Profitabilitas, Likuiditas, Modal Intelektual dan Nilai Perusahaan pada Masa Pandemi Covid-19
Abstract
During the Covid-19 pandemic, the value of pharmaceutical companies increased while other companies didn't. This research aims to determine how profitability, liquidity, and intellectual capital influence firm value during the Covid-19 pandemic. The population in this research is 12 pharmaceutical sector companies listed on the Indonesia Stock Exchange (IDX) for the first quarter of 2020 to the second quarter of 2021. The sampling technique used the purposive sampling method with the number of samples obtained as many as 10 companies with 60 observations. This research used multiple linear regression analysis to determine the effect of profitability, liquidity, and intellectual capital on firm value during the Covid-19 pandemic. This research indicates that profitability, liquidity, and intellectual capital have a positive effect on firm value during the Covid-19 pandemic.
Keywords: Profitability; Liquidity; Intellectual Capital; Firm Value.
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References
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Sukmawardini, D., & Ardiansari, A. (2018). The Influence of Intitutional Ownership, Profitability, Liquidity, Dividend Policy, Debt Policy on Firm Value. Management Analysis Journal, 7(2), 211–222.
Surjandari, & Minanari. (2019). The Effect of Intellectual Capital, Firm Size and Capital Structure on Firm Performance, Evidence from Property Companies in Indonesia. Jurnal Dinamika Akuntansi, 11(2), 108–121.
Surmadewi, Y., Gede, I. D., & Saputra, D. (2019). Pengaruh Likuiditas, Leverage, dan Profitabilitas Terhadap Nilai Perusahaan Pada Perusahaan Farmasi ABS. 6, 567–593.
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Tui, S., Nurnajamuddin, M., Sufri, M., & Nirwana, A. (2017). Determinants of Profitability and Firm Value: Evidence from Indonesian Banks. IRA-International Journal of Management & Social Sciences (ISSN 2455-2267), 7(1), 84.
Ulum, I. (2009). Intellectual Capital Konsep dan Kajian Empiris (1st ed.).
Zare, R., & Mirmohammadi, M. (2016). The impact of intellectual capitals of pharmaceutical companies listed in Tehran Stock Exchange on their market performance. Procedia Economics and Finance, 36(16), 291–300.
Zuhroh, I. (2019). The Effects of Liquidity, Firm Size, and Profitability on the Firm Value with Mediating Leverage. KnE Social Sciences, 3(13), 203.
Bursa Efek Indonesia. (n.d.). Laporan Keuangan Perusahaan Sektor Farmasi. https://www.idx.co.id
Dewi, A. A. A. K., & Badjra, I. B. (2017). Pengaruh Profitabilitas, Aktiva Tidak Berwujud, Ukuran Perusahaan, dan Struktur Modal Terhadap Nilai Perusahaan. E-Jurnal Manajemen Unud. 6(4), 2161–2190.
Du, J., Wu, F., & Liang, X. (2016). Corporate Liquidity and Firm value : Evidence from China’s Listed Firms. EDP Science. 3, 4–7.
Fadly, R. S. K. K. R. I. (2021). Aktivitas Pasar Modal Indonesia di Era Pandemi. https://www.djkn.kemenkeu.go.id/kpknl-kupang/baca-artikel/13817/Aktivitas-Pasar-Modal-Indonesia-Di-Era-Pandemi.html
Fajaria, A. Z. (2018). The Effect of Profitability, Liquidity, Leverage and Firm Growth of Firm Value with its Dividend Policy as a Moderating Variable. International Journal of Managerial Studies and Research, 6(10), 55–69.
Fauzia, N., & Amanah, L. (2016). Pengaruh Intellectual Capital, Karakteristik Perusahaan, dan Corporate Social Responsibility Terhadap Nilai Perusahaan. Jurnal Ilmu Dan Riset Akuntansi, 5(April), 22.
Febriyanto, F. C. (2018). The Effect of Leverage, Sales Growth and Liquidity to the Firm Value of Real Estate and Property Sector in Indonesia Stock Exchange. Eaj (Economics and Accounting Journal), 1(3), 198.
Hejazi, R., Ghanbari, M., & Alipour, M. (2016). Intellectual, Human and Structural Capital Effects on Firm Performance as Measured by Tobin’s Q. Knowledge and Process Management, 23(4), 259–273.
Hidayah, N. E. F., & Rahmawati, R. (2019). The Effect of Capital Structure, Profitability, Institutional Ownership, and Liquidity on Firm Value. Indonesian Journal of Contemporary Management Research, 1(1), 55–64.
Ichsani, S., Izlia, A., Zaenudin, A. I. N., Damayanti, G. N., Tresia, V., & Putri, V. A. (2021). The Effect of Financial Ratio on Firm Value : Empirical Evidence from Listed Firms in the IDX30 Index. Journal of Asian Finance, Economics and Business, 8(6), 103–112.
Ira Febrianti, M. (2019). Pengaruh Likuiditas, Struktur Modal, dan Profitabilitas terhadap Nilai Perusahaan pada Industri Sub Sektor Farmasi yang Terdaftar di Bursa Efek Indonesia Tahun 2015 – 2019. Jurnal Ilmiah Universitas Batanghari Jambi, 21(2). (2), 865–870.
Kadek, N., Sawitri, U., Wahyuni, M. A., Ekonomi, J., & Akuntansi, P. S. (2021). Pengaruh Good Corporate Governance dan Modal Intelektual Terhadap Nilai Perusahaan. JIMAT (Jurnal Ilmiah Mahasiswa Akuntansi), 601–614.
Khaira Afiani, R., & Bernawati, Y. (2019). Mediating Effect of Financial Performance on Association between Good Corporate Governance and Firm Value. KnE Social Sciences, 3(11), 604.
Kurniawan, I. G. E., & Putra, I. N. W. A. (2019). The Effect of Profitability, Debt Policy, and Dividend Policy on Company Value. E-Jurnal Akuntansi, 28(3), 1783–1800.
Markonah, Salim, A., & Franciska, J. (2020). The Effect of Liquidity and Working Capital on Corporate. Dinasti International Journal of Economics, Finance & Accounting, 1(1), 1–7
Nguyen, A. H., & Doan, D. T. (2020). The Impact of Intellectual Capital on Firm Value : Empirical Evidence from Vietnam. International Journal of Financial Research, 11(4), 74–85.
Ni Luh Putu Wiagustini. (2014). Manajemen Keuangan (1st ed.). Udayana University Press.
Ningsih, S., & Sari, S. P. (2019). Page 351. 2019(4), 351–359.
Nurwulandari, A., & Wibowo, Y. (2021). Effect of Liquidity, Profitability, Firm Size on Firm Value with Capital Structure as Intervening Variable. Jurnal Ilmiah Akuntansi, 4(2), 257–271.
Nuryaman. (2015). The Influence of Intellectual Capital on The Firm’ s Value with The Financial Performance as Intervening Variable. Procedia- Social and Behavioral Sciences 211(September), 292–298.
Nuswandari, C., Sunarto, S., & Jannah, A. (2019). Corporate Social Responsibility Moderated the Effect of Liquidity and Profitability on the Firm Value. Advances in Economics, Business and Management Research 86 (Icobame 2018), 87–90.
Prim, R., Anant, R. P., & Raf, M. (2018). Pengaruh Struktur Modal, Profitabilitas, Ukuran Perusahaan dan Modal Intelektual Terhadap Nilai Perusahaan Pada Indeks LQ 45 Periode 2010-2017. Jurnal Akuntansi & Manajemen 13(2), 93–111.
Putra, I. N. W. A., & Ratnadi, N. M. D. (2021). Intellectual Capital and Its Disclosure on Firm Value. International Journal of Finance & Banking Studies (2147-4486), 10(1), 86–95.
Raihan, M., Afief, I., Tinangon, J. J., Studi, P., Akuntansi, M., Ekonomi, F., & Sam, U. (2020). Pengaruh Modal Intelektual Terhadap Nilai Perusahaan Dengan Kinerja Keuangan Sebagai Variabel Moderating Pada Perusahaan Perbankan Yang Terdapat di Bursa Efek Indonesia. Jurnal Riset Akuntansi dan Auditing 11(2).
Reschiwati, R., Syahdina, A., & Handayani, S. (2020). Effect of liquidity, profitability, and size of companies on firm value. Utopia y Praxis Latinoamericana, 25 (Extra6), 325–332.
Sari, I. A. G. D. M. (2020). Profitability and liquidity on firm value and capital structure as intervening variable. International Research Journal of Management, IT and Social Sciences, 116–127.
Simorangkir, R. T. M. C. (2021). the Effect of Value Added Intellectual Coefficient (VAIC), Return on Investment (ROI), Current Ratio (CR), and Debt To Equity Ratio (DER) on Company Value. International Journal of Economic and Business Applied, 2(2), 104–118.
Sintarini, R. El, & Djawoto. (2018). Pengaruh Profitabilitas, Likuiditas, Solvabilitas, dan Aktivitas Terhadap Nilai Perusahaan. Jurnal Ilmu Dan Riset Manajemen, 7(7), 1–17.
Sugiyono. (2016). Metode Penelitian Kuantitatif, Kualitatif, dan R&D (23rd ed.). Alfabeta.
Suhendra, E. S. (2015). The Influence of Intellectual Capital on Firm Value towards Manufacturing Performance in Indonesia. International Conference on Eurasian Economies 2015, 54–61.
Sukmawardini, D., & Ardiansari, A. (2018). The Influence of Intitutional Ownership, Profitability, Liquidity, Dividend Policy, Debt Policy on Firm Value. Management Analysis Journal, 7(2), 211–222.
Surjandari, & Minanari. (2019). The Effect of Intellectual Capital, Firm Size and Capital Structure on Firm Performance, Evidence from Property Companies in Indonesia. Jurnal Dinamika Akuntansi, 11(2), 108–121.
Surmadewi, Y., Gede, I. D., & Saputra, D. (2019). Pengaruh Likuiditas, Leverage, dan Profitabilitas Terhadap Nilai Perusahaan Pada Perusahaan Farmasi ABS. 6, 567–593.
Tahu, G. P. (2017). Effect of Liquidity, Leverage and profitability to The Firm Value (Dividend Policy as Moderating Variable) in Manufacturing Company of Indonesia Stock Exchange. Research Journal of Finance and Accounting 1697, 89–98.
Tui, S., Nurnajamuddin, M., Sufri, M., & Nirwana, A. (2017). Determinants of Profitability and Firm Value: Evidence from Indonesian Banks. IRA-International Journal of Management & Social Sciences (ISSN 2455-2267), 7(1), 84.
Ulum, I. (2009). Intellectual Capital Konsep dan Kajian Empiris (1st ed.).
Zare, R., & Mirmohammadi, M. (2016). The impact of intellectual capitals of pharmaceutical companies listed in Tehran Stock Exchange on their market performance. Procedia Economics and Finance, 36(16), 291–300.
Zuhroh, I. (2019). The Effects of Liquidity, Firm Size, and Profitability on the Firm Value with Mediating Leverage. KnE Social Sciences, 3(13), 203.
Published
2023-02-26
How to Cite
ASTAGINA, Putu Diah Septa Kristya; PUTRA, I Nyoman Wijana Asmara.
Profitabilitas, Likuiditas, Modal Intelektual dan Nilai Perusahaan pada Masa Pandemi Covid-19.
E-Jurnal Akuntansi, [S.l.], v. 33, n. 2, p. 470-483, feb. 2023.
ISSN 2302-8556.
Available at: <https://ojs.unud.ac.id/index.php/akuntansi/article/view/85524>. Date accessed: 05 nov. 2024.
doi: https://doi.org/10.24843/EJA.2023.v33.i02.p13.
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