Articles

The Influence of Company Growth, Capital Structure, and Business Risk on Company Value with Company Size as a Moderating Variable in Property and Real Estate Sector Companies on the Indonesia Stock Exchange

/in /by

This research aims to analyze the influence of company growth, capital structure, and business risk on company value. This research also aims to analyze company size in moderating the relationship between company growth, capital structure and business risk on company value. The population in this study were property and real estate sector companies listed on the Indonesia Stock Exchange from 2018 to 2022. The sampling technique in this study used purposive sampling, so the sample obtained were 33 companies. The analysis technique used in this research uses panel data regression analysis using EViews 13 as a data processing tool. The results of this research prove that capital structure has a positive effect on company value, while company growth and business risk have a negative effect on company value. Company size is not able to moderate the relationship between company growth, capital structure, and business risk on company value.

The Influence of Dividend Policy and Company Size on Company Value with Profitability as a Moderating Variable in Listed Energy Sector Companies on the Indonesian Stock Exchange 2018-2022 Period

/in /by

This research aims to determine the effect of dividend policy and company size on company value with profitability as a moderating variable in energy sector companies listed on the BEI in 2018-2022. This research was conducted based on information obtained on the Indonesian Stock Exchange. The sampling technique for this research uses a purposive sampling method. The population in this study was 82 energy sector companies listed on the IDX in 2018-2022 and the sample used was 21 companies. The type of data used is secondary data and the data analysis technique is panel data regression and the Moderate Regression Analysis (MRA) test with analysis tools using Eviews 10 software. The results of this research show that dividend policy has no effect on company value and company size has a positive and significant effect on company value. Profitability is able to positively moderate (strengthen) of dividend policy on company value, while profitability is able to positively moderate (strengthen) the influence of company size on company value.

The Effect of Intellectual Capital, Leverage and Company Size on Profitability and its Impact on Company Value of Sub-Sector Food and Beverage Registered on the Indonesian Stock Exchange Period 2012 – 2022

/in /by

This study aims to determine the effect of intellectual capital, leverage, and company size on profitability and their impact on company value in the food and beverage sub-sector.

This research is quantitative empirical research using hypothesis research that examines the significant influence and direction of the direct and indirect relationship between the independent variables and the dependent variable through the intervening variable. This study used a sample of food and beverage sub-sector companies listed on the IDX for 2012–2022 using a purposive sampling method where 45 companies were obtained from the population and 14 companies were selected according to predetermined criteria.

Based on statistical test results, it was found that intellectual capital partially had a negative and insignificant effect on profitability, while leverage and company size had a positive and significant effect on profitability. Partially, intellectual capital, leverage and profitability have a positive and significant effect on company value, while company size has a negative and insignificant effect on company value. Partially, the results of the Sobel Test Path Analysis indirectly mean that profitability as an intervening variable is not able to mediate the influence of intellectual capital and leverage on company value, while directly profitability as an intervening variable is able to mediate the influence of company size on company value.

Analysis of the Influence of Earnings Management and Leverage on Company Value Using Good Corporate Governance as a Moderation Variable in Indonesian Stock Exchange Lq45 Companies

/in /by

The purpose of this research is to find out the influence of earnings management and leverage on company value with good corporate governance as a moderating variable. The population in this study is LQ45 companies in 2017-2021. The data analysis technique in this research uses panel data analysis and moderated regression analysis (MRA) using the Eviews 10 program. The research results show that: (1) Earnings management has a negative and significant effect on company value. (2) Leverage has a negative and significant effect on company value. (3) Good corporate governance is able to moderate the influence of earnings management on company value. (4) Good corporate governance is unable to moderate the influence of leverage on company value.

Determining the Optimal Capital Structure of PT Bumi Resource Tbk

/in /by

Demand for coal increased because of the energy crises that occurred in Europe and China. Due to this growth in demand, coal prices have gone up globally as well. This can be an opportunity for coal companies in Indonesia as one of the countries with the largest coal reserves in the world. PT Bumi Resource Tbk, one of the businesses with Indonesia’s largest coal deposits. Additionally, most of the coal supplied by PT Bumi Resource Tbk is consumed domestically, and most of it for China. So, it is necessary to increase production to meet these demands.

One way to increase production is by optimizing the company’s capital structure. The proportion of debt and equity which is capital structure will be the focus of the company in the future. PT Bumi Resource Tbk was repeatedly unable to repay its loans. Based on calculations through the Damodaran theory, the optimal capital structure for companies in 2021 with 30 percent debt ratio. This would maximize the company’s value of $1,709,478,366 with a weight average cost of capital of 7.86 percent. Future projections are made using three scenarios: the best scenario, the base scenario, and the worst scenario. The best scenario is the best of these three scenarios with delivers the highest firm value, $ 4,605,803,420 with the lowest weight average of capital costs, 9,06 percent. The proportion of the debt ratio needed to maximize the value of the company in its best condition is 10 percent.

The results of calculating the optimal capital structure today or in the future show that companies need to reduce the debt ratio if they want to maximize their firm value. In addition, the company is also facing threat of bankruptcy because the Alman Z-score is

-0.13. There are several ways based on the Damodaran framework to reduce debt ratio. First, a company can do a debt for equity swap by converting its debt into equity or by doing a private placement. Second, companies can negotiate with lenders regarding the maturity of their debts or decrease of interest by making an agreement. Third, companies can sell their assets to pay off their debts.