Abstract
Value of the firm illustrates how well or not management manages its wealth. The firm's high value can increase prosperity for shareholders, so it can influence investor perception of the company. Every company is required to be able to process the important functions that exist in the company effectively and efficiently so that the company can be superior. Value of the firm can be influenced by macro-economic conditions in a country and micro-economics in industrial sectors. This study aims to test macro-economic factors, namely, the influence of interest rates, exchange rates, economic growth and micro-economics, namely financial performance, funding decisions and investment decisions on the value of the firm. The population of this research is 100 companies at Kompas 100 listed on the Indonesia Stock Exchange in 2015 – 2019. Samples of this study as many as 51 companies were selected based on purposive sampling techniques. The data analysis method used is multiple linear regression analysis. The results showed that there is a negative and insignificant influence of interest rates, economic growth on the value of the firm. Exchange rates and investment decisions have a positive and insignificant effect on the value of the firm. Financial performance has a positive and significant effect on the value of the firm. Financial decisions have a negative and significant effect on the value of the company.
Highlights
ABSTRAK Nilai perusahaan menggambarkan seberapa baik dan tidaknya manajemen mengelola kekayaannya
This study aims to test macro-economic factors, namely, the influence of interest rates, exchange rates, economic growth and micro-economics, namely financial performance, funding decisions and investment decisions on the value of the firm
The population of this research is 100 companies at Kompas 100 listed on the Indonesia Stock Exchange in 2015 – 2019
Summary
ABSTRAK Nilai perusahaan menggambarkan seberapa baik dan tidaknya manajemen mengelola kekayaannya. Penelitian ini bertujuan untuk menguji faktor makro ekonomi yaitu, pengaruh suku bunga, nilai tukar, pertumbuhan ekonomi serta mikro ekonomi yaitu kinerja keuangan, keputusan pendanaan dan keputusan investasi terhadap nilai perusahaan. Hasil penelitian menunjukkan bahwa terdapat pengaruh negatif dan tidak signifikan suku bunga dan pertumbuhan ekonomi terhadap nilai perusahaan. Kinerja keuangan berpengaruh positif dan signifikan terhadap nilai perusahaan. Keputusan pendanaan berpengaruh negatif dan signifikan terhadap nilai perusahaan. This study aims to test macro-economic factors, namely, the influence of interest rates, exchange rates, economic growth and micro-economics, namely financial performance, funding decisions and investment decisions on the value of the firm. Exchange rates and investment decisions have a positive and insignificant effect on the value of the firm. Nilai perusahaan merupakan persepsi investor terhadap suatu perusahaan, yang sering dihubungkan dengan harga saham. Dengan kata lain nilai perusahaan yang dibentuk melalui indikator nilai pasar saham, sangat dipengaruhi dari peluang investasi, dimana peluang investasi memberikan sinyal tentang pertumbuhan perusahaan dimasa mendatang, sehingga meningkatkan harga saham sebagai indikator nilai perusahaan (signaling theory)
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