PENGARUH PROFITABILITAS DAN LIKUIDITAS TERHADAP NILAI PERUSAHAAN DENGAN UKURAN PERUSAHAAN SEBAGAI VARIABEL PEMODERASI
Keywords:
Profitabilitas, likuiditas, nilai perusahaan, analisis data panel
Abstract
Penelitian ini bertujuan untuk mengetahui apakah profitabilitas dan likuiditas signifikan berpengaruh terhadap nilai perusahaan, serta untuk mengetahui apakah ukuran perusahaan signifikan memoderasi pengaruh profitabilitas dan likuiditas terhadap nilai perusahaan. Penelitian ini menggunakan analisis regresi panel berganda dengan menggunakan perusahaan manufaktur yang sahamnya tercatat di BEI periode 2015-2017 sebagai sampel. Hasil penelitian menunjukkan bahwa profitabilitas dan likuiditas berpengaruh positif terhadap nilai perusahaan; ukuran perusahaan signifikan memperkuat baik pengaruh profitabilitas maupun likuiditas terhadap nilai perusahaan.
References
Audretsch, D. B., & Elston, J. A. (2002). Does firm size matter? Evidence on the impact of liquidity constraints on firm investment behavior in Germany. International Journal of Industrial Organization. https://doi.org/10.1016/S0167-7187(00)00072-2
Audretsch, David B dan Elston, Julie Ann. Does firm size matter? Evidence on the impact of liquidity constraints on firm investment behavior in Germany. International Journal of Industrial Organization Volume 20, Issue 1, January 2002, Pages 1-17
Ayuba, Habibu, 2019. Effects of Financial Performance, Capital Structure and Firm Size on Firms’ Value of Insurance Companies in Nigeria. Journal of Finance, Accounting and Management, 10(1), 57-74, January 2019 57, 2019
Babalola dan Abiodun., Yisau. 2013. The Effect of Firm Size on Firms Profitability in Nigeria, Journal of Economics and Sustainable Development www.iiste.org ISSN 2222-1700 (Paper) ISSN 2222-2855 (Online) Vol.4, No.5, 2013.
Baltagi, Bagi 2005. Econometric Analysis of Panel Data, Third Edition. John Wiley & Sons.
Bansal, Rohit dan Bansal, Vipan. 2012. A Research Paper on Determinants of Corporate Liquidity in India. International Journal of Marketing and Technology.Vol.2 Issue 4. ISSN: 2249-1058
Baten, Jonathan dan Vo., Xuan Vinh. 2019. Liquidity and Firm Value in an Emergin Market., The Singapore Economic ReviewVol. 64, No. 02, pp. 365-376 (2019)
Bolarinwa, ST dan Obembe OB. 2017. Firm Size–Profitability Nexus: An Empirical Evidence from Nigerian Listed Financial Firms. Global Business Review 20(5) 1–13 © 2017 IMI SAGE Publications sagepub.in/home.nav DOI: 10.1177/0972150917733834 http://gbr.sagepub.com
Dogan, Mesut. 2013. Does Firm Size Affect The Firm Profitability? Evidence from Turkey. Research Journal of Finance and Accounting www.iiste.org ISSN 2222-1697 (Paper) ISSN 2222-2847 (Online) Vol.4, No.4, 2013
Du., Jinmin, Wu, dan Liang. 2016. Corporate liquidity and firm value: evidence from China’s listed firms. DOI: 10.1051/ C Owned by the authors, published by EDP Sciences, 201 shsconf/201 SHS Web of Conferences.
Ehrhardt, Michael C dan Brigham, Eugene F. 2010. Financial Management : Theory and Practice, 13th Edition. South Western Cengage Learning.
Gitman, Lawrence G dan Zutter, Chad J. Managerial Finance. Thirteenth Edition. Prentice Hall. ISBN-13: 978-0-13-611946-3 ISBN-10: 0-13-611946-8
Hirdinis, M. 2019. Capital Structure and Firm Size on Firm Value Moderated by Profitability. International Journal of Economics and Business Administration Volume VII, Issue 1, 2019. Pp 174 – 191
Isik, Ozcan., Unal, EA and Unal, Yener. 2017. The Effect of Firm Size on Profitability : Evidence from Turkish Manufacturing Sector. The Journal of Business Economic and Finance (JBEF). ISSN 2146-7943.
Kashmir. 2014. Analisis Laporan Keuangan. Jakarta : Rajawali Pers.
Keown, Arthur J. 2005. Financial Management, Principles and Applications, 10th ed. Upper Saddle River, N.J. : Pearson Prentice Hall,
M Fuad, dkk. 2006. Pengantar Bisnis. Jakarta : PT. Gramedia Pustaka Utama
Marsha., Nadya dan Murtaqi., Isrochmani. The effect of financial ratios on firm value in the food and berage sector of the IDX. Journal of Business and Management. Vol. 6, No.2, 2017: 214-226.
Mihajlof, KD dan Malenovic, Marena. 2015. Corporate Liquidity Management : Implications and Determinants. FACTA UNIVERSITATIS Series: Economics and Organization Vol. 12, No 2, 2015, pp. 157 - 170 .
Moeljadi. (2006). Manajemen Keuangan Pendekatan Kuantitatif dan Kualitatif. Edisi 1. Bayumedia Publishing. Malang.
Pratama, I. G. B. A., & Wiksuana, I. G. B. (2016). Pengaruh Ukuran Perusahan dan Leverage terhadap Nilai Perusahaan dengan Profitabilitas sebagai Variabel Mediasi. E-Jurnal Manajemen Unud. https://doi.org/10.1145/2505515.2507827
Pratama, IGBA dan Wiksuana, IGB. 2016. Pengaruh Ukuran perusahaan dan Leverage terhadap Nilai Perusahaan dengan Profitabilitas sebagai variable moderasi. E-Jurnal Manajemen Unud, Vol. 5, No. 2, 2016: 1338-1367. ISSN : 2302-8912.
Purwohandoko. 2017. The Influence of Firm’s Size, Growth, and Profitability on Firm Value with Capital Structure as the Mediator: A Study on the Agricultural Firms Listed in the Indonesian Stock Exchange., International Journal of Economics and Finance; Vol. 9, No. 8; 2017 ISSN 1916-971X E-ISSN 1916-9728 Published by Canadian Center of Science and Education
Raharjaputra, Hendra S. 2009, Manajemen Keuangan dan Akuntansi. Jakarta : Salemba Empat.
Rompas, G. P. 2013. ”Likuiditas Solvabilitas Dan Rentabilitas Terhadap Nilai Perusahaan Bumn Yang Terdaftar Dibursa Efek Indonesia”. Jurnal Riset Ekonomi, Manajemen, Bisnis Dan Akuntansi, Vol. 1, No. 3, hlm : 252-262.
Ross, Stephen A., Westerfield R., Jaffe JF., Roberts, Gordon. 2014. Corporate Finance. Seventh Canadian Edition. Mc. Graw Hill Ryerson. ISBN-13: 978-0-07-133957-5 ISBN-10: 0-07-133957-4
Sabrin.,Sarita., Takdir., Sujono. 2018. The Effect of Profitability on Firm Value in Manufacturing Company at Indonesia Stock Exchange. The International Journal Of Engineering And Science (IJES) Volume 5 Issue 10 Pages PP 81-89. ISSN (e): 2319 – 1813 ISSN (p): 2319 – 1805
Setiadharma, Stephani dan Machali, M. 2017. The Effect of Asset Structure and Firm Size on Firm Value with Capital Structure as Intervening Variable. Journal of Business & Financial Affairs Vol 6(4): 298, DOI: 10.4172/2167-0234.1000298
Setiawan, B. Y. M. (2018). Lasso Technique Application In Stock Market Modelling : An Empirical Evidence In Indonesia. Sriwijaya International Journal of Dynamic Economics and Business, 2(1), 51–62
Sherman, Ann E., Mauer, David., Kim, CS. 2012. The Determinants of Corporate Liquidity: Theory and Evidence., Journal of Financial and Quantitative Analysis 33(03):335-359
Sucuahi., William dan Cambarihan. Influence of Profitability to the Firm Value of Diversified Companies in the Philippines., Accounting and Finance Research Vol. 5, No. 2; 2016., URL: http://dx.doi.org/10.5430/afr.v5n2p149
Sugiyono. 2012. Metode Penelitian Kuantitatif, kualitatif dan R & D. Bandung:Alfabeta
Thamrin, KMH., Syamsurijal., Sulastri., Isnurhadi. 2018. Dynamic Model of Firm Value: Evidence from Indonesian Manufacturing Companies. Sriwijaya International Journal of Dynamic Economics and Business. SIJDEB, 2(2), 151 – 164. ISSN : 2581-2904.
Usuariah, 2003. Pengantar Pasar Modal. UPP MPP YKPN, Yogyakarta
Wulandari, D. A. (2009). Analisis factor fundamental terhadap harga saham industry Pertamangan dan Pertanian di BEI. Jurnal Akuntansi & Keuangan.
Wulandari, D. R. 2013. ”Pengaruh Profitabilitas, Operating Leverage, Likuiditas terhadap nilai perusahaan dengan struktur modal sebagai intervening”. Accounting Analysis Journal, Vol. 2, No. 4, hlm: 455-463.
Zuhroh., Idah. 2019. The Effects of Liquidity, Firm Size, and Profitability on the Firm Value with Mediating Leverage. Conference Paper. 2nd ICIEBP The 2nd International Conference on Islamic Economics, Business, and Philanthropy (ICIEBP) Theme: “Sustainability and Socio Economic Growth” Volume 2019.
Audretsch, David B dan Elston, Julie Ann. Does firm size matter? Evidence on the impact of liquidity constraints on firm investment behavior in Germany. International Journal of Industrial Organization Volume 20, Issue 1, January 2002, Pages 1-17
Ayuba, Habibu, 2019. Effects of Financial Performance, Capital Structure and Firm Size on Firms’ Value of Insurance Companies in Nigeria. Journal of Finance, Accounting and Management, 10(1), 57-74, January 2019 57, 2019
Babalola dan Abiodun., Yisau. 2013. The Effect of Firm Size on Firms Profitability in Nigeria, Journal of Economics and Sustainable Development www.iiste.org ISSN 2222-1700 (Paper) ISSN 2222-2855 (Online) Vol.4, No.5, 2013.
Baltagi, Bagi 2005. Econometric Analysis of Panel Data, Third Edition. John Wiley & Sons.
Bansal, Rohit dan Bansal, Vipan. 2012. A Research Paper on Determinants of Corporate Liquidity in India. International Journal of Marketing and Technology.Vol.2 Issue 4. ISSN: 2249-1058
Baten, Jonathan dan Vo., Xuan Vinh. 2019. Liquidity and Firm Value in an Emergin Market., The Singapore Economic ReviewVol. 64, No. 02, pp. 365-376 (2019)
Bolarinwa, ST dan Obembe OB. 2017. Firm Size–Profitability Nexus: An Empirical Evidence from Nigerian Listed Financial Firms. Global Business Review 20(5) 1–13 © 2017 IMI SAGE Publications sagepub.in/home.nav DOI: 10.1177/0972150917733834 http://gbr.sagepub.com
Dogan, Mesut. 2013. Does Firm Size Affect The Firm Profitability? Evidence from Turkey. Research Journal of Finance and Accounting www.iiste.org ISSN 2222-1697 (Paper) ISSN 2222-2847 (Online) Vol.4, No.4, 2013
Du., Jinmin, Wu, dan Liang. 2016. Corporate liquidity and firm value: evidence from China’s listed firms. DOI: 10.1051/ C Owned by the authors, published by EDP Sciences, 201 shsconf/201 SHS Web of Conferences.
Ehrhardt, Michael C dan Brigham, Eugene F. 2010. Financial Management : Theory and Practice, 13th Edition. South Western Cengage Learning.
Gitman, Lawrence G dan Zutter, Chad J. Managerial Finance. Thirteenth Edition. Prentice Hall. ISBN-13: 978-0-13-611946-3 ISBN-10: 0-13-611946-8
Hirdinis, M. 2019. Capital Structure and Firm Size on Firm Value Moderated by Profitability. International Journal of Economics and Business Administration Volume VII, Issue 1, 2019. Pp 174 – 191
Isik, Ozcan., Unal, EA and Unal, Yener. 2017. The Effect of Firm Size on Profitability : Evidence from Turkish Manufacturing Sector. The Journal of Business Economic and Finance (JBEF). ISSN 2146-7943.
Kashmir. 2014. Analisis Laporan Keuangan. Jakarta : Rajawali Pers.
Keown, Arthur J. 2005. Financial Management, Principles and Applications, 10th ed. Upper Saddle River, N.J. : Pearson Prentice Hall,
M Fuad, dkk. 2006. Pengantar Bisnis. Jakarta : PT. Gramedia Pustaka Utama
Marsha., Nadya dan Murtaqi., Isrochmani. The effect of financial ratios on firm value in the food and berage sector of the IDX. Journal of Business and Management. Vol. 6, No.2, 2017: 214-226.
Mihajlof, KD dan Malenovic, Marena. 2015. Corporate Liquidity Management : Implications and Determinants. FACTA UNIVERSITATIS Series: Economics and Organization Vol. 12, No 2, 2015, pp. 157 - 170 .
Moeljadi. (2006). Manajemen Keuangan Pendekatan Kuantitatif dan Kualitatif. Edisi 1. Bayumedia Publishing. Malang.
Pratama, I. G. B. A., & Wiksuana, I. G. B. (2016). Pengaruh Ukuran Perusahan dan Leverage terhadap Nilai Perusahaan dengan Profitabilitas sebagai Variabel Mediasi. E-Jurnal Manajemen Unud. https://doi.org/10.1145/2505515.2507827
Pratama, IGBA dan Wiksuana, IGB. 2016. Pengaruh Ukuran perusahaan dan Leverage terhadap Nilai Perusahaan dengan Profitabilitas sebagai variable moderasi. E-Jurnal Manajemen Unud, Vol. 5, No. 2, 2016: 1338-1367. ISSN : 2302-8912.
Purwohandoko. 2017. The Influence of Firm’s Size, Growth, and Profitability on Firm Value with Capital Structure as the Mediator: A Study on the Agricultural Firms Listed in the Indonesian Stock Exchange., International Journal of Economics and Finance; Vol. 9, No. 8; 2017 ISSN 1916-971X E-ISSN 1916-9728 Published by Canadian Center of Science and Education
Raharjaputra, Hendra S. 2009, Manajemen Keuangan dan Akuntansi. Jakarta : Salemba Empat.
Rompas, G. P. 2013. ”Likuiditas Solvabilitas Dan Rentabilitas Terhadap Nilai Perusahaan Bumn Yang Terdaftar Dibursa Efek Indonesia”. Jurnal Riset Ekonomi, Manajemen, Bisnis Dan Akuntansi, Vol. 1, No. 3, hlm : 252-262.
Ross, Stephen A., Westerfield R., Jaffe JF., Roberts, Gordon. 2014. Corporate Finance. Seventh Canadian Edition. Mc. Graw Hill Ryerson. ISBN-13: 978-0-07-133957-5 ISBN-10: 0-07-133957-4
Sabrin.,Sarita., Takdir., Sujono. 2018. The Effect of Profitability on Firm Value in Manufacturing Company at Indonesia Stock Exchange. The International Journal Of Engineering And Science (IJES) Volume 5 Issue 10 Pages PP 81-89. ISSN (e): 2319 – 1813 ISSN (p): 2319 – 1805
Setiadharma, Stephani dan Machali, M. 2017. The Effect of Asset Structure and Firm Size on Firm Value with Capital Structure as Intervening Variable. Journal of Business & Financial Affairs Vol 6(4): 298, DOI: 10.4172/2167-0234.1000298
Setiawan, B. Y. M. (2018). Lasso Technique Application In Stock Market Modelling : An Empirical Evidence In Indonesia. Sriwijaya International Journal of Dynamic Economics and Business, 2(1), 51–62
Sherman, Ann E., Mauer, David., Kim, CS. 2012. The Determinants of Corporate Liquidity: Theory and Evidence., Journal of Financial and Quantitative Analysis 33(03):335-359
Sucuahi., William dan Cambarihan. Influence of Profitability to the Firm Value of Diversified Companies in the Philippines., Accounting and Finance Research Vol. 5, No. 2; 2016., URL: http://dx.doi.org/10.5430/afr.v5n2p149
Sugiyono. 2012. Metode Penelitian Kuantitatif, kualitatif dan R & D. Bandung:Alfabeta
Thamrin, KMH., Syamsurijal., Sulastri., Isnurhadi. 2018. Dynamic Model of Firm Value: Evidence from Indonesian Manufacturing Companies. Sriwijaya International Journal of Dynamic Economics and Business. SIJDEB, 2(2), 151 – 164. ISSN : 2581-2904.
Usuariah, 2003. Pengantar Pasar Modal. UPP MPP YKPN, Yogyakarta
Wulandari, D. A. (2009). Analisis factor fundamental terhadap harga saham industry Pertamangan dan Pertanian di BEI. Jurnal Akuntansi & Keuangan.
Wulandari, D. R. 2013. ”Pengaruh Profitabilitas, Operating Leverage, Likuiditas terhadap nilai perusahaan dengan struktur modal sebagai intervening”. Accounting Analysis Journal, Vol. 2, No. 4, hlm: 455-463.
Zuhroh., Idah. 2019. The Effects of Liquidity, Firm Size, and Profitability on the Firm Value with Mediating Leverage. Conference Paper. 2nd ICIEBP The 2nd International Conference on Islamic Economics, Business, and Philanthropy (ICIEBP) Theme: “Sustainability and Socio Economic Growth” Volume 2019.
Published
2019-04-26
How to Cite
Nur, T. (2019). PENGARUH PROFITABILITAS DAN LIKUIDITAS TERHADAP NILAI PERUSAHAAN DENGAN UKURAN PERUSAHAAN SEBAGAI VARIABEL PEMODERASI. ESENSI: Jurnal Manajemen Bisnis, 22(1), 1-11. https://doi.org/10.55886/esensi.v22i1.156
Section
Articles
