Nilai Perusahaan Memediasi Financial Distress dan Firm Size terhadap Return Saham [Company Value Mediates Financial Distress and Firm Size on Stock Returns]

Herlina Lusmeida; Tiara Syahda Khalisah

doi:10.19166/ms.v5i2.10296

Penulis

Herlina Lusmeida
Tiara Syahda Khalisah Universitas Pelita Harapan

DOI:

https://doi.org/10.19166/ms.v5i2.10296

Kata Kunci:

Financial Distress, Stock Return, Firm Value, ASEAN, Real Estate Sector, [Kesulitan Keuangan, Imbal Hasil Saham, Nilai Perusahaan, Sektor Real Estat]

Abstrak

This study aims to provide empirical evidence regarding the effect of financial distress and firm size on stock returns through firm value. This study examines the variables of financial distress, firm size, stock returns and firm value in the property sector in 2021-2023 in the ASEAN Region 5. The method of sampling is purposive sampling. The type of data selected is panel data. This secondary data is taken from annual reports and financial statements available through S&P Capital IQ. The results of the study stated that financial distress does not affect the firm’s value. Firm size has a negative effect on the firm’s value. Financial distress has a negative effect on stock returns. Firm size has a negative effect on stock returns. Firm value has a positive effect on stock returns. Firm value does not significantly mediate the relationship between financial distress and stock returns. Firm value does not significantly mediate the relationship between firm size and stock returns. Academic implication for this research is enriching literature studies about firm value, financial distress and stock return. Practical implication is Companies do not only need to maintain financial stability but also build reputation and credibility among investors as a strategic effort to improve their stock market performance.

Abstrak Bahasa Indonesia: Penelitian ini bertujuan untuk memberikan bukti empiris mengenai pengaruh kesulitan keuangan dan ukuran perusahaan terhadap pengembalian saham melalui nilai perusahaan. Penelitian ini mengkaji variabel kesulitan keuangan, ukuran perusahaan, pengembalian saham, dan nilai perusahaan pada sektor properti tahun 2021–2023 di Kawasan ASEAN 5. Metode pengambilan sampel yang digunakan adalah purposive sampling. Jenis data yang dipilih adalah data panel. Data sekunder ini diambil dari laporan tahunan dan laporan keuangan yang tersedia melalui S&P Capital IQ. Hasil penelitian menyatakan bahwa kesulitan keuangan tidak memengaruhi nilai perusahaan. Ukuran perusahaan berpengaruh negatif terhadap nilai perusahaan. Kesulitan keuangan berpengaruh negatif terhadap pengembalian saham. Ukuran perusahaan berpengaruh negatif terhadap pengembalian saham. Nilai perusahaan berpengaruh positif terhadap pengembalian saham. Nilai perusahaan tidak memediasi hubungan antara kesulitan keuangan dan pengembalian saham secara signifikan. Nilai perusahaan tidak memediasi hubungan antara ukuran perusahaan dan pengembalian saham secara signifikan. Implikasi akademis dari penelitian ini adalah memperkaya studi literatur tentang nilai perusahaan, kesulitan keuangan, dan pengembalian saham. Implikasi praktisnya adalah perusahaan tidak hanya perlu menjaga stabilitas keuangan, tetapi juga membangun reputasi dan kredibilitas di kalangan investor sebagai upaya strategis untuk meningkatkan kinerja pasar sahamnya.

Referensi

Adaria, D. A., Komalasari, A., Kusumawardani, N., & Andi, K. (2022). Pengaruh financial distress terhadap nilai perusahaan sebelum dan saat pandemi COVID-19 (studi pada perusahaan property dan real estate). Jurnal Akuntansi Bisnis dan Ekonomi, 8(1), 2131–2142. https://doi.org/10.33197/jabe.vol8.iss1.2022.764

Adawiyah, A. R., Gumelar, T. M., Krismonica, E., & Hasanah, R. (2022). Analisis rasio keuangan dalam memprediksi kesulitan keuangan pada perusahaan sektor keuangan yang terdaftar di Bursa Efek Indonesia tahun 2020. Jurnal Aktiva: Riset Akuntansi dan Keuangan, 4(1), 14–31. https://doi.org/10.52005/aktiva.v4i1.99

Agatha, N. A., & Irsad, M. (2021). Pengaruh likuiditas, struktur modal, profitabilitas, kebijakan dividen dan ukuran perusahaan terhadap nilai perusahaan pada perusahaan properti dan real estate yang terdaftar di bursa efek Indonesia tahun 2015-2019. Jurnal Ilmiah Akuntansi dan Humanika, 11(2), 329–339. https://doi.org/10.23887/jiah.v11i2.36189

Ananda, A., & Sinaga, S. (2024). Persepsi investor terhadap firm size. Jurnal Ilmu Manajemen, 10(1), 11–27.

Anastasya, A., & Orita, O. (2024). Financial distress tidak signifikan terhadap return saham. Jurnal Akuntansi dan Perpajakan, 8(1), 1–15.

Brigham, E. F., & Houston, J. F. (2014). Essentials of financial management. Salemba Empat.

Bui, T. N., Nguyen, X. H., & Pham, K. T. (2023). The effect of capital structure on firm value: A study of companies listed on the Vietnamese stock market. International Journal of Financial Studies, 11(3), 1–20. https://doi.org/10.3390/ijfs11030100

Davila, A. (2024). Stakeholder theory. In K. Hutchings, S. Michailova, & A. Wilkinson (Eds.), A guide to key theories for human resource management research (pp. 1–18). https://doi.org/10.4337/9781035308767.ch38

Dini, A. N., Siregar, H., & Santoso, M. H. (2023). Financial distress and its effect on stock return of construction and building companies before and during pandemic COVID-19. Jurnal Ilmiah Edunomika, 7(1), 1–12. https://doi.org/10.29040/jie.v7i1.8241

Fernández, E., Iglesias-Antelo, S., López-López, V., Rodríguez-Rey, M., & Fernandez-Jardon, C. M. (2019). Firm and industry effects on small, medium-sized and large firms’ performance. BRQ Business Research Quarterly, 22(1), 25–35. https://doi.org/10.1016/j.brq.2018.06.005

Freeman, R. E., Dmytriyev, S. D., & Phillips, R. A. (2021). Stakeholder theory and the resource-based view of the firm. Journal of Management, 47(7), 1757–1770. https://doi.org/10.1177/0149206321993576

Haris, H., & Sandra, A. (2023). Determinants of company bankruptcy before and during the COVID 19 Pandemic. Jurnal Ekonomi Perusahaan, 30(1), 1–14. https://doi.org/10.46806/jep.v30i1.922

Harjadi, H., & Sihombing, P. (2020). Financial distress analysis of registered insurance companies in Indonesia stock exchange 2015-2019. European Journal of Business and Management Research, 5(6), 1–6. https://doi.org/10.24018/ejbmr.2020.5.6.603

Hasangapon, M., Iskandar, D., Purnama, E. D., & Tampubolon, L. D. (2021). The effect of firm size and total assets turnover (TATO) on firm value mediated by profitability in wholesale and retail sector companies. Primanomics: Jurnal Ekonomi & Bisnis, 19(3), 49–63. https://doi.org/10.31253/pe.v19i3.635

Helia, S., Putra, E. E., & Hidayati, H. (2020). Firm size and price book value impact on stock return: Evidence from the Indonesian stock exchange. Budapest International Research and Critics Institute-Journal (BIRCI- Journal), 3(3), 2567a–2567i. https://doi.org/10.33258/birci.v3i3.2519

Juniarsi, M., Yamaly, F., Kalsum, U., & Astuti, I. D. (2023). The effect of company size and financial distress on firm value in conventional banking companies listed on the Indonesia stock exchange. Proceedings International Conference on Business, Economics & Management, 1, 628–635. https://doi.org/10.47747/icbem.v1i1.1253

Khoirunnisa, R. (2022). Pengaruh firm size terhadap nilai perusahaan dengan profitabilitas dan liabilitas sebagai variabel mediasi pada sektor finance yang terdaftar di BEI tahun 2016-2020. Jurnal Ilmu Manajemen, 10(1), 11–27. https://doi.org/10.26740/jim.v10n1.p11-27

Kumala, D., & Ahya, I. N. (2020). Pengaruh profitabilitas terhadap return syariah Indonesia sektor industri barang konsumsi periode 2013-2017. I-FINANCE: A Research Journal on Islamic Finance, 6(2), 90–105. https://doi.org/10.19109/ifinance.v6i2.7040

Lasa, V. P. T., & Mustafa, M. H. (2023). The effect of financial performance on stock returns in consumer goods sector companies listed on the Indonesia stock exchange for the 2016-2021 period. International Journal of Social Service and Research, 3(8), 1939–1951. https://doi.org/10.46799/ijssr.v3i8.471

Lestari, D. I., Anggraeni, P.Y., & Octavia, N. A. (2023). Pengaruh return on assets, return on equity dan ukuran perusahaan terhadap nilai perusahaan. Solusi: Jurnal Ilmiah Bidang Ilmu Ekonomi, 21(2), 566–578. https://doi.org/10.26623/slsi.v21i2.6355

Mahardikari, A. K. W. (2021). Pengaruh profitability, liquidity, leverage, dividend policy, firm size, dan firm growth terhadap nilai perusahaan. Jurnal Ilmu Manajemen, 9(2), 399–411. https://doi.org/10.26740/jim.v9n2.p399- 411

Mar’ati, M. (2019). Firm size dan akses pasar modal. Jurnal Manajemen dan Bisnis Indonesia, 7(2), 1–17.

Melina, E., & Husna, N. (2022). Pengaruh financial distress, profitabilitas, leverage terhadap nilai perusahaan (pada sub sektor makanan dan minuman yang terdaftar di Bursa Efek Indonesia periode 2016-2020). Abstract of Undergraduate Research, Faculty of Economics, Bung Hatta University, 21(2), 2–3. https://ejurnal.bunghatta.ac.id/index.php/JFEK/article/view/21365/17421

Merliyana, R. D., & Kusumah, W. R. (2022). Pengaruh Financial distress dan earning per share (EPS) terhadap return saham perusahaan (pada sub sektor perkebunan kelapa sawit yang terdaftar di BEI untuk periode tahun 2015-2018). Jurnal Wacana Ekonomi, 21(1), 15–24. https://doi.org/10.52434/jwe.v21i1.1385

Mondayri, S., & Tresnajaya, R. T. J. (2022). Analisis pengaruh good corporate governance, intellectual capital, dan arus kas operasi terhadap financial distress. Jurnalku, 2(1), 25–43. https://doi.org/10.54957/jurnalku.v2i1.132

Murtadha, M. A., Arfan, M., & Saputra, M. (2018). Factors influencing financial distress and its impact on company values of the sub-sectors firms in Indonesian. Journal of Accounting Research, Organization and Economics, 1(2), 191–204. https://doi.org/10.24815/jaroe.v1i2.11883

Muslih, M., & Pratiwi, D. I. (2019). Firm value by good corporate governance, profitability, and financial distress in energy sector companies. Journal of Humanities and Social Studies, 7(3), 804–811. https://doi.org/10.33751/jhss.v7i3.8323

Nugroho, M., Arif, D., & Halik, A. (2021). The effect of financial distress on stock returns, through systematic risk and profitability as mediator variables. Accounting, 7(7), 1717–1724. https://doi.org/10.5267/j.ac.2021.4.026

Nurhalimah, N., & Mahroji, M. (2024). Pengaruh financial distress, firm size, likuiditas, dan price to cash flow from operating activities terhadap return saham. Jurnal Ilmiah Komputerisasi Akuntansi, 17(1), 185–204. https://doi.org/10.51903/kompak.v17i1.1762

Nustini, Y., & Amiruddin, A. R. (2019). Altman model for measuring financial distress: Comparative analysis between sharia and conventional insurance companies. Journal of Contemporary Accounting, 1(3), 161–172. https://doi.org/10.20885/jca.vol1.iss3.art4

Pamuji, B. L., & Hartono, U. (2020). Keputusan investasi, keputusan pendanaan, kebijakan deviden, profitabilitas, firm size, dan nilai perusahaan pada sektor aneka industri di Bursa Efek Indonesia. Jurnal Ilmu Manajemen, 8(4), 1394–1405. https://doi.org/10.26740/jim.v8n4.p1394-1405

Pasaribu, T. M., & Nugroho, L. (2023). The effect of company financial fundamental factors on stock return with company size as a moderation variable. International Journal of Management Studies and Social Science Research, 5(6), 164–173. https://doi.org/10.56293/ijmsssr.2023.4717

Putra, P. (2022, September 01). Bakrielans masih boncos, ternyata gegara ini. CNBC Indonesia. https://www.cnbcindonesia.com/market/20220901150321-17-368521/bakrieland-masih-boncos-ternyata-gegara-ini

Putra, P. P., Darma, I. K., & Azis, I. S. A. (2022). Pengaruh gross domestic product (GDP), inflasi dan profitability terhadap return saham pada sektor infrastruktur yang terdaftar di Bursa Efek Indonesia (BEI) periode 2012-2019. Warmadewa Economic Development Journal, 5(2), 75–83. https://doi.org/10.22225/wedj.5.2.2022.75-83

Rahma, A. (2024). Ukuran perusahaan dan kinerja keuangan: Faktor penting dalam memprediksi nilai perusahaan. AKADEMIK: Jurnal Mahasiswa Ekonomi dan Bisnis, 4(1), 11–19. https://doi.org/10.37481/jmeb.v4i1.648

Rohmatulloh, A. (2023). Pengaruh likuiditas, leverage, ukuran perusahaan, dan profitabilitas melalui kebijakan dividen terhadap nilai perusahaan pada perusahaan infastruktur, utilitas, transportasi. Jurnal Ilmu Manajemen, 11(3), 753–769. https://doi.org/10.26740/jim.vn.p753-769

Ryangga, R., Chomsatu, Y., & Suhendro, S. (2020). Faktor – faktor yang mempengaruhi nilai perusahaan dan return saham pada perusahaan otomotif yang terdaftar di Bursa Efek Indonesia periode 2009-2018. Jurnal Akuntansi, 9(2), 150–159. https://doi.org/10.37932/ja.v9i2.112

Saputra, A., & Andani, R. (2023). Financial distress tidak signifikan terhadap nilai perusahaan. Jurnal Ekonomi dan Bisnis, 9(2), 123–134.

Siskayanti, S., & Widyawati, W. (2022). Pengaruh firm size terhadap volatilitas harga saham. Jurnal Ekonomi dan Bisnis, 9(2), 123–134.

Sitoresmi, M. W., & Herawaty, V. (2020). Pengaruh financial distress dan financial statement fraud terhadap return saham yang dimoderasi oleh earning management pada perusahaan perbankan yang terdaftar di BEI tahun 2013-2015. Prosiding Seminar Nasional, 2, 1–7. https://doi.org/10.25105/pakar.v0i0.6872

Stereńczak, S. (2022). Illiquidity and stock returns: The moderating role of investors’ holding period in Central and Eastern European markets. International Journal of Emerging Markets, 19(7), 2025–2045. https://doi.org/10.1108/IJOEM-01-2022-0125

Sulistiyowati, L. N., & Devinaya, D. R. (2021). Financial distress pengaruhnya terhadap nilai perusahaan asuransiyang terdaftar di Bursa Efek Indonesia. Jurnal Manajemen dan Bisnis Indonesia, 7(2), 1–17. https://doi.org/10.32528/jmbi.v7i2.4904

Sutanto, H., Erlina, E., & Abubakar, E. (2018). The effect of firm size, firm growth, profitability and capital structure on firm value with devident policy as variables in telecommunication companies listed on Indonesia stock exchange. Economic Business, 7(2), 1–13.

Syakur, E. I., Sochib, S., & Ifa, K. (2019). Pengaruh firm size, leverage dan kebijakan dividen terhadap return saham perusahaan industri barang konsumsi yang terdaftar di BEI. Progress Conference, 2(1), 125–132. https://proceedings.itbwigalumajang.ac.id/index.php/progress/article/view/159

Ulfa, M., & Effendy, L. (2025). Pengaruh profitabilitas, likuiditas, dan ukuran perusahaan terhadap nilai perusahaan pada perusahaan sub sektor makanan dan minuman. Jurnal Riset Mahasiswa Akuntansi, 4(2), 226–240. https://doi.org/10.29303/risma.v4i2.2060

Urguiza-Bravo, F., & Moreno-Ureba, E. (2021). Does compliance with corporate governance codes help to mitigate financial distress? Research in International Business and Finance, 55, 1–20. https://doi.org/10.1016/j.ribaf.2020.101344

Vanessa, V., & Achmad, A. (2023). Ukuran perusahaan berpengaruh negatif terhadap return saham. Jurnal Akuntansi Akunesa, 11(2), 128–137.

Wawo, A., & Nirwana, N. (2020). Pengaruh financial distress. Journal of Physics A: Mathematical and Theoretical, 44(8), 1–8. https://doi.org/10.24252/JIAP.V6I1.14467

Weygandt, J. J., Kimmel, P. D., & Kieso, D. E. (2025). Financial accounting IFRS edition (5th Ed.). John Wiley dan Son, Inc.

Wijaya, H. L., & Susilowati, C. (2024). Pengaruh ukuran perusahaan, pertumbuhan perusahaan, leverage dan profitabilitas terhadap nilai perusahaan. Jurnal Edukasi Ekonomi, 12(1), 105–112. http://dx.doi.org/10.25157/je.v12i1.14121

Wulandari, B., & Irwanto, I. (2020). Pengaruh perputaran kas, total asset turnover, debt to equity ratio, dan current ratio terhadap return on asset pada perusahaan yang terdaftar di indeks LQ45. COSTING: Journal of Economic, Business and Accounting, 4(1), 274–281. https://doi.org/10.31539/costing.v4i1.1464

Wulandari, Y. T. (2022). The influence of price earnings ratio and price to book value on stock return in food and beverage companies listed on Indonesia stock exchange in 2016-2020. Jurnal Akuntansi dan Perpajakan, 8(1), 1–15. https://doi.org/10.26905/ap.v8i1.8293

Yuliarti, A., & Diyani, L. A. (2018). The effect of firm size, financial ratios and cash flow on stock return. The Indonesian Accounting Review, 8(2), 226–240. https://doi.org/10.14414/tiar.v8i2.1313

Nilai Perusahaan Memediasi Financial Distress dan Firm Size terhadap Return Saham [Company Value Mediates Financial Distress and Firm Size on Stock Returns]

Penulis

DOI:

Kata Kunci:

Abstrak

Referensi

Unduhan

Diterbitkan

Terbitan

Bagian

Lisensi

Bahasa

Terbitan Terkini