Pengaruh Kinerja Keuangan terhadap Nilai Perusahaan dengan Variabel Moderasi Dividen

Najah Shufi Adzqiaus Salam

Abstract


Abstract. This study aims to determine and analyze the effect of financial performance proxied by current ratio, return on assets, total assets turnover, economic value added, and market value added to firm value with dividend payout ratio as the moderating variable. The population in this study is Infrastructure companies listed on the Indonesia Stock Exchange (IDX) 2016-2020. Sample selection used purposive sampling technique by determining certain criteria which resulted in 20 companies as samples. This research data is taken from the financial statements of companies in the infrastructure sector. This study uses several tests, including: classic assumption test, panel data regression test, and MRA test. The results of this study are that financial peroformance has a negative significant on firm value, economic value added has no significant positive effect on firm value, and market value added has a positive significant effect on firm value. The results of the moderating variable used by dividend payout ratio are that financial performance can strengthen the effect of financial performance on firm value proxied by current ratio and return on assets. Meanwhile dividend payout ratio does not moderate the effect of total assets turnover, economic value added, and market value added on firm value.

 

Keywords. Financial Performance; Firm Value; Dividend Payout Ratio.

 

Abstrak. Penelitian ini bertujuan untuk mengetahui dan menganalisis pengaruh kinerja keuangan yang diproksikan dengan current ratio, return on assets, total assets turnover, economic value added, dan market value added terhadap nilai perusahaan dengan dividend payout ratio sebagai variabel moderasi. Populasi dalam penelitian ini adalah perusahaan Infrastruktur yang terdaftar di Bursa Efek Indonesia (BEI) 2016-2020. Pemilihan sampel menggunakan teknik purposive sampling dengan menentukan kriteria tertentu yang menghasilkan 20 perusahaan sebagai sampel. Data penelitian ini diambil dari laporan keuangan perusahaan di sektor infrastruktur. Penelitian ini menggunakan beberapa pengujian, antara lain: uji asumsi klasik, uji regresi data panel, dan uji MRA. Hasil penelitian ini adalah kinerja keuangan berpengaruh negatif signifikan terhadap nilai perusahaan, nilai tambah ekonomi berpengaruh positif tidak signifikan terhadap nilai perusahaan, dan nilai tambah pasar berpengaruh signifikan positif terhadap nilai perusahaan. Hasil dari variabel pemoderasi yang digunakan oleh dividend payout ratio adalah bahwa kinerja keuangan dapat memperkuat pengaruh kinerja keuangan terhadap nilai perusahaan yang diproksikan dengan current ratio dan return on assets. Sedangkan dividend payout ratio tidak memoderasi pengaruh total assets turnover, economic value added, dan market value added terhadap fitm value.

 

Kata kunci. Kinerja Keuangan; Nilai Perusahaan; Dividend Payout Ratio.


Full Text:

PDF

References


Al-Omari, D. M., & Hamid, B. A. (2021). The impact of the partnership between the public and private sectors on the infrastructure in Iraq, with reference to the experience of the General Company for Iraqi ports. Materials Today: Proceedings, 1-8.

Awan, A. G., Siddique, K., & Sarwar, G. (2014). The effect of economic value-added on stock return: Evidence from selected companies of Karachi stock exchange. Research Journal of Finance and Accounting, 5(23), 140–152.

Apriyani, & Pulungan, N. A. (2020). The Effect Of Economic Value Added (EVA) On Price To Book Value The Role Of Institusional Ownership In Retail Sector Companies Listed On The Indonesian Stock Exchange. International Journal Of Economcs, Finance, And Accounting, 1(5), 889-904.

Arachchi, A. H., Perera, W., & Vijayakumaran, R. (2017). The Impact of Working Capital Management on Firm Value: Evidence from a Frontier Market. Asian Journal of Finance & Accounting, 9(2).

Ardian, M., Adam, M., Widiyanti, M., & Isnurhadi. (2021). The Effect of Financial Ratios on Company Value in Oil and Gas Mining Subsectors in Indonesia Stock Exchange. International Journal of Business, Economics & Management, 4(1), 70-76.

Ayturk, Y., Gurbuz, O.A., & Yanik, S. (2016). Corporate Derivatives Use And Firm Value : Evidence From Turkey. Borsa Istanbul Review. 1-70.

Badan Pusat Statistik (2020). Statistik PDB Nasional 2010-2019. Jakarta : BPS RI.

Block , S. B., Hirt, G. A., & Denielsen, B. R. (2017). Foundations of Financial Management (16 ed.). New York: Mc Graw Chill Education.

Brigham, E. F., & Houston, J. F. (2015). Fundamentals Of Financial Management (8 ed.). United States of America: Cengage Learning.

Bunea, I.O., Corbos, A.R., & Popescu, I.R. (2019). Influence of some financial indicators on return on equity ratio in the Romanian energy sector - A competitive approach using a DuPont-based analysis. Energy.

Detthamrong, U., Chancharat, N., & Vithessonthi, C. (2017). Corporate governance, capital structure and firm performance: Evidence from Thailand. Research in International Business and Finance, 42, 689-709.

Fajaria, A. Z., & Isnalita. (2018). The Effect of Profitability, Liquidity, Leverage and Firm Growth of Firm Value with its Dividend Policy as a Moderating Variable. International Journal of Managerial Studies and Research (IJMSR), 6(10), 55-69.

Ghozali, I., & Ratmono, D. (2017). Analisis Multivariat Dan Ekonometrika : Teori, Konsep, dan Aplikasi dengan E-Views 10. Semarang: Badan Penerbit Universitas Diponegoro.

Gitman, L. J., & Zutter, C. J. (2015). Principles of Managerial Finance (14 ed.). United States of America: Pearson Education.

Grass, C.R, & Orwell, B.M. (2021). Determinants of Share Value

Creation among Listed Companies in the Frankfurt Stock Exchange, Germany : Literature and Theoretical Examination. Journal of Finance and Accounting, 5(3), 1-10.

Grassmann, M. (2020). The relationship between corporate social responsibility expenditures and firm value: The moderating role of integrated reporting. Journal of Cleaner Production, 1-35.

Horne, J. C., & Wachhowicz, J. M. (2013). Fundamentals of Financial Management (16 ed.). United Kingdom: Prentice Hall.

IDN Financials (2021). Financial Data. Retrieved from https://IDNFinancials.com.

Indonesia Stock Exchange (2021). Daftar Saham Perusahaan Infrastruktur. Retrieved from https://www.idx.co.id/data-pasar/data-saham/daftar-saham/

Jakub, S., Viera, B., & Eva, K. (2015). Economic Value Added As a Measurement Tool of Financial Performance. Procedia Economics and Finance. 484-489.

Kim, J., Yang , I., Yang, T., & Koveos, P. (2020). The impact of R&D intensity, financial constraints, and dividend payout policy on firm value. Finance Research Letters.

Lee, J., & Kwon, H.-B. (2019). The synergistic effect of environmental sustainability and corporate reputation on market value added (MVA) in manufacturing firms. International Journal of Production Research, 1-19.

Mahfudz & Sulistyawati, D.P. (2016). Analisis Pengaruh Return On Equity, Debt to Equity Ratio, dan Current Ratio terhadap Price Earning Ratio (Studi pada Perusahaan Consumer Goods yang Terdaftar di Bursa Efek Indonesia Periode 2012-2015). Diponegoro Journal Of Management, 5 (4), 1-12.

Melicher, R. W., & Norton, E. A. (2017). Introduction to Finance (16 ed.). United States of America: Willey.

Mery, K. N. (2017). Pengaruh Likuiditas, Leverage, Dan Profitabilitas Terhadap Nilai Perusahaan Dengan Kebijakan Dividen Sebagai Variabel Moderasi Pada Perusahaan Pertambangan Yang Terdaftar Di Bursa Efek Indonesia Tahun 2011-2014. JOM Fekom, 4 (1), 2000-2014.

Nackhaei, H. (2016). Market value added and traditional accounting criteria: Which measure is a best predictor of stock return in Malaysian companies. Iranian Journal of Management Studies, 9(2), 434-455.

Nguyen, T., Duong, N.H., & Singh, H. (2016). Stock Market Liquidity and Firm Value : An Empirical Examination of the Australian Market. International Review of Finance. 1-8.

Novitasari, M., & Erari, A. (2017). Pengaruh Economic Value Added Dan Market Value Added Terhadap Indeks Harga Saham Individual Pada Perusahaan-Perusahaan Property Dan Real Estate Yang Terdaftar Di Bursa Efek Indonesia Periode 2013-2015. Jurnal Manajemen & Bisnis, 1(1), 38-49.

Riska, Raza, H., & Zulfa, A. (2020). Pengaruh Kinerja Keuangan Terhadap Nilai Perusahaan Manufaktur Di Bursa Efek Indonesia Dengan Kebijakan Dividen Sebagai Variabel Moderasi. Jurnal Manajemen Indonesia (J-MIND), 5 (1).

Rutin., Triyonowati., & Djawoto. (2019). Pengaruh Kinerja Keuangan Terhadap Nilai Perusahaan Dengan Kebijakan Dividen Sebagai Variabel Moderating. Jurnal Riset Akuntansi dan Perpajakan (JRAP). 6 (1): 126–142.

Sani, A, & Irawan, I. (2021). Pengaruh Economic Value Added (EVA), Market Value Added (MVA), Kebijakan Dividen, Dan Kepemilikan Manajerial Terhadap Nilai Perusahaan Food And Beverage Di Bursa Efek Indonesia. Jurnal Akuntansi, Manajemen, Dan Ekonomi, 2 (3), 598-610.

Sekaran, U., & Bougie, R. (2016). Research Methods for Business (7 ed.). United Kingdom: WILEY.

Seno, B.H., & Thamrin, H. (2020). Analysis Of Financial Performace Towards Firm Value (Case Study At Building Construction Sub Sectors On IDX During Period of 2012-2018). Journal of Accounting and Finance Management, 1(2), 209-218.

Smart, S. B., Gitman, L. J., & Joehnk, M. D. (2017). Fundamentals of Investing (Vol. 13). Malaysia: PEARSON.

Subramaniam, V., & Wasiuzzaman, S. (2019). Geographical diversification, firm size and profitability in Malaysia: A quantile regression approach. Heliyon, 5.

Suhadak, Kurniaty, Handayani, S. R., & Rahayu, S. M. (2018). Stock return and financial performance as moderation variable in influence of good corporate governance towards corporate value. Asian Journal of Accounting Research, 4(1), 18-34.

Sugiyono. (2019). Metode Penelitian Kuantitatif. Bandung: Alfabeta.

Tanjung, P. R. (2019). Analysis Of The Effect Of Economic Value Added And Other Fundamental Factors Of Share Returns. EPRA International Journal of Multidisciplinary Research, 5(9), 141-149.

Vedy., Dwimulyani, S., & Dewangkoro, B. (2016). Pengaruh Kebijakan Dividen Sebagai Variabel Pemoderasi dari Hubungan Kinerja Keuangan dan Kinerja Pasar Terhadap Nilai Perusahaan Pada PerusahaanManufaktur Yang Terdaftar di Bursa Efek Indonesia (2011-2015). Jurnal MagisterAkuntansi Trisakti (e-Journal). 3 (2), 195-226.

Yahoo Finance (2021). Historical Data Harga Saham. Retrieved from https://finance.yahoo.com.

Yazdanfar, D., & Öhman, P. (2015). Debt financing and firm performance: an empirical study based on Swedish data. The Journal of Risk Finance. 16(1).




DOI: https://doi.org/10.17509/jrak.v11i1.45254

Refbacks

  • There are currently no refbacks.


Creative Commons License

Jurnal Riset Akuntansi dan Keuangan  is licensed under a Creative Commons Attribution-ShareAlike 4.0 International License.

View My Stats