FAKTOR DETERMINAN NILAI PERUSAHAAN PADA INDUSTRI DASAR DAN KIMIA DI BURSA EFEK INDONESIA

Ali Muhammad Yusuf Martadinata, Ratnawati Kurnia

Abstract


The firm value is the company's performance as reflected by the stock price which reflects the public's assessment of the company's performance. Firm value is important for investors because the firm value shows how much the company can generate returns for investors. The purpose of this research is to obtain empirical evidence about the effect of profitability, liquidity, firm size and capital structure towards firm value proxied by Price to Book Value. This research uses secondary data and samples were selected by purposive sampling method and analyzed by using multiple linear regression analysis. The sample was 60 manufacturing companies in the basic and chemical industry sectors listed on the Indonesia Stock Exchange in 2017-2019. The results of this research are firm size as proxied by size has significant negative effect towards firm value as proxied by PBV. Profitability proxied by return on assets (ROA) and liquidity proxied by current ratio (CR) does not have significant positive effect towards firm value and capital structure proxied by DER does not have a significant negative effect towards firm value. Companies have to optimize the use of assets to minimize idle capacity in order to decrease the product cost. The lower unit cost makes cost of goods sold lower so that it can increase the gross profit and by maintaining cost efficiency, the net income will increase and the company has the ability to distribute returns in the form of dividend and share value will be higher than the book value which will increase firm value.


Keywords


capital structure, firm size, firm value, liquidity, profitability

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