Pengaruh ROA dan DER pada Rasio PBV dengan VAICTM sebagai Pemoderasi
Abstract
The aim of this study is to analyze the effect of return on assets (ROA) and debt to equity ratio (DER) on the price to book value (PBV) ratio with the value added intellectual coefficient (VAICTM) as moderating variable. The population of this study is all companies that were listed on the Indonesia Stock Exchange at 2019 year end. The research sample of 138 companies was determined using simple random sampling and the number of samples was determined using the Slovin formula. The hypothesis in this study was tested using moderated regression analysis. The results of the analysis show that ROA had a positive effect on the PBV ratio, while DER had no effect on the PBV ratio, and VAICTM did not moderate the effect of ROA and DER on the PBV ratio. The results of this study confirm the valuation theory which states that an asset is purchased on the basis of expected cash flow in the future. It is recommended for companies to always pay attention to and increase ROAto maintani PBV ratio.
Keywords: PBV; ROA; DER; VAICTM.
Downloads
Download data is not yet available.
References
Aggarwal, D., & Padhan, P. C. (2017). Impact of Capital Structure on Firm Value: Evidence from Indian Hospitality Industry. Theoretical Economics Letters, 07(04), 982–1000. https://doi.org/10.4236/tel.2017.74067
Annisa, R., & Chabachib, M. (2017). Analisis Pengaruh Current Ratio (CR), Debt To Equity Ratio (DER), Return on Assets (ROA) Terhadap Price To Book Value (PBV), Dengan Dividend Payout Ratio Sebagai Variabel Intervening (Studi Kasus pada perusahaan industri manufaktur yang terdaftar di BEI P. Diponegoro Journal of Management, 6(1), 1–15.
Baroroh, N., Agustina, L., & Suryarini, T. (2017). The Role of Financial Performance To Mediate the Effect of Corporate Governance on Firm Value. IJASOS- International E-Journal of Advances in Social Sciences, 3(9), 1011–1014. https://doi.org/10.18769/ijasos.370044
Fauzia, N., & Amanah, L. (2016). Pengaruh Intellectual Capital, Karakteristik Perusahaan, Dan Corporate Social Responsibility Terhadap Nilai Perusahaan. Jurnal Ilmu Dan Riset Akuntansi, 5(4), 1–22.
Fauziah, F. (2017). Kesehatan Bank, Kebijakan Dividen dan Nilai Perusahaan: Teori dan Kajian Empiris. Samarinda: Pustaka Horizon.
Firdaus, I. (2020). The Effect of DER, TATO, ROA and Share Price to PBV (Studies on the food and beverage industry on the Indonesia Stock Exchange period of 2012-2018). Dinasti International Journal of Digital Business Management, 1(2), 210–223. https://doi.org/10.31933/DIJDBM
Ginting, M. C., & Sagala, L. (2020). Pengaruh Modal Intelektual terhadap Nilai Perusahaan (Studi Kasus pada Perusahaan Manufaktur yang terdaftar di Bursa Efek Indonesia Period. Jurnal Manajemen, 6(2), 91–100. Retrieved from http://ejournal.lmiimedan.net
Glova, J., & Mrázková, S. (2018). Impact of Intangibles on Firm Value: An Empirical Evidence from European Public Companies. Ekonomicky Casopis, 66(7), 665–680.
Hanafi, M. M., & Halim, A. (2018). Analisis Laporan Keuangan. Yogyakarta: UPP STIM YKPN.
Hartono, J. (2017). Teori Portofolio dan Analisis Investasi. Yogyakarta: BPFE.
Husna, A., & Satria, I. (2019). Effects of Return on Asset, Debt To Asset Ratio, Current Ratio, Firm Size, and Dividend Payout Ratio on Firm Value. International Journal of Economics and Financial Issues, 9(5), 50–54. https://doi.org/10.32479/ijefi.8595
Indasari, A. P., & Yadnyana, I. K. (2018). Pengaruh Profitabilitas, Growth Opportunity, Likuiditas, dan Struktur Modal Pada Nilai Perusahaan. E-Jurnal Akuntansi, 22(1), 714–746. https://doi.org/10.24843/EJA.2018.v22.i01.p27
Kadarningsih, A., Pangestuti, I. R. D., Wahyudi, S., & Safitri, J. (2020). The Role of Audit Committee of GCG in Increasing Company Value through ROA. Academic Journal of Interdisciplinary Studies, 9(4), 15–22. https://doi.org/10.36941/ajis-2020-0057
Kasmir. (2012). Analisis Laporan Keuangan. Jakarta: Rajagrafindo Persada.
Lubis, I. L., Sinaga, B. M., & Sasongko, H. (2017). Pengaruh Profitabilitas, Sruktur Modal, Dan Likuiditas Terhadap Nilai Perusahaan. Jurnal Aplikasi Bisnis Dan Manajemen, 3(3), 458–465. https://doi.org/10.17358/jabm.3.3.458
Malik, A. (2018). Pengaruh Struktur Modal Dan Profitabilitas Terhadap Nilai Perusahaan Pada Perusahaan Keramik Porselin Dan Kaca Listing Di Bursa Efek Indonesia Periode 2009-2014. Jom Fisip, 5(1), 1–12.
Mashayekhi, B., & Nasab, S. M. T. (2016). The Influence of the Intellectual Capital on the Firms’ Market Value: A Study of Listed Firms in the Tehran Stock Exchange (TSE). International Journal of Economics and Management Engineering, 10(1), 164–168.
Mufida, N., Saifi, M., & Darmawan, A. (2020). Pengaruh Modal Intelektual, Set Kesempatan Investasi terhadap Kinerja Keuangan dan Nilai Perusahaan Makanan dan Minumam yang Terdaftar pada BEI Periode 2012-2016. Jurnal Sketsa Bisnis, 7(2), 84–93.
Mufidah, N. M., & 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), 64–82. https://doi.org/10.18860/ed.v6i1.5454
Oktavina, M., Manalu, S., & Yuniarti, S. (2018). Pecking Order and Trade-off Theory in Capital Structure Analysis of Family Firms in Indonesia. Jurnal Keuangan Dan Perbankan, 22(1), 73–82. https://doi.org/10.26905/jkdp.v22i1.1793
Pradana, H. A., Nidar, S. R., & Aripin, Z. (2018). Intellectual Capital and Stock Market Performance of retail trade and property and real estate industry in Indonesia. Journal of Accounting, Finance, and Auditing Studies, 4(3), 105–122.
Purohit, H., & Tandon, K. (2017). Intellectual Capital Efficiency of Indian Firms : An Empirical Analysis. The IUP Journal of Knowledge Management, 15(3), 44–65.
Purwanto, P., & Agustin, J. (2017). Financial Performance towards Value of Firms in Basic and Chemicals Industry. European Research Studies Journal, 20(2), 443–460. https://doi.org/10.35808/ersj/652
Radiman. (2018). Pengaruh Debt To Equity Ratio dan Total Asset Turnover terhadap Price Book Value dengan Return On Asset sebagai Variabel Intervening. Jurnal Riset Finansial Bisnis, 2(3), 99–110.
Rahayu, M., & Sari, B. (2020). Pengaruh Faktor Fundamental Perusahaan Terhadap Price to Book Value. Journal of Islamic Finance and Accounting, 3(1), 1–20.
Rashid, M. K., Niazi, A. A. K., & Noreen, M. (2018). Impact of Intellectual Capital on Firms’ Market Value and Financial Performance: Empirical Evidence from Pakistan. NUML International Journal of Business & Management, 13(1), 22–34.
Salempang, L. E., Sondakh, J. J., & Pusung, R. J. (2016). Pengaruh Return on Asset, Debt To Equity Dan Pertumbuhan Penjualan Terhadap Nilai Perusahaan Pada Sektor Real Estate Dan Property Yang Terdaftar Di Bei Tahun 2013-2014. Jurnal Berkala Ilmiah Efisiensi, 16(3), 813–824.
Septiani, I. D., & Wijaya, I. (2018). Pengaruh ROA, LTDER, EPS dan Economic Entity terhadap Price to Book Value Pada Perusahaan Farmasi. Jurnal Bisnis Dan Komunikasi KalbiSocio, 5(1), 18–24.
Sukmawardini, D., & Ardiansari, A. (2018). The Influence of Institutional Ownership, Profitability, Liquidity, Dividend Policy, Debt Policy on Firm Value. Management Analysis Journal, 7(2), 211–222.
Thaharah, N., & Asyik, N. F. (2016). Pengaruh Mekanisme Corporate Governance Dan Kinerja Keuangan Terhadap Nilai Perusahaan LQ 45. Jurnal Ilmu Dan Riset Akuntansi, 5(2), 1–18.
Ulum, I. (2017). Intellectual Capital: Model Pengukuran, Framework, Pengungkapan & Kinerja Organisasi. Malang: UMM Press.
Uzliawati, L., Yuliana, A., Januarsi, Y., & Santoso, M. I. (2018). Optimisation of Capital Structure and Firm Value. European Research Studies Journal, 21(2), 705–713. https://doi.org/10.35808/ersj/1034
Wahyuningsih, P., & Widowati, M. (2016). Analisis ROA dan ROE Terhadap Nilai Perusahaan dengan Corporate Social Responsibility sebagai Bariabel Moderating. Jurnal STIE SEMARANG, 8(3), 83–102.
Wiagustini, N. L. P. (2014). Manajemen Keuangan. Denpasar: Udayana University Press.
Widhiastuti, S., Sukarya, B. Z. P., & Ahmadi, S. (2020). Peran Modal Intelektual dalam Memoderasi Risiko Investasi dan Struktur Modal Terhadap Nilai Perusahaan pada Perusahaan Manufaktur Sub-Sektor Makanan dan Minuman Yang Terdaftar di Bursa Efek Indonesia. Fokus Bisnis : Media Pengkajian Manajemen Dan Akuntansi, 19(2), 161–172. https://doi.org/10.32639/fokusbisnis.v19i2.731
Yovita, M., & Amrania, G. K. P. (2018). The Influence of Intellectual Capital to Market Value with Return on Assets as Intervening Variable. Journal of Accounting Auditing and Business, 1(2), 9–16. https://doi.org/10.24198/jaab.v1i2.18267
Annisa, R., & Chabachib, M. (2017). Analisis Pengaruh Current Ratio (CR), Debt To Equity Ratio (DER), Return on Assets (ROA) Terhadap Price To Book Value (PBV), Dengan Dividend Payout Ratio Sebagai Variabel Intervening (Studi Kasus pada perusahaan industri manufaktur yang terdaftar di BEI P. Diponegoro Journal of Management, 6(1), 1–15.
Baroroh, N., Agustina, L., & Suryarini, T. (2017). The Role of Financial Performance To Mediate the Effect of Corporate Governance on Firm Value. IJASOS- International E-Journal of Advances in Social Sciences, 3(9), 1011–1014. https://doi.org/10.18769/ijasos.370044
Fauzia, N., & Amanah, L. (2016). Pengaruh Intellectual Capital, Karakteristik Perusahaan, Dan Corporate Social Responsibility Terhadap Nilai Perusahaan. Jurnal Ilmu Dan Riset Akuntansi, 5(4), 1–22.
Fauziah, F. (2017). Kesehatan Bank, Kebijakan Dividen dan Nilai Perusahaan: Teori dan Kajian Empiris. Samarinda: Pustaka Horizon.
Firdaus, I. (2020). The Effect of DER, TATO, ROA and Share Price to PBV (Studies on the food and beverage industry on the Indonesia Stock Exchange period of 2012-2018). Dinasti International Journal of Digital Business Management, 1(2), 210–223. https://doi.org/10.31933/DIJDBM
Ginting, M. C., & Sagala, L. (2020). Pengaruh Modal Intelektual terhadap Nilai Perusahaan (Studi Kasus pada Perusahaan Manufaktur yang terdaftar di Bursa Efek Indonesia Period. Jurnal Manajemen, 6(2), 91–100. Retrieved from http://ejournal.lmiimedan.net
Glova, J., & Mrázková, S. (2018). Impact of Intangibles on Firm Value: An Empirical Evidence from European Public Companies. Ekonomicky Casopis, 66(7), 665–680.
Hanafi, M. M., & Halim, A. (2018). Analisis Laporan Keuangan. Yogyakarta: UPP STIM YKPN.
Hartono, J. (2017). Teori Portofolio dan Analisis Investasi. Yogyakarta: BPFE.
Husna, A., & Satria, I. (2019). Effects of Return on Asset, Debt To Asset Ratio, Current Ratio, Firm Size, and Dividend Payout Ratio on Firm Value. International Journal of Economics and Financial Issues, 9(5), 50–54. https://doi.org/10.32479/ijefi.8595
Indasari, A. P., & Yadnyana, I. K. (2018). Pengaruh Profitabilitas, Growth Opportunity, Likuiditas, dan Struktur Modal Pada Nilai Perusahaan. E-Jurnal Akuntansi, 22(1), 714–746. https://doi.org/10.24843/EJA.2018.v22.i01.p27
Kadarningsih, A., Pangestuti, I. R. D., Wahyudi, S., & Safitri, J. (2020). The Role of Audit Committee of GCG in Increasing Company Value through ROA. Academic Journal of Interdisciplinary Studies, 9(4), 15–22. https://doi.org/10.36941/ajis-2020-0057
Kasmir. (2012). Analisis Laporan Keuangan. Jakarta: Rajagrafindo Persada.
Lubis, I. L., Sinaga, B. M., & Sasongko, H. (2017). Pengaruh Profitabilitas, Sruktur Modal, Dan Likuiditas Terhadap Nilai Perusahaan. Jurnal Aplikasi Bisnis Dan Manajemen, 3(3), 458–465. https://doi.org/10.17358/jabm.3.3.458
Malik, A. (2018). Pengaruh Struktur Modal Dan Profitabilitas Terhadap Nilai Perusahaan Pada Perusahaan Keramik Porselin Dan Kaca Listing Di Bursa Efek Indonesia Periode 2009-2014. Jom Fisip, 5(1), 1–12.
Mashayekhi, B., & Nasab, S. M. T. (2016). The Influence of the Intellectual Capital on the Firms’ Market Value: A Study of Listed Firms in the Tehran Stock Exchange (TSE). International Journal of Economics and Management Engineering, 10(1), 164–168.
Mufida, N., Saifi, M., & Darmawan, A. (2020). Pengaruh Modal Intelektual, Set Kesempatan Investasi terhadap Kinerja Keuangan dan Nilai Perusahaan Makanan dan Minumam yang Terdaftar pada BEI Periode 2012-2016. Jurnal Sketsa Bisnis, 7(2), 84–93.
Mufidah, N. M., & 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), 64–82. https://doi.org/10.18860/ed.v6i1.5454
Oktavina, M., Manalu, S., & Yuniarti, S. (2018). Pecking Order and Trade-off Theory in Capital Structure Analysis of Family Firms in Indonesia. Jurnal Keuangan Dan Perbankan, 22(1), 73–82. https://doi.org/10.26905/jkdp.v22i1.1793
Pradana, H. A., Nidar, S. R., & Aripin, Z. (2018). Intellectual Capital and Stock Market Performance of retail trade and property and real estate industry in Indonesia. Journal of Accounting, Finance, and Auditing Studies, 4(3), 105–122.
Purohit, H., & Tandon, K. (2017). Intellectual Capital Efficiency of Indian Firms : An Empirical Analysis. The IUP Journal of Knowledge Management, 15(3), 44–65.
Purwanto, P., & Agustin, J. (2017). Financial Performance towards Value of Firms in Basic and Chemicals Industry. European Research Studies Journal, 20(2), 443–460. https://doi.org/10.35808/ersj/652
Radiman. (2018). Pengaruh Debt To Equity Ratio dan Total Asset Turnover terhadap Price Book Value dengan Return On Asset sebagai Variabel Intervening. Jurnal Riset Finansial Bisnis, 2(3), 99–110.
Rahayu, M., & Sari, B. (2020). Pengaruh Faktor Fundamental Perusahaan Terhadap Price to Book Value. Journal of Islamic Finance and Accounting, 3(1), 1–20.
Rashid, M. K., Niazi, A. A. K., & Noreen, M. (2018). Impact of Intellectual Capital on Firms’ Market Value and Financial Performance: Empirical Evidence from Pakistan. NUML International Journal of Business & Management, 13(1), 22–34.
Salempang, L. E., Sondakh, J. J., & Pusung, R. J. (2016). Pengaruh Return on Asset, Debt To Equity Dan Pertumbuhan Penjualan Terhadap Nilai Perusahaan Pada Sektor Real Estate Dan Property Yang Terdaftar Di Bei Tahun 2013-2014. Jurnal Berkala Ilmiah Efisiensi, 16(3), 813–824.
Septiani, I. D., & Wijaya, I. (2018). Pengaruh ROA, LTDER, EPS dan Economic Entity terhadap Price to Book Value Pada Perusahaan Farmasi. Jurnal Bisnis Dan Komunikasi KalbiSocio, 5(1), 18–24.
Sukmawardini, D., & Ardiansari, A. (2018). The Influence of Institutional Ownership, Profitability, Liquidity, Dividend Policy, Debt Policy on Firm Value. Management Analysis Journal, 7(2), 211–222.
Thaharah, N., & Asyik, N. F. (2016). Pengaruh Mekanisme Corporate Governance Dan Kinerja Keuangan Terhadap Nilai Perusahaan LQ 45. Jurnal Ilmu Dan Riset Akuntansi, 5(2), 1–18.
Ulum, I. (2017). Intellectual Capital: Model Pengukuran, Framework, Pengungkapan & Kinerja Organisasi. Malang: UMM Press.
Uzliawati, L., Yuliana, A., Januarsi, Y., & Santoso, M. I. (2018). Optimisation of Capital Structure and Firm Value. European Research Studies Journal, 21(2), 705–713. https://doi.org/10.35808/ersj/1034
Wahyuningsih, P., & Widowati, M. (2016). Analisis ROA dan ROE Terhadap Nilai Perusahaan dengan Corporate Social Responsibility sebagai Bariabel Moderating. Jurnal STIE SEMARANG, 8(3), 83–102.
Wiagustini, N. L. P. (2014). Manajemen Keuangan. Denpasar: Udayana University Press.
Widhiastuti, S., Sukarya, B. Z. P., & Ahmadi, S. (2020). Peran Modal Intelektual dalam Memoderasi Risiko Investasi dan Struktur Modal Terhadap Nilai Perusahaan pada Perusahaan Manufaktur Sub-Sektor Makanan dan Minuman Yang Terdaftar di Bursa Efek Indonesia. Fokus Bisnis : Media Pengkajian Manajemen Dan Akuntansi, 19(2), 161–172. https://doi.org/10.32639/fokusbisnis.v19i2.731
Yovita, M., & Amrania, G. K. P. (2018). The Influence of Intellectual Capital to Market Value with Return on Assets as Intervening Variable. Journal of Accounting Auditing and Business, 1(2), 9–16. https://doi.org/10.24198/jaab.v1i2.18267
Published
2021-06-26
How to Cite
NUGRAHA, Made Yuvi Adriana; WIRAMA, Dewa Gede.
Pengaruh ROA dan DER pada Rasio PBV dengan VAICTM sebagai Pemoderasi.
E-Jurnal Akuntansi, [S.l.], v. 31, n. 6, p. 1467-1480, june 2021.
ISSN 2302-8556.
Available at: <https://ojs.unud.ac.id/index.php/akuntansi/article/view/72425>. Date accessed: 20 apr. 2024.
doi: https://doi.org/10.24843/EJA.2021.v31.i06.p09.
Issue
Section
Artikel
This work is licensed under a Creative Commons Attribution-ShareAlike 4.0 International License.
