PENGARUH UKURAN PERUSAHAAN TERHADAP NILAI PERUSAHAAN MELALUI STRUKTUR MODAL SEBAGAI VARIABEL MEDIASI
DOI:
https://doi.org/10.12928/fokus.v13i1.7580Abstract
Firm value is one of the benchmarks for investors before investing. Factors such as company size and capital structure can influence firm value. This study aims to determine the effect of company size using total assets and total sales on firm value with capital structure as an intervening variable in LQ45 companies in Indonesia for the 2016-2020 period. This quantitative research used the path analysis method for data analysis is Smart PLS version 3. The samples in this study were 43 companies registered in LQ45 for 2016-2020. The results show that firm size using total assets has a negative effect on firm value, and firm size using total sales was proven to have a positive effect on firm value. Firm size using total assets is proven to have a negative effect on capital structure, and firm size using total sales proved to have no effect on capital structure. Capital structure has a negative effect on firm value, while capital structure does not mediate the effect of firm size by using total assets and total sales on firm value.
References
Acaravci, S. K. (2015). The Determinants of Capital Structure: Evidence from the Turkish Manufacturing Sector. International Journal of Economics and Financial Issues, 5(1).
Ai, H., Frank, M. Z., & Sanati, A. (2020). The Trade-Off Theory of Corporate Capital Structure. SSRN Electronic Journal. https://doi.org/10.2139/ssrn.3595492
Aji, A. W., & Atun, F. F. (2019). Pengaruh Tax Planning, Profitabilitas, Dan Likuiditas Terhadap Nilai Perusahaan Dengan Ukuran Perusahaan Sebagai Variabel Moderasi (Studi Kasus Perusahaan Manufaktur Yang Terdaftar Di Bursa Efek Indonesia Tahun 2014-2018). Jurnal Ilmiah Akuntansi Dan Humanika, 9(3).
Al-Nsour, O. J., & Al-Muhtadi, A. (2019). Capital Structure, Profitability and Firm’s Value: Evidence from Jordan. Research Journal of Finance and Accounting, 10(20), 73–80.
Anggraini, N. (2019). Pengaruh Profitabilitas Dan Ukuran Perusahaan Terhadap Nilai Perusahaan Dengan Struktur Modal Sebagai Variabel Intervening (Studi Kasus Pada Perusahaan Food and Beverages yang Terdaftar di BEI). Ekonomi, 126(1).
Anjarwati, K., Chabachib, M., & Pengestuti, I. R. D. (2016). Pengaruh Profitabilitas, Size, Dan Likuiditas Terhadap Nilai Perusahaan Manufaktur Di Indonesia Dengan Struktur Modal Sebagai Variabel Intervening Studi Empiris Pada Perusahaan Manufaktur yang Terdaftar di Bursa Efek Indonesia Tahun 2012-2015. Diponegoro Journal of Finance, 6(2), 1–20.
Antwi, S., Mills, E. F. E. A., & Zhao, X. (2012). Capital Structure and Firm Value: Empirical Evidence from Ghana. International Journal of Business and Social Science, 3(22).
Ayuba, H., Ja’afaru Bambale, A., Ibrahim, M. A., & Sulaiman, S. A. (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).
Azmi, I., & Umar, U. (2018). Pengaruh Profitabilitas, Ukuran Perusahaan Terhadap Nilai Perusahaan Dengan Struktur Modal Sebagai Variabel Intervening Pada Perusahaan Manufaktur Yang Terdaftar Di BEI. Jembatan, 15(2), 95–108. https://doi.org/10.29259/jmbt.v15i2.6657
Berzkalne, I., & Zelgalve, E. (2014). Intellectual Capital and Company Value. Procedia - Social and Behavioral Sciences, 110. https://doi.org/10.1016/j.sbspro.2013.12.934
Bestariningrum, N. (2015). Analyzing the Effect of Capital Structure and Firm Size on Firm Value (Case Study: Company That Listed in LQ-45 Index Period 2010-2014 ). Jurnal Berkala Ilmiah Efisiensi, 15(04).
Dewi, D., & Sudiartha, G. (2017). Pengaruh Profitabilitas, Ukuran Perusahaan, Dan Pertumbuhan Aset Terhadap Struktur Modal Dan Nilai Perusahaan. E-Jurnal Manajemen Universitas Udayana, 6(4).
Fabozzi, F. J., & Peterson, P. P. (2003). Financial Management and Analysis. John Wiley & Sons.
Falirat, T. S., & Maramis, J. B. (2018). Analisis Komparasi Kinerja Keuangan Berdasarkan Ukuran Perusahaan Pada Industri Farmasi Di BEI Periode 2012-2016. Jurnal EMBA: Jurnal Riset Ekonomi, Manajemen, Bisnis Dan Akuntansi, 6(2), 998–1007. https://doi.org/10.35794/emba.v6i2.20027
Ghozali, I. (2017). Structural Equation Modeling, Metode Alternatif dengan Partial Least Square (PLS). Badan Penerbit Universitas Diponegoro.
Gitman, L. J., Juchau, R., & Flanagan, J. (2015). Principles of Manajerial Finance. Pearson Higher Education AU.
Gong, Y., Yan, C., & Ho, K. C. (2021). The Effect Of Managerial Ability On Corporate Social Responsibility And Firm Value In The Energy Industry. Corporate Social Responsibility and Environmental Management, 28(2). https://doi.org/10.1002/csr.2070
Henseler, J., Ringle, C. M., & Sinkovics, R. R. (2009). The Use of Partial Least Squares Path Modeling In International Marketing. Advances in International Marketing, 20. https://doi.org/10.1108/S1474-7979(2009)0000020014
Irawan, D., & Kusuma, N. (2019). Pengaruh Struktur Modal Dan Ukuran Perusahaan Terhadap Nilai Perusahaan. Jurnal Aktual, 17(1), 66. https://doi.org/10.47232/aktual.v17i1.34
Islami, Z. T., & Azib, A. (2023). Pengaruh Profitabilitas dan Ukuran Perusahaan terhadap Nilai Perusahaan. Bandung Conference Series Business and Management.
Isnawati, F. N., & Widjajanti, K. (2019). Pengaruh Kepemilikan Institusional, Profitabilitas, Ukuran Perusahaan Dan Pertumbuhan Penjualan Terhadap Nilai Perusahaan Dengan Struktur Modal Sebagai Variabel Intervening. Jurnal Riset Ekonomi Dan Bisnis, 12(1). https://doi.org/10.26623/jreb.v12i1.1528
Janah, S. M., & Yuliana, I. (2021). Pengaruh Ukuran Perusahaan Terhadap Nilai Perusahaan dengan Struktur Modal sebagai Variabel Intervening (Studi pada perusahaan sektor pertambangan dan sektor industri barang konsumsi yang terdaftar di BEI tahun 2018-2020). Jurnal Manajemen Dan Bisnis Sriwijaya, 19(3), 220–234.
Kieso, D., Weygandt, J., & Warfield, T. (2019). Intermediate Accounting Vol. 2. Choice Reviews Online, 43(12).
Kong, D., Shi, L., & Yang, Z. (2019). Product Recalls, Corporate Social Responsibility, And Firm Value: Evidence From The Chinese Food Industry. Food Policy, 83. https://doi.org/10.1016/j.foodpol.2018.11.005
Lambey, R. (2021). The Effect Of Profitability, Firm Size, Equity Ownership And Firm Age On Firm Value (Leverage Basis): Evidence from the Indonesian Manufacturer Companies. Archives of Business Research, 9(1). https://doi.org/10.14738/abr.91.9649
Li, Y., & Zhao, Z. (2018). The dynamic impact of intellectual capital on firm value: evidence from China. Applied Economics Letters, 25(1). https://doi.org/10.1080/13504851.2017.1290769
Lukman, H., & Geraldline, C. (2020). The Effect Of Commissioner Board’s Role on Firm Value With CSR as Mediating in the Plantation Industry. https://doi.org/10.2991/assehr.k.201209.163
Luu, D. H. (2021). The Impact of Capital Structure on Firm Value: A Case Study in Vietnam*. Journal of Asian Finance, 8(5).
Marc, T. F. W., Suciwati, D. P., & Karma, I. G. M. (2022). The Effect of Price Earning Ratio, Firm Size, and Corporate Social Responsibility on Firm Value (Empirical Study on Pharmaceutical Sub-Sector Companies Listed on The Indonesia Stock Exchange 2016–2020 Period). Journal of Applied Sciences in Accounting, Finance, and Tax, 5(1), 20–27.
Marfuah, S. A., & Nurlaela, S. (2017). Pengaruh Ukuran Perusahaan, Pertumbuhan Asset, Profitabilitas Dan Pertumbuhan Penjualan Terhadap Struktur Modal Perusahaan Cosmetics And Household Di Bursa Efek Indonesia. Jurnal Akuntansi Dan Pajak, 18(01). https://doi.org/10.29040/jap.v18i01.81
Milansari, R., Masitoh, E., & Siddi, P. (2020). Faktor–Faktor Yang Mempengaruhi Struktur Modal Pada Perusahaan Makanan Dan Minuman Di BEI. Jurnal Akuntansi : Transparansi Dan Akuntabilitas, 8(1). https://doi.org/10.35508/jak.v8i1.2359
Modigliani, F., & Miller, M. H. (1963). Corporate Income Taxes and the Cost of Capital: A Correction. American Economic Review, 53(3). https://doi.org/10.2307/1809167
Myer, S. C. (1984). The Capital Structure Puzzle. The Journal of Finance, 39(3). https://doi.org/10.1111/j.1540-6261.1984.tb03646.x
Nohong, M. (2016). Inovasi, Pertumbuhan, Ukuran Dan Nilai Perusahaan Farmasi Di Indonesia. Jurnal Keuangan Dan Perbankan, 20(2). https://doi.org/10.26905/jkdp.v20i2.250
Noviliyana, N. (2016). Pengaruh Profitabilitas, Ukuran Perusahaan, Kebijakan Deviden, Leverage, Price Earning Ratio, dan Kebijakan Hutang Terhadap Nilai Perusahaan (Studi Empiris pada Perusahaan Manufaktur yang terdaftar di BEI tahun 2012-2014). Universitas Muhammadiyah Surakarta.
Oktaviarni, F. (2019). Pengaruh Profitabilitas, Likuiditas, Leverage, Kebijakan Dividen, Dan Ukuran Perusahaan Terhadap Nilai Perusahaan. Jurnal Akuntansi, 9(1). https://doi.org/10.33369/j.akuntansi.9.1.1-16
Pantow, M. S. R., Murni, S., & Trang, I. (2015). Analisa Pertumbuhan Penjualan, Ukuran Perusahaan, Return On Asset, Dan Struktur Modal Terhadap Nilai Perusahaan Yang Tercatat Di Indeks LQ45. Jurnal EMBA, Vol.3(Hal.961-971).
Prastuti, N. R., & Sudiartha, I. M. (2016). Pengaruh Struktur Modal, Kebijakan Dividen, Dan Ukuran Perusahaan Terhadap Nilai Perusahaan Pada Perusahaan Manufaktur. None, 5(3).
Pratama, B. C., Putri, I., & Innayah, M. N. (2020). The Effect Of Enterprise Risk Management Disclosure, Intellectual Capital Disclosure, Independent Board Of Commissioners, Board Of Director And Audit Committee Towards Firm Value. Jurnal Manajemen Dan Keuangan, 9(1). https://doi.org/10.33059/jmk.v9i1.2196
Primayuni, N. M. A. (2018). Analisis Pengaruh Profitabilitas, Kebijakan Utang, Kebijakan Dividen, Keputusan Investasi, Dan Ukuran Perusahaan Terhadap Nilai Perusahaan pada Perusahaan Manufaktur Yang Terdaftar di BEI Tahun 2014-2016. Skripsi, Universitas Mahasaraswati Denpasar.
Purnama, S., & Mayliza, R. (2019). Nilai Perusahaan Di Lihat Dari Aspek Profitabilitas, Ukuran Perusahaan Dengan Struktur Modal Sebagai Variabel Intervening.
Qiu, S. (Charles), Jiang, J., Liu, X., Chen, M. H., & Yuan, X. (2021). Can Corporate Social Responsibility Protect Firm Value During The COVID-19 Pandemic? International Journal of Hospitality Management, 93. https://doi.org/10.1016/j.ijhm.2020.102759
Ratri, A. M., & Christianti, A. (2017). Pengaruh Size, Likuiditas, Profitabilitas, Risiko Bisnis, Dan Pertumbuhan Penjualan Terhadap Struktur Modal Pada Sektor Industri Properti. Jurnal Riset Manajemen Dan Bisnis, 12(1). https://doi.org/10.21460/jrmb.2017.121.271
Sari, S. Y., Ramadhani, D., & Yulia, Y. (2021). Pengaruh Risiko Bisnis, Struktur Aktiva, Ukuran Perusahaan, Dan Pertumbuhan Penjualan Terhadap Struktur Modal. Jurnal Ekobistek. https://doi.org/10.35134/ekobistek.v8i2.45
Sartono, R. A. (2008). Pasar Modal: Teori, Masalah dan kebijakan dalam Praktik. CV Alfabeta.
Savitri, D. A. M., Kurniasari, D., & Mbiliyora, A. (2021). Pengaruh Profitabilitas dan Ukuran Perusahaan terhadap Nilai Perusahaan dengan Struktur Modal sebagai Variabel Intervening (Studi pada Perusahaan Manufaktur yang Terdaftar di Bursa Efek Indonesia tahun 2017-2019). Jurnal Akuntansi Dan Pajak, 21(02). https://doi.org/10.29040/jap.v21i02.1825
Septiani, N. P. N., & Suaryana, I. G. N. A. (2018). Pengaruh Profitabilitas, Ukuran Perusahaan, Struktur Aset, Risiko Bisnis dan Likuiditas pada Struktur Modal. E-Jurnal Akuntansi. https://doi.org/10.24843/eja.2018.v22.i03.p02
Servaes, H., & Tamayo, A. (2013). The Impact of Corporate Social Responsibility On Firm Value: The Role of Customer Awareness. Management Science, 59(5). https://doi.org/10.1287/mnsc.1120.1630
Setiadharma, S., & 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, 06(04). https://doi.org/10.4172/2167-0234.1000298
Setiawan, I. G. A. N. A. P., & Mahardika, D. P. K. (2019). Analisis Pengaruh Market To Book Value, Firm Size Dan Profitabilitas Terhadap Pengambilan Keputusan Lindung Nilai (Studi Kasus Pada Perusahaan Sub Sektor Otomotif Dan Komponennya Yang Terdaftar Di Bursa Efek Indonesia Pada Tahun 2014–2017). Jurnal Ilmiah Akuntansi, 4(1). https://doi.org/10.23887/jia.v4i1.17055
Siahaan, F. O. . (2013). The Effect of Good Corporate Governance Mechanism, Leverage, and Firm Size on Firm Value. GSTF Journal on Business Review, 2(4).
Simanjuntak, T. B. P., & Pangestuti, I. R. D. (2019). Efek Kepemilikan Institusional, Profitabilitas, Ukuran Perusahaan dan Pertumbuhan Penjualan Terhadap Nilai Perusahaan dengan Struktur Modal Sebagai Variabel Intervening (Studi Pada Perusahaan Manufaktur Di BEI Tahun 2013-2017). Jurnal Bisnis Strategi, 28(2). https://doi.org/10.14710/jbs.28.2.123-142
Sintyana, I. P. H., & Artini, L. G. S. (2018). Pengaruh Profitabilitas, Struktur Modal, Ukuran Perusahaan Dan Kebijakan Dividen Terhadap Nilai Perusahaan. E-Jurnal Manajemen Universitas Udayana, 8(2), 757. https://doi.org/10.24843/ejmunud.2019.v08.i02.p07
Sondakh, R. (2019). The Effect Of Dividend Policy, Liquidity, Profitability And Firm Size On Firm Value In Financial Service Sector Industries Listed In Indonesia Stock Exchange 2015-2018 Period. Accountability, 8(2). https://doi.org/10.32400/ja.24760.8.2.2019.91-101
Suripto. (2015). Manajemen Keuangan Strategi Penciptaan Nilai Perusahaan Melalui Pendekatan Economic Value Added. In Repository.Uin-Suska.Ac.Id.
Tamba, E. C., Pandiangan, L., Ginting, R. N., & Sitepu, W. R. B. (2020). Pengaruh Pertumbuhan Penjualan, Profitabilitas, Likuiditas dan Kebijakan Dividen Terhadap Nilai Perusahaan pada Perusahaan Manufaktur yang Terdaftar di Bursa Efek Indonesia Periode 2015-2017. Owner (Riset Dan Jurnal Akuntansi), 4(2). https://doi.org/10.33395/owner.v4i2.294
Velnampy, T., & Niresh, J. A. (2012). The Relationship between Capital Structure and Profitability.
Vernando, J., & Erawati, T. (2020). Pengaruh Ukuran Perusahaan Terhadap Nilai Perusahaan Dengan Struktur Modal Sebagai Variabel Intervening: Studi Empiris Di BEI. Jurnal Riset Manajemen Dan Bisnis, 15(1). https://doi.org/10.21460/jrmb.2020.151.344
Wahome, M. N., Memba, F., & Muturi, W. (2015). The Effects of Firm Size and Risk on Capital Structure Decisions of Insurance Industry in Kenya. International Journal of Scientific and Research Publications, 5(May).
Willim, A. P., Lako, A., & Wendy. (2020). Analysis of Impact Implementation of Corporate Governance and Corporate Social Responsibility on Corporate Value in Banking Sector with Net Profit Margin and Management Quality as Moderating Variables. International Journal of Multicultural and Multireligious Understanding, 7(4).
Yulianto, H. (Institut A. I. N. (2018). Pengaruh Profitabilitas, Likuiditas, Ukuran Perusahaan dan Keputusan Investasi terhadap Nilai Perusahaan dengan Struktur Modal sebagai Variabel Intervening. Skripsi, 1–149.
Downloads
Published
How to Cite
Issue
Section
License
Copyright (c) 2023 Muhammad Fuad Alamsyah, Alfin Akuba, Mohammad Afan Gaffar Bimbing
This work is licensed under a Creative Commons Attribution-ShareAlike 4.0 International License.
Authors who publish with this journal agree to the following terms:Â
- Authors retain copyright and grant the journal right of first publication with the work simultaneously licensed under a Creative Commons Attribution License that allows others to share the work with an acknowledgment of the work's authorship and initial publication in this journal.
- Authors are able to enter into separate, additional contractual arrangements for the non-exclusive distribution of the journal's published version of the work (e.g., post it to an institutional repository or publish it in a book), with an acknowledgment of its initial publication in this journal.
- Authors are permitted and encouraged to post their work online (e.g., in institutional repositories or on their website) prior to and during the submission process, as it can lead to productive exchanges, as well as earlier and greater citation of published work (See The Effect of Open Access).