PENGARUH PEMBIAYAAN PERUSAHAAN TERHADAP NILAI PERUSAHAAN MANUFAKTUR
Main Article Content
Abstract
Perusahaan yang didirikan bertujuan untuk memaksimalkan kekayaan investor dengan cara menambah nilai perusahaan, berdampak pada peningkatan harga saham, dan peningkatan jumlah deviden. Selain itu, nilai perusahaan yang tinggi juga memberikan kepercayaan pasar terhadap kinerja perusahaan saat ini dan yang akan datang, yang mempengaruhi investor untuk berinvestasi, dan kreditor memberikan pinjaman kepada perusahaan. Mewujudkan peningkatan nilai perusahaan dilakukan oleh beberapa tindakan manajemen yaitu keputusan pembiayaan yang tepat, kebijakan dividen, ukuran perusahaan, leverage, profitabilitas, dan lain-lain. Penelitian ini bertujuan untuk membuktikan secara empiris bagaimana keputusan pembiayaan perusahaan dengan utang / leverage dan utang. kematangan mempengaruhi nilai perusahaan manufaktur. Metode penelitan menggunakan regresi data panel sebanyak 248 data observasi perusahaan publik terdaftar di BEI. Sampelnya adalah perusahaan manufaktur, dengan laporan keuangan sebagai data sekunder laporan tahunan periode 2016-2019 sebagai data penelitian. Hasilnya adalah (1) Pembiayaan perusahaan menggunakan leverage tidak dapat meningkatkan nilai perusahaan; (2) Pembiayaan perusahaan yang menggunakan debt maturity tidak dapat meningkatkan nilai perusahaan manufaktur.
The company that was founded aims to maximize investor wealth by adding value to the company, having an impact on increasing share prices and increasing the amount of dividends. In addition, high company value also provides market confidence in the company's current and future performance, which influences investors to invest, and creditors provide loans to the company. Realizing an increase in company value is carried out by several management actions, namely the right financing decision, dividend policy, company size, leverage, profitability, and others. This study aims to prove empirically how the corporate financing decisions with debt / leverage and debt. maturity affects the value of the manufacturing company. The research method uses panel data regression as much as 235 observation data of public companies listed on the IDX. The sample is manufacturing companies, with financial reports as secondary data for the 2016-2019 period as research data. The results are (1) corporate financing using leverage cannot increase firm value; (2) Financing companies that use debt maturity cannot increase the value of manufacturing companies.
Article Details
References
Asif, A., & Aziz, B. (2016). Impact of Capital Structure on Firm Value Creation-Evidence from the Cement Sector of Pakistan. International Journal Research in Finance and Marketing, 6(6), 231–245. http://euroasiapub.org/wp-content/uploads/2016/09/19FMJune-3764-1.pdf
Barclay, M. J., & Smith, C. W. (1995). The Maturity Structure of Corporate Debt. The Journal of Finance, 50(2), 609–631. https://doi.org/10.1111/j.1540-6261.1995.tb04797.x
Berlin, M. (2006). Debt maturity: What do economists say? What do CFOs say? Business Review, 3–10. https://fraser.stlouisfed.org/title/business-review-federal-reserve-bank-philadelphia-5580/first-quarter-2006-557736/debt-maturity-522388
Brealey, R.A. & Myers, S. C. (2003). Principles of Corporate Finance (7th ed.). McGraw Hill.
Brigham, E. F. &, & Gapenski, L. C. (2006). Intermediate Financial Management. The Dryden Press.
Brigham, E. F. dan J. F. H. (2014). Dasar-dasar Manajemen Keuangan (S. Empat (ed.); 11th ed.).
Chaleeda, Islam, M. A., Tunku Ahmad, T. S., & Mosa Ghazalat, A. N. (2019). The Effects of Corporate Financing Decisions on Firm Value in Bursa Malaysia. International Journal of Economics and Finance, 11(3), 127–135. https://doi.org/10.5539/ijef.v11n3p127
Cheng, M.-C., & Tzeng, Z.-C. (2011). The Effect of Leverage on Firm Value and How The Firm Financial Quality Influence on This Effect. World Journal of Management, 3(2), 30–53. https://pdfs.semanticscholar.org/1ad9/48e3e6bb3c74e0128a91f1f3c89b2a12e75b.pdf.
Daud, W. M. N. W., Norwani, N. M., Mansor, A. A., & Endut, W. A. (2016). Does financing decision influence corporate performance in Malaysia? International Journal of Economics and Financial Issues, 6(3), 1165–1171. https://www.econjournals.com/index.php/ijefi/article/view/2332
Dewi, Murti Sari & Mulyani, E. (2020). Pengaruh Kepemilikan Asing, Leverage, Cash Holdings, dan Debt Maturity Terhadap Kinerja Keuangan Perusahaan. Jurnal Eksplorasi Akuntansi, 2(3), 2893–2911. http://jea.ppj.unp.ac.id/index.php/jea/issue/view/25
Ehikioya, B. I. (2009). Corporate governance structure and firm performance in developing economies: Evidence from Nigeria. Corporate Governance: The International Journal of Business in Society, 9(3), 231–243. https://doi.org/10.1108/14720700910964307
Fajaria, A. Z. & I. (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. https://doi.org/http://dx.doi.org/10.20431/2349-0349.0610005
Fan, J. P. H., Titman, S., & Twite, G. (2012). An international comparison of capital structure and debt maturity choices. Journal of Financial and Quantitative Analysis, 47(1), 23–56. https://doi.org/10.1017/S0022109011000597
Hermuningsih, S. (2013). Profitability , Growth Opportunity , Capital. Bulletin of Monetary, Economics and Banking, 16(2), 115–135. https://doi.org/10.21098/bemp.v16i2.440
Hery. (2016). Analisis Laporan Keuangan Integrated And Comprehensive Edition. PT. Gramedia.
Irsan, S. F. & Jonnardi. (2019). Pengaruh Kinerja Keuangan dan Tingkat Kebijakan Utang Terhadap Nilai Perusahaan dengan Gross Domestic Product Sebagai Variabel Moderator pada Perusahaan Pertambangan Yang Terdaftar di BEI Periode 2015-2017. Jurnal Muara Ilmu Ekonomi Dan Bisnis, 3(2), 289–301. https://doi.org/10.24912/jmieb.v3i2.5101
Isbanah, Y. (2015). Pengaruh ESOP, Leverage, and, Ukuran Perusahaan Terhadap Kinerja Keuangan Perusahaan di Bursa Efek Indonesia. Journal of Research in Economics and Management, 15(1), 28–41. https://doi.org/http://dx.doi.org/10.17970/jrem.15.150103.ID
Jamal, Surayya, Naveed & Malik, B. (2020). Impact of Debt Maturity on Firm Performance Evidence from Pakistan. International Journal of Business and Management Sciences, 1(1), 65–75. https://www.semanticscholar.org/paper/Impact-of-Debt-Maturity-on-Firm-Performance-from-Jamal-Naveed/aa591d0685213a836474e0b14563c19b6fdd9227?p2df
Jiraporn, P. &, & Liu, Y. (2008). Capital structure, staggered boards, and firm value. Financial Analysts Journal, 64(1), 49–60. https://doi.org/10.2469/faj.v64.n1.7
Kasmir. (2014). Analisis Laporan Keuangan. Rajawali Pers.
Mohd Tahir, I., & Razali, A. R. (2011). THE RELATIONSHIP BETWEEN ENTERPRISE RISK MANAGEMENT (ERM) AND FIRM VALUE: EVIDENCE FROM MALAYSIAN PUBLIC LISTED COMPANIES. International Journal of Economics and Management Sciences.
Myers, S. C. (1977). Determinants of corporate borrowing. Journal of Financial Economics, 5(2), 147–175. https://doi.org/10.1016/0304-405X(77)90015-0
Nimalathasan, Balasundaram & Brabete, V. (2010). Capital Structure and Its Impact on Profitability A Study of Listed Manufacturing Companies in SriLanka. Revista Tinerilor Economisti (The Young Economists Journal), 1(15), 7–16. https://econpapers.repec.org/RePEc:aio:rteyej:v:1:y:2010:i:10:p:7-16
Novari, P., & Lestari, P. (2016). Pengaruh Ukuran Perusahaan, Leverage, dan Profitabilitas Terhadap Nilai Perusahan pada Sektor Properti dan Real Estate. E-Jurnal Manajemen Universitas Udayana, 5(9). https://ojs.unud.ac.id/index.php/Manajemen/article/view/22690
Octaviana, Lisa Tyas, Hasnawati, Sri, & Hendrawaty, E. (2019). The Analysis Effect of Leverage, Asymmetric Information and Corporate Governance to Firm Value in Manufacture Companies Listed in Indonesia Stock Exchange. International Journal of Economics, Business and Entrepreneurship, 2(1), 89–96. https://new.feb.unila.ac.id/journal/index.php/ijebe/article/view/49
Orman, C. &, & Köksal, B. (2017). Debt maturity across firm types: Evidence from a major developing economy. Emerging Markets Review, 30, 169–199. https://doi.org/10.1016/j.ememar.2016.12.001
Ozkan, A. (2000). An empirical analysis of corporate debt maturity structure. European Financial Management, 6(2), 197–212. https://doi.org/10.1111/1468-036X.00120
Rashid, M., Nor, F. M., & Ibrahim, I. (2013). Evidence of dividend catering theory in Malaysia: Implications for investor sentiment. Contemporary Economics, 7(4), 99–110. https://doi.org/10.5709/ce.1897-9254.125
Sisca, S. (2018). Pengaruh Leverage dan Profitabilitas Terhadap Nilai Perusahaan dengan Kebijakan Dividen Sebagai Variabel Moderating Pada Perusahaan Manufaktur yang terdaftar di BEI tahun 2010 – 2014. SULTANIST: Jurnal Manajemen Dan Keuangan, 4(1), 1–9. https://doi.org/10.37403/sultanist.v4i1.58
Smithers, Andrew & Wright, S. (2007). Valuing Wall Stree. McGraw-Hill Companies.
Suaidah, Riski & Sebrina, N. (2020). Pengaruh Kualitas Pelaporan Keuangan dan Tingkat Jatuh Tempo Utang Terhadap Efisiensi Investasi. Jurnal Eksplorasi Akuntansi, 2(2), 2693–2710. http://jea.ppj.unp.ac.id/index.php/jea/issue/view/23
Sutama, D. R., & & Lisa, E. (2018). Pengaruh Leverage dan Profitabilitas Terhadap Nilai Perusahaan. Sains Manajemen Dan Akuntansi, 10(1), 21–39. http://jsma.stan-im.ac.id/wp-content/uploads/2018/07/03-Dedi-R.pdf
Tahir, H., Masri, R., & Rahman, M. (2020). Determinants of dividend pay-out policy of listed non-financial firms in Malaysia. International Journal of Financial Research, 11(2), 68–76. https://doi.org/10.5430/ijfr.v11n2p68
Talebria, Ghodratallah, Mahdi Salehi, Hashem Valipour, dan S. S. (2010). Empirical Study of the Relationship between Ownership Structure and Firm Performance: Some Evidence of Listed Companies in Tehran Stock Exchange. Journal of Sustainable Development, 3(2), 264–270. https://doi.org/http://dx.doi.org/10.5539/jsd.v3n2p264
Tambunan, Jessica T.A & Bulan, P. (2018). Pengaruh Ukuran Perusahaan, Leverage, dan Struktur Modal Terhadap Kinerja Keuangan Perusahaan (Studi pada Perusahaan Manufaktur Sektor Aneka Industri Tahun 2012-2016). Jurnal Ilmu Administrasi Bisni, 7(2), 130–140. https://ejournal3.undip.ac.id/index.php/jiab/article/view/20329.
Tan, S. L. &, & Hamid, N. I. N. A. (2016). Capital structure and performance of Malaysia plantation sector. Journal of Advanced Research in Social and Behavioural Sciences, 3(1), 34–45.
Twairesh, A. E. M. (2014). The Impact of Capital Structure on Firm ’ s Performance Evidence from Saudi Arabia. Journal of Applied Finance & Banking, 4(2), 183–193. https://ideas.repec.org/a/spt/apfiba/v4y2014i2f4_2_12.html
Vo, X. V. &, & Ellis, C. (2017). An empirical investigation of capital structure and firm value in Vietnam. Finance Research Letters, 22(C), 90–94. https://doi.org/10.1016/j.frl.2016.10.014
Wang, T. (2015). Capital Structure, Debt Tax Shield, and Firm Value: A Propensity Score Matching Approach [Tufts University]. http://hdl.handle.net/10427/012082
Wulandari, L. (2019). Pengaruh Kepemilikan Manajerial, Tingkat Hutang, dan Likuiditas Terhadap Kinerja Perusahaan. Volatilitas, 1(3), 1–12. http://ejournal.umpwr.ac.id/index.php/volatilitas/article/view/6216/5494