PENGARUH STRUKTUR MODAL, PROFITABILITAS, KEPUTUSAN HEDGING DAN KEPEMILIKAN MANAJERIAL TERHADAP NILAI PERUSAHAAN PADA PERUSAHAAN SEKTOR PERTAMBANGAN YANG TERDAFTAR PADA BURSA EFEK INDONESIA
DOI:
https://doi.org/10.25299/jafar.2023.13147Keywords:
Capital Structure, Profitability, Hedging Decisions, Managerial Ownership, Firm ValueAbstract
This study aims to analyze the effect between capital structure, profitability, hedging decisions and managerial ownership of firm value. The population in this study are mining companies listed on the Indonesia Stock Exchange for the 2016-2021 period. By using purposive sampling technique, the final sample used was 41 companies. The type of data used is secondary data obtained from the company's annual report on the Indonesia Stock Exchange. The data analysis technique in this study used multiple regression analysis with the EVIEWS 10 application tool. The results showed that all independent variables simultaneously affected firm value. Partially the variables of capital structure, hedging decisions and managerial ownership do not have a significant effect on firm value while profitability has a significant effect on firm value.
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References
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Ambarwati, Sri., Tri Astuti., Salsabila Azzahra (2021). Determinan Nilai Perusahaan Sebelum dan pada Masa Pandemic COVID-19. Jurnal Becoss (Business Economic, Communication, and Social Sciences), Vol.3 No.2 May 2021: 79-89
Manoppo, Heven., Fitty Valdi Arie (2016). Pengaruh Struktur Modal, Ukuran Perusahaan Dan Profitabilitas Terhadap Nilai Perusahaan Otomotif Yang Terdaftar Di Bursa Efek Indonesia Periode 2011-2014. Vol.4 No.2 Juni 2016, Hal. 485-497
Irawan, Dedi., Nurhadi Kusuma (2019). Pengaruh Struktur Modal Dan Ukuran Perusahaan Terhadap Nilai Perusahaan. Jurnal Aktual STIE Trisna Negara. Volume 17 (1) Juni 2019, Hal. 66-81
Baihaqi, N., I. Geraldina., S.Y. Wijaya (2021). Pengaruh Struktur Modal Terhadap Nilai Perusahaan Pada Kondisi Kedaruratan Pandemi Covid-19. Jurnal Akunida Issn 2442-3033 Volume 7 Nomor 1, Juni 2021
Haryono, Selly Anggraeni., Fitriany Fitriany., Eliza Fatima (2017). Pengaruh Struktur Modal Dan Struktur Kepemilikan Terhadap Nilai Perusahaan. Jurnal Akuntansi dan Keuangan Indonesia. Volume 14, Issue 2, 2017
Apriada, Kadek., Made Sadha Suardikha (2016). Pengaruh Struktur Kepemilikan Saham, Struktur Modal Dan Profitabilitas Pada Nilai Perusahaan. E-Jurnal Ekonomi dan Bisnis Universitas Udayana 5.2 (2016) : 201-218
Suartana, I Wayan., Ni Putu Wida P. D (2014). Pengaruh Kepemilikan Manajerial Dan Kepemilikan Institusional Pada Nilai Perusahaan. E-Jurnal Akuntansi Universitas Udayana 9.3 (2014): 575-590
Sukirni, Dwi (2012). Kepemilikan Manajerial, Kepemilikan Institusional, Kebijakan Deviden Dan Kebijakan Hutang Analisis Terhadap Nilai Perusahaan. Accounting Analysis Journal 1 (2) (2012)
Chistiawan, Yulius Jogi., Josua Tarigan (2007) Kepemilikan Manajeral: Kebijakan Hutang, Kinerja Dan Nilai Perusahaan. Jurnal Akuntansi Dan Keuangan, Vol. 9, No. 1, Mei 2007: 1-8
Rahayu, Maryati., Bida Sari (2018). Faktor-Faktor Yang Mempengaruhi Nilai Perusahaan. Ikraith-Humaniora, Vol. 2, No. 2, Maret 2018
Sembiring, Selvi., Ita Trisnawati (2019). Faktor-Faktor Yang Mempengaruhi Nilai Perusahaan. Jurnal Bisnis Dan Akuntansi Vol. 21, No. 1a-2, Nov 2019, Hlm. 173-184
Ernawati, Dewi (2015). Pengaruh Profitabilitas, Leverage Dan Ukuran Perusahaan Terhadap Nilai Perusahaan. Jurnal Ilmu & Riset Akuntansi Vol. 4 No. 4 (2015)
Zamzamir, Zaminor., Razali Haron., Anwar Hasan Abdullah Othman (2021). Hedging, managerial ownership and firm value. Journal of Asian Business and Economic Studies Vol. 28 No. 4, 2021
Prastuti, Ni Kadek Rai., I Gede Merta Sudiartha (2016). Pengaruh Struktur Modal, Kebijakan Dividen, Dan Ukuran Perusahaan Terhadap Nilai Perusahaan Pada Perusahaan Manufaktur. E-Jurnal Manajemen Unud, Vol.5, No.3, 2016: 1572-1598
Ramdhonah, Zahra., Ikin Solikin, Maya Sari (2019). Pengaruh Struktur Modal, Ukuran Perusahaan, Pertumbuhan Perusahaan, Dan Profitabilitas Terhadap Nilai Perusahaan. Jurnal Riset Akuntansi Dan Keuangan, 7 (1), 2019, 67-82
Irawati, Ervinda., Nur Diana., M. Cholid Mawardi (2021). Struktur Modal, Profitabilitas Dan Nilai Perusahaan : Efek Moderasi Good Corporate Governance Saat Masa Pandemi Covid-19. E-JRA Vol. 10 No. 13 Agustus 2021
Dewi, Linda Safitri., Nyoman Abundanti (2019). Pengaruh Profitabilitas, Likuiditas, Kepemilikan Institusional Dan Kepemilikan Manajerial Terhadap Nilai Perusahaan. E-Jurnal Manajemen, Vol. 8, No. 10, 2019: 6099-6118
Aditya, Angga Tri., Nadia Asandimitra (2019). Pengaruh Leverage, Likuiditas, Market To Book Value, Financial Distress Dan Firm Size Terhadap Keputusan Hedging Sektor Consumer Goods Industry Periode 2011-2016. Jurnal Ilmu Manajemen Volume 7 Nomor 2
Myamba, Benitha Mhoka., Winnie Samwel Nguni (2021). Aligning the risk hedging strategy with supplier collaboration and manufacturing competitiveness: a resource-based and contingency approach. International Journal of Productivity and Performance Management © Emerald Publishing Limited 1741-0401 DOI 10.1108/IJPPM-03-2021-0131
Alam, Nafis., Amit Gupta (2018). Does hedging enhance firm value in good and bad times. International Journal of Accounting & Information Management Vol. 26 No. 1, 2018 pp. 132-152 © Emerald Publishing Limited 1834- 649 DOI 10.1108/IJAIM-03-2017-0041
Zamzamir, Zaminor., Razali Haron., Zatul Karomah Ahmad Baharul Ulum., Anwar Hasan Abdullah Othman (2021). Non-linear relationship between foreign currency derivatives and firm value: evidence on Shariah compliant firms. Islamic Economic Studies Vol. 28 No. 2, 2021 pp. 156-173 Emerald Publishing Limited DOI 10.1108/IES-09-2020-0036
Rahim, Ruzita Abdul., Adilah Abd Wahab., Mohammad Hudaib (2022). The effects of foreign currency exposure and Sharī’ah-compliant status on financial hedging strategy. International Journal of Islamic and Middle Eastern Finance and Management Emerald Publishing Limited 1753-8394 DOI 10.1108/IMEFM-08-2021-0352
Niswatuhasanah., Dr. Hendratno, SE., Akt., MM (2020). Pengaruh Penggunaan Lindung Nilai Terhadap Nilai Perusahaan (Studi Kasus Perusahaan Manufaktur Yang Terdaftar Di Bei Periode 2013-2017). E-Proceeding of Management : Vol.7, No.2 Desember 2020 Page 5583
Lookman, Aziz A (2004). Does Hedging Increase Firm Value? Evidence from Oil and Gas Producing Firms
Pradana, Henny Galla., Prima Naomi (2018). The Impact of Hedging on Firm Value of Public Non-Bank State-Owned Enterprises. Jurnal Keuangan dan Perbankan, 22(2):276–290, 2018
Frensidy, Prof. Dr. Budi., Tasya Indah Mardhaniaty (2019). The Effect of Hedging with Financial Derivatives on Firm Value at Indonesia Stock Exchange. Economics andFinanceinIndonesia Vol.65No.1,June2019:20–32
Hadian, Azadeh., Cahit Adaoglu (2020). The effects of financial and operational hedging on company value: The case of Malaysian multinationals. Journal of Asian Economics 70 (2020) 101232
Gumilang, Risa R., Nugraha Nugraha., Ikaputera Waspada., Maya Sari (2021). The Analysis Hedging and Derivative Instrument on Firm Value. Advances in Economics, Business and Management Research, volume 657 6th Global Conference on Business, Management, and Entrepreneurship (GCBME 2021
Gilje, Erik P., Jérôme P. Taillard (2015). Does Hedging Affect Firm Value? Evidence from a Natural Experiment
Klingeberg, Jerome Geyer., Markus Hang., Andreas Rathgeber (2020). Corporate financial hedging and firm value: A meta-analysis. Published in: The European Journal of Finance https://doi.org/10.1080/1351847X.2020.1816559
Kinasih, Raras., Dewa Putra Krishna Mahardika (2019). Pengaruh Likuiditas, Leverage, Dan Nilai Tukar Rupiah Terhadap Penggunaan Instrumen Derivatif Sebagai Keputusan Hedging. JIMEA | Jurnal Ilmiah MEA (Manajemen, Ekonomi, & Akuntansi). Vol. 3 No. 1 Januari-April 2019 DOI:10.31955/mea.vol3.iss1.pp63-80
Sulistyo, B. (2015). Hedging Nilai Tukar Mengurangi Risiko Pelebaran Defisit Anggaran. Jakarta.
Mulyawan, S. (2015). Manajemen Risiko. Jakarta: Pustaka Setia.
Hery. (2016). Analisis Laporan Keuangan. Jakarta: PT Gramedia Widiasarana Indonesia.
Arditti, Fred D (1996). Derivatives: A Comprehensive Resources for Options, Futures, Interest Rate Swaps, and Mortgage Securities, Boston, Harvard Business School Press.
Fabozzi, Frank J and Franco Modigliani (1992). Capital Markets: Institutions and
Instruments, New Jersey: Prentice Hall.
Morris, Kenneth, Allan M. Siegel and Beverly Larson (1997). Guide to Understanding Money and Investing, Asia Wall Street Journal, Hong Kong: Dow Jones Company
Ross, Stephen, Westerfield and Jordan (1998). Fundamentals of Corporate Finance,
Singapore: McGraw Hill Company.
Scott, William L (1991). Contemporary Financial Markets and Services, Minnesota: West Publishing Company.
Utomo, Lisa Linawati (2000). Instrumen Derivatif: Pengenalan Dalam Strategi Manajemen Risiko Perusahaan. Jurnal Akuntansi & Keuangan Vol. 2, No. 1, Mei 2000: 53 – 68
Saraswati, Ayuningtyas Putri., Ni Putu Santi Suryantini (2019). Pengaruh Leverage, Firm Size, Profitabilitas Terhadap Keputusan Hedging Pada Perusahaan Manufaktur Di Bursa Efek Indonesia. E-Jurnal Manajemen, Vol. 8, No.5, 2019 : 2999-3027
