Analysis of Market Capitalization and Fundamental Factors on Firm Value
DOI:
https://doi.org/10.38035/jafm.v1i1.12Keywords:
Market Capitalization, Fundamental Factors, Company ValueAbstract
The purpose of this study is to analyze the effect of market capitalization and fundamental factors on the value of manufacturing companies listed on the Indonesia Stock Exchange from 2014 to 2018. The variables utilized in this study are market capitalization, variables of micro-company such as company size, free cash flow, dividend policy (DPR), and macro variables, namely interest rates to the value of the company (Tobin'Q). Therefore it can be to assess the development of good company conditions. The method of this research is explanatory research and samples were taken by purposive sampling from a population of manufacturing companies that satisfy the sample criteria. Furthermore, the analysis of this research conducted multiple linear regression analysis.
References
Afriyani. (2018). Influence of Micro Fundamental Factors and Macroeconomics on Stock Return and Manufacturing Value of Companies Listed in Indonesia Stock Exchange (IDX). Quest Journals: Journal of Research in Humanities and Social Science, Volume 6, Issue 5, 49-57.
Al Zararee, A. N., & Al-Azzawi, A. (2014). The Impact of Free Cash Flow on Market Value of Firm. , Global Review of Accounting and Finance, Volume 5, No. 2., 56-63.
Anggeriani, Fachrudin, K. A., & Silalahi, A. S. (2018). The Effect Of Dividend Policy, Firm Size and Capital Structure On Firm Value with Corporate Social Responsibility As A Moderation Variable In Open Mining Companies In Indonesia Stock Exchange. IOSR Journal of Business and Management (IOSR-JBM), Volume 20, Issue 11, 70-82.
Armadi, I. W. (2016). Pengaruh Profitabilitas, Leverage, dan Ukuran Perusahaan Pada Nilai Perusahaan Melalui Pengungkapan Tanggung Jawab Sosial. E-Jurnal Akuntansi Universitas Udayana, Volume 17 No.1 , 233-256.
Ayturk, Y., Gurbuz, A. O., & Yanik, S. (2016). Corporate derivatives use and firm value: Evidence from Turkey. Borsa Istanbul Review Volume 16, Issue 2, 108-120.
Ayu S, N. K., & Ayu D, N. P. (2016). Pengaruh Profitabilitas, Likuiditas, Pertumbuhan, dan Investment Opportunity Set terhadap Nilai Perusahaan. E-Jurnal Manajemen Unud. Volume 5 No.7.
Brigham, E. F., & Houston, J. F. (2009). Dasar-dasar Manajemen Keuangan, Buku Satu, Edisi Kesepuluh, Alih Bahasa Ali Akbar Yulianto. . Jakarta: Salemba Empat.
Dang, H. N., Vu, V. T., Ngo, X. T., & Hoang, H. T. (2019). Study the Impact of Growth, Firm Size, Capital Structure, and Profitability on Enterprise Value: Evidence of Enterprises in Vietnam. The Journal of Corporate Accounting & Finance Volume 30 Issue 1, 144-160.
Dewi, I. A., Sari, M. M., Budiasih, I., & Suprasto, H. B. (2019). Free Cash Flow Effect Towards Firm Value. International Research Journal of Management, IT & Social Sciences, Volume 6 No. 3.
Ebenezer, O. O., Islam, M. A., Yusoff, W. S., & Rahman, S. (2019). The Effects of Liquidity Risk and Interest-Rate Risk on Profitability and Firm Value among Banks in ASEAN-5 Countries. Journal of Reviews on Global Economics, Volume 8, 337-349.
Esana, R., & Ari. (2017). Pengaruh Kebijakan Dividen dan Keputusan Investasi terhadap Nilai Perusahaan serta dampaknya terhadap Profitabilitas t+1. Jurnal Administrasi Bisnis (JAB).Volume 50. No.6.
Fadhil, M. (2015). Pengaruh Likuiditas, Solvabilitas dan Profitabilitas terhadap Nilai Perusahaan dengan Kebijakan Dividen sebagai Variabel Moderasi pada Perusahaan Perbankan, Asuransi & Lembaga Keuangan Lainnya di Bursa Efek Indonesia Tahun 2010 – 2013. Jom FEKON Volume 2 No. 2.
Farrukh, K., Irshad, S., Khakwani, M. S., Ishaque, S., & Ansari, N. Y. (2017). Impact of dividend policy on shareholders wealth and firm performance in Pakistan. Taylor & Francis Online: Journal Cogent Business & Management, Volume 4, Issue 1.
Frensidya, B., & Mardhaniatya, T. I. (2019). The Effect of Hedging with Financial Derivatives on Firm Value at Indonesia Stock Exchange. LPEM FEB UI: Economics and Finance in Indonesia Volume 65 No. 1, 20-32.
Hirdinis, M. (2019). Capital Structure and Firm Size on Firm Value Moderated by Profitability. International Journal of Economics and Business Administration Volume 7, Issue 1, 174-191.
Kompas. (2008). Ketika Krisis dan Bursa Global Berjatuhan? Jakarta: Kompas.
Nurhayati. (2013). Profitabilitas, Likuiditas dan Ukuran Perusahaan Pengaruhnya terhadap Kebijakan Dividen dan Nilai Perusahaan Sektor Non Jasa. Jurnal Keuangan dan Bisnis, 67-98.
Nwamaka, O. C., & Ezeabasili. (2017). Effect of Dividend Policies on Firm Value: Evidence from quoted firms in Nigeria. International Journal of Management Excellence Volume 8 No.2.
Oktaviani, M., Rosmaniar, A., & Hadi, S. (2019). Pengaruh Ukuran Perusahaan (Size) Dan Struktur Modal Terhadap Nilai Perusahaan. BALANCE: Economic, Business, Management and Accounting Journal, Volume 16, No. 1.
Profita, A. S., & Ratnaningsih, D. (2016). The Impact Of Free Cash Flow On The Firm Value. Journal of Economy Accountancy International , 1-12.
Senata, M. (2016). Pengaruh Kebijakan Dividen erhadap Nilai Perusahaan yang tercatat pada Indeks LQ-45 Bursa Efek Indonesia. . Jurnal Wira Ekonomi Mikroskil. Volume 6 No. 01.
Sudana, M. I. (2011). Manajemen Keuangan Perusahaan. Jakarta: Erlangga.
Susanti, N., & Restiana, N. G. (2018). What's the Best Factor to Determining Firm Value? Journal of Finance and Banking Volume 22, No. 2.
Susilawati. (2014). Pengaruh Kebijakan Dividen, Keputusan Investasi, Keputusan Pendanaan, Kepemilikan Institusional dan Likuiditas terhadap Nilai Perusahaan pada Perusahaan Manufaktur yang terdaftar di Bursa Efek Indonesia Periode 2010 – 2013. Jurnal Akuntansi , 40-65.
Van Horne, J., & Wachowicz, J. (2009). Prinsip-prinsip Manajemen Keuangan. Jakarta: Salemba Empat.
Wahyuddin, A., & Salsabila, K. (2019). Firm Size Moderates the Effect of Free Cash Flow, Firm Growth, and Profitability on Debt Policy. Jurnal Dinamika Akuntansi, Volume 11, No. 1, p-ISSN 2085-4277 | e-ISSN 2502-6224 , 89-97.
Wijaya, B. I., & Sedana, I. B. (2015). Pengaruh Profitabilitas Terhadap Nilai Perusahaan (Kebijakan Dividen Dan Kesempatan Investasi Sebagai Variabel Mediasi). E-Jurnal Manajemen, Volume 4, No.12.
Al Zararee, A. N., & Al-Azzawi, A. (2014). The Impact of Free Cash Flow on Market Value of Firm. , Global Review of Accounting and Finance, Volume 5, No. 2., 56-63.
Anggeriani, Fachrudin, K. A., & Silalahi, A. S. (2018). The Effect Of Dividend Policy, Firm Size and Capital Structure On Firm Value with Corporate Social Responsibility As A Moderation Variable In Open Mining Companies In Indonesia Stock Exchange. IOSR Journal of Business and Management (IOSR-JBM), Volume 20, Issue 11, 70-82.
Armadi, I. W. (2016). Pengaruh Profitabilitas, Leverage, dan Ukuran Perusahaan Pada Nilai Perusahaan Melalui Pengungkapan Tanggung Jawab Sosial. E-Jurnal Akuntansi Universitas Udayana, Volume 17 No.1 , 233-256.
Ayturk, Y., Gurbuz, A. O., & Yanik, S. (2016). Corporate derivatives use and firm value: Evidence from Turkey. Borsa Istanbul Review Volume 16, Issue 2, 108-120.
Ayu S, N. K., & Ayu D, N. P. (2016). Pengaruh Profitabilitas, Likuiditas, Pertumbuhan, dan Investment Opportunity Set terhadap Nilai Perusahaan. E-Jurnal Manajemen Unud. Volume 5 No.7.
Brigham, E. F., & Houston, J. F. (2009). Dasar-dasar Manajemen Keuangan, Buku Satu, Edisi Kesepuluh, Alih Bahasa Ali Akbar Yulianto. . Jakarta: Salemba Empat.
Dang, H. N., Vu, V. T., Ngo, X. T., & Hoang, H. T. (2019). Study the Impact of Growth, Firm Size, Capital Structure, and Profitability on Enterprise Value: Evidence of Enterprises in Vietnam. The Journal of Corporate Accounting & Finance Volume 30 Issue 1, 144-160.
Dewi, I. A., Sari, M. M., Budiasih, I., & Suprasto, H. B. (2019). Free Cash Flow Effect Towards Firm Value. International Research Journal of Management, IT & Social Sciences, Volume 6 No. 3.
Ebenezer, O. O., Islam, M. A., Yusoff, W. S., & Rahman, S. (2019). The Effects of Liquidity Risk and Interest-Rate Risk on Profitability and Firm Value among Banks in ASEAN-5 Countries. Journal of Reviews on Global Economics, Volume 8, 337-349.
Esana, R., & Ari. (2017). Pengaruh Kebijakan Dividen dan Keputusan Investasi terhadap Nilai Perusahaan serta dampaknya terhadap Profitabilitas t+1. Jurnal Administrasi Bisnis (JAB).Volume 50. No.6.
Fadhil, M. (2015). Pengaruh Likuiditas, Solvabilitas dan Profitabilitas terhadap Nilai Perusahaan dengan Kebijakan Dividen sebagai Variabel Moderasi pada Perusahaan Perbankan, Asuransi & Lembaga Keuangan Lainnya di Bursa Efek Indonesia Tahun 2010 – 2013. Jom FEKON Volume 2 No. 2.
Farrukh, K., Irshad, S., Khakwani, M. S., Ishaque, S., & Ansari, N. Y. (2017). Impact of dividend policy on shareholders wealth and firm performance in Pakistan. Taylor & Francis Online: Journal Cogent Business & Management, Volume 4, Issue 1.
Frensidya, B., & Mardhaniatya, T. I. (2019). The Effect of Hedging with Financial Derivatives on Firm Value at Indonesia Stock Exchange. LPEM FEB UI: Economics and Finance in Indonesia Volume 65 No. 1, 20-32.
Hirdinis, M. (2019). Capital Structure and Firm Size on Firm Value Moderated by Profitability. International Journal of Economics and Business Administration Volume 7, Issue 1, 174-191.
Kompas. (2008). Ketika Krisis dan Bursa Global Berjatuhan? Jakarta: Kompas.
Nurhayati. (2013). Profitabilitas, Likuiditas dan Ukuran Perusahaan Pengaruhnya terhadap Kebijakan Dividen dan Nilai Perusahaan Sektor Non Jasa. Jurnal Keuangan dan Bisnis, 67-98.
Nwamaka, O. C., & Ezeabasili. (2017). Effect of Dividend Policies on Firm Value: Evidence from quoted firms in Nigeria. International Journal of Management Excellence Volume 8 No.2.
Oktaviani, M., Rosmaniar, A., & Hadi, S. (2019). Pengaruh Ukuran Perusahaan (Size) Dan Struktur Modal Terhadap Nilai Perusahaan. BALANCE: Economic, Business, Management and Accounting Journal, Volume 16, No. 1.
Profita, A. S., & Ratnaningsih, D. (2016). The Impact Of Free Cash Flow On The Firm Value. Journal of Economy Accountancy International , 1-12.
Senata, M. (2016). Pengaruh Kebijakan Dividen erhadap Nilai Perusahaan yang tercatat pada Indeks LQ-45 Bursa Efek Indonesia. . Jurnal Wira Ekonomi Mikroskil. Volume 6 No. 01.
Sudana, M. I. (2011). Manajemen Keuangan Perusahaan. Jakarta: Erlangga.
Susanti, N., & Restiana, N. G. (2018). What's the Best Factor to Determining Firm Value? Journal of Finance and Banking Volume 22, No. 2.
Susilawati. (2014). Pengaruh Kebijakan Dividen, Keputusan Investasi, Keputusan Pendanaan, Kepemilikan Institusional dan Likuiditas terhadap Nilai Perusahaan pada Perusahaan Manufaktur yang terdaftar di Bursa Efek Indonesia Periode 2010 – 2013. Jurnal Akuntansi , 40-65.
Van Horne, J., & Wachowicz, J. (2009). Prinsip-prinsip Manajemen Keuangan. Jakarta: Salemba Empat.
Wahyuddin, A., & Salsabila, K. (2019). Firm Size Moderates the Effect of Free Cash Flow, Firm Growth, and Profitability on Debt Policy. Jurnal Dinamika Akuntansi, Volume 11, No. 1, p-ISSN 2085-4277 | e-ISSN 2502-6224 , 89-97.
Wijaya, B. I., & Sedana, I. B. (2015). Pengaruh Profitabilitas Terhadap Nilai Perusahaan (Kebijakan Dividen Dan Kesempatan Investasi Sebagai Variabel Mediasi). E-Jurnal Manajemen, Volume 4, No.12.
Downloads
Published
2020-05-04
How to Cite
Sari Permata, I., & Alkaf, F. T. . (2020). Analysis of Market Capitalization and Fundamental Factors on Firm Value. Journal of Accounting and Finance Management, 1(2), 59–67. https://doi.org/10.38035/jafm.v1i1.12
Issue
Section
Articles
License
Authors who publish their manuscripts in this journal agree to the following conditions:
- The copyright on each article belongs to the author(s).
- The author acknowledges that the Journal of Accounting and Finance Management (JAFM) has the right to be the first to publish with a Creative Commons Attribution 4.0 International license (Attribution 4.0 International (CC BY 4.0).
- Authors can submit articles separately, arrange for the non-exclusive distribution of manuscripts that have been published in this journal into other versions (e.g., sent to the author's institutional repository, publication into books, etc.), by acknowledging that the manuscript has been published for the first time in the Journal of Accounting and Finance Management (JAFM).
