Company Valuation and Influencing Factors: A Study of Automotive and Component Manufacturers Listed on the Indonesia Stock Exchange

I Gusti Ngurah Bagus Gunadi; I Gede Cahyadi Putra; Ida Ayu Ratih Manuari

doi:10.32535/apjme.v7i2.3248

Company Valuation and Influencing Factors: A Study of Automotive and Component Manufacturers Listed on the Indonesia Stock Exchange

I Gusti Ngurah Bagus Gunadi, I Gede Cahyadi Putra, Ida Ayu Ratih Manuari

Abstract

The company's value is crucial as it reflects the company's performance, which can influence investors' perception of the company. The aim of this research is to determine the influence of profitability, company size, liquidity, and managerial ownership on company value in the automotive and component manufacturing sub-sector on the Indonesian Stock Exchange (IDX) for the years 2017-2021. The population in this study consists of manufacturing companies listed on IDX from 2017 to 2021, totaling 13 companies, with a sample size of 12 companies selected through purposive sampling method. This study employed multiple linear regression analysis to investigate the factors influencing company value. The results reveal that profitability and managerial ownership have a positive and significant impact on company value, while company size has no significant effect. Interestingly, liquidity exhibits a negative and significant relationship with company value. These findings suggest potentially important areas for future research. Expanding the study to include additional variables, such as leverage, capital structure, and dividend policies, could provide a more comprehensive understanding of the determinants of company value.

Keywords

Company Size; Company Value; Liquidity; Managerial Ownership; Profitability

Full Text:

PDF

References

Bita, F. Y., Hermuningsih, S., & Maulida, A. (2021). Pengaruh profitabilitas likuiditas dan ukuran perusahaan terhadap nilai perusahaan. Jurnal Syntax Transformation, 2(03), 298-306. https://doi.org/10.46799/jst.v2i3.233

Brigham, E. F., & Houston, J. F. (2018). Dasar-Dasar Manajemen Keuangan (14th ed.). Salemba Empat.

Christiawan, Y. J., & Tarigan, J. (2007). Kepemilikan manajerial: Kebijakan hutang, kinerja dan nilai perusahaan. Jurnal Akuntansi dan Keuangan, 9(1), 1-8. https://doi.org/10.9744/jak.9.1.pp.%201-8

Dewi, L. S., & Abundanti, N. (2019). Pengaruh profitabilitas, likuiditas, kepemilikan institusional dan kepemilikan manajerial terhadap nilai perusahaan. E-Jurnal Manajemen Universitas Udayana, 8(10), 6099-6118. https://doi.org/10.24843/EJMUNUD.2019.v08.i10.p12

Fahmi, I. (2017). Anallisis Laporan Keuangan. Alfabeta.

Fatimah, F., Mardani, R. M., & Wahono, B. (2019). Pengaruh good corporate governance terhadap nilai perusahaan dengan kinerja keuangan sebagai variabel intervening (studi kasus pada perusahaan manufaktur sektor barang). E-JRM: Elektronik Jurnal Riset Manajemen, 8(15).

Harmono, H. (2014). Manajemen Keuangan Berbasis Balanced Scorecard. Bumi Aksara.

Hartono, J. (2008). Sistem Informasi Keperilakuan. Andi Offset.

Hery, H. (2016). Analisis Laporan Keuangan: Integrated and Comprehensive Edition. PT Gramedia Pustaka Utama.

Iman, C., Sari, F. N., & Pujiati, N. (2021). Pengaruh likuiditas dan profitabilitas terhadap nilai perusahaan. Jurnal Perspektif, 19(2), 191-198. https://doi.org/10.31294/jp.v19i2.11393

Irawan, D., & Kusuma, N. (2019). Pengaruh struktur modal dan ukuran perusahaan terhadap nilai perusahaan. Jurnal Aktual STIE Trisna Negara, 17(1), 66–81.

Jensen, M. C., & Meckling, W. H. (2019). Theory of the Firm: Managerial Behavior, Agency Costs and Ownership Structure. In Corporate Governance (pp. 77-132). Gower.

Kasmir, K. (2018). Analisis Laporan Keuangan. PT. Raja Grafindo Persada.

Lestari, K. A. N. S., Lestari, E. P., & Astuty, S. (2024). The influence of the principles of good corporate governance, corporate social responsibility, and financial literacy on the financial performance of village credit institutions in the Negara District of Jembrana. International Journal of Applied Business and International Management, 9(1), 62-74. https://doi.org/10.32535/ijabim.v9i1.2915

Markonah, M., Salim, A., & Franciska, J. (2020). Effect of profitability, leverage, and liquidity to the firm value. Dinasti International Journal of Economics, Finance & Accounting, 1(1), 83-94. https://doi.org/10.38035/dijefa.v1i1.225

Nafis, N. (2022). Pengaruh Kepemilikan Manajerial dan Kinerja Keuangan Terhadap Nilai Perusahaan (Pada Perusahaan Manufaktur Sub Sector Makanan dan Minuman yang Terdaftar di BEI Periode Tahun 2016-2020) [Undergraduate thesis, STIE PGRI Dewantara Jombang]. Repository STIE PGRI Dewantara Jombang. https://repository.stiedewantara.ac.id/3570/

Oyelere, P., Laswad, F., & Fisher, R. (2003). Determinants of internet financial reporting by New Zealand companies. Journal of International Financial Management & Accounting, 14(1), 26-63. https://doi.org/10.1111/1467-646X.00089

Pasaribu, M. Y., Topowijono, & Sulasmiyati, S. (2016). Pengaruh struktur modal, struktur kepemilikan dan profitabilitas terhadap nilai perusahaan pada perusahaan sektor industri dasar dan kimia yang terdaftar di BEI tahun 2011-2014. Jurnal Administrasi Bisnis, 35(1), 154–164.

Pujiati, P. (2015). Pengaruh Kepemilikan Manajerial, Kepemilikan Institusional, dan Kesempatan Investasi Terhadap Kebijakan Dividen dengan Likuiditas Sebagai Variabel Pemoderasi (Studi Empiris pada Perusahaan Sektor Industri Barang Konsumsi yang Terdaftar di Bursa Efek Indonesia periode 2008-2013) [Undergraduate thesis, Yogyakarta State University]. ePrints UNY. https://eprints.uny.ac.id/15875/

Putra, I. G. C., Manuari, I. A. R., & Puspayanti, N. K. D. (2022). Pengaruh corporate governance terhadap profitabilitas dan nilai perusahaan manufaktur yang terdaftar di Bursa Efek Indonesia (BEI). Wacana Ekonomi (Jurnal Ekonomi, Bisnis dan Akuntansi), 21(1), 105-118. https://doi.org/10.22225/we.21.1.2022.105-118

Putri, M. O. D., & Wiksuana, I. G. B. (2021). The effect of liquidity and profitability on firm value mediated by dividend policy. American Journal of Humanities and Social Sciences Research, 5(1), 204-212.

Riyanto, B. (2008). Dasar-Dasar Pembelanjaan Perusahaan. Penerbit GPFE.

Setiawan, A., Winarno, W., & Ambarawati, S. D. A. (2024). Influence work-family conflict, family-work conflict on the performance of women nurses moderated by job satisfaction in Yogyakarta Grhasia Mental Hospital. International Journal of Applied Business and International Management, 9(1), 104–120. https://doi.org/10.32535/ijabim.v9i1.2386

Sugiarto, A. (2011). Analisa pengaruh beta, size perusahaan, DER dan PBV ratio terhadap return perusahaan. Jurnal Dinamika Akuntansi, 3(1). https://doi.org/https://doi.org/10.15294/jda.v3i1.1939

Sujoko, S. (2007). Pengaruh struktur kepemilikan, strategi diversifikasi, leverage, faktor intern dan faktor ekstern terhadap nilai perusahaan (studi empirik pada perusahaan manufaktur dan non manufaktur di Bursa Efek Jakarta). EKUITAS (Jurnal Ekonomi Dan Keuangan), 11(2), 236-254. https://doi.org/10.24034/j25485024.y2007.v11.i2.317

Suwardika, I. N. A., & Mustanda, I. K. (2017). Pengaruh leverage, ukuran perusahaan, pertumbuhan perusahaan, dan profitabilitas terhadap nilai perusahaan pada perusahaan properti. E-Jurnal Manajemen Universitas Udayana, 6(3), 254488.

Trisnayani, K., Gunadi, I. G. N. B., Landra, N., & Putra, I. G. C. (2024). Job satisfaction’s role in mediating the influence of workload and work culture on employee performance of Community Health Center at Klungkung. Asia Pacific Journal of Management and Education, 7(1), 1–14. https://doi.org/10.32535/apjme.v7i1.2536

Widyastuti, D. R., Wijayanti, A., & Masitoh, E. (2022). Pengaruh kepemilikan manajerial, profitabilitas, leverage dan ukuran perusahaan terhadap nilai perusahaan. Inovasi: Jurnal Ekonomi, Keuangan, dan Manajemen, 18(2), 294-304. https://doi.org/10.30872/jinv.v18i2.10617

DOI: https://doi.org/10.32535/apjme.v7i2.3248