Articles

Internal Factors Affecting Firm Value (Case Study of Manufacturing Companies in Indonesia)

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Despite the pivotal role of the manufacturing sector in the Indonesian economy and its continuous growth, there exists a dearth of comprehensive research on the determinants of firm value within this sector. The lack of understanding regarding how financial factors such as leverage, liquidity, profitability, and firm size impact firm value among manufacturing companies listed on the IDX hinders effective decision-making for investors, creditors, stakeholders, and company management. This study aims to Investigate the effects of firm size, profitability, liquidity, and leverage on firm value is the main purpose of this study, which focuses on manufacturing companies listed on the Indonesia Stock Exchange (IDX). The population comprises manufacturing companies listed on the Indonesia Stock Exchange from 2018 to 2022. Using purposive sampling technique and going through the sampling criteria, a final sample of 82 companies was used in this research. The data analysis method used in this study was a regression analysis using SPSS software. The study revealed that higher debt levels (Leverage) and excessive cash reserves (Liquidity) were linked to decreased firm value. Additionally, the finding also shows that as companies became more profitable, their overall value tended to decrease. On a positive note, larger firms (Firm Size) exhibited higher company value. The findings have implications for investors, creditors, and stakeholders navigating the Indonesian manufacturing sector, providing nuanced insights into financial determinants of firm value. These findings emphasize the importance of a balanced financial strategy for companies and highlight the advantages of size in the economic landscape.

The Effect of Capital Adequacy, Non-Performing Financing, Efficiency, And Liquidity on Financial Performance in Sharia Commercial Banks in Indonesia

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This study aims to examine the effect of capital adequacy, non-performing financing, efficiency, and liquidity on the level of financial performance at Islamic Commercial Banks in Indonesia. This study is a population study with the number of companies studied as many as 13 Islamic Commercial Banks in Indonesia during the 2014-2019 observation period so that 75 observations are obtained. This study uses multiple linear analyses of panel data to analyze the data to be studied. This study empirically finds that CAR, NPF, BOPO, and FDR have a negative influence on the financial performance of Islamic banks.

Analysis of the Probability of Financial Distress as a Moderating Variable that Influences Stock Returns in Coal Companies (2018-2022)

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This research was conducted to examine and analyze the influence of operating activity cash flow, investing activity cash flow, financing activity cash flow, liquidity, and total asset turnover as independent variables on stock returns as the dependent variable, along with the ability of probability financial distress to moderate the relationship between the independent variable and the variable dependent. The research method in this research is quantitative research with panel data regression analysis using the EViews application. The research object in this study is coal companies listed on the Indonesia Stock Exchange for the 2018-2022 period. The sampling technique used purposive sampling and found 130 observations. The research results show that operating activity cash flow has a positive effect on stock returns. Meanwhile, investing activity cash flow, financing activity cash flow, liquidity, and total asset turnover have no effect on stock returns. The probability of financial distress is unable to moderate the relationship between operating activity cash flow, investing activity cash flow, financing activity cash flow, liquidity, and total asset turnover with stock returns.

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.

The Role of Profitability in Moderating the Influence of Liquidity and Leverage on Audit Opinion

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The auditor issued an audit opinion to determine the risk of uncertainty regarding the condition of the company to continue operating where COVID-19 is spreading rapidly. This research aims to look at the influence of liquidity and leverage on audit opinion in the consumer goods sector listed on the Indonesia Stock Exchange in 2020, with profitability as a moderation variable. The research model uses a causal-comparative design and binary logistic regression analysis with secondary data types. 188 consumer goods sector companies listed on the Indonesia Stock Exchange, in 2020, met the criteria for being the research sample. The results of the study showed that liquidity and leverage simultaneously affect audit opinion. Partially, liquidity has no influence on audit opinion, while leverage partially affects audit opinion. Profitability as moderation is able to strengthen the influence of liquidity on opinions but is not able to moderate the influence of leverage on audit opinions. The limitation in this study is that it only selects the company’s internal factors. Further researchers are expected to consider other free variables such as auditor turnover, and opinions submitted by auditors in the previous period, as well as using other sectors such as the real estate property sector. The leverage factor can be used as reference data for auditors to see how the company is able to maintain the condition of the company to avoid bankruptcy in the pandemic.

The Effect of Debt, Liquidity and Corporate Tax Policy on Dividend Policy with Profitability as Intervening Variables in Trading Companies Listed on the Indonesia Stock Exchange for the 2014-2019

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Study this aim for get Proof empirical is Policy Debt, Liquidity and Corporate Tax have an effect to Policy Dividend with Profitability as intervening variables in the company Trades listed on the IDX for the period 2014 to 2019. Research this using 16 companies Trades listed on the IDX from 2014 to 2019 with use purposive sampling method. Research data this analyzed with Analysis of Moment Structure (AMOS) method. Research results show that variable Policy Debt, Liquidity and Corporate Tax together take effect to Policy Dividends. Variable Policy Debt, Liquidity and Profitability take effect to Policy Dividends. Variable Policy Debt and Liquidity take effect to Profitability. Study this also finds that variable Profitability could mediate influence Policy Debt, Liquidity and Corporate Tax on Policy Dividends.

The Effect of Liquidity, Leverage, and Profitability on Financial Distress with Audit Committee as a Moderating Variable

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This study examines the effect of liquidity, leverage, and profitability on financial distress with the audit committee as a moderating variable. This study used secondary data from the annual reports of manufacturing companies listed on the Indonesia Stock Exchange (IDX) from 2016 to 2019. The research sample was selected using purposive sampling, and 33 companies were obtained as the study samples. The data were then analyzed using the logistic linear regression method with SPSS ver 26 software. The study results found that liquidity and profitability had a negative effect on financial distress, whereas leverage had a positive effect on financial distress. In addition, the study also found that the audit committee enhanced the effect of liquidity and profitability on financial distress. In contrast, the audit committee reduced the effect of leverage on financial distress.