Abstract
This study aims to examine the effect of firm size, profitability, dividend policy, leverage, and liquidity on firm value in the basic industry and chemical sub-sectors of the cement industry listed on the Indonesia Stock Exchange for the 2016-2019 period. This study uses a quantitative paradigm by utilizing three issuer's quarterly financial statements which were analyzed using linear regression. The results of the analysis provide evidence that leverage and liquidity have a significant negative effect on firm value, whereas firm size, profitability and dividend policy contribute positively but cannot increase the firm values
Highlights
PENDAHULUAN Nilai perusahaan merupakan salah instrumen keuangan terpenting yang digunakan oleh investor dalam mengambil keputusan berinvestasi pada perusahaan
This study aims to examine the effect of firm size, profitability, dividend policy, leverage, and liquidity on firm value in the basic industry and chemical sub-sectors of the cement industry listed on the Indonesia Stock Exchange for the 2016-2019 period
The results of the analysis provide evidence that leverage and liquidity have a significant negative effect on firm value, whereas firm size, profitability and dividend policy contribute positively but cannot increase the firm values
Summary
Teori Sinyal Teori sinyal menjelaskan tentang bagaimana manajer memberikan sinyal kepada investor untuk mengurangi asimetri informasi melalui laporan keuangan. Laporan keuangan yang baik akan meningkatkan nilai perusahaan, apabila pada laporan keuangan yang disajikan perusahaan menyajikan profitabilitas perusahaan baik, pembayaran dividen yang relatif besar, menginformasikan biaya-biaya akuntansi lingkungan dan rasio likuiditas yang tinggi maka laporan keuangan perusahaan tersebut akan memberikan sinyal yang positif bagi para pengguna laporan keuangan khususnya investor (Anna et al.,2020; Sudarti et al, 2021). Perusahaan mengharapkan dengan memberikan sinyal positif yang berupa hal-hal baik mengenai laporan keuangan akan memberikan gambaran atas kondisi perusahaan tersebut dan membuat pihak eksternal tertarik dan percaya untuk menanamkan modalnya kepada perusahaan (Awaluddin et al, 2020; Dewi & Muliati, 2021)
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