Pengaruh Profitabilitas terhadap Nilai Perusahaan dengan Moderasi Pengungkapan Elemen-Elemen Integrated Reporting
Abstract
This paper aims to determine the effect of profitability on firm value and the moderation of disclosure of integrated reporting elements in influencing the relationship of profitability with firm value. The sample is representative of each sector using the purposive stratified sampling method. This research is a quantitative study using a sample of 86 companies listed on the Indonesia Stock Exchange (BEI). Data were analyzed using multiple linear regression and processed using the Stata 13 application. The results show that profitability has no effect on the value of the company. Investors still need to consider the information generated from profitability because of the option to put into retained earnings and dividend distribution that will be taken by the company. The other result state that the integrated reporting elements do not affect the relationship of profitability with firm value because the value of information in the disclosure element is not directly related to the financial information (numbers) of a company.
Keywords: Profitability; Firm Value; Integrated Reporting.
Downloads
Download data is not yet available.
References
Adenugba, A. A., Ige, A. A., & Kesinro, O. R. (2016). Financial leverage and firms’ value : a study of selected firms in nigeria. European Journal of Research and Reflection in Management Sciences.
Agustina, R., Sutriswanto, & Apriyanto, G. (2020). Study of capital structure (idx 2011-2017): Firm growth, firm size, and csr disclosure on firm value. International Research Journal of Advanced Engineering and Science, 5(1), 128–133.
Barth, M. E., Cahan, S. F., Chen, L., & Venter, E. R. (2017). The economic consequences associated with integrated report quality: Capital market and real effects. Accounting, Organizations and Society. https://doi.org/10.1016/j.aos.2017.08.005
Ghozali, I., & Ratmono, D. (2016). Analisis Multivariat dan EkonometrikaTeori, Konsep, dan Aplikasi dengan Eviews 8. Universitas Diponegoro. Semarang: Badan Penerbit Universitas Diponegoro.
Gordon, M. J. (1959). Dividends, Earnings, and Stock Prices. The Review of Economics and Statistics, 41(2), 99. https://doi.org/10.2307/1927792
IIRC. (2011). Summary of responses to the september 2011 discussion paper and next steps.
Jusriani, I. F., & Rahardjo, S. N. (2013). Analisis pengaruh profitabilitas, kebijakan dividen, kebijakan utang, dan kepemilikan manajerial terhadap nilai perusahaan (studi empiris pada perusahaan manufaktur di BEI periode 2009-2011). Diponegoro Journal of Accounting, 2(2), 168–177.
Khairina, D. (2018). Pengaruh integrated reporting terhadap asimetri informasi (studi empiris pada perusahaan manufaktur sektor real estate dan konstruksi bangunan periode 2013-2016). Universitas Islam Indonesia.
Kustiani, N. A. (2016). Penerapan elemen-elemen integrated reporting pada perusahaan yang terdaftar di bursa efek indonesia. Jurnal Info Artha, 3, 43–54. https://doi.org/http://dx.doi.org/10.31092/jia.v3i0.38
Lang, L. H. P., & Litzenberger, R. H. (1989). Dividend announcements: Cash flow signalling vs. free cash flow hypothesis? Journal of Financial Economics, 24(1), 181–191. https://doi.org/https://doi.org/10.1016/0304-405X(89)90077-9
Lee, K.-W., & Yeo, G. H.-H. (2016). The association between integrated reporting and firm valuation. Review of Quantitative Finance and Accounting, 47(4), 1221–1250. https://doi.org/10.1007/s11156-015-0536-y
Lisa. (2013). Integrated reporting, teori dan aplikasi. Retrieved from https://www.slideshare.net/lisah1 diakses April 2020
Martina, M. (2019). Pengaruh pengungkapan integrated reporting terhadap nilai perusahaan. UMM.
Muamar, Y. (2019). Prospek cerah, investor borong saham wika gedung. Retrieved from https://www.cnbcindonesia.com/market/20190523105350-17-74528/prospek-cerah-investor-borong-saham-wika-gedung
Mufidah, N., & Purnamasari, P. E. (2018). Pengaruh profitabilitas terhadap nilai perusahaan dengan pengungkapan corporate social responsibility dan good corporate governance sebagai variabel moderating. El
Dinar: Jurnal Keuangan Dan Perbankan Syariah, 6(1), 64.
Prasetio, F. W. (2019). Perspektif: saatnya berburu saham-saham murah. Retrieved from https://market.bisnis.com/read/20190415/7/911962/ perspektif-saatnya-berburu-saham-saham-murah
Pratama, I. G. B. A., & Wiksuana, I. G. B. (2016). Pengaruh Ukuran Perusahaan Dan Leverage Terhadap Nilai Perusahaan Dengan Profitabilitas Sebagai Variabel Mediasi. E-Jurnal Manajemen; Vol 5 No 2 (2016). Retrieved from https://ojs.unud.ac.id/index.php/Manajemen/article/view/17498
Rahmayanti, E. (2017). Harga saham JAWA naik 21%, tapi perusahaan masih merugi.
Saleh, T. (2019). Walau 12 Tahun Merugi, Saham Smartfren Sudah Meroket 132%!
Santoso, A., & Ariefiantoro, T. (2019). No Title. Tirtayasa Ekonomika, 14(2), 220–230. https://doi.org/http://dx.doi.org/10.35448/jte.v14i2.6477
Sari, R. A. I., & Priyadi, M. P. (2016). Pengaruh leverage, profitabilitas, size, dan growth opportunity terhadap nilai perusahaan. Jurnal Ilmu Dan Riset Manajemen (JIRM), 5(10), 1–17.
Sebti, N. I. (2019). PengaruhIntegrated Reporting Terhadap Nilai Perusahaanyang Dimoderasi oleh Kompleksitas Organisasi dan Pembiayaan Eksternal di Asia. Universitas Negeri Malang.
Sucuahi, W., & Cambarihan, J. M. (2016). No Title. Accounting and Finance Research, 5(2), 149–153. https://doi.org/https://doi.org/10.5430/afr.v5n2p149
Suwarno, S., Puspito, A., & Qomariya, N. (2016). No Title. In Seminar Nasional dan Call Paper (pp. 1–13). Jember: Universitas Muhammadiyah Jember. Retrieved from
http://jurnal.unmuhjember.ac.id/index.php/sncp/article/view/207/136
Tarima, G. (2016). Pengaruh Profitabilitas, Keputusan Investasi Dan Keputusan Pendanaan Terhadap Nilai Perusahaan Farmasi Yang Terdaftar Di BEI Periode 2011-2014. Jurnal Berkala Ilmiah Efisiensi, 16(4), 465–474.
Thaib, I., & Dewantoro, A. (2017). Pengaruh profitabilitas dan likuiditas terhadap nilai perusahaan dengan struktur modal sebagai variabel intervening. Jurnal Riset Perbankan Manajemen Dan Akuntansi (JRPMA), 1(1), 25–44.
Titman, S., Keown, A. J., & Martin, J. D. (2018). Financial Management: Principles and Applications (13th ed.). Harlow: Pearson.
Wijaya, B. I., & Sedana, I. B. P. (2015). Pengaruh Profitabilitas Terhadap Nilai Perusahaan (Kebijakan Dividen Dan Kesempatan Investasi Sebagai Variabel Mediasi). E-Jurnal Manajemen; Vol 4 No 12 (2015). Retrieved from https://ojs.unud.ac.id/index.php/Manajemen/article/view/15500
Agustina, R., Sutriswanto, & Apriyanto, G. (2020). Study of capital structure (idx 2011-2017): Firm growth, firm size, and csr disclosure on firm value. International Research Journal of Advanced Engineering and Science, 5(1), 128–133.
Barth, M. E., Cahan, S. F., Chen, L., & Venter, E. R. (2017). The economic consequences associated with integrated report quality: Capital market and real effects. Accounting, Organizations and Society. https://doi.org/10.1016/j.aos.2017.08.005
Ghozali, I., & Ratmono, D. (2016). Analisis Multivariat dan EkonometrikaTeori, Konsep, dan Aplikasi dengan Eviews 8. Universitas Diponegoro. Semarang: Badan Penerbit Universitas Diponegoro.
Gordon, M. J. (1959). Dividends, Earnings, and Stock Prices. The Review of Economics and Statistics, 41(2), 99. https://doi.org/10.2307/1927792
IIRC. (2011). Summary of responses to the september 2011 discussion paper and next steps.
Jusriani, I. F., & Rahardjo, S. N. (2013). Analisis pengaruh profitabilitas, kebijakan dividen, kebijakan utang, dan kepemilikan manajerial terhadap nilai perusahaan (studi empiris pada perusahaan manufaktur di BEI periode 2009-2011). Diponegoro Journal of Accounting, 2(2), 168–177.
Khairina, D. (2018). Pengaruh integrated reporting terhadap asimetri informasi (studi empiris pada perusahaan manufaktur sektor real estate dan konstruksi bangunan periode 2013-2016). Universitas Islam Indonesia.
Kustiani, N. A. (2016). Penerapan elemen-elemen integrated reporting pada perusahaan yang terdaftar di bursa efek indonesia. Jurnal Info Artha, 3, 43–54. https://doi.org/http://dx.doi.org/10.31092/jia.v3i0.38
Lang, L. H. P., & Litzenberger, R. H. (1989). Dividend announcements: Cash flow signalling vs. free cash flow hypothesis? Journal of Financial Economics, 24(1), 181–191. https://doi.org/https://doi.org/10.1016/0304-405X(89)90077-9
Lee, K.-W., & Yeo, G. H.-H. (2016). The association between integrated reporting and firm valuation. Review of Quantitative Finance and Accounting, 47(4), 1221–1250. https://doi.org/10.1007/s11156-015-0536-y
Lisa. (2013). Integrated reporting, teori dan aplikasi. Retrieved from https://www.slideshare.net/lisah1 diakses April 2020
Martina, M. (2019). Pengaruh pengungkapan integrated reporting terhadap nilai perusahaan. UMM.
Muamar, Y. (2019). Prospek cerah, investor borong saham wika gedung. Retrieved from https://www.cnbcindonesia.com/market/20190523105350-17-74528/prospek-cerah-investor-borong-saham-wika-gedung
Mufidah, N., & Purnamasari, P. E. (2018). Pengaruh profitabilitas terhadap nilai perusahaan dengan pengungkapan corporate social responsibility dan good corporate governance sebagai variabel moderating. El
Dinar: Jurnal Keuangan Dan Perbankan Syariah, 6(1), 64.
Prasetio, F. W. (2019). Perspektif: saatnya berburu saham-saham murah. Retrieved from https://market.bisnis.com/read/20190415/7/911962/ perspektif-saatnya-berburu-saham-saham-murah
Pratama, I. G. B. A., & Wiksuana, I. G. B. (2016). Pengaruh Ukuran Perusahaan Dan Leverage Terhadap Nilai Perusahaan Dengan Profitabilitas Sebagai Variabel Mediasi. E-Jurnal Manajemen; Vol 5 No 2 (2016). Retrieved from https://ojs.unud.ac.id/index.php/Manajemen/article/view/17498
Rahmayanti, E. (2017). Harga saham JAWA naik 21%, tapi perusahaan masih merugi.
Saleh, T. (2019). Walau 12 Tahun Merugi, Saham Smartfren Sudah Meroket 132%!
Santoso, A., & Ariefiantoro, T. (2019). No Title. Tirtayasa Ekonomika, 14(2), 220–230. https://doi.org/http://dx.doi.org/10.35448/jte.v14i2.6477
Sari, R. A. I., & Priyadi, M. P. (2016). Pengaruh leverage, profitabilitas, size, dan growth opportunity terhadap nilai perusahaan. Jurnal Ilmu Dan Riset Manajemen (JIRM), 5(10), 1–17.
Sebti, N. I. (2019). PengaruhIntegrated Reporting Terhadap Nilai Perusahaanyang Dimoderasi oleh Kompleksitas Organisasi dan Pembiayaan Eksternal di Asia. Universitas Negeri Malang.
Sucuahi, W., & Cambarihan, J. M. (2016). No Title. Accounting and Finance Research, 5(2), 149–153. https://doi.org/https://doi.org/10.5430/afr.v5n2p149
Suwarno, S., Puspito, A., & Qomariya, N. (2016). No Title. In Seminar Nasional dan Call Paper (pp. 1–13). Jember: Universitas Muhammadiyah Jember. Retrieved from
http://jurnal.unmuhjember.ac.id/index.php/sncp/article/view/207/136
Tarima, G. (2016). Pengaruh Profitabilitas, Keputusan Investasi Dan Keputusan Pendanaan Terhadap Nilai Perusahaan Farmasi Yang Terdaftar Di BEI Periode 2011-2014. Jurnal Berkala Ilmiah Efisiensi, 16(4), 465–474.
Thaib, I., & Dewantoro, A. (2017). Pengaruh profitabilitas dan likuiditas terhadap nilai perusahaan dengan struktur modal sebagai variabel intervening. Jurnal Riset Perbankan Manajemen Dan Akuntansi (JRPMA), 1(1), 25–44.
Titman, S., Keown, A. J., & Martin, J. D. (2018). Financial Management: Principles and Applications (13th ed.). Harlow: Pearson.
Wijaya, B. I., & Sedana, I. B. P. (2015). Pengaruh Profitabilitas Terhadap Nilai Perusahaan (Kebijakan Dividen Dan Kesempatan Investasi Sebagai Variabel Mediasi). E-Jurnal Manajemen; Vol 4 No 12 (2015). Retrieved from https://ojs.unud.ac.id/index.php/Manajemen/article/view/15500
Published
2021-04-25
How to Cite
BHIMANTARA, Gilang Ryanda; DINARJITO, Agung.
Pengaruh Profitabilitas terhadap Nilai Perusahaan dengan Moderasi Pengungkapan Elemen-Elemen Integrated Reporting.
E-Jurnal Akuntansi, [S.l.], v. 31, n. 4, p. 996-1009, apr. 2021.
ISSN 2302-8556.
Available at: <https://ojs.unud.ac.id/index.php/akuntansi/article/view/70598>. Date accessed: 23 nov. 2024.
doi: https://doi.org/10.24843/EJA.2021.v31.i04.p16.
Issue
Section
Artikel
This work is licensed under a Creative Commons Attribution-ShareAlike 4.0 International License.
