Struktur Modal, Leverage, CSR Disclosure, Nilai Perusahaan, dan Perusahaan Sub Sektor Farmasi
Abstract
Firm value is the investor's perception of the company's level of success to be able to provide maximum shareholder prosperity by increasing the company's share price. Purpose of this study was to obtain empirical evidence regarding the effect of capital structure, leverage, and corporate social responsibility disclosure on firm value. This study took samples from the pharmaceutical sub-sector companies listed on the Indonesia Stock Exchange in 2017-2019. Sampling technique used was purposive sampling, 10 companies were obtained with 30 observations. Analyzed using multiple linear regression analysis. Based on the results, capital structure, leverage, and corporate social responsibility disclosure have a positive effect on firm value. This shows that the level of capital structure, leverage and corporate social responsibility disclosure can increase firm value.
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References
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Pratama, I. G. G. W., & Putu., W. N. G. (2016). Pengaruh Struktur Modal dan Profitabilitas terhadap Nilai Perusahaan dengan Kepemilikan Manajerial Sebagai Pemoderasi. E-Jurnal Akuntansi Universitas Udayana, 15(3), 1.
Putri, M. M., Firmansyah, A., & Labadia, D. (2020). Corporate Social Responsibility Disclosure, Good Corporate Governance, Firm Value: Evidence from Indonesia’s Food And Beverage Companies. The Accounting Journal of Binaniaga, 5(2), 113. https://doi.org/10.33062/ajb.v5i2.398
Ramadhani, R., Akhmadi, & Kuswantoro, M. (2018). Pengaruh Leverage Dan Profitabilitas Terhadap Nilai Perusahaan Dengan Kebijakan Dividen Sebagai Variabel Intervening. Jurnal Riset Bisnis Dan Manajemen Tirtayasa, 2(1), 21–42.
Riaz, M., & Qasim, M. (2016). Islamic microfinance Institution: The Capital Structure, Growth, Performance, and Value of The Firm in Pakistan. Journal of ISOSS, 2(1), 97–101.
Situmeang, Y. M. ., & Wiagustini, N. L. . (2018). Pengaruh struktur modal terhadap nilai perusahaan dengan kebijakan herging sebagai mediasi pada perusahaan BUMN Go-Public. EJurnal Manaj. Unud, 7(1), 1368–1396.
Sopian, A., & Mulya, A. (2018). The Impact of Corporate Social Responsibility Disclosure on Firm Value. International Journal of Scientific Research and Management, 6(11), 1. https://doi.org/10.18535/ijsrm/v6i11.em01
Suartawan, A., & Yasa, G. . (2016). Pengaruh Investment Opportunity Set dan Free Cash Flow pada Kebijakan Dividen dan Nilai Perusahaan. Jurnal Ilmiah Akuntansi Dan Bisnis, 11(2), 63–73.
Wirawati, N. G. ., Putri, I. G. A. M. A. ., & Badera, I. D. . (2020). Pengaruh Ukuran Perusahaan, Leverage, Pengungkapan Lingkungan, dan Kinerja Lingkungan pada Nilai Perusahaan. E-Jurnal Akuntansi, 30(9), 2417–2427.
Zeb, S., & Rashid, A. (2016). Impact of Financial Health and Capital Structure on Firm’s Value, with Moderating Role of Intangible Assets. Global Management Journal for Academic & Corporate Studies, 6(1), 37–45.
Angela, A., Hidayat, V. S., & Oktavianti, O. (2021). the Effect of Corporate Social Responsibility Disclosure on Profitability and Company Value. ACCRUALS (Accounting Research Journal of Sutaatmadja), 5(01), 30–37. https://doi.org/10.35310/accruals.v5i01.629
Asif, A., & Aziz, B. (2016). Impact of Capital Structure on Firm Value Creation Evidence from the Cement Sector of Pakistan. International Journal of Research in Finance and Marketing, 6(6), 231–245.
Bajaj, Y., Kashiramka, S., & Singh, S. (2021). Application of capital structure theories: a systematic review. Journal of Advances in Management Research, 18(2), 173–199. https://doi.org/https://doi.org/10.1108/JAMR-01-2020-0017
Bella, L. G., & Suaryana, I. A. (2017). Pengaruh IOS dan Pengungkapan CSR pada Nilai Perusahaan dengan Pertumbuhan Perusahaan Sebagai Variabel Pemoderasi. E-Jurnal Akuntansi Universitas Udayana, 19(1), 508–535.
Carroll, A. B., & Brown, J. A. (2018). Corporate Social Responsibility: A Review of Current Concepts, Research, and Issues. Corporate Social Responsibility (Business and Society 360), 2(1), 39–69. https://doi.org/https://doi.org/10.1108/S2514-175920180000002002
Das, N. ., Chowdhury, M. A. F., & Islam, M. . (2021). The heterogeneous impact of leverage on firm performance: empirical evidence from Bangladesh. South Asian Journal of Business Studies, 1(1), 1. https://doi.org/https://doi.org/10.1108/SAJBS-04-2020-0100
Devina, Y. P. (2016). Struktur Modal, Ukuran Perusahaan dan Risiko Perusahaan Terhadap Nilai Perusahaan (studi pada Perusahaan LQ45 yang terdaftar di Bursa Efek Indonesia Periode 2011-2014). Jurnal Administrasi Bisnis, 17(1), 1–9.
Dewi, N. L. P. K., & Astika, I. B. P. (2021). The Effect of Price to Book Value , Financial Performance , Company Size and Stock Trading Liquidity on Stock Split Decision ( Empirical Study of Companies Listed on the Indonesia Stock Exchange in 2015-2019 ). American Journal of Humanities and Social Sciences Research (AJHSSR), 5(7), 1–7.
Dwipayana, M. A. T., & Suaryana, I. G. N. A. (2016). Pengaruh Debt to Asset Ratio, Devidend Payout Ratio dan Return on Assets terhadap Nilai Perusahaan. E-Jurnal Akuntansi Universitas Udayana, 17(3), 1–28.
Harun, M. ., Hussainey, K., Mohd Kharuddin, K. A., & Farooque, O. . (2020). CSR Disclosure, Corporate Governance and Firm Value: a study on GCC Islamic Banks. International Journal of Accounting & Information Management, 28(4), 607–638. https://doi.org/https://doi.org/10.1108/IJAIM-08-2019-0103
Inastri, M. A., & Mimba, N. P. S. H. (2017). Pengaruh Penerapan Good Corporate Governance dan Pengungkapan Corporate Social Responsibility pada Nilai Perusahaan. E-Jurnal AkuntansiUniversitas Udayana, 21(2), 1400–1429.
Kalantonis, P., Kallandranis, C., & Sotiropoulos, M. (2021). Leverage and firm performance: new evidence on the role of economic sentiment using accounting information. Journal of Capital Markets Studies, 1(1), 1. https://doi.org/https://doi.org/10.1108/JCMS-10-2020-0042
Kamaliah. (2020). Disclosure of corporate social responsibility (CSR) and its implications on company value as a result of the impact of corporate governance and profitability. International Journal of Law and Management, 62(4), 339–354. https://doi.org/https://doi.org/10.1108/IJLMA-08-2017-0197
Lestari. (2016). Pengaruh kepemilikan institusional dan struktur modal terhadap nilai perusahaan. Jurnal Riset Manajemen Dan Bisnis (JRMB), 2(1), 293–306.
Li, D. (2017). Corporate Social Responsibility, Media Attention and Firm Value: Empirical Research On Chinese Manufacturing Firms. Collaborative Innovation Center of Resource-Conserving & Environment-Friendly Society and Ecological Civilization, 51(4), 1563–1577.
Permana, I. B. T., & Wirawati, N. G. P. (2018). Pengaruh Corporate Social Responsibility Disclosure pada Nilai Perusahaandengan Kepemilikan Asing Sebagai Variabel Pemoderasi. E-Jurnal Akuntansi Universitas Udayana, 25(1), 606–634.
Pratama, I. G. G. W., & Putu., W. N. G. (2016). Pengaruh Struktur Modal dan Profitabilitas terhadap Nilai Perusahaan dengan Kepemilikan Manajerial Sebagai Pemoderasi. E-Jurnal Akuntansi Universitas Udayana, 15(3), 1.
Putri, M. M., Firmansyah, A., & Labadia, D. (2020). Corporate Social Responsibility Disclosure, Good Corporate Governance, Firm Value: Evidence from Indonesia’s Food And Beverage Companies. The Accounting Journal of Binaniaga, 5(2), 113. https://doi.org/10.33062/ajb.v5i2.398
Ramadhani, R., Akhmadi, & Kuswantoro, M. (2018). Pengaruh Leverage Dan Profitabilitas Terhadap Nilai Perusahaan Dengan Kebijakan Dividen Sebagai Variabel Intervening. Jurnal Riset Bisnis Dan Manajemen Tirtayasa, 2(1), 21–42.
Riaz, M., & Qasim, M. (2016). Islamic microfinance Institution: The Capital Structure, Growth, Performance, and Value of The Firm in Pakistan. Journal of ISOSS, 2(1), 97–101.
Situmeang, Y. M. ., & Wiagustini, N. L. . (2018). Pengaruh struktur modal terhadap nilai perusahaan dengan kebijakan herging sebagai mediasi pada perusahaan BUMN Go-Public. EJurnal Manaj. Unud, 7(1), 1368–1396.
Sopian, A., & Mulya, A. (2018). The Impact of Corporate Social Responsibility Disclosure on Firm Value. International Journal of Scientific Research and Management, 6(11), 1. https://doi.org/10.18535/ijsrm/v6i11.em01
Suartawan, A., & Yasa, G. . (2016). Pengaruh Investment Opportunity Set dan Free Cash Flow pada Kebijakan Dividen dan Nilai Perusahaan. Jurnal Ilmiah Akuntansi Dan Bisnis, 11(2), 63–73.
Wirawati, N. G. ., Putri, I. G. A. M. A. ., & Badera, I. D. . (2020). Pengaruh Ukuran Perusahaan, Leverage, Pengungkapan Lingkungan, dan Kinerja Lingkungan pada Nilai Perusahaan. E-Jurnal Akuntansi, 30(9), 2417–2427.
Zeb, S., & Rashid, A. (2016). Impact of Financial Health and Capital Structure on Firm’s Value, with Moderating Role of Intangible Assets. Global Management Journal for Academic & Corporate Studies, 6(1), 37–45.
Published
2024-06-30
How to Cite
PRADNYAWATI, Sintya; PUTRI, I Gusti Ayu Made Asri Dwija.
Struktur Modal, Leverage, CSR Disclosure, Nilai Perusahaan, dan Perusahaan Sub Sektor Farmasi.
E-Jurnal Akuntansi, [S.l.], v. 34, n. 6, june 2024.
ISSN 2302-8556.
Available at: <https://ojs.unud.ac.id/index.php/akuntansi/article/view/73003>. Date accessed: 02 nov. 2024.
doi: https://doi.org/10.24843/EJA.2024.v34.i06.p17.
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