ASEAN Corporate Governance Scorecard (ACGS) on accounting conservatism. This study uses a quantitative descriptive research approach to test hypotheses. The population includes companies that are on the Kompas 100 stock index. The sampling method used is purposive sampling, which is a company that is in the top rank 50 of the ASEAN Corporate Governance Scorecard for the period 2017-20 20. After the data was selected, there were 40 companies selected according to predetermined criteria. The analysis method uses multiple linear regression with SPSS 23. The results of this study show that Financial Leverage has a significant effect on Accounting Conservatism and the ASEAN Corporate Governance Scorecard has a significant effect on Accounting Conservatism. The results of this study are in line with the phenomenon in Indonesia that 40 companies that have been included in the ASEAN Top 50 were awarded the ACGS, this shows that corporate governance in Indonesia is still weak. The results of this study do not support the agency theory and the theory of the firm. The results of this study can be used by the OJK in improving the standards of good corporate governance.

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The Effects of Macroeconomics, Dividend Policy, Good Financial Governance on Corporate Value: Moderation of CSRD

Cited by 3 publications

References 0 publications

Determinants of Capital Structure and the Effect on Firm Value: Evidence from Indonesia

Determinants of Capital Structure and the Effect on Firm Value: Evidence from Indonesia

Investment Opportunity Set and Corporate Social Responsibility on Company Value

Financial leverage and ASEAN corporate governance scorecard on accounting conservatism

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