THE INFLUENCE OF PROFITABILITY, CAPITAL STRUCTURE, AND INSTITUTIONAL OWNERSHIP ON FIRM VALUE IN FOOD AND BEVERAGE INDUSTRY SECTOR LISTED IN INDONESIAN STOCK EXCHANGE
Keywords:
profitability, capital structure, institutional ownership, firm valueAbstract
The research was conducted with the aim of determining and analyzing the influence of profitability, capital structure and institutional ownership on firm value in food and beverage industry sector listed in Indonesian Stock Exchange (IDX) for the 2021-2023 period. The research was using a quantitative approach. Sampling was carried out using a purpose sampling technique and a sample of 24 companies was obtained during the 2021-2023 observation year. The data analysis was carried out using the SPSS for Windows program, through a set of multiple linear regression analysis tests and partial and simultaneous hypothesis tests. The research results show that partially capital structure variable has a significant effect on company value, while profitability and institutional ownership variables do not have a significant effect on company value. Simultaneously, profitability, capital structure and institutional ownership variables have a significant effect on firm value in the food and beverage sector on the IDX for the 2021-2023 period.
Downloads
References
Agusfianto, N. P., Herawati, N., Fariantin, E., Khotmi, H., Maqsudi, A., Murjana, I. M., Jusmarni, Anwar, Rachmawati, T., Hariyanti, Nuryati, Andayani, S. U., & Nursansiwi, D. A. (2022). Dasar-Dasar Manajemen Keuangan. Anggota IKAPI.
Andriani, D. A., Kholilla, S., Sitompul, P. H., & Mira. (2022). Pengaruh Return On Asset ( ROA ) Terhadap Nilai Perusahaan Manufaktur yang Terdapat di Bursa Efek Indonesia. Prosiding Seminar Nasional Multidisiplin Ilmu Universitas Asahan Ke-5.
Bai, Y., He, L., & Zhang, T. (2023). Common institutional ownership and investment efficiency: Empirical evidence from China. Borsa Istanbul Review, 23(5). https://doi.org/10.1016/j.bir.2023.05.006
DeWitt, S. E. (2018). On the Prospects of Signaling Theory for Criminological Research: A Comment on Potential Avenues for Future Research. SSRN Electronic Journal. https://doi.org/10.2139/ssrn.3108026
Dianti, P. P. M., Putra, I. G. C., & Manuari, I. A. R. (2022). Pengaruh Profitabilitas, Leverage, Kebijakan Dividen Dan Struktur Kepemilikan Terhadap Nilai Perusahaan Manufaktur Yang Terdaftar Di Bursa Efek Indonesia. Jurnal Kharisma, 4(3), 441–455.
Fahmi, I. (2012). Analisis Kinerja Keuangan. Alfabeta.
Gz, A. A., & Lisiantara, G. A. (2022). Pengaruh profitabilitas, struktur modal, ukuran perusahaan, likuiditas dan kebijakan dividen terhadap nilai perusahaan. Owner, 6(4), 3974–3987. https://doi.org/10.33395/owner.v6i4.1030
Handini, S. (2020). Buku Ajar : Manajemen Keuangan. Scopindo Media Pustaka.
Hery. (2017). Kajian Riset Akuntansi : Mengulas Berbagai Hasil Penelitian terkini dalam Bidang Akuntansi dan Keuangan. PT. Gramedia.
Hirdinis, M. (2019). Capital structure and firm size on firm value moderated by profitability. International Journal of Economics and Business Administration, 7(1). https://doi.org/10.35808/ijeba/204
Indrianingsih, I., & Agustina, L. (2020). The Effect of Company Size, Financial Performance, and Corporate Governance on the Disclosure of Sustainability Report. Accounting Analysis Journal, 9(2). https://doi.org/10.15294/aaj.v9i2.31177
Irmawati, J., Harmadji, D. E., Susanti, R., Suryaningsi, Devy, T., Rizqi, M. N., Farina, D., Hurriyaturrohman, Liong, H., Asmeri, R., Shaleh, M., & Fitria, B. T. (2022). Pengantar Akuntansi (Pendekatan Siklus Akuntansi). Media Sains Indonesia.
Kalbuana, N., Kusiyah, K., Supriatiningsih, S., Budiharjo, R., Budyastuti, T., & Rusdiyanto, R. (2022). Effect of profitability, audit committee, company size, activity, and board of directors on sustainability. Cogent Business and Management, 9(1). https://doi.org/10.1080/23311975.2022.2129354
Kharouf, H., Lund, D. J., Krallman, A., & Pullig, C. (2020). A signaling theory approach to relationship recovery. European Journal of Marketing, 54(9). https://doi.org/10.1108/EJM-10-2019-0751
Kontuš, E., Šorić, K., & Šarlija, N. (2023). Capital structure optimization: a model of optimal capital structure from the aspect of capital cost and corporate value. Economic Research-Ekonomska Istrazivanja , 36(2). https://doi.org/10.1080/1331677X.2022.2147565
Laurencia, S., Goulisa, T. E., Sugiharto, R., & Alhazami, L. (2021). Analisis Fundamental Perusahaan Sebagai Dasar Pengambilan Keputusan Investasi Saham pada Industri Barang Konsumsi Sub Sektor Makanan dan Minuman yang Terdaftar di Bursa Efek Indonesia. Indonesian Journal of Economy, Business, Entrepreneurship and Finance, 1(2).
Mahanani, H. T., & Kartika, A. (2022). Pengaruh struktur modal, likuiditas, ukuran perusahaan, dan profitabilitas terhadap nilai perusahaan. Fair Value: Jurnal Ilmiah Akuntansi Dan Keuangan, 5(1), 360–372. https://doi.org/10.32670/fairvalue.v5i1.2280
Marini, Y., & Marina, N. (2019). Pengaruh Good Corporate Governance Terhadap Nilai Perusahaan. Jurnal Humaniora : Jurnal Ilmu Sosial, Ekonomi Dan Hukum, 1(1), 7–20. https://doi.org/10.30601/humaniora.v1i1.37
Pamungkas, I. D., Purwantoro, Sari, M. P., & Hersugondo. (2023). Corporate Governance and Financial Performance on Firm Value: The Case of Indonesia. WSEAS Transactions on Business and Economics, 20. https://doi.org/10.37394/23207.2023.20.10
Paputungan, R. D., Subroto, B., & Ghofar, A. (2020). Does institutional ownership moderate the effect of intellectual capital and company value? International Journal of Research in Business and Social Science (2147- 4478), 9(1). https://doi.org/10.20525/ijrbs.v9i1.579
Pingkan, A. H., & Pertiwi, T. K. (2022). Pengaruh Profitabilitas terhadap Nilai Perusahaan dengan Ukuran Perusahaan sebagai Variable Moderasi pada Perusahaan Property dan Real Estate 2018-2021. In Management Studies and Entrepreneurship Journal (Vol. 3, Issue 6).
Puspitaningtyas, A., & Rahmawantari, D. M. (2020). Degradasi Perusahaan Pada Indeks Lq45. Jurnal Manajemen Bisnis Krisnadwipayana, 8(1). https://doi.org/10.35137/jmbk.v8i1.384
Salehi, M., Zimon, G., Arianpoor, A., & Gholezoo, F. E. (2022). The Impact of Investment Efficiency on Firm Value and Moderating Role of Institutional Ownership and Board Independence. Journal of Risk and Financial Management, 15(4). https://doi.org/10.3390/jrfm15040170
Sari, D. M., & Wulandari, P. P. (2021). Pengaruh Kepemilikan Institusional, Kepemilikan Manajerial, Dan Kebijakan Dividen Terhadap Nilai Perusahaan. TEMA, 22(1), 1–18. https://doi.org/10.21776/tema.22.1.1-18
Septiana, A. (2019). Analisis Laporan Keuangan (Konsep Dasar dan Deskripsi Laporan Keuangan). Duta Media Publishing.
Shofia, A., & Kadarningsih, A. (2023). Keberlanjutan Bisnis di Industri Makanan dan Minuman : Studi Struktur Modal, Profitabilitas, dan Pertumbuhan Perusahaan Selama Masa Pandemi. Jurnal Akuntan Publik, 1(4), 206–225.
Sofiani, L., & Siregar, E. M. (2022). Analisis Pengaruh ROA, CR dan DAR Terhadap Nilai Perusahaan Sektor Makanan dan Minuman. Jurnal Ilmiah Akuntansi Kesatuan, 10(1). https://doi.org/10.37641/jiakes.v10i1.1183
Sugiyono. (2018). Penelitian Kualitatif, Kuantitatif dan R&D. Alfabeta.
Sulistiorini, J., & Lestari, D. (2022). Pengaruh Profitabilitas, Struktur Modal, Ukuran Perusahaan, Kepemilikan Institusional dan Terkonsentrasi Terhadap Nilai Perusahaan. KALBISOCIO Jurnal Bisnis Dan Komunikasi, 9(1). https://doi.org/10.53008/kalbisocio.v9i1.206
Suramanto, E., Susanti, E., Revida, E., Pelu, M. F. A., Purba, S., Astuti, Purba, B., Silalahi, M., Anggusti, M., Sipayung, P. D., & Krisnawati, A. (2021). Good Corporate Governance (GCG). Yayasan Kita Menulis.
Suroso, S. (2022). Good Corporate Governance. CV. Penerbit Qiara Media.
Susila, G. P. A. J., Heryanda, K. K., & Putra, K. E. S. (2020). The Effect of Company Size and Capital Structure on Company Value. Proceedings of the 5th International Conference on Tourism, Economics, Accounting, Management and Social Science (TEAMS 2020). https://doi.org/10.2991/aebmr.k.201212.001
Tao-Schuchardt, M., Riar, F. J., & Kammerlander, N. (2023). Family Firm Value in the Acquisition Context: A Signaling Theory Perspective. Entrepreneurship: Theory and Practice, 47(4). https://doi.org/10.1177/10422587221135761
Utami, S. W. (2023). The Effect of Financial Performance and Capital Structure on Company Value With Company Size as a Moderation Variable. Asian Journal of Economics, Business and Accounting, 23(24). https://doi.org/10.9734/ajeba/2023/v23i241191
Wardoyo, D. U., & Fauziah, H. D. (2024). Pengaruh Kepemilikan Institusional, Profitabilitas, dan Struktur Modal Terhadap Nilai Perusahaan. Owner, 8(1). https://doi.org/10.33395/owner.v8i1.1840
Wijaya, D. (2017). Manajemen Keuangan Konsep dan Penerapannya. PT. Grasindo.
Wira, A. S., Wardoyo, D. U., Islahuddin, M. L., Safitri, R. G., & Putri, S. N. (2022). Pengaruh Sustainability Report Terhadap Nilai Perusahaan (Studi Perusahaan Non Keuangan dari tahun 2018-2020) Proxy : PBV (Price to Book Value). Jurnal Publikasi Ekonomi Dan Akuntansi, 2(2), 161–166. https://doi.org/10.51903/jupea.v2i2.333
