Articles

The Influencing Factors Firm Value with CSR as a Moderation Variable: A Study of Energy Companies Listed on the IDX in the Period 2014-2022

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The value of a company reflects how investors assess the company. This research aims to analyze the influence of profitability (ROA), leverage (DER), firm size, and asset turnover (TATO) as factors that influence firm value (Tobin’s Q) and uses CSR disclosure as a moderating variable. This research uses a population of energy sector companies listed on the IDX in 2014–2022, which was selected according to criteria, resulting in a research sample of 28 companies with a total of 224 observations. The type of data used is secondary data, and the hypothesis testing used is panel data regression analysis with multiple linear regression tests and interaction moderation tests with the help of R-Studio software. The research results show that profitability has a positive effect on firm value, while leverage, firm size, and asset turnover do not affect firm value. CSR disclosure is unable to moderate profitability, leverage, firm size, and asset turnover based on firm value.

The Effect of Profitability, Capital Structure and Cash Dividend on Firm Value of Public Non-Financial Companies in Indonesia During the Period Before and During the Covid-19 Pandemic (2018-2021)

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This study aims to test and prove empirically the effect of the independent variables namely profitability, capital structure and cash dividends on the dependent variable, namely firm value with liquidity and firm size as control variables. The research method used is quantitative research in the form of a correlational study using firm financial report panel data taken at www.idx.co.id. The sampling technique in this study was purposive sampling with a total sample of 116 non-financial companies listed on the Indonesia Stock Exchange for the 2018-2021 period. The data analysis method used is multiple linear regression using the eviews application. The results of the study found that profitability, cash dividends, liquidity and firm size had no effect on firm value in the period before and during the Covid-19 pandemic. Capital structure has an effect on firm value in the period before and during the Covid-19 pandemic. Adjusted R2 value shows that 64.7% of firm value can be explained by profitability, capital structure, cash dividends, liquidity and firm size, the remaining 35.3% is influenced by other variables not examined in this study.

Determine the Optimal Capital Structure of PT Indofood CBP Makmur Tbk (PT. ICBP)

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The food and beverage industry is a very large industry both nationally and globally. In Indonesia, the government’s investment realization in the food and beverage industry reached IDR 19.17 trillion. One of the giant food and beverage companies in Indonesia, namely PT ICBP, is one of the largest contributors to Indonesia’s GDP in the food and beverage sector. But the problem occurred in 2020 when the COVID-19 pandemic hit. Apart from the pandemic, in 2022 there was a war between Russia and Ukraine which disrupted the global supply chain. The company’s decision to acquire PCL needs to be questioned because looking at the company’s financial condition, the capital structure of the firm is not in an optimal position. Therefore, this research was conducted with the aim of obtaining optimal capital structure and providing recommendations for strategic steps for PT ICBP. The results obtained are that in 2022 the debt level of the company is not on the optimal capital structure. Therefore, the authors carry out a scenario analysis of the company’s capital structure based on the base scenario where the future financial position will develop, such as the author’s estimation, the best scenario and the worst scenario. The optimal capital structure is obtained if the debt is at the level of 85% for the base scenario, 45% for the best scenario, and 40% for the worst case. With this capital structure, company achieve its maximum firm value. Companies must reduce debt levels according to the framework that Damodaran recommends, namely investing using new equity or retained earnings.

Internal and External Determinants of Firm Value: A Study on the Manufacturing Companies in Indonesia

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This study describes the influence of internal and external factors of the company on firm value which is a verification study using an explanatory survey method. The data used is secondary data available on the official website of the Indonesia Stock Exchange. While the type of data used is quantitative data. The sampling method is to use a purposive sampling method, so that 7 companies can be sampled in this study.

The results of this study indicate that all variables indicate that the company’s internal and external factors have an influence on the Firm Value of the food and beverage sub-sector listed on the Indonesia Stock Exchange in 2014-2020. Suggestions for companies, namely companies need to improve company performance in order to increase Firm Value, especially the use of costs and working capital management which can increase positive perceptions from investors so that they are reflected in Firm Value.

Financial Performance Analysis and Stock Valuation of Coal Mining Company during Covid19 Pandemic (Case Study: Adaro Energy Indonesia)

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Coal is one of the commodity that is mined and consumed a lot in Indonesia and also the world. The thermal coal is needed for the electricity meanwhile metallurgical coal is needed in the steel making industry. Towards mid-2021, the coal price has escalated to all time high. It affects stock price performance of several coal mining companies in Indonesia. From having a bad downturn in 2020 due to Covid-19 and less energy demand, coal starts to gain more demand in 2021 in line with more industrial activities and economy recovery. In Indonesia, one of the coal mining company with one of the largest reserve and largest market capitalization is Adaro Energy.
The purpose of this research is to analyse the intrinsic value of Adaro Energy to help investors gain insight especially after the world economy is recovering after two years in the pandemic crisis. The financial performance of Adaro Indonesia will be projected for the upcoming five years. From the calculation using Discounted Cash Flow, it is found that the intrinsic value is IDR3, 263.56. Considering the market value of Adaro in the closing date of 2021 is IDR2, 250, thus the expected rates of return is 45% or IDR1, 014. Form the calculation using Dividend Discounted Model, the intrinsic value is IDR3, 494.05 (55, 3% return); using PBV, the intrinsic value is IDR3, 513 (56% return); using EV/EBITDA, the intrinsic value is IDR2, 605 (16% return).