Pengaruh Rasio Solvabilitas Dan Ukuran Perusahaan Terhadap Market Value Pada Saham Jakarta Islamic Indeks (JII)
Keywords:
DER, DAR, MLLEV, PER, PBV, market value
Abstract
This study is conducted to analyze the impact of size, solvability ratio on value of the firm. Variable of capital structure are represented by debt to equity ratio (DER), debt to asset ratio (DAR) and Market to Long term Leverage (MLLEV The samples of this study are JII (Jakarta Islamic Index) companies listed on the Indonesian Stock Exchange (IDX) for the periode 2020-2022. Total Observation of 60 was determined by purposive sampling method. Both market value ratios measured by : PER and PBV. There is a market capitalization variable as a control variable. This study uses Ordinary Least Square (OLS) for hypotheses testing The results show that DER and SIZE have a positive effect with statistical significance on market value (PBV) and unsignificance tested by PER. Ratio MLLEV has effect significance on market value and DAR has significance on market value measured by PER and no significance measured by PBV. The implication of this study showed that all companies should concern of the solvability ratios and consider to use size as decision when increasing the debt in order to make the firm of market value persistantly.
References
[1] Abdul, Halim. 2015. Auditing (Dasar-dasar Audit Laporan Keuangan). Jilid 1. Edisi Kelima. UPP STIM YKPN
[2] Ainiyah, G.C dan Sinta, Ina. 2019. Struktur Modal dan Ukuran Perusahaan Terhadap Nilai Perusahaan dengan Corporate Social Responsibility (CSR) Sebagai Variabel Intervening pada Perusahaan Manufaktur Sektor Makanan dan Minumana yang Terdaftar di BEI Periode 2014-2017. Jurnal Medikonis STIE TAMANSIWA Banjarnegara Vol 19 Tahun 2019
[3] Ang, Robert. 1997. BukuPintarPasar Modal Indonesia, Mediasoft Indonesia, Jakarta
[4] Banz, Rolf B. 1981. The Relationship Between Return and Value of Common Stock. Journal of Financial Economic 9:3-18
[5] Bestariningrum, Nenggar. 2015. Analizing The Effect of Capital Structure and Firm of the Size Value (CaseStudy: Company that Listed in LQ45 Indeks Period 2010-2014). Jurnal Berkala Ilmiah Efisiensi. Volume 15 No. 04 Tahun 2015.
[6] Brigham, Eugene F., dan Joel F. Houston. 2014. Essentials of Financial Management 3rd Edition. Singapore: Cengage Learning.
[7] Brigham, Eugene F. dan Joel F. Houston. 2006. Fundamental of Financial Management: Dasar-Dasar Manajemen Keuangan Edisi 10. Jakarta: Salemba Empat.
[8] Christiana, Felicia. 2019. Pengaruh Struktur Modal dan Modal Intelektual terhadap Nilai Perusahaan dengan Kinerja keuangan Sebagai Variable Intervening. Undergraduate thesis, Widya Mandala Catholic University Surabaya.
[9] Dang, C., (Frank) Li, Z., & Yang, C. 2017. Measuring Firm Size in Empirical. Corporate Finance. Journal of Banking and Finance, 86, 159–176
[10] Chu, T. T. T., Nguyen, T. H., & Ngo, T. Q. (2015). Analysis of factors affecting financial performance: Case study of listed companies on Ho Chi Minh Stock Exchange. Journal of Economics and Development
[11] Diep, Pham Thi Hong. 2020. The impact of Capital Structure on Financial Performance of Firms: Evidence from Hanoi Stock Exchange. American Based Research Journal. Vol-9-Issue-3 March-2020 ISSN (2304-7151)
[12] Dinh, The Hung and Pham. 2020. The Effect of Capital Structure on Financial Performance of Vietnamese Listing Pharmaceutical Enterprises. / Journal of Asian Finance, Economics and Business Vol 7 No 9 (2020) 329–340.
[13] Doan, N. P. (2014). Impact of capital structure on financial performance of enterprises after privatization in Vietnam. Journal of World Economic and Political Issues, 7(219), 72-80.
[14] Hery. (2017). Kajian Riset Akuntansi Jakarta: Grasindo.
[15] Hidayat, Muwafick. 2018. Faktor yang Mempengaruhi Price To Book Value. Jurnal Bisnis dan Akuntansi Vol. 20, No. 2, Desember 2018, Hlm. 101-106
[16] Irawan, Dedi dan Kusuma, Nurhadi, 2019. Pengaruh Struktur Modal dan Ukuran Perusahaan terhadap Nilai Perusahaan. Jurnal Aktual STIE Trisna Negara. Volume 17 (1) Juni 2019, Hal. 66-81
[17] Kraus, Alan dan Litzenberger. 1973. A State-Preference of Optimal Financial Leverage. he Journal of Finance, Vol. 28, No. 4 (Sep., 1973), pp. 911-922 (12 pages)
[18] Kristiani, Dita. 2020. Pengaruh Struktur Modal, Struktur Kepemilikan dan Pertumbuhan Perusahaan terhadap Nilai Perusahaan pada Perusahaan Manufaktur yang Terdaftar di BEI pada tahun 2015-2018. Undergraduate thesis, Universitas Internasional Semen Indonesia.
[19] Meilani., L.A dan Ariyanto. 2021. Kinerja Keuangan Memediasi Pengaruh Modal Intelektual dan Struktur Modal pada Nilai Perusahaan di Masa Pandemi Covid-19. Jurnal Akuntansi. Vol. 31 No. 10 Denpasar, Oktober 2021 Hal. 2503-251
[20] Meythi, Riki. M & Debbianita. 2012. Pengaruh Struktur Modal Terhadap Nilai Perusahaan Dengan Pertumbuhan Perusahaan Sebagai Variabel Moderating. Program Pendidikan Profesi Akuntansi Universitas Kristen Maranatha, Bandung.
[21] Myers, S., dan N. Majluf. (1984). Corporate Financing an Investment Decision when Firms have Information Investors Do no Have. Journal of Finance. Economics 13: 187-221.
[22] Nadillah, Dinda yulmi., dkk. 2017. Pengaruh Struktur Modal, Pertumbuhan Perusahaan terhadap Nilai Perusahaan yang dimediasi Kinerja Keuangan dengan Pengungkapan Corporate Social Responsibility Sebagai Variable Pemoderasi pada Perusahaan Manufaktur di Bursa Efek Indonesia Tahun 2011-2014. Jurnal Online Mahasiswa Fakultas Ekonomi Universitas Riau. Vol 4, No. 1
[23] Nini, Patricia., dkk. 2020. The Effect of Capital Structure on Company Financial Performance. Jurnal Economia, Vol. 16, No. 2, October 2020, 173-18
[24] Novitasari, Reza dan Krsinando. 2021, Pengaruh Struktur Modal, Pertumbuhan Perusahaan, dan Firm Size terhadap Nilai Perusahaan Pada Perusahaan Consumer Goods yang Terdaftar di Bursa Efek Indonesia (BEI) Periode 2017-2020”. Jurnal Akuntansi dan Manajemen (JAM), Volume 18 Number 02 (Oktober 2021)
[25] Tandelilin, Eduardus. 2010. Portofolio dan Investasi: Teori dan Aplikasi, Kanisius. Yogyakarta
[26] Trinh, Q. T., & Nguyen, V. S. (2013). Factors affecting the performance of Vietnamese commercial banks. Journal of Banking Technology, 85(1), 11-15
[27] Tunggal, Audrey C dan Ngatno. 2018. “Pengaruh Struktur Modal Terhadap Nilai Perusahaan dengan Ukuran dan Umur Perusahaan sebagai Variabel Moderator (Studi Kasus Tahun 2014- 2016) pada Perusahaan Sub-Sektor Makanan dan Minuman yang Terdaftar di BEI”. Diponegoro Journal of Social of Politic.
[28] Vijh, Anand and Yang. 2013. “Are small firms less vulnerable to overpriced stock offers”. Journal of Financial Economics, Vol. 110
[29] Wahyuni, Komang Tri, 2022 Pengaruh Struktur Modal terhadap Kinerja Perusahaan pada Industri Kesehatan di Bursa Efek Indonesia, Jurnal Ilmiah Pendidikan, Vol 5
[30] Wahyuni, Komang Tri, 2023. Pengaruh Struktur modal dan kapitalisasi pasar pada Perusahaan tambang batu baradi Bursa Efek Indonesia, Jurnal Ilmiah Pendidikan, Vol 7
[31] Website Bursa Efek Indonesia, http:/www.idx.co.id
[32] Website Sekuritas Ajaib, https://www.ajaib.co.id/
[33] Website: Wikipedia https://id.wikipedia.org/
[34] WebsiteYahoofinance,: https://finance.yahoo.com/
[35] Welch, I. 2004. Capital Structure and Stock Return, Journal of Politic Economy, 112, 106-131
[36] Yu, M. (2013). State ownership and firm performance : Empirical evidence from Chinese listed companies. China Journal of Accounting Research, 6(2), 75-87.
[2] Ainiyah, G.C dan Sinta, Ina. 2019. Struktur Modal dan Ukuran Perusahaan Terhadap Nilai Perusahaan dengan Corporate Social Responsibility (CSR) Sebagai Variabel Intervening pada Perusahaan Manufaktur Sektor Makanan dan Minumana yang Terdaftar di BEI Periode 2014-2017. Jurnal Medikonis STIE TAMANSIWA Banjarnegara Vol 19 Tahun 2019
[3] Ang, Robert. 1997. BukuPintarPasar Modal Indonesia, Mediasoft Indonesia, Jakarta
[4] Banz, Rolf B. 1981. The Relationship Between Return and Value of Common Stock. Journal of Financial Economic 9:3-18
[5] Bestariningrum, Nenggar. 2015. Analizing The Effect of Capital Structure and Firm of the Size Value (CaseStudy: Company that Listed in LQ45 Indeks Period 2010-2014). Jurnal Berkala Ilmiah Efisiensi. Volume 15 No. 04 Tahun 2015.
[6] Brigham, Eugene F., dan Joel F. Houston. 2014. Essentials of Financial Management 3rd Edition. Singapore: Cengage Learning.
[7] Brigham, Eugene F. dan Joel F. Houston. 2006. Fundamental of Financial Management: Dasar-Dasar Manajemen Keuangan Edisi 10. Jakarta: Salemba Empat.
[8] Christiana, Felicia. 2019. Pengaruh Struktur Modal dan Modal Intelektual terhadap Nilai Perusahaan dengan Kinerja keuangan Sebagai Variable Intervening. Undergraduate thesis, Widya Mandala Catholic University Surabaya.
[9] Dang, C., (Frank) Li, Z., & Yang, C. 2017. Measuring Firm Size in Empirical. Corporate Finance. Journal of Banking and Finance, 86, 159–176
[10] Chu, T. T. T., Nguyen, T. H., & Ngo, T. Q. (2015). Analysis of factors affecting financial performance: Case study of listed companies on Ho Chi Minh Stock Exchange. Journal of Economics and Development
[11] Diep, Pham Thi Hong. 2020. The impact of Capital Structure on Financial Performance of Firms: Evidence from Hanoi Stock Exchange. American Based Research Journal. Vol-9-Issue-3 March-2020 ISSN (2304-7151)
[12] Dinh, The Hung and Pham. 2020. The Effect of Capital Structure on Financial Performance of Vietnamese Listing Pharmaceutical Enterprises. / Journal of Asian Finance, Economics and Business Vol 7 No 9 (2020) 329–340.
[13] Doan, N. P. (2014). Impact of capital structure on financial performance of enterprises after privatization in Vietnam. Journal of World Economic and Political Issues, 7(219), 72-80.
[14] Hery. (2017). Kajian Riset Akuntansi Jakarta: Grasindo.
[15] Hidayat, Muwafick. 2018. Faktor yang Mempengaruhi Price To Book Value. Jurnal Bisnis dan Akuntansi Vol. 20, No. 2, Desember 2018, Hlm. 101-106
[16] Irawan, Dedi dan Kusuma, Nurhadi, 2019. Pengaruh Struktur Modal dan Ukuran Perusahaan terhadap Nilai Perusahaan. Jurnal Aktual STIE Trisna Negara. Volume 17 (1) Juni 2019, Hal. 66-81
[17] Kraus, Alan dan Litzenberger. 1973. A State-Preference of Optimal Financial Leverage. he Journal of Finance, Vol. 28, No. 4 (Sep., 1973), pp. 911-922 (12 pages)
[18] Kristiani, Dita. 2020. Pengaruh Struktur Modal, Struktur Kepemilikan dan Pertumbuhan Perusahaan terhadap Nilai Perusahaan pada Perusahaan Manufaktur yang Terdaftar di BEI pada tahun 2015-2018. Undergraduate thesis, Universitas Internasional Semen Indonesia.
[19] Meilani., L.A dan Ariyanto. 2021. Kinerja Keuangan Memediasi Pengaruh Modal Intelektual dan Struktur Modal pada Nilai Perusahaan di Masa Pandemi Covid-19. Jurnal Akuntansi. Vol. 31 No. 10 Denpasar, Oktober 2021 Hal. 2503-251
[20] Meythi, Riki. M & Debbianita. 2012. Pengaruh Struktur Modal Terhadap Nilai Perusahaan Dengan Pertumbuhan Perusahaan Sebagai Variabel Moderating. Program Pendidikan Profesi Akuntansi Universitas Kristen Maranatha, Bandung.
[21] Myers, S., dan N. Majluf. (1984). Corporate Financing an Investment Decision when Firms have Information Investors Do no Have. Journal of Finance. Economics 13: 187-221.
[22] Nadillah, Dinda yulmi., dkk. 2017. Pengaruh Struktur Modal, Pertumbuhan Perusahaan terhadap Nilai Perusahaan yang dimediasi Kinerja Keuangan dengan Pengungkapan Corporate Social Responsibility Sebagai Variable Pemoderasi pada Perusahaan Manufaktur di Bursa Efek Indonesia Tahun 2011-2014. Jurnal Online Mahasiswa Fakultas Ekonomi Universitas Riau. Vol 4, No. 1
[23] Nini, Patricia., dkk. 2020. The Effect of Capital Structure on Company Financial Performance. Jurnal Economia, Vol. 16, No. 2, October 2020, 173-18
[24] Novitasari, Reza dan Krsinando. 2021, Pengaruh Struktur Modal, Pertumbuhan Perusahaan, dan Firm Size terhadap Nilai Perusahaan Pada Perusahaan Consumer Goods yang Terdaftar di Bursa Efek Indonesia (BEI) Periode 2017-2020”. Jurnal Akuntansi dan Manajemen (JAM), Volume 18 Number 02 (Oktober 2021)
[25] Tandelilin, Eduardus. 2010. Portofolio dan Investasi: Teori dan Aplikasi, Kanisius. Yogyakarta
[26] Trinh, Q. T., & Nguyen, V. S. (2013). Factors affecting the performance of Vietnamese commercial banks. Journal of Banking Technology, 85(1), 11-15
[27] Tunggal, Audrey C dan Ngatno. 2018. “Pengaruh Struktur Modal Terhadap Nilai Perusahaan dengan Ukuran dan Umur Perusahaan sebagai Variabel Moderator (Studi Kasus Tahun 2014- 2016) pada Perusahaan Sub-Sektor Makanan dan Minuman yang Terdaftar di BEI”. Diponegoro Journal of Social of Politic.
[28] Vijh, Anand and Yang. 2013. “Are small firms less vulnerable to overpriced stock offers”. Journal of Financial Economics, Vol. 110
[29] Wahyuni, Komang Tri, 2022 Pengaruh Struktur Modal terhadap Kinerja Perusahaan pada Industri Kesehatan di Bursa Efek Indonesia, Jurnal Ilmiah Pendidikan, Vol 5
[30] Wahyuni, Komang Tri, 2023. Pengaruh Struktur modal dan kapitalisasi pasar pada Perusahaan tambang batu baradi Bursa Efek Indonesia, Jurnal Ilmiah Pendidikan, Vol 7
[31] Website Bursa Efek Indonesia, http:/www.idx.co.id
[32] Website Sekuritas Ajaib, https://www.ajaib.co.id/
[33] Website: Wikipedia https://id.wikipedia.org/
[34] WebsiteYahoofinance,: https://finance.yahoo.com/
[35] Welch, I. 2004. Capital Structure and Stock Return, Journal of Politic Economy, 112, 106-131
[36] Yu, M. (2013). State ownership and firm performance : Empirical evidence from Chinese listed companies. China Journal of Accounting Research, 6(2), 75-87.
Published
2023-12-04
How to Cite
Wahyuni, K. (2023). Pengaruh Rasio Solvabilitas Dan Ukuran Perusahaan Terhadap Market Value Pada Saham Jakarta Islamic Indeks (JII). Widya Balina, 8(2), 729 - 740. https://doi.org/10.53958/wb.v8i2.337
Section
Articles
