Analysis of Factors Affecting Company Value (Case Study on Consumers Good Company on Indonesia Stock Exchange)

ABTTRACT: The purpose of this study was to analyze the influence of Current Ratio (CR), Debt to Equity Ratio (DER), Total Asset Turnover (TATO), Return On Equity (ROE) on firm value in Consumer Goods companies on the Indonesia Stock Exchange, partially or partially. Simultaneous period 2016 to 2020. The population of this study is consumer goods companies on the Indonesia Stock Exchange, while the sample is 9 (nine) companies with assets of more than ten trillion rupiah. Analysis using normality test, t test, F test, correlation and Significant effect on firm value in consumer companies. Goods on the Stock Exchange. Together or simultaneously, Current Ratio (CR), Debt to Equity Ratio (DER), Total Asset Turnover (TATO), Return On Equity (ROE) have a significant effect on firm value in Consumer Goods companies on the Indonesia Stock Exchange.


Restricting the Problem
Limitations in this study include the analysis of the Financial Ratios of the Consumer Goods Industry which has issued Financial Statements for 5 years, is on the Main Listing Board and has total assets of more than Rp.10,000,000,000,000,000 on the Indonesia Stock Exchange.The ratio used in this study is the ratio of the company's Liquidity, Solvency, Activity and Profitability.

Research Purposes
The objectives of this research are: To determine the effect of Liquidity Ratio, solvency ratio, activity ratio and profitability ratio on the value of the Consumer Goods company, either partially or jointly.

LITERATURE REVIEW Investment
Investment is a commitment to a number of funds or other resources at this time, with the aim of obtaining a number of benefits in the future (Tandelilin 2010:2).An investor buys a number of shares today with the hope of profiting from an increase in stock prices or a number of dividends in the future.Meanwhile, according to Salim (2010:1) investment is actually a way or strategy to rotate the excess funds that we have in order to generate larger funds, whether with our intervention or not.

Share
According to Salim (2010: 5) shares are in the form of a statement of capital in a company.When we own shares of a company, we can say we own the company at a certain percentage according to the number of shares we have.In general, companies that sell their shares to the public are companies that have been around for a certain period of time and earn profits from time to time.
According to Tandelilin (2010: 31) securities traded in the Indonesian equity market are shares, both ordinary shares and preferred shares as well as evidence of rights and warrants.Among these four equity securities, common stock is the most important and most well-known security by the Indonesian people.
According to Sudana (2011: 87) shares are an alternative source of long-term funds for a company.Companies that need long-term funds in the form of equity can obtain them through the issuance of shares, both those sold through private palaces and initial public offerings (IPOs).

Financial Ratio
According to (Hery 2016:138) financial ratios are a ratio calculation using financial statements that serve as a measuring tool in assessing the financial condition and performance of the company.Financial ratios are numbers obtained from the comparison between one financial statement item and another item that has a relevant and significant relationship.Comparisons can be made between one item and another in one financial statement or between items that exist between financial statements.Kasmir (2017:104) states, "Financial ratios are activities to compare the numbers in the financial statements by dividing one number by another."Comparisons can be made between one component with components in one financial report or between components that exist between financial statements.Then the numbers being compared can be in the form of numbers in one period or several periods.
According to Munawir (2010:64) the ratio describes a relationship between a certain amount and another amount and by using an analytical tool in the form of this ratio will be able to explain or give an overview to the analyst about the good or bad condition or financial position of a company, especially if the ratio number is compared with the comparison ratio figures used as standards.

Liquidity Ratio
According to Kasmir (2017:129) the liquidity ratio (liquidity ratio) serves to show or measure the ability of a company to fulfill obligations that are due, both obligations to parties outside the company (business entity liquidity) and within the company (company liquidity).
According to Weston (in Kasmir, 2017:129) the liquidity ratio is a ratio that describes the company's ability to meet shortterm obligations (debt).That is, if the company is billed, the company will be able to meet the debt, especially debt that is due.
According to O.Gill (in Kasmir 2017:131) the liquidity ratio measures the amount of cash or the amount of investment that can be converted or converted into cash to pay expenses, bills, and all other obligations that are due.
According to Munawir (2010:116) the liquidity ratio measures the company's ability to meet its short-term obligations.This ratio is important because failure to pay obligations can lead to company bankruptcy.This ratio measures the short-term liquidity ability of the company by looking at the company's current assets relative to its current liabilities (debt referred to here is the company's liability).

Solvency Ratio
According to Kasmir (2017:151) the solvency ratio or leverage ratio is the ratio used to measure the extent to which the company's assets are financed with debt.This means how much debt burden is borne by the company compared to its assets.In a broad sense it is said that the solvency ratio is used to measure the company's ability to pay all its obligations, both short-term and long-term if the company is dissolved (liquidated).
According to Munawir (2010:174) the solvency ratio is a picture of a company's ability to fulfill and maintain its ability to always be able to fulfill its obligations in paying debts on time.

Activity Ratio
According to Kasmir (2017:172) the activity ratio is a ratio used to measure the effectiveness of the company in using its assets.Or it can also be said that this ratio is used to measure the level of efficiency (effectiveness) of the utilization of company resources.
According to Fahmi (2017:132) the activity ratio is a ratio that describes the extent to which a company uses its resources to support company activities, where the use of this activity is carried out to the maximum with the aim of obtaining maximum results.

Profitability Ratio
According to Fahmi (2017:135) this ratio measures the effectiveness of overall management which is indicated by the size of the level of profit obtained in relation to sales and investment.The better the profitability ratio, the better the ability to describe the company's high profitability.
Meanwhile, according to Kasmir (2017: 196) the profitability ratio is a ratio to assess the company's ability to seek profit.The purpose of using financial ratios, among others; PT.Gudang Garam Tbk.GGRM 2.

Research variable
According to Sugiyono (2016:38) the research variable is an attribute of a group of objects that have variations (differentiators) between one another in the group.There are two variables used in this study, namely: the dependent variable which is indicated by the symbol "Y" and the independent variable which is indicated by the sunbol "X".

Independent Variable (X)
According to Sugiyono (2016:39) "The independent variable or independent variable is: "The independent variable is the variable that affects or is the cause of the change or the emergence of the dependent variable".In relation to the title that has been set, the independent variable (X) are: Free Variables: (X₁) = Current Ratio (X₂) = Debt To Equity Ratio (X₃) = Total Assets Turnover (X4 ) = Return on Equity

Bound Variable (Y)
The dependent variable or dependent variable according to Sugiyono (2016:39) is a variable that is influenced or is the result of an independent variable.The dependent variable in this study is Price Book Value.
Debt to Equity Ratio DER = Total Liability/ Equity 3.
Total Asset Turn Over Tato = Sales / Total Asset 4.

Data source
The source of data in this study is secondary data or external data.Secondary data is evidence, historical records or reports that have been compiled in published archives.The data used in the form of company financial report data obtained from the website www.idx.co.id in the 2016 to 2020 observation period.

Data analysis method
Analysis of the data used in this study is multiple linear regression which aims to determine the independent variables on the dependent variable assisted using the standard method with the Standard Package Social Sciences (SPSS) Version 23.00 program for windows.

Normality test
Normality test aims to test whether in the regression model, the confounding or residual variables have a normal distribution.As it is known that the T test and F test assume that the residual value follows a normal distribution.If this assumption is violated, the statistical test becomes invalid for a small sample size.There are two ways to detect whether the residuals are normally distributed or not, namely by graphical analysis and statistical tests (Imam Ghozali, 2016:154).
To test the normal distribution or not is the Kolmogrov-Smirnov non-parametric statistical test.The Kolmogrov-Smirnov nonparametric statistical test is a normality test using the cumulative distribution function.The standardized residual value is normally distributed if K count > K table or sig value > alpha (Suliyanto, 2011:75).

Multiple Linear Regression Analysis
According to (Ghozali, 2016:94) in regression analysis, in addition to measuring the strength of the relationship between two or more variables, it also shows the direction of the relationship between the dependent variable and the independent variable.The dependent variable is assumed to be random/stochastic which means it has a probabilistic distribution.The independent/independent variable is assumed to have a value.

Coefficient of Correlation and Determination (R2)
Correlation coefficient analysis aims to study whether there is a relationship between two or more variables, while regression analysis predicts how far the influence is.Specifically, the purpose of correlation analysis is to find out whether there is a relationship between two variables, and if there is a relationship, what is the direction of the relationship and how big the relationship is.
In this study, the researcher uses Pearson Corellation as a measuring tool for the correlation between two variables with the provisions, the correlation value (r) ranges from 1 to -1, the value closer to 1 or -1 means the relationship between variables is getting stronger.
The coefficient of determination (R2) essentially measures how far the model's ability to explain variations in the dependent variable is.The value of the coefficient of determination is between O and 1.A small value of R2 means that the ability of the independent variables in explaining the variation of the dependent variable is very limited.A value close to 1 (one) means that the independent variables provide almost all the information needed to predict the variation of the dependent variable ( Ghozali, 2016:95).

F Statistic Test (Simultaneous)
According to Ghozali (2013) the F test basically shows whether all the independent variables intended in the model have the same simultaneous effect on the dependent variable.The test is carried out using the significance level of 0.05 (cr5)

Test Statistics t (Partial)
According to Ghozali (2013) the t-test basically shows how far the influence of one independent variable individually in explaining the dependent variable.The test is carried out using the significance level of 0.05 (a5).

Multiple Linear Regression Equation
Multiple regression analysis was used to measure the effect or relationship of the independent variable with the dependent variable.The regression analysis equation model in this study is as follows: Y= a + b1 x1 + b2 x2 + b3 x3 + b4 x4 + e Where : Y = Dependent or dependent variable (Price Book Value) a = constant coefficient or Y value when t =0 X1 = Independent or independent variable (Cash Ratio) X2 = Independent or independent variable (Debt to Equity Ratio) X3 = Independent or independent variable (Total Assets Turnover) X4 = Independent Variable or free (Return On Equity) b1 b2 b3 b4 = Parameters X1, X2, X3 and X4 e = Error coefficient (Confounding Variable)

ANALYSIS AND DISCUSSION Normality Test Results
In this study, the first classic assumption test is the normality test.Normality test aims to test whether in the regression model, the confounding or residual variables have a normal distribution.As it is known that the T test and F test assume that the residual value follows a normal distribution.The normality test used was the Kolmogorov-Smirnov non-parametric statistical test.The results of the Kolmogorov-Smirnov One Sample test in the table above, show the Kolmogorov-Smirnov value of 0.258 and a significant probability level of 0.086 above 0.05, it can be concluded that the residual data in this regression model is normally distributed, then the regression model used meets the assumption of normality.

Multiple Linear Regression Results Correlation Coefficient and Determination
Correlation coefficient analysis aims to study whether there is a relationship between two or more variables, while regression analysis predicts how far the influence is.Specifically, the purpose of correlation analysis is to find out whether there is a relationship between two variables, and if there is a relationship, what is the direction of the relationship and how big the relationship is.
The coefficient of determination essentially measures how far the model's ability to explain variations in the dependent variable is.The value of the coefficient of determination is between 0 and 1.A small value of R2 means that the ability of the independent variables to explain the variation of the dependent variable is very limited.

Correlation and Determination Coefficient Test Results
Based on the table above, it can be seen that the value of R = 0.982.This shows that there is a very strong relationship between the variables Current Ratio (CR), Debt to Equity Ratio (DER), and Total Assets Turnover (TATO) and Return On Equity (ROE) to the Price Book Value (PBV) variable.Meanwhile, Adjusted R Square is 0.927 or 92.70%.This shows that the contribution of the variable Current Ratio (CR), Debt to Equity Ratio (DER), Total Assets Turnover (TATO) and Return On Equity (ROE) to the Price Book Value (PBV) variable is 92.70%.While the remaining 7.30% is influenced or explained by other independent factors and variables that are not included in this research model.

F test (simultaneously)
The test is carried out using the significance level of 0.05 (cr5).The results of testing this hypothesis use the F statistic with the following decision-making criteria Tabel.Hasil Uji F Based on the table above, it can be seen that the F test results can be seen from the calculated F value of 26.297 > F Table 5.410 with a significance value of 0.004 < 0.050 which means that the regression model that can be used to predict the Y-bound variable is Price Book Value.So it can be concluded that the variables Current Ratio (CR), Debt to Equity Ratio (DER), Total Assets (a) Measuring the profit earned by the company in a certain period; (b) Assess the company's profit position in the previous year with the current year; (c) Assessing profit development over time; (d) Assess the amount of net profit after tax with own capital; (e) Measuring the productivity of all company funds used, both loan capital and own capital; and (f) Measuring the productivity of all company funds that are used both for own capital.ISSN: 2581-8341 Volume 05 Issue 08 August 2022 DOI: 10.47191/ijcsrr/V5-i8-39, Impact Factor: 5.995 IJCSRR @ 2022 www.ijcsrr.org3127 * Corresponding Author: Heri Sasono Volume 05 Issue 08 August 2022 Available at: ijcsrr.orgPage No.-3123-3133 From the purposive sampling above, 9 companies were obtained as follows: Tabel.Company Sample Consumer Goods No. Emiten Kode of Stock 1.
ROE = Earning After Tax/ Equity 5 Price Book Value PBV = Market Price per Share/ Book Value per Share Sources: Several Sources Method of collecting data Data type According to Sugiyono (2013:137) explains the primary and secondary data.Primary data is data obtained directly including company documents in the form of historical development of the company's development, organizational structure, and others research.While secondary data is data needed to support research results from literature, articles and various other sources.related to research.The type of data used in this study is secondary data in the form of financial statements of Consumer Goods Companies listed on the IDX in 2016 -2020.(www.idx.co.id).Data collection techniques According to Sugiyono (2016:224) data collection techniques are the most strategic step in research, because the main purpose of research is to obtain data.Without knowing the data collection techniques, the researcher will not get data that meets the data standards applied.The data used is external data.External data is data that is searched manually by getting it from outside the company.a. Literature Study (Observation) In this literature study, the data and theory obtained came from articles, books related to the problem being studied, journals and previous research results that are relevant to the research and theoretical basis.b.Field Research (Survey) This field research was conducted by means of a survey by observing the financial statements of related companies on the Indonesia Stock Exchange (IDX) to collect the necessary data.

One Sample Kolmogorov-Smirnov One-Sample Kolmogorov-Smirnov Test
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