PROFITABILITY AS THE MAIN DETERMINING FACTOR OF THE FIRM VALUE

Derudebu Talunohi; Eka Bertuah

doi:10.20473/baki.v7i1.29961

Authors

Derudebu Talunohi
derudebutalunohi@gmail.com
Esa Unggul University https://orcid.org/0000-0003-0608-7533
Eka Bertuah Esa Unggul University

Vol. 7 No. 1 (2022): Berkala Akuntansi dan Keuangan Indonesia

Articles

March 22, 2022

Downloads

PDF

Abstract
How to Cite
Author Biography
Metrics
References
License

This research finds out how profitability plays to the firm value, both as a factor that directly affects and also as a factor that can mediate the structure of capital, the growth of the company and the size of the company to the value of the company. The research population is a food and beverage sub-sector company registered in the IDX Period 2015-2019. Using the purposive sampling method, the research sample used 12 companies and there were 60 observed data. This study used regression analysis of panel 2 SLS data. Results show GLS (Generalized Least Square) with Random Effect Model as the best estimates model. Results showed that profitability affects the value of the company while the capital structure, company's growth and size have no effect on the firm value. Profitability can mediate the influence of capital structure and size on the firm value, but profitability does not mediate the influence of a company's growth on the firm value.

Astakoni, I. M., Swaputra, I. B., Harwathy, T. I., & Ratini, N. P. (2019). Dividend policy and company growth as determinants of profitability. International Journal of Sustainability, Education, And Global Creative Economic (IJSEGCE), 28-33.

Babalola, & Abiodun, Y. (2013). The Effect of Firm on Firms Profitability in Nigeria. Journal of Economics and Sustainable Development, 90-95.

Baron, R., & Kenny, D. (1986). The Moderator-Mediator Variable Distinction in Social Psychological Research: Conceptual, Strategic, and Statistical Considerations. Journal of Personality and Social Psychology. 51(6).

Basuki, A. T. (2016). Analisis Regresi dalam Penelitian Ekonomi & Bisnis. Dilengkapi Aplikasi SPSS & Eviews. Jakarta: Rajawali Pers.

Bestariningrum, N. (2015). Analyzing the effect of capital structure and. Jurnal Berkala Ilmiah Efisiensi, 354-365.

Brigham, & Houston. (2104). Dasar-Dasar Manajemen Keuangan. Jakarta: Salemba Empat.

Brigham, E. F., & Houston, J. F. (2006). Fundamental of Financial Management Edisi 10. Jakarta: Salemba Empat.

Brigham, E. F., & Houston, J. F. (2006). Fundamental of FinancialManagement. Jakarta: Salemba Empat.

Charles, K. A., & Veronica, M. (2018). The Effect Of Capital Structure On Profitability Of Insurance Companies In Ghana (A Case Study Of Sic And Enterprise Insurance). Thesis of Kwame Nkrumah University of Science and Technology, 1-56.

Chen, Y., Weston, J. F., & Altman, E. I. (1994). Financial Distress and Restructuring Models. New York: Manajemen Keuangan 24 (2): 57-75.

Dewi, A. S., & Wirajaya, A. (2013). Pengaruh Struktur Modal, Profitabilitas Dan Ukuran Perusahaan Pada Nilai Perusahaan. E-Jurnal Akuntansi Universitas Udayana 4.2, 358-372.

Dewi, M. P. (2011). Pengaruh Struktur Modal dan Struktur Kepemilikan Terhadap Free Cash Flow dan Kebijakan Dividen pada Perusahaan Perusahaan Go Public di Brusa Efek Indonesia. Denpasar: Universitas Udayana Tesis. Program Magister.

Doğan, M. (2013). Does Firm Size Affect The Firm Profitability? Evidence from Turkey. Research Journal of Finance and Accounting, 53-60.

Dwijayanto, A. (2019, October 30). Kontan.co.id. Retrieved March 24, 2021, from Kontan.co.id: https://industri.kontan.co.id/news/industri-makanan-dan-minuman-masih-mengalami-pertumbuhan-di-kuartal-iii-2019

Estiasih, S. P., Yuniarsih, N., & M. B. (2019). The Influence of Corporate Social Responsibility Disclosure, Managerial Ownership and Firm Size on Firm. International Journal of Innovation, Creativity and Change, 159-171.

Ghozali, I. (2009). Aplikasi Analisis Multivariate Dengan Program SPSS, Edisi Keempat. Semarang: Badan Penerbit Universitas Diponegoro.

Ghozali, I. (2012). Aplikasi Analisis Multivariate dengan Program IBM SPSS. Yogyakarta: Universitas Diponegoro.

Ghozali, Imam. (2018). Aplikasi Analisis Multivariate dengan Program IBM SPSS 25. Semarang: Badan Penerbit Universitas Diponegoro.

Goh, T. S., & Simanjuntak, A. (2017). The Influence of Firm Size, Export Ratio and Earning Variablity On Firm Value with Economic Exposure as Intervening Variable in The Manufacturing Industry Sector. Advances in Economics, Business and Management Research (AEBMR), 521-529.

Gujarati, D. N. (1992). Econometric Basic. Singapura: MC Graw-Hill.

Gujarati, D. N. (2003). Ekonometri Dasar. Jakarta: Erlangga.

Gujarati, D. N. (2012). Dasar-dasar Ekonometrika. Jakarta: Salemba Empat.

Gujarati, D. N., & Porter, D. C. (2012). Dasar-dasar Ekonometrika Buku 2. Jakarta: Salemba Empat.

Harahap, S. S. (2001). Analisa Kritis Atas Laporan Keuangan. Jakarta: RajaGrafindo Persada.

Hasbi, H. (2015). Islamic Microfinance institution: The Capital Structure, Growth, Performance and Value of Firm in Indonesia. Journal of Procedia Social and Behavioral Sciences, 1073-1080.

Hendryadi. (2010, Januari 30). ANALISIS JALUR (PATH ANALYSIS). Indoensia, Indoensia, Indoensia.

Hestinoviana, V., Suhadak, & Handayani, S. R. (2012). The influence of profitability, solvability, Asset growth, and sales growth toward firm value (Empirical Study on Mining Companies Which Listed on Indonesia Stock Exchange). Journal of Faculty of Administrative Science Brawijaya University, 1-11.

Hirdinis, M. (2019). Capital Structure and Firm Size on Firm Value Moderated by. International Journal of Economics and Business Administration, 174-191.

Husna, A., & Satria, I. (2019). Effects of Return on Asset, Debt to Asset Ratio, Current Ratio, Firm Size, and Dividend Payout Ratio on Firm Value. International Journal of Economics and Financial Issues, 50-54.

Husnan, S. (2000). Manajemen Keuangan Teori dan Penerapan (Keputusan Jangka Panjang). Yogyakarta: BPFE.

Husnan, S., & Pudjiastuti, E. (2002). Dasar-dasar Manajemen Keuangan. Yogyakarta: UPP AMP YKPN.

Indonesia, K. P. (2019, February 18). Industri Makanan dan Minuman Jadi Sektor Kampiun. Siaran Pers.

Jogiyanto, H. (2013). Teori dan Analisis Investasi. Edisi Kedelapan. Yogyakarta: BPFE.

John, A. O., & Adebayo, O. (2013). Effect of Firm Size on Profitability: Evidence from Nigerian Manufacturing Sector. Prime Journal of Business Administration and Management (BAM), 1171-1175.

Kartikasari, D., & Marianti, M. (2016). The Effect of Leverage and Firm Size to Profitability of Public Manufacturing Companies In Indonesia. International Journal of Economics and Financial Issues, 409-413.

Kemenperin. (2019, February 18). https://kemenperin.go.id/artikel/20298/Industri-Makanan-dan-Minuman-Jadi-Sektor-Kampiun-. Retrieved February 18, 2019, from https://kemenperin.go.id/artikel/20298/Industri-Makanan-dan-Minuman-Jadi-Sektor-Kampiun-: https://kemenperin.go.id/artikel/20298/Industri-Makanan-dan-Minuman-Jadi-Sektor-Kampiun-

Kontesa, M. (2015). Capital Structure, Profitability, And Firm Value. Whats New? Research Journal of Finance and Accounting, 185-192.

Kuncoro, E. A., & Riduwan. (2014). Cara Menggunakan dan Memakai Path Analysis (Analisis Jalur). Cetakan ke-6. Bandung: Alfabeta.

Lumapow, L. S., & Tumiwa, R. A. (2017). The Effect of Dividend Policy, Firm Size, and Productivity to The. Research Journal of Finance and Accounting, 20-24.

MacKinnon, 2. (2008). Intorduction to Statistical Mediation Analysis. New York: Lawrence Erlbaum Associates Taylor & Francis Group.

Maneerattanarungro, C. (2018). Struktur Modal. Journal of ABAC, 5-8.

Manurung, S. D., Suhadak, & Nuzula, N. F. (2014). The influence of capital structure On profitability and firm value (A Study on Food and Beverage Companies listed in Indonesia Stock Exchange 2010-2012 period. Jurnal Administrasi Bisnis (JAB), 1-8.

Modigliani, F., & Miller, M. (1958). The cost of capital, corporate finance and the theory. American Economic Review, 261-297.

Niresh, J. A., & Velnampy, T. (2014). Firm Size and Profitability: A Study of Listed Manufacturing Firms in Sri Lanka. International Journal of Business and Management, 57-64.

Pagalung, G. (2008). Agency Theory Dalam Pemerintahan Daerah. Yogyakarta: UPN Veteran.

Paminto, A., Setyadi, D., & Sinaga, J. (2016). Effect of Capital Structure, Firm Growth and Dividend Policy on Profitability and Firm Value of the Oil Palm Plantation Companies in Indonesia. European Journal of Business and Management, 123-134.

Priyatno, D. (2014). SPSS 22 Pengolahan Data Terpraktis. Yoyakarta: Penerbit Andi.

Purwanto Agus, D. R. (2007). Metode Penelitian Kuantitatif: Untuk Administrasi Publik dan Masalah-masalah Sosial. Yogyakarta: Gava Media.

Ratnasari, L. (2016). Pengaruh Leverage, Likuiditas, Ukuran Perusahaan Terhadap Profitabilitas Pada Perusahaan Otomotif Di Bei. Jurnal Ilmu dan Riset Manajemen, 2461-0593.

Riski Swastika, I. E. (2017). Pengaruh Struktur Modal Dan Pertumbuhan Perusahaan Terhadap Profitabilitas (Studi Kasus Pada Perusahaan Perbankan Yang Terdaftar Di Bei). The 9th FIPA: Forum Ilmiah Pendidikan Akuntansi - Universitas PGRI Madiun, 489-500.

Rutherford, R. (1993). Statistical Model For Causal Analysis. New York: John Wiley and SonsInc.

Salvatore, D. (2005). Managerial Economic. Jakarta: Salemba.

Santoso, S. (2012). Panduan Lengkap SPSS Versi 20. Jakarta: PT Elex Media

Sarwoko. (2015). Dasar-Dasar Ekonometrika. Yogyakarta: Penerbit Andi

Setiono, B. A. (2015). slideshare Website. Retrieved from slideshare Website: https://www.slideshare.net/bennyagussetiono/teori-perusahaan-theory-of-the-firm-kajian-tentang-teori-bagi-hasil-perusahaan-profit-and-loss-sharing-dalam-perspektif-ekonomi-syariah.

Siahaan, F. O. (2013). The Effect of Good Corporate Governance Mechanism, Leverage, and Firm Size on Firm Value. GSTF Journal on Business Review (, 2010-4804.

Singh, N. P., & Bagga, M. (2019). The Effect of Capital Structure on Profitability: An Empirical Panel Data Study. Indal Journal of Business Research, 65-77.

Smithers, Andrew, Wright, & Stephen. (2002). Valuing Wall Street Protecting Wealth in Turbulent Markets by Smithers. U.S.A: McGraw-Hill.

Sondakh, R. (2019). The effect of dividend policy, liquidity, profitability and firm. Accountability Journal are lincesed under a Creative Commons, 91-101.

Spence, M. (1973). "Job Market Signaling”. The Quarterly Journal of.

Sucuahi, W., & Cambarihan, J. M. (2016). Influence of Profitability to the Firm of Diversified Companies in the Philippines. Journal of Accounting and Finance Research, 149-153.

Sugiyono. (2017). Metode Penelitian Kuantitatif, Kualitatif, dan R&D. Bandung: Alfabeta, CV.

Sunarto, A. P. (2009). Pengaruh Leverage, Ukuran Dan Pertumbuhan Perusahaan Terhadap Profitabilitas. TEMA (Telaah Manajemen Marlien), 86 - 103.

Suteja, J., & Gunardi, A. (2016). Investasi dan Manajemen Portofolio. Bandung: PT Refika Aditama.

Tahu, G. P., & Susilo, D. D. (2017). Effect of Liquidity, Leverage and profitability to The Firm Value (Dividend Policy as Moderating Variable) in Manufacturing Company of Indonesia Stock Exchange. Research Journal of Finance and Accounting, 89-98.

Tudose, M. B. (2012). Corporate Finance Theories. Challenges And Trajectories. Management & Marketing Challenges for the Knowledge Society, 277-294.

PROFITABILITY AS THE MAIN DETERMINING FACTOR OF THE FIRM VALUE

Authors

Downloads

Derudebu Talunohi, Esa Unggul University

Most read articles by the same author(s)

SidebarMenu

EditorialTeam

Meet Our Editorial Team

Special Edition

Accreditation

In Collaboration With

Statistic

Template

Journal Citation analysis

Reference Manager

IndexedBy

Indexed In

Information

Address

Contact Info: