Determinan Nilai Perusahaan Sektor Properti dan Real Estate di Bursa Efek Indonesia
Abstract
The purpose of this research is to analyze the effect of profitability, structure and interest rate on firm value. The research population is property and real estate sector companies listed on the Indonesia Stock Exchange (IDX) for the 2016-2020 period. By using purposive sampling, 44 property and real estate companies with a five year period of research obtained 220 units of observation. The data analysis technique uses Panel Data Regression Analysis with the application of the E-Views 12 program with a significance level of 5%. This study shows the results that profitability, capital structure and interest rates have a significant positive effect on firm value.
Keywords: Profitability; Capital Structure; Interest Rate; The Value Of The Company.
Downloads
Download data is not yet available.
References
Arafah, N., Yetty, F., & Nurmatias. (2021). Analisis Nilai Perusahaan Pada Perusahaan Subsektor Property dan Real Estate yang Terdaftar di Bursa Efek Indonesia. Konferensi Riset Nasional Ekonomi, Manajemen, Dan Akuntansi, 2, 1294–1306.
Brigham, E. F., & Houston, J. F. (2018). Fundamentals of financial management (Fifteenth Edition). Cencage Learning.
Chasanah, A. N., & Adhi, D. K. (2018). Profitabilitas, Struktur Modal dan Likuiditas Pengaruhnya Terhadap Nilai Perusahaan Pada Perusahaan Real Estate yang Listed di BEI Tahun 2012-2015. Fokus Ekonomi: Jurnal Ilmiah Ekonomi, 12(2), 129–146.
Ceriawati, D., & Endri. (2018). Determinants of Firm Value: A Case Study of Cigarette Companies Listed on the Indonesia Stock Exchange. International Journal of Managerial Studies and Research, 6(8). https://doi.org/10.20431/2349-0349.0608006
Dang, T. D., & Do, T. V. T. (2021). Does capital structure affect firm value in Vietnam? Investment Management and Financial Innovations, 18(1), 33–41. https://doi.org/10.21511/imfi.18(1).2021.03
Djazuli, A. (2020). The Effect of Inflation, Interest Rates and Exchange Rates on Stock Prices of Manufacturing Companies in Basic and Chemical Industrial Sectors on the Indonesia Stock Exchange (IDX). In International Journal of Business (Vol. 1, Issue 1).
Ebenezer, O. O., Islam, M. A., Yusoff, W. S., & Sobhani, F. A. (2019). Exploring Liquidity Risk and Interest-Rate Risk: Implications for Profitability and Firm Value in Nigerian Banks. Journal of Reviews on Global Economics, 8, 315–326.
Hirdinis, M. (2019). Capital Structure and Firm Size on Firm Value Moderated by Profitability. In International Journal of Economics and Business Administration: Vol. VII (Issue 1).
Iskandar, N., Mandra, I. G., & Oktariyani, G. A. S. (2020). Pengaruh Profitabilitas dan Leverage Terhadap Nilai Perusahaan Pada Perusahaan Sektor Industri Dasar dan Kimia di Bei Periode 2014-2018. Jurnal Sosial Ekonomi Dan Humaniora, 6(2), 105–113.
Ismiyatun, I., Aryani, N., & Ispriyahadi, H. (2021). Determinants of firm value: evidence from listed insurance companies in Indonesia. Diponegoro International Journal of Business, 4(2), 82–94. https://doi.org/10.14710/dijb.4.2.2021.82-94
Lumoly, S., Murni, S., & Untu, V. N. (2018). Pengaruh Likuiditas, Ukuran Perusahaan dan Profitabilitas Terhadap Nilai Perusahaan (Studi Pada Perusahaan Logam dan Sejenisnya yang Terdaftar di Bursa Efek Indonesia). Jurnal EMBA, 6(3), 1108–1117.
Nauli, A., Halim, C., & Sonia. (2021). The Effect of Liquidity, Profitability, Capital Structure, Firm Size and Dividend on Firm Value of Manufacturing Companies Listed in Indonesia Stock Exchange. COSTING:Journal of Economic, Business and Accounting, 4.
Ningsih, M. M., & Waspada, I. (2019). Pengaruh Suku Bunga, Struktur Modal, dan Ukuran Perusahaan Terhadap Nilai Perusahaan: Studi Empiris Pada Perusahaan Di Indonesia. JurnalRiset Akuntansi Dan Keuangan, 7(1).
Nurhayati, I., & Kartika, A. (2020). Pengaruh Struktur Modal dan Profitabilitas Terhadap Nilai Perusahaan dengan Kebijakan Dividen Sebagai Variabel Moderasi Pada Perusahaan Manufaktur Tahun 2016-2018. Dinamika Akuntansi, Keuangan Dan Perbankan, 9(2), 133–144.
Pangestuti, D. C., & Tindangen, A. M. L. (2020). The Influence of Internal and External Factors on Firm Value. European Journal of Business and Management Research, 5(5), 1–6.
Prasitadewi, M. S., & Putra, I. N. W. A. (2020). Pengaruh Faktor Internal dan Faktor Eksternal Terhadap Nilai Perusahaan. E-Jurnal Akuntansi, 30(6), 1397.
Pratiwi, I. D. A. I., & Wiksuana, I. G. B. (2020). Pengaruh Struktur Modal, Ukuran Perusahaan dan Profitabilitas Terhadap Nilai Perusahaan Property di Bursa Efek. E-Jurnal Manajemen Universitas Udayana, 9(6), 2394–2413.
Putra, T. (2020, September 10). Asal Tahu, PSBB Bikin Saham Properti Anjlok Puluhan Persen. CNBC Indonesia.
Rahmawati, W. T. (2021, December 27). Indeks properti turun paling dalam pada 2020, simak prospeknya. Investasi.Kontan.Co.Id.
Sampurna, D. S., & Romawati, E. (2020). Determinants of Firm Value: Evidence in Indonesia Stock Exchange.
Samsul, M. (2015). Pasar Modal & Manajemen Portofolio (Edisi 2). Erlangga.
Sari, I. A. G. D. M., & Sedana, I. B. P. (2020). Profitability and liquidity on firm value and capital structure as intervening variable. International Research Journal of Management, IT and Social Sciences, 7(1), 116–127.
Siregar, M. E. S., Dalimunthe, S., & Trijuniyanto, R. S. (2019). Pengaruh Profitabilitas, Ukuran Perusahaan, Kebijakan Dividen dan Struktur Modal Terhadap Nilai Perusahaan Pada Perusahaan Manufaktur yang Terdaftar di Bursa Efek Indonesia Periode 2015-2017. Jurnal Riset Manajemen Sains Indonesia, 10(2), 356–385.
Sudiyatno, B., Puspitasari, E., Suwarti, T., & Asyif, M. M. (2020). Determinants of Firm Value and Profitability: Evidence from Indonesia. Journal of Asian Finance, Economics and Business, 7(11), 769–778. https://doi.org/10.13106/jafeb.2020.vol7.no11.769
Sudrajat, J., & Setiyawati, H. (2021). Role of Firm Size and Profitability on Capital Structures and Its Impact Over Firm Value. Dinasti International Journal of Economics, Finance and Accounting, 2(1), 13–26.
Sugiarto, M., & Santosa, P. W. (2017). Pengaruh Indikator Makro Ekonomi , Kinerja Keuangan, dan Tata Kelola Terhadap Nilai Perusahaan Pada Sektor Properti di Bursa Efek Indonesia. Journal of Economics and Business Aseanomics (JEBA, 2(2). www.jurnalakademikjeba.yarsi.ac.id
Susanti, N., & Restiana, N. G. (2018). What’s the Best Factor to Determining Firm Value? Jurnal Keuangan Dan Perbankan, 22(2), 301–309.
Sutrisno. (2013). Manajemen Keuangan: Teori Konsep & Aplikasi. EKONISIA.
Syamsudin, S., Setiadi, I., Santoso, D., & Setiany, E. (2020). Capital Structure and Investment Capital Structure and Investment Decisions on Firm Value with Profitability Decisions on Firm Value with Profitability as a Moderator as a Moderator. Riset Akuntansi Dan Keuangan Indonesia, 5(3), 287–295.
Thi Le Ha, N., Trieu Minh, B., Trung Ward, L., Duc District, T., & Chi Minh City, H. (2018). Determinants of Firm Value in Vietnam: A Research Framework. International Journal of Science and Research. https://doi.org/10.21275/ART20204002
Utami, W. B. (2021). Influence of Investment Decisions (PER), Policy of Dividend (DPR) and Interest Rate against Firm Value (PBV) at a Registered Manufacturing Company on Indonesia Stock Exchange in 2015-2018. Annals of the Romanian Society for Cell Biology, 25, 1972–1984.
Yanti, I. G. A. D. N., & Darmayanti, N. P. A. (2019). Pengaruh Profitabilitas, Ukuran Perusahaan, Struktur Modal, dan Likuiditas Terhadap Nilai Perusahaan Makanan dan Minuman. E-Jurnal Manajemen, 8(4), 2297–2324.
Brigham, E. F., & Houston, J. F. (2018). Fundamentals of financial management (Fifteenth Edition). Cencage Learning.
Chasanah, A. N., & Adhi, D. K. (2018). Profitabilitas, Struktur Modal dan Likuiditas Pengaruhnya Terhadap Nilai Perusahaan Pada Perusahaan Real Estate yang Listed di BEI Tahun 2012-2015. Fokus Ekonomi: Jurnal Ilmiah Ekonomi, 12(2), 129–146.
Ceriawati, D., & Endri. (2018). Determinants of Firm Value: A Case Study of Cigarette Companies Listed on the Indonesia Stock Exchange. International Journal of Managerial Studies and Research, 6(8). https://doi.org/10.20431/2349-0349.0608006
Dang, T. D., & Do, T. V. T. (2021). Does capital structure affect firm value in Vietnam? Investment Management and Financial Innovations, 18(1), 33–41. https://doi.org/10.21511/imfi.18(1).2021.03
Djazuli, A. (2020). The Effect of Inflation, Interest Rates and Exchange Rates on Stock Prices of Manufacturing Companies in Basic and Chemical Industrial Sectors on the Indonesia Stock Exchange (IDX). In International Journal of Business (Vol. 1, Issue 1).
Ebenezer, O. O., Islam, M. A., Yusoff, W. S., & Sobhani, F. A. (2019). Exploring Liquidity Risk and Interest-Rate Risk: Implications for Profitability and Firm Value in Nigerian Banks. Journal of Reviews on Global Economics, 8, 315–326.
Hirdinis, M. (2019). Capital Structure and Firm Size on Firm Value Moderated by Profitability. In International Journal of Economics and Business Administration: Vol. VII (Issue 1).
Iskandar, N., Mandra, I. G., & Oktariyani, G. A. S. (2020). Pengaruh Profitabilitas dan Leverage Terhadap Nilai Perusahaan Pada Perusahaan Sektor Industri Dasar dan Kimia di Bei Periode 2014-2018. Jurnal Sosial Ekonomi Dan Humaniora, 6(2), 105–113.
Ismiyatun, I., Aryani, N., & Ispriyahadi, H. (2021). Determinants of firm value: evidence from listed insurance companies in Indonesia. Diponegoro International Journal of Business, 4(2), 82–94. https://doi.org/10.14710/dijb.4.2.2021.82-94
Lumoly, S., Murni, S., & Untu, V. N. (2018). Pengaruh Likuiditas, Ukuran Perusahaan dan Profitabilitas Terhadap Nilai Perusahaan (Studi Pada Perusahaan Logam dan Sejenisnya yang Terdaftar di Bursa Efek Indonesia). Jurnal EMBA, 6(3), 1108–1117.
Nauli, A., Halim, C., & Sonia. (2021). The Effect of Liquidity, Profitability, Capital Structure, Firm Size and Dividend on Firm Value of Manufacturing Companies Listed in Indonesia Stock Exchange. COSTING:Journal of Economic, Business and Accounting, 4.
Ningsih, M. M., & Waspada, I. (2019). Pengaruh Suku Bunga, Struktur Modal, dan Ukuran Perusahaan Terhadap Nilai Perusahaan: Studi Empiris Pada Perusahaan Di Indonesia. JurnalRiset Akuntansi Dan Keuangan, 7(1).
Nurhayati, I., & Kartika, A. (2020). Pengaruh Struktur Modal dan Profitabilitas Terhadap Nilai Perusahaan dengan Kebijakan Dividen Sebagai Variabel Moderasi Pada Perusahaan Manufaktur Tahun 2016-2018. Dinamika Akuntansi, Keuangan Dan Perbankan, 9(2), 133–144.
Pangestuti, D. C., & Tindangen, A. M. L. (2020). The Influence of Internal and External Factors on Firm Value. European Journal of Business and Management Research, 5(5), 1–6.
Prasitadewi, M. S., & Putra, I. N. W. A. (2020). Pengaruh Faktor Internal dan Faktor Eksternal Terhadap Nilai Perusahaan. E-Jurnal Akuntansi, 30(6), 1397.
Pratiwi, I. D. A. I., & Wiksuana, I. G. B. (2020). Pengaruh Struktur Modal, Ukuran Perusahaan dan Profitabilitas Terhadap Nilai Perusahaan Property di Bursa Efek. E-Jurnal Manajemen Universitas Udayana, 9(6), 2394–2413.
Putra, T. (2020, September 10). Asal Tahu, PSBB Bikin Saham Properti Anjlok Puluhan Persen. CNBC Indonesia.
Rahmawati, W. T. (2021, December 27). Indeks properti turun paling dalam pada 2020, simak prospeknya. Investasi.Kontan.Co.Id.
Sampurna, D. S., & Romawati, E. (2020). Determinants of Firm Value: Evidence in Indonesia Stock Exchange.
Samsul, M. (2015). Pasar Modal & Manajemen Portofolio (Edisi 2). Erlangga.
Sari, I. A. G. D. M., & Sedana, I. B. P. (2020). Profitability and liquidity on firm value and capital structure as intervening variable. International Research Journal of Management, IT and Social Sciences, 7(1), 116–127.
Siregar, M. E. S., Dalimunthe, S., & Trijuniyanto, R. S. (2019). Pengaruh Profitabilitas, Ukuran Perusahaan, Kebijakan Dividen dan Struktur Modal Terhadap Nilai Perusahaan Pada Perusahaan Manufaktur yang Terdaftar di Bursa Efek Indonesia Periode 2015-2017. Jurnal Riset Manajemen Sains Indonesia, 10(2), 356–385.
Sudiyatno, B., Puspitasari, E., Suwarti, T., & Asyif, M. M. (2020). Determinants of Firm Value and Profitability: Evidence from Indonesia. Journal of Asian Finance, Economics and Business, 7(11), 769–778. https://doi.org/10.13106/jafeb.2020.vol7.no11.769
Sudrajat, J., & Setiyawati, H. (2021). Role of Firm Size and Profitability on Capital Structures and Its Impact Over Firm Value. Dinasti International Journal of Economics, Finance and Accounting, 2(1), 13–26.
Sugiarto, M., & Santosa, P. W. (2017). Pengaruh Indikator Makro Ekonomi , Kinerja Keuangan, dan Tata Kelola Terhadap Nilai Perusahaan Pada Sektor Properti di Bursa Efek Indonesia. Journal of Economics and Business Aseanomics (JEBA, 2(2). www.jurnalakademikjeba.yarsi.ac.id
Susanti, N., & Restiana, N. G. (2018). What’s the Best Factor to Determining Firm Value? Jurnal Keuangan Dan Perbankan, 22(2), 301–309.
Sutrisno. (2013). Manajemen Keuangan: Teori Konsep & Aplikasi. EKONISIA.
Syamsudin, S., Setiadi, I., Santoso, D., & Setiany, E. (2020). Capital Structure and Investment Capital Structure and Investment Decisions on Firm Value with Profitability Decisions on Firm Value with Profitability as a Moderator as a Moderator. Riset Akuntansi Dan Keuangan Indonesia, 5(3), 287–295.
Thi Le Ha, N., Trieu Minh, B., Trung Ward, L., Duc District, T., & Chi Minh City, H. (2018). Determinants of Firm Value in Vietnam: A Research Framework. International Journal of Science and Research. https://doi.org/10.21275/ART20204002
Utami, W. B. (2021). Influence of Investment Decisions (PER), Policy of Dividend (DPR) and Interest Rate against Firm Value (PBV) at a Registered Manufacturing Company on Indonesia Stock Exchange in 2015-2018. Annals of the Romanian Society for Cell Biology, 25, 1972–1984.
Yanti, I. G. A. D. N., & Darmayanti, N. P. A. (2019). Pengaruh Profitabilitas, Ukuran Perusahaan, Struktur Modal, dan Likuiditas Terhadap Nilai Perusahaan Makanan dan Minuman. E-Jurnal Manajemen, 8(4), 2297–2324.
Published
2022-05-28
How to Cite
KAMILA, Vennia; NURMATIAS, Nurmatias.
Determinan Nilai Perusahaan Sektor Properti dan Real Estate di Bursa Efek Indonesia.
E-Jurnal Akuntansi, [S.l.], v. 32, n. 5, p. 1145-1157, may 2022.
ISSN 2302-8556.
Available at: <https://ojs.unud.ac.id/index.php/akuntansi/article/view/84196>. Date accessed: 21 nov. 2024.
doi: https://doi.org/10.24843/EJA.2022.v32.i05.p03.
Issue
Section
Artikel
This work is licensed under a Creative Commons Attribution-ShareAlike 4.0 International License.
